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.