been prohibitive. with advent of internet and wireless communication systems gaining wide acceptability, this situation is, however, rapidly changing, and possibilities for cost - efficient sale and distribution of government securities are increasing. leveraging such new technology to access a broader set of potential investors could also have implications for the design and functioning of the market and could change investor profiles. in order to promote retail participation, it is essential to promote financial literacy and investor education, ease access to the g - sec market by leveraging technology and incentivising intermediaries including use obligation in primary dealers / banks, etc. to place securities with end investors ; incentivising collective investment vehicles, such as, mutual funds, to cater to investment needs of the retail investors in g - sec market. 11. they can also serve as an alternative placement for funds other than bank deposits, inducing more competition in this part of the financial sector, and can be a cost - effective way for the government to reach retail investors. measures taken by the reserve bank of india notwithstanding the predominantly institutional character of the g - sec market, reserve bank of india has recognised merit in promoting retail participation and has initiated several policy measures to this end ( box 1 ). box 1 initiatives taken by government and the reserve bank of india to develop retailing of g - sec the government securities act, 2006 : the act has several features, such as, allowing pledging the government securities for availing loans, legal recognition of ownership to holdings in gilt accounts, introduction of nomination facility, etc. to facilitate retail investors holding g - sec. non - competitive bidding in primary auctions : non - competitive bidding facility has been allowed in the auction of dated central government securities. this facility is open to any person including firms, companies, corporate bodies, institutions, provident funds and trusts not maintaining a current account or an sgl account with the reserve bank. introduction of odd lot : a separate odd - lot segment has been created for the purpose of retail participation wherein the minimum market lot size has been kept at ₹10, 000 for g - sec and ₹25, 000 for t - bills. odd lot segment has trades below ₹50 million. improvement in settlement mechanism : a new settlement mechanism ( multi modal settlement ) through commercial banks has been put in place for entities not maintaining a current account with the reserve bank and not regulated by reserve bank. retail debt segment on stock exchange : reserve bank has permitted trading of g - sec on stock

luxury brand, so too we ground our tourism at the top end, where the returns are highest. recent investments, ongoing projects and forecast investment in tourism all fortify barbados ’ competitive position in the top end of the market. that is why the four seasons is such an appropriate and timely investment, and an excellent opportunity for the nis to diversify its portfolio in the interests of the economic development of the country. a second strength of barbados ’ tourism is market diversification. visitors come from caricom countries, the us, and elsewhere, as well as the uk, our largest market. thirdly, the barbadian vacation experience is quite varied, in terms of the cultural and sporting activities on offer, although this is an area where much additional investment is needed, to enrich the visitors ’ menu of choices. our foremost challenge in tourism, one which affects other leading bis central bankers ’ speeches sectors as well, is to achieve and maintain acceptable professional standards of service at all times. the international business and financial services sector ( ibfs ) thirty years of effort and initiative have yielded barbados an ibfs sector which is second in importance as a foreign exchange earner, though a long way behind tourism. we have inherited natural advantages of climate, good international connections, the english language, and a convenient time zone. we have added a network of double taxation agreements, a strong regulatory system which is constantly updated as international guidance dictates, and a small pool of domestic expertise. i will end this talk with my reflections on the challenges we face in the ibfs sector, but first a few words on the other two pillars of the barbadian economy ’ s growth. agriculture and agro - industry our major success, one that we share with our caribbean neighbours, is in the rum industry. the caribbean, with help from the eu, has invested in the production and marketing of aged rums, and barbados now earns more from the export of rum than from sugar exports. however, a strategy has not yet been put in place to integrate sugar cane and other agricultural production into a layered, mutually reinforcing agricultural and agro - industrial sector. i believe that an integrated sector, building on the established institutions in agriculture and food processing, has significant potential for foreign exchange earnings and growth. alternative energy the substitution of alternative energy sources for fossil fuels as an energy source is the area where barbados can make substantial savings in foreign exchange spending. the technologies for this are now commercially available, and