119th Annual General Meeting on 19th November 2020 at The Oberoi Grand, Kolkata Dharmendra Pradhan, Hon’ble Minister of Steel, Petroleum & Natural Gas, Government of India was the Chief Guest and he addressed through webinar. Sanjiv Sanyal, Principal Economic Advisor, Department of Economic Affairs, Ministry of Finance, Government of India was the Guest of Honour and he also addressed through webinar. 3HIGHLIGHTS 2020-21
Vivek Gupta, President, MCCI delivering the Presidential (L to R) Arun Kumar Saraf, Past President, MCCI, Vishal address. Seated (L) Aakash Shah and Rishabh Kothari, Jhajharia, Immediate Past President, MCCI, B. K. Vice President, MCCI Jhajharia, Trustee & Past President, MCCI, Aakash Shah, (L to R) Anshuman Shah, Co-Chairman, MCCI Young Senior Vice President, MCCI, A. R. Sonthalia, Trustee & Entrepreneurs Forum (MYEF), Snigdha Shah, Chairperson, MCCI Ladies Forum (MLF), Aakash Shah and Anupam Shah Past President, MCCI and Anupam Shah, Past President, MCCI 4 HIGHLIGHTS 2020-21 COVID-19 has caused havoc, demand destruction and downturn everywhere. Now, there are indications of improvement in the domestic economy. Atmanirbhar Bharat seeks to transform India from a passive market to a manufacturing hub. India’s stable democracy and favourable demographics support growth. The Pradhan Mantri Garib Kalyan Yojana was a major driver in social welfare during the pandemic times. An Atmanirbhar Bharat is not possible without Eastern India and it stands for a strong and self reliant country which will be a demand multiplier for the global economy. India seeks cooperation and peace. Dharmendra Pradhan Hon’ble Minister of Steel, Petroleum & Natural Gas, Government of India
Dharmendra Pradhan, Hon’ble Minister of Steel, Sanjiv Sanyal, Principal Economic Advisor, Department of Petroleum & Natural Gas, Government of India on the Economic Affairs, Ministry of Finance, Government of India on the screen. (L to R) Vivek Gupta, President, MCCI, Aakash screen. (L to R) Vivek Gupta, Aakash Shah, and Rishabh Kothari Shah, Senior Vice President, MCCI and Rishabh Kothari, Vice President, MCCI 5HIGHLIGHTS 2020-21 When the lockdown first broke out, the Government of India had difficulty responding to complete uncertainty. The Government realized that the pandemic was a marathon and it was committed to provide support from end to end. So, it adopted a barbell strategy. By the end of April 2020, businesses were being opened. Today, most businesses are open. Stimulus measures are coming in tranches and more would be in the pipeline. During the pandemic, the Government kept the system alive, so that it could reinflate it later. It has provided economic stimulus in the last three months. Unlike many other countries, India did not splurge on a big package. Also, it did not press the accelerator and the brakes at the same time during the pandemic. India went with a series of smaller packages that were required at that time instead of taking large measures. Sanjiv Sanyal Principal Economic Advisor, Department of Economic Affairs, Ministry of Finance, Government of India
Vivek Gupta, President, MCCI launching the MCCI Highlights on the screen The lockdown has turned businesses Aakash Shah, upside down. The economic impact Senior Vice President, MCCI delivering the Vote of Thanks of this war against the virus has been unimaginable. At the international and domestic levels, Indian leadership has exhibited the right resolve to fight the pandemic and it has been supported continuously and wholeheartedly by the society and business community. India has quietly, but effectively, responded to this pandemic at multiple levels. Despite resource constraints and population pressure, the government’s graded response in gradually scaling up its policies without causing undue panic has garnered overwhelming response from the people at large. Vivek Gupta President, MCCI 6 HIGHLIGHTS 2020-21
BUSINESS SESSION At the Business Session (L to R) Arun Kumar Dalmia, Hony. Secretary, MCCI, Rishabh Kothari, Senior Vice President, MCCI, Aakash Shah, President, MCCI, Lalit Beriwala, Vice President, MCCI and Sanjib Kumar Kothari, Treasurer, MCCI A. R. Sonthalia, Trustee & Past President, MCCI, B. K. Jhajharia, Trustee & Past President, MCCI, Birendra Agarwal, Past President, MCCI and Anupam Shah, Past President, MCCI welcoming the new team and thanking the outgoing team for the excellent work 7HIGHLIGHTS 2020-21
Webinar on Recovery and Resurgence: Opportunities and Challenges in New Normal Exclusively for Committee Members on 12th December 2020 There are over one billion people we do. This is necessary for us to become living in abject poverty worldwide a winning nation. Our prime responsibility of whom 200 million poor people is to ensure that companies are well run live in India. It is necessary to do year after year. the humane thing of helping the poor. Therefore, it is critical that we do good Sunil Kant Munjal things for the community. If we do not care for people, then India’s Demographic Chairman, Hero Enterprise Dividend will become its Demographic Nightmare. As poverty decreases, the Sunil Kant Munjal is an iconic figure number of consumers increases. in the motor cycle industry. Hero has transformed from the world’s India must win as a nation, which is only largest bicycle maker to become possible if we enjoy our work. Therefore, the world’s largest maker of two wheelers. we must start loving whatever it is that Aakash Shah President, MCCI 8 HIGHLIGHTS 2020-21
(R) Aakash Shah, Social Justice and President, MCCI Empowerment presenting a memento for All to Ramdas Athawale, Hon’ble Minister of on 15th December 2020 State for Social Justice at Conference Hall of the & Empowerment, Chamber Government of India with Ramdas Athawale, Hon’ble (L to R) Lalit Beriwala, Vice President, MCCI, Minister of State for Social Justice & Ramdas Athawale and Aakash Shah Empowerment, Govt. of India My Ministry strongly stands for social justice and empowerment at all levels. I am willing to support the industries and the owners of such industries for the upliftment of the economy and the society as a whole. Ramdas Athawale Hon’ble Minister of State for Social Justice & Empowerment, Govt. of India The Minister is well known for his role in ensuring empowerment of the target groups including the Dalits & SC population. Aakash Shah President, MCCI 9HIGHLIGHTS 2020-21
Webinar on Drinking Water and Sanitation for All on 22nd December 2020 India is a water stressed country in It is a matter of great satisfaction that the sense that it has 18% of the global the Central Government is keen to population but water availability is achieve the target of providing safe 4%. Per capita water availability has drinking water to all by 2024. The Jal come down. India has wide variation in Jeevan Mission launched on 15th August rainfall and most rainfall takes place in the 2019 is a landmark initiative and it will monsoon season. Climate change has had lead to an improvement in the standard an impact and the distribution of rainfall of living of the rural population of India by has been affected with the number of way of house connection of water supply. rainy days coming down. There has been too much dependence India’s water resources have not changed on ground water, which is depleting. The but its population has rapidly grown in Central Government’s focus on surface the last several decades. The per capita water source for water supply schemes water availability is important. is sincerely appreciated since it is a sustainable model and will lead to less Upendra Prasad Singh, IAS exploitation of ground water sources. This will also help in controlling geological Secretary, Department of Drinking Water and imbalances. Sanitation, Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti, Rishabh Kothari Government of India Senior Vice President, MCCI 10 HIGHLIGHTS 2020-21
Webinar on Atmanirbhar Bharat – A Golden Opportunity for Industries on 29th December 2020 Industry has a huge role to play in defence sector. India is one of the biggest consumers of defence equipment and it has traditionally been reliant on imports. The Government of India (GoI) wants to meaningfully change this and a negative list of 101 items has been promulgated which will no longer be imported. These 101 items will be Made in India and it shows the resolve of GoI. When the GoI says that it will indigenise production of defence equipment, it becomes the duty of the private sector to produce the best equipment in the world for our troops who may have to go to war. We need cutting edge technology in defence as it pertains to war. There is no reason why India cannot increase the role of the private sector in defence. Companies do R&D in India as they get value in India. Unless India makes a start, it cannot reach its destination. In 2014-15, when India started Make in India in electronics, electronics was a dead item in India. Today, India has rapidly growing electronics hubs. Indian defence must move forward in a partnership model between GoI and industry. Dr. Ajay Kumar, IAS Defence Secretary, Ministry of Defence, Government of India The opening up of the Indian defence sector provides opportunities for industry as a whole and MSMEs in particular. Aakash Shah President, MCCI 11HIGHLIGHTS 2020-21
Webinar on Strategy for Economic Growth in New Normal on 30th December 2020 Spending on infrastructure acts as a recovery seed for future economic activity. Infrastructure can be developed A new paradigm for corporates includes only through perseverance and • Secure and rethink the supply chain endurance. • Reexamine all credit terms • Revisit capital investment plans By 2030, every organization will be a • Shift away from Fixed Costs for added technology organisation and as such liquidity businesses need to future proof their • Improve cash flow by extending activities. Advanced robotics, 5G, drones, payables and expediting receivables etc. all point in this direction. By 2030, integrated AI will do more than what • Tighten inventory management assistants can do today. Industry 4.0 is well on its way. Dr. V. K. Saraswat Four actions that are required to plan for Member, NITI Aayog recovery from COVID are • Putting the safety of people first Although the Indian economy • Communicate with stakeholders was down in the second quarter • Reshape strategy to maintain business of the current fiscal year, it is continuity recovering. Changes in laws • Build resilience and prepare for regarding labour and MSMEs will create resilience. Atmanirbhar Bharat Package will create momentum in economic activities. Aakash Shah President, MCCI 12 HIGHLIGHTS 2020-21
Sports has shaped me as a Webinar on person. Sports is always challenging and demands Sport to perfection. A sportsman has to Entrepreneurship try and do better each day. Transition My winning the gold medal at the Beijing Olympics was the Launch of MCCI Young achievement of a big goal. The Entrepreneurs Forum (MYEF) journey and the process to winning the gold medal is important. on 4th January 2021 I made a planned decision to quit 13HIGHLIGHTS 2020-21 sports after the Olympics held in 2016 in Brazil where I finished fourth. One has to be at peace when one decides to move on to other pursuits. Integrity is important. The shortest path to success is hard work. Abhinav Bindra Olympic Gold Medallist and Entrepreneur Abhinav Bindra is currently India’s only individual Olympic gold medallist. His gold in the 10-meter air rifle event at the Beijing 2008 Summer Olympics was also India’s first Olympic gold medal since 1980. He is the first Indian to have concurrently held the Olympic and world titles for the men’s 10-meter air rifle event having earned those honours at the 2008 Summer Olympics and the 2006 ISSF World Shooting Championships. Vidhan Rasiwasia Chairman, MCCI Young Entrepreneurs Forum (MYEF) This is an important day as MCCI is inaugurating MCCI Young Entrepreneurs Forum (MYEF) to cater to budding entrepreneurs. Aakash Shah President, MCCI
India is not responsible for climate change. Climate change is caused by the industrialization of developed nations over the last 200 years. India is in fact a victim of climate change. Webinar with However, India is taking a responsible position on climate change. It has Prakash increased its capacity of solar power and Javadekar, other renewable energy. Industry has acted without government orders and it Hon’ble Minister of is becoming more energy efficient and Environment, carbon neutral. Today, India accounts for only 6% to 7% of global carbon emissions. Forest & Climate Change and Prakash Javadekar Information Hon’ble Minister of Environment, Forest & Climate & Broadcasting, Change and Information & Broadcasting, Heavy Heavy Industries & Public Enterprises, Industries & Public Enterprises, Government of India Government of India It is thanks to the strong and capable leadership of the Government that today we stand on the cusp of a remarkable bounce back by the Indian economy. on 8th January 2021 Aakash Shah President, MCCI 14 HIGHLIGHTS 2020-21
(L) A. R. Sonthalia, Trustee & Past President, MCCI presenting a bouquet to Durga Shankar Mishra, IAS, Secretary, Ministry of Housing and Urban Poverty Alleviation, Government of India. (R) Aakash Shah, President, MCCI Infrastructure for in which dreams will be translated into New Urban India reality. It will have a completely new story, new ideas and new approach. on 9th January 2021 at Conference Hall of the Chamber Some recent landmark initiatives in urban development include the following: (C) Durga Shankar Mishra addressing the members • Street Vendor project was started from India would become a Developed 2nd July, which has impacted 35 lakh Nation by 2047, the Centenary Year. people within 6 months The mantras are Reform, Perform & Transform and Skill, Speed & Scale. • Cycle for Change, cycling in place of car, The New India is the Aspirational India, which has impacted one crore people • Municipality Performance Index • National Power Mobility Card • Light House Project, a global housing technology by which a 14 storied building can be constructed in 6-8 months Durga Shankar Mishra, IAS Secretary, Ministry of Housing and Urban Poverty Alleviation, Govt. of India The administrative complexity of each city is different. In the cities, some of the functions are under city level authorities and others are under state level agencies. Each city requires a different set of approaches with respect to managing workflow, which should not be generalized, Aakash Shah President, MCCI 15HIGHLIGHTS 2020-21
MCCI MSME Help Desk The MSME Help Desk provided assistance to MSMEs on 13th January 2021, 12th March 2021, 11th June 2021, 27th August 2021 Held at the Chamber in association with the Department of MSME & Textiles, Government of West Bengal The objectives of the Help Desk are to help MSMEs leverage the opportunities and explore solutions for the key issues, in which domain and subject matter experts are available for mentoring, handholding and consultation. The Mentor Panel for the Help Desk comprises of Rajkumar Middya, Joint Director (P & S), MSME, Government of West Bengal as Chief Mentor, Sanjib Kumar Kothari, Chairman, Council on MSMEs, MCCI, Smarajit Mitra, Co-Chairman, Council on Banking & Finance, MCCI, Akhil Sonthalia, Co-Chairman, Council on MSME, MCCI and other experts with Suvidha Consultants Pvt. Ltd. as Technical Partner. 16 HIGHLIGHTS 2020-21
(L to R) Dhiraj Chakraborty, Dy. General Manager, The It is an opportunity in the form of an Calcutta Stock Exchange Limited, Prasenjit Dutta, Chief Amnesty Scheme that the CSE has Financial Officer, The Calcutta Stock Exchange Limited, brought for the non-compliant CSE Radhey Shyam Jhanwar, Committee Member, MCCI, Mamta listed companies. The Scheme will help Binani, Chairperson, Council on Legal Affairs, MCCI and the suspended companies to revoke the Chandrani Datta, Executive, The Calcutta Stock Exchange suspension status within the mentioned Limited time period with minimal compliance as compared to earlier schemes. Amnesty Scheme 2020 Prasenjit Dutta on 19th January 2021 Chief Financial Officer, The Calcutta Stock at Conference Hall of the Chamber Exchange Limited in association with The Calcutta Stock Exchange has The Calcutta Stock Exchange a long history and legacy. CSE has struggled to exist in the face of rigid regulations. However, the Exchange has a bright future. Dhiraj Chakraborty Dy. General Manager, The Calcutta Stock Exchange Limited The Scheme has salient features which need to be explained. Chandrani Datta Executive, The Calcutta Stock Exchange Limited Professionals should engage more with the Exchange so that the Exchange can solve their problems more efficiently. S. L. Singh (L) Prasenjit Dutta and Mamta Binani Executive, The Calcutta Stock Exchange Limited 17HIGHLIGHTS 2020-21
Webinar on Proposed Pre-packaged Insolvency Resolution Process Under IBC on 20th January 2021 The Insolvency and Bankruptcy furtherance of its objectives” the sub- Code, 2016 has been successful in committee noted in its report which has strengthening the industry either now been made public. by letting the company revive or taking it to its logical conclusion so A pre-pack is an agreement to offer faster as to guard them against deterioration. insolvency resolution or an informal out- And ofcourse, the process has its own of-court settlement for the resolution demand, both in terms of time and of the debt of a distressed company. It money, the direct and the indirect costs is done through an agreement between involved therein, the litigation that secured creditors and investors instead of comes in the fray, etc. though, these a public bidding process. are much less compared to its benefits. Pre-packaged insolvency resolution Public comments had been invited by The process aims to allow a faster method Ministry of Corporate Affairs regarding of resolution of stressed assets while the Pre-packaged Insolvency Resolution maintaining the legal sanctity of the same. Process by 22 January 2021, following which the regulation will be finalized. By and under an Ordinance dated 5th June 2020, the sub-committee Sudhaker Shukla of the Insolvency Law Committee (ILC), constituted by the Government, Whole-time Member, IBBI designed a pre-pack framework with the essence of the Insolvency and Rajnish Goenka Bankruptcy Code (IBC), and put forward its report in October. “With considerable Chairman, MSME Development Forum learning and maturity of the ecosystem, and a reasonably fair debtor-creditor Bahram N. Vakil relationship in place, the ground seems ready to experiment new options for Founder Partner, AZB & Partners resolution of stress under the Code in S. M. Gupta President, NCLT Bar Association, Kolkata Mamta Binani Chairperson, Council on Legal Affairs, MCCI 18 HIGHLIGHTS 2020-21
Webinar on Innovation & Entrepreneurship on 21st January 2021 The purpose of Atal Innovation Mission (AIM) is to bring latest technology to bear on innovative change. AIM has a holistic approach to build a culture of innovation among young people. In this regard it has taken several steps. Firstly, AIM is running Atal Tinkering Labs in schools that enable children to use do it yourself kits. The mentality of children is being transformed from rote to a problem solving mindset. Secondly, AIM has launched world class incubators which will support start- ups. Finally, AIM has set up Community Innovation Centres in villages which will support job creation in community through innovation. Ramanathan Ramanan Additional Secretary & Mission Director, Atal Innovation Mission, NITI Aayog Atal Innovation Mission is Government of India’s flagship initiative to promote a culture of innovation and entrepreneurship in the country. Rishabh Kothari Senior Vice President, MCCI 19HIGHLIGHTS 2020-21
Webinar on Lessons from our Journey in Building a Resilient Company Exclusively for Committee Members on 21st January 2021 The company is always well informed about economic condition of the people in India, so the main concern of the company is to provide medicines to the people at an affordable price. Not only the domestic market, Dr. Reddy’s has entered regulated foreign markets for supplying medicines at low prices. Limited resources do not impose any constraint in the process of development and as such, a good leader can manage to use resources properly. G. V. Prasad Co-Chairman & Managing Director, Dr. Reddy’s Laboratories India is the largest provider of generic drugs globally. Indian pharmaceutical sector supplies over 50% of global demand for various vaccines, 40% of generic demand in the US and 25% of all medicines in the UK. Aakash Shah President, MCCI 20 HIGHLIGHTS 2020-21
India is important for Poland and Webinar on it is increasing its presence in the Subcontinent. The Polish Government Doing Business is interested in providing technology with Poland in such areas as Fintech, food processing, waste management and water as well as on 29th January 2021 promoting the Polska brand. 21HIGHLIGHTS 2020-21 H E Adam Burakowski Ambassador of the Republic of Poland in India Poland is interested in investing in agriculture and food processing industries in India. Tomasz Janczak Second Secretary, Political-Economic Section, Embassy of Poland in India PAIH is responsible for a two-way traffic in business. It is the first point of contact and source of comprehensive knowledge for both Polish exporters & investors, and foreign companies looking for investment opportunities in Poland. Ada Dyndo Head of Foreign Trade Office in Mumbai, Polish Investment & Trade Agency (PAIH) The level of satisfaction reported by investors regarding their decision to invest in Poland has remained stable and consistently high since 2016. This figure stood at 94% in 2019. Zofia Kilian Senior Consultant, Centre for Strategic Investments, Polish Investment & Trade Agency (PAIH) High level delegations from Poland have visited India in recent years and signed important agreements in mining, civil aviation and other areas. Poland had a strong presence at BGBS 2019. Given the proactive approach, the future of trade looks bright. Aakash Shah President, MCCI
Symposium on Union Budget 2021-22 on 2nd February 2021 at Conference Hall of the Chamber The discussion underway (L to R) Arun Kumar Agarwal, Chairman, Council on GST & Indirect Taxes, MCCI, Amitav Kothari, Past President, MCCI, Aakash Shah, President, MCCI, S.K. Tulsiyan, Advocate & Senior Tax Consultant and Arvind Agrawal, Chairman, Council on Direct Taxes, MCCI The stock market is the barometer In this year, the main focus areas of of the economy and the market the Union Budget are agriculture, has boomed on the Budget day infrastructure and health. Atmanirbhar like never before. In this Budget, Swasth Bharat Yojana with an outlay Government is talking about privatization. of Rs. 64,180 crores over six years brings The Government is a facilitator and it a phenomenal change in the healthcare should not be involved in ‘business of system of our country. Rs. 15,700 crores business’. provided to MSME sector in the Union Amitav Kothari Budget is more than double than that in the previous year. Past President, MCCI In the Finance Bill, 2021, a very Aakash Shah important amendment has been made that the Income Tax Settlement President, MCCI Commission shall cease to operate after 1 February 2021. This means that no application under Sec 245c of the Income Tax Act 1961 for settlement of cases shall be made after 1 February 2021. S. K. Tulsiyan Advocate & Senior Tax Consultant In the Union Budget, there have been some significant amendments of GST law. Arun Kumar Agarwal Chairman, Council on GST & Indirect Taxes, MCCI 22 HIGHLIGHTS 2020-21
Webinar on Role of Capital Market in Reviving the Economy on 10th February 2021 Economic activity is expected to pick up due to vaccination. We expect higher demand in capital markets for meeting financing needs of entities. A large number of infrastructure projects are coming up which will give an impetus to the economy. In order to stimulate demand, we have to focus on MSMEs and start-ups. It is hoped that industry participants will come to know of the regulatory framework and raise funds. Last year, companies raised a significant amount of funds through Qualified Institutional Placements (QIP) and rights issues. Ananta Barua Whole-time Member, Securities and Exchange Board of India This topic is of particular concern in the context of the present COVID related challenges and in fostering the V shaped recovery India is currently embarked upon. SEBI, along with the RBI and the MoF has played a proactive role throughout last year in facilitating the economic recovery package in India. Aakash Shah President, MCCI 23HIGHLIGHTS 2020-21
Webinar on World Economic Outlook on 15th February 2021 We are seeing a return of strong economic growth but it is unequal across nations. Countries have provided income support and they have also made regulatory changes which have helped, such as changes in bankruptcy laws. Trade and remittances are on the mend. In general, international financial conditions are benign for developing nations. It is significant that inflation is under control despite expansionary monetary policies adopted by most countries. Despite the bounce back, many labour markets around the world are still weak with lower employment levels than pre-pandemic days. Also, labour force participation remains low in many countries. Luis E. Breuer Senior Resident Representative for India, Nepal & Bhutan, IMF The recovery from COVID will require a concerted effort by all countries. This is well recognized in the January 2021 World Economic Outlook which suggests ‘strong multilateral cooperation is required to bring the pandemic under control everywhere’. Rishabh Kothari Senior Vice President, MCCI 24 HIGHLIGHTS 2020-21
Condolence Meeting for Late Shrawan Kumar Todi on 17th February 2021 at Conference Hall of the Chamber A condolence meeting was held for Late Shrawan Kumar Todi, former Trustee and office bearer who passed away on 8th February 2021. The Chamber lost a great leader, guide and well-wisher who was always available for any help for the members of the Chamber. The members paying their respects to the departed soul (C) Aakash Shah, President, MCCI paying his tribute to Late Shrawan Kumar Todi. On his right, Rishabh Kothari, Senior Vice President, MCCI and left Ravi Todi, Past President, MCCI 25HIGHLIGHTS 2020-21
The first game changer is news such as rising GST collections. Production Linked Incentives. It Fundamentals are the most important converts manufacturing activity and they are also favourable. to a meritocracy where if you produce / sell more, you will benefit more. Nilesh Shah PLI can work in many sectors and it can bring production to India. Managing Director, Kotak Mahindra Asset Management Company Limited The second game changer is the Real Estate, Construction and Housing sectors. Budget 2021 is one of the most In this regard, there is good demand critical budgets for India in recent for homes, home prices have dropped, times. The COVID epidemic and housing loans are available at affordable its related global socio-economic rates and RERA protects consumers. impact has derailed the Indian growth story and the economy witnessed a The stock market moves on three factors contraction like most other economies. – money, sentiment and fundamentals. The Budget 2021 is therefore the road Both FIIs and retail investors have map for the V shaped recovery of the invested significant amounts in the stock economy. market in the past 12 months. Secondly, sentiment is favourable with good Rishabh Kothari Senior Vice President, MCCI 26 HIGHLIGHTS 2020-21
Meeting with Jagdeep Dhankhar, Hon’ble Governor of West Bengal on 22nd February 2021, at Raj Bhawan A delegation from MCCI comprising of Aakash Shah, President, Rishabh Kothari, Senior Vice President, Lalit Beriwala, Vice President, Vishal Jhajharia, Past President and S Roy, DDG made a courtesy call on Jagdeep Dhankhar, Hon’ble Governor of West Bengal. (L to R) Jagdeep Dhankhar, Hon’ble Governor of West Bengal, Aakash Shah, President, MCCI, Rishabh Kothari, Senior Vice President, MCCI, Vishal Jhajharia, Past President, MCCI, Lalit Beriwala, Vice President, MCCI and S. Roy, DDG, MCCI 27HIGHLIGHTS 2020-21
The contribution of the business community towards the development of West Bengal is remarkable. I value my good relationship with the Chamber and it will continue. Jagdeep Dhankhar Hon’ble Governor of West Bengal 28 HIGHLIGHTS 2020-21
Doing Business Ethiopia, a country with population with Ethiopia of 110 million and 65 years of life expectancy has been one of on 23rd February 2021 the fastest developing African at Conference Hall economies in recent times. The GDP of the Chamber growth rate of the country has been over 10% for last two decades and the literacy (R) Aakash Shah, President, MCCI presenting a memento to rate is approximately 60%. H.E. Dr. Tizita Mulugeta, Ambassador of Ethiopia in India H.E. Dr. Tizita Mulugeta Ambassador of Ethiopia in India Ethiopia is undergoing continued political, economic and structural reforms and it is expanding opportunities for Foreign Direct Investment. Demesew Kebede Minister Counsellor, Embassy of Ethiopia in India India’s relationship with Ethiopia dates back several centuries. Ethiopia was the first African country to open an Embassy in newly independent India in 1950. The two countries have deep economic ties. Aakash Shah President, MCCI H.E. Dr. Tizita Mulugeta addressing the members. (L to R) Sanjib Kumar Kothari, Chairman, Council on MSMEs, MCCI, Aakash Shah and Demesew Kebede, Minister Counsellor, Embassy of Ethiopia in India 29HIGHLIGHTS 2020-21
Workshop on Government e-Marketplace (GeM) on 13th March 2021, GeM is a Government initiative at Conference Hall of the Chamber that offers a state-of-the- art, efficient and transparent (R) Aakash Shah, President, MCCI presenting a e-commerce platform to do memento to Nitin Jain, Director, Marvel Infocomm business with different Government Pvt. Ltd. (L) Sanjib Kumar Kothari, Chairman, departments. Council on MSMEs, MCCI The advantages which a seller can (L) Nitin Jain and Aakash Shah enjoy by registering on GeM for doing business include • Seller gets direct access to all Government departments • New product suggestion facility is available to sellers • Dynamic pricing is permitted based on market conditions • GeM provides seller-friendly dashboard for selling and monitoring of supplies and payments Nitin Jain Director, Marvel Infocomm Pvt. Ltd. GeM is the one-stop portal which offers wonderful business opportunities for small businesses. This initiative has been launched by the Ministry of Commerce and Industry to enhance transparency, efficiency and speed in public procurement. Aakash Shah President, MCCI 30 HIGHLIGHTS 2020-21
Webinar on The Code is focused on removing the multiplicity of Code on Wages wage definition. The Central 2019 & its Government is empowered to fix the floor wages and it has decided Implications to ensure that the minimum wage rate must be higher than the floor wage. on 24th March 2021 All employees should get their salary within 7th of next month. The new definition of wages includes basic pay, dearness allowance and retaining allowance. The Code is applicable to all establishments across organized and unorganized sectors. Another critical feature is the insistence on formal modes of payment such as electronic mode or cheque transaction to downplay cash transactions. Jeetender Gupta Advocate on Record, Supreme Court of India Labour comes under the concurrent list in the constitution which means that both the Central and State governments have joint jurisdiction. Due to this factor, labour wage regulations in India have been highly fractured. The new Code was brought in to avoid the regulatory multiplicity of the numerous codes it supersedes, in order to provide one comprehensive Wage Code under one legislation. Aakash Shah President, MCCI 31HIGHLIGHTS 2020-21
Webinar on Sensitisation Programme on ‘Ethics for Insolvency Professionals’ on 27th March 2021 It is important to maintain a cordial Aprofessional must act with relationship and mutual trust between objectivity in his or her stakeholder and professional. The professional dealings and ensure success of Ease of Doing Business that decisions are taken without initiatives depends on the ethics of the any bias or conflict of interest. professional. A professional must maintain integrity by being honest, straightforward Mamta Binani and forthright in all professional relationships. The person must not Chairperson, Council on Legal Affairs, MCCI misrepresent any facts and should refrain from being involved in any action that Insolvency, often a dreaded term for would being disrepute to the profession. entrepreneurs and businessmen is an unfortunate situation for which every Dr. Mukulita Vijayawargiya businessman needs to be prepared for. Whole-time Member, Insolvency & Bankruptcy Board of India Rishabh Kothari Senior Vice President, MCCI 32 HIGHLIGHTS 2020-21
MCCI Defence Forum 2021 - Scope of MSMEs in Defence Procurement on 7th April 2021 at The Park Hotel, Kolkata 33HIGHLIGHTS 2020-21
Inaugural Session - Self-Reliance in Defence Manufacturing (L to R) Sanjeev Kumar, Additional Director, Directorate of Industry Interface & Technology Management (DIITM), DRDO HQ, Ministry of Defence, Government of India, Aakash Shah, President, MCCI, Pranab Kumar Sarma, General Manager, Hindustan Aeronautics Limited, Barrackpore Division, Rishabh Kothari, Senior Vice President, MCCI and Sanjib Kumar Kothari, Chairman, Council on MSMEs, MCCI HAL is a pioneering company in the defence sector and it is the first company to adopt the principle of Atmanirbharshil Bharat. Today, HAL has sufficient R&D expertise to develop different types of aircrafts which can be exported. HAL has 8,000 registered private entities as its suppliers out of which 2,000 are MSMEs. Pranab Kumar Sarma Aakash Shah delivering the welcome address. Seated (L to R) Sanjeev Kumar, Pranab Kumar Sarma and General Manager, Hindustan Aeronautics Limited, Rishabh Kothari Barrackpore Division MCCI has always championed It is easy for an industry to the cause of MSMEs in Eastern manufacture items, provided the India. This Forum is an attempt technology is made available. Private on MCCI’s part to promote enterprises cannot afford R&D in defence procurement from MSMEs in defence sector, and this is where DRDO Eastern India. plays a critical role. DRDO envisages the industry as a partner and not just as a Aakash Shah vendor. MSMEs can engage with DRDO as partners via technology transfer for mass President, MCCI production. Sanjeev Kumar Additional Director, Directorate of Industry Interface & Technology Management (DIITM), DRDO HQ, Ministry of Defence 34 HIGHLIGHTS 2020-21
Panel Discussion - Opportunity and Challenges for OEMs & MSMEs and Ensuring Ease of Doing Business - A step forward to realise Make in India in Defence (L to R) Bijoy Kumar, Additional General Manager, Ordnance Factory, Dumdum, Krishna Kumar Mandal, Chief Manager (Integrated Materials Management), Hindustan Aeronautics Limited, Barrackpore Division, Sanjeev Kumar, Additional Director, Directorate of Industry Interface & Technology Management (DIITM), DRDO HQ, Ministry of Defence, Government of India, Rishabh Kothari, Senior Vice President, MCCI, Cdr. Bhaskar Sengupta, IN (Retd.), General Manager (QA, VD & IEP), GRSE Ltd., Sanil Peter, Assistant General Manager (Projects), Cochin Shipyard Limited, Sanjay Biswas, Manager (Material Purchase), Mazagon Dock Shipbuilders Limited and Sanjib Kumar Kothari, Chairman, Council on MSMEs, MCCI The speakers in this Session focused on their respective processes for procurement from MSMEs. Most of the Public Sector Units today use Government e-Marketplace for product procurement from MSMEs. Cdr. Bhaskar Sengupta, IN (Retd.) General Manager (QA, VD & IEP), GRSE Ltd. Krishna Kumar Mandal Chief Manager (Integrated Materials Management), Hindustan Aeronautics Limited, Barrackpore Division Bijoy Kumar Additional General Manager, Ordnance Factory Dumdum Sanil Peter The Panel Discussion was followed by a B2B interaction session which witnessed Assistant General Manager (New Projects), Cochin enthusiastic participation from MSMEs Shipyard Limited who later thanked the Chamber for the opportunity to interact with the top Sanjay Biswas defence manufacturing agencies. Manager (Material Purchase), Mazagon Dock Shipbuilders Limited 35HIGHLIGHTS 2020-21
Sustaining Growth Momentum During COVID Times on 20th April 2021 at Taj Bengal, Kolkata with Nirmala Sitharaman, Hon’ble Minister of Finance & Corporate Affairs, Government of India as Chief Guest and Dr. Vinay Sahasrabuddhe, MP, Rajya Sabha & President, ICCR as Guest of Honour 36 HIGHLIGHTS 2020-21
The lighting of the lamp (L to R) Dr. Vinay For growth, an economy needs, not Sahasrabuddhe, MP, Rajya Sabha & President, ICCR, relief, but stimulus and economic Nirmala Sitharaman, Hon’ble Minister of Finance & reforms. Only economic reforms Corporate Affairs, Government of India, Aakash Shah, can ensure the sustainable growth President, MCCI, Sanjay Rasiwasia, Chairman, Council momentum. The present Government has on Banking & Finance, MCCI and Rishabh Kothari, Senior been working on its agenda of economic Vice President, MCCI reforms even during these times as these reforms will lay the foundation of economic growth for India. Trust is the key for growth during these challenging times. There is a need for mutual trust between government and industry; the government must trust the industry and enhance ease of doing business while the industry must trust the government and support its reforms for the greater objective of economic growth. (L) Aakash Shah presenting a bouquet to Nirmala Sitharaman Nirmala Sitharaman Hon’ble Minister of Finance & Corporate Affairs, Government of India 37HIGHLIGHTS 2020-21
Presentation of memento (L to R) Rishabh Kothari, Senior The IMF recognizes India as a Vice President, MCCI, Aakash Shah, President, MCCI, defining factor for the future of Sanjay Rasiwasia, Chairman, Council on Banking & the world economy as it foresees Finance, MCCI and Nirmala Sitharaman, Hon’ble Minister Indian economy to grow at around of Finance & Corporate Affairs, Government of India 11.5% during 2021-22. (L) Rishabh Kothari presenting a bouquet to Dr. Vinay It is imperative that the new found growth Sahasrabuddhe, MP, Rajya Sabha & President, ICCR momentum is sustained even under the second wave of COVID to ensure that the 38 HIGHLIGHTS 2020-21 Indian economy retains its resilience and lives up to expectations. Rishabh Kothari Senior Vice President, MCCI India like many other countries faced the dual challenge of demand and supply shock during the lockdown period, but the Government of India was very prompt to respond to it. Even as early as 26 March 2020, a relief package worth Rs. 1.7 trillion was announced by our Hon’ble Finance Minister, which was followed by Rs. 20 trillion package announcement by our Hon’ble Prime Minister on 15 May 2020. Aakash Shah President, MCCI
Nirmala Sitharaman, Hon’ble Minister of Finance & Corporate Affairs, Government of India addressing the gathering Dr. Vinay Sahasrabuddhe, MP, Rajya Sabha & President, ICCR addressing the audience. Seated (L to R) Rishabh Kothari, Senior Vice President, MCCI, Aakash Shah, President, MCCI, Nirmala Sitharaman and Sanjay Rasiwasia, Chairman, Council on Banking & Finance, MCCI Aakash Shah, President, MCCI delivering the welcome address 39HIGHLIGHTS 2020-21
(L to R) Rishabh Kothari, Senior Vice President, MCCI, Aakash Shah, President, MCCI, Nirmala Sitharaman, Hon’ble Minister of Finance & Corporate Affairs, Government of India, Dr. Vinay Sahasrabuddhe, MP, Rajya Sabha & President, ICCR and Sanjay Rasiwasia, Chairman, Council on Banking & Finance, MCCI (L) Aakash Shah in discussion with Nirmala Sitharaman 40 HIGHLIGHTS 2020-21
(L to R) Rishabh Kothari, Senior Vice President, MCCI, Vishal Jhajharia, Past President, MCCI, Gajendra Singh Shekhawat, Hon’ble Minister of Jal Shakti, Government of India, Sanjay Rasiwasia, Chairman, Council on Banking & Finance, MCCI and S. Roy, DDG, MCCI The Jal Jeevan Mission has Recent Initiatives in enabled tap water supplies to Water Management 38% of all households in India. Presently, there are 58 districts on 23rd April 2021 in the country that have 100% tap water at The Conclave, Kolkata connection for households. West Bengal is much below the national average. with Gajendra Singh Shekhawat, Hon’ble Minister of Jal Shakti, The Land Ceiling Act is one of the major Government of India impediments for industrial development in Bengal and it needs to be addressed for PVGrSiesaashjneeajnnladtyJarhtaRiaoaSjnhsiinaworgfiahabs,iSoaRuhiqesukhheatabwh(LaKttooatnhRda)ri, the future of industries in the State. Gajendra Singh Shekhawat Hon’ble Minister of Jal Shakti, Government of India 41HIGHLIGHTS 2020-21
MCCI and MCCI Ladies Canva (Canva.com) is a do it yourself Forum (MLF) Webinar on design platform with thousands of pre-designed templates. A beginner Getting Creative with can use the templates approach, in Digital Marketing – A limited fonts and create simple designs. workshop on Canva Canva can be used to create cards, on 6th February 2021 presentations, invitations, resumes, infographics, newsletters, etc. Canva comes with a huge array of features. Canva is a great design tool for new designers. One can design anything and publish anywhere. Aditi Jhunjhunwala Graphic Design Educationalist MLF plans to hold curated sessions for learning as it is important to upgrade skills. Snigdha Shah Chairperson, MCCI Ladies Forum (MLF) It is important for a business to create MCCI and MCCI Ladies some differentiation. Differentiation makes Forum (MLF) Webinar on any initiative non identical to the others. Crafting an Online In case of digital marketing, it is important Presence for your to have branding and awareness around Business from Small the products and services but branding and to Mighty awareness itself are not enough. Customer engagement via the digital channels is also on 19th February 2021 important for digital marketing. It is crucial for a business to target its actual audience. While targeting the audience for the business, the entrepreneur has to keep in mind the following factors: • Different age groups • Gender • Purchasing power ability • Preferences Sundeep Tibrewal Founder, Glad2baWoman Business Community (GBC) It is important to upgrade skills at any age. Snigdha Shah Chairperson, MCCI Ladies Forum (MLF) 42 HIGHLIGHTS 2020-21
Snigdha Shah, Chairperson, MLF inaugurating the Session by lighting the lamp.(R) A. C. Ghosh, Executive Director – Marketing, Indian Oil Corporation Ltd. Women’s Day 2021: (L) A. C. Ghosh presenting a memento to Snigdha Shah Choose to Challenge women, but to further the horizon to on 8th March 2021 help women attain their full potential in at India Oil Bhawan, Dhakuria, Kolkata every sphere of life. Choose to Challenge focuses on encouraging everyone to with Snigdha Shah, Chairperson, MCCI challenge and remove gender bias and Ladies Forum (MLF) as Chief Guest inequality in society with the aim to collectively eradicate this social evil. As President of the MCCI Ladies Forum, I would like to congratulate 2020 was a difficult year, particularly for Indian Oil for the wonderful CSR women. The United Nations recognizes initiatives for the empowerment of the the special challenges faced by women marginalized, especially women. We globally during the pandemic. We are aware of the VIDUSHI Programme must remember that globally, 70% of that helps train young girl students to all healthcare workers are women and attain quality higher education at the they were in the frontline of the battle top institutes in India. The VIDUSHI against COVID even before a vaccine was programme has helped young girls developed. from Odisha, Jharkhand, Chhattisgarh, Uttarakhand, and Himachal Pradesh to Snigdha Shah not only dream big but also realize their dreams. Chairperson, MCCI Ladies Forum (MLF) The theme of this year’s International 43HIGHLIGHTS 2020-21 Women’s Day is Choose to Challenge. This keeps with the spirit of Women’s Day which is not just about celebrating womanhood and the achievements of
MCCI and MCCI Ladies Forum (MLF) Webinar on Importance of Spirituality in the Contemporary World on 8th March 2021 International Women’s Day is intended the ability to create a new life. to celebrate the power of women. Women often hurt themselves while Sadhvi Bhagawati Saraswati making comparisons based on skin colour, beauty, money and fame. The constant Renowned Spiritual Leader and Motivational Speaker comparisons are the cause of stress. International Women’s Day is meant Stress has become a global epidemic to recognise the spirit of womanhood. and women are often its hapless victims. On this day, women come together to Spirituality is the only way to control stress. celebrate their achievements irrespective Spirituality unites people to their own self. of national, ethnic, cultural, economic and political identities. Women should experience the inner strength that they have. Only women have Snigdha Shah Chairperson, MCCI Ladies Forum (MLF) MCCI and MCCI Ladies Forum (MLF) Webinar on Strengthening Women’s Entrepreneurship on 5th April 2021 When we talk about women’s The Commission has launched a empowerment, we are one of its kind WhatsApp helpline talking about their economic number for women in addition to independence along with mental, political the robust complaint registration system and social empowerment. Unless we already in place. empower women economically, they will not be able to participate in the growth Aakash Shah of the economy. We cannot achieve the Hon’ble PM’s target for growth without President, MCCI women’s empowerment. In India, statistics reveal that women Rekha Sharma entrepreneurs often face challenges pertaining to access to finance and Hon’ble Chairperson, National Commission for raw materials, lack of education and a Women (NCW) patriarchal society. Snigdha Shah Chairperson, MCCI Ladies Forum (MLF) 44 HIGHLIGHTS 2020-21
MCCI and MCCI Ladies Kolkata and the number of cases has risen Forum (MLF) Webinar on significantly in the last 15 days. This time, it is very challenging for the healthcare The After Effect & ecosystem to combat the disease. There Outlook for COVID is a mismatch between provisions and requirement. Many patients are facing on 23rd April 2021 trouble in getting admitted in hospitals During the first quarter of this year, due to a shortage of beds and oxygen. the number of cases came down to almost zero in Kolkata. However, the Dr. Rupali Basu Second Wave of COVID-19 has started in Director & CEO, Woodlands Multispeciality Hospital Ltd. We are now preparing to combat the second wave of COVID pandemic. This is the time when we gather from what we have learned over the last year and better prepare ourselves. This time, with a refurbished infrastructure and an Indian designed vaccine with us, we are better prepared for the challenge. Snigdha Shah Chairperson, MCCI Ladies Forum (MLF) We should be fit, fine and healthy MCCI and MCCI Ladies when we are aging in the age Forum (MLF) Webinar on span of 60 years to 80 years. Our habits, and not diets, determine fit, fine How to build immunity and healthy. Nutrigenomics concerns how and regain Strength nutrition can alter our genes. after Recovery from COVID-19 The five things that weaken our immune system are the following: on 9th June 2021 • Stress, especially prolonged chronic and ailment even after they have proven stress to be COVID negative. • Sedentary lifestyle; sitting for Manasi Kothari prolonged periods is bad for us • Junk food, packaged foods and deep Co-Chairperson, MCCI Ladies Forum (MLF) fried foods 45HIGHLIGHTS 2020-21 • Lack of quality sleep • Smoking which damages the DNA in our cells Karan Kakkad International Nutrigenomics and Disease Reversal Expert More often than not, it is the after effects of COVID that have proven to be more challenging for the patients; with numerous patients reporting varying degrees of discomfort
MCCI, MCCI Ladies Forum (MLF) & MCCI Young Entrepreneurs Forum (MYEF) Webinar on Why Challenges are Our Biggest Gifts: How to Use Challenges to Rise Higher on 31st July 2021 Challenges are a gift of life and Through MYEF, MCCI aims to create challenges are only avoidable if a platform and support system for we apply the practical knowledge aspiring entrepreneurs for personal in our life. We must remember that and professional growth. MYEF aims to commitment to work is the first step educate, promote, encourage, network and towards success. We should learn to develop successful entrepreneurs. ignore constraints in the way of success. Vidhan Rasiwasia Practical knowledge always attracts the opportunities to prosper. If we Chairman, MCCI Young Entrepreneurs Forum have enough practical knowledge, we can easily overcome the obstacles of (MYEF) our life. Every challenge offers some opportunities to grow in life. Money In our lives, COVID and its related and knowledge are both powerful developments have posed several weapons of life but we should always challenges for all of us on multiple fronts; prefer knowledge over money because be it professional challenges, personal money can be exhausted at any time challenges, health related challenges, fatigue but knowledge remains with us for and mental challenges. We are witnessing a lifetime. If we are knowledgeable a global crisis that has exacerbated enough, we can easily make money or challenges in our lives. We need to change wealth. our perspective and see the challenges as opportunities for personal growth and self Yogesh Chabria improvement. We are leading an abnormal life, which is now said to be the ‘new normal’. Bestselling Author and Founder of The HappionaireTM Way Snigdha Shah Chairperson, MCCI Ladies Forum (MLF) 46 HIGHLIGHTS 2020-21
The lighting of the lamp (L to R) Manasi Kothari, Co-Chairperson, MLF, Dr. Shashi Panja, Hon’ble Minister of Women & Child Development and Social Welfare, Government of West Bengal, Aakash Shah, President, MCCI and Snigdha Shah, Chairperson, MLF MCCI and MCCI Ladies Forum (MLF) Session for Convocation of the 1st Cohort of Grassroot Entrepreneurship Mentorship Programme on 8th September 2021 at The Oberoi Grand, Kolkata with Dr. Shashi Panja, Hon’ble Minister of Women & Child Development and Social Welfare, Government of West Bengal as Chief Guest 47HIGHLIGHTS 2020-21
(L) Aakash Shah, President, MCCI presenting a bouquet to Dr. Shashi Panja, Hon’ble Minister of Women & Child Development and Social Welfare, Government of West Bengal 48 HIGHLIGHTS 2020-21
Granting seed money to the Economic and financial empowerment beneficiaries is appropriate as money of women is a critical aspect of is a key ingredient for success. social development. When women engage in a profession, its impact goes I am impressed that the beneficiaries of beyond mere financial empowerment of this programme are financially literate as the individual woman. Women in workforce financial literacy comes only after many have long lasting impact on household other hurdles have been crossed. I am also incomes, household lifestyle & savings, impressed by the fact that the beneficiaries children’s education and old-age spending are active on social media. to name a few. Dr. Shashi Panja Aakash Shah Hon’ble Minister of Women & Child Development President, MCCI and Social Welfare, Government of West Bengal Under the Grassroot Entrepreneurship Mentorship programme, a series of training & mentoring sessions were conducted for 20 beneficiaries associated with the NGO, Literacy India for over 3.5 months, on topics ranging from financial literacy, digital literacy, social media marketing to soft skills. Most of these women have started their own micro- enterprises. Snigdha Shah Chairperson, MCCI Ladies Forum (MLF) (L to R) Khushboo Saraf, Member, MLF, Manasi Kothari, Co-Chairperson, MLF, Snigdha Shah, Chairperson, MLF and Vayjayanti Pugalia, Core Committee Member, MLF The beneficiaries with their mentors and others 49HIGHLIGHTS 2020-21
Webinar on IRDAI Initiatives in This Pandemic Time on 27th April 2021 During the ongoing pandemic, the Government of India and the regulatory agencies have ensured that certain critical services continue even under these challenging circumstances. In this regard, IRDAI has focused on insurer’s settlement, insolvency and policy agreement. During the lockdown phase, the Authority extended grace period for premium settlement from March to May for those policyholders who face challenges in paying their premiums. IRDAI also ensured comprehensive communication with the policyholders to help them through this difficult phase. IRDAI initiated a standard individual health insurance policy called Arogya Sanjeevani policy to cover treatment of COVID-19 and it also designed policies such as Corona Rakshak to cover the cost of the treatment of COVID-19. K. Ganesh Member (Life), IRDAI The COVID crisis and the economic slowdown resulting from the related lockdown has proved to be a major socio-economic challenge for the country. Thankfully, agencies such as IRDAI have been extremely proactive throughout this period to ease the concern of Indian citizens. Rishabh Kothari Senior Vice President, MCCI 50 HIGHLIGHTS 2020-21
Webinar on Sustaining Robust Growth Rates on 29th April 2021 with Dr. Rajiv Kumar, Vice Chairman, NITI Aayog In order to achieve the potential growth rate, India has to fulfill five major conditions: • The first condition is that India must raise its rate of investment from below 30% of GDP to 35%-40% of GDP • The second condition is that India must increase exports as a share of GDP • The third condition is that the share of manufacturing in GDP must increase. Manufacturing cannot remain small scale and instead, it must emerge to be globally competitive • The fourth condition is that India needs to modernize its agriculture. Currently, our water usage is too high, yields are too low and stocks are so expensive that they cannot be sold • The fifth condition is to build trust between government and private sector Dr. Rajiv Kumar Vice Chairman, NITI Aayog The economic slowdown associated with COVID required several interventions from the Government. In particular, Atmanirbhar Bharat Package deserves special mention. The interventions, ranging from relief to stimulus packages, cover a wide array of sectors and industries. Thanks to these interventions, after two consecutive quarters of contraction, the country’s gross domestic product (GDP) entered into a positive territory with growth of 0.4% in the October-December quarter of the last fiscal. India is noted for achieving a V shaped recovery in a very short period of time. Aakash Shah President, MCCI 51HIGHLIGHTS 2020-21
Webinar on Opportunities in a Volatile Market on 6th May 2021 Investors are advised to invest in asset allocation products which currently have limited exposure to equities but can increase the same at the right time. Investors should consider investing in Balanced Advantage Funds which can have equity holding anywhere in the range of 30% to 80%. The positive factors for the stock market include abundant systemic liquidity, healthy inflows into Mutual Funds, lower corporate taxes, PLI and good monsoons for the third consecutive year. It is futile to try and time the market. Typically, when the market makes a bottom, there is so much fear along with gloom and doom that investors do not have the courage to invest. Union AMC does not try to time the market nor does it do momentum investing. G. Pradeepkumar CEO, Union Asset Management Co. Pvt. Ltd. The Volatility Index (or India VIX) based on the Nifty Index Option prices has reportedly been at its peak of 11 years in 2020. The VIX, which measures the market’s expectation of volatility in the near term was at its historic high, on 24 March 2020, at 86.64. Rishabh Kothari Senior Vice President, MCCI 52 HIGHLIGHTS 2020-21
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