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Phd Chamber Bulletin PHD CHAMBER BULLETIN Vol. XLII No. 7 July - 2020 ` 25 INTERACTIVE SESSION WITH MS. NIRMALA SITHARAMAN UNION MINISTER OF FINANCE AND CORPORATE AFFAIRS PHD Chamber Bulletin | July 2020 1 2 PHD Chamber Bulletin | July 2020 PHD Chamber Bulletin | July 2020 3 4 PHD Chamber Bulletin | July 2020 CONTENTS Interactive Session with Country Director, World Bank (India) MONTHLY NEWS BULLETIN OF PHD CHAMBER President Dr D K Aggarwal Senior Vice President CONTENTS Mr. Sanjay Aggarwal Vice President PRESIDENT’S MESSAGE 6 Mr. Pradeep Multani CHAMBER AT WORK 8 Editor: Mr. Saurabh Sanyal FOCUS STATES 68 Secretary General HEADWAY Production Editor: Towards Inclusive Growth 72 Ms. Neelu Kapoor Economist & Bulletin Head COMMUNIQUE India Inc. is the official publication of PHD Chamber of MoUs 85 Commerce and Industry and any part of the publication may not be reproduced or transmitted in any other form in whole or in part without the written permission of the publishers. The New Members 87 opinions and views expressed within this publication are not necessarily those of the publishers. The publishers regret that they cannot accept liability for errors or omissions in this issue. Media Buzz 89 For further information and feedback, please contact: PHD CHAMBER OF COMMERCE AND INDUSTRY PHD House, 4/2 Siri Institutional Area August Kranti Marg, New Delhi-110016 Phone : 91-11-26863801-04 Fax : 91-11-26855450 Email : [email protected] Website : www.phdcci.in PHD Chamber Bulletin | July 2020 5 MESSAGE President’s MESSAGE Friends, As we all are aware, the COVID-19 pandemic has affected our lives in an unprecedented manner. However, I firmly believe that crises can be a time of deep reflection and positive transformation, strengthening our capacity for lateral thinking and responsible decision- making process. With India presently undergoing ‘Unlock 2”, further easing of restrictions imposed during the initial phase of contagion spread, is a welcome measure in resuming and normalizing economic activities. It is indeed promising that amidst the global economic recession, India has retained its position as the third-largest economy in the world in terms of purchasing power parity, behind the US and China. I am also heartened that a few green shoots of recovery are visible across the country, though needless to say, much more efforts are required for full-fledged economic revival. In the farm sector, record rabi output and procurement are expected to spur rural demand during the current fiscal. Also, plentiful rain in June and forecast of a normal monsoon leading to an equally good kharif crop portends well for food inflation. Also, tractor, two-wheeler and passenger car sales are rising in rural areas which are in contrast to the urban slump. Having said this, I appreciate the Prime Minister for extending the ‘Pradhan Mantri Garib Kalyan Anna Yojana’, to provide free ration to over 80 crore people, mostly from the underprivileged section, by five more months, till November end. However, Dr D K Aggarwal 6 PHD Chamber Bulletin | July 2020 PRESIDEnt’S MESSAGE I opine here that cash transfers boosted their operations and of travelling, from the comfort of are needed to support those who today we stand as the world’s their homes. Going forward, we have lost livelihoods owing to the second biggest maker of PPE kits, need to focus and leverage on lockdown, a much-needed move after China. the power of Digital Technologies to restore equity and stimulate It has come to notice that such as IoT, VR & AR, etc, as India demand in the economy. China has been resorting to emerges as a superpower. GST collections and electronic unfair trade practices. As a result, It gives me immense pleasure to waybills, though lower than last unfair competition from low-cost inform that the Chamber launched year, are gradually inching back imported products has impacted its International Virtual Meeting to pre-Covid levels; E-commerce the sentiments of domestic Platform with an objective to sales are back to almost 90 per manufacturers, resulting in support Indian Exporters and cent; and power and fuel is back in significant effect on production Manufacturers to connect with demand, all positive indicators of process and employment the existing buyers and reach out businesses getting back on track. generation. I opine that though to new buyers, across emerging More companies are embracing anti-dumping duties significantly markets. This an innovative digital, VR, and exploring other help in supporting the domestic and unique Virtual Platform is out-of-the-box innovative industry, the government should specifically focused to support solutions to sustain their business strictly impose quality assurance the MSMEs help India achieve its model, all positive indications of a norms to check import of mission of Self-Reliance. recovering economy. counterfeit products. On ‘International Yoga Day’ However, I must comment On the front of PHD Chamber’s in June, an exhilarating session that the lockdown did severely efforts, we were fortunate to have was organized by the PHD Family affect industry as it faced drastic a very fruitful interaction with Welfare Foundation and PHD disruptions of raw material Hon’ble Finance Minister, Ms. Chamber, in the esteemed virtual supplies, and mass backward Nirmala Sitharaman last month, presence of Yog Guru Swami rural migration, leading to almost wherein the Finance Minister Ramdev Maharaj, with special nil operations in several sectors. stated that the Government has mention on techniques to improve Given this situation, Prime Minister, always recognized the importance immunity in times of the novel Mr. Narendra Modi efforts to of wealth creators as they Corona Virus. I am a firm believer of boost local manufacturing and generate employment and utilize practicing Yoga every day to boost reduce India’s reliance on imports resources in an optimal manner, our immunity, stabilize the nervous is a welcome relief. These bold for promoting socio-economic system and balance the body and steps for making India self-reliant development in the country. We mind, aspects very important for indicate towards a larger role for presented our recommendations our mental and physical wellbeing. Indian entrepreneurs and start- to the Finance Minister for one- On this note, I, on behalf ups, to strengthen the local supply time restructuring of loans without of the PHD Chamber and its chain to integrate into the global affecting the classification, for industry stakeholders reassure supply chain. It’s time for India to COVID impacted sectors such as of our commitment to work become ‘Self Strong’ which means tourism, aviation, entertainment, wholeheartedly, while supporting develop its local market, structure real estate and automobiles. the Government and its machinery, an efficient mechanism for supply Having said this, tourism, towards making India “Aatma chain logistics, produce superior hospitality and aviation industries Nirbhar” . In the words of Dr Steve quality and cost-effective goods are in a tailspin, with travel Maraboli, “Take Action! An inch of and services, and last but not least, restrictions imposed, globally. In movement will bring you closer to ensure the labor is well rewarded, order to support these affected your goals than a mile of intention,” so as to move towards inclusion businesses, the PHD Chamber has our efforts to boost growth and with growth and prosperity. been conducting ‘Virtual Online also engaging with the rest of the During this pandemic, we Tours’, an effort to satiate the world to find innovative solutions realized our dependence on wanderlust of people. From using to navigate the current challenging global suppliers for our health 360 degree panoramic views to environment, for greater good and and pharmaceuticals needs. holding online sessions, viewers prosperity, shall be our never dying Nonetheless, just within two enjoy these beautiful locations, motto. months our local manufacturers digitally and experience the joy Dr D K Aggarwal President, PHDCCI PHD Chamber Bulletin | July 2020 7 CAW INTERACTIVE SESSION WITH MS. NIRMALA SITHARAMAN, UNION MINISTER OF FINANCE AND CORPORATE AFFAIRS s. Nirmala Sitharaman, Union of the COVID-19 Economic Response the transmission of repo rate cuts Minister of Finance and Task Force. The Forbes Magazine has to consumers in terms of reduced MCorporate Affairs interacted ranked her 34th among the 100 most interest rates. with the Members of the Managing powerful women in the world in 2019. The Finance Minister stated Committee on June 19, 2020 through Addressing the Managing that they are closely watching video conferencing. Committee Members of PHDCCI, Ms. developments in disbursement of Dr D K Aggarwal, President, Sitharaman showed her gratitude loans under the provision of Rs 3 lakh PHDCCI welcomed Ms. Nirmala for the opportunity to interact with crore collateral free automatic loans Sitharaman, Union Minister of Finance the members. She said that the for businesses to mitigate the daunting and Corporate Affairs and expressed Government has always recognized impact of pandemic COVID-19 on trade his gratitude for sparing her precious the importance of wealth creators and industry. She said that the Union time to interact with the Members of as they generate employment Government has always focused on Managing Committee of PHDCCI. opportunities and utilize resources ‘Minimum Government and Maximum Dr D K Aggarwal introduced in an optimal manner for promoting Governance’ with a special focus Ms. Nirmala Sitharaman, who is a the socio-economic development on addressing challenges faced by member of the Rajya Sabha since in the country. She acknowledged Industry and promote ease of doing 2014. She formerly served as the that the Prime Minister has always business. Defence Minister of India, thereby facilitated a helping hand and Other eminent participants at becoming India’s second female recognized MSMEs. She said that the interactive session were Mr. Defence Minister and also second they are closely monitoring the Ajay Bhushan Pandey, Secretary female Finance Minister after Ms.
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