Icc-Committee-Meeting-Sep-2020-R
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To All Executive Committee/ Invitees Dear Sir / Madam, Next Committee Meeting This is to inform you that the next meeting of the Executive Committee of the chamber will be held on 28th September' 20, Monday from 03:15 to 5.00 pm. In view of COVID-19 we will be holding the Committee Meeting through ZOOM this time also and the login details will be shared after receiving your kind confirmation to join. The main agenda of the meeting is to discuss the impact of COVID-19 and future outlook.. I am also happy to inform that Mr Rajnish Kumar, Chairman, SBI, has kindly agreed to address the Committee Members on 'Banking & Finance Sector transformation to support Atmanirbhar Bharat'. Looking forward to your kind confirmation to join and participation at this important meeting. Thanking You, Yours sincerely, Rajeev Singh Director General Encl: Agenda EXECUTIVE COMMITTEE MEETING Monday, the 28th September’20 3.15 pm to 5.00 pm on ZOOM online platform AGENDA 1 Minutes of the last Committee Meeting held on 14th August’20 for approval AGENDAAGENDA AGEDA 2 1 Activity Report during 14th Aug to 27th September’ 2020 AGENDA 3 Resolutions, Membership related approval AGENDA 4 ‘State of the Economy’ AGENDA 5 Interaction with Mr Rajnish Kumar, Chairman, SBI on Banking & Finance Sector transformation to support Atmanirbhar Bharat AGENDA 6 Any other matter Indian Chamber of Commerce, Kolkata Minutes of Meeting of the Committee held on 14th August, 2020, Webinar, Kolkata PRESENT Mr Mayank Jalan President Mr Vikash Agarwal Senior Vice President Mr Pradeep Sureka Vice President Mr Sanjay Agarwal Member Mr Vikas Agarwal Invitee Mr Rudra Chatterjee Member Mr Harish Agarwal Invitee Mr Gyanesh Chaudhary Member Mr Vinod Bamalwa Invitee Mr J P Chowdhary Member Mr Rupak Barua Invitee Mr Chitranjan Dar Member Dr Rupali Basu Invitee Mr C K Dhanuka Member Prof.(Dr.) Dhrubajyoti Chattopadhyay Invitee Mr Sourav Ghosh Member Mr Asish Chhawchharia Invitee Mr Gaurav Jalan Member Mr Rajat Dalmia Invitee Mr Adarsh Kanoria Member Mr Shrikant Goenka Invitee Mr Umang Kanoria Member Mr Pallav Gupta Invitee Mr Shiv Siddhant Kaul Member Mr Sanjay K Jain Invitee Mr Mudit Kumar Member Mr Prashant Jalan Invitee Mr Arun Laddha Member Mr Kalyan Kar Invitee Mr Debanjan Mandal Member Mr Mukund Khaitan Invitee Mr Parthiv Vikram Neotia Member Mr J B Pany Invitee Ms Nayantara Palchoudhuri Member Mr Anil Razdan Invitee Mr Kumar Vardhan Patodia Member Mr Rajiv Reddy Invitee Mr Vishambhar Saran Member Mr Probir Roy Invitee Ms Devina Swarup Member Mr Soumik Roy Chowdhury Invitee Mr Atanu Sen Invitee Mr Abhishek Rungta Invitee Mr Apurva Salarpuria Invitee Mr Kanishka Sethia Invitee Mr Ameve Sharma Invitee Dr. Rajeev Singh Director General The President welcomed the members to the meeting Minutes of ICC Executive Committee Meeting 14th August, 2020, Kolkata Mr. Mayank Jalan, President, ICC welcomed the Executive Committee Members to the ICC Executive Committee Meeting, held on 14th August, 2020. President, ICC then updated the committee members that over the last 4 months there have been more than 100 significant webinars with prominent Ministers and Secretaries of the Government of India and various State Governments as well as key industry personnel that has led to close coordination between the chamber, Government and industry. He mentioned that the most significant of them all have been the 95th Annual Plenary Session of ICC in June 2020, addressed by PM Shri Narendra Modi which was also broadcasted on television allowing millions of people to watch. Shri Narendra Modi congratulated the chamber for its 95 years of service and for its contribution to India’s growth trajectory. Mr. Jalan also highlighted the webinars with the Finance Minister, MSME Minister and Commerce & Industry Minister during the last 4 months and informed of the panel about the upcoming webinar with the Dr. Rajiv Kumar, Vice Chairman, Niti Ayog on 20th August, 2020. He stated that an urgency has been felt for the Government to bring about changes. Hence, he urged the members to come up with suggestions for their respective sectors that could be submitted to the Government for taking action on them. President informed the panel that ICC has achieved a landmark with more than 500 new member enrolment over the past year with 260 new members in lockdown only and several new membership requests have come in that are being processed. Speaking on the current healthcare scenario with respect to COVID 19, Ms Rupali Basu stated that the Private and the Government sectors are working hand in hand to fight the pandemic situation. She informed that standardised care has been the focus. The current death rate is 2.8% and the healthcare sector in the country is trying to bring it down to 1.5% and only a very small fraction of the affected are going for critical care, she added. Speaking on the same lines, Mr. Rupak Barua mentioned that the recovery rate has been increasing and over the time, death rate will decrease. He mentioned that coming out with a vaccine in 6-8 months is difficult and that a potent coronavirus vaccine that will be able to prevent all the mutated variants may take a much longer time to come out in the market. 1 On the steel sector, Mr. Vishambhar Saran said that bad shape of the real estate sector and poor demand in the automobile sector has weighed on the demand of steel. As a result, low domestic prices have been wiping away healthy profits. To recover loss, companies are now keener on exporting, Mr. Saran informed. Mr. Rudra Chatterjee spoke on the Home furnishing sector that has drastically changed over the past few months. He said that while online presence has been faring well with customers inclined toward buying office or outdoor furniture, many offline home furnishing businesses have gone bankrupt. With respect to the tea sector, Mr. C. K. Dhanuka informed that lockdown and lack of labour has led to low plucking thereby resulting in huge crop losses. As a result, tea prices have gone up and tea packeteers have sought duty free imports which he felt can be detrimental for the industry going ahead. Mr. Dhanuka strongly sought Government support for the tea industry. Mr. JP Chowdhary stated that the macrolevel financial position is very shaky and that the more effective stimulus is needed. He felt that new methods must be introduced in the form of quantitative easing. However, the silver lining is that demand is slowly recovering, although the long-term sustainability of the same was questioned by him. Mr. Chittaranjan Dhar informed that staples have witnessed growth due to lockdown as people are stuck mostly in their homes. Particularly easy to consume items have gone up substantially as dining out has stopped. However, products that have suffered sales in the lockdown include soaps, perfumes, clothes, skin care products, makeup etc. No new capacity building is taking place; hence the need of the hour is to conserve cash, said Mr. Dhar. The Committee meeting was also attended by Economist Dr. A. Virmani, who spoke on the economics of the pandemic. He said that “this is a crisis and it should not be expected that immediately after we come out of this crisis, the economy will boom”. He mentioned that there has been huge logistics and hence supply chain disruption during the lockdown and CPI has increased 6% in May-June. Disrupted supply chain has resulted in pockets of excess demand and excess supply. He felt that during lockdown, traditional fiscal policy is not worthy; instead starvation and bankruptcy are the main issues that need attention. Although the credit guarantee scheme was praised by him, he felt that sectors that were already suffering in the pre COVID period, required more specific changes. Dr. Virmani said that we are currently at a 72-75% of recovery to normal levels. However, it is estimated that pre COVID normalcy levels can only be reached by Q4, 2021 at the earliest. Few critical things pointed out by Dr. Virmani as the need of the hour include- fiscal policy normalization, economic reforms, further GST simplification, direct tax code and labour reforms. Mr. Vikash Agarwal, Senior Vice President, ICC offered the formal Vote of Thanks to all the members present for attending the Committee meeting and the Executive Committee meet concluded successfully. ************** 2 Agenda Item 2 President‟s Report Important Events held between 14th August, 2020 and 27th September, 2020 E conference on “Transitions in MSMEs for Industry 4.0” 14th August, 2020 About the event: Indian Chamber of Commerce Organized ICC E-Conference on Transitions in MSMEs Sector for Industry 4.0 on 14th August 2020:1100- 1300 Hrs. jointly with NSIC Ministry of MSME, Govt. Of India and TIHCL (Telangana Industrial Health Clinic Limited), Govt. Of Telangana. Industry 4.0 is the new phase of industrial revolution where automation and data exchanges will change the technologies and renovate the industries to become smarter and self- driven. Prominent speakers participated: - Shri Pratap Chandra Sarangi, Minister of State for MSME Government of India; Rajiv Reddy, chairman southern council ICC; Dr. G.B.K Rao, Chairman Expert Committee, Southern Council ICC; Ms. S. Glory Swarupa, Director General, ni-msme; Dr. YerramRaju, Advisor to Govt. of President‟s Report Page 1 of 70 Telangana; Prabhu Raj, GM, National Small Industries Corporation (NSIC); Dr. D.V. Suresh Kumar, MD, TIHCL; Sanjay Jain, GM, SIDBI and Prof. Amirulla Khan, MCRHRD Institute. Number of people attended: Around 60 people attended Type of people attended: IT companies, Software Companies, Manufacturing companies, Infrastructure companies, SME‟S, Government Sector, Private Sector and academic institutions Key points discussed: Industry 4.0 and new technologies that allows infusion of physical world.