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PHDCCI: Domestic and International trade in AYUSH medicine: Issues & Challenges

Aug 28, 2021 by Rekha Nair 0 Comments #(Ay) Ministry of AYUSH, #Advisor, #AYUSH Committee, #Dr. Manoj Nesari, #Govt. Of India, #PHD Chamber

AYUSH Committee, PHD Chamber in association with Ministry of AYUSH, Govt. of India organized a webinar on Domestic and International trade in AYUSH medicine: Issues & Challenges.

The webinar was graced with the presence of the Chief Guest, Dr. Manoj Nesari, Advisor, (Ay) Ministry of AYUSH, Govt. of India.

The other eminent dignitaries present were Mr. Pradeep Multani, Sr. Vice President, PHD Chamber, Mr. Ashish Dixit, Sr. Manager, Regulatory Affairs, Dabur India Limited, Dr. Anurag Gupta, Manager, Regulatory Affairs, Shree Baidyanath Ayurved Bhawan Pvt Ltd, Dr. Vikas Punetha, Manager Regulatory Affairs, Amway India Enterprises Private Limited, Mr. Arvind Varchaswi, Chair, AYUSH Committee, PHD Chamber & Managing Director, Sri Sri Tattva, Mr. Jitender Sodhi, Co- Chair, AYUSH Committee, PHD Chamber & Managing Director, AYUSH Herbs Pvt Ltd and today’s session moderator, Mr. Vivek Seigell, Assistant Secretary General, PHD Chamber.

While welcoming all the eminent dignitaries, Mr. Pradeep Multani said that having no FDI limits, this sector has massive potential for exponential growth, especially in times of public health crisis. Mr. Multani emphasized that there is an increase in popularity, usage, and exports of AYUSH products amidst the pandemic. AYUSH products are mostly organic by-products of plants and have low manufacturing costs as compared to allopathic drugs. As a result, the treatments methods and medicines have been able to reach the masses. The growing global interest in traditional medicine and herbal products has been driving growth in trade in related products. With the surge in exports and growing international popularity of Ayurveda calls there is a need for industry players to improve their quality standards and cost competitiveness.

Mr. Arvind Varchaswi mentioned that the future of Ayurveda is looking fabulous as more and more players are entering the market with innovative products, quality packaging, and strategic marketing activities. He further added that the demand for AYUSH products and services has increased tremendously during covid-19 pandemic. The spurt in exports of AYUSH products in recent years is a direct reflection of its growing popularity in many countries and hence the trade and commerce in the AYUSH sector needed to upscale quickly in order to meet the growing demands from India and abroad. He further said that it is very much important to bring the matter of education also along with the drugs to promote the Ayush system internationally.

Dr. Manoj Nesari appreciated the efforts of PHD Chamber in organizing various relevant programs with the industry. He said that it is very much important to bring the matter of education also along with the drugs & services to promote the Ayush system internationally.

Dr. Nesari mentioned various problems where Industry can work on like developing the products with specific target disease conditions second is TB as also one of the major problems where Ayush has major potential and industry should really need to work on that and third is Anti-microbial resistance where AYUSH industry has to work on products which can be given as standalone along with antibiotics. Dr. Nesari said that if we come out with such solutions there will be a huge scope of AYUSH system domestically and internationally.

Dr. Vikas Punetha talked about the challenges in the sectors like regulatory process, quality control, and advocacy assistance. He emphasized the need to educate the masses about the usage and correct dosage of consumption of each ayurvedic drug and the need to standardize the quality checks of raw materials of ayurvedic products.

Dr. Anurag Gupta mentioned that there’s utmost need for spreading awareness about the various herbs available in the AYUSH sector domestically as well as globally which will help to increase its consumption at the same time help to bust some myths about ayurvedic medicines.

Mr. Ashish Dixit shared a brief presentation on issues and challenges of domestic and international trade in AYUSH medicines. He said that pandemic has made the world realize the importance of health, immunity, wellbeing where people want it in a natural way. Ayurveda can be the mainstream medical system with the upsurge in credibility. While mentioning the trade challenges, he said that the Ayurveda system of medicine is not in the education system, lack of awareness of Ayush medicine, and availability of Ayush practitioners; infrastructure and credibility are the major points to consider. He further said that the AYUSH export promotion council can play a key role and there is a need to streamline the registration process.

Mr. Jitender Sodhi proposed a formal vote of thanks to all the dignitaries present for sparing their valuable time and knowledge with the industry. He further said that trends in exports of herbal medicines, classes of herbal products, etc. should be analyzed to re-orient Indian production to the requirements of international demand.

The webinar was sponsored by the Ministry of AYUSH, Govt. of India, the Association of Manufacturers of Ayurvedic Medicine (AMAM), and AYUSH Herbs Private Limited. The webinar was also attended by more than 70 delegates from the Industry and academia.

PHDCCI’s Webinar was supported by DLF India; Multani Pharmaceuticals; UFLEX; JK Tyre & Industries; Marble City; Paramount Cables; SMC Investments and Advisors; Blossom Kochhar Aroma Magic; Comtech Interio; DCM Shriram Industries; Radico Khaitan; R.E. Rogers India; Ajit Industries; Synergy Environics; Continental Carriers PVT LTD; Timberworkz; Easy Trip Planners Limited; Jindal Stainless; Modern Automobiles; P S Bedi & Co; IFFCO and Hindware.

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India needs to have a consolidated approach towards India- East Asia & Oceania Region

Mar 16, 2021 by Neel Achary 0 Comments #East Asia & Oceania, #PHD Chamber

India has grown its relations with India- East Asia & Oceania countries and will continue to do so in the upcoming years deliberated in the session of India- East Asia & Oceania Day: Changing Dynamics of Indian Relations in the PHD Chamber of Commerce and Industry’s International Week.

H.E. Mr. Muktesh K. Pardeshi, High Commissioner of India, New Zealand highlighted the rich demographic presence of the Indian diaspora in New Zealand. He acknowledged the lack of realizing the full potential of the business relationship between India and New Zealand and proposed a consolidated regional approach towards the Oceania region with New Zealand serving as an entry point for an evolved relationship.

He emphasized the growing economic contribution of people of Indian origin in New Zealand. He said there is a need for a more intensive bilateral trade and invited his New Zealand counterpart for June 2020-21 business summit.

H.E. Mr. Barry Robert O’Farrell, High Commissioner, High Commission of Australia appreciated the political, economic, and social ties dedicated to the economic recovery of the two countries of India and Australia. He also praised Indian efforts in combating the Covid-19 pandemic on account of it being the pharmacy of the world. He talked about the vast economic potential of strategic partnership and opined that the scope of business to do together is vast because India is the 8th largest trading partner and 6th largest export market of Australia in 2019.

H.E. Mr. David Pine, High Commissioner, High Commissioner, High Commission of New Zealand opined three major points of political engagement, connectivity, and cultural linkages for increasing business partnership between India and New Zealand and was open to bilateral delegations between the two countries.

Mr. Ajay Poddar, Chair, International Affairs Committee for East Asia, South East Asia, and Oceania, PHD Chamber of Commerce and Industry highlighted the historical ties between India and the East Asian and Oceania countries on account of long cultural connections.

Mr. Saurabh Sanyal, Secretary-General, PHD Chamber proposed the formal vote of thanks and shared his earlier successful 2017 delegation to New Zealand. He stated that prospects of bilateral trade are recognized mutually.

The session was moderated by Mr. Naveen Seth, Assistant Secretary-General, PHD Chamber, and was attended by many industry stalwarts around the world.

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Input Tax Credit, being Soul of GST compromised

Dec 31, 2020 by Neel Achary 0 Comments #Mr. Sanjay Aggarwal, #PHD Chamber, #President

Speaking at a Panel Discussion on Important Changes in GST effective from 1st January 2021, organized by PHD Chamber today, Mr. Bimal Jain, Chairman, Indirect Taxes Committee felt that the Input Tax Credit, being the soul of GST, has been compromised in implementing the GST Law. He echoed the sentiments of the industry by mentioning that availing ITC is a mammoth task and extremely cumbersome. He observed that the issue of fake invoices and fake credits has increased since GSTR 2A came into effect in 2019. The GST Return system, he felt has been introduced half-heartedly causing difficulties for the genuine taxpayers who want to voluntarily follow the law and pay taxes.

He further added that there are restrictions on claiming ITC pertaining to Invoice/ Debit Notes not uploaded by suppliers or furnished in their GSTR 1 or through IFF, which was initially 20%, subsequently reduced to 10% w.e.f. 1st January 2020 and will now be further reduced to 5% w.e.f. 1st January 2021 in terms of R. 36(4) of the CGST Rules. This is towards the business to KNOW YOUR SUPPLIER. Rule 86A which came to effect w.e.f. 26 December 2019, envisages blocking of credit and circumventing the right to appeal which is not within the four corners of natural justice, he added. Mr. Jain added that the introduction of Rule 86B, w.e.f January 1, 2021, restricting usage of credit in excess of 99% of output tax i.e. 1% need to be paid compulsorily through e-cash ledger are not introduced at the appropriate time and creating an atmosphere of uneasiness for trade & industry and should be withdrawn or postponed by the Government.

Earlier Mr. Sanjay Aggarwal, President, PHD Chamber mentioned that since the implementation of GST there have been many instances of fraud due to fake invoicing. There is a need to improve the system as well as the administration to check the frauds. He felt that the seamless flow of Input Tax Credit forms the backbone of GST, and any form of restriction on the ITC will be a dampener to the spirit of GST. He observed that any form of amendments should promote voluntary tax compliance, reduce tax litigation, and benefit taxpayers by providing them peace of mind, certainty and savings on account of time and resources that would otherwise be spent on the long-drawn and vexatious litigation process.

Eminent panelists who also addressed the various important Changes in GST effective from 1st January 2021included Mr. Puneet Bansal, Managing Partner, Nitya Tax Associates; Mr. Tushar Aggarwal, Partner, Tattvam Advisors, and Mr. N K Gupta, Senior Executive Director, S S Kothari Mehta & Co. They deliberated on various GST Provisions of the Finance Act, 2020; New grounds for cancellation of registration under GST; Biometric-based Aadhaar authentication/verification process for GST registration; Validity of e-way bill; Waiver of late fee for delay in furnishing Form GSTR-4; among other issues.

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PHD Chamber lauds the Demand Boosting & Job Creating Economic Reforms announced under AatmaNirbhar Bharat Abhiyaan 3.0

Nov 16, 2020 by Gouri Achary 0 Comments #COVID vaccine, #Economic Reforms, #Job, #PHD Chamber, #Shri Sanjay Aggarwal

While appreciating the bold economic reforms announced by the Hon’ble Finance Minister, Smt Nirmala Sitharaman under AatmaNirbhar Bharat Abhiyaan 3.0, Shri Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry said in a press statement issued here today that the reforms will have a multiplier effect on the economic growth trajectory through enhanced demand, job creation, increased private investments, escalated exports and growth of sectors that have strong backward and forward linkages.

The recovery in the key economic and business indicators on the back of series of stimulus announcements by the Government in last 7-8 months, totalling to around Rs 29.9 lakh crore, will go a long way in our fight against the pandemic impact of COVID-19 on trade, industry and economy, said Shri Sanjay Aggarwal.

The economic reforms undertaken by the government have instilled the expectations of a strong, sustainable and even positive growth in Q3 FY2021 with the robust resumption of the lost economic activity, said Shri Sanjay Aggarwal.

The launch of Aatmanirbhar Bharat Rozgar Yojana, under which the Central Government will contribute 24% of EPF wages (12%+12%) for establishments having up to 1000 employees and 12% (employee part) of EPF for establishments having more than 1000 employees, for 2 years, is highly appreciable, said Shri Sanjay Aggarwal.

The scheme will incentivise the creation of new employment opportunities as it will cover only those EPFO registered establishments who takes in new eligible employees, said Shri Sanjay Aggarwal.

The extension of Emergency Credit line Guarantee scheme (ECLGS) till 31st March 2021 and launch of Credit Guarantee support for 26 stressed sectors and health sector, will provide an extended opportunity to the stressed borrowers to avail credit and clear their outstanding, said Shri Sanjay Aggarwal.

Provision of Rs 1.46 lakh crore under Production Linked Incentive Scheme for 10 champion sectors will help link India to global value chains, encourage exports, give companies a competitive edge in the global market and make India a global manufacturing hub in the coming times, said Shri Sanjay Aggarwal.

To help 12 lakh houses grounded and 18 lakh houses completed, the Government has provided Rs 18,000 crore under PM Awaas Yojana-Urban. The decision will boost housing and real estate sector, along with providing a fillip to the core sectors such as steel, cement, among others, said Shri Sanjay Aggarwal.

The move to reduce the Performance Security on contracts to 3% from existing 5-10% for all ongoing contracts (without disputes) up to 31st December 2021 is highly appreciable, said Shri Sanjay Aggarwal.

The non-requirement of Earnest Money Deposit (EMD) for tenders will reduce the burden on contractors, increase working capital in their hands and enhance the ease of doing business in infrastructure and construction sector, said Shri Sanjay Aggarwal.

In a move to provide income tax relief to developers and home buyers as well as incentivize middle class buying houses, the Government has increased the differential between circle rate and agreement rate from 10% to 20% for first-time buyers, developers, on houses up to Rs 2 crore till June 30, 2021, said Shri Sanjay Aggarwal.

The announcements such as equity infusion of Rs 6000 core for debt platform of National Infrastructure Investment Fund (NIIF) and Rs 10,200 crore additional outlay for capital and industrial expenditure on defence equipment, industrial infrastructure and green energy will help boost infrastructural development in the country and create multiplier effects on the economic growth, said Shri Sanjay Aggarwal.

The significant reforms including Rs 65,000 crore fertilizer subsidy for farmers to ensure an adequate supply of fertilizers in light of favourable monsoon; additional outlay Rs 10,000 crore for PM Garib Kalyan Rozgar Yojana to accelerate rural sector and boost informal employment; Rs 3000 crore to EXIM bank to promote project exports through lines of credit (LoC); and Rs 900 crore for the research and development of COVID vaccine, are highly appreciable and inspiring, said Shri Sanjay Aggarwal.

While the rapid implementation and progression of reforms announced by the Government under AatmaNirbhar Bharat Abhiyaan 1.0 and 2.0 are commendable, the continuous facilitation of industry and further effective implementation of reforms at the grassroots level with enhanced synchronization between Central and State Governments are still crucial for the fruitful outcomes, said Shri Sanjay Aggarwal.

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India is gradually moving towards an Economy based on Clean Energy

Oct 17, 2020 by Gouri Achary 0 Comments #Mr. E S Ranganathan, #Mr. P Arun Prasad, #Mr. Sanjay Aggarwal, #Mr. Sanjeev Gupta, #Mr. Shashank Rastogi, #Mr. Tarun Kapoor, #PHD Chamber

India is becoming a leader in CNG, there has been a significant transition with the need to move towards cleaner fuels like CNG, ethanol, biodiesel, and electric vehicles, deliberated Mr. Tarun Kapoor, Secretary, Ministry of Petroleum & Natural Gas, Government of India in the Inaugural Session of ‘Alternative Fuel Technology for Vehicles: A Cure-all for Sustainable Mobility’ organized by PHD Chamber of Commerce and Industry in association with CSIDC, Govt of Chhattisgarh, in its first-ever “AFT Virtual Expo & Conclave 2020” with Ministry of Environment, Forest & Climate Change (MoEF&CC), Government of India, as the partnering Ministry.

Mr. Tarun Kapoor mentioned that we need to ensure that CNG is available and affordable ensuring that vehicles are modelled to incorporate CNG smoothly. Discussing city gas distribution, he shared that there is significant work happening especially in the infrastructure so that CNG is seamlessly available. We will be doing a pilot project in Delhi on HCNG that will improve efficiency and reduce emissions drastically.

Talking about ethanol, he mentioned that by the next year, we want to take a jump in the ethanol production and we are planning to introduce E12 and E15 shortly. Gradually, we will have blended petrol all over the country and moving to a higher percentage. We have to make pure ethanol available that is happening in several countries and, some countries also have multi-fuel vehicles like Brazil. There is a pilot project which will be implemented for pure ethanol that will take place in Pune shortly.

Mr. Kapoor deliberated about the need to make biodiesel affordable and freely available. On the sector of compressed biogas, he discussed that it’s an area of focus as it’s important for the agriculture sector and, there is a huge source available in the country. He also discussed the projects undertaken by the government for setting up biogas plants that will help in producing a large quantity of biogas that will also flow in the city gas distribution network making it available along with CNG.

On Electric Vehicles, the oil marketing companies are available to facilitate and, we are looking forward to better swapping coming to the petrol station, retail outlets, putting up electric charging. We look forward to work closely with the industry so that we can go forward, said Mr. Kapoor.

Mr. P Arun Prasad, Managing Director, CSIDC, Government of Chhattisgarh giving an outlook about the bioenergy and the initiatives and schemes undertaken by the Government of Chhattisgarh to promote bioethanol by using the surplus of rice available in the state that is increasing investors and promoting the production of bioethanol. We have made it a high priority project for Chhattisgarh and, we have the raw material to produce a large amount of ethanol. He highlighted that the energy sector will be one of the core components in making India Self-Reliant.

Mr. E S Ranganathan, Director-Marketing, Gail India Ltd while discussing the increase in the production of diverse variety automobile vehicles mentioned that LNG has been adopted by many parts of the world and in some parts of India. He also mentioned the steps undertaken to increased LNG infrastructure especially in the highways and key road links. Talking about the potential of bio fuel and biogas, he discussed the advantages and increased usage of these alternative sources of energy. He highlighted the need to have electric vehicles in the country that will help to curb pollution.

Mr. Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry in is his presidential address deliberated about Alternative Fuel Technology (AFT) that will help in ensuring cleaner alternatives for mobility and will help in reflecting the commitment for Sustainable Development Goal (SDGs) as mandated by the United Nations. He discussed the advantages of AFT that is a clean, green, and cost-effective alternative to the other fuels and technologies at the same time giving a strong possibility of convergence of the stakeholders for exploring the opportunities with AFT for favourable social-environmental impact and sustainable commercial uses.

Mr. Aggarwal mentioned that India is one of world’s fastest growing economy having significant bearings with the adoption of a sustainable model of transportation and environmental protection. With the government intervening and taking up the matter seriously, to curb the urban pollution and attain sustainable mobility, Mr Aggarwal lauded the initiatives taken by the Government of Chhattisgarh that is leading in promoting Ethanol and other key components for ensuring sustainable mobility.

Talking about the future growth of the Electric Vehicle market, he mentioned that India has the potential to become one of the largest Electric Vehicles (EVs) markets in the world, with the government push for the segment to curb pollution. India has one of the biggest fleet of natural gas vehicles in the world with the highest Natural Gas Vehicle (NGV) growth potential in the world and with the Central and the State Governments aiming to bring electric and hybrid vehicles on the road, it is sure to ignite the growth in the industry soon.

Mr. Shashank Rastogi, Chairman, Chhattisgarh State Chapter, PHD Chamber gave a formal vote of thanks to all the delegates and discussed the significance of Chhattisgarh State in providing non-fossil alternative fuel for vehicles.

Mr. Sanjeev Gupta, Chairman, Power, Renewable & Alternate Energy Committee, PHD Chamber discussed the various programs, initiatives, and other virtual high profile events organized by the Committee ensuring that PHD Chamber standing in full support with the government in building an Aatma Nirbhar Bharat.

The session was moderated by Dr. Yogesh Srivastav, Principal Director, PHD Chamber, and concluding remarks & formal vote of thanks was extended by Mr. Saurabh Sanyal, Secretary- General, PHD Chamber and attended by other industry stalwarts pan-India & outside India.

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Mr. Sanjay Aggarwal, Mr. Pradeep Multani & Mr. Saket Dalmia have respectively taken over as President, Sr. Vice President & Vice President of the PHD Chamber of Commerce & Industry

Oct 10, 2020 by Gouri Achary 0 Comments #AYUSH, #Mr. Pradeep Multani, #Mr. Saket Dalmia, #Mr. Sanjay Aggarwal, #PHD Chamber

Mr. Sanjay Aggarwal, Chairman & CEO of Paramount Cables Group; Mr. Pradeep Multani, Chairman, Multani Pharmaceuticals Limited, , and Mr. Saket Dalmia, Managing Director, PG Industry Limited, have taken over as President, Senior Vice President and Vice President, respectively of PHD Chamber of Commerce and Industry following the conclusion of its 115th Annual Session.

Prior to becoming the President of the Chamber, Mr. Aggarwal, a graduate from Shri Ram College of Commerce, has received numerous prestigious awards over the past 34 years including the National Small Industry Award 1984 awarded by the President of India; Entrepreneur of the Year Award 1994 by All India Manufacturers Organization; Niryat Shree Award 2008-09 by FIEO; numerous Star Exporter Awards by EEPC over the years; Major Donor Award 2017 by Rotary Foundation of Rotary International; Award for Innovation in Cabling Solutions in 2019 by Rail Analysis India Summit and Certificate of Appreciation for Commitment & Dedicated Service Award 2020 by Rotary Club of Delhi Central.

Mr. Pradeep Multani, Senior Vice President – PHD Chamber, an Economics & Law Graduate from Delhi University and has more than 40 years of experience in the field of Ayurvedic & Unani Medicines sector and has been Chairman of Eighty One year’s young, multi-crore Ayurveda & Unani Company for more than 30 years. Mr. Multani, a stalwart of the AYUSH industry is trying his best to promote Traditional systems of medicines across the world by addressing different seminars and sensitizing various embassies and other international delegates, and doing advocacy on different issues on behalf of the Industry.

Mr. SanjayMr. Saket Dalmia, Vice President – PHD Chamber, obtained his degree in business and finance from McDonough School of Business, Georgetown University, USA, and started his entrepreneurial journey after this return from the USA. Marble City is headquartered in Delhi; the company has several joint ventures with cutting-edge global façade products and felicitated as one of the 100 fastest growing export houses from India.

PHD Chamber of Commerce and Industry is honoured to have such dynamic leadership for the year 2020-2021. PHD Chamber of Commerce and Industry along with its leadership and members will always stand in full solidarity with all the offices of the government and will make every effort to make India Aatma Nirbhar.