He was speaking at a panel discussion organised by the Indian Business and Professional Council (IBPC) on Saturday.
"An emerging middle class and young population with access to technology will offer growth prospects in emerging economies as opposed to the two per cent returns currently available in developed economies," Joshi added.
Mahadevan Radhakanthan, chief credit officer, RAK Bank, said the economies of the BRIC quartet, Mexico and Indonesia registered growth above 5 per cent in 2016.
"There are pockets of excellence in Africa despite changing political risks. A well-diversified Dubai economy where Expo 2020 contracts have already kicked in should help accelerate growth," said Radhakanthan.
The experts also discussed how the oil price-induced economic slowdown had affected SMEs in the region.
"The levy of VAT and the implementation of the moveable assets collateral registry will help bring in more transparency about SMEs," the RAK Bank executive added.
This would help banks identify unviable businesses in the market and lend more prudently. "Financial discipline will come in. We can lend to companies based on a more accurate picture of their security position. Compliance with the registry and VAT will ensure customers with better security and assets will get good capital and rates," Radhakanthan maintained.
Giving a picture of the Indian economy, Ananda Kumar, CEO, Bank of Baroda, said: "Some Indian states, such as UP and Bihar, offer potential for better returns over traditional strongholds like Tamil Nadu and Maharashtra."
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