Simplification of FOREX market crucial for promoting international trade and investments: PHD Chamber

While deliberating in the Open House Discussion on Impact of recent economic and regulatory developments on Indian forex market, President, PHD Chamber of Commerce and Industry, Mr. Anil Khaitan said here in a press statement that regulation of forex market is necessary in the interest of the people who are in forex market and running their businesses with foreign exchange.

Mr. Khaitan suggested that corporates must cover themselves and should not expose their companies to huge financial risks because of forex fluctuations.

Reforms in the foreign exchange market is a dynamic process and needs to be harmonised with the evolving macroeconomic environment.

PHD Chamber of Commerce and Industry organized an Open House Discussion on Impact of recent economic and regulatory developments on Indian forex market on 31st October 2017 at PHD House, New Delhi.

The eminent experts of the Open House Discussion were  Mr. R S Ratho, Chief General Manager, Financial Markets Operation Department, Reserve Bank of India, Mumbai and Mr. Vikas Jaiswal, Assistant General Manager, Foreign Exchange Department, Reserve Bank of India, New Delhi.

Photo caption from left to right: Mr. Anil Khaitan, President, PHD Chamber, Dr. S P Sharma, Chief Economist, PHD Chamber, Mr. D K Aggarwal, Vice President, PHD Chamber, Mr. R. S. Ratho, Chief General Manager, Financial Markets Operation Department, Reserve Bank of India, Mumbai, Mr. Vikas Jaiswal, Assistant General Manager, Foreign Exchange Department, Reserve Bank of India,New Delhi and Mr. Shyam Poddar, Managing Committee Member, PHD Chamber

Mr. D K Aggarwal, Vice President, PHD Chamber, Mr. Shyam Poddar, Managing Committee Member, PHD Chamber and Dr. S P Sharma, Chief Economist, PHD Chamber were also the part of discussions.

Deliberations on the newly introduced Global Foreign Exchange Code of Conduct were undertaken. The benefits of the Global Foreign Exchange Code were apprised to the participants for the effective functioning of the foreign exchange market to promote trade and investments globally.

Rationalization is a continuous process and it has to be tandem with the current environment, therefore, several endeavors have been taken from time to time at regulatory front for the facilitation of the stakeholders involved in the forex market.

All the experts unanimously felt that there is no one to one correlation in the real world and one factor does not influence the overall functioning of the forex market.

Going ahead, keeping in view lots of developments in foreign exchange market for the simplification of operating procedures and ease of hedging the risk, it is necessary that to minimize the volatility vis-à-vis global economic developments as forex market is crucial for promoting international trade and investments in the country.

PHD Chamber hails robust improvement in the ease of doing business

While appreciating the efforts of the government for the improvement in Ease of doing business in India, Mr. Anil Khaitan, President, PHD Chamber of Commerce and Industry said that we have every potential to improve in our tedious and traditional business processes which hamper the functioning of the businesses and promotion of economy.

Improvement at 100 th level is not a surprise for us as our government was doing a lot to make it a better country to do business, said Mr. Anil Khaitan.

India’s ranking has improved from the level of 130 th in 2017 to 100 th in 2018, said Mr. Anil Khaitan.

The improvement in the eight parameters is tremendous as reforms across the board have resulted in fruitful outcomes in the starting a business, dealing with construction permits, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency, said Mr. Anil Khaitan.

The improvement in these parameters has pushed India’s ranking to the higher level. India was the only economy in South Asia to become the top improver in ease of doing business, said Mr. Anil Khaitan.

Also, the implementation of Bankruptcy and Insolvency code, 2016 has improved the ranking of India on resolving insolvency parameter from 136 th in 2017 to 103 rd in 2018, added Mr. Anil Khaitan.

The robust reforms undertaken by the Government on the infrastructure and logistics front has improved the trading across borders, said Mr. Anil Khaitan.

We are proud that our country has improved more than 30 points in the Ease of Doing Business, he said.

Going ahead, we look forward for further improvement in the Ease of Doing Business as the GST is not factored in as the cut of date for Ease of Doing Business Ranking 2018 was June 2017, said Mr. Anil Khaitan.

We strongly believe that government will continue its serious efforts for the future improvement in Ease of Doing Business and we look forward at India’s ranking below 50 th in the coming years, said Mr. Anil Khaitan.

We need to focus on more reforms in getting the electricity connections and registering property, said Mr. Anil Khaitan.

Anil Khaitan, Rajeev Talwar & D K Aggarwal have respectively taken over as President, Sr. Vice President & Vice President of the PHD Chamber

Chairman of SNK Corp., Mr. Anil Khaitan, CEO & Member of Board of Directors of DLF, Mr. Rajeev Talwar and CMD, SMC Investments and Advisors’, Mr. D K Aggarwal have respectively taken over as President, Sr. Vice President and Vice President of the PHD Chamber of Commerce and Industry following conclusion of its 112th Annual Session.

Prior to becoming the President of the Chamber, Mr. Khaitan who is an MBA from IMI, Geneva with diversified business experience in Jute, Paper, Pharmaceutical, Copper and Steel Industry apart from the international operations was its Sr. Vice President.

Mr. Talwar is a post graduate and a graduate from St. Stephens College, Delhi University, started his career in 1976, as a Banker with State Bank of India as a Probationary Officer. In the year 1978, he was selected for the Indian Administrative Service.  During his tenure as an IAS officer from 1978 to 2006, he held many important and critical positions in the Central & State Governments as well as Union Territories.   Before taking over the charge of Sr. Vice Presidency of the Chamber Mr. Talwar was its Vice President.

Mr. Aggarwal who has been elected as the Vice President of the PHD Chamber is a fellow member of the Institute of Chartered Accountants of India and has more than 20 years of experience in equity and commodity broking and arbitrage.

DISINVESTMENT OF HOTEL ASHOK & SAMRAT IN DELHI ON HOLD DUE TO SECURITY SENSITIVITIES: DR. MAHESH SHARMA AT PHD CHAMBER

Minister of State-Environment, Forest & Climate Change, Dr. Mahesh Sharma on Thursday made it abundantly clear that dis-investment of Hotel Ashok and Hotel Samrat will be kept on hold on account of issues relating to security as these two properties surround the Prime Minister House.

Speaking at 112th Annual Session of PHD Chamber of Commerce and Industry here today, Dr. Sharma, however, added that 15 other such hotels run by the government would be disinvested as scheduled as the government of the day holds that it is not its job to run businesses.

The Minister was categorical that the disinvestment of properties relating to Hotel Ashok and Hotel Samrat would stay put on hold due to security reasons as the Prime Minister House is located nearer to these two premises.

Dr. Sharma also emphasized that India would have to preserve its cultural diversities including complexities and make sure that economic development is carried out without hurting the ecological sensitivities.

Developmental projects would not face unnecessary and uncalled for environmental and ecological regulations but at the same time, regulations would not loose their strength and teeth if these confront with ecological and environmental sensitivities.

In his welcome remarks, President, PHD Chamber, Mr. Gopal Jiwarajka laid a stress urging the minister that balance should be maintained between the economic developments and ecology so that developmental projects take off and executed without any controversies.

Sr. Vice President and Vice President, PHD Chamber, Mr. Anil Khaitan and Mr. Rajeev Talwar in their respective remarks praised the initiatives of the government of the day for preservation of Indian culture which had played a unique role for ages to maintaining balance between environment and ecology on the one side and economic development on the other.  Secretary General, PHD Chamber, Mr. Saurabh Sanyal was also present on the occasion.

ONGC, BOSCH INDIA & DR. PRATHAP C REDDY ARE AMONG THE AWARDEES OF PHD ANNUAL AWARDS FOR EXCELLENCE 2017

Oil and Natural Gas Corporation (ONGC), Bosch India Ltd. and Dr. Prathap C Reddy, Founder Chairman, Apollo Hospital re the awardees of PHD Annual Awards for Excellence 2017 for its outstanding contribution which were given away today by the Jury present at the Award Ceremony - Mr. P K Malhotra, former Secretary, Ministry of Law and Justice; Dr. Bindeshwar Pathak, Founder Sulabh International and Mrs. Meera Shankar, Former Indian Ambassador to United States during the 112th Annual Session of the Chamber.

Good Corporate Citizen Award was won by the Oil and Natural Gas Corporation (ONGC) whereas the Award for Outstanding Contribution to Social Welfare was given to Bosch India Ltd.

ONGC established in the year 1956 is involved in the business of oil and natural gas exploration in India. The Corporation promote education especially amongst children as well as elders as they strive for providing basic education for all and eradicating illiteracy.  ONGC also provides financial support to several hospitals for upgradation of facilities and for construction purposes with its Mission UJALA project envisages eye screening of 50,000 children in government schools in NCR under National Blindness Control Programme.

Bosch Limited won Award for its significant contribution under its community welfare initiatives ‘BRIDGE’ (Bosch’s Response to India’s Development and Growth through Employability Enhancement) Programme under which they provide short term training with 100% placement assistance to underprivileged youth in the age group of 18-25 years to bring them into the mainstream.

Outstanding Business Woman Award was given away to Ms. Sujata Arora, Founder and Director, HireIndians Infotech for her contribution in the field of software and mobile application development and has made significant contribution for community development including initiatives for the upliftment or marginalised society. Ms. Sujata has also launched free car pooling service by the name ‘poolmycar.in’ and e-commerce women fashion marketplace by the name of ‘bollywoodkart.com’.

Distinguished Entrepreneurship Award won by Mr. Rakesh Agarwal, Managing Director, Purbanchal Laminates.  Mr. Agarwal started his journey of entrepreneurship in Gandhidham, Kutch, Gujarat in 1997 with a capital of Rs.1 crore which increased to Rs.245 crore in the year 2017.

The Lifetime Achievement Award was conferred to Dr. Prathap C Reddy, Founder Chairman, Apollo Hospital as the architect of modern Indian healthcare.  The innovative insurance project of Rs.1 a day that he introduced decades ago in his native village has been adopted in multiple ways across the country and created the platform for the government of India’s Universal Health Insurance Programme for the below poverty line population.  He is the recipient of Padma Vibhushan in 2010 and Padma Bhushan in 1991 among many other prestigious recognitions.

PHD Chamber Annual Awards for Excellence were instituted in 1997 to recognise Indian businesses, entrepreneurs and individuals for their outstanding achievements, contributions in select areas and to promote corporate and individual initiatives in economic, social and educational areas.

BONDS TO BE RAISED TO FINANCE ROADS & HIGHWAYS PROJECTS: GADKARI AT PHD CHAMBER

Union Minister of Road Transport and Highways, Mr. Nitin Gadkari on Thursday declared, disclosing that the NHAI would shortly tap capital market to raise bonds as also generate resources through private placements and other such portfolios to fund roads and highways sector to completely transform the national economy for higher growth.

Inaugurating a 112th Annual Session of PHD Chamber of Commerce and Industry here today, Mr. Gadkari also announced emphasizing that prevailing interstate water disputes are in for resolve in next few months with consultative approach and 150 projects, relating to cleansing of Ganga would be awarded by March 2018.

In addition, the Minister also indicated further rationalization of taxes as also assured India Inc. that remaining inconveniences pertaining to GST and a few problems still persisting on account of demonetization would be addressed for good in next three months by the government of the day.

“Foreign and domestic investments for building roads and highways infrastructure would follow naturally because of the pro-active infrastructural policies of the government.  In the meanwhile, the NHAI is preparing to raise bonds worth lakhs of rupees by way of taping the capital market as also efforts are on to generate funds from other such portfolios.  This is being done to make sure that funds are raised to support and finance roads and highways without any delay”, said the Minister.

According to him, “policy decisions are being finalized to run bikes and even tractors including heavy vehicles on bio-ethanol generated from resources including rice and wheat stubble.  Also efforts are on to make landing arrangements of aeroplanes and smaller aircraft on water bodies that can also take off and land on surface”.

Elaborating on prevailing interstate water disputes, the Minister was categorically confident that such disputes would be sorted out even between Punjab and Haryana and other parts of the land as 70% of river waters of various rivers go waste and guzzled by the seas, added the Minister pointing out that on this front a consultative approach is paying off which dividend.

The Minister also invited PHD Chamber to join hands with the government and take part in all its innovative schemes to make sure that their benefits are percolated down to all stakeholders in an equitable manner.

In his welcome remarks, President, PHD Chamber, Mr. Gopal Jiwarajka emphasized that policies should be made that can enlist the industry’s participation with the government on equal footing and consultations between the two should be seamless so that hitches and glitches do not exist in policies that have long term ramifications.

Among others who were present on the occasion comprised Sr. Vice President and Vice President, PHD Chamber, Mr. Anil Khaitan and Mr. Rajeev Talwar including its Secretary General, Mr. Saurabh Sanyal.

NEW PROCESSES ON CARDS IN RAILWAYS FOR IMPROVED EFFICIENCIES: LOHANI AT PHD CHAMBER

Chairman, Railway Board, Mr. Ashwani Lohani on Thursday announced that railways would shortly undergo massive structural and processes reforms to strengthen its networks and bring in efficiencies to embark on the path of accelerated growth.

Speaking at 112th Annual Session of PHD Chamber of Commerce and Industry here today, Mr. Lohani also stressed that consolidation and growth would simultaneously happen in railways with aforesaid structural and processes reforms which unfortunately were neglected in the past.

However, with government’s special focus, not only safety issues relating to railways have picked up a great momentum but also accelerated pace of reforms is being generated well within the railway board to make sure that new processes are put in place and newer innovations brought in to make railways a competitive organization to take on its counterparts on roads and airways, he said.

The Railway Board Chairman suggested that the best way to bring in efficiencies in railways would be through generating competitive spirit within the organization which has already begun to happen but refused to subscribe the idea that penalties are the ideal way to remove inefficiencies.

Secretary, Ministry of Road, Transport and Highways, Mr. Yudhvir Singh Malik who also spoke on the occasion, however, emphasized that logistics have been neglected in the past and now to improve logistics, the department of Commerce has been activated by the government and in due course of time India would begin to see the impact of better logistics to drastically curtail the growing logistics cost in India on account of which industry has to pay barely.

Principal Economic Advisor, Department of Economic Affairs, Mr. Sanjeev Sanyal in his remarks emphasized that the focus of regulatory mechanism in the new government is not towards centre oriented and that it is driven towards states where actions lie.  He proposed the sequencing of reforms which are vitals for good regulations.

Among others who were present on the occasion consisted of former Presidents of PHD Chamber Mr. Ashok Kajaria, Mr. Sandeep Somany and Dr. Mahesh Gupta including its President, Mr. Gopal Jiwarajka and Secretary General, Mr. Saurabh Sanyal.

WITH RETURN TO POWER, INC WOULD MAKE MSMES AS IMPORTANT PILLAR IN ECONOMIC POLICY MAKING, RAHUL GANDHI AT PHD CHAMBER

Vice President, Indian National Congress and Member of Parliament (Lok Sabha), Mr. Rahul Gandhi on Thursday promised to India Inc. particularly its MSME segment saying that with INC forming the government, it would make India’s MSME segment an important pillar and give it sufficient space in its economic policy making.

Speaking at Valedictory Session of 112th Annual Session of PHD Chamber of Commerce and Industry here today, Mr. Gandhi also committed that the primary focus of the future Congress government would be to initiate adequate decentralization of powers with giving enough representation to youths and youngsters in the policy making.

Describing GST and Demonetization, as Modi made disaster (MMD), Mr. Gandhi assured the members of the PHD Chamber that Indian National Congress would keep on exerting sufficient pressure on the government of the day to make necessary corrections in GST rates and even slabs to make it user friendly.

According to him, GST and Demonetization have caused sufficient pains and pangs to the people of this country including Indian industry and GST particularly let to new computerized licence raj which needs to be reframed with corrections and corrective measures.

He also slammed the Modi government for its exclusivity, blaming it with concentration of power only at one place and that it the Prime Minister Office which has led to breach of trust and the government has lost the faith of Indian people and its industry on the government of the day because of its exclusive element, the concentration of which rests with one man and that is Prime Minister of India.

MSMEs can create tremendous jobs with a focused approach, today only 450 jobs are created in India as compared with 15000 jobs in China per day, he added.

In the valedictory session among other who represented industry comprised the President of the Chamber, Mr. Gopal Jiwarajka and its Sr. Vice President and Vice President, Mr. Anil Khaitan and Mr. Rajeev Talwar including its Secretary General, Mr. Saurabh Sanyal.

Anil Khaitan is the new President of the PHD Chamber

Mr. Anil Khaitan, Chairman of SNK Corp. has taken over as the new President of PHD Chamber of Commerce and Industry here today following conclusion of its 112th Annual Session.

He is a MBA from IMI, Geneva and has diversified business experience in Jute, Paper, Pharmaceutical, Copper and Steel Industry apart from the international operations.

Prior to becoming the President of the PHD Chamber which has been set up way back in 1905, Mr. Khaitan was its Senior Vice President and is deeply engaged and associated with various industrial activities for decades with deep industrial and economic insight within him.

He is also holds various offices such as Member of World Presidents’ Organization, Institutional Member of AIMA & DMA and Director-Board of Studies, AIMA.

For him life is a continuous journey and he aims to achieve excellence in each sphere of life.

PHD Chamber organizes ‘Gata Rahe Mera Dil’ a Musical Evening in the Capital

PHD Chamber of Commerce and Industry conferred Lifetime Achievement Award to well known Bollywood celebrity Sharmila Tagore. Special Award was conferred to Muzaffar Ali for his outstanding contribution to promote and propagate arts, fine arts and literature, in a Musical Evening ‘Gata Rahe Mera Dil’ with the luminaries from the world of entertainment at Siri Fort Auditorium on Tuesday.

During the occasion, the Chamber also gave away various Awards to Journalist & Bollywood Singers and host of other personalities to recognize their respective works.

The Awards were given away by Dr. Jatinder Singh, Union Minister & Manoj Tiwari, MP & President Delhi BJP in the presence of eminent Judges and Legal Luminaries along with PHD Chamber’s President, Sr. Vice President and Vice President, Gopal Jiwarajka, Anil Khaitan and Rajeev Talwar including its Chairmen, Mukesh Gupta, Rakesh Gupta and Co Chair Arshad Shawl & Priya Hingorani and PHD Chamber’s Secretary General, Saurabh Sanyal.

The evening included pulsating musical performances by singer Usha Mangeshkar, Kavita Seth, Sukhmani Lamba, Ankit Tiwari, Rahul Vaidya, Akriti Kakar, Prem Bhatia and Meet Brothers among others.

PHD Chamber hits the Century with its 100th MoU with an International Chamber of Commerce

A high-level business delegation of Indian EPC companies, led by Mr. Ranjeet Chaturvedi, Chairman, International Affairs Committee for Middle East and Africa, PHD Chamber of Commerce and Industry, India visited Kuwait on 22-23 October 2017. The delegation represented various sectors such as Infrastructure, Mining, Oil & Gas, Transport, Water & Sanitation, Energy, Civil Construction and Housing.

On 23rd October 2017, Kuwait Chamber of Commerce and Industry and PHD Chamber of Commerce and Industry signed an MoU, in the presence of Mr. Sunil Jain, Ambassador of India to Kuwait, to strengthen India-Kuwait bilateral relations and foster business cooperation. The MoU was signed by Mr. Ranjeet Chaturvedi, Leader of the delegation and Chairman, International Affairs for Middle East and Africa, PHD Chamber of Commerce and Industry and Mr. Tareq Bader Salem Al-Mutawa, Board Member, Kuwait Chamber of Commerce and Industry. This is the 100th MoU of PHD Chamber with an International Chamber of Commerce.

Subsequent to the signing of the MoU, B2B meetings were held between companies of both sides and opportunities in projects worth US$ 5 billion were discussed.  

Mr. Tareq Bader Salem Al-Mutawa, in his welcome remarks, emphasised on India being an important trading partner of Kuwait and highlighted the Development Plan of Kuwait which exceeds US$ 110 Billion with more than half of the amount being targeted for major projects in sectors such as Oil, Infrastructure, Transportation, Ports, Health, Education and Housing.

Mr. Sunil Jain, Ambassador of India to Kuwait, who spoke on the occasion, stressed on the historical deep-rooted economic relations between India and Kuwait and hoped that this MoU would open a new chapter in our business ties with Kuwait, further opening greater avenues for the Indian businessmen for establishing joint ventures and facilitating technological transfers and enchancing cooperation beyond Oil & Gas Sectors.

In his remarks, Mr. Ranjeet Chaturvedi thanked the KCCI and mentioned that the composition of the Indian delegation was of EPC companies and together with Kuwaiti companies a new chapter in Project Development Partnership can be written. In addition, he stressed that the member companies of PHDCCI across various sectors can play a significant role in the Kuwaiti growth story and Kuwaiti companies can also benefit from the Make in India, Smart Cities and other initiatives of the Indian Government. He also mentioned that partnership between Indian and Kuwaiti companies must not be limited to Kuwait and India but also to other emerging countries across the globe.

REGULATOR WITH MUSCULAR POWER CALLED FOR IN THE HEALTH SECTOR: DIRECTOR GENERAL OF HEALTH SERVICES

STRENGTHENING PUBLIC HEALTH INFRASTRUCTURE SUGGESTS TO THE NITI AAYOG

A strong regulator with muscular power is needed for delivering health services to all the citizens particularly to the vulnerable sections of the society of the country which should insist on all the corporate hospitals to follow the clinical and treatment guidelines as per the Act, said Director General of Health Services, Ministry of Health & Family Welfare, Dr. Jagdish Prasad.

He further said that the NITI Aayog should work on strengthening the public health infrastructure before giving health insurance to 40 crore people and suggested that once the public healthcare is strengthened and reliable, the health delivery to the poorer of the poorest would improve and would be preferred to health insurance.

Addressing a Seminar on ‘Best Practices in Health Insurance – Strategies & Accountability’ under aegis of PHD Chamber of Commerce and Industry here today, Dr. Prasad said that government has also yet to work out how to provide the low cost insurance to 40 crore citizens as announced and adding that only close monitoring of expenses and claims of the patients coming through hospitals would allow effective healthcare delivery.  He pointed out that there is no checks and balances which is the biggest drawback.

According to him, “insurance business has to monitor and follow the clinical guidelines and if not so, it will be the biggest failure.  Centre can make the guidelines and procedures only but for proper implementation, it is the states’ responsibility to fulfil the intended objectives of the union government and make sure that this facility reaches out to all stakeholders of the society such as farmers, vegetable sellers, rickshaw pullers and the likes under the National Health Policy”.

“Due to lack of proper regulation and monitoring mechanism in place, we pay huge amount from the kitty of CGHS to the corporate hospitals and spend thousands of thousands due to weak public health infrastructure” he added.

In his welcome remarks, Chairman, Business Practices & Excellence Awards Committee, PHD Chamber, Mr. Sanjay Bhatia said that health insurance industry can grow at much higher rate if best practises are adopted in terms of honesty, fairness and transparency which can be achieved by using technology and improving skill as well as change in attitude for providing satisfaction to patients.  He also stated that there was a need to work on the mutual mistrst amongst all the stakeholders of healthcare delivery and insurance.

In his theme Address, Co-Chairman, Insurance Committee, PHD Chamber, Mr. S K Sethi that health insurance is the second largest sector within general insurance with a  recorded premium of Rs.30,764 crore in 2016-17 which was 24.1% of the overall general insurance market.

Among others who spoke on the occasion comprised Principal Advisor, Indian Medical Association, D N V Kamat; People’s Health Movement India, Dr. Mira Shiva; Senior Associate Editor-Consumer and Personal Finance, TV Today Network, Ms. Teena Jain Kaushal; Executive Vice President, Health Underwriting & Claims, IFFCO TOKIO, Mr. Abhijit Chatterjee; Professor & Chairperson – Centre for Insurance & Risk Management, BIMTECH, Dr. Abhijit K Chhatoraj; AGM Finance, Max Healthcare, Mr. Rahul Durani and  Principal Director, PHD Chamber, Mr. Vivek Seigell.

Govt. to set up Roadside Amenities on National Highways: JS, Ministry of Road Transport & Highways

Wayside amenities along national highways to be set up to provide facilities such as separate parking for cars, buses and trucks, restaurant, low cost dhaba, telephone booth, fuel station and minor repair shop, clean toilets and so on, said Joint Secretary, Ministry of Road Transport & Highways, Mr. Amit Kumar Ghosh.

Addressing an Infrastructure Conclave – 2017 under aegis of PHD Chamber of Commerce and Industry here today, Mr. Ghosh said that his ministry’s priority was to provide road safety and better amenities along all national highways.

The Conclave was also addressed by other panellists such as Dr. Sudhir Krishna, Chairman, the Fifth Delhi Finance Commission and former Secretary, Urban Development, Government of India and Mr. Sanjay Jaju, Director (A&F), National Highways and Infrastructure Development Corporation Ltd., however, collectively felt that our focus should be to create better infrastructure without thinking of finances because for such projects money come on its own.

Mr. Jaju said that the National Highways Authority of India (NHAI) launched its first overseas issue of Masala Bond at the London Stock Exchange in May 2017, attracting bids worth over Rs 3,000 crore (US$ 465 million), with an aim of raising capital for funding the infrastructure projects in India.

In his welcome remarks, Chairman, Roads, Ports & Other Infrastructure Committee, PHD Chamber, Mr. Ashish Wig said that the Ministry of Road Transport & Highways has invested around Rs.3.17 trillion (US$ 47.7 billion), while the Shipping Ministry has invested around Rs 80,000 crores (US$ 12.0 billion) in the past two and a half years for building world class highways and shipping infrastructure in the country.   The Government of India is expected to invest highly in the infrastructure sector, mainly highways, renewable energy and urban transport in the coming years.

Principal Director, PHD Chamber, Dr. Ranjeet Mehta observed that present scenario is changing with the renewed focus of the government to revive the infrastructure sector. Now what is required is a careful analysis of the factors that have mitigated growth in the past and thereafter, taking the appropriate corrective measures.

India’s GDP growth will be more than 7% in the coming quarters: PHD Chamber

While deliberating on the imperatives and impediments to the Indian economy, President, PHD Chamber of Commerce and Industry, Mr. Gopal Jiwarajka said here in a press statement that India will be growing steadily in the coming quarters.

The growth rate will be more than 7% in the coming quarters as the Government is expected to take calibrated steps to revive the economic growth, said Mr. Jiwarajka.

The overall growth rate of the Indian economy in 2017-18 will be close to 7% on the account of advantages of 7th Pay Commission and growth provoking measures undertaken by the Government.

PHD Chamber of Commerce and Industry organized a Seminar on the Growth prospects of the Indian Economy: Imperatives and Impediments on 5th October 2017 at PHD House, New Delhi.

The eminent experts across the segments including Shri Nitin Desai, Former Chief Economic Advisor to Government of India and Trustee Delhi Policy Group, Dr. Nilotpal Goswami, Director General (States), Comptroller and Auditor General of India, Shri Ajay Shankar, Former Secretary, DIPP, Government of India, Shri. T K  Arun, Editor-Opinion, Economic Times, Dr. Ram Upendra Das, Head and Professor - ‎Centre for Regional Trade Department of Commerce Ministry of Commerce & Industry Government of India, Dr. Amitabh Kundu, Visiting Professor, Institute for Human Development joined the deliberations.

All the experts unanimously felt that Issues such as rationalization of GST, labour reforms and ease of doing business should be focused to kick start the economic growth.

Demonetization and impractical implementation of GST has undermined the economic performance, said the eminent experts

There is a need to focus on the ease of doing business among the MSMEs.

The excessive compliances and filings are increasing under various statutes are leading to inefficiencies in operations and thereby, increasing costs.

It has particularly become very difficult for small business to comply with excessive increasing formalities under various laws.

Reduction in cost of credit is critical to rejuvenate demand and re-capture industrial growth and boost overall economic growth in the coming times, said the participants in the seminar.

Costs of borrowing should come down in India as it is impacting the competitiveness of Indian industry at national and international arena, they said

Going ahead, all the experts suggested that the time bound implementation of reform measures at the grassroots level would be critical to push the economic growth to an unprecedented levels.

GIVE US 9 MONTHS TO REMOVE ANOMALIES IN GST: MOS, FINANCE AT PHD CHAMBER

Minister of State for Finance, Mr. Shiv Pratap Shukla on Saturday urged the people of India and India Inc. in particular to give the government of the day a time of 9 months to remove all glitches and loopholes that still prevail in Goods and Services Tax and that GST implementation in three months should not be measured with cynical eyes.

Inaugurating a National Conclave on GST-A Catalyst for Economic Growth & Ease of Doing Business under aegis of PHD Chamber of Commerce and Industry here today, Mr. Shukla also indicated that higher GST tax slab of 28% is bound to be gradually reduced as the GST Council would evolve alternative mechanism to this effect in its subsequent meetings and its forthcoming meeting in Guwahati would yield some results on this front.

“The people of India and Indian industry in particular should not measure the execution of GST in its first phase of three months since it is such a vast tax reform after independence and the government should be given a minimum of year time for its perfect implementation which would lead to win-win situation for all stakeholders”, said the minister.

“The GST Council has already taken pro-active measures in rationalizing GST rates in the recent past and the trend would continue in future wherever the taxation is deemed to be slightly on the higher side.   The 28% GST tax slab would fall as per genuine and legitimate aspirations of the people in general and industry in particular”, concluded the minister.

Finance Minister, Government of Haryana, Capt. Abhimanyu who also spoke on the occasion emphasized  that the real purpose of GST would be served with its perfect and completion alignment with people of India and industry and urged the cynical voices not to post-mortem GST with negativity as its implementation has commenced since July 1st, 2017 and government would need time for course corrections.

According to him, the GST regulations cannot be completely done away with so as to ensure that all its benefits are passed on to the last consumer as it is the vital part of the GST with other stakeholders such as industry and the like.

In his welcome remarks, President, PHD Chamber, Mr. Gopal Jiwarajka said that GST has completed three months after its implementation and there have been mixed impact on various sectors of the economy.  It is heartening to note that the prices of essential and mass consumer items have not increased and suggested that a sort of another surgical strike is called for to remove anomalies that still prevail in GST.

Chairman, Indirect Taxes Committee, PHD Chamber, Mr. Bimal Jain praised the government for its pro-active approach towards industry as he described that the government has been lending its ears wherever problems relating to GST arise and demanded that Advance Ruling Authority should be set up earlier to serve its intended objectives.

According to him, the transition for trade and industry to the new taxation system is not smooth.  There are hiccups in GSTN portal for ensuring compliance including return filing.  There are other problems like the delay in refund claim, transitional credit problems for industries in hilly states, distortions in tax rates and others.

Among others who were present on the occasion comprised Member (GST), CBEC, Mr. Mahender Singh; CEO, GSTN, Mr. Prakash Kumar; Former President, PHD Chamber, Mr. Sanjay Bhatia.

RAISE CSR LIMIT TO 10% FOR CORPORATES : WOCKHARDT LTD. AT PHD CHAMBER

Leading corporate Wockhardt Ltd. on Friday proposed stating that CSR spent of 2% as provided under current statute for undertaking corporate social responsibilities is “too little” and therefore, its ceiling should be raised to 10% of total turnover of the corporate.

Its Executive Director, Dr. Huzaifa Khorakiwala who made the aforesaid observations at a Thought Leadership Sumit on Sustainability & CSR under aegis of PHD Chamber of Commerce and Industry here today felt that with 2% of CSR spent, the eligible corporates are making use of it thorough tie up with NGOs and other such entities to render their legitimate corporate social responsibility with not many of accomplishments.

With 2% limit of CSR, the eligible corporates’ involvement with CSR activities is mostly through their partners NGOs and the like and therefore, it should be raised to a level of 10% to enlisting involvement of top management so that actual results follow with the objectives of corporate social responsibilities to uplift India and its vulnerable society and the landscape both economically and social, he said.

With the raised limit of CSR, the humanity would also be better served, concluded Dr. Khorakiwala.

In his welcome remarks, Sr. Vice President, PHD Chamber, Mr. Anil Khaitan demanded that emphasizing that CSR spends be subjected to tax exemptions for its wider and multifarious applications.

Vice President, PHD Chamber, Rajeev Talwar who also spoke on the occasion pleaded for revival of age old Indian culture and with that build a new economy with eco-friendly environment and landscape.

Former President, PHD Chamber, Dr. Binay Kumar in his remarks urged that a CSR fund created in the Chamber should receive offerings in terms of donations from various corporates to rebuilding Banaras as one of the smart cities in India.

Among others who spoke on the occasion consisted Chairman-CSR, PHD Chamber, Mr. Ajay Poddar who sought sustainability in CSR activities and Director, PHD Chamber, Dr. Jatinder Singh who moderated the Summit.

PHD Chamber welcomes cut in SLR Rates; softening monetary policy stance critical to re-capture industrial activity

Though, repo rate cut was expected from RBI 18, 50 basis points cut in Statutory Liquidity Ratio (SLR) is welcome and is expected to enhance banking sector liquidity in the coming times, said Mr. Gopal Jiwarajka, President, PHD Chamber of Commerce and Industry.

Statutory Liquidity Ratio (SLR) has been reduced by 50 basis points from 20% to 19.50% of banks’ net demand and time liabilities (NDTL) from the fortnight commencing October 14, 2017.

Monetary Policy Committee (MPC), RBI has kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6%. Consequently, the reverse repo rate under the LAF remains at 5.75%, and the marginal standing facility (MSF) rate and the Bank Rate stands at 6.25%.

However, downward projection of real GVA growth to 6.7% for 2017-18 is a matter of concern, he added.

At this juncture, softening of monetary policy stance is one of the critical steps to re-capture industrial activity which is impacted by multiple factors and high borrowing cost is one of them, added Mr. Jiwarajka.

Industry is facing a tough environment as demand is decelerating and costs of doing businesses are still high, he added.

Explore equitable finance to fulfill funding requirements of Indian economy: PHD Chamber

Equitable finance can be a good option to meet the funding requirements in the various areas of Indian economy, said Mr. Gopal Jiwarajka, President, PHD Chamber of Commerce and Industry in a press statement issued here today.

PHD Chamber of Commerce and industry is organizing an International Seminar on interest free and equitable financing in India – Road Ahead on Friday, October 6th 2017 at PHD House, New Delhi and dignitaries from the national and international arena would be joining to deliberate on the subject which is scheduled to start at 10 am.

According to our estimates, India needs USD 2 trillion to meet up the funding requirements in the next 10 years in the various areas of economy including physical and social infrastructure, new economic areas including smart cities, digital India, Make in India, affordable housing and Swachh Bharat Abhiyan and agriculture sector including agriculture infrastructure and supply chain, said Shri Jiwarajka.

Banking industry in the oil rich Gulf countries is showing an average growth rate of 15%-20% annually and comprises around 400 institutions with an asset under management in excess of USD 2 trillion, he said.

These sources could serve to mobilize money from oil-rich Gulf countries that could easily be channelized through an interest-free system to finance India’s funding requirements, said Mr. Gopal Jiwarajka.