Tag: PHD Chamber of Commerce and Industry

Business World

India will be the Fastest Growing Economy among Top Ten Major Economies from FY 2021-22, GDP to touch US$ 5 Trillion by FY 2026-27: PHD Chamber

Nov 8, 2020 by Gouri Achary 0 Comments #GDP growth of Indian economy, #Indian economy, #International Monetary Fund (IMF), #PHD Chamber of Commerce and Industry, #Shri Sanjay Aggarwal

While appreciating the dynamic reforms undertaken by the Government during the last 7 months to mitigate the daunting impact of pandemic COVID-19 on trade and industry, Shri Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry, said in a press statement issued here today that the economy is going to attain its fastest growth trajectory from the next financial year 2021-22 onwards.

According to the recent growth estimates by the International Monetary Fund (IMF), India is projected to become the fastest growing economy among the top 10 major economies in the world economic system from 2021 to 2025.

The average GDP growth of Indian economy in next five years from 2021 to 2025 will be at 7.8%, highest as compared with top 10 economies including 6.2% of China, 3% of France, 2.9% of United Kingdom, 2.9% of Canada, 2.4% of United States, 2.3% of Germany, 2.3% of Italy, 2.3% of Brazil and 1.4% of Japan, said Shri Sanjay Aggarwal.

The size of the economy will increase from Rs 203 trillion in FY 2019-20 to Rs 331 trillion in FY 2025-26 at current prices, which becomes at around US$ 4.42 trillion considering the exchange rate at 74.9 (average of the current fiscal year 2020-21; April-October), said Shri Sanjay Aggarwal.

Real GDP growth projections of top 10 world economies (YoY%)

S. No. Country India projected as the fastest growing economy Average %

(2021-25)
2021 2022 2023 2024 2025
1 United States 3.1 2.9 2.3 1.9 1.8 2.4
2 China 8.2 5.8 5.7 5.6 5.5 6.2
3 Japan 2.3 1.7 1.2 1.0 0.6 1.4
4 Germany 4.2 3.1 1.8 1.3 1.2 2.3
5 India 8.8 8.0 7.6 7.4 7.2 7.8
6 United Kingdom 5.9 3.2 1.9 1.7 1.6 2.9
7 France 6.0 2.9 2.3 1.9 1.7 3.0
8 Italy 5.2 2.6 1.7 0.9 0.9 2.3
9 Brazil 2.8 2.3 2.2 2.2 2.2 2.3
10 Canada 5.2 3.4 2.4 1.8 1.7 2.9

Source: PHD Research Bureau, based on International Monetary Fund projections

Percolation of more and more economic reforms at the ground level with effective implementation would be crucial to attaining the potential trajectory of US$ 5 trillion in the next 6 financial years by FY 2026-27 (GDP at current prices; considering the exchange rate between 74-75), said Shri Sanjay Aggarwal.

On the back of various reforms undertaken by the Government, economic recovery has become visible in the high frequency economic and business indicators of the recent months. Recently, PHD Chamber on the basis of PHDCCI Economic and Business Momentum (EBM) Index, estimated that the GDP growth will be at around (-) 7.9% for the current financial year 2020-21 as compared with the median forecasts of (-) 9.3% by various national and international forecasting organizations, said Sh. Sanjay Aggarwal

At this juncture, demand creation measures are needed to attain a positive growth trajectory sooner rather than later, said Shri Sanjay Aggarwal.

Demand creation along with increased spending on infrastructure will have multiplier effects on the economic growth trajectory by boosting private investments, creating new employment opportunities in the country, generating demand for commodities such as steel, cement and power, said Shri Sanjay Aggarwal.

The planned Rs 111 lakh crore investment in the National Infrastructure Pipeline (NIP) has a great potential to boost the GDP growth of the country as the correlation between the investment in infrastructure and economic growth is quite high, said Shri Aggarwal.

For this purpose, the Government can consider raising investment funding through borrowings from overseas markets by the issuance of overseas bonds through an SPV that could act as a mega Development Financial Institution- DFI, said, Shri Aggarwal.

Overseas borrowing at this juncture is a feasible option given the fact that India has a significantly better external debt to GDP ratio at 20.6% as compared with 95.2% in the USA, 83.5% in Japan, 301.8% in the UK, 230% in France and 119.6% in Canada, said Shri Aggarwal.

Overseas borrowing will bring in diversification in the Government borrowings and will significantly reduce the dependency on the domestic market. This will allow leaving more room for the private sector to raise capital for investments, said Shri Aggarwal.

In the past, Governments of various countries have often used DFIs to fund industrial and infrastructure investments. DFIs help in efficient and timely infrastructural development in a country through effective financial as well as technical support said Shri Aggarwal.

The DFI could initially finance public sector infrastructure investments, and, as the economy picks up steam, could also finance the private sector infrastructure project, said Shri Aggarwal.

We have a large chunk of foreign exchange reserves of USD 555 billion as of October 2020, part monetisation of which could become another way to promote greater infrastructure development in India at a faster pace after due diligence and proper safeguards, said Shri Aggarwal.

Focus is required on further reducing the cost of doing business in the country including the costs of capital, costs of compliances, costs of logistics, costs of land along with the availability of land and flexibility in hiring the workforce vis-à-vis flexible labour laws, said Shri Aggarwal.

This will help in enhancing the cost competitiveness and creating a level playing field for domestic businesses enterprises, attracting a large chunk of foreign and domestic investments, boosting industrial activities and creating tremendous employment opportunities for the growing young work force in the country, said Shri Aggarwal.

Going ahead, need is to sustain the reform momentum set by the Government, ensure effective implementation of the reforms at the grassroots level and enhance the synchronization of policies between Central and State Governments, said Shri Aggarwal.

Business World

Great Business opportunity for Indian Industry to participate in making Gas Based Economy

Nov 5, 2020 by Gouri Achary 0 Comments #Gas Based Economy, #Mr. A K Jana, #Mr. Nakul Raheja, #Mr. Pawan Kumar Tibrawala, #Mr. Rajeev Kumar Mathur, #Mr. Sanjay Aggarwal, #Mr. Tarun Kapoor, #PHD Chamber of Commerce and Industry, #Virtual Natural Gas Conclave 2020’

The Indian companies need to understand the opportunity and demand in the gas-based manufacturing sector and utilize it to get benefit from the same, deliberated Mr. Tarun Kapoor, Secretary, Ministry of Petroleum & Natural Gas (MOPnG) in the session of ‘Virtual Natural Gas Conclave 2020’ organized by PHD Chamber of Commerce and Industry.

Talking about policy and reforms, Mr. Kapoor mentioned that we are in the process of allowing production to sell gas in form of auctions. He also mentioned that the ministry is working on Transport System Operation so that the transport system becomes more independent and systematic for energy consumption. Gas Exchange will be a reality stone and, stone changes are taking place.

Mr. V.K Mishra, Director of Finance, Petronet LNG discussed that our energy has to be growth-centric at the same time environmentally conscious. Looking at the growth and development in this sector, we are sure that will be an increase in energy capacity and consumption in the next few years. He emphasized that we need to increase our energy consumption in the country for which we need to take initiatives so that we can penetrate gas in all corners of the country and look at small sale energy.

Talking about the environment and cost benefits of LNG, he mentioned that natural gas should come under GST that will benefit the MSMEs and consumers at large.

Mr. Rajeev Kumar Mathur, Executive Director Corp affairs/AM GAIL discussed the need to increase per capita energy consumption that will help India to achieve become a gas-based economy. He mentioned that there are opportunities for equipment manufacturers, suppliers, and ventures. He suggested that there should be an increase in the LNG stations across the country so that the transport sector can increase its consumption.

Talking about the gas exchange, he discussed that this will help to offer more business and consumption opportunities to industry leaders and the population.

Mr. A K Jana, Managing Director, Indraprastha Gas Limited mentioned that targeting the transport system will help to increase the consumption of energy, and strengthing infrastructure will help to increase energy production. He also emphasized replacing LNG with many energy resources that will help to increase the energy mix.

Mr. Nakul Raheja, Country Head, Shell Energy India deliberated that we need to secure more energy at the same time look at the consumption of cleaner energy to tackle climate change. He mentioned that gas can make a difference in climate issues and needs to focus to strengthen its growth in the sectors like power, industries, and transportation. He also mentioned that gas plants are quicker and cheaper to build and globally, gas plays a pivotal part in the power mix. He talked about the flexibility of gas in the power sectors and the need to look for more gas applications.

Talking about the gas policy, he mentioned that it needs to be skill enabled, supply enabled, cost-effective, and have marketing and pricing freedom.

Mr. Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry in his presidential address deliberated about India’s mission to emerge as one of the primary drivers of growth in natural gas demand in Asia, despite the pressing Covid-19 challenges, owing to a combination of Government’s pursuance of consistent policies and initiatives, as well as fast-developing pipeline infrastructure.

He lauded the initiatives undertaken by the Ministry of Petroleum & Natural Gas, Govt of India to ensure energy distribution for all Indians at the same time make it affordable, sustainable, efficient, secure and help progressively moving towards marketing and pricing freedom regime in the country.

He mentioned that Pradhan Mantri Ujjwala Yojana (PMUY) has driven socio-economic change and women empowerment in India, and has doubled the number of LPG connections in the country. SATAT (Sustainable Alternative Towards Affordable Transportation) initiative is aimed at providing a Sustainable Alternative Towards Affordable Transportation as a developmental effort that would benefit both vehicle-users as well as farmers and entrepreneurs.

Talking about the expansion in the Indian Gas grid, he discussed its expansion in the eastern and north-eastern parts of the country via the Government’s supports of capital grants under the Indradhanush North Eastern Gas Grid projects.

Mr. Aggarwal mentioned that increasing domestic gas production has been a key government priority, as output has unexpectedly come in below forecast levels over the past few years. Coverage of City Gas projects is being expanded to many geographical Areas with the potential to cover a major portion of the population. The government has also chalked out plans for use of LNG in long-haul transportation.

While discussing the tariff structure, he talked about the benefits of the new tariff structure that will help in creating a single gas market by attracting investment to complete Gas Grid as well as ensuring equitable access to natural gas and making gas affordable across the country.

Mr. Aggarwal highlighted that Power, Fertilizer, Industrial, and City Gas Distribution segments are expected to contribute to the bulk of future growth of natural gas demand in India.

Mr. Pawan Kumar Tibrawala, Co-Chairman, Hydrocarbon Committee, PHD Chamber of Commerce and Industry delivered a formal vote of thanks to all the delegates and participants.

The session was moderated by Dr. Ranjeet Mehta, Principal Director, PHD Chamber of Commerce and Industry, and was attended by many industry stalwarts pan-India.

News

Leveraging Business Barter Deals, a welcome step between India- Iran

Oct 29, 2020 by Gouri Achary 0 Comments #Mr. Ebrahim Jamili, #Mr. Masoud Khansari, #Mr. Saket Dalmia, #Mr. Sanjay Aggarwal, #PHD Chamber of Commerce and Industry

We believe in mutual legal assistance agreement in the civil and commercial matters which will help in enhancing trade and business relations between the two countries, deliberated H.E. Dr. Ali Chegeni, Ambassador, Embassy of the Islamic Republic of Iran, New Delhi, India at the Inaugural Session of PHD Chamber of Commerce and Industry’s Interactive Webinar on India – Iran Business Promotion, Challenges and Opportunities on 27th October 2020.

H.E. Dr. Ali Chegeni while deliberating about the historical, cultural, and geographical ties between the two nations, mentioned that the PTA agreement needs to be processed for facilitating trade at the same time reducing tariffs. He highlighted that increasing trade relations by leveraging business barter deals will be a welcome step between the two countries.

He also mentioned that this is the best time to invest in business and trade ventures in Iran, especially in sectors like oil, energy, and agriculture products.

H.E. Mr. Gaddam Dharmendra, Ambassador, Embassy of India, Tehran, Iran deliberated that air and marine connectivity is one of the factors in enhancing relations between the two countries. He mentioned that Chabahar port is the new Taj Mahal of Iran and will help in the facilitation of Indian trade relations especially in Central Asian countries to help maintain the supply chain, increase trade and traffic.

H.E. Mr. Gaddam Dharmendra highlighted that the need of the hour is to expand and diversify trade in the sectors like oil, paper, printing, packaging, and agri-products. Indian and Iranian companies are working on sectors like rice, saffron, tea, dry fruits, fruits and it’s the right time to enter into joint ventures for increasing investments. We need to take advantage of air traffic, virtual meetings to maintain business relations.

Mr. Sabeer Nazeem, Chief Representative – Iran Representative Office, UCO Bank in Iran talked about the impact of the pandemic on both the countries that are forming challenges and opportunities. He also talked about the business opportunities available in Iran for Indian companies.

Mr. Masoud Khansari, President, Tehran Chamber of Commerce and Industry, Mines and Agriculture (TCCIMA) mentioned that India is considered as one of the fastest-growing economies in the world and has been one of the largest export sources for Iran. He said that in current circumstances, while the impact of coronavirus in the global economy has been devastating so far, India and Iran can work together to take appropriate measures and tackle reverse challenges raised by Covid19. He also mentioned that to increase the bilateral trade relations, there is a need to strengthen financial and banking services in both nations.

Mr. Ebrahim Jamili, Chairman, Iran-India Joint Chamber of Commerce (IICC) talked about the disruption caused due to the pandemic and finding solutions about expanding trade. He suggested leveraging trade relations through battering. He also suggested finding ways to enhance inter-cultural relations between Indian and Iranian students. He emphasized that India is a long-lasting friend of Iran and, we need to reduce our differences at the same time maximize ties. He also emphasized to establish joint companies between the two countries for the mutual interest that will expand trade and business ties.

Mr. Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry in his presidential address deliberated about PHDCCI’s constant engagement and deliberations with Iran in the form of events, conferences, and exhibitions with the agenda to establish business connects between Indian and Iranian companies.

Mr. Aggarwal further talked about the friendly relations shared between the two countries since history, growing into a multifaceted manner. He also mentioned that Iran is the second-largest supplier of crude oil to India and both countries actively participate in education-cultural exchanges with each other.

Mr. Saket Dalmia, Vice President, PHD Chamber of Commerce and Industry while delivering a formal vote of thanks, talked about the business connection between the two countries for many years which has been facilitated by trade and now it’s the time to increase it for strengthing relations in the future.

The Inaugural session was moderated by Mr. Naveen Seth, Principal Director, PHD Chamber of Commerce and Industry; it witnessed the participation of over 233 industry members including over 150 Iranian companies, The Virtual B2B Meetings will be held on 27 and 28 October 2020 between Indian and Iranian companies.

Business World

Inter-Modal Stations, New Innovation in Roads & Highways Sector of India

Oct 24, 2020 by Gouri Achary 0 Comments #Dr Ranjeet Mehta, #Mr. Ashish Wig, #Mr. R K Pandey, #Mr. Sanjay Aggarwal, #Mr. Saurabh Sanyal, #PHD Chamber of Commerce and Industry

The government has undertaken proactive steps to ensure construction momentum is maintained and, the ministry has come up with a revised BOT toll document and proposed a new HAM document by revisiting the existing document by affecting many changes which have been sent to concerned stakeholders ministries for their feedback and suggestions, deliberated Mr. Amit Kumar Ghosh, IAS, Joint Secretary (Highways), Ministry of Road Transport and Highways, Government of India in the inaugural session of “National Roads and Highways Sector in India” organized by PHD Chamber of Commerce and Industry.

Mr. Ghosh shared that there will be an increase in the funding towards the National Infrastructure Plan, in the next 5 years. He mentioned that we need to shorten the timelines of ToT for this management committee, formed for building new mechanisms for asset monetization and funding of projects.

He also shared that the ministry in consultation with World Bank has started a new initiative of Inter Modal Stations (IMS), the first one already under implementation in Ajni near Nagpur. He further added 35 Multimodal Logistics Parks (MMLPs) are planned with public sector MMLP to be set up in the North East Region. The idea is not just to build roads, but also to increase Logistics Efficiency in India.

Mr. R K Pandey, Member – Projects, National Highways Authority of India (NHAI) while deliberating about the importance of quality roads mentioned that the Bharatmala program is one of the ambitious programs of the Government, planned in phases, emphasizing mobility that needs to be focused for the betterment of the future. We are even focusing on greenfield alignment.

He discussed that in order avoid delay in road projects there will be no award of projects till 90% of the land required for the project is acquired and for any reason, any part of the land for road projects is not available, then it will be separated from existing scope work of concession agreement and the whole process of acquisition has now been digitized by Bhoomi Rashi portal set up the government.

He further added that and in case of disputes arises before and during the construction phase, NHAI has set up three reconciliation committees that have settled 51 cases of claims out of 124 to date. Talking about the success of the road sector, he mentioned that every sector of demand of the market has been taken into consideration.

He also mentioned that looking at the present times, we are planning and making at various models that will help to generate employment and finances at the same time giving ignition to this sector. He said that alternate dispute resolution has been the main focus of NHAI.

Mr. Pandey highlighted that we are looking for performance, not outlook, and shared that the process of land acquisition is speeding up with the help of technology. There is also simplification and speed up in the process of dispute resolution as well. He also shared that we have given full freedom to contractors for cost reduction.

Mr. Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry in his presidential remarks congratulated Mr. Ghosh and Mr. Pandey for being successfully awarded the third bundle of National Highways projects under the toll-operate-transfer (TOT) route, under the dynamic leadership of Shri Nitin Gadkari, Hon’ble Minister for Road, Transport and Highways, Govt. of India.

Mr. Aggarwal mentioned that Roads and highways are one of the most significant parts of any country’s infrastructure sector, and are also used as an indicator of any country’s economic prosperity.

Talking about the programs and initiatives undertaken by the government in the past few years, he talked about the Bharatmala program, being a game-changer program giving opportunities to stakeholder involvement followed by Toll Operate Transfer (TOT) route which will further act as a force multiplier in employment generation and sectoral growth back to pre-pandemic levels at the same time overcome the issues and challenges due to pandemic.

Mr. Aggarwal recommended the need for facilitating heavy funding in the infrastructure projects in the form of mega investments that will give a boost to this sector. He also recommended changing the bidding process by restricting the number of bidders and not allowing them to quote below the estimated price.

He emphasized the need to prepare good quality DPRs to ensure that all the technicalities have been addressed. Coordination between the state and central governments is also pivotal to speed up the project implementation process. He further added the there is a need to revisit issues such as the bidding process, poor quality of DPRs, clearances, and dispute resolution mechanism

for ensuring the growth momentum.

Mr. Sudhir Hoshing, Chairman, Infrastructure Development Committee, PHD Chamber of Commerce, and Industry while giving an industry perspective mentioned that roads are the key to wiping the poverty from a country as it’s linked to employment generation, city development leading to change in the mindset of countrymen.

He discussed that the road sector has been a churning sector despite the pandemic and the need of the hour is to reduce the cost of road construction at the same time using durable construction material as well.

Mr. Ashish Wig, Mentor, Infrastructure Development Committee, PHD Chamber of Commerce and Industry discussed that road infrastructure is the key drivers towards the growth of the economy. He also discussed the need to focus on road construction along with the intervention in the technology.

Mr. Saurabh Sanyal, Secretary-General, PHD Chamber of Commerce and Industry in his concluding remarks deliberated that India has a well-developed framework for Public-Private-Partnerships (PPP) in the highway sector and The Government of India is planning to expand the national highway network in the next few years.

As the world prepares for the ‘new normal’ after COVID-19, every stakeholder, from the government, Corporates and bankers, needs to take action to adapt to their new reality and give ignition towards making India Self-Reliant.

The session was moderated by Dr. Ranjeet Mehta, Principal Director, PHD Chamber of Commerce and Industry, and was attended by many industry stalwarts pan-India.

Business World

Government’s proposals to enhance consumer demand, boost capital expenditure, foster private sector spending and stimulate GDP highly encouraging: PHD Chamber

Oct 12, 2020 by Gouri Achary 0 Comments #LTC Cash Voucher Scheme, #PHD Chamber of Commerce and Industry, #Shri Sanjay Aggarwal, #The Festival Advance

Shri Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry while appreciating the significant proposals announced by Hon’ble Finance Minister said in a press statement that calibrated and meaningful measures will have a multiplier effect on trade, industry and economy. These measures will stimulate the consumer demand, boost capital expenditure and push the economic growth trajectory on the pre-COVID levels in the coming quarters.

The announcement on LTC Cash Voucher Scheme through which Government employees can opt for cash payments in lieu of LTC during 2018-21 and spend it to buy goods and services worth 3 times the fare and 1 time the leave encashment is highly inspiring as these measures will generate an additional consumer demand of Rs 28,000 crore, said Shri Sanjay Aggarwal.

The decision of one-time restoration of the Festival Advance to the Government employees will enhance the consumer spending, which is likely to generate Rs 8,000 crore additional consumer demand in the country, said Shri Aggarwal.

The Festival Advance with an increased limit of Rs 10,000 to all Government employees, irrespective of the designation, in form of a pre-paid Rupay Card, will boost the sales of the business firms and sentiments of the producers to produce more with the deployment of more workforce in their respective businesses, said Shri Aggarwal.

The Government’s proposals to enhance capital expenditure in the country is highly appreciating as this will have a multiplier effect on the growth of trade, industry and economy; creating employment opportunities for the workforce, he said.

The historical announcement for the states will boost the economic growth trajectory of the States also as the Government has offered to provide a 50-year interest-free loan of Rs 12,000 crore for capital expenditure by the states. This comprises of Rs 2,500 crore for the North East States and Uttarakhand and Himachal; Rs 7,500 crore for other states and; Rs 2,000 crore for those states which meet at least 3 out of 4 reforms given in Atmanirbhar fiscal package, said Shri Aggarwal.

This will encourage states to implement reforms sooner than later in an effective manner and help them in resuming the work on projects, which were stalled due to lack of funds. Also, this provision will motivate states to start new capital projects and thereby enhance the infrastructural development in their respective territories, said Shri Aggarwal.

The proposed allocation of Rs 25,000 crore for capital expenditure on roads, defence infrastructure, water supply, urban development and domestically produced capital equipment will give a big push to industrial and social development in the country and will lead to a self-reliant New India with tremendous employment opportunities for the growing young workforce in the country, said Shri Aggarwal.

The commendable ideas behind these proposals to create an additional consumer spending of Rs 1 lakh crore in the country without the burdening the common citizen under the ambit of controlled inflation and Government debt are highly laudable and encouraging, he said.

These measures have a great potential to give a turnaround to the economy sooner than expected, said Shri Sanjay Aggarwal.

Business World

This is not the time to focus on deficit and international ratings: PHD Chamber

Oct 7, 2020 by Gouri Achary 0 Comments #Mr. Anil Khaitan, #Mr. Manjeev Singh, #Mr. Sanjay Bhatia, #PHD Chamber of Commerce and Industry, #Shri Sanjay Aggarwal

While presenting the welcome address at the Special Session on Indian Economy: Post COVID-19 in the 115th Annual Session of PHD Chamber of Commerce and Industry, Shri Sanjay Aggarwal, Senior Vice President, PHD Chamber, said that this is not the time to focus on deficit and international ratings. He suggested that the government should focus on liquidity disbursement at this juncture to support the businesses and bring back the momentum in the economy.

Shri Aggarwal said that the economy and its citizens faced hardships due to the pandemic COVID-19, however, with the lifting of the lockdown, the economy is likely to see a recovery momentum sooner than later on the back of various ground touching reforms undertaken by the government to combat the daunting impact of covid-19. He emphasized on the need of creating employment for the youth. He urged that MGNREGA should not just aim to do agriculture work but should also focus on other infrastructure divisions namely roads, railways, among others.

Mr. Manjeev Singh, Puri Former Ambassador to Nepal, acknowledged that the lockdown has caused the economy in doldrums and led the GDP to contract by nearly a quarter. Going forward, the efforts should be in the direction to revive the economy. He appreciated Rs 20 lakh crore package announced by the Government, which represents 10% of the GDP. He urged that in the current uncertain times, there is a need to provide more liquidity to the industry to revive and rejuvenate the economy, going ahead.

He focused on the need to address climate change. He believed that the country has done really well in the solar sector space and E-vehicles. Focusing on the need for Sustainable developments, he said that going forward the country will run on green energy and the importance of this sector should not be neglected.

Mr. Sanjay Bhatia Former President, PHDCCI & Managing Director, Hindustan Tin Works Limited, said that the economy has undergone a significant shock amid the pandemic. Sectors such as airline, tourism, textiles have been severely affected. He supported the focus on local goods and concluded by appreciating the announcement Rs 20 lakh crore package along with extensive reforms measures by the government.

Mr. Anil Khaitan, Former President, PHDCCI & Chairman & Managing Director, Sunil Healthcare Limited, opined that while various international rating agencies have estimated a severe contraction of the Indian economy; the country will bounce like a rocket. He stressed upon the fact that India has a phenomenal resilience and a wonderful ecosystem. Appreciating the aggressive agricultural reforms by the government, he called them a game-changer.

Mr. Anil Khaitan outlined the major issues the country is facing including the military tensions with China and Pakistan and the shock from the Pandemic. He concluded with powerful advice that the government must have ease of doing business at the district level and only then the implementation will be at the ground level. He suggested that the permanent fiscal council like GST controls, sector-wise package, especially for tourism and a state-wise entrepreneurship programme, is need of the hour. He urged the government to channelize the spending in accordance to the allocations made. With this, he was certain of positive recovery in times ahead.

Mr. Gautam Bali Managing Director, Vestige Marketing Pvt. Ltd emphasized the need of Aatmanirbhar Bharat. He emphasized the need to reinvent ourselves like Japan and China. He highlighted that India’s direct selling industry has become a saviour to many youths. Numerous unemployed have come in the direct selling programme and the business has gone digital with people adopting digital platforms to succeed.

Shri Pradeep Multani, Vice President, PHD Chamber, presented the formal vote of thanks for the session and said that India has been resilient in fighting COVID-19 and the big-ticket economic reforms including economic booster package giving equal importance to Land, Labour, Liquidity and Laws, MSMEs and taking equal care of all strata of society are highly appreciable.

Shri Multani said that the implementation of Atmanirbhar Bharat package and calibrated unlocking of the economy has ensured that economic recovery in India has gained momentum. Going ahead, he opined that more demand-side reforms should be undertaken to lift consumer sentiments and propel new industrial investments by businesses.

PHDCCI’s 115th Annual Session has been supported by Vestige Marketing Pvt Ltd; Maruti Suzuki; Radico Khaitan Ltd; SMC Global Securities Ltd; Paramount Communication Ltd; Multani Pharmaceuticals Ltd; DLF Ltd; JK Tyres; Apeejay Svran Group; M V Cotspin Ltd and DCM Shriram Industries Ltd. The other sponsors of the session were Hindalco Industries Ltd, Martin & Harris Pvt Ltd., Filatex India Ltd., Bharat Aluminium Company Ltd, Hindustan Tin Works Ltd, Alliance Advertising & Marketing Pvt. Ltd, Oswal Greentech Ltd, Modern Auto Ltd and Bry-Air (Asia) Pvt. Ltd. Please follow the YouTube link for further updates- https://www.youtube.com/watch?v=s8eyd0nh2EE.

Business World

Need for Domestic Manufacturing of Smartphones, a step towards Self-Reliant India

Sep 23, 2020 by Gouri Achary 0 Comments #Domestic Manufacturing of Smartphones, #Dr. Yogesh Srivastav, #Mr. Sandeep Aggarwal, #Mr. Sanjay Aggarwal, #Mr. Saurabh Sanyal, #PHD Chamber of Commerce and Industry

In the upcoming years there is a huge opportunity for India by creating, sourcing, making and exporting Smartphone from India, shared Mr. Sanmeet Kochhar, Vice President, HMD Global in a session organized by PHD Chamber of Commerce and Industry on ‘Challenges and Opportunities for Smartphone Industry post COVID-19’.

Mr. Sanmeet Kochhar mentioned that with a decline in the world GDP, according to reports the worldwide Smartphone market has suffered the largest decline year-on-year. Talking about the challenges and opportunities, he discussed that there is a need for secure enterprise mobility.

According to many studies, 2021 will rebound with 6% YoY growth in Smartphones, and looking at the present times, there is an increase in the usage time of smartphones. Value-added services like insurance, extended warranty, or things that help to build value in their purchase are expected to increase in the upcoming years, deliberated by Mr. Kochhar.

Mr. Sunil Joon, Vice President & Chief Product Officer, Micromax Informatics Ltd, while giving an industry perspective mentioned that there is a decline in the shipments due to COVID and an increase in the online channel of smartphones, which is also expected to grow at a much faster pace.

He mentioned that due to COVID-19, consumers have increased their buying on online channels. The consumer services on these online channels have generated stickiness in their consumer’s minds. Due to this, the presence of online channels has been registered in remote and rural areas as well. He also said that looking at the present market trends, there is a need for a fresh perspective for sales and distribution in the offline market.

Talking about the future growth prospects of the industry, he said that this is a highly resilient industry. Also, with the emergence of digital learning and remote working, this industry has increased its users. Now, this industry needs to look at affordability for driving the market along with more user-friendly features.

Mr. Sanjay Aggarwal, Senior Vice President, PHD Chamber of Commerce and Industry, deliberated about the growing need for the strong telecom network in the times of the pandemic to stay connected with each other. He discussed that while there are a lot of challenges in this industry to cater to; there is a pool of opportunities as well which makes this sector one of the pivotal sectors for the growth of the economy. He also discussed the rise in the usage of smartphones which offers multiple user-friendly features, is portable, and comes at affordable prices.

Mr. Aggarwal also highlighted that due to COVID-19, one of the challenges the Smartphone industry is facing is on the manufacturing side. Therefore, there is a need to amplify the domestic manufacturing and production of smartphones which will help to expand the market and increase the ability to adapt the technology, leading to the growth of the economy and a move towards a Self-Reliant India.

Mr. Sandeep Aggarwal, Chairman, Telecom Committee, PHD Chamber of Commerce and Industry, while giving a background of the mobile industry, highlighted that India has the capability to manufacture smartphones in India and Government is encouraging domestic manufacturing in a significant manner with robust notifications. He discussed that during and post-pandemic, there is will be a significant shortage in the spare parts due to international manufacturing disruption. He hopes that with the diligent efforts of the Indian Government, the Smartphone industry amplifies its manufacturing growth and makes this industry Self-Reliant.

Mr. Saurabh Sanyal, Secretary-General, PHD Chamber, in his formal vote of thanks, deliberated that Covid-19 has accelerated the pace of technology adoption across the country and allowed many useful apps, making Smartphone an integral part of lives. He discussed that Indian brands can benefit from the Make in India and Digital India initiatives from the government to take control of manufacturing rather than depending on outside ODMs to design and manufacture their products. He highlighted that the Indian market for smartphones needs innovation and investment in R&D, building in-house capability with a greater possibility of localization, quality control, and differentiation.

The session was moderated by Dr. Yogesh Srivastav, Principal Director, PHD Chamber, and was supported by Paramount Communications Limited, and was successfully attended by the industry stalwarts.

Business World

MeitY launched Digital Health ID in 6 Union Territories, soon be PAN India for digitalization of the Health Sector in India

Sep 21, 2020 by Gouri Achary 0 Comments #Digital Health ID, #Dr. D K Aggarwal, #Dr. Rajendra Kumar, #E-Conclave, #MeitY, #PHD Chamber of Commerce and Industry

Dr. Rajendra Kumar (IAS), Additional Secretary, Ministry of Electronics, and IT (MeitY), mentioned that the IT industry has given hope to Indian youth and accelerated the growth in entrepreneurship since the ’80sin the E-Conclave organized by PHD Chamber of Commerce and Industry on “MY INDIA MYSTARTUPS: 100 UNICORNS BY 2025”. He mentioned that MeitY Startups Hub (MSH) is providing incentive programs to the Startups, through Technology Incubation and Development of Entrepreneurs(TIDE) Schemes delivers incubation support to entrepreneurs. He mentioned that in the Center of Excellence (CoE) of STPI, MietY is connecting with the industries. He mentioned that the Ministry of Electronics and IT (MeitY) has launched Digital Health ID in 6 Union Territories, which will be there in PAN India soon for the digitalization of health sectors in India.

Dr. D K Aggarwal, President, PHD Chamber of Commerce and Industry in his presidential address mentioned that Startups India and Standup India are the dreams of our Hon’ble Prime Minister. He said that the Indian Startups system has the potential to make India a super-powered economy. In the year 2016, India had only 10 Unicorns that are now 35 in the span of 4 years only with an approx. value of more $100 Billion. Out of which 21 Unicorns are tech Startups costing approx. about $73 Billion. Currently, India stands 3rd in creating Unicorns after the US and China

Mr. Deepak Bagla, MD & CEO, Invest India deliberated that 1/3rd of Startups in India conducts business in e-Commerce and, 66% of Startups are from the engineering background. Today the combined value of Indian Unicorns is $73 Billion, where the top 10 Unicorns make 70 to 80% of the total volume. He mentioned that Bangalore is today’s Unicorn Capital City, where the average conceiving age of any Unicorn is 7 years.

In 2012 there was only one Unicorn and, today we have 34 Unicorns in India, mentioned Mr. Subodh Sachan, Director, Software Technology Parks of India (STPI), Ministry of Electronics and IT (MeitY), Govt. of India. Mr. Sachan highlighted that currently, India is having $191 Billions of IT Industry in which 447000 Crores are coming from the STPI registered companies only. He mentioned that more than 2000 IT companies participated in a challenge to create a Video Conference Solution. In Aatma Nirbhar App Innovation Challenge more than 7000 applications were received.

Mr. Vikrant Rajvanshi, AGM, SIDBI discussed that SIDBI is funding Startups directly through Fund of Funds Operations but as mandated by GoI, the funds have to go through the SEBI registered financial institutions or through AIFs since they do have the excellent resources and ground-level experiences to identify the potential Startups. He mentioned that SIDBI is supporting Startups and MSMEs through various schemes such as Funds of Funds Operations; MSME Risk Capital Fund (RCF); India Aspiration Fund; Funds of Fund for Startups (FFS); ASPIRE Fund+; UP Startups Funds. Schemes such as Startups Assistant Schemes where SIDBI provides complete 3 Years interest-free support.

Mr. Ashok Kajaria, Chairman & Managing Director, Kajaria Ceramics Ltd Former President, PHD Chamber deliberated that every startup must understand the importance of Finance Management and, they should focus on it right from the beginning. He mentioned that the team members are the most valuable asset to any Startups or the industry. He also urged every Startup, related to ceramics, sanitary, etc. to access mentors and incubators from Kajaria Ceramics.

Mr. Anil Khaitan, CMD, Sunil Healthcare Ltd, and Former President, PHD Chamber mentioned that Govt. of India is solidly behind the Startups and is determined to support the Startups ecosystem in India. He mentioned that Parliamentary Standing Committee Finance has recommended Long Term Capital Gain Tax Exemption for all the investments made on Startups with a minimum tenure of 2 years and, the Security Transaction Tax (STT) can be applied to collective investment vehicles after the two years to maintain revenue neutrality.

Mr. Sanjay Aggarwal, Sr. Vice President, PHD Chamber of Commerce and Industry mentioned that the Indian government is very much excited to support Startups in terms of policy amendments, tax rebates, capital support, and many more supports laid by both central and state government. The governments are providing opportunities to the domestic investors and the Startups to step forward.

Prof. Harvinder Popli, Director, DPSRU Innovation, and Incubation Foundation discussed that industry-academia collaboration is the need of the hour.

Mr. Suresh Devnani, Chief Business Officer, Samunnati stated that there is a huge scope of innovation in sectors like agriculture, insurance, transportation, supply chain management. He highlighted that agriculture is as potential as the healthcare or pharma sectors with India having 474+Agri-tech Startups and, the number can be increased while encouraging investors and Startups in the Agri sector.

Mr. Ashish Jain, Chief Mentor &CEO, JSS Business Incubator, NOIDA discussed that through Accelerator Model, a Startups can achieve its target in a short time. Acceleration Models include; Visibility, Technology, Mentoring, and Physical space. But Pandemic has shown vulnerability in Acceleration Model. Hence, the best alternative option to it is Co-Creation Model that required long term participation with Startups to face challenges and issues as a team.

Mr. Gaurav Gupta, Co-Founder & COO, Zomato mentioned that the food ecosystem is the fastest-growing ecosystem in India. He mentioned that Food Delivering Services has a phenomenal journey over the last 5 years. Before Pandemic, the average online monthly orders were about $100 Million, which indicates potential scope in food delivery services. He emphasized that ‘Right People Working on the Right Direction, Can Make the Difference’.

Mr. Bharat Singh Mehta, Co-Chairman, Startups Forum, PHD Chamber mentioned that the role of Startups in expediting the growth of a country cannot be overemphasized. He highlighted that as Startups become more and more effective, the job seekers will become job creators.

The session was moderated by Dr. Jatinder Singh, Director, PHD Chamber, and was attended Mr. Saurabh Sanyal, Secretary-General, PHD Chamber along with more than 200 key stakeholders Pan India. The session was supported by Samunnati Financial Intermediation & Services Private Limited.

News

Wellness leads to Happy & Prosperous Life | A session with Mr. Ashwini Kumar Chaubey ,Minister of State, Health & Family Welfare ,GoI on “FOCUS on WELLNESS”

Aug 12, 2020 by Gouri Achary 0 Comments #AMWAY India Ltd, #Dr D K Aggarwal, #GoI on "FOCUS on WELLNESS, #HEAD Corporate Affairs, #Health & Family Welfare, #Minister of State, #Mr. Ashwini Kumar Chaubey, #Mr. Rajat Banerjee, #PHD Chamber of Commerce and Industry, #PHD Chamber of Commerce and Industry in association with AMWAY on 'Focus on Wellness'., #President

In these times of pandemic, health and wellness have become the prime areas of focus. We need to sync our mind, body, and soul to keep ourselves positive, mentioned Mr. Ashwini Kumar Choubey, Hon’ble Minister of State for Health & Family Welfare, Govt. Of India in the session organized by PHD Chamber of Commerce and Industry in association with AMWAY on ‘Focus on Wellness’.

Mr. Ashwini Kumar Choubey discussed that body is like the temple and we must ensure that we must take care of it on day to day basis. We need to ensure to live in a clean environment so that we can cleanse our body and further this would lead to cleaning mind and soul.

He cited examples of old times when people used to have a healthy lifestyle and followed healthy habits. He said regular intake of herbs like Galoy, Ashwagandha, and other Ayurvedic medicines help to keep our bodies healthy and practice yoga and meditation to keep the mind positive.

He highlighted that to keep ourselves well, we need to stay connected to nature and earth. We should absorb the morning sunlight and eat natural fruits and vegetables.

Mr. Rajat Banerjee, HEAD Corporate Affairs, AMWAY India Ltd in his deliberation mentioned that while COVID-19 has given us tough times, it’s time that we focus on a healthy workspace for the wellness of the employees.

India has been the land for yoga and Ayurveda making it closer to its traditional herbs and medicines. Covid-19 has allowed India to stand up and give back to the world, said Mr. Rajat Banerjee.

He highlighted that globally, there has been a spike rise in natural supplements like Vitamin C, D, Multivitamins, Tulsi, Chavanprash, and others. These natural supplements are being used to strengthen the immune
systems.

Col(Retd) Harmit Singh Sethi, Group Head & Executive Director-Corporate Affairs & Incubation-Dalmia Bharat Group talked about the concept of wellness and its eight major dimensions that are physical, emotional,
spiritual, social, financial, environmental, occupational and intellectual. He highlighted that the secret towards wellness is to master these dimensions that help to bring out the best version of oneself.

Ms. Anjali Singh, MD, Corporate Bank Operations, Deutsche Bank discussed that while this pandemic led us to stay socially isolated under lockdown, it has also made us concerned about each other and society.

This pandemic has changed our work culture, process, and environment. There is a need to look after the wellness of our employees as well. We need to give them physical security and wellness at the same time ensuring their health wellness by giving them medical insurance. We also need to change our way of communication and form creative ways to communicate with our employees and leadership. With these changing times, we need to look after the mental health of our employees as well, said Ms. Anjali Singh.

Dr. D K Aggarwal, President, PHD Chamber of Commerce and Industry in his presidential address mentioned that in these indispensable times, there is a need to focus on wellness especially at the workplace. Wellness is all about the mental and spiritual well being of the body. We need to take holistic measures to keep our body, mind, and soul healthy by practising yoga, meditation, exercising, eating a healthy diet, and taking natural medicines.

He deliberated about the importance of yoga that helps in lowering down stress levels; removing anxiety and depression at the same time giving peace to mind and strengthen our body.

He discussed that looking at the present times, there is a need to develop our health infrastructure and making the youth healthy and giving them the education that will lead to the formulation of a brighter India. He
mentioned that the economic package has stressed in developing healthcare facilities and infrastructure.

Mr. Pradeep Multani, Vice President, PHD Chamber while giving a vote of thanks to all the delegates and participants, deliberated about the effective results of taking Ayurvedic medicines and kadha for strengthening
immunity in these times of pandemic.

Dr. Aruna Abhey Oswal, Chairperson, WE Committee, PHD Chamber of Commerce and Industry while gracing the presence of the delegates deliberated about the objective of the Women Entrepreneurs Committee that to empower women by supporting and building their connections so that they can be the entrepreneurs for the future. Women will not only make her family healthy but also ensure that its positive outcome affects the entire society.

She highlighted that these times of pandemic has led to us to go back to our roots by being with ourselves and give time to our mind, body, and soul. This pandemic has also allowed us to take care of ourselves and make ourselves stronger.

The session was moderated by Dr. Yogesh Srivastav, Principal Director, PHD Chamber ad was attending by Mr. Vishal Chaudhay, Chairman, Jharkhand State Chapter, along with Mr. Saurabh Sanyal, Secretary-General, PHD Chamber along with other industry stalwarts around the country.

Business World

Arogya Setu App attained its desired success due to efficient Telecom Infrastructure in India, Mr. Ajit Pai, Distinguished Expert, NITI Aayog

Aug 11, 2020 by Gouri Achary 0 Comments #AP Mahesh Co-operative Urban Bank Ltd, #AT&T Global Network Services India Private Ltd, #Deputy Managing Director (Strategy) & Chief Digital Officer, #Distinguished Expert, #Head of IT Department, #Management Director & Chief Executive Officer, #Mr. Ajit Pai, #Mr. Arun Karna, #Mr. Badrinath Kilambi, #Mr. Ravindra Pandey, #Mr. Sanjay Aggarwal, #NITI Aayog, #PHD Chamber of Commerce and Industry, #Sr. Vice President, #State Bank of India

Investment inflow in infrastructure, logistics and telecom industry is of utmost priority for NITI Aayog, which will also aid India’s economic growth and development deliberated Mr. Ajit Pai, Distinguished Expert, NITI Aayog in a session organized by PHD Chamber of Commerce and Industry on ‘Role of Telecom Infrastructure in Digital Services during COVID-19’ on 10th August, 2020

Mr. Ajit Pai, mentioned that the Arogya Setu App attained its desired success due to efficient telecom infrastructure in India. While the basics of infrastructure are in place, but we still have a long way to go for state of art-infrastructure in Telecom sector. Telecom, digital technologies, and its penetration in India enabled us to smoothly manage our work during the times of the pandemic. The quality of communication was smooth with less interruption, said Mr. Ajit Pai.

Giving a brief about Bharat Net Project, he mentioned that while we are focusing on infrastructure and technology, focusing on its usage in our daily routine is also of prime importance. The government and NITI Aayog are undertaking collaborative measures for the growth and development of this sector and making it swift, time-saving, and cost-effective.

Mr. Ravindra Pandey, Deputy Managing Director (Strategy) & Chief Digital Officer, State Bank of India in his deliberation discussed the importance of telecom for mobility. He mentioned two things that form the backbone which includes a new vertical that has been created to look after the financial inclusion and developing the agricultural sector by boosting it with digitalization by reducing the footfall of customers in the banks.

He highlighted the need to improve the mobility infrastructure and improving the consistency in the communication channel. Telecom infrastructure needs to be consistent with seamless connectivity. Due to the pandemic, the digitalization of banking services has increased creating an opportunity to uplift the digital and telecom infrastructure to cater to future needs of the Nation. With an increase in the power and telecom consumption, up-gradation of infrastructure is of paramount importance.

Mr. Arun Karna, Management Director & Chief Executive Officer, AT&T Global Network Services India Private Ltd in his presentation discussed that COVID-19 is not a short-term thing, rather it has accelerated the need for digital services and existing trends and made changes for the long term. He also discussed how the priorities of enterprises have changed since COVID-19 by improving operational efficiency; reducing costs; maintaining market shared and competitiveness; increasing consumer satisfaction, accelerating product development, improving supplier relationship etc.

He deliberated on the digital transformation that is delivering edge to edge capabilities, change in the customer expectation and the intervention of Artificial Intelligence network in driving digital future and transformation along with the coming up of 5G network technology, leading the path towards a technology-driven future.

Mr. Badrinath Kilambi, Head of IT Department, AP Mahesh Co-operative Urban Bank Ltd mentioned as to how telecom was the backbone of our ecosystem during COVID-19 and sectors like IT, telecom and infrastructure depend on banks for support. Mr Badrinath Kilambi mentioned that the consistency and reliability of the telecom and digital services are of the utmost importance for the development of the nation.

Video Conferences, business meetings, online education have all been possible from home. The e-servies, OTT platforms, e-commerce and e-governance have increased significantly during the pandemic, said Mr. Kilambi

Mr. Sanjay Aggarwal, Sr. Vice President, PHD Chamber of Commerce and Industry in his welcome address while deliberating on the current Covid-19 spoke about how only in these times have we realized the importance, need and stability of telecom infrastructure. Mr. Aggarwal mentioned that the pandemic has demonstrated the critical importance that telecommunications infrastructure plays in keeping businesses, governments, and societies connected and running. The economic and social disruption caused by the pandemic has made people across the globe rely on technology for information, for social distancing, and working from home, added Mr. Aggarwal.

The current pandemic has painted an entirely new image of growth for certain sectors, especially the telecommunication sector, which has played the role of a lifesaver for the companies and individuals during quarantine and lockdown. Given the quick spread of COVID-19 and an increase in countries imposing restrictions on movement, our daily lives had required more time at home and more usage of data for work and leisure, resulting in a significant impact on the Telecom sector, said Mr. Sanjay Aggarwal

Giving an overview of the Telecom sector in these crucial times Mr. Aggarwal said that even as the COVID-19 pandemic is catalyzing digital transformation across business models, channels and touch points. Underlying this shift is the need for greater organizational agility as well as closer ties with customers in changing world order.

Mr. Sandeep Aggarwal, Chairman-Telecom Committee, PHD Chamber of Commerce and Industry in his deliberation mentioned that the COVID-19 pandemic has shown that digital connectivity is critical to societal resilience and business continuity in times of crisis. We have now gone digital and this pandemic has significantly accelerated the adoption of digital technologies.

India needs to invest heavily in telecom infrastructure. Capital investments need acceleration. Organizations are reimagining their business models, relooking at talent management strategies, and fast-tracking digitalization efforts to be more resilient to disruption. Banking and payments, critical pillars of the economy, are among the core areas that have seen a major uptick in digital offerings and adoption, said Mr. Aggarwal.

While appreciating the Government’s reform in the Telecom Sector in these trying pandemic times Mr. Aggarwal added that the digital payment volumes are also receiving a boost through the Government. They were once a convenience but have become a necessity in these times.

Mr. Alok Mukherjee, Co-Chairman-Telecom Committee, PHD Chamber of Commerce and Industry while moderating the technical session, gave an overall industry perspective and how it worked during the times of COVID-19. He also deliberated about the need to enhance the Telecom Infrastructure in Digital Services in the country.

Dr. Yogesh Srivastav, Principal Director, PHD Chamber, delivered the formal vote of thanks to all the delegates along with moderating the session. The session also witnessed the presence of Mr. Vinod Jain, Chairman and Mr. Jyoti Prakash Gadia, Co-Chairman of the Banking, Financial Services & Insurance Committee, PHD Chamber along with other industry stalwarts’ pan-India. The session was supported by AP Mahesh Co-operative Urban Bank Ltd and was attended by around 100 participants from the industry.