Shri Sanjay Aggarwal Archives - Media Bulletins Today News Bulletin in English

Government follows “Minimum Government – Maximum Governance” principle as presented in Union Budget 2021-22: Finance Minister Smt. Nirmala Sitharaman

Feb 8, 2021 by Neel Achary 0 Comments #PHD Chamber of Commerce and Industry, #President, #Shri Sanjay Aggarwal, #Smt. Nirmala Sitharaman, #Union Minister for Finance & Corporate Affairs

New Delhi: The Central Government is governed by the principle of “Minimum Government – Maximum Governance” and presented the same philosophy through the Union Budget 2021-22 recently. This was stated here today by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in a virtual event — Demystifying Union Budget 2021-22 — organised by the PHD Chamber of Commerce and Industry.

Speaking at the event, Smt. Sitharaman mentioned that the Government has spent big on those areas of activity which gives a big multiplier effect. The Finance Minister stated that the multiplier was the key to where the money was going. While acknowledging that the industry has welcomed the steps, Smt. Sitharaman said that the Government believes that welfare is when one empowers people.

According to the Finance Minister, the Government is also taking steps to carefully monitor the fiscal deficit. She mentioned that the Mool Mantra now is that fiscal deficit is something that one cannot escape, but at the same time, it needs to be carefully tackled.

The Finance Minister mentioned that the Government can give a stimulus package to revive the economy, however, funding the long term infrastructure financing is the job of the Development Finance Institution (DFI). Smt. Sitharaman said that it is not the job of just one DFI, but it is an opportunity for private DFIs to come into play. With many private DFIs competing, the entire process would become competitive.

Smt. Sitharaman said that the Government has managed to make the Union Budget transparent. There is nothing under wraps or swept under the carpet. Whatever the government is borrowing or spending is open for everyone to see.

Earlier, in his opening remarks, Shri. Sanjay Aggarwal, president, PHD Chamber of Commerce and Industry, said that the calibrated fiscal policy adopted by the Government to rejuvenate the economic growth and development in the country with an increased fiscal deficit for the year 2021-22 at 6.8% is highly appreciable. Shri Aggarwal said these measures will help increase the funds for infrastructural investment in the country and will, in turn, provide a multiplier effect as stated by the Finance Minister to boost demand and rejuvenate the overall economic growth trajectory.

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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 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)*
*S. No.*	*Country*	*2021*	*2022*	*2023*	*2024*	*2025*	*Average %* *(2021-25)*
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.

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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.

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Skilling, re-skilling, up-skilling and industry-connect skilling necessary for the vision of USD 5 trillion economy and a self-reliant India, says Dr. Mahendra Nath Pandey at the 115th Annual Session of PHDCCI

Oct 8, 2020 by Gouri Achary 0 Comments #Dr. Mahendra Nath Pandey, #Government of India, #PHD Chamber on its 115th Annual Session., #Shri Sanjay Aggarwal, #Skill Development & Entrepreneurship

Dr. Mahendra Nath Pandey, Hon’ble Minister of Skill Development & Entrepreneurship, Government of India, on behalf of Hon’ble Prime Minister of India Shri Narendra Modi ji and his own good self congratulated PHD Chamber on its 115th Annual Session. He praised the dynamic leadership of Hon’ble Prime Minister Shri Narendra Modi ji and appreciated the extensive measures undertaken in tough COVID-times.

He said that Skill India is a concept that has been making a footprint both in and outside India. He said that all our ecosystem of education and skill departments in every state and district came together to contribute with their innovative ideas during the last 7 months under the COVID pandemic.

He opined for skilling, re-skilling and up-skilling, skill training centres, industry connect skilling and industry demand skilling is important for achieving the vision of a USD 5 trillion economy and making India self-reliant, going forward.

Dr. Mahendra Nath Pandey mentioned about the importance of Atmanirbhar Skilled Employee Employer Mapping (ASEEM), a database to bridge the gap of demand and supply of skilled workforce across the sectors.

With a vision to make India Skill capital of the world, the Ministry of Skill Development and Entrepreneurship has worked towards making more than 5 crore people skilled in the country since 2014-15. Also, the Ministry signed various MOUs on skill development with different countries, worked on recognition of Indian skilled youth in the world, amplified apprenticeship programme, among others.

Dr. Pandey was affirmative that PHD Chamber could play a significant role in supporting the Ministry of Skill Development and Entrepreneurship and the Government has a whole, in achieving its Skilled India mission and overall vision of high economic trajectory and self- reliant India, going forward.

Shri Sanjay Aggarwal, Senior Vice President, PHD Chamber, in his presidential remarks said that the education and skill development holds a crucial place for supporting India in its journey towards being Atmanirbhar. At this juncture, the focus of the Centre and the States should be to work together to increase the public investment in the Education sector to at least reach 6% of GDP at the earliest.

He also added that as compared to other developed and developing countries, India has a unique window of opportunity for another 20-25 years called the “demographic advantage”. This opportunity must be strategically perceived to achieve the Vision of Atmanirbhar Bharat.

Shri Aggarwal emphasized upon the importance of digitalization and said that it will play a big role in reshaping education, access to skill development, imparting knowledge on technological advancements, among others, in the coming years.

As part of the session, PHD Chamber launched the Coffee Table Book to mark the completion of 115 years of PHDCCI. The Coffee Table book comprises of Chamber’s achievements over the span of 115 years of existence.

Shri Pradeep Multani, Vice President, PHD Chamber, heartily thanked and expressed his sincere appreciation to Dr. Mahendra Nath Pandey ji, for his valuable time to join and share his valuable insights on the subject and giving us all the glimpse of the road ahead.

He said that education with skill development should continue with a longer-term vision. He opined that realising the true potential of India’s young talent and polishing it further with skill up-gradation will play an effective role in making India self-Reliant.

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

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Atmanirbhar Bharat is not a vision of return to the import substitution of the pre-1991 period said Shri Sanjeev Sanyal at the 115th Annual Session of PHDCCI

Oct 8, 2020 by Gouri Achary 0 Comments #Mr. K V Kamath, #Mr. Ridham Desai, #PHDCCI, #Shri Sanjay Aggarwal, #Shri Sanjeev Sanyal.

Addressing the 115th Annual Session of PHD Chamber of Commerce and Industry, Shri Sanjeev Sanyal, Principal Economic Adviser, Department of Economic Affairs, Ministry of Finance, Government of India said that the post COVID world will be fundamentally different having its own definitions of geopolitical realities, supply chains, consumer behaviour, among others.

“Atmanirbhar Bharat is not a vision of a return to the import substitution of the pre-1991 period” rather, it would lay the foundation for a New India with a higher economic growth trajectory, simpler rules, resilient supply chains, better technology, entrepreneurial energy to leverage itself into taking new opportunities, among others, added Shri Sanjeev Sanyal.

He further added that we all need to embrace the idea of flexibility and adaptability to the new normal to stay relevant in a global context, going forward and to support its domestic industry into taking new opportunities and challenges.

The Government, at this juncture, recognizes the need for a further stimulus in the coming times to refuel consumer demand and further revive the wheels of the Indian economy, he said.

In his presidential address, Dr D K Aggarwal, President, PHD Chamber said that Self-reliance is the new vision for India and is neither exclusionary nor isolationist. Local has helped us sail through the COVID-19 crisis and has helped us to survive by improving our local manufacturing and productive efficiency.

Dr Aggarwal highlighted that we can compete with the rest of the world as well as to help the world. Further, this should be supported by reducing cost of doing business, including the costs of capital, compliances, logistics, land and availability of land, power/ energy and labour.

Mr. K V Kamath, Former Chief, the New Development Bank and ICICI Bank, said that there has been a resetting of the mindset during the last few months to lay the foundation of an Atmanirbhar Bharat. Mr Kamath added that India has bounced back very quickly and is emerging healthily from the biggest health and economic crisis of covid-19 that the world has ever seen. Going ahead, the vision of a Self-Reliant India presents an unprecedented opportunity to emerge as stronger and resilient in the post COVID-19 scenario and go Vocal for Local.

Mr. Ridham Desai, Managing Director, Morgan Stanley, India, said that the launch of Atmanirbhar Bharat could not have come at a better time to position ourselves in the global charts. Also, he highlighted that the world now is moving from being bipolar to multipolar leading to greater diversification in production and consumption.

Mr Desai added that the continued reforms agenda of the Government would help India to establish itself as a global manufacturing hub and a leading exporter in the world.

Shri Sanjay Aggarwal, Senior Vice President, PHD Chamber, thanked the esteemed speakers for giving a glimpse of the road ahead on Vocal for local India and thus focusing on products to be made competitive vis-a-vis global brands.

Shri Aggarwal reiterated the vision of an Atmanirbhar Bharat and said that we must move forward with the mantra of Make for the world along with Make in India. He added that the structural reforms undertaken by the Government during the recent months are highly encouraging and would revitalize the business sentiments and exacerbate investments in the manufacturing sector in the coming quarters.

Please follow the YouTube link for further updates- https://www.youtube.com/watch?v=s8eyd0nh2EE

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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.

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Excellence, quality and ease of doing business forms the foundations for Atmanirbhar Bharat, says General (Dr.) V K Singh in PHDCCI’s 115th Annual Session

Oct 7, 2020 by Gouri Achary 0 Comments #(Dr.) V K Singh (Retd., #PHD ANNUAL AWARDS FOR EXCELLENCE, #PHDCCI's 115th Annual Session, #Shri Rajeev Talwar, #Shri Sanjay Aggarwal

General (Dr) VK Singh (Retd), PVSM, AVSM, YSM, ADC, Hon’ble Minister of State for Roads, transport and Highways, Government of India, expressed his honour to be invited as a Chief Guest for 115th Annual Session themed ‘Building Aatmanirbhar Bharat’. He appreciated the theme for the Session and said that it is of complete relevance given these current times.

General (Dr) VK Singh said that Atma Nirbhar Bharat right from independence self-reliant has remained a buzzword. He said that if our country does not look ahead, does not promote innovation, does not emphasize on research and development, then it is going to stay at a plateau and will not develop.

He quoted examples of Japan and discussed the country’s achievements in churning out goods that captured the world market. He said that Atmanirbhar Bharat is about self-reliance is not only about what to produce but also focusing on delivering it effectively to the world market.

General (Dr) VK Singh then mentioned that Chinese market supply volumes are high and sold in the entire global market yet the quality is not sustainable. This is something he highlighted as an opportunity for India needs to tap. He said that Self-reliance is not isolation but about plugging into the global market and economy and realising and working on our domain of excellence.

He highlighted the importance of reverse engineering. He said that technology becomes your gain and technology will become our strength. He said that in India the foundation must be excellence and quality and we make focus on procedures for doing businesses simpler. He then highlighted the importance of Chambers to point out to the government that foundation must be of excellence, quality and simplifying procedures to take the economy forward and the government will accept the noble ideas for self-reliance. Cheaper expertise goods must be such that it reduces the cost of inputs.

General (Dr) VK Singh then highlighted that roads and infrastructure can spur growth in the economy. He said that workforce is back as pre-COVID levels, which is a healthy sign. He said that with good quality road network leads to ease of doing business, goods transportation, becomes the faster amount of business increase. We all need to think, walk and sleep on this theme because as we prosper, the country prospers.

Dr DK Aggarwal, President, PHD Chamber, in his presidential address for the 115th Annual Session, said that Atmanirbhar Bharat is about self- reliance, self- sufficiency and self-sustenance. He said that, at this juncture, our country needs to strengthen the manufacturing sector, increasing the competitiveness in domestic manufacturing, focus on supply chains, among others. Further, he was of the view that MSMEs are the growth engine of the economy and with recent bolstering reforms by the Government MSMEs will be strengthened in times ahead.

Dr Aggarwal said that India is opening gates for the world to set up green technologies. For India to become a part of the global supply chain, it needs trusted partners. He said that Atmanirbhar Bharat is not about isolation. He mentioned that land, labour, liquidity and legal are the big bang reforms which now need a concrete implementation.

Dr Aggarwal further expressed encouraging the view that India now has to target 25th rank in the global ease of doing business ranking from then-current 63rd rank. He opined that innovation, research & development have to be spurred and accelerated along with unleashing of demographic dividend. With these words, he said that India will become a super economic power and become ‘Golden Goose’ again.

Shri Rajeev Talwar, Former President, PHD Chamber, discussed the significance of Atma-Samman and said that it is equally important as the Atmanirbhar. He emphasized that there is a need to further enhance the self-respect of the country in the global economic system, going ahead.

PHD Chamber of Commerce and Industry honoured with PHD Annual Awards for Excellence 2020 for their outstanding achievements and contributions in select areas and for promoting corporate and individual initiatives in economic, social, educational and cultural areas.

The awardees for PHD Annual Awards for Excellence 2020 in different categories are:

· Good Corporate Citizen Award For Social Welfare 2020- Grasim Industries Ltd., Unit- Indo Gulf Fertilisers

· Distinguished Entrepreneurship Award 2020- Mr. J C Chaudhry, Chairman & Managing Director, Aakash Educational Services Limited

· Distinguished Entrepreneurship Award for MSME 2020- Mr Manu Chopra, Managing Director, PDS International Pvt Ltd.

· Outstanding Business Woman Award 2020- Ms G. B. M. Ratna Kumari (Mallika Manoj Grandhi), Chairperson And Managing Director, Manoj Vaibhav Gems N Jewellers Pvt. Ltd

· Award for Excellence for Start-ups 2020- Mr Deep Bajaj, Founder, Sirona Hygiene Pvt Ltd

· Life Time Achievement Award 2020- Mr Binay Kumar, Chairman & Managing Director, Banaras House Pvt Ltd.

Instituted 24 years back in 1997, PHD ANNUAL AWARDS FOR EXCELLENCE are the most coveted Awards in Business Circles that are decided after several levels of meticulous screening and assessment.

Shri Sanjay Aggarwal, Senior Vice President, PHD Chamber, appreciated and thanked General (Dr.) V K Singh (Retd.) for putting across his valuable viewpoints and practical suggestions to move towards building Atmanirbhar Bharat. He said that there is need to work with discipline and positive attitude towards significant areas such as manufacturing, supply chains, MSMEs, innovation, research & development, among others, for being self-reliant, going forward.

Tag: Shri Sanjay Aggarwal