MCCI Distributed Masks and Sanitiser at Posta Bazar and College Street Market on 11th May 2021 (L to R) Vivek Gupta, Immediate Past President, MCCI, Following a request from Lalit Beriwala, Vice President, MCCI, Chandan Chakraborty, the Government of Working President, Goutam Gupta, Joint Secretary and West Bengal, on 21 April Sandip Agarwal, Additional General Secretary, Posta Bazar 2021, the markets in Kolkata were allocated among (L to R) S. Roy, DDG, MCCI, Subhashish Chambers and Associations Deb, Secretary, College Street Market, for extending support for S. A. Faisal, Executive Member, College sanitisers, masks and social distancing. Street Market, Vivek Gupta, Dr. Amitayu Sengupta, DDG, MCCI and Lalit Beriwala MCCI was entrusted to take care of Posta Bazar, College Street Market and Ramlal Ba- zar. On behalf of MCCI, on 11 May 2021, Vivek Gupta, Immediate Past President, Lalit Beriwala, Vice President, S Roy, DDG and Dr. Amitayu Sengupta, DDG distributed masks and sanitiser at Posta Bazar and College Street Market among shopkeepers, hawkers and customers. 53HIGHLIGHTS 2020-21
Webinar on infected and they can get their treatment at home, 15% of the Expert’s patients are moderately infected overview on and may need hospital admission, COVID-19: while 5% of the patients are Prevention, severely infected and may need to Treatment be admitted to ICU. Patients with and Post mild symptoms need reassurance COVID more than anything else. Effects Dr. Randeep Guleria on 1st June 2021 Director, AIIMS, New Delhi with Dr. Randeep Guleria, We are presently Director, AIIMS, witnessing a virulent New Delhi second wave of COVID in our country. The second wave of The entire healthcare ecosystem COVID-19 has hit India has been challenged to its limit due to relaxation of with this onslaught. The pandemic precautions, laxity among is also taking a heavy toll on our the public and possibly the economy. arrival of mutant strains which are potentially more infectious. Aakash Shah The disease can be prevented by wearing a mask, maintaining President, MCCI physical distance, hand hygiene, vaccination and limited lockdowns. The flu pandemic in 1918 occurred in three phases. It is a precautionary tale of what to expect from the COVID-19 pandemic. The pandemic is likely to persist till the world’s entire population is vaccinated or naturally infected. Data from the 1918 pandemic in America suggests that places with the tightest restrictions fared best. 80% of the patients get mildly 54 HIGHLIGHTS 2020-21
Webinar on Securing Future with Pension Planning on 3rd June 2021 with Supratim Bandyopadhyay, Chairperson, Pension Fund Regulatory and Development Authority India will surpass China as the world’s most populous country by 2027. Currently, 10% of India’s population is above 68 years of age which will rise to 25% by 2060. Presently, life expectancy is 68 years for men and 70 years for women in India. Young people should contribute small amounts towards their old age pension. It is difficult to cut expenses when we get old. Also, we need to keep in mind that medical expenses keep rising. However, the reality is that only 2% to 4% of private sector employees register in the National Pension System. Supratim Bandyopadhyay Chairperson, Pension Fund Regulatory and Development Authority One particularly good initiative under the Authority has been the introduction of the New Pension Scheme (NPS). NPS was initially notified for Central Government employees who joined on or after 1 January 2004 and it was eventually adopted by almost all State Governments for its employees. The NPS was subsequently extended to all citizens of the country w.e.f. 1 May 2009 including self-employed professionals and others in the unorganized sector on a voluntary basis. Subodh Kumar Agrawal Chairman, Council on Capital Market & Insurance, MCCI 55HIGHLIGHTS 2020-21
E-workshop on Effective Bidding for Government & Public Tenders on 4th June 2021 It is important for a bidder to choose the right tenders, otherwise the bidder can miss the opportunities. This workshop is designed to help the attendees on effective bidding and its procedures. The different types of tenders are as follows: • Open tender • Negotiated tender • Single stage or two stage tender • Reserve / forward auction Nitin Jain Director, Marvel Infocomm Pvt. Ltd. The Government e-Marketplace is a one stop portal to facilitate online procurement of commonly used goods and services required by Government departments. Rishabh Kothari Senior Vice President, MCCI 56 HIGHLIGHTS 2020-21
E-Workshop on Technical Preparedness for Department Audit under GST, for MSMEs on 12th June 2021 Audit can help businesses to the taxpayer has correctly self- find out errors, rectify them, assessed his tax liability a robust audit devise a mechanism to avoid mechanism is a must. errors in future and also train their Accounts team. Abhishek Agarwal GST audit is necessary at times Founder, Abhishek Shankar Agarwal & to maintain a check and examine Associates correctness of GST paid and the refund claimed, especially for certain In recent times, some businesses categories of taxpayers. GST Audit have been issued notices by will apply every year for those GST tax authorities for conducting registered business having turnover GST Audit. There are different more than Rs. 2 crores in a financial categories of GST Audit under the year. GST is a trust-based taxation Act - Audit required to be done by the regime wherein a taxpayer is required registered person u/s 35, Audit by tax to self-assess his tax liability, pay authorities u/s section 65 and special taxes and file returns. Thus, to ensure Audit u/s 66. Sanjib Kumar Kothari Chairman, Council on MSMEs, MCCI 57HIGHLIGHTS 2020-21
Traditional advertising and marketing have limitations in today’s world. Exhibitions are a loss-making proposition for 95% of the organisers. Advertisements in newspapers, magazines and yellow pages are old ideas. Radio and TV advertisements are too expensive for many smaller companies. Most businesses rely on word-of-mouth advertising which is not in one’s control. To avoid these difficulties, digital marketing is a viable option. Digital marketing is the process of reaching out to and engaging with the potential buyers though digital media like Internet, E-mail & Mobile phones. Webinar on Manuj Bajaj Digital Marketing CEO, GreyBox Technologies is Easy When You Marketing and advertising Know How have come a long way, with digitalization adding a new on 19th June 2021 fillip to these services. Manish Gourisaria Chairman, Council on Retail Marketing & Communication (REMARCOM), MCCI Digital Marketing is the future in marketing. This new marketing strategy offers innovative means of approaching customers and new ways of understanding how customers behave, as compared to traditional marketing. Aakash Shah President, MCCI 58 HIGHLIGHTS 2020-21
There is a belief that Webinar on improved planning would lead to better Economic outcomes. However, no Resilience in planning could have predicted a Uncertain Times pandemic like COVID. As in the case of the pandemic, it is tough on 24th June 2021 to take decisions when there are vastly different possible with Sanjeev Sanyal, Principal Economic outcomes. Also, given its huge Advisor, Government of India population, India cannot make abrupt changes in policy which 59HIGHLIGHTS 2020-21 is possible for small countries. The principle must be that we should accept that we are dealing with uncertainty. We need to take steps against a possible third wave, but we cannot predict the third wave. Surveillance is an important factor in this context. In general, it is more sensible to watch what is happening, and then respond quickly instead of forecasting. Sanjeev Sanyal Principal Economic Advisor, Government of India Since April 2021, India witnessed a more acute COVID-19 second wave. The different states of the country had to impose restrictive measures to ‘break the chain’. However, these restrictive measures interrupted economic activities, leading to stalling of the recovery process and accentuating the crisis. There are apprehensions that the second wave may not be followed with a V shaped recovery as last year. Aakash Shah President, MCCI
MCCI & Vision and culture are the MCCI Young drivers of entrepreneurship. Entrepreneurs The vision allows the Forum (MYEF) entrepreneur to draw Webinar on others towards their own idea. A vision provides a sense of purpose Building a and direction for the business. An World-Class entrepreneur’s vision helps define Business from short and long-term goals as well as Scratch guides the decisions along the way. A leader has the vision and conviction on 25th June 2021 that a dream can be achieved. They inspire the power and energy to get 60 HIGHLIGHTS 2020-21 work done. On the other hand, the culture helps the entrepreneur to build something from scratch and solve difficult problems in unusual and innovative ways to create greatness. Rohit Kapoor CEO - INSEA, OYO OYO Hotels & Homes is one of the premier start-ups in India, and one of its most famous Unicorns. It is the world’s third-largest and the fastest growing hospitality chain of leased & franchised hotels, homes and living spaces. Vidhan Rasiwasia Chairman, MYEF The tech start-up sector is the most interesting and vibrant sector in India today. Indian entrepreneurship, fueled by the new age digital prowess has turned India into the third largest tech start- up base in the world. Digital India is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. Together, Digital India and Make in India serve as a powerful call to action for Indian innovators, citizens and business leaders. Aakash Shah President, MCCI
During the first quarter of Webinar on this year, the economy was growing with the Outlook on the optimism that the Economy due to worst was over. The impact COVID surge and of the second wave on both economy and society is worse impact on the than the first wave. This time, Banking sector rural areas are more affected and the demand from rural areas has on 28th June 2021 fallen. 61HIGHLIGHTS 2020-21 But our country is recovering from the worst phase of the second wave. The Government of India has initiated a programme of providing vaccines and hopefully the entire adult population will get vaccinated over the coming year. The vaccination drive will tide over the entire challenge but we have to learn to live in new normal. V. S. Radhakrishnan Deputy Managing Director, State Bank of India We are in the second year of our struggle with COVID-19 pandemic. The pandemic has resulted in a severe human tragedy and an economic paralysis for India. Our optimism and outlook seem to ride the pandemic wave. During the first quarter of this year, India was recognized as the second most resilient economy in the world after Germany. The second wave triggered state government induced restrictions that slowed down the recovery trajectory. With the decrease of the second wave, we are witnessing the first signs of revival. Rishabh Kothari Senior Vice President, MCCI
Webinar on Impact of second wave on the recovery of Indian economy We are at an interesting on 8th July 2021 inflection point as the second wave is receding. But, we are expecting a third wave. Dr. Shubhada Rao There is no blanket approach or Founder, QuantEco Research and Former Group universal strategy with respect to the virus and the effect of the President & Chief Economist, Yes Bank Ltd. pandemic varies from region to region. It has been determined that Debt / GDP ratio should be 60% in future. Dhruv Bhalla Today, Debt / GDP ratio is higher. In the medium term, we need to look Group Head – Brand & Corporate Affairs, Srei at the Debt / GDP figure, which has Infrastructure Finance Ltd. deteriorated in the last two years. Consumption has a high Prof. Pinaki Chakraborty contribution to GDP in India. The Consumer Confidence Index Director, National Institute of Public Finance & shows a steady decline. The Policy Index was at 105 pre-COVID and it fell to as low as 50 during the COVID crisis. So, There is a fear of inflation and the consumer confidence was badly hit. Fed’s tapering effect can spill over to emerging economies. Siddhartha Sanyal Saugata Bhattacharya Chief Economist & Head - Research, Bandhan Chief Economist & Senior VP, Axis Bank Bank Developed nations are The second wave of COVID seems experiencing demand pull to have abated. Nonetheless, inflation while inflation in we are living under the shadow developing nations is coming of a possible third wave, while from the cost side. With rising prices we are still grappling to figure out the of steel, food, etc. are we looking at exact impact of the damage done by the stagflation? RBI cannot further cut second wave. interest rates and our fiscal space is limited. Rishabh Kothari Dr. Partha Pratim Pal Senior Vice President, MCCI Professor of Economics, IIM Calcutta 62 HIGHLIGHTS 2020-21
Webinar on Recent Circulars issued on GST and their Impact on 22nd July 2021 One of the circulars on GST issued by the Government in June 2021 covers the mid-day meal scheme. Mid-day meal is the service provided to an educational institution by way of catering, sponsored by the Central or State Government. Any sponsorship of the mid-day meal scheme through corporate funding is covered in the GST exemption. This circular assured that if any corporate is giving donation for the purpose of mid- day meal, then this donation is exempted under GST. Sushil Kumar Goyal Co-Chairman, Council on GST & Indirect Taxes, MCCI Some of the recent GST amendments are aimed to move the nation towards a regime where the supplier has to ensure compliance at the end of the vendors for it to be in a position to claim the ITC of the tax charged. The transfer of onus, aimed to bring greater transparency and accountability, nonetheless leads to additional burden on businesses. Rishabh Kothari Senior Vice President, MCCI 63HIGHLIGHTS 2020-21
President’s Online Address at Celebration of Income Tax Day 2021 on 24th July 2021 We appreciate the healthy development whereby share of direct tax collection to total tax collection has steadily improved in the country. From only 36.3% share of direct taxes in total tax revenues in 2000-01, it has improved to around 50% by the last decade. This is a welcome change as we all understand that indirect taxes are more regressive in nature and hence a higher proportion of direct taxes reflects a progressive tax regime. But perhaps, what has been the biggest achievement in tax reforms is improvement of ease for filing taxes. The introduction of Saral forms, the speed of digitalization, the providence of online access to Form 26AS are remarkable developments as they have empowered individuals to file their own taxes. Gone are the days when even the salaried class needed the help of professional accountants to file their annual income taxes. Today, filing an income tax return is a simpler and easier process. This in turn encourages greater compliance as well. Aakash Shah President, MCCI 64 HIGHLIGHTS 2020-21
Initially, the Sensex fell by about 40% at the start of the COVID onslaught. Later, while the disease was spreading rapidly, the stock market showed resilience as people figured out that the number of COVID deaths was not that high. People gradually realized that India is stable and the market started to rise. In order to provide its customers with liquidity services, BSE ran its operations normally during the COVID crisis. Ashishkumar Chauhan Managing Director & CEO, BSE Ltd. At a time when economic activity in India has been derailed by the ongoing COVID-19 crisis, the country’s equity markets seem to be confidently riding the second wave. During the global crisis period, all the Central Banks of the world combined injected approximately $11 trillion as stimuli to combat the pandemic. The flush of liquidity had its impact on bourses across the world. Aakash Shah President, MCCI Webinar on Indian and World Stock Market – current and post COVID scenarios on 29th July 2021 65HIGHLIGHTS 2020-21
Webinar on Decoding the IPO Market: Fund raising Opportunities on NSE on 17th August 2021 National Stock Exchange (NSE) is one of the largest stock exchanges in the world. This is the first stock exchange in India which has introduced electronic trading facilities. NSE has introduced various fund raising avenues for companies specially SMEs in recent times. Rachana Bhusari Vice President, Listing Business Development - National Stock Exchange of India Ltd. The Indian stock market hit new highs just before the lockdown, which was followed by a temporary slump. The market started rallying when economic conditions were harsh due to the nationwide lockdown. It is understood that the recent bull run in the stock markets is the main incentive for companies to launch their IPOs so that they can raise funds from the equity markets at high valuations. Rishabh Kothari Senior Vice President, MCCI 66 HIGHLIGHTS 2020-21
Destination The lighting of the lamp (R to L) Mamta Andhra Binani, Chairperson, Council on Legal Pradesh - Affairs, MCCI, Vishal Jhajharia, Past A Land of President, MCCI, Aakash Shah, President, Opportunities MCCI, J. V. N. Subramanyam, IAS, Vice Chairman & MD, Andhra Pradesh Industrial on 20th August 2021 Infrastructure Corporation, Commissioner, at The Oberoi Grand, Kolkata Department of Industries, Commerce & Export Promotion, CEO, Andhra Pradesh Economic Development Board, Krishna G. V. Giri, Executive Vice Chairman, Andhra Pradesh Economic Development Board, Advisor-Industries, Govt. of Andhra Pradesh, Anirudh Jhunjhunwala, Chairman, Council on Industry, MCCI and Manoj Mohanka 67HIGHLIGHTS 2020-21
Presentation of memento (L to R) Aakash Shah, Anirudh (L to R) Mamta Binani, Chairperson, Council on Legal Jhunjhunwala, J. V. N. Subramanyam and Krishna G. V. Giri Affairs, MCCI, Aakash Shah, President, MCCI, J. V. N. Subramanyam, IAS, Vice Chairman & MD, Andhra Pradesh Industrial Infrastructure Corporation, Commissioner, Department of Industries, Commerce & Export Promotion, CEO, Andhra Pradesh Economic Development Board, Krishna G. V. Giri, Executive Vice Chairman, Andhra Pradesh Economic Development Board, Advisor-Industries, Govt. of Andhra Pradesh and Anirudh Jhunjhunwala, Chairman, Council on Industry, MCCI Some advantages of Andhra Pradesh as The primary objectives are promotion an investment destination include of industrialization and Environment & Social Governance. Since May • Seamless governance: Ranked 2019, 65 mega & large projects have been number one in Ease of Doing implemented. Business Krishna G. V. Giri • Proximity to skilled labour: Abundant availability of skills Executive Vice Chairman, Andhra Pradesh Economic Development Board; Advisor - • Skill development programmes: Industries, Government of Andhra Pradesh Partnership with AP Skill Development Corp. for skilling The objective of this Session is programmes of employees, thereby to explore new opportunities of reducing cost towards skilling engagement between Andhra Pradesh and West Bengal. While Andhra • Conducive industrial policies, Pradesh has been registering a GSDP complementing PLI schemes growth rate of 11.5% over the last decade, West Bengal has been growing at • Proximity to R&D hubs and markets approximately 10% during the same period. • Lower power cost Even under the COVID duress, both states • Lowest water cost have managed to maintain positive growth rates despite the severe challenges. J. V. N. Subramanyam, IAS Aakash Shah Vice Chairman & MD, Andhra Pradesh Industrial Infrastructure Corporation (APIIC); Commissioner, President, MCCI Department of Industries, Commerce & Export Promotion; CEO, Andhra Pradesh Economic Development Board 68 HIGHLIGHTS 2020-21
Developments (C) Dr. Subrata Gupta, IAS, Additional Chief Secretary, and Department of Food Processing Industries & Horticulture, Opportunities in Government of West Bengal addressing the members. On Food Processing his left, Aakash Shah, President, MCCI and on his right, & Horticulture Suresh Agarwal, Chairman, Council on Agriculture & Food Sector of West Processing, MCCI Bengal (R) Aakash Shah presenting a memento to on 24th August 2021 Dr. Subrata Gupta at Conference Hall of the Chamber 69HIGHLIGHTS 2020-21 Although West Bengal is one of the largest food producing states in the country, only 2.8% of the produce is processed, while more than 27% is wasted before reaching the market. The problem stems from the low scale of agricultural production in the state, given that land holdings of farmers are very small and most of them engage in subsistence farming. Such small scale farmers cannot invest in modern storage or transportation facilities on their own. Dr. Subrata Gupta, IAS Additional Chief Secretary, Department of Food Processing Industries & Horticulture, Government of West Bengal West Bengal is one of the forerunners in the Food Processing & Horticulture sector. This is only natural given that the state is blessed with six agro-climatic zones that offer great biodiversity for agricultural production. Aakash Shah President, MCCI
The discussion underway (L to R) Harikrishnan Namboodiri, Manager, Cochin Shipyard Limited, Sanjib Kumar Kothari, Chairman, Council on MSMEs, MCCI, S. K. Majee, Chief Manager (Integrated Materials Management), Hindustan Aeronautics Limited, Barrackpore Division and Siddhartha Sarkar, Chief Manager (I&DLE), Hindustan Aeronautics Limited, Barrackpore Division Workshop cum Buyer-Seller Meet on Participation of MSMEs in Defence Procurement on 31st August 2021 at Conference Hall of the Chamber This event was essentially a B2B Hindustan Aeronautics Limited is workshop to help promote procurement now willing to work with private of Defense Public Sector Units (DPSUs) players on assembling, repairing from MSMEs of West Bengal. Hindustan and designing aircrafts and helicopters. Aeronautics Limited, Barrackpore Division HAL is concentrating on procuring and Cochin Shipyard were the two DPSUs indigenized products and services. at the event, which was attended by over 20 Kolkata and Hooghly based MSMEs. S. K. Majee The workshop had over an hour of one on one meetings running in parallel between Chief Manager (IMM), Hindustan Aeronautics representatives from HAL and Cochin Limited, Barrackpore Division Shipyard with the participants. Cochin Shipyard has two units operational in West Bengal. These units are now soliciting private suppliers for AC and hydraulics preferably from within the State. Harikrishnan Namboodiri Manager, Cochin Shipyard Limited The event is a follow-up to the earlier MCCI Defence Forum hosted in the month of April, given the hearty response to the event and the continued interest shown by MSMEs. This is an initiative of MCCI to help MSMEs from Eastern India and enhance their opportunities in defence procurement. Sanjib Kumar Kothari Council on MSMEs, MCCI 70 HIGHLIGHTS 2020-21
Some steps taken by SEBI include Webinar on • Rights issues can be traded • Special dispensation for Recent Regulatory companies with stressed assets Initiatives in • Companies are being asked to Securities Market submit results of forensic audits • Life has been made easier for on 6th September 2021 promoters with a liberalised 71HIGHLIGHTS 2020-21 classification of promoters • The minimum contribution of promoters has been relaxed • Lock in period for promoters has been reduced to 18 months from 3 years • Tightening of dividend distribution policy • E-voting facility has been introduced • Changes have been introduced for independent Directors • A revamped Riskometer for MFs has been devised • Spurious companies cannot become intermediaries • Unregistered investment advisors are facing a crackdown • A regulatory sandbox has been established • Reforms are planned for the corporate bond market Santosh Kumar Mohanty Whole-time Member, Securities and Exchange Board of India We all are aware of the bull run in the bourses, what is often overlooked is the role played by the regulators in maintaining discipline and best practices during such runs. SEBI has come a long way to initiate a lot of reforms to make the market safer for investors. Rishabh Kothari Senior Vice President, MCCI
The lighting of the lamp (L to R) Tushar Dalmia, Director, Anvil Cables Pvt. Ltd., S. Suresh Kumar, IAS, Additional Chief Secretary, Department of Power, Government of West Bengal, Aakash Shah, President, MCCI, Akhruzzaman, Hon’ble Minister of State, Power Department, Government of West Bengal, Debasish U. Banerjee, Managing Director, Distribution, CESC Limited and Avijit Ghosh, Co- Chairman, Council on Power & Renewable Energy, MCCI MCCI East India Energy Forum 2021 - Energy Infrastructure Development needs in West Bengal & East India on 8th September 2021 at The Oberoi Grand, Kolkata 72 HIGHLIGHTS 2020-21
Inaugural Session - Energy Infrastructure Development needs in West Bengal & East India Anvil Cables is implementing Smart Meter The power sector in India is technologies that provide for increased characterized by diversified fuel efficiency in billing and collection as sources, consisting of environmentally well as ensure transparency in billing system, sustainable sources, such as solar and besides providing other benefits. wind as well as conventional sources, such as coal and oil. Thermal power is the Tushar Dalmia predominant type of installed capacity in India. Director, Anvil Cables Pvt. Ltd. Aakash Shah Renewable energy is the major game changer for the power sector. Non- President, MCCI conventional energy needs more encouragement for adoption in India. (R) Aakash Shah, President, MCCI presenting a bouquet to Akhruzzaman, Hon’ble Minister of State, Power Department, Debasish U. Banerjee Government of West Bengal Managing Director, Distribution, CESC Limited Renewable energy sources have their limitations and thermal energy sources are more reliable than solar energy. S. Suresh Kumar, IAS Additional Chief Secretary, Department of Power, Government of West Bengal Over the last decade, the Government has improved the power infrastructure in the state. The Government of West Bengal is working on its goal of increasing connectivity and the customer base. Akhruzzaman Hon’ble Minister of State, Power Department, Government of West Bengal The panellists (L to R) S. Suresh Kumar, IAS, Additional Chief Secretary, Department of Power, Government of West Bengal, Akhruzzaman, Aakash Shah, Debasish U. Banerjee, Managing Director, Distribution, CESC Limited, Avijit Ghosh, Co-Chairman, Council on Power & Renewable Energy, MCCI and Tushar Dalmia, Director, Anvil Cables Pvt. Ltd. 73HIGHLIGHTS 2020-21
Panel Discussion - Renewable: Enabler for Sustainable Growth (L to R) Suddhasatta Kundu, Senior Manager (Technical Advisory), India Smart Grid Forum, Digbijoy Chakraborty, MD & CEO, SunEco Tech Ventures Pvt. Ltd., Dr. B. K. Choudhury, Professor, Department of Energy Management, IISWBM, Rajib Das, DGM (Planning), CESC Limited and Deepak Hansda, Deputy Manager – Technical, Energy Efficiency Services Limited (EESL) Some key topics were discussed, such as • There are a few countries that have already totally shifted to renewable energy • Public-private partnership is the key factor for increasing non-conventional energy use in India, • In South India, renewable energy has been established as a major source of power • In North East India, there is high potential for establishing non-conventional energy sources • The cost of renewable energy has come down • The Government of West Bengal has decided to install solar rooftop units in public schools, hospitals and other places Dr. B. K. Choudhury Professor, Department of Energy Management, IISWBM Digbijoy Chakraborty MD & CEO, SunEco Tech Ventures Pvt. Ltd. Rajib Das DGM (Planning), CESC Limited Suddhasatta Kundu Senior Manager (Technical Advisory), India Smart Grid Forum Deepak Hansda Deputy Manager – Technical, Energy Efficiency Services Limited (EESL) 74 HIGHLIGHTS 2020-21
The COVID-19 shock could have led to COVID-19 full scale financial crisis and collapse of Shock: the real economy, but timely actions Macro- by central banks and governments have Financial helped keep the global economy afloat. Impact Front-loaded and sustained RBI support and Policy during the current pandemic has forestalled Responses a crisis. on 9th September 2021 The economic impact of the second wave at Conference Hall of the was relatively muted. The Indian economy Chamber is on the recovery path, but structural challenges remain. (L to R) Susobhan Sinha, Regional Director, RBI, Kolkata, Dr. Mridul Saggar, Executive Director, RBI, Aakash Shah, It is a myth that COVID-19 battered India President, MCCI and Chandra Shekhar Ghosh, MD & CEO, like nowhere else. These perceptions Bandhan Bank do not match data. India was not the worst affected country either in terms of 75HIGHLIGHTS 2020-21 infections, or in terms of fatalities. Once normalized by size of the population, infections and fatalities in India were lower than the global average. The planned upscaling of the vaccination programme in India augurs well for the economic prospects next year. Dr. Mridul Saggar Executive Director, Reserve Bank of India People are returning to economic activities after the second wave of COVID-19. They have learned to manage the crisis. Chandra Shekhar Ghosh MD & CEO, Bandhan Bank The Central Bank has injected liquidity into the system. However, such liquidity cannot be continued forever and businesses need to be prepared for such an eventuality. Susobhan Sinha Regional Director, RBI, Kolkata Heightened risk averseness among bankers coupled with a slowing economy resulted in sustained decline in bank credit to the industrial sector. It is understandable that banks would like to lower their exposure to high risk customers during an economic slowdown. Unfortunately, this does not augur well for MSMEs. Aakash Shah President, MCCI
(C) Aakash Shah, President, MCCI presenting a Transfer of development rights (TDR) memento to Shuvaprasanna, Chairman, West will enable the heritage property Bengal Heritage Commission. On his left, Alapan owner to monetise value of the Bandyopadhyay, IAS (Retd.), Chief Advisor to the building without demolishing it for real Hon’ble Chief Minister of West Bengal estate development. Greater public awareness is needed to convince heritage Conservation property owners to accept TDR. of Built Heritage – a Shuvaprasanna way forward Chairman, West Bengal Heritage Commission on 28th September 2021 at Conference Hall of the Heritage – TDR is needed to save Chamber the city’s built heritage. If the draft heritage – TDR plan can with Shuvaprasanna, Chairman, West be formulated consensually among all Bengal Heritage Commission stakeholders, including property owners, developers, heritage activists, architects, town planners, historians and legal experts, the government can process legislation of the draft after vetting it. Alapan Bandyopadhyay, IAS (Retd.) Chief Advisor to the Hon’ble Chief Minister of West Bengal Member, West Bengal Heritage Commission 76 HIGHLIGHTS 2020-21
Once it becomes a law, the civic body The discussion underway (L to R) Partha Ranjan Das, Member, will issue the heritage property West Bengal Heritage Commission, Shuvaprasanna, Chairman, owner, TDR right in the form of extra West Bengal Heritage Commission, Aakash Shah, President, Floor Area Ratio (FAR), calculated on the MCCI, Alapan Bandyopadhyay, IAS (Retd.), Chief Advisor to basis of floor area the heritage property the Hon’ble Chief Minister of West Bengal, Munish Jhajharia, owner could get by demolishing and Chairman, Council on Infrastructure & Real Estate, MCCI and redeveloping it. Land owners of heritage Mukul Agarwal, Founder Trustee, Calcutta Heritage Collective properties will be allowed to sell their unutilized FAR to others at a mutually Dr. Rupali Basu, Managing Director, Woodlands Multispeciality acceptable rate with prior permission from Hospital Ltd. presenting a memento to Alapan Bandyopadhyay. local urban or municipal authority. (R) Munish Jhajharia Partha Ranjan Das Heritage conservation is the actions Member, West Bengal Heritage Commission that aim at protecting a cultural resource in order to maintain its One hopes for a collaborative effort of heritage value. all stakeholders – owners, developers, planners and the government to Aakash Shah ensure that the TDR draft can be brought to fruition. President, MCCI Mukul Agarwal Founder Trustee, Calcutta Heritage Collective The FAR purchased by a developer can be utilized for extra floors in his new constructions. This has been an accepted norm internationally to incentivise the heritage property owner, who does not need to sell his property. Munish Jhajharia Chairman, Council on Infrastructure & Real Estate, MCCI 77HIGHLIGHTS 2020-21
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