RESIST RED TAPE AND CORRUPTION WITH ROARING VOICE, APPEALS DELHI LG AT PHD CHAMBER

Lieutenant Governor, National Capital Territory of Delhi, Mr. Najeeb Jung on Friday asked the builders and real estate developers to honour their delivery commitments with adhering to their promised finish to the stakeholders and asked the common man to fight and resist corruption and red tape upfront wherever these exists in the system.

Inaugurating a Conference on “Model Building Byelaws-2016” under aegis of PHD Chamber of Commerce and Industry here today, Mr. Jung lamented highlighting that builders and real estate developers have not been able to deliver on their promises and commitments on these two fronts which cause concern and anxiety to those that have invested in their hopes to attaining dwelling units.

He called upon the audience present in the conference to openly resist and fight out corruption and red tape at various agencies and departments that fall under public and private domain as the twin evils could gradually disappear from the system if resistance against these comes up openly from the public at large.

Mr. Jung, however, added that in my three years tenure as Lieutenant Governor which I completed yesterday, neither corruption nor red tape was ever seen being surfaced. 

“However, it is often noticed that in public offices and other such departments, corruption and red tape existed which can be removed with a collective resistance against it.  We have a Prime Minister who sought to clean India and purge it of all its ill wills came clearer the day he took over the Prime Ministhership of this country could become objectively yielding provided a unified voice is raised by all concerned to refuse to be part of value chain that even has a semblance of corruption and red tape”, he said.

In his welcome remarks, President, PHD Chamber, Dr. Mahesh Gupta observed that India could achieve its potential for becoming an economy of scale, it needed a comprehensive and inclusive eco system for ease of doing business.   With this approach, India could also achieve its objectives of equipping the Aam Aadmi with housing facilities if not by 2022, certainly beyond it.

Among others who were present on the occasion comprised Chairman and Co-Chairman, Housing & Urban Development Committee, PHD Chamber, Mr. Rajeev Talwar and Mr. Manish Agarwal and its Director, Dr. Ranjeet Mehta who collectively gave a call for building byelaws that can sustain the vertical and horizontal development of cities like Delhi and others.

SPEED OF RURAL ROADS CONSTRUCTION TO ACCELERATE UNDER PRADHAN MANTRI GRAM SADAK YOJANA: ADDITIONAL SECRETARY, MINISTRY OF RURAL DEVELOPMENT

Ministry of Rural Development is making a distinct attempt to accelerate the rural roads construction under the Pradhan Mantri Gram Sadak Yojana by taking it to a level of 130 km per day during the current year 2016-17, the ceiling for which would be still higher in subsequent year in different rural pockets to especially benefit farmers to let them access integration of their produce to concerned commercial hubs nearer there farms, disclosed its Additional Secretary, Mr. Amarjeet Sinha.

The job to provide farmer’s integration with rural and urban pockets as also ensure their infrastructural connect was being done in partnership with various states, said the Additional Secretary while speaking here on Tuesday at a Seminar on “Doubling Farmers Income by 2022-Role of Banks & Financial Institutions” under aegis of PHD Chamber of Commerce and Industry.

With this scheme in progress, the laying out of roads connectivity would be critical and the government would make sure that the speed of roads construction in rural pockets advance as intended as this would be the sole initiative through which the infrastructure deficit in country side be bridged, indicated Mr. Sinha.

Elaborating on the issue of doubling the farmers income by 2022, Mr. Sinha pointed out that host of policies and initiatives have been put in place and hoped that with them, the desired objective of the Prime Minister would be fulfilled. 

He, however, added that the produce and productivity of the farmers would enhance provided the chocked credit lines of institutional financing are repaired in a professional manner so that access to credit to farmers could improve, one way of which is linking it with women self help groups just as the State of Andhra and Telangana have done in which the recovery rate has been close to 98%.

Deputy Managing Director, NABARD, Mr. R Amalorpavanathan who also spoke on the occasion said that his institution has been extending refinancing credit facilities to various farmers through a suitable monitored lending system and hoped that gradually the credit crisis would be overcome.

Advisor (Agri), NITI Aayog, Dr. J P Mishra in his observations felt that besides credit, proper farming policies should be needed with sufficient incentives for farmers to doubling their income and the Aayog is working on a policy document in this regard.

The Seminar was presided over by the President of the PHD Chamber, Dr. Mahesh Gupta in which the vote of thanks was proposed by the Vice President of the Chamber, Mr. Anil Khaitan in which Chairman, Bharat Krishak Samaj, Mr. Ajay Vir Jakhar and Chairman, Banking Committee, PHD Chamber, Mr. D K Aggarwal were also present.

PHD CHAMBER & ROTARY CLUB DISTRIBUTED TO DIVYANGS (PERSONS WITH DISABILITIES)

Ministry of Social Justice and Empowerment in association with PHD Chamber of Commerce & Industry and Rotary Club on Sunday i.e. 3^rd July, 2016 distributed Rs.86 lakh worth of hearing aids, tricycles, blind-canes and other devices to 2000 physical disabled persons.

Minister of State for Social Justice and Empowerment, Krishan Pal Gurjar, Member of Parliament, Manoj Tiwari, Spokesperson of BJP and former Cabinet Minister, Shahnawaj Hussain, President, Sr. Vice President, Vice President including  the Chamber, Dr. Mahesh Gupta, Mr. Gopal Jiwarajka, Mr. Anil Khaitan along with Rotary Club President & Chairman Media Committee, PHD Chamber Rakesh Gupta were among others on whose presence the aforesaid devices were given away to the intend beneficiaries.

Dignitaries who were also present Shyam Jaju, Vice President, BJP, Satyasharma, Mayor, East Delhi Corpn, Aarti Mehra, former Mayor of South Delhi, Sushil Gupta, Trustee Rotary Foundation, Dr.N.Subramanian, District Governor, Rotary Club & Karan Singh Tanwar, Vice Chairman, NDMC.

Speaking on the occasion, Mr. Gurjar indicated that during this year the government might increase the budget for allocating different aids and other such devices to disabled persons from Rs.150 crore in the last year to Rs.200 crore as the commitment of the government is to make sure that every physically disabled person is equipped with equipment and aids as per their requirement so that these are adequately empowered to lead a dignified life.

He also pointed out that Prime Minister Modi has given clear instructions to the ministry that it should ensure that all physically disabled persons be identified across the country and given the aids and devices that can lead to be an empowerment and it is in this context that various surveys are being conducted so that the job is conclusively done as per intended objectives of the government in this direction.

Mr. Tiwari in his observations announced that Ministry of Social Justice and Empowerment has given a commitment to him to freely distribute battery fed tricycle to the disabled persons for his constituency whose disability exceeds 80%. The battery fed tricycles currently cost to Rs.35,000 in which the contribution of the government would be to the tune of Rs.25,000 whereas Rs.10,000 would come from the MP fund. The distribution exercise will happen after August.

PETRONET LNG CALLS FOR A CONSORTIUM OF OIL COMPANIES TO ACQUIRE & BUILD ACREAGES ABROAD INCLUDING INDIA, SAYS ITS MD & CEO

ALSO PROPOSES TO CONVERT ANDAMAN & NICOBAR’S ECO-SYSTEM FROM DIESEL TO GAS

Managing Director & CEO, Petronet LNG Limited, Mr. Prabhat Singh on Thursday floated a proposal for creation of a consortium or SPV (special purpose vehicle), consisting of companies such as Petronet LNG Limited, GAIL, ONGC, EIL and OIL to jointly bid for prospective properties for exploration of natural gas and as well setting up of LNG terminals in overseas fields, particularly those of Sri Lanka, Bangladesh and the like.

Inaugurating a conference on “How to Survive in Low Oil & Gas Price Scenario” under aegis of PHD Chamber of Commerce and Industry here today, Mr. Prabhat Singh also disclosed that his company has offered to convert the fossil fuel fed economy of Andaman & Nicobar with that of natural gas, stating that such a proposal has already been submitted to the Lieutenant Governor of the Island.

The Petronet LNG and administration of Andaman & Nicobar Island were progressing satisfactorily on the subject as the latter is suitably inclined to convert its eco-system with cleaner fuel rather than staying on to diesel fed economy, he indicated.

Elaborating on the issue of proposed consortium or SPV, Mr. Singh hinted that it has been conceived by the Petronet LNG at a time when the company expects that the prevailing scenario of low oil and gas price would stay on for another five years and that to thrive on such circumstances, the consortium and SPV approach of national oil companies would be ideal situation to acquire oil & gas including terminal acreages and assets overseas including India.

According to him, the Ministry of Petroleum and Natural Gas is aware of it and that the Ministry’s intent is also there on it without disclosing a definite roadmap to convert it into reality.  “The idea has been briefly floated and discussed and its conclusiveness should follow as India would be bidding to acquire gas properties and to build LNG terminals in countries like Sri Lanka and Bangladesh for which if India proceeds with collective approach, it would establish and edge over others”, said Mr. Singh adding that such an approach is also called for under prevailing circumstances to building energy storage facilities and other such assets domestically.

Speaking on the occasion, Executive Director-Corporate Planning, ONGC, Mr. Yash Malik pointed out that collaborative approach of national oil companies is the right solution to creating oil and gas assets in India to enable it thrive under the low oil and gas price regime, articulating that Indian oil sector needs a fiscal regime better than what prevails currently.

Mr. Malik also pointed out that in the low price scenario of oil and gas, his company is successfully going ahead with joint venture approach.

Chairman, Hydrocarbons Committee, PHD Chamber, Mr. Rajeev Mathur said that the gas sector has been successfully confronting with the challenges of the emerging time.

Among others who were present on the occasion comprised Co-Chairman, Hydrocarbons Committee, PHD Chamber Mr. H P S Arora along with the Secretary General and Director, PHD Chamber, Mr. Saurabh Sanyal and Dr. Ranjeet Mehta.

GST LEGISLATION BENEFICIAL TO COUNTRY: CBEC, ADDITIONAL DG

PHD Chamber Of Commerce and Industry on Wednesday organised a Conference on Draft Model “GST Law : Scope of Supply, Place & Time of Supply, Valuation and Transitional Provision in GST” in which the unanimous view emerged that GST is beneficial to all states and union territories including the Centre which will help India, fuel growth of its economy, keeping sufficient pace for emerging times.

The Additional DG (GST), CBEC, Mr. Shashank Priya addressed and emphasised that this tax is beneficial and therefore, its earlier legislation is imperative and critical and this should be applied carefully.

“Different committees have been formed to address the issues relating to this law and how can it be applied effectively and various discussions are being held on how to remove the problems confronting GST”, he said.

According to him, model GST law is not a product of particular thinking or a person; instead it is applicable to the whole country and also it should be simple, transparent and IT driven.  GST should also promote Ease of Doing Business, making India one common market. It is definitely a productive tax as it will subsume central and State taxes and create mutual trust between government and public.

Mr. Gopal Jiwarajka, Senior Vice President, PHD Chamber said that GST is a revolutionary tax as it would take India to a higher growth trajectory.  

Among others who participated in the conference comprised Vice President, PHD Chamber, Mr. Anil Khaitan who felt that with GST legislation in place, landmark development would happen for India’s economic growth. 

The Chairman and Co-Chairman, Indirect Taxes Committee, PHD Chamber, Mr. Bimal Jain and Mr. N K Gupta also participated in the conference. Mr. Jain shared that GST will remove the multiplicity and cascading effect of the different indirect taxes.  Double taxation will be removed and would bring in transparency, uniformity and most importantly there will be incremental GDP growth, he added.

INDO-US COOPERATION ON CLEAN ENERGY MOVING IN RIGHT DIRECTION: US EMBASSY

Minister Counsellor for Economic, Environment, Science and Technology Affairs, Embassy of the United States of America, Mr. George N Sibley on Friday asserted that the research and development engagements of Indo-US clean energy cooperation has been progressing objectively, making a prophesy that it might lead to invent technologies for storage facilities of solar and other clean energies.

Speaking at a Business Sustainability and Responsibility Reporting Summit 2016 under joint aegis of PHD Chamber of Commerce and Industry and FORE School of Management here today, Mr. Sibley even forecast that this exercise might also produce scholars for noble prize in case the storage solutions for clean energy are discovered. 

“The world has so far not been able to create storage facilities for energy generated both in the segments of fossil and non-fossil and, therefore, a time has come that research and development work is necessitated for creating energy store houses”, he emphasised.

Speaking on the occasion Counsellor for Trade and Economic Affairs, Embassy of Sweden, Ms. Anna Ferry informed her country has come out with an action plan as per which its corporates are required to integrate their business processes with environment and ecology so that  these are kept unspoilt from all possible sources of pollutions and degradation.  The action plan makes it obligatory for the Swiss companies to apply same standards and tools including applications for production even outside their country so that the sensitivities of environment and ecology are hurt little, she added.

Convener and Chief Programme Executive (CSR), National Foundation for Corporate Social Responsibility (NFCSR), Indian Institute of Corporate Affairs, Ms. Gayatri Subramaniam emphasised that national voluntary guidelines pave a way for the companies to apply sustainability practices at their workplace taking care of people and plant along with profits.

Director, FORE School of Management, Dr. Jitendra Das sought the participation of all citizens of the world including those of India to resist all attempts intended or unintended so that production methodologies of any economic activity is prevented from hurting the environment.

In their remarks, President and Vice President, PHD Chamber, Dr. Mahesh Gupta and Mr. Anil Khaitan also emphasised the need to maintain an eco system that can strike is suitable balance between production processes and environment.  Sr. Secretary, PHD Chamber, Dr. Jatinder Singh moderated the summit.

Volatility in financial and currency markets short-lived: PHD Chamber

While expressing apprehensions regarding the financial markets volatility in the wake of developments in Europe, Dr. Mahesh Gupta, President, PHD Chamber of Commerce and Industry said that volatility in financial and currency markets is short lived as Indian economy is resilient and sustainable on account of its strong macroeconomic fundamentals and well supported dynamic policy reforms.  

I believe India’s economy has strengthened on account of strong policy measures undertaken by the government in the recent times which will aid in mitigating the negative impact of any international developments, said Dr. Gupta.

India is not only the fastest moving economy but its economic share in the world GDP is also increasing at a significant pace from 2.62% in the year 2010 to 2.98% in the year 2015, said Dr. Mahesh Gupta.  

India recorded a higher growth of 7.6% in 2015-16 as compared to 7.3% in 2014-15, 6.9% in 2013-14 and 5.1% in 2012-13, despite the slowdown witnessed in the world economy, growth in India remained robust, buoyed by strong investor sentiment and the positive effect on real incomes of the recent fall in international commodity prices, added Dr. Gupta.  

India’s economic resilience has strengthened during the recent times on account of factors such as improving FDI inflows, current account deficit and forex reserves, declining trade balance due to fall in commodity prices  and several measures undertaken to boost up investment sentiments in the economy.

India attracted FDI equity inflows at about USD 40 billion during 2015-16 as against USD 30.9 billion during the corresponding period of last year, posting a robust growth of about 29%.

The Current Account Deficit (CAD) narrowed to 1.1% of GDP in 2015-16 from 1.3% in 2014-15 is more or less manageable at this juncture. 

Forex reserves at about USD 360 billion as on 27^th May 2016 as against around USD 352 billion as on 29^th May 2015 have been improved significantly.

Trade balance has also declined to around (-) USD 11.1 billion during Apr-May 2016 as compared to (-) USD 21.4 billion for Apr-May 2015. Though, exports growth is needed to be revamped with supportive export infrastructure in general and reducing transportation costs in particular to revive the sluggish export growth trajectory, he added.

FII investments represent a gloomy picture. It stands at an average of about (-) USD 836 million in 2015-16 as against USD 3808 million in 2014-15, representing a growth of around (-) 122%.

We appreciate the macro-economic stability with a significant decline in inflation that has come about in the last two years . At present, WPI inflation stands at 0.79% in May 2016 and CPI inflation at 5.7% in May 2016.

Going ahead, under the patronage of dynamic and fast moving reforms covering all pillars of development, India’s economic resilience will be strengthened to mitigate the impacts of international developments, said Dr. Gupta.