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Insight Cover Story Tax Corner Improving Accessibility, Affordability Towards Nutritious Background and and Quality of Primary Healthcare Food and Overview of Delivery in rural and Healthy Lifestyle Faceless 07 low-income Groups 11 for all 26 Assessments

R E B O O T R E F O R M R E S U R G E

March- ContentsApril 2021

President Mr. Rajiv Podar

Vice-President Mr. Juzar Khorakiwala

Editor & Publisher Mr. Ajit Mangrulkar Director-General

Executive Editor Mr. Sanjay Mehta Dy. Director-General

Copy Editing & Concept Ms. Chitra Kamath Jt. Director-Membership Ms. Jayshree Poojary Asst.Director-PR

Views expressed in the IMC Journal are not necessarily those of the Committees of the Chamber. Non-receipt claims will not be entertained after four months of the Insight Advocacy publication of the journal; 7 Improving Accessibility, Affordability Representations to : six months in the case of and Quality of Primary Healthcare 32 Shri Dharmendra Pradhan, overseas subscribers. Delivery in rural and low-income Honourable Union Minister of Steel, Groups Please send correspondence Petroleum & Natural Gas concerning this journal to: Editor, IMC Journal Cover Story 33 Shri P C Mody, Chairman, Central Board of Direct Tax, Department IMC Chamber of 11 Towards Nutritious Food and Healthy Commerce and Industry of Revenue, Ministry of Finance on Lifestyle for all IMC Marg, Churchgate, Funding of innovators by incubating Mumbai- 400 020 14 Alternative Medicine during the time centres funded by Central and State Tel: +91-022-71226633 of COVID-19 Govts Fax: 2204 8508 E-mail: [email protected] 17 World Wellness Wonders 35 Smt. Nirmala Sitharaman, Hon’ble Website: www.imcnet.org Union Minister for Finance, 20 The Role Food Plays in Managing Government of India on Proposal Single Copy Price Mental and Emotional Health of Amendments in the Finance Bill, ` 50/- 22 It is the Decisions that we make 2021 to replace the Authority for today that will define our Destiny Annual Subscription Advance Rulings with the Board for (For 6 Issues) 24 Love Your Customer, Serve Your Advance Rulings. ` 200/- (India) | $ 30 (Abroad) Customer 37 Ms. Surabhi Gupta, General Manager, Corporation Finance Design & Printing: Finesse Graphics & Prints Pvt. Ltd. Tax Corner Department, CMD-II, SEBI on The Tel: +91-022-4036 4600 26 Background and Overview of Consultation Paper on Review of E-mail : [email protected] Faceless Assessments Regulatory Provisions Related to Independent Directors

Reboot | Reform | Resurge IMC Journal n March-April 2021 1 POETRY 63 62 60 58 56 54 52 49 46 41 Knowledge Series 42 41 41 38 38 2 here?” do the Equity MarketsDiscussion on “Where go from RDO V2 (and Arbitrating) Onlinewith Mediating & 2020 Bajaj National QualityAwardsIMC Ramkrishna 2019 (Ahmedabad Indore&HyderabadRegion) Abhiyaan Development Ecosystem – Enabling Saksham Bharat INDCON 2020-21–BuildingStronger Research & Region) &Guwahati (Kolkata Abhiyaan Development Ecosystem – Enabling Saksham Bharat INDCON 2020-21–BuildingStronger Research & Convlave ForemostEmerge India’s Sports Opportunities Nxtgen HealthSummitRe-imagineHealthcare Calling Conference2021 India Virtual Summit Indo Africa Indo-US Partnership Vision Summit remains undercontrol. to industries and end-consumers of Maharashtra toensurethatpriceofnaturalgasGovernment neededbyMaharashtraon Urgentintervention of MaharashtraIndustries andMining Government Shri Subhash R. Desai, Hon’ble Minister for Scheme on the Faceless Assessment and Faceless Appeal of Financetaxes, Department of Revenue, Ministry Shri PCMody, CentralBoardofDirect- Chairman, investors Advance Rulings, anditsadverse impact on foreign Authority forAdvanceRulings withtheBoard for ofIndiatoreplacethefor Finance, Government Sitharaman, Hon’bleSmt. Nirmala Union Minister doing businessandforfairness. toPM’scallforeaseofon promoters toconform burden unfair the reducing for Suggestions on Office Dr. P. Secretary, K.Mishra,Principal Minister’s Prime number ofCovid-19 of Maharashtra on unprecedented spike in the Honourable Shri ThackerayUddhav ji, Chief Minister IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021

79 79 79 78 77 76 Wing Ladies 75 74 73 73 71 70 69 68 68 67 66 66 65 64 Times byDr. MuffazalLakdawala Managing Wellness in among People in Current Services Medical Forces intheArmed Stripes andStrifes-AJourney Wanderlust Duo -KoreaandTaiwan GeNext Espresso Series 2 IMPACT– UnleashYour 2021 InnerPower in partnershipwithUNWomen projectSafe Mumbai Mumbai, of–Aamchi Launch resolution frameworkforMSMEs –PackedPre insolvency Insolvency :AnAlternative IRO (and Arbitrating)Onlinewith Mediating Tourism andTravel StrategiestoRebuild onMulti-Pronged Interaction Grownups Fireside Chat on Wisdom for Startups from and Singapore between India Post-COVID-19, EmergingBusinessOpportunities Perspective Webinar –A360° Provisions onTDSandTCS Lecture Webinar with Shri Sadguru - Kilachand Memorial Regulatory, KPMG Mr. with Meeting Partner NabinBallodia, –Tax & Walk Session onIndependentDirectorship –ATightrope Bilateral BusinessForumof India-Japan Launch - GoldandInvestmentTool Seminar onCommodities:OptionsinGoodsContract Mantra2021 Motivate -Leadership Series on Entrepreneurship Innovate, Integrate, Commodity Market Opportunities for Initiatives:New Government Aaditya ThackerayConversation with Energising the Startup Ecosystem inMaharashtra: A From the President’s Desk Mr. Rajiv Podar

As we move from survival to revival pIndiahase has, IM enteredC alon gthe w isecondth our wave 26 sofp eCOVIDc i f i c -pandemice x p e r t cwitho m ma ivaccinet t e e s cadvantage.ontinues tTheo w oCOVIDrk on pandemicrange of phasrog putram thes a nspotlightd virtu aonl eImmunity,vents to galvanize,Prevention inspire and andHealth empower and ourthe membersimportance with of wellness a shared which lear isning also experience as we navigate through the theme for this month’s IMC COVID crisis. Journal issue.

WTheit hseverity the vofa ctheci nCOVIDe now pandemic being developedis devastating and appr andoved has by ataken few countries, we hope we can begin the entire country with surprise. “normal living” in the coming Shortages of hospitals, beds, oxygens, months. vaccines has seen the nation being Wparalyzed.orld Economy Many State Governments social distancing through 2021, contraction in government spend- have been forced to declare weighing heavily on GDP. ing). Itlockdowns is expected in theorder decline to control in world the support. The outlook depends not Indian Economy GDP in 2020 to be less severe at spread of the Pandemic. It’s been justIndian on Economythe outcome of the battle GDP:• Basis Although the recent the Reserve elevated Bank CPI of –3.7% compared to –4.4% in the inflation prints and expectations on encouraging to see global community between the virus and vaccines— India has not yet revised its earlier September Global Economic • India’s GDP growth, while still evolving price pressures (food and step in to help – from foreign it also hinges on how effectively projection for real GDP growth for Outlook(GEO). The Fitch Rating in contraction, registered a shal- cost-push), inflation trajectory for governments to private enterprises economic policies deployed under FY2021-22 of 10.5% many rating Research Reports have also revised lower contraction of 7.5% YoY in Q2 H2FY21; was revised by RBI sending oxygen, medicines and high uncertainty can limit lasting up their annual world GDP growth FY21 vis-à-vis broad market agenciesprojecting have inflation projected at 6.8% it for to Q3be forecastmedical for equipment. 2021, but only This modestly is ,a damageexpectation from of 8-9%this unprecedentedcontraction. muchand 5.8% lower for ranging Q4 (vs. from a range 8.2% of -9.5% 4.5- topowerful 5.3% (fr omreminder 5.2%), asof thehow deterio- strong crisis. depending5.4% announced on the intime Oct-21). taken Fforor ratingwe are outlook when in we the act ver asy near a united term • Q2 GDP data has pushed India containment of the Covid. Global growth is projected at 6 FY22, it estimates a range of 4.6- pfrontarti aacrosslly is geographies,offset by a sectors stron gander into a technical recession. However, 5.2% in H1. percent in April 2021 (from 5.5 per Inflation outlookindustries. from The the Government second half on ofits the economy has shown signs of the year. We are now significantly centreviv iprojectedng due to in e aJanuarysing of s2021),upply part is doing best possible to ramp The• Recoverprojectiony in for the CPI manufacturing inflation has more optimistic for 2022, as we moderatingdisruptions toas 4.4well percent as unlocking in 2022. of space in Q2 was driven by the up production of vaccines, medicines been revised to 5% in Q4 of FY2021; assume vaccine rollout will facili- Thepent-up projections demand. for 2021 and 2022 sectors of Motor Vehicles and and oxygen. Our armed forces have 5.2% in Q1 FY2021-22; 5.2% also in tate a material easing in social are stronger than in the October Transport Equipment, Electrical also been actively chipping in to help. Q2 of FY22; 4.4% in Q3 and 5.1% in distancing and boosting economic 2020• On World supply Economic side, the Outlook. noteworthy The Equipment, Fabricated Metals, feature is the return of Manufactur- Q4 with risks broadly balanced. activity. A significant uplift to upward revision reflects additional Tobacco, Textiles and Apparels, EurWorldozone Economy GDP growth in 2022 is ing and Utilities GVA to expansion fiscal support in a few large RBIL ea hasthe r,been El eactivelyctroni cworkings, Hea vtoy expectedGlobal prospects from grant remaindisbursements highly territory. Growth in Manufacturing ensureMachin ampleery, Fu liquidityrniture ainnd systemWood economies,GVA has now the tur anticipatedned positive vaccine- after a fruncertainom the EU’s one Next year Generation into EUthe soPr oducts,that productiveBeverages, Basicsector Metals, gets recovery fund (NGEU). The US poweredgap of 4recovery-quarter ins, theupe secondnding thalfhe pandemic. New virus mutations and adequateamong others. credit, orderly conduct of and the Eurozone is expected to ofdr a2021,g fro mand b ocontinuedth pre C OVadaptationID and the accumulating human toll raise government borrowing and preserve regain pre-pandemic (4Q19) GDP ofCO economicVID relat eactivityd reaso ntos. subduedFurther, • On demand side, while all key financial stability. RBI announced Rs lconcerns,evels ea revenlier asth agrowingn prev vaccineiously mobility.healthy Highexpa nuncertaintysion in A gsurroundsriculture drivers continue to contract on 50,000 additional liquidity facility to acoveragenticipat eliftsd, b sentiment.y 3Q21 an Economicd 2Q22, thisand Alliedoutlook, activities related on to the the back path of ofa annualized basis, the extent of NABARD, NHB and SIDBI for fresh respectivelyrecoveries . are V accinediverging racrossollout thesurplus pandemic, monsoon the is comforting.effectiveness The of contraction eased significantly in drag in growth however came from lendingQ2 vis-à-vis during Q1. 2021-22. prcountriesoblems and or sectors, delays reflecting are the policy support to provide a bridge to key downside risk and could the financial sector (emanating variation in pandemic-induced vaccine-powered normalization, and RBI has also unveiled liquidity result in repeated circuit- from deceleration in credit offtake) • Supported by expenditure disruptions and the extent of policy the evolution of financial conditions. support measures amid rising breaker lockdowns and extensive and public sector (reflected in a rationalization and other sources of

Reboot | Reform | Resurge IMCIMC Journal Journal < nNovember March-April-December 2021 20203 01 POETRY From thePresident’s Desk synonymous with innovation, As never before startups are Thackeray AdityaMaharashtra withShri Energizing StartupEcosystemin Bilateral BusinessForum. inaugural eventof the JapanIndia forthehave ShriSureshPrabhuji in Mumbai. IMC was honored to ties between the two countries economic promoting forum first the Forum in Mumbai. This would be BilateralBusiness Japan set upIndia historic MoU on 1st March 2021to a signed BusinessAssociation Japan infrastructure.IMCand information technology, aswell assecurityof enhance joint efforts around 5G technology and cybersecurity to andcommunicationsinformation also stepped up the cooperation on 20. Recently, thetwocountrieshave totaled US$ 16.95 billion inFY 2019- Japan’s bilateraltradewithIndia in India’seconomic transformation. as akeyJapan isregarded player India-Japan Bilateral Forum IMC imports of thesame. imports at par with commercial bring IGST rate on suchpersonal been reducedfrom 28% to 12% to Concentrators forpersonalusehas Recently, IGSTonImportofOxygen crore.(SFBs) ofuptoRs10,000 operation forsmallfinancebanks repoannounced targetedlong-term sector for atenor of 3years. RBIalso Liquidity support for the health RBI announced an emergency 20, 2021. Among liquiditymeasures, 1.0 will be conducted on May G-SAP forRs35,000crore underof G-SEC announced thatthesecond purchase RBI The cases in India. Covid-19 4 Activities IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021

Dr Frank-Jürgen Richter, Chairman, Chauhan, MD& CEO, BSE Ltd; Projects Ltd; Mr. Ashishkumar L&T InfrastructureDevelopment Pathak, CEO &Whole-Time Director, Corporation (CIDCO);Mr. Shailesh City andIndustrialDevelopment & Managing Director,Chairman India; Dr. Sanjay Mukherjee, Vice PwCSanjeev Krishan,Chairman, and eminent panelists such as Mr. Edelweiss GroupShahji, Chairman, MEAGOI, Mr.Secretary Rashesh were Shri P. Harishji Additional day conference. Some key speakers Eminent dignities addressed the full Sustainability. Green Technology –Mobility and focused on Smart Infrastructure and State Innovation Society. The theme India, Invest India and Maharashtra of Government Affairs, of External Division of theMinistry Diplomacy was supported by The Economic Reliance India Industries. calling Partner ET NOWand sponsored by Calling 2021 with the Broadcast Flagship annual IndiaIMC’s in India throughwhich is underway advantage of the transformation experts andotherstocometake financers, innovators, technology India is indeed calling entrepreneurs, IMC India Calling 2021 the same. discuss of Maharashtra toGovernment Minister forTourism &Environment, Hon’ble Shri Aditya Thackerayji, sessionwith aninteractive to have the NITIAYOG. We werehonored by released 2020 Innovation Index was ranked second in the India a $5 trillion economy. Maharashtra gateway to India’s dream of becoming capabilities. They are seen as a creativity andmass problem-solving paper on the impact of COVID on brought out an insightful white for SportsManagement’scollectively Institute andInternational Industry of Chamber CommerceIMC and of sports ecosysteminIndia. roadmapthe revolutionizing forthe amongst several others highlighting Mr. Mike Hussey, Australian Cricketer times towinOlympicsgoldmedal; Kumar, Arjuna awardee and two Awaardee Mr. Badminton; in Sushil Popat,India; Ms. Aparna Arjuna CEO, Media ErosLtd, International Gold Quest; Mr. Dwivedi, Pradeep Mr. Viren CEO, Rasquinha, Olympic by eminent panelists such as for theinauguralsession followed Group & CMD, Mukund Limited Mr. Neeraj Bajajji, Director, Bajaj Athletic Federation of India and Olympic Association&President, Sumariwallaji, Vice Indian President, We were honored to have Mr. Adille in theglobalsportsecosystem. Emerge as one of the leading nations possibilities thatexists for Indiato of the potential and promising facilitate that the would realization roadmap for an enabling ecosystem develop a to remain ahead of curve, IMC EMERGEhas been anattempt marketed andtaken advantageof. seen, sportsareplayed, way in the tone foraseemingly tectonic shifts These developments are setting a and is ready for a‘quantum leap.’ point’ ‘inflection the nearing is India The booming sports ecosystem in Opportunities Conclave 2021 IMC EMERGESports amongst others. Ltd Company Asset Management Kotak & MahindraMD, President Horasis andMr. NileshShah,Group

Online Gaming Industry in India and Next Gen Health Summit Emerging Tech and Entertainment, highlighting its tremendous potential India’s healthcare market is Finance & Investments, Defense/ and the same was launched at the expected to reach USD 372 billion Homeland Security and the Conclave. by 2022. For India, the biggest health Knowledge Economy with eminent emergencies of our times have not experts. Indo Africa Summit 2021 just laid bare the challenges and We were honored to have Hon’ble After an overwhelming response gaps in our health system but also Shri Nitin Gadkariji, Union Minister and participation at the Indo-Africa an opportunity to invest in ‘well- for Road, Transport and Highways & Virtual Summit in November 2020, being’ and develop a robust and agile MSMEs, Hon’ble Shri Vjay Rupaniji, the IMC and Africa Business News healthcare system. Chief Minister of Gujarat; Mr. Jayant Group joined hands once again for We honored to have addresses by Sinhaji Member of Parliament, the Indo-Africa Virtual Summit 2021. Hon’ble Shri Dr Harsh Vardhanji, Ms. Bethany Hall-Long, Lt Governor, We had a range of eminent speakers Union Minister for Health & Family State of Delaware, Dr Mukesh across industries like Hon’ble Mr. Welfare, Science & Tech, Earth Aghiji, President & CEO, US- Dharmender Pradhan, Union Sciences; Hon’ble Shri Rajesh Topeji, India Strategic Partnership Forum; Minister of Steel, Petroleum & Minister for Public Health and Family Mr. Rajesh Subramaniamji, President Natural Gas; Hon’ble Mr. Olamilekan Welfare, Government of Maharashtra, & COO, FedEx; H.E. Mr. Taranjit Adegbite, Minister of Mines and Dr Junaid Ahmad, Country Director Singh Sandhu, Ambassador of Steel Development Nigeria, Mr. Anil – India, World Bank followed by a India to United States; H.E Agarwal, Chairman, Vedanta Group; range of eminent panelists Mr. Manoj former USA Ambassador to India Ms. Busi Mabuza, Chair of the Board, Jhalani, Regional Director, South- Mr. Trimothy Roemer Mr. Sanjay Industrial Development Corporation East Asia World Health Organization; Nayyar, Chairman, KKR India; of South Africa; Ms. Harsha Bangari, Mr. Siddharth Shah, Co- Founder Padma Bhushan Awardee Mr. Deputy Managing Director, Export- & CEO, APLI Holdings Pharmeasy; Swadesh Chatterjee; Mr. Salil Gupte, Import Bank of India; Ms. Sangita Dr. Naresh Trehan, CMD, Medanta President, Boeing India; Ms. Mary Reddy, Joint MD, Apollo Hospitals – The Medicity; Dr. Harsh Mahajan, Millben, Award Winning Hollywood Group; Mr. Mohandas Pai,Chairman, Founder, Mahajan Imaging amongst Actress/Singer; Mr. Arun Kumar, Manipal Global Education Services others. Chairman & CEO, KPMG India Pvt. Ltd; Mr. Anil Sardana, MD At the event a white paper was amongst others. & CEO, Adani Transmission and released on Recommended solutions Distribution & MD, Adani Power We had ET NOW as our Broadcast for proving Accessible and Affordable amongst others. The two-day Partner and Ministry of External Healthcare in India bought out by summit had discussions on Power Affairs - Government of India IMC along with Avalon Consulting. & Renewable Energy; Knowledge, Economic Diplomacy Division and Skill & Education; Automobiles (2 Indo US Partnership Vision USISPF as our support partners. wheelers & EV); Agriculture and Food Summit 2021 IMC continues to host a range of Processing; Resources: Mining, Oil & India and USA are the world’s sessions on diverse topics to foster Gas; and Health Infrastructure. two largest democracies occupying shared learning and collaborations Considering the huge potential and a significant position in the and adding tremendous value to our opportunities IMC has proposed to world economy with a combined members. In the month of March establish Indo-Africa Desk with the contribution of around 28% in the and April we had topical and timely support of Exim Bank of India and world GDP. session on Equity markets followed CNBC Africa. The Desk will help by a webinar on exploring gender At the Indo US Summit we had promote Trade, Investment and friendly workspaces in collaboration scintillating and thought-provoking Economic activities between India sessions ranging from Health, with US Consulate General Mumbai and Africa. Regional Bilateral co-operation, and Observer Research Foundation.

Reboot | Reform | Resurge IMC Journal n March-April 2021 5 POETRY Sri Lanka. Australia, Indonesia,Thailandand economy with speakers from sustainable andresilient tourism dialogue to make futureready, more Travel andTourism tosparkanew prolonged Strategies to Rebuild an Interactive session on Multi- organized stress,IMC renewed under hospitality and tourism industry infections has put once again the A recentfreshsurgeof corona virus young entrepreneurs. Wisdom for Startups Webinar for our shared their wealth of wisdom at the Authors Gopalkrishnaji andNarayanji Parliament, RepublicofSingapore. Mr. Vikram Nair, Member of and special address by Hon’ble Commissioner of India, Singapore address by H. E. P. Kumaran, High India andSingaporewithakeynote trade and investment between awareness and explore bilateral post COVID’’ webinar to promote between India and Singapore “Emerging Business Opportunities 6 IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021

Atmanirbhar Bharat” online for & development ecosystem, Enabling “Creating Next Frontier in research Academia Conclave 2021for launched INDOCON Industry World Peace University successfully Partner knowledge with IMC MIT 2021-22. more suchseminarsareplannedin has beenhighlysuccessfuland24 commodities andMarkets. Thesame continues organizes seminars of Gold, IMC in association with BSE India as theChiefGuest. India Insolvency and Bankruptcy Board of Shuklaji, Whole Time Member of Mr. tohave honoured Sudhaker Shri implications andbenefits.We were to understand the process, its Resolution Framework for MSMEs” Insolvency Insolvency: An Alternative Panel Discussion on “Pre-packed MSMEs. IMCorganizedanOnline doing business and benefit the important step towards ease of anotheris yet Resolution Process InsolvencyThe pre-packaged Stay safe,well. Foundation.the AegisofKilachand Spiritual MasterShri Sadguru under imparted bytheYogi, Mysticand of profound wisdom onwell-being to have a pre- recorded address well-being we were enlightened Understanding the importance of upskilling &reskilling. galvanize the importance of skilling, your careerinchangingtimesto Yourself:Skilling tomanage How University organizedawebinaron IMC in association with Deakin changing rapidly and fluid dynamic, As Careers and Jobs have become innovation andentrepreneurship. thespirit ofthe futureto harness Bootcamp: Zero to One How to build have aseriesofEntrepreneurship entrepreneurs andtheycontinueto to younginteractive platform YoungIMC’s Forum Leaders provides by Junethisyear. to coverallthemajorcitiesinIndia aim seriesaswe ofthe 5th was This Ahmedabad, IndoreandHyderabad. INSIGHT 7

Knowledge March-April 2021 March-April n Reboot | Reform | Resurge IMC JournalIMC We have proposed solutions for for solutions proposed have We the in problems above the of each contextuallyto order In Paper. White is it problem, the understand and statistics some at look to useful understand why just adding more investment is neither feasible nor term medium nor immediate an solution. the by efforts focused Despite improve to sector private and public – India in infrastructure healthcare the that historically found have we impact has been localized to some Overall, in the country. urban pockets under-servedseverely remains India out indicatorspan andhealthcare extremely poorly compared to our (see healthcare counter-parts global towns small in especially 1)- Figure several to due India in rural and reasons.

similar problems. problems. similar Raj Nair Raj not efficiently manage manage efficiently not also face also general of availability The specialist and practitioners of less much are doctors cities. large in problem a However rural patients can rarely manage to visit medical due cities nearby in facilities andcosts logistics issues to classic a is This involved. Mohammad andthe Mountain conundrum. the of state poor The medical at infrastructure centers relatively poor skilled many in and staff nursing equipment usable even cases for treating patients. which model operating An does however resources, existing the limited they may be.

2. 3. low-income Groups Groups low-income Chairman, Avalon Consulting and Past President, IMC President, Chairman, Past Consulting and Avalon The severe shortage shortage severe The healthcare qualified of who are prepared professionals areas in remote posted be to the of efforts the (despite Government to oblige doctors for areas such in practice to The reasons period). a short include inadequate facilities schooling, accommodation, for entertainment, opportunities development, for professional taluka Many etc. towns of Primaryof Delivery Healthcare rural in and

Source: World Bank World Source: Improving Accessibility, Affordability and Quality Affordability Quality and Accessibility, Improving The intent of the Avalon – IMC IMC – Avalon the of intent The was to focus solu- on White Paper which problems critical a few to tions results in poor access and afford- ability of healthcare in rural India by using a and by technology deploying three The model. business suitable accessof way the in come that things are: and affordability 1. FIGURE 1: INDIA HEALTHCARE INDICTORS VS. GLOBALINDICTORS AVERAGES INDIA HEALTHCARE FIGURE 1: This article is a brief overview of the White Paper prepared by Avalon Consulting for the IMC Chamber of for the IMC of Chamber Consulting by Avalon overview a prepared brief is article This of the White Paper Commerce & Industry to help the State of Maharashtra to significantly improve the state ofserve healthcarepoor. the rural to INSIGHT free. But as is often the case, evenfree. But as is often are providedsystem as the services is not a problemservices in this of medicalfacilities. Affordability recruited personnel to run the for operating the facilities and provided equipmentandsoftware hasbuiltinfrastructure, Government Centers as shown in Figure 3. The This three-tieredsystemofHealth complexity of the patients’ problems. village upwardsdependinguponthe of medicalconsultationfrom the Thus, thereisalogical progression number ofvillagelevelSubCenters. take care ofaCenters whichinturn Healthcare of anumberPrimary Hospitals, eachof whichtakes care Ruralcare of a few Secondary Tertiary hospital in abig city takes of healthcare, one well-equipped reasons. Inthethree-tieredconstruct deeply constrained for various instituted healthcare system is maintenance of the Government - the day-to-day operations and take healthcare deep into villages to createatieredinfrastructure investments by the Government While there have been planned state spend forIndia Healthcare include not may spend Source: World Bank,Note:Public GDP (2018) OTHER COUNTRIES AS %OF CARE SPENDS ININDIAVS. FIGURE 2:PUBLIC HEALTH- countries Figure 2). versus similar spends by other healthcare spend by the government, also see this evidenced in the low high quality to all its citizens. We which provides freehealthcareof like Canada contrast to arichcountry which is in starkthe Government, bycare spend in India is borne As a result, only 30% of the health Knowledge 8 IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021

and upgrading the equipment at by restoring the infrastructure the Healthcare clusterit, resurrect and Subcentersthatcome under Healthcare hospital andthe Primary adopt acluster comprised of arural to society. The private sector would desire of some of themto give back manage resources effectivelyandthe with theprivatesector’sabilityto abilitytogovern the Government’s would be one where we can combine concluded, that the best solution We looked atvarioussolutionsand Diabetes Mellitus Care in India:A Review (29) Source: Research Paper - The Challenges and Recommendations for Gestational SYSTEM OVERVIEW FIGURE 3:INDIAHEALTHCARE reliable healthcaretoruralfolks. system have not succeeded to provide Periodic attempts to revive the some cases, they even go to quacks. in and canillafford, they which atprivateestablishmentsservices to deliver. Patients medical seek often optimally managed has largely failed period, thissystemwhichissub- people resources foraprolonged and financial of Starved conditions. career progression anddecent living avoid rural postings for want of medical and para personnelmedical of devil implementation. Qualified the best ideas become victims of superior to whattheirurbancousins which is, on some parameters, even should get access to Healthcare Our goal is that rural patients about access? but what upgrade and better services it continues tobefreedespite the take because careofaffordability This inMumbai. the wouldhospitals I am ill. It is cleaner than most of would love to beadmittedthere, if so wellequippedandcleanthatI in sixmonths.Thenewavataris defunct for25yearswasresurrected Hospital at Mahabaleshwar which was and his group of donors. The Rural Red Cross and Mr. Jayasinh Mariwala of Maharashtra, theGovernment which wasajointinitiative ofthe and its associated PHCs and SCs the Mahabaleshwar Rural hospital at spirit in similar something find to Wearrangement. encouraged were sectorpartnerinthisPPPPrivate There would beno profit for the month.operating expensesevery reimburse the would of Maharashtra as at present the Governmentand continue toreceivefreetreatment efficiently. The patients would to operatetheHealthcareCenters their cost and recruiting personnel INSIGHT 9

Knowledge March-April 2021 March-April n Reboot | Reform | Resurge is not like the conventional conventional the like not is IMC JournalIMC per certain specified performanceper certain metrics. The patients would not be for or consultation for either charged as is the case currently medicines, Governmentthe when the operates will problem staffing The system. be left to the Private sector partner will process recruitment the and Governmentthe be not selection other and doctors The process. should preferably medical personnel not and facility the of employees be Governmentwill They employees. be paid as per Government norms, system will not be but their appraisal Governmentthe whichdoes system performers.not adequately recognize be should cost operating entire The borne by the State Government and there will be no profit marginfor the sense, In that Private operator. sector this in used schemes BOT or BOO The Public-PrivatePartnerships. Government to own will continue equipment the all and facilities the added. the how recommended have We our out Government roll could the 36 districts of across solution the to up It is now Maharashtra. private sector and the Government forward. this take can to twain the If meet, it will herald a new beginning in Maharashtra’s Healthcare system for the rural poor. be able to see the patient records records patient the see to able be his on report test blood the including computer and guide the doctor. PHC entire cycleThe time could 1 to be at queue the on depending 2 hours urban in man common A PHC. the get to hope cannot Maharashtra terms in those to close anything of free! that too, speed and quality and Piramalwell- a have who Swasthya platformdigital tested ourmeets that a do preparedto were requirement their of 3 months free pilot study for to have would cluster The charges. vendors their of charges the only pay during the pi. The proposed workflow 4. is shown in Figure FIGUREPROCESS 4: FLOW OF SOLUTION THE PROPOSED DESIGN The White Paper also suggests a a suggests also WhitePaper The second the to solution unique The Governmentproblem. should with the a partnership into enter are which there in sector private which companies successful many desire to use some of their resources the lot of needy citizens. to improve the that is framework basic The GovernmentSecondary/over hands and SCs PHCs Hospital, to Rural invest will which sector private the funds (CSR)its own the upgrade to them as facilities and to operate get. For instance, if a common common a if instance, For get. for doctor a to goes city a in man and fever, than cold more something or tests some he will recommend will a specialist who recommend recommend a few tests. By the time, afterstarted is treatment getting it can test results and consultation, solution a want We days. 7 to 4 be in rural 2 hours just willtake that diseasesincluding most for areas tests, and consultation, diagnostic medicine in hand. This can happen adopted. only if technology is are technologies available easily If to reliable access deployed to provide need no be will there diagnostic the go to Mohammad either for to mountain the for nor mountain existing Mohammad.The to come medical personnel in rural healthcare centers can be supported by access to doctors in district headquarters Patients technology. or cities through can remain even in their remote villages and get treated. Many lives personpoor a many and saved be can will not have to lose their daily wages. the countryAt level and even at the State level, the contribution to the of the economy could be productivity tremendous. In our report, we have described platforms digital of couple a which patient an electronic have would information and audio database, online for solution connectivity video platform the On etc. consultation, can sit all kinds of apps/devices for which of etc. radiology, pathology, digital discrete several are there They India. in available solutions for synergistically integrated be can instance, one rural Healthcare. For Artificial inexpensive an get can Intelligence based digital pathology machine in which a blood test can for be done even by an Asha worker 35 parameters. The results will be out in 10 min and delivered to the platform patient the and will enter The doctor can records instantly. of course a it and recommend view treatment, prescribe medicines which will be dispensed to the patient. If consulting a like thedoctorfeels city specialist doctor based in some and who is on the platform, he can The specialist too will do it in a jiffy. INSIGHT Knowledge 10 IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021

COVER STORY 11

Knowledge

March-April 2021 March-April n Reboot | Reform | Resurge IMC JournalIMC India is bearing the brunt of the brunt of the India is bearing the an that has unleashed pandemic social medical, unprecedented School and economic catastrophe. a for most the affected are children longer duration. report, UNICEF a to According mean schools closure of 1.5 million in that 247 million children enrolled elementary and secondary education who million children wellas 28 as are attendingpre-schooleducation in anganwadi (daycare) centres are affected. These children run greater risk of Cases malnutrition. facing childhood of wasting and acute malnutrition of percent 12 to Close rise. may reportedCOVID-19 are infections adolescents and children among under 20 years of age, UNICEF has pointed out. last twenty years the over be sure, To per capita availability of protein or so, the levels has actually declined from there seen in the mid-1980s. Worse, in consumption among skew is a based on sections of the population limited have The poor levels. income food. access to protein-rich serious has deficiency Protein age the given especially implications, profileof the Indianpopulation. Low long-termhas intake adverse protein labour health, human on effect and general wellbeing. productivity results under-nutrition Perpetual and infections to resistance low in invariably raising increased morbidity, healthcare costs. G. Chandrashekhar ion status as reflected in in reflected as status ion pervasive and under- malnutrition calorie and nutrition – acute protein deficiency - among large sections of the financially-challenged population is well recognized. is poverty-line Internationally, least at of income as measured Rs about is that day a 1.90 $ US currentthe at day a 140 exchange United the In a 2019 report, rate. of number the estimated Nations monstrous a at India in people poor of which is 28 percent 364 million the population. under- widespread is there That nutrition among the poor sections of the population is well recognized. contribute factors several While hygiene, of lack malnutrition, to inadequatehealthcareandlimited access daily supplies of nutritious food deserve attention. itical policymakers recognize, recognize, It is critical policymakers nexus the on act and understand nutrition and between agriculture, food sector health. While designing production, to relating policies and distribution processing, consumption this nexus must be there is However, account. into taken not much evidence it is so. Low-income middle-income and vulnerable. particularly are countries Despite exception. no is India growth economic claims of robust country’sthe years, recent in social (Human indictors development Index, Global Hunger Development of. Index) are nothing to be proud record nutrition our anything, If embarrassment. an is poor The nutrit Healthy Lifestyle for all all for Lifestyle Healthy Towards Nutritious Food and and Food Nutritious Towards IMC-ERTF Industry and and Director, of Commerce Chamber IMC Economic Advisor, A third of the mankind currently the mankind currently A third of malnutrition in one suffers from economic The formother. the or nutrition is poor loss arising from $ 3.5 at a mindboggling estimated a year. Trillion diet is shows sub-optimal Research responsible for more deaths than any cases rising Paradoxically, risk. other of under-nutrition (under-weight, stunting, micronutrient-deficient) co- Food obesity. of cases rising with exist wellas as nutrition poor insecurity, of quality health, of levels reducing palpable. is welfare economic and life ‘demographic of a case clearly is This dichotomy’. the world, the COVID-19 Around worsened actually has pandemic the plight of the poor and under- nourished, and has pushed several line poverty the below millions food of risk the to exposing them healthinsecurity as well as a crippled system. after decades FAO, to According 2014 the since steady decline, of are who people of percentage has been undernourished globally, on the rise. In 2019 this reached 8.9 or of the world’s population, percent nearly690 million people. Worldwide, of age the under children 144 million five years are stunted(low height for age), 47 million children are wasted the and height), for weight (low womenamong anaemia of prevalence 32.8 percent age is reproductive of situation This women. world’s the of barrier major a creates achieving to the UN’s Sustainable Development Goals by 2030. COVER STORY a dailybasis. on nutritious food toreceive continue At thesametime,childrenmust incomes. earn and jobs find to need border-line thoseonthe poverty-line, the above barely stay to is that afloat, of the pandemic. Toaftermath stay facing thespectreofpovertyin are joining theranksof thepoor and who are on the border-line of poverty different geographies of thecountry that tens of millions of families in Therefore, the bigger picture is people. under-nourished are home to the largestnumber of Prades under-nutrition . StatessuchasUttar inter-State variationsintheextentof Across the country, there are stark Knowledge 12 h, Bihar and Madhya Pradesh h, Bihar and Madhya Pradesh IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021

adequate nutritional support. Itis to continue school receivechildren critical thatpoor people including of millions hangsinbalance. Itis fate (nutritional status) of tens levels. So, thepre-COVID-19 increasing, is nowhere near the But economic activity, although then. programwelfare since ended has was extended till November; and the April 2020 for three months and families. The scheme started in was distributedamong vulnerable free ration of rice/wheat and pulses YojanaGarib Kalyan as part of which program called the implemented a massive welfare No doubt, last year, the government Pradhan Mantri further thewelfareofpoor. do not act to chimera if governments Development Goals will remain a centre-stage. The UN Sustainable Nutrition must be at the policy to healthylife. accessibility extremely limitedaffordabilityand at the ‘bottom-of-the-pyramid’ with withthoseto actuallybeconcerned healthy lifestyle. Policymakers have water,drinking sanitationand good have accessto nutritious food, safe themselves astheycan look after well-off sections ofthepopulation Come to think of it. Financially necessary. political will isit extraordinary a humanitarian crisis and to fight COVER STORY 13

Knowledge March-April 2021 March-April n Reboot | Reform | Resurge IMC JournalIMC COVER STORY we feel like we are confined as to beingabuzzphrasenow, although With Work FromHome back (WFH) unnecessarily. law the flout distance and ensure that we do not we washourhands,maintainsocial routines. We needtoensurethat being more conscious ofourhygiene reach us, we need to go back to while wewaitforvaccinationsto As withtheinceptionofCOVID-19, out. it figure you help me Let second wave? rescinded, howdowedealwiththe As our short lived freedoms get We start to wonder what, now? country. restrictions and across thecurfews forced toonce againimpose strict are stategovernments alternatives, meet the demand. With no other toinfrastructure overwhelmed through, has made the medical beengoing have citizens that fatigue alongwiththelockdowncountry the sheer population density of the Despite vaccines being discovered; regular basis. new mutations beingdiscovered on a the casenumbersupbutthereare than theprevious year. Notonlyare harderandfasterhit thecountry– hasthe second wave of COVID-19 lakh casesinthemiddleofApril, andwithover1.4 upward trajectory to see the case numbers move inan March camearound wetrulystarted collectively breathe easy. as However down wasover andweallstartedto case numbers were down, lock across thecountry. COVID-19 The The start of 2021 was optimistic Knowledge 14 IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021 during the time ofCOVID-19

Alternative MedicineAlternative Founder DrBatra’s Group ofCompanies With gruelingWFHhours, wegetso said thatsittingisthenew smoking. Back, Neck and Wrist Pain: disease. insomnia, depression andeven heart including fatigue, disorientation, problems health physical mental and a disruption in this cycle can cause cycle) as it increases immunity and circadianbody’s rhythm (sleep-wake maintainour we It isimportantthat get a minimum of 6-8 hours of sleep. to insomnia.We we must ensurethat affects oursleepcycleandcanlead our sleep time is getting delayed. This to theirscreensforlongerhoursand up routine. Many people are glued it comes to our sleeping andwaking ensure that we are disciplined when Sleep Deprivation: Physical Fitness do: Here areafewthingsthatwecan emotionally. care of ourselves both physically and take and lives our in balance find we restricted, we need to ensure that Dr. MukeshBatra We need to Itis movement our exercise schedules Exercise: to alleviateanycarpeltunnelissues a break from your desk, this will help rotate yourwristswheneveryoutake For your wrists, ensure that you then getbacktoyoudesk. whole house atleast3times and 30 mins, walk around your off every thatgoesthe limbs.Setanalarm increases thebloodcirculation in two hours. Thisyour feet every It isimportant to get up andstretch problems. neckandbackachepainrecurrent severe spinal issues whichinclude or watch TV as this could lead to in bedsoronsofas whetherworking with yourspineerect.Donotslouch that enablesyoutositupstraight home, ensureyouhavetherightseat the right height. When working from sitting intherightpostureandat and necks,especiallyifyouarenot can havesevereeffectsonourbacks same position for hours on end. This sitting in the same place and in the don’toften realizethatwehavebeen busy andfocusedinourday, thatwe

With forced restricted COVER STORY 15

Knowledge March-April 2021 March-April n All of us at some stage in in stage some at us of All Reboot | Reform | Resurge IMC JournalIMC our,where even though though even hour,where Game interact to able be not might they find a friends, they will with their members.Usefamily with connection with in touch stay to mediums virtual your loved ones. Grief: grief, the last year have experienced one, a loved of it is the loss whether the loss of a job, a colleague or even of all of our lives grief has been part to find ways to and it is important deal with it. ones, counselors and to loved Talk experts can help us cope with our losses better. COVID-19 98.5% patients With Indiain recovering, country the is definitely in a better position to help heal patients. ones loved your of any or you If begin to feel COVID-19 symptoms, domedicate, not self a doctor visit or medical institution and get yourselves can you time, on caught If checked. be treated in the safety of your home and be well on your way to recovery in no time. alternative few a quite are There medications that help build immunity, AYUSH the by endorsed is that fact a Ministry as well. immunity natural your boost To normalunder levels circumstances, nearest your contact should you alternativea for practioner medical constitutional remedy. will collect details about The doctor your lifestyle, stress level, work life, identifyand etc. triggers, emotional behindyour reason fundamental the doctoryour helps This immunity. low together animmunity building to put you. for suitable most plan treatment forget that maintaining hygiene Don’t new our now is distancing social and normal. Stay Safe. Having seen a bit of Having seen a bit of While we’ve all learned While we’ve all learned have triggered mental health health mental triggered have Many in the last one year? conditions people have faced increased levels of and drug use, insomnia, alcohol and your or you that feel you If anxiety. through suffering maybe ones loved verythese of one mental serious you for important is it issues, health help. to reach out and seek Anxiety: of uncertainty the with cope to COVID-19, pitfalls the knowing is it of thispandemic that can heighten of of the lack Fear your anxiety levels. knowing not infrastructure, medical is secure and fear whether your job can lovedones, of health for the certainly give you sleepless nights. Depression: freedom, now going back to being being to back freedom,nowgoing feeling to us lead can up cooped a lack of in person depressed. With feel to start we contact, human home at Even lonely. and isolated which each family member busy in schedules school / work own their be just not can disconnect the severe but can lead to disconcerting mental health issues. stay to us for important is It and homes within our connected with the outside world: Set up family Emotional and Mental Fitness: Emotional and bereavement, that know you Did fear and income of loss isolation, too start to go for a toss and while while to go for a toss and too start for go or gyms visit can’t you do always can one outdoors, walks yogawell as as exercises, stretching the down and up walking/running stay fit and our stairs to ensure we waistlines remain trim. just not is healthy Diet: Being watching it is also about exercising; eat we ensuring and diets our the in up cooped Being healthy. day can lead us house the whole and distraction a as food use to bad a necessarily isn’t that while we that ensure to need we thing, and overindulging from away stay away stay to sure Make binging. packaged from sodas, sweets, foods, chips etc and start including fruits, veggies and healthier snack options is it Whether meals. between in Bread Banana or Dalgonacoffee the culinaryour polishing challenge, skills also will and thing good a always is warmand ensure that wehealthy, eat COVID-19During food. made freshly oftenare we times, and distressed emotional an for food substitute deprivation. amã Stays&TrailsCo�abe�aBungalow, Coorg COVER STORY Knowledge 16 IMC Journal IMC Journal | Resurge |Reform Reboot Loca�ons • 4 ���������� ��� DREAM . DISCOVER .DELIGHT Serene � ������ ���������� n March-April 2021

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Knowledge ’ dhanurasana ’ and ‘ and ’ March-April 2021 March-April n ’ and spend a a spend and shavasana’ Reboot | Reform | Resurge IMC JournalIMC naukasana are great for overall fitness. Lastly Lastly fitness. overall for great are ‘ in relax deep breathing few minutes doing exercises. 30-40 about take will this of All not require any minutes and does that equipment. It is recommended initially. guidance under these do you what optimise to is mantra life The with health your maximise have, you and effort and transform planning and evolve. which wellness is important Equally and good feeling about more is healthy by eating right, exercising and getting good sleep. Only when we can ticked, are boxes these all to path the on are we that say truly wellness. complete lifestyle on be must focus One’s corrections of enhancement for health optimum that so health be can spirit and body mind, in experienced. ‘ ’,tadasan ’,bhujangasana ps, oblique crunches crunches oblique ps, Dr. Mickey Mehta Mehta Mickey Dr. ‘ Suryanamakar and yoga flow with ‘ with flow yoga and ‘ ction and regeneration. It It ction and regeneration. reprodu density bone improves the maintains ligaments, of health improves and the reducing cartridges, and tendons osteoarthritis. risk of fractures and mass through Increase in muscle Increase hypertrophy. sarcomere Stimulates synthesis. protein in all internal of organs growth the in role a Plays brain. the including establishing equilibrium throughout system immune Keeps body. the Harmoniousglowing. of functioning internal organs. home before the work schedule At stay to indoordo exercises begins warm with Start healthy. and fit arm,jogging, spot like -up exercises and side- neck rotations shoulder, and circulation bends to improve improve and to joints your lubricate flexibility for 5 to 10 minutes. squats, lunges like Strengthexercises push-u and World Wellness Wonders Wellness World Founder & Managing Director, Dr. Mickey Mehta Health Beyond Fitness Pvt Ltd Pvt Fitness Beyond Health Mehta Mickey Dr. & Managing Director, Founder Set Workout Goals Set Workout Hormone) Growth (Human HGH hormone, peptide anabolic an is body the in released is which workout like activities through released is it Once exercises. and it stimulates the liver inthe body, growth insulin-like and produces and which triggers the growth factor, cell tissues, body and bones of repair Wellness is the biggest integrating integrating biggest the is Wellness heart andthe mind, it Through force. can pulsate and soul of the people celebrate together. we lives, mundane our in However, lead that things million a of guilty are and soul mind body, our of toxicity to habits, quality food our – right from rituals, exercise of food, life mobility, mental attitudes, obsessive worrying, meditation, lack of self-talk, negative to name just a few! Infinite, invincible immunity during you if achieved can be lockdown the upgrade and upregulate your own health Our wellness. and fitness personal daily our on depends levels overall our and eating of habits an immense can make lifestyle. We contribution to our lives by creating by well-being of state inner an healthof state exterior and promoting exercise nutrition, proper through patient, A contemplation. and workout andsubmaximal persistent in conserving helps programme and preserving one’s body. very were Munis Rishi ancient Our on high healed healthy…always did How vitality. high on immunity Lots? doit they of lots breathing, of sleep, night good eating, clean yoga, good thoughts, good meditation, words, good deeds. COVER STORY fortifiers. regulators and nuts and seeds are fruits areare great healers, dry Vegetables are great cleansers, fruits protein for immunity andstrength. fruits, nuts are a great source of Dry to immunity.adds a goodnightsleep….goodsleepalso give nutmeginthenightwill added tract. Herbal tea withrespiratory the dilate will alsothis and chest so this herbal tea would clear the pollution there could be congestion This will help to clear the chest as in saffron. and little curcumin, pinchofjaggery grass, mintleaves,pepper, ginger, immunity wouldbeamixoflemon A simple recipe for herbal tea for juices andcoconutwater. lot of fruits, vegetables, salads, fruit must focusonherbalteas,vitalityof When there is lot of pollution one based, vegannothinglike it. that too if it is vegetarian, plant of eatingone good meal aday and is nothing but old Ayurveda practice fasting simple fruit diets. Intermittent fasting, fruit fasting and intermittent Special cleansing programs with your wholephysiology, anatomyetc. and functionssystems.Fortifying organ levelregulatingyourorgans cleansing at the most cellular level Health and healing is all about Nourishment you workfrom home. Go ahead, change your lifestyle whilst for a healthy mind, body and spirit. primemotivators arethe consistency A positiveattitude,disciplineand freedom from diseases. evolutionand transformation, towards immunity. aresimplesteps These equilibrium and a heightened digestion, emotional wellness, mental pressure, blood improvedlowered circulation, be felt in many ways -improved The effectsofsuchalifestylecan Knowledge 18 IMC Journal IMC Journal | Resurge |Reform Reboot hormonal balance,hormonal n March-April 2021

purification of gross and subtle slate.Itisamultidimensional karmic upour usclean alsohelps Meditation human history. culture and civilisation inevery have been adequately recorded in and mental benefits of meditation and keeps us benign. The physical a situationwhichhelpsustoalign, Meditation isforalignment.Itcreates cosmic universalrhythm. individual unit rhythm with the It also assistsinsynchronising our and restorephysiologicalfunctions. empowers us to store cosmic energy Thus meditation is enriching and ofcosmicenergywithinus. reservoir extremely subtle. This increases the is absorbed byus, even though itis trees and the humming of the bees the moon,planets,oceans,rivers, emerges outofthesun,stars, environment andthe energy which radiated by the elements in the energy.conserving The energy and startwe stop doing everything expending energy. Inmeditation, and doing are constantly In life,we Meditation collective tothefore. integration bringsuniverse. Every with communities, integrating our inner awakening. Build bridges state-of-being.for collective Pray Promote jagruti and chaitanya to let go.of forgiveness, learning Heal-thy self through the power Forgiveness smiling facesallaround. your abilityandbethereason for compassion to the best ofPractice the poor and needy.biceps, uplift colleagues, domestic help. For good your InnerCircle relatives,friends, compassion. Showing compassion for Heal-thyself through thepowerof Compassion human evolution. Join the wellness revolution for state ofmind. into bliss, in this meditativeturns which depictjoy. Andthisquarantine in thesky, rainbows,theShreeYantra moon, thesixpointedstar, thestars thesun, the- theOm, Swastika, andpaint the pictures of symbols try and pictures of Gods you believe in, … try. Try andmake thepaintings be may you bad oneshowever loved andsketch theportraitofyourtry rainbow, mountains rivers , trees or happens. Paint the picture of nature, confidence and happens happiness joy happens, pleasure happens, mind gets involved in creativity fear is completely alleviated. When mind gets involved increativity you heightened immunity. When Alignment with divinity will give Creativity personality, beginningnow. buildstature, characterandLet’s by beinggardenerstothegardens. revolutionize parenting future. Let’s sow the seed that will give rise to our grandparent orteacher. Pledgeto Whether you are a parent, media. that theyspendlesstimeon multi your childduringthelockdownso of our universe. Pledge time with child(BaalVikas) isthefuture Every Pledge Time With Your Child adapt. for the mind toto set a pattern preferably atthe same time inorder meditation daily andPerform practicing meditation. which need to be adhered to while position are few prerequisites incense andsittinginacomfortable space, having alamp orthe correct foundation for thefuture. Finding and helps in laying thekarma, energies, ofthepast andthepresent

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Knowledge March-April 2021 March-April n Reboot | Reform | Resurge IMC JournalIMC with th al e ily's h am f COVER STORY rich sugary foods give us anrich sugary So howdothesecarbohydrate- days. lockdown of your depressing quarantined or feel good factor on onea perfect desires, is a great mood lifter, giving person one spoon of ice cream every woman relates to and thatevery That onepieceofchocolate,which depressant medication. anti- sametargetofmodern the very a chemicalcalledSerotonin, whichis These foods raise the brain’s level of is an undeniable mood elevator. and readily digestible carbohydrates any meal packed withsimple sugars chocolates. Basically,sugar loaded cookies, pastries, bread, pasta and are none other than the yummy you eat them right, andthese foods that are potent anti-depressants if foods certain are Scientifically, there food. comfort some was find could one all of depression. Andamidst thisphase surge in anxiety attacks andfeeling like never before. Anunprecedented pandemic has beenThe current Food, Mood & The Pandemic Knowledge 20 The Role Food Plays in Managing Mental and IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021

Emotional Health just dothisright. to how out figured have I experience So, from my professional & personal serotoninthe body. your in need you amount thus,naturallybalancing foods, at the right time, in the right and snappy, thekey istoeattheright would onlymake onemoreirritable giving up completelythem While a longdayofworkfrom home? or sit with a bucket of ice-cream after bluesto overcome Mondaymorning us eating cookies But does that justify Well, doesn’t who this feeling!want under control. “happy feeling,” and keep our moods a chemicalthathelpstomaintain into Serotonin inthebrainwhichis eventually converting Tryptophan a series of biochemical reactions, carbohydrates, thebodyreactswith Tryptophan. With the ingestion of rice, etc.) are rich in amino acid chocolates, pastries, ice creams, jaggery,sweets, flours, sugar,refined Fast (like absorbing carbohydrates not? paneer orboiledchicken does elevated feelingandabowlof Kinita Kadakia PatelKinita Kadakia MealPyramid day to getagoodrangeofnutrients. day coloured fruitsandvegetables every mentally healthy. Bringinvarietyof we need to keep us physically and of theminerals,vitaminsand fibre Vegetables alot fruitcontain and Vit ItUp it’s easytomeasureyourintake. just one bottle andkeep refillingso cheap andhealthyoption.Maintain So, mood). good drink up, is water a constipated (which puts no one in a concentrate and could also get you less water can make it difficult to of glasses of water you had. Drinking your to-do list is to count the number multitasking withthelastthingon are you when especially less thirsty Work from home can make you Watch Your Water more regularlythroughout theday. eating smaller portions spaced out try of eatingalargelunchanddinner, Instead seeds. and nuts fish, chicken, wholegrain bread, eggs, paneer, whole grain pasta, brown rice, oats, Slow-release energyfoods include: to keep your sugar levels steady. that release energy slowly will help Eating regularlyandchoosing foods depressed.and feel tired, irritable If your blood sugar drops you might Eat &Keep Eating us feelgoodandnotdeprived. and soothing to our cravings making at anyofthesehoursiscomforting lunch bite or an evening snack. Food meal, a post instance, a mid-morning naturally craves for it the most. For moment of your day, when the body better.carbohydrates Duringtheslag Instead, Isuggest plan your Don’t Quit Carbs COVER STORY 21

Knowledge ..Eat Sensibly, Sensibly, ..Eat March-April 2021 March-April n Reboot | Reform | Resurge IMC JournalIMC If you ate a meal to satisfy your a meal to satisfyIf you ate your include guilty which can hunger, the a justifiable quantity, carbs in occur. not would cravings sudden it times, the of most Unfortunately, is the ‘quantity’ and not the ‘craving’ the gain individual an makes that we should unnecessary kilos. Ideally, but our wantstop at one cookie and unsatisfied appetite makes us eat 3 and quantify control more. So, your Let intake. and friend your be carbs a healthy will become Serotonin your through you gifttake will that lowest low. highest high and your aas act carbohydrates absorbing Fast mood elevator giving a “happy drunk” feeling. The question then arises, which is the better evil to be happy drunkon, Sugar or Alcohol? Hmm... we’ll leave that discussion for some then. Till time. other Stay Healthy & Stay Safe! omega-3 and -6) to keep it working working it keep to -6) and omega-3 fats, all than avoiding rather So well. right ones. to eat the it’s important fish, fats such as oily Add healthy walnuts almonds, olive and sunflower oils, sunflower seeds,pumpkin seeds, and cheese yoghurt, milk, avocados, eggs. pandemicalong the Unfortunately, also has depression & anxiety with weight undesirable into resulted to are key gain. While carbohydrates current the approach sanity, maintain and weight towards carbohydrate and instantly immediately gain is to a human restrict carbohydrate (like instinct of ‘fight’ or ‘flight’ response). But do carbohydrates require this reputation? demonized of kind our because answer; your Rethink are foods favourite your all and mood topped with a dash of carbs. Add Fab Fats Fab Add brain needs fatty acids (such as Your Cap on Caffeine Cap on whichmeans stimulant, a is Caffeine of burst quick a you give will it a crash. Note,energy and then cause chocolate, coffee, is in: tea, caffeine energy manufactured and other cola switching to decaffeinated drinks. Try noticeably feel might you versions, or caffeine less drink you if better avoid it altogether. ling Fee Gut you are can reflect how gut Your stressed you’re If emotionally. feeling gut get your this can make or anxious down slow it could feeling, a funny healthy for So up. speed even or of plenty to have digestion you need fibre, fluid,probiotic supplements and regularly. bring in that exercise COVER STORY in what the organization stands It isimportant thatstaffbelieve teams motivated? that wecan dotokeep our What aresomeofthe things higher. Inotherwords,theyadapt. They keep their productivity high, or life-long customer love.They earn challenges. They winmarket share. regardlessofthe in timesofturmoil, But someteamsriseabovetherest business. solve the bigger, newer problems the tactical work rather than adapting to to tend focus more onpeople often asCOVID-19,During crises such need tochange,wechange. be the same again”. Our mindsets we operate as the “world will never quickly needtore-calibratetheway unscathed. Asbusinessleaders,we finally come out successfulifnot the goingwillbetough,weall around us - to tell them that while and energize and motivate everyone owners, we also must lead the way As professionals and business environment forremote employees. towards creating aneffective work But this is just the first step into theirvideoconferenceaccounts. processes, logged and permanently their defined tools, tech their up set remote: ensuring colleagues have first hurdles of moving their teams Many leaders have crossed the world —reelfrom apandemic. work as our communities — and the toproduce circumstances, good trying juggling Now we’re all of kinds new easy, even in the best of times. Motivation doesn’t always come Knowledge 22 IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021 today that will define our Destiny our define will that today It isthe Decisions thatwe make

Founder andMD,BeyondRed Ocean Consulting team canfacethemost challenging thisisinplace are theWhen led. trust between and leader those who anditisvitalthatthere earned, Have Integrity- Trust must be the companyordepartment? embedding your values throughout engage your teamsindeveloping and in achieving it? How might you vision for the future and its mission How well known is your company’s what your organization is about? How welldoyourstaffsunderstand dissatisfaction within the individual. will cause stress and a sense of the organization andthe workforce for. A mismatch of values between Moloy Chakravorty be aconsistent approach to decision should There isdamaging. which cold createsasenseofuncertainty messages or people who blow hot and inconsistent set of expectations or Be Consistent-Dealingwithan look like somethingtheyarenot. to make thingslong run than trying unpopular, isfar less damaging inthe front, evenwhenthemessageitselfis beingup and clearly case Stating the honest does not mean being brutal. not asfragile asyou think. Being impossible toreinstateit.People are has been destroyed it is almost trust Once it, thefutureisbleak. circumstances together. Without

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Knowledge March-April 2021 March-April n hey are thriving professionally professionally thriving are hey Reboot | Reform | Resurge IMC JournalIMC easier to speak their language and to language and to their easier to speak thrive. to opportunity the them give t When has or organization your department to succeed. potential far more Underestimate Power The Don’t - A thank you You A Thank Of efforts people which recognizes the difference to have made a HUGE sayingnote short A feel. they way the on takes done well a job for thanks to the person a huge significance really is know they when it receiving meant. flowerssmall gift or a A bunch of recognitionsomeone going the in of our in good feel us makes mile extra no is principle the and lives personal different professionally. to notice the time and trouble Taking the makes what is effort someone’s the take boss the as you If difference. time to notice who is working hard, contributes and who others helps who the energies to creating success. You of value the on a price put can’t thank you. or little cost principles these of Most nothing to implement. They are more These approach. and attitude about strategies are incredibly helpful in are costs and the things up setting minimal in relation to the potential returns. these The cost of ignoring principles will be a dissatisfied, who anxious, stressed workforce the in to work harder is likely termshort fear because they to medium the In jobs. their for long term it will be the healthy, well-motivated and happy, enthusiastic teams of staff who will create ongoing success in the market. The reputation your organization in how they deal creates now, will live on long after with staff, recovers. The choice the market is yours! , the actions they take can can take they actions the use, Your people are your treasure; they they people are your treasure; Your are taken without reference to those to those without reference are taken Using basis. a daily on job the do who expertise and experience skill, their time and mistakes. can save costly Realistic Create Explicit - Creating Expectations dashed are which expectations of dissatisfaction creates huge levels youwhat promise Only sides. both on entirely be and deliver can you know from expect about what you up front has organization an When them. of expectations explicit high, clear, hard the have to easier far is it staff, they feel people When conversations. are they with dealt fairly been have lessons the take to likely more much behind hide cannot They board. on their indignation that things were take to have result a as and unfair for their part in the responsibility situation. Give staff A Sense of Certainty - Certainty or safety is one of the most give to possible is It needs. basic and safety people a sense of control even when there are huge levels of The language uncertainty around. whether on impact huge a has used Being not. or secure feel people truthful and involving people early It help. really can process the in on that and feeling knowing not is the out of the loop you are being kept It is which creates the most anxiety. not so much what you do but the way the makes which doit whichyou in difference. Need Staff You Motivate Your To Know What Motivates Them To - each bring skills and expertise much you Are untapped. remains which of making the most of yours? Listen carefully and you can discover language The them. motivates what they inform internal what of you drivers tick. them make motivators and they where understand you Once it becomes so much are coming from making. Staff should be confident confident be should Staff making. for made being are decisions that decisions that and reasons right the is a only when there will be changed valid reason. Individual and The Each Value - Feeling Contribution They Make by individuals as valued are they that consistently a have organizations the successful a as g ratin higher alone. This motivator than money heart and the from must be done How process. mechanistic a as not welldoyouknowyourDo team? personal their about know you opportunities What aspirations? of contributions the for there are line by noticed be to individuals managers and by those further up the line of responsibility? Who notices or a great job are doing when people hard? things finding are they when Does valuing staff happen bychance in your organization or are managers trained to develop this aspect? said and Hear what is being - When employees is unsaid what what is to control no have they feel happening, they develop high levels opportunity the Creating stress. of be to have their say, for people to listened to and a real opportunity happen to is what influence to can significantly reduce stress and dissatisfaction. Often many decisions COVER STORY Knowledge negative customerreviews?’ sell things. Whydo you allow these business. You make money whenyou Bezos: ‘You don’t understandyour a customertoshootoffletterJeff reviews werenegative. Thisprompted for thebook.Naturally, someofthe to writereviewsandalso give ratings bookseller. It encouraged its readers The company started off as anonline making. represents this style of decision- interests of ahead Amazon their own. They strive to keep customers’ Many companiesgoonestepfurther. customer’s painbutacteduponit. customers. He not only felt one exhibited compassiontowardshis is asimplelessoninthis.Kakkar be openedwithtwofingers.There that is so user-friendly that it can This to led the creation of a cap experience. not have to undergo this frustrating itself so that, infuture, customers do He resolvedtosolveitattheroot being forced to exert herself this way. Neeraj was appalled about acustomer she used her mouth to force it open. open thecap. Finally, indesperation, to struggling was She him. horrified elated. Butwhathewitnessednext Paper Boatpackinherhand,hewas When he spotted aladyholding a traditional recipes, was on a flight. a ready-to-drink beverages made from Neeraj Kakkar, ofPaper founder Boat, 24 4 3 2 1

war-with-friction/ Geoff Colvin and Ryan Derousseau, JeffBezos’s War With Friction, Fortune, Feb 22017,https://fortune.com/2017/02/02/jeff-bezoss- com/2018/05/21/fortune-500-most-valuable-companies-2018/ Lucinda Shen, Here Are the Fortune 500’s 10 Most Valuable Companies by Lucinda Shen, Fortune, May 21 2018, https://fortune. https://hbr.org/2017/06/why-apples-new-hq-is-nothing-like-the-rest-of-silicon-valley 2017, 26, Review, June Business Silicon Valley, of Harvard Rest the Like Nothing Is HQ New Apple’s Why Magnolfi, Jennifer leading-for-the Adi Ignatius, ‘Jeff atAmazon’, Bezos on leadingfor thelong-term BusinessReview. Harvard https://hbr.org/2013/01/jeff-bezos-on- IMC Journal IMC Journal | Resurge |Reform Reboot Love YourLove Customer, Your Serve Customer n March-April 2021

decisions,’ saidBezos. we helpcustomersmake purchase we sell things. We make money when thought, we don’t make money when ‘And products.” hesaid. people weremotivatedtomake great to build an enduring company where great product. “Mypassion hasbeen startswitha believed thateverything understood his philosophy. He I too thought this way till I our capacitytograsp. and beyond decision-making process weresurreal of you say that his thinking and how hetookdecisions?Ihearmany industries. Haveyoueverwondered computing, animation and retailing leader. He disrupted music, personal Steve Jobswasacharismaticbusiness these storiesareoperationalized. us analyse how lessons fromLet The Rule in Operation evenitsownwelfare. overriding are thetop priorityofacompany, customer’s well-being and welfare fundamental ruleofbusiness.The These two stories point to a interests aheadofAmazon’s. Jeff Bezos kept the customers’ • one questiontohimselfandhisteam: Steve Jobs took decisions byposing that Based on this insight, I surmised

when I green-light it.Ifnot,junk product for customers? If yes, Will it make Apple a great Rajesh Srivastava read that letter, I 2 1

• • •

the shopping experience? shopping process and improve Will it reduce friction in the making decisions: teamwhile his to himselfand intuitively posing‘onequestion’ Jeff Bezos too would be has disruptedretailindustry. all, underhiswatchAmazon decision-making process. After usnowevaluateJeffBezos’ Let most valuablecompany. crownedApple was world’s the enriched theirlives.In2018 amazing experience that customers were handed an better product thatApple was focused on making Apple a smalldecisions bigand many The process ofpressing abutton. household items by the simple lets customers reorder buttonThe AmazonDash saves time. and fast way to order that 1-Click process: friction in the shopping introduced which have reduced list ofinitiativesAmazonhas mesharewith youapartial Let deliver results on the ground. such a simple question can You maybewonderingwhether yes, green-light it. If no, veto it. cumulative impact of ordering isaneasy 3 4 If If COVER STORY 25

Knowledge epose trust in in trust epose Keep Keep customers’ the of ahead interests company’s. that products Create customerto sensitive are sensibilities. R customers. Empower make to employees your regarding decisions customer service on the spot. your Never forget to tell customer that you value their business. Look customer upon feedback as complaint larger a reflects that Industry folklore malady. thatsuggests if twenty- five people have a bad your with experience one only product, the take will person the writing to of trouble company about it; but twenty- those of each five customers will speak twelve approximately to people about their bad experience. In this age they media, social of their about post even All experiences. negative thesein bad result buzz for the business. surprising stop Never delighting and customers. employees your Help purpose higher a assign to their job. March-April 2021 March-April n

Reboot | Reform | Resurge – – – – – – – – IMC JournalIMC If all this sounds complicated, complicated, sounds this all If in rule: golden this only remember every situation do what is good for business Your stop. Full customer. the will always be in fine fettle. relationships with with relationships Be compassionate Be compassionate towards them.

points out that organizations points out that organizations 5 Spend time framing your 1CQ. your framing time Spend keeping framed be should It of thecentre at customer the your and You decision-making. team should refer to it while decisions. big and small making strong Build customers: –

mastered one art to perfection: of perfection:to art one mastered of defending itself. was parable this of moral The succinctly summed up by Greek poet many knows fox ‘The Archilochus: knows one things, but the hedgehog big thing.’ to relevance any have moral the Does modern business? to “Good book his in Collins, Jim Great” • are more likely to succeed if they succeed if they to are more likely identify the one thing that they can Concept.” do best – their ‘Hedgehog identify will you 1CQ By framing your help will which Concept’ ‘Hedgehog defendinggrowing only in but not you your business. ‘1 Your Frame You How Can Central Question’? at the customer the Always keep and decision-making of centre way a such in question the frame that whenever it is answered it will customers, of interests the further not the company. is that when the companies The irony in decisions take continuously customers interests, customers’ a cultish by displaying reciprocate loyalty towards the business. Do to Love and What ShouldYou Customer? Serve Your •

Jim Collins, Good to Great, (Harper Business, 2001) Jim Collins, Good to Great, (Harper makes it easier for customers customers for it easier makes to open parcels. have not Go does Amazon by there and checkouts facilitates faster shopping.. allows Echo allows Amazon on an order place to customers Amazon using voice command. packaging Frustration-free 5 Does 1CQ Deliver Results? Does 1CQ Deliver that let me share a parable of For & Hedgehog. The fox knows the Fox many ways of trapping the hedgehog it, upon pouncing , it chasing – gruella a mounting or it ambushing attack. Every time it faces defeat & withdraws with its spout prickled by spines. This is because hedgehog has • intuitively Bezos Jeff and Jobs Steve callI question—which one on leaned (1CQ)—to make ‘1 Central Question’ decisions. by taken are decisions When referring to one lodestar (read: 1CQ), decision- in consistency is there then making and this has the power to put success. of path the on company your • • TAX CORNER manner to a very large extent so as manner to avery conducting assessment inthe faceless of theschemewasalsoexpanded for deemed tohavebeenpassed. Scope be treated as non-est and never order passed outside the FASS will Further as per the scheme, any • • • • • are asunder: Some of thekey featuresof theFASS taxcharge. and International cases assignedtotheCentralcharge passed undertheFASS except the August 2020 were tobemandatorily all assessmentorders w.e.f. 13th Scheme (‘FASS’). As per the scheme, announced the Faceless Assessment Minister ofIndia,Mr. NarendraModi 13th August, 2020,Hon’ble Prime selected for scrutiny. on Thereafter 58,319 cases across 8 cities were wherein in2019, Assessment scheme’ the announcement of the ’Electronic inthisdirectionwasGovernment of the giant steps taken by the administration. Oneinternal tax compliances and to improve various latest technologytosimplify evolved over theyearsbyembracing The Indian tax administration has Knowledge 1. CBDT Press releasedated24April2021 1. CBDTPress 26

assessments intelligence-based tax sources thereby initiating by pulling data from various Use of Big Data Analytics Unit. Review Unit and Technical Unit in consultation with Passing of order byAssessment number Document identification Issuance ofnoticewithUnique withtaxdepartment; interface Elimination of physical jurisdiction; Abolishing of territorial IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021 Overview of FacelessOverview Assessments

by Direct Taxation ofIMC Committee Background and of the Act, sanction for issue notice 148 section under ofnotice issuance reassessment scheme including limit upto 31March to notify 2022 Act, 2020, the CBDT has time Amendment of Certain Provisions) (Relaxations and and Other Laws As per section 4of the Taxation environment andsavemotherearth. the topreserve contributing thereby consumed inprinting of submissions of paper and ink which is being has also contributed in saving tons in such challenging times. The FASS especially offices tax visiting of hassle the without offices homes/ their from with noticesaclickof amouse It has helped taxpayers to comply acclimatized withtheentireFASS. a bigwayinmakingthetaxpayers pandemic hasreallycontributedin however,Central Government, the FASS was a bold move taken by the One maysaythatintroduction ofthe seamlessly underfacelessmode. FASS work their commence could the NeACsothatteamworkingon jurisdiction andtransferofdatato cases, transfer of PAN, merging of pandemic toensuremigrationof during the first wave of COVID-19 The Department worked relentlessly undertaken bytheDepartment. restructuring exercise that was pandemic andmassiveCOVID-19 wide lockdown imposed due to the Department considering the country within theof data internally complete transition andmigration the FASS. Itwasadauntingtaskto for successfulimplementation of undertaken within the Department restructuring measures were various the FASS of notification Post reassessments. assessment including to includeeven on-going recurring

Court wheretheassessments were have already filed writs in High this publication, the taxpayers gointo Aswe Justice. of Natural resulted into denial of Principles the 31March 2021deadlinewhich /final to meetorders issuing draft disposed-off, theNeAC hadstarted Given the number of cases to be to meet the deadline.or hurry were orders passed in a great rush it wastoo late, asmany assessment the time the extension was issued, 31 March 2021to30June2021.By to accomplish tax assessments from announcing extension of deadline Natural Justice– Delay in A) of FASS: round first the in taxpayers some ofthechallengesfacedby In this article, we have summarised manner.efficient address thesameinaneffectiveand towhat went wrong and trying However, the success lies in analysing comes withitsown setof challenges. this scheme. Any change in policy the Department in implementing faced bythetaxpayersaswell also throwwill onthechallenges light successfully implementingFASS and be a landmark achievement of proceedings by30 June2021will The completion of assessment been extended to 30 June 2021. for completing assessments has the pandemic, timelineCOVID-19 due to widespread effect due to assessment orders. However, Taxpayers receiving started have I) regime. Act, 1961(‘Act’) etc.inthefaceless under section 151Aof the Income-tax

Denial of Principle ofDenial ofPrinciple faced by the taxpayers: and practicalchallenges ecosystemofFASSCurrent 1

TAX CORNER 27

Knowledge March-April 2021 March-April n Reboot | Reform | Resurge Aggressive additions under under additions Aggressive Many a times, taxpayers taxpayers times, a Many be debited to the Profit and Profitthe and to debited be Loss Account. in reflected amount The Loss and Profit is Account considering cost inclusive all incidental freight and other chargesduty andnet of paid set-off for eligible is which in vis-à-vis the data reflected CBEC. Justification were also sought sought also were Justification Non-consideration Non-consideration of

IMC JournalIMC sections 68 & 69 of the Act – Where sections 68 & 69 of the Act – Where taxpayers could not file submissions to explain rationale for expenditure advances & loans of details or KYC other and names (including details of parties) well in time or there was denial to adjournment aggressive request made by taxpayer, towards made were additions or deposits / loans unexplained in order to expenditure unexplained meet the deadlines. E) the of rebut / claims additional draft against made submission while passing assessment order final assessment order– mistakes apparent Though highlighted by the taxpayerin draft however rectified, were orders where additional claims were made by taxpayer during the course of claimas such proceedings assessment etc, cess education for deduction of in the draft also in the order and final assessment cogent order, finding was not given for not accepting claim also sought clarification on certain certain on clarification sought also from whichwerenot clear questions wasresponse no however notices, the by NeAC; provided f) • d) from the taxpayer to explain why why the taxpayer to explain from opening the in difference is there closing and value down written writtendown block value of of assets claimed whichdepreciationis on under section 32 of the Act without factappreciating the that there was and closing the in difference no opening writtendown the of values asset. e) Justification was also sought Justification was also sought details duty Custom were items capital When would same the imported, reflect in CBEC data, however for expenditure capital being it the same may not the taxpayer,

from the taxpayers to explain why the taxpayers to explain why from of section 2(22)(e) of the provision appliedwithout Actshouldbe not or loans no that fact the appreciating given to or were received advances the sister concerns during the year under consideration. c) were also reconciliation - Taxpayers reconciliation of required to provide custom duty as reflected in the Profit and Loss CBEC vis-à-vis Account data available with the Department. to sought was justification Also, of value the in difference explain data Import Export per as Imports the a vis CBEC) vis from (received as reported in value of purchase that data note to It is pertinent ITR. reflected in CBEC would not match with information reported in the ITR various reasons, inter- of on account alia being; • for pursuant to issue of notice notice of issue to pursuant for Act did 142(1) of the under section size the with commensurate not the business of the of and nature Large taxpayers. were taxpayers Ledgersubmit to asked account 1 Rs above expenses the all of and loss profit lacs debited to the resulted in account which virtually of all the submitting ledger accounts expenses barring few exceptions; provide to asked were also taxpayers balance, trial as such details basic were accounts that fact the despite audited by statutory auditors and In audit. tax to subjected also were made to fixed respect of additions to assets, taxpayers wereasked also furnishlorry of date of proof receipt/ the of use to put of date installation/ in addition to invoices assets, fixed the to made additions the all for fixed assets. Again, all of which poses access to taxpayers for challenge such information due to COVID-19 situation. b) Taxpayers across have have across Taxpayers Though - Though duration Time Service of notice – Notice Nature of information

observed that information called observed that information called in the first notice, taxpayers were were taxpayers notice, first in the of frame time reasonable given the to respond to 15 days 10 to thereafter however notice, duration the to provided the time period of taxpayerscomply to with subsequent which was not short, was too notice consideringongoingadequateenough the facedby were which challenges taxpayer dueto COVID-19 pandemic less resulting into i.e. lockdowns sick falling people office, to access were there illustrate, further To etc. Friday on issued notices of instances on due submission with evening late In most Monday. the approaching adjournment for request cases, was either not replied (positively / such cases, some in or negatively) great to due denied were requests well the assessments compete rush to in time. C) Act the of 142(1) section under communications subsequent and wereon the email id sent of the left had who ex-employee the organisation. Notices were served whennew id,even email wrong on email id was updated in the ‘profile and portal Income-tax the on section’ also despite taxpayer making specific request to forward notices on new email id, in its written submission. D) the taxpayer: sought from a) completed in a great rush without without rush great a in completed or submissions the accepting the submissions mind to applying filed and thereby denying principles cases, justice. In some of nature high been have assessments the with substantial additions pitched High demands. tax into resulting issuedinterim rightfully have Courts suchordersandtherebystayon a such during taxpayers to relief sigh of challenging and difficult times when falling sick,or people are losing lives due to access office able to are not lockdowns. B) TAX CORNER a. – record F) by taxpayer wasnotconsidered. filed rebuttal why given were finding reference ofsuchsubmissionsnor assessment order did not find any order,made againstdraft thefinal cases whereindetailedrebuttalwere of thetaxpayer. Similarly, incertain Knowledge b. already issued; Act andrefunddue to taxpayer was passed undersection143(1)ofthe already grantedintheintimation appears in Form 26AS and was despite the fact that TDS credit passing the final assessment order cases not granted at the time of TDS wasshortgrantedorincertain G) as prescribedundertheAct. by the taxpayer the within time limit Dividend distributiontaxwasmade the Actwasleviedevenifpaymentof H) ofNaturalJustice. the Principles on taxpayers by filed petitions writ basis isevident this and not issued appropriate notice was show-cause adequate. In some instances, to respond to the same was not frame provided to the taxpayer assessment orderwasissued,time to taxpayer. Also, where draft served was final assessmentorder assessment order and directlydraft certain taxpayersdidnotreceive provisionspecific inthescheme, assessment order -Despite cases, therequestmadefor video – conferencing Video I) chaos inthemindsoftaxpayers. resulted intolotof confusion and were alsoissuedbyNeAC.Thishas tax jurisdiction international under taxpayers who are assessed to tax the Act in case of non-resident – resident taxpayersfrom NeAC received by non- scrutiny 2. KLTrading Corp. - WP(C)4774/2021 28

Notice under section 143(2) of

Mistakes apparent from the For large taxpayer credit of Interest undersection115Pof Non-issuance ofdraft Technical challenges in Issue ofnoticeinitiating IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021 In most

II) assessee. is not providedinformation by the without even stating that what response,provided satisfactory stating thattheassesseehasnot notices have been issued by merely been considered and show cause However, theresponseshavenot asked under various notices. filed full details and explanation - assessees the by filed responses M) by thetaxpayer. assessment order, cannotbetracked into consideration while passing the by theofficerinchargeortaken submission uploaded has been viewed by Department -Whether the submission hasbeen viewed L) the taxpayer. been uploadedcannotbetracked by samehave the timewhen and date uploaded ontheportalbyNeAC, notice/ order has been belatedly – In case where NeAC by portal on K) / datasizegetsexceeded. against the notice asattachment limit partially response file to required is is requested to be uploaded, taxpayer data where voluminous information/ to fit in the criteria of 10MB and attachment is required to be divided isrequested,onebiginformation large companies, where voluminous maximum of10MBeach.Incase can beuploadedatatimesubjectto notice, only 10attachmentsevery response to be provided against J) connectivity.adequate internet conferencing didn’t work despite accepted, the link provided for video the cases such where request was from the Department. However, in or there was no response/ update conferencing was either denied In certaincasestheassesseshave

o–osdrto of Non–consideration No information on whether onwhether No information Belated uploading of notice Belated uploadingofnotice Limit to upload data – data upload to Limit undertake to address Department must Measures thatthe In In e) order; assessmentwithout issuingdraft passed was assessment final as justice was abreachofprinciplesnatural where taxpayerprayedthatthere improve ITinfrastructureare: infrastructure. Somesuggestionsto is animperiousneedforarobust IT in theoverallschemeofFASS, there a) resolve/ address challenges: be undertaken by the Department to challenges, followingmeasurescould In anefforttomitigatetheabove b) it shoulddecipherthelegalissue; NeAC needto bemuchsharper and assessments. Questions raised by as was done in the traditional voluminous / truck load of data notbetocollateObjective should before issuing questionnaire. in mindtaxpayers need to borne updates and track record of the taxpayer, past history, industry recent casebeforeDelhiHighCourt justice. Asimilar situation arose ina on accountofprinciplesnatural the orders can be treated as invalid approach needstobeadoptedelse is clear in the provisions, consistent assessment order to taxpayerdraft d) questionnaire isissued; detailed given at the initial stage after closure oftheassessmentbutalso should not be given atfag end of c) notice; a reasonable time to respond to a

As technologyplayspivotalrole i) ii) Background study of the Considering that issuance of Option for video conferencing Taxpayers should be given taxpayers challenges facedbythe

effective hearing; infrastructure for the video conferencing Improving number of the person email address/mobile besent on should the Communication/ notices 2

TAX CORNER 29

Knowledge March-April 2021 March-April n Portability of data: Portability Reboot | Reform | Resurge Try to make lucid and to the lucid and to the to make Try The Department usually usually Department The Taxpayers should keep keep should Taxpayers and tax to offered Income 26AS; appearing in Form in reported as sales Output returns GST financial and statements; in reported as Purchases returns GST financial and statements

IMC JournalIMC point submissions. Emphasis should should Emphasis submissions. point informationfactual place to be on record and not just rely on legal the claim; submission to support IV. already is that data the of Portability form by electronic in uploaded of course the during taxpayer the the with proceedings assessment will This Authorities. Appellate the time and efforts of save lot of voluminous filing in taxpayers appellate the andassist book paper authorities in expeditiously disposing the legal the matter by focusing on issue involved in the appeal. experience/ overall nutshell, In learnings as taxpayers by gained Authorities Revenue the as well should FASS the first round from wellbe thought upon andapplied believe We assessments. future in and experience wisdom that overall Authorities Revenue both will guide & better have to Taxpayers and this and assessments thoughtful year the in stepping-stone a provides of transition. questions foreign remittances made remittances made foreign questions have should Taxpayers by taxpayers. remittances foreign handy details of 15CA Form of copies alongwith made and 15CB. ix) reconciliation of the following data data following the of reconciliation ready once return is filed; • • • viii) taxpayers should pre-empt and and pre-empt should taxpayers internal review mock undertake tryand identifyto are which issues Department be raised by the to likely supporting keep accordingly and ready. documents/ explanation vii) Key learnings / takeaways learningsKey / takeaways for futurefor the taxpayer assessments Considering the experience Considering the experience If any business combination If any business combination Taxpayers are advised to have are advised to have Taxpayers As date of uploading of the the of uploading of date As Taxpayers need to digitalize digitalize to need Taxpayers Taxpayers are suggested to to suggested are Taxpayers

gained during first year of FASS, FASS, of year first during gained transactions have been undertaken undertaken been have transactions demergers, mergers, as such appropriate etc. acquisitions, documentation should be maintained of order approval scheme, as such valuation authorities, judicial various etc. reports, vi) soft with available documents of copy them well in advance; v) notice on the portal is not known to to known not is portal the on notice the taxpayers, screen shots of the notice uploaded on portal should regular on by the taxpayer be saved challenge can taxpayer that so basis, undue hardship that is being caused as result of delay in uploading of and Department the by notice intervals; at short notice to complying iv) their tax function to keep pace with with pace keep to function tax their reforms legislative the future be and ready; iii) check the e-filing portal regularly to ensure that no notices are missed to compliance timely ensure to and avoid multiple adjournments; ii) on certain key data points or or points data key certain on be would that reconciliations by taxpayers be provided required to so that the practice as a standard in prepared be well could taxpayers to file such advance and are ready informationsignificant any without delay. III) assessment proceedings Currently, years are due for two assessment 2022. be completedto by 31 March and mind in same the Keeping practical experience gained from assessment, completed recently the following the consider may taxpayers suggestions to be better prepared and data collating on time save and details at the last minute: i) Audit trail of the entire trail of the entire Audit assessment proceedings include would which date on which notices date uploaded, were on which submissions were made by taxpayer, adjournmentsof number should etc. sought single a on visible be click so that the entire assessment chronology available, readily is the of benefit the for as well as Department the taxpayers. As discussed, the the discussed, As income-tax e-filing portal of maximum a allows at attachments ten each and time a be can attachment MB. 10 maximum of of number the Either limit per or attachments be to need attachment increased; whose information is informationwhose is provided in the ‘Profile’ Income-tax section of Portal;

Issue FAQ or Guidance Guidance or FAQ Issue Sanctity of unqualified unqualified of Sanctity in taxpayer of Limitation Providing legitimate iv) iii)

statutory audit and tax audit report Even maintained. be to need report the by issued Charter Taxpayers the CBDT on 13 August 2020 specifically mentions that Department shall treat everythere taxpayer as honest unless is a reason to believe otherwise. g) interval data at short of supplying and challenge faced by taxpayer in data of upstreaming and uploading COVID-19ongoing to due pandemic in mind when also need to be kept grant to taxpayer by made is request additional time. h) adjournment submit to timeframe or detailsespecially whereadditions to be in substantial value are likely resulting to huge demand i) f) Advocacy

March 9, 2021

Shri Dharmendra Pradhan Honourable Union Minister of Steel, Petroleum & Natural Gas Room No. 201, A-Wing, 2nd floor, Shastri Bhawan Dr. Rajendra Prasad Road, New Delhi-110001

Respected Minister Shri Dharmendra Pradhan ji,

Warm greetings. We have received request from our members and member associations who are in steel industry sectors to make an appeal to you to address their following concern favourably. Appeal for consideration The Ministry of Steel has implemented, the requirement for BIS Compliance (Bureau of Indian Standards – Compliance) on the various Steel and STEEL products ( Tin sheets etc) being imported into the country. Though most of the large foreign manufactures of the steel products -from Japan, Korea and even China - are operating at world class production and quality standard, and their products meet the international standard on all parameters, only, they do have the Indian – BIS certifications, as that was not needed in the past. These high-quality large manufactures of such products, can indeed meet the quality criterion and standards, as are being specified by the BIS, but due to the current pandemic situation, international visit of the BIS officers, for the purpose of the certifications indeed looks a very tough or rather an impossible proposition. The Industry has been demanding for the removal of the need for the BIS Certification, and instead the compliance with the best of the corresponding International IS - standards can be proposed, to even curtail the import of sub-standard products into the country. In the absence of the timely BIS certification, which may not be possible at current pandemic times, these large suppliers of the STEEL/TIN Products and the Basic TIN SHEETS and other raws may withdraw completely from the Indian markets, and the import of the basic raw materials, that are needed to sustain thousands of MSMEs and even larger units, may be badly impacted. India’s overall installed capacity, at present for Steel and Tin Production of the necessary grades is also well short of the total present requirements. The industry is thus facing demand-supply gap of 2.5 lakhs MT per annum. The capacity expansion for such highly capital intensive and long gestations period industries is not easy and may take many years. In the absence of the very basic raw materials, such as the TIN SHEETS, and the product such as – Metal Containers the industry will literally come to a sudden closure and lead to massive job losses, as the basic raw materials will not be available easily in the country. Also, the BIS Compliance is contrary to the government’s Make in India Initiatives, as the restrictions will only hamper the import of the basic raw materials required to make finished goods locally. Also, it will not have any bearing on the import of the some of the Finished Products, which will get imported with a changed nomenclature finally, using the same very basic raw material, that the ministry is trying to dissuade from getting imported using the BIS restrictions. For Example– The import of the EMPTY METAL AEROSOL TIN Cans – Under HSN CODE - 73102910 (Rs. 10.00 to Rs. 12.00 valued items) which is used for filling and making the Spray Paints or AIR Freshener by the Indian aerosol filler and making the end product (Valued at Rs. 80 to 100) may be impacted, whereas the Direct import of the FILLED SPRAY PAINT Cans or AIR FRESHENERS ( HSN CODE – 33074900), from other nations, will continue without any implications, due to the BIS implementation on the Empty TIN Cans. Same will be the case, with numerous other industries and products. EMPTY AEROSOL TIN Container for Aerosol SPRAYs China is indeed one of the world’s largest manufactures of the EMPTY AEROSOL TIN Containers needed for the Aerosol spray products packing, and the fast-growing Indian aerosol industry is heavily dependent on the imports for their packaging requirements, for the 100% leak proof and the high-quality aerosol tin container. These empty tins are only a basic packaging material, and then a high level of value addition is done to the same, in terms of making the final finished FMCG and Various Specialty industrial application products using the basic empty Tin Cans for filling the end products. A large number of these products are not only consumed within the country, but a large volume is exported worldwide from India. In the absence of the quality Aerosol Tin containers for packing, the end products the Indian Aerosol industry will come to sudden and an abrupt end, as the present total installed Indian capacity is not only much lower than the total market demand, even the quality of the locally produced empty bottles is not at par with the imported bottles/empty spray cans. The Chamber endorses the concern of the industry and make humble request to the ministry to take the timely corrective action to either repeal or extend the implementation of this requirement by a few years in order to save the industry and corresponding loss of jobs. With kind regards,

Rajiv Podar President, IMC

Reboot | Reform | Resurge 30 IMC Journal n March-April 2021 Advocacy

March 19, 2021

Shri P C Mody Chairman Central Board of Direct Tax Department of Revenue, Ministry of Finance Central Secretariat, North Block New Delhi 110 001 Respected Sir, RE : Funding of innovators by incubating centres funded by Central and State Governments – investment eligibility under Section 11 of the Income tax Act, 1961 We, once again, take this opportunity to place on record, our deepest complements for wide ranging programs initiated by Governments, both Central and State, towards our Hon’ble Prime Minister’s vision of “Atmanirbhar Bharat” and establishing innovation-oriented start-up eco-system. To this end, Governments have taken and is taking number of initiatives to support and encourage innovation in several fields by handholding, funding and incubating start-ups. Background and Issue

• One of the schemes for funding innovative start-up is implemented through supporting incubation centres where Governments give grants to identified institutions who, in turn, invest in start-ups.

• For this purpose, most host institutions (higher educational institutions or other likeminded institutions) are expected to form a separate not-for-profit company under Section 8 of the Companies Act, 2013 (SPV). The relevant department of the Central or State government gives a grant to the said SPV in tranches to establish and run the operations of the Incubation Centre. Furthermore, the SPV is suggested to get registered under section 12A of the Income-tax Act, 1961 (the Act) to ensure Income Tax exemption under Section 11 of the Act.

• As a part of the grant to the SPV, the relevant department of the Central or State government also provides monies towards a Seed Fund. The SPV is expected to invest the Seed Fund as equity, debt and/or a combination of the two in their Incubatees.

• However, since these incubators and Incubatees do not fall within the present criteria of Rule 17C(vi), these investments are not eligible investments of the charitable trusts which include not –for-profit companies registered under Section 8 of the Companies Act.

• Present criteria recognises only investments by incubators which are notified by Ministry of Science and Technology. The current entry reads as under:

“(vi) investment by way of acquiring equity shares of an incubatee by an incubator.

Explanation.—For the purposes of this clause,-

(a) “incubatee” shall mean such incubate as may be notified by the Government of India in the Ministry of Science and Technology;

(b) “incubator” shall mean such Technology Business Incubator or Science and Technology Enterpreneurship Park as may be notified by the Government of India in the Ministry of Science and Technology;

• The highlighted portion of the sub-rule above would indicate that it covers only those incubators and incubatees as are notified by Ministry of Science and Technology of the Government of India and those which satisfy the definition of Technology Business Incubator or Science and Technology Entrepreneurship Park (STEP).

• Recognizing, the need for such eligibility, this entry was introduced way back in March, 2007. At that time, the first and the only department that was funding incubators/setting up start up system in the space of science and technology.

• Since then, lot of emphasis has been laid on innovations and need for incubators to incubate innovators and Governments, both Centre and State, especially, NITI Aayog, have recognised and funded several innovators/innovation centres which provide technological facilities/devices, network/ linkages, co-working space, lab facilities, mentoring and advisory support to the start-ups. A glance at Annexure I would number of incubation centres that have been funded by Central and State Government/Departments in addition to those funded by Ministry of Science and Technology.

• Investments by these innovation centres/innovators are not considered eligible investments for the purpose of compliance with requirements of Sec 12A /Sec 11 exemption unless a specific notification is issued by the Ministry of Science and Technology. Issuing notifications in each and every case becomes an arduous task and causes delays and anxiety which could be addressed by permitting investments in such instruments by any incubator/ incubation centre funded by Central and/or State Government.

• Incubation Centres funded by the Central and State Governments through various departments mandate detailed periodic reporting of every supported Incubator and Incubatee.

• Moreover, the Incubator has to provide Annual Financial Statements, Utilization Certificate of the grant money and is subject to review by the Quality Council of India (QCI) at periodic intervals.

• The details captured from Incubators by the concerned departments includes Capital Expenditure, Personnel Expenditure, Incubation Centre Services and Seed Funding from the grant received from government. Moreover, the Incubators have to report detailed information of the Incubatees which includes IP filed, IP granted, revenue, number of jobs created, government partnerships among others.

• Thus, there is complete oversight and monitoring of activities of such incubators/incubation centres.

• Further, currently, investment by way of equity shares in incubatee is only eligible for consideration for this purpose.

We understand from discussions with Innovation Centre that for example, as per the Memorandum of Agreement that is entered into NITI Aayog for setting up incubation centre, the centre is required to match money given from the Seed Fund by NITI Aayog

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with money from non-governmental sources. Most Angel Investors and Venture Capital Funds prefer debentures and preference shares given the ease of the instrument. The incubation centres, therefore, need flexibility in terms of instruments also besides equity shares.

Our recommendation We, therefore, request you to kindly: a) Expand the scope of eligible instruments and include debentures ( convertible or non-convertible) as also preference shares ( convertible or non- convertible) b) Expand the scope of eligible investments listed under Rule 17C (vi) to cover incubators/ incubation centres and incubatees funded by Central or State Governments.

Such an amendment will go a long way in making incubation centres highly effective in enhancing investments in innovators.

Indicative amendment suggested by us is addition of highlighted portion in sub-rule (vi) to Rule 17C: “(vi) investments by way of acquiring equity, equity linked instrument including convertible or non-convertible preference shares and convertible and non- convertible debentures of an incubatee by an incubator. Explanation: for the purpose of this clause,

(a) “Incubatee” shall mean such incubatee as may be notified by the Government of India in the Ministry of Science and Technology or any incubatee registered with Incubation Centre funded by the Central Government or State Government.

(b) “Incubator” shall mean such Technology Business Incubator or Science and Technology Entrepreneurship Park as may be notified by the Government of India in the Ministry of Science and Technology or any such incubator as is funded by the Central Government or State Government;

The aforesaid amendment shall allow the incubation centres/incubators across the country to create sustainable and efficient means of promoting and supporting start-ups and fulfill the vision of the Government of “Atmanirbhar Bharat” through innovations. We request you to give us an opportunity, through virtual meeting, to explain the issue and our suggestions in greater detail and provide response to the questions that you may have in this regard, at a date and time mutually convenient to you and trust you will consider our request favourably.

With regards,

Rajiv Podar President-IMC

Annexure 1

Central Government and State Government funded Incubators A whole host Central Government departments/ agencies have given grants to set up incubators across the country. Some of these departments/ agencies are as follows: • National Science & Technology Entrepreneurship Development Board set up by the Department of Science and Technology, Government of India • Biotechnology Industry Research Assistance Council set up by the Department of Biotechnology, Government of India • Technology’s Technology Incubation and Development of Entrepreneurs set up by the Ministry of Electronics and Information, Government of India • Ministry of Micro, Small & Medium Enterprises (MSME), Government of India Similarly, a number of state governments have given grants to set up incubators in their respective states. Some of the states government departments/ agencies that fund incubators are as follows: • Maharashtra State Innovation Society set up by the Government of Maharashtra • Startup Karnataka set up by the Government of Karnataka • Telangana State Innovation Cell set up by the Government of Telangana • Kerala Startup Mission set up by the Government of Kerala • Startup Gujarat set up by the Government of Gujarat • Andhra Pradesh Innovation Society set up by the Government of Andhra Pradesh • iStart Rajasthan set up by the Government of Rajasthan • Startup Odisha set up by the Government of Odisha

The list is not exhaustive, but indicative of the Central and State Government efforts to promote entrepreneurship and innovation through the length and breadth of the country.

With kind regards,

Rajiv Podar President, IMC

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March 20, 2021

Smt. Nirmala Sitharaman Hon’ble Union Minister for Finance Ministry of Finance, Room No. 134, North Block, New Delhi 110 001

Respected Smt. Nirmala Sitharamanji,

RE : Proposed Amendment in the Finance Bill, 2021 to replace the Authority for Advance Rulings with the Board for Advance Rulings, and its adverse impact on foreign investors

This has reference to the amendment proposed in the Finance Bill, 2021 (“Finance Bill”) on February 1, 2021, which seeks to replace the Authority for Advance Rulings (“AAR”) with the Board for Advance Rulings (“BAR”) (“Said amendment”). The Chamber has submitted its detailed post budget representation with your Honours on 23 February 2021 wherein the captioned aspect has been covered by the Chamber.

However, looking at the adverse impact the Said amendment is likely to have on attracting Foreign Investment opportunities into India, the Chamber wishes to bring out certain points, which shall reduce impact of the said amendments and achieve the policy objective of government as well.

I. Background

q In 1991, the Indian economy was liberalized, and various limits and restrictions placed on Foreign Direct Investment (FDI) were considerably relaxed. This led to a much larger inflow of FDI particularly from countries, with which India had favourable Double Taxation Avoidance Agreement (DTAA). At that time, it was felt necessary that there should be a statutory authority which could give a ruling on the tax liability of potential foreign investors and the tax liability for a particular project or transaction be decided well in advance.

q To facilitate foreign investment into the country a number of steps have been taken by Government of India in the past. Setting up an Authority for Advance Rulings (Income Tax) to give binding rulings, in advance, on Income Tax matters pertaining to an investment venture in India is one such measure. The scheme of Advance Rulings has assumed special significance in the context of greater emphasis on FDI. Advance Rulings afford far greater certainty to foreign investors in respect of their prospective direct tax liabilities. In the context of increasing trade and commerce between countries and globalization of businesses, the Advance rulings would serve an important purpose.

q With this objective, the Authority for Advance Ruling (‘AAR’), an independent and unique statutory body, was constituted in the year 1993. With effect from 1 April 19931, the provisions relating to AAR were introduced as a self-contained code in the Income Tax Act, 1961 by the Finance Act, 1993. The bench consisted of a retired Supreme Court judge as its Chairman, a Vice Chairman and other members.

q The background and the necessity to form a special forum to deal with tax liability for transactions involving a non-resident with a resident and to introduce provisions related to this forum in the Income Tax Act were narrated in the Hon’ble Finance Minister’s speech, memorandum explaining the Finance Bill 1993 and the notes on clauses.

q However, the purpose for which AAR was formed (i.e. to give certainty to taxpayer’s in relation to proposed transaction) has been far from achieved. The same is mainly on account of its disrupted functioning as well as delay in disposing of applications filed before it (matters have been pending for 5 to 6 years, as against the statutory time-limit of 6 months).

q Further, the positions of the Chairman and the Vice Chairman (necessary for the constitution of the AAR) have remained vacant for a long time now due to the non- appointment/selection of eligible persons at appropriate time, resulting in a large backlog of cases. Even though, 3 benches of AAR have been created (i.e. Principal bench, NCR and Mumbai), all three benched have not been functioning due to vacancy in the position of Chairman and Vice Chairman.

q It was only in November 2020, after the intervention made by the Hon’ble Supreme Court in case of National Co-operative Development Corporation v. CIT (CA No. 5105-5107 of 2009) dated 11 September 2020 that the Central Government vide a Notification appointed the Revenue Members of the NCR Bench and the Mumbai Bench as the Officiating Chairman and Vice Chairman, respectively, for a period of three months or till the vacancy is filled. This helped to restart the functioning of benches for a period of three months but again it has stopped functioning as term has not been further extended. Also, there are vacancies of Law Member in Mumbai as well as Principal Bench. It is to be noted that the Principal Bench of the AAR in New Delhi was not functioning on account of non- appointment of Chairman (i.e. retired Supreme Court judge) and Other members since October 2019.

q In the Finance Bill announced on 1 February 2021, the government has acknowledged the fact that due to non-appointment of Chairman, Vice-Chairman and Members in a timely manner, the working of the AAR has been seriously hampered and a large number of cases have been pending adjudication for many years. Accordingly, with a view to resolve some of these long-standing issues, the Budget has proposed to replace the AAR with the BAR.

q The intention of government is appreciated, however, some of the elements of the newly proposed BAR are concerning. In the effort to resolve the issue of vacancy of judicial positions at the AAR, the introduction of BAR is likely to take away the very essence of the AAR.

II. Key issues arising on account of replacement of AAR with the BAR i). Non-binding rulings:

q Currently, rulings of the AAR are binding on both taxpayer as well as department and same can be challenged only by way of Writ Petition before the jurisdictional High Courts2.

q However, as per the Proposed amendment, rulings of the BAR will no longer be binding on taxpayer as well as department. Further, the Proposed amendments provide a statutory right to the taxpayer to prefer an appeal against the BAR ruling to the High Court. One of the key reasons for Non-resident taxpayers to opt for Advance Rulings was the time-bound manner in which tax certainty would be accorded by the AAR.

1 The advance ruling system has been in existence in approximately 60 countries for the past four decades. The AAR in India was a relatively late entrant. Although the concept of advance rulings was conceptualized by the Wanchoo Committee in the mid- 1970s, it was only in the early 1990s that it was implemented.

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q However, on account of proposed Non-binding nature of the rulings of BAR, the element of certainty and thereby the attractiveness of opting for Advance Ruling for foreign investors will get diluted to great extent. It is likely to be similar to assessment orders being issued by Tax authorities.

q Further, as the rulings of the BAR, are made appealable before the High Court, it is likely to delay the justice as the approach of the High Courts through appellate procedure takes considerably more time as opposed to invoking their extraordinary powers under Writ jurisdiction and also it limits the scope of review available to such taxpayers of the advance ruling (i.e. only question of law can be challenged before the High Court).

ii). De-tribunalization of the AAR:

q As per the existing provisions, the AAR constituted by a Chairman who is a retired Supreme Court judge or Chief Justice of a High Court or High Court judge (with 7 years or more experience) and it also includes two other members, one being a Law member and the other being a Revenue member. In contrast to the existing provision, the proposed constitution of BAR, will have two revenue members, not being below the rank of Chief Commissioner.

q In case of Columbia Sportswear Company vs. the Director of Income-tax, Bangalore [2012] 25 taxmann.com 470 (SC), the Hon’ble Supreme Court had confirmed that the AAR is a tribunal discharging judicial functions.

q Further, in case of Madras Bar Association vs. Union of India ([2014] 49 taxmann.com 515 (SC), the Hon’ble Apex Court held that a tribunal exercising adjudicatory functions (akin to a traditional court) must be manned by persons having judicial qualifications.

q Also, the Hon’ble Supreme Court in Rojer Mathew v. South Indian Bank Ltd [2019] 111 taxmann.com 2018 (SC) held that ‘tribunals are mutually exclusive from administrative or legislative bodies, and although not strictly Courts, they nevertheless perform judicial functions’. Hence, it held that appointment of only administrative members to a tribunal ‘is in direct violation of the doctrine of Separation of Powers and thus contravenes the basic structure of the Constitution.’

q From the above rulings, it is amply clear that the AAR has been set up as a Tribunal discharging judicial functions and hence, it should comprise of Judicial Members.

q The Proposed Amendment, which seeks to only have Revenue members presiding as Judges of the BAR will result in de-tribunalisation of the AAR which was never the intent at the time when the AAR was set up. This will result in the AAR becoming no different than any other administrative authority such as the Assessing Officer, the Commissioner of Income Tax (Appeals) or the Dispute Resolution Panel.

q In this regard, attention is invited to the observations of the Hon’ble Supreme Court in case of National Co-operative Development Corporation (supra) regarding the importance of functioning of AAR, etc. which are required to be kept in mind while deciding on whether AAR should be replaced by BAR.

III. Our Suggestions/ Recommendations: i). AAR should not be replaced with BAR:

q Overnight decision to close down the AAR (from the date of 1 April 2021) and formation of Board of advance ruling (BAR) is complete betrayal for all those who have file applications and which are pending for disposal for 3 to 10 years and asking them to go to the authority consisting of two administrative commissioners is virtually taking away vested right of judicious disposal of their application by the Supreme court or High Court judges and asking them to go through the BAR or go through normal litigation rule and face the uncertainty and litigation for several years to come.

q Accordingly, it is suggested that proposal to replace AAR with BAR should be removed at the time of enactment stage. It is to be noted that the AAR has been set up with the noble objective of providing tax certainty to foreign investors. While, there have been procedural hurdles being faced in terms of appointment of judges etc. this should not result in the body being disbanded in its entirety. The procedural issues may be addressed by alternate modes, as recommended in (iii) below.

ii). Continuation of existing AAR to dispose of pending application:

q Without prejudice to the above, if AAR is to be replaced with BAR, at the very least, the pending applications, i.e. applications which have already been filed and / or admitted before the AAR should be carved out from the applicability of the said amendments.

q BAR should operate as an administrative body which should hear cases which are filed before it on or after April 1, 2021 or such other date that the BAR is notified by the Central Government.

q We understand that there are currently over 450 application (all three-benches combined), pending before AAR, which should be heard and disposed of by the currently existing AAR and should not be transferred to the BAR. These applications have a vested right

o for their applications to be disposed of by a tribunal (judicial /quasi -judicial body), and

o for the advance ruling to be binding on both themselves and the tax authorities.

q The Applicants whose applications are pending before AAR, also have a legitimate expectation that their matter will be dealt by the same body that was in existence at the time of the filing of the applications, i.e. the AAR.

q This is more so relevant, considering that significant number of these pending matters before AAR, Applicants have been awaiting a ruling from the AAR for a period far in excess of the prescribed period of Six months. Therefore, transferring these matters to the proposed BAR is likely to result in infringement of the vested rights of the Applicants whose matter are pending and same would be in violation of the doctrine of legitimate expectation.

2 Article 226, Constitution of India, 1950. See also Columbia Sportswear Company v. DIT [2012] 25 taxmann.com 470 (SC)

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iii). For the purposes of implementing the recommendations in (i) or (ii) above, we have the following specific recommendations for the efficient functioning of the AAR:

q The process of appointment must be refined ensuring adequate respect and seniority to the retired Supreme Court / High Court judges. As per the Authority for Advance Rulings (Procedure for Appointment as Chairman and Vice-Chairman) Rules, 2016, as amended from time to time (“AAR Rules”), retired Supreme Court and High Court judges are required to make an application to be selected as the Chairman / Vice Chairman of the AAR. Instead of requiring the retired judges to make applications, the Selection Committee should shortlist eligible judges and approach them with the offer of the position of Chairman / Vice Chairman at the AAR and there has to be a process to ensure that appointment selection process starts early keeping in mind the dates of retirement.

q Currently, the age limit to be appointed as a Chairman is 70 years and that for the Vice Chairman is 65 years. In order to achieve ready availability of retired Supreme Court / High Court judges for appointment to the AAR, the age limit must be increased.

q To widen the pool of individuals from which appointments can be made to the AAR, retired President of Vice Presidents of the Income Tax Appellate Tribunal (“ITAT”) may be considered for the post of the Vice Chairman and retired members of the ITAT may be considered for the post of Member Revenue or Member Law, depending upon their qualification.

q In order to achieve the disposal of all pending 450 matters, the retired judges of the Supreme Court and High Court or the President/ Vice-President of Tribunal may be approached for a specific 3-year period or so and be assignment to dispose-off the Pending Applications.

q It is also suggested that, The Tribunal Reforms (Rationalisation and Conditions of Service) Bill, 2021 introduced in the Parliament, which is also applicable for appointment of members at AAR and be suitably modified to incorporate above recommendations.

In view of the above, we submit that the replacing AAR with BAR is likely to dilute the possibility of foreign investors achieving tax certainty, which is crucial in a jurisdiction like India where the tax rules are constantly changing.

India, as part of its campaigns like ‘Make in India’ and ‘Atmanirbhar Bharat’, has been undertaking immense efforts to reform its dispute resolution mechanism and to make it seamless. These efforts have gone a long way in signaling India’s welcome to investors and businesses from outside. Thus, if replacement of AAR with BAR, is enacted in their present form without incorporating any of the recommendations above, are likely to serve a major blow to our promise of affording a seamless dispute resolution mechanism to foreign investors which is also contrary to India’s commitment under BEPs Action Plan 14.

We hope our concerns are adequately addressed.

With regards,

Rajiv Podar President-IMC

March 24, 2021

Ms. Surabhi Gupta General Manager Corporation Finance Department, CMD-II, Securities and Exchange Board of India SEBI Bhavan, Plot No. C4-A, “G” Block, Bandra Kurla Complex, Bandra (East) Mumbai - 400 051

Dear Madam,

Subject : Comments On The Consultation Paper On Review Of Regulatory Provisions Related To Independent Directors

Greetings from the IMC Chamber of Commerce and Industry (formerly The Indian Merchants’ Chamber).

At the outset, we appreciate the efforts taken by the Securities and Exchange Board of India (SEBI) in terms of proposing new norms for Independent Directors with respect to their appointment, removal, remuneration and their role in the audit committees of a listed entity.

We would like to make a few comments on the consultation paper, published by the SEBI on its website which are attached herewith for your kind consideration. We believe the suggestions made therein would help the SEBI to improve the efficacy of Independent directors and to strengthen their independence and effectiveness in order to protect minority investors.

We would be happy to clarify any concerns of the SEBI on this issue and trust our suggestions would be considered favourably.

With kind regards,

Rajiv Podar President - IMC

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April 7, 2021

Honourable Shri Uddhav Thackeray ji Chief Minister of Maharashtra Mantralaya, Mumbai

Respected Chief Minister Shri Uddhav Thackeray ji,

We extend warm greetings.

While we agree and appreciate that in the face of the unprecedented spike in the number of COVID-19 cases in the state of Maharashtra, certain immediate measures were absolutely necessary to contain the spread, but we feel that the kind of `break-the-chain-again’ lockdown measures made effective till April 30 goes against the resolve of the government to maintain right balance between life and livelihood.

We have received feedback from our members and our member associations, who comprise diverse sectors, that the order to completely shut private offices would completely break the back of trade and commerce in the state. They were already hugely hit by previous nation-wide lockdown and just as traders, retailers, and other private establishments were slowly recovering, they would not be able to sustain another lockdown. This could be detrimental to the state’s economy and lead to a massive loss of jobs.

Also, not allowing private offices to function at a restricted level of staff strength lacks rationale. When manufacturing activities are rightly allowed, exports and clearing agents are permitted, banks are open, it is essential that allied back office operations are also allowed to support them like preparing indent for raw material for ensuring supplies of necessary inventories, filing of e- way bills, documentations for exports, authorization of certificates of origin, opening of LCs, etc. These functions require in-office presence and cannot be fully done online in the work from home mode. And without these functions, manufacturing and exports cannot sustain. Even where essential services like custom house agents, clearing and forwarding houses, shops selling essential goods are allowed, they are asked to shut due to lack of clarity down to the operational level.

We understand that rising cases require adequate healthcare infrastructure and share the concern of the government. But compared to the last year, we are well equipped in terms of diagnostic and treatment, availability of equipment and facilities. Like last year, these can be augmented by recommissioning COVID-19 care facilities which were discontinued after the dip in cases. The contact tracing and surveillance of positive cases should be again aggressively pursued, area-specific containment strategy should be followed, testing should be ramped up and, more importantly, COVID-19 appropriate behavior should be more strictly enforced by deploying more marshals and with more stringent penal provisions. The rapid spike is more due to irresponsible behavior than the routine economic activities and it is this scourge which the state government should focus on to control the spread.

We reiterate our solidarity with the government and will continue to contribute to the efforts of the state government towards the well being of the state. It is with our confidence in the present government that it would listen to the collective voice of the trade, commerce and industry, that we are writing this appeal to kindly allow private offices to operate at a restricted staff strength, shops with rotational policy of allowing to remain open one side alternate days as well as trade and retail activities with due health protocol in place.

We enclose copies of representations already made to the state government by our member associations and request that due consideration may be given to our requests.

With warm regards,

Rajiv Podar President - IMC

April 7, 2021

Dr. P. K. Mishra Principal Secretary, Prime Minister’s Office South Block New Delhi 110011

Respected Sir,

Sub Suggestions for reducing the unfair burden on promoters to conform to PM’s call for ease of doing business and for fairness.

Promoters in general parlance are considered to be a person in control of the Company and consequently in India, a change in the Promoters of a Listed Company is perceived as sufficiently significant to affect the market price of the Company. However, currently a majority of the individuals classified as Promoters under law are stakeholders of the vestigial position with little to no means of escaping the legal binds placed on them.

This Representation is thus being made to place before you the plight of Promoters in today’s market scenario and the hardships faced by them.

DEFINITION:

The term Promoters have been defined in the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as including a person: i. who has been named as such in a draft offer document or offer document or is identified by the issuer in the annual return referred to in section 92 of the Companies Act, 2013; or ii. who has control over the affairs of the issuer, directly or indirectly whether as a shareholder, director or otherwise; or iii. in accordance with whose advice, directions or instructions the board of directors of the issuer is accustomed to act:

Provided that nothing in sub-clause (iii) shall apply to a person who is acting merely in a professional capacity;

Provided further that a financial institution, scheduled commercial bank, foreign portfolio investor other than individuals, corporate bodies and family offices, mutual fund, venture capital fund, alternative investment fund, foreign venture capital investor, insurance company registered with the Insurance Regulatory and Development Authority of India or any other category as specified by the Board from time to time, shall not be deemed to be a promoter merely by virtue of the fact that twenty per cent. or more of the equity share capital of the issuer is held by such person unless such person satisfy other requirements prescribed under these regulations.

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Furthermore, the definition for Promoter Group includes: i. the promoter; ii. an immediate relative of the promoter (i.e. any spouse of that person, or any parent, brother, sister or child of the person or of the spouse); and iii. in case promoter is a body corporate: A. a subsidiary or holding company of such body corporate; B. anybody corporate in which the promoter holds twenty per cent. or more of the equity share capital; and/or anybody corporate which holds twenty per cent. or more of the equity share capital of the promoter; C. anybody corporate in which a group of individuals or companies or combinations thereof acting in concert, which hold twenty per cent. or more of the equity share capital in that body corporate and such group of individuals or companies or combinations thereof also holds twenty per cent. or more of the equity share capital of the issuer and are also acting in concert; and iv. in case the promoter is an individual: A. anybody corporate in which twenty per cent. or more of the equity share capital is held by the promoter or an immediate relative of the promoter or a firm or Hindu Undivided Family in which the promoter or any one or more of their relative is a member; B. anybody corporate in which a body corporate as provided in (A) above holds twenty per cent. or more, of the equity share capital; and C. any Hindu Undivided Family or firm in which the aggregate share of the promoter and their relatives is equal to or more than twenty per cent. of the total capital; v. all persons whose shareholding is aggregated under the heading “shareholding of the promoter group” Provided that a financial institution, scheduled bank, foreign portfolio investor other than individuals, corporate bodies and family offices, mutual fund, venture capital fund, alternative investment fund, foreign venture capital investor, insurance company registered with the Insurance Regulatory and Development Authority of India or any other category as specified by the Board from time to time, shall not be deemed to be promoter group merely by virtue of the fact that twenty per cent. or more of the equity share capital of the promoter is held by such person or entity: Provided further that such financial institution, scheduled bank, foreign portfolio investor other than individuals, corporate bodies and family offices, mutual fund, venture capital fund, alternative investment fund and foreign venture capital investor insurance company registered with the Insurance Regulatory and Development Authority of India or any other category as specified by the Board from time to time shall be treated as promoter group for the subsidiaries or companies promoted by them or for the mutual fund sponsored by them; Promoters thus denote any individual, syndicate, association, partnership or a Company which takes all the necessary steps to create and set the Company going. The Promoter originated the scheme for the formation of the company; gets together the subscribers to the memorandum; gets memorandum and prepared articles, executed and registered; finds the bankers, brokers and legal advisors; located the first directors, settle the terms of preliminary contracts with vender and agreement with underwriters and makes arrangements for preparation, advertisement and circulation of the prospectus and arrangement of the capital. Therefore, we can conclude that Promoters act as a molding format for the Company and give it a shape under which it can exist in the world although they cannot take any reward in this regard. ONEROUS POSITION OF PROMOTERS: Certain situations wherein the Promoters are placed in an Onerous Position under the current provisions are produced below: I. The Securities and Exchange Board of India (the Board) has vide its Circular SEBI/HO/CFD/CMD/CIR/P/2020/12 dated 22nd January, 2020; Circular SEBI/HO/OIAE/IGRD/CIR/P/2020/152 dated 13th August, 2020 and subsequently vide Circular SEBI/HO/OIAE/IGRD/CIR/P/2020/208 dated 22nd October, 2020 (henceforth collectively called ‘the Circulars’) issued a Standard Operating Procedure (SOP) for the recognized Stock Exchanges and the Depository Participants. As a part of the SOP, in case of continuous non-compliance of the Listing Obligations, the Circulars give the Stock Exchanges and the Depositories the power to freeze the entire shareholding of the promoter(s)in such entity as well as all other securities held in the demat account of the promoter(s). II. Furthermore, vide SEBI Circular SEBI/HO/MRD/DOP2DSA2/CIR/P/2019/87 dated 01st August, 2019 read with SEBI Circular CIR/MRD/DP/10/2015 dated 05th June, 2015 ; the Listed Entities along with the Registrar and Transfer Agents were required to “Update Distinctive Number (UDN) information in respect of all physical share capital and overall DN range for dematerialized share capital for all listed companies and Update the DN Database to the extent possible.” In case of Non-Compliance with this Circular, the Depositories were directed to, i. Freeze all the securities held by the promoters and directors of the listed companies that are not in compliance with the provisions of SEBI circular no. CIR/MRD/DP/10/2015 dated June 05, 2015 [i.e. Beneficiary Owner a/c level freezing]. ii. Not effect any transfer, by way of sale, pledge, etc., of any of the securities, held by the promoters and directors of such non - compliant companies. iii. Freeze all related corporate benefits on the Beneficiary Owner a/c frozen as above. iv. Retain the freeze on the securities held by promoters and directors of non - compliant companies till such time the company complies with the directions provided in SEBI circular dated 05th June, 2015. DILEMMA OF THE PROMOTERS:

Considering the current position of the Industry, there are a large number of individuals who are identified as promoters under law (because they are named as such in the prospectus or the offer document) but they are no longer in control of the Company.

There are also Individuals who have transferred all or almost all of their shareholding in the Company and wish to rid themselves of the “promoter” tag. However, a person does not cease to be a promoter of a Company merely by ceasing to be in control of the Company or by transferring all of its shares.

For reclassification of the Promoter’s Shareholding, regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) provides a framework.

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It is impertinent to note that Regulation 31A of the LODR expressly provides for reclassification of promoter shareholding: (1) in cases of transmission/succession/inheritance; and (2) subject to the approval of the company’s shareholders and provided that the outgoing promoter does not have any special rights, in cases of: (a) change of promoter, where the outgoing promoter (together with the promoter group and persons acting in concert) holds not more than 10% of the paid-up equity capital of the company; and (b) the company becoming professionally managed without an identifiable promoter i.e. exercise control over the affairs of the listed entity directly or indirectly. (c) have any special rights with respect to the listed entity through formal or informal arrangements including through any shareholder agreements; (d) be represented on the board of directors (including not having a nominee director) of the listed entity; (e) act as a key managerial person in the listed entity; (f) be a ‘willful defaulter’ as per the Reserve Bank of India Guidelines; (g) be a fugitive economic offender. The Regulation also prescribes that there shall be a time gap of at least three months but not exceeding six months between the date of board meeting and the shareholder’s meeting considering the request of the promoter(s) seeking re-classification. Thus, even though the Regulator has provided an avenue for the Individuals who are classified as Promoters to get themselves reclassified, the entire process is selectively available and is arduous not just for the Promoters but also for the Company. In addition to making an application and filing the same before the Company, the reclassification of the Promoters is subject to the Special Resolution passed by the Shareholders. Thus, taking away the element of Free-will from the Individual and subjecting him to the discretion of the Public shareholders at large. BIRD’S EYE VIEW of the Promoters’ Predicament is: • Obsolete terminology • Onerous regulations • Lack of actual Control/Power in the Company • Arduous process for reclassification. RECOMMENDATIONS: 1. Revision in the definition of Promoter – only the “promoter” who, are actually engaged in the management or in accordance with whose instructions the management is accustomed to act or to whom it reports should be the subject of regulatory action. 2. Remove provisions/SOPs for penalizing Promoters for Non-Compliance by the Company which cannot be controlled by Promoters. 3. Understand that majority of the Promoters are not engaged in the day-to-day activities of the Company, therefore, Promoters who are not engaged in the day- to-day activities of the Company or who are not in fact controlling the operations of the Company or directing the management of the Company should be excluded from regulatory action and thus be spared from the onerous burden of the regulations from their shoulders. 4. Revision in the provisions for reclassification of Promoters for providing exceptional cases wherein Special Resolution of the Shareholders need not be passed and doing away with the requirement of making special Applications before the Board such as the case of Alembic Pharmaceuticals in 2016. 5. Allow for ease in reclassification of honorific Promoters. IMPACT: The proposed change in the Regulations will bring out the following impact: • Bring people who are in actual control of the Company under the purview of the Law. • Creating a system wherein the Law can strike hard on the people who are actually responsible for the non-compliance i.e. where the mens rea can be clearly established. • Improve the image of Corporate Governance and Ease of Doing Business in India. • Encourage Domestic and International businesses to enter the Indian Securities Market to list their Securities without the fear of being fastened to the regulations under the guise of acting as Promoters. • Bring an impetus in the Securities Market. • Change the mindset of the Indian Public at large regarding such an obsolete terminology so that any change in Promoters of a Company does not affect their market capitalization. We, therefore, implore you to consider the proposed changes in the Regulations and if required open a two-way communication channel to discuss and deliberate on the changes proposed herein.

With regards,

Rajiv Podar President - IMC

Reboot | Reform | Resurge 38 IMC Journal n March-April 2021 Advocacy

April 16, 2021

Smt. Nirmala Sitharaman Hon’ble Union Minister for Finance Ministry of Finance Room No. 134, North Block New Delhi 110 001

Respected Smt. Nirmala Sitharamanji,

Re: Amendment by Finance Act, 2021 to replace the Authority for Advance Rulings with the Board for Advance Rulings, and its adverse impact on foreign investors

Warm Greetings.

At the outset, IMC Chamber of Commerce and Industry (‘IMC’) records its appreciation of the efforts taken by the present Government in managing the economic slowdown and COVID-19 pandemic. The steps taken by the government in dealing with the situation are very well appreciated by trade and industry.

This has reference to the amendment proposed in the Finance Bill, 2021 (“Finance Bill”) on February 1, 2021, which seeks to replace the Authority for Advance Rulings (“AAR”) with the Board for Advance Rulings (“BAR”) (“Said amendment”). In this respect, the Chamber had made detailed representation to the Finance Ministry dated 20th March, 2021.

In pursuance of the same, the Government introduced The Tribunal Reforms (Rationalisation and Conditions of Service) Bill, 2021 (‘The Bill’) in Lok Sabha; for abolishing of Authority for Advance Rulings under Income Tax Act, among other Tribunals abolished under various other Acts.

Thereafter, the bill has been passed by way of Ordinance in the Official Gazette and which received the assent of the Hon’ble President on 4 April 2021 and accordingly, has the following impact of the said Ordinance on the provisions of Authority for Advance Rulings (‘AAR’):-

1. The Authority for Advance Rulings has ceased to effect from the date of commencement of the ordinance i.e. 4th April. However, there is no clarity as of now on the fate of pending Applications before AAR (approx. 450 applications pending).

2. The Hon’ble Members of the AAR shall cease to hold office from the date of commencement of the ordinance i.e. 4th April 2021 with entitlement of three months of compensation from the date of cessation of office.

The sudden abolition of the AAR without sufficient notice and without providing mechanism to dispose off over 400 matters still pending (awaiting adjudication from last 2-10 years) has come as surprise to international investors who were looking for finality and certainty of their pending matters. The said ordinance does not provide any mechanism for disposal of the pending Applications before AAR like other Tribunals where the pending matters were automatically transferred to the courts, etc. Such a sudden move could work against the government’s resolve for creating ease of business and creating non-adversarial tax regime.

In view of the above, we would request the Hon’ble Ministry to appreciate the above concern and provide a mechanism for disposal of pending matters, either by creating interim benches of AAR with a time bound program to dispose off within 18-24 months.

We trust our recommendations would be considered favorably.

With warm regards,

Rajiv Podar President - IMC

April 22, 2021

Shri P C Mody Chairman Central Board of Direct-taxes Department of Revenue, Ministry of Finance Room No. 150, North Block New Delhi 110 001

Dear Sir,

Subject: Representation on the Faceless Assessment and Faceless Appeal Scheme

Warm Greetings.

The Chamber appreciate the efforts of the Government to do away with physical hearings for assessments and introduction of “Faceless Assessment Scheme”.

Based on the feedback received from many of our members and professionals, experience of the assessment under the Scheme is reasonably satisfactory.

It appears this being the first year and time available for system to get settled for the faceless scheme, there are certain difficulties being faced by the taxpayers and the professional.

With a view to improve upon the same, we are listed the issues/difficulties faced along with possible solutions to resolve the same, for your reference as Appendix 1.

We request you to kindly consider the same and do the needful to provide relief to the taxpayers at large.

With warm regards,

Rajiv Podar President - IMC

Reboot | Reform | Resurge IMC Journal n March-April 2021 39 Advocacy

April 22, 2021

Shri Subhash R. Desai Hon’ble Minister for Industries and Mining Government of Maharashtra 4th Floor, Main Building Mantralaya Mumbai - 400032

Respected Subhashji,

Subject : Urgent intervention needed by Maharashtra Government to ensure that price of natural gas to industries and end-consumers of Maharashtra remains under control.

I extend warm greetings from IMC Chamber of Commerce and Industry.

Natural Gas is the cleanest fossil fuel and has a major role in catering the growing energy demand in a sustainable manner. Our country has a vision to make India a gas based economy wherein the share of natural gas in energy mix is envisaged to increase from current 6% to 15%.

Major industries in Maharashtra are connected with high pressure Dahej-Uran-Panvel-Dabhol Pipeline (DUPL-DPPL) and hence, they receive a supply of natural gas through this pipeline. Further, all the cities of Maharashtra are putting of City Gas Distribution networks and vehicles are converting to Natural Gas at a fast pace.

There is a matter of grave concern regarding the primary natural gas pipeline going through the State of Maharashtra (GAils - Dahej Uran Dabhol Pipeline) where GAIL is showing capacity being full at 100% and also asking for a substantial price increase with the regulator.

As a background, PNGRB (Petroleum and Natural Gas Regulatory Board) issued final terms and conditions for acceptance of Central Government Authorization for DUPL-DPPL in the year 2010-11 to GAIL. The provisional capacity as per the Authorization Letter is 19.9 MMSCMD (including common carrier capacity of 4.98 MMSCMD). During the authorization of the pipeline, the major source of gas in the pipeline considered was only LNG terminal at Dahej. Therefore, the capacit y of the pipeline has not been redetermined since last more than 10 years. As a bit of background, as more sources of gas are connected to a pipeline (at different points), the capacity of the pipeline goes up multi-fold and therefore, the tariff should come down.

As per the current capacity of DUPL-DPPL pipeline as mentioned above, the available common carrier capacity was NIL in March 2021 and the same in Feb 2021was very less (0.4 mmscmd). GAIL schedule for available common carrier capacity in Feb 2021 and March 2021 is attached. This situation indicates that the natural gas will not be available to any new requirements of customers in spite of availability of the new source of gas in Maharashtra.

GAIL has neither taken into account its own terminal at Dabhol (of 5 MMTPA) nor H-Energy’s terminal of 6 MMTPA (21.6 MMSCMD) located at Jaigarh, Ratnagiri District. These terminals and PlL’s East West Pipeline add sources of Gas in Maharashtra that is expected to increase the capacity of the pipeline by a factor of 2.SX to 3X and therefore, the charges for consumers in Maharashtra should come down by 50% to 66% on an immediate basis as the addition of new source at Dabhol and Uran will technically increase the capacity of the pipeline significantly.

As per Regulation 2(1)(g) of PNGRB (Determining capacity of Petroleum, Petroleum products and Natural Gas Pipeline) Regulations, 2010, the extension of new sources of gas defines as expansion of pipeline and such expansion of pipeline increases the capacity of the pipelines which requires to be determined. The increase in capacity shall unable other source of gas to supply and shall also reduce the pipeline tariff which will effectively increase the availability of gas and reduce the cost of gas for industries in Maharashtra.

On the contrary, GAIL has submitted a proposal to increase the tariff of DUPL-DPPL pipeline and based on the proposal, PNGRB has circulated Public Consultation Document (PCD) dated 02-03- 2021 to increase the levelized tariff of DUPL-DPPL Pipeline from Rs.37.78 to Rs.50.11 per MMBTU. We urgently request the Government of Maharashtra to oppose such increase in the tariff and insist to the regulator for an urgent capacity redetermination of the pipeline. If the capacity of the pipeline is not determined or increased, then the pipeline tariff will increase.

Based on above, it is a need of an hour to determine a new capacity of the DUPL-DPPL pipeline by PNGRB and oppose any increase in tariff of the pipeline. Therefore, I request to send a request letter to PNGRB (Petroleum and Natural Gas Regulatory Board) for capacity determination of the DUPL-DPPL Pipeline.

With warm regards,

Rajiv Podar President - IMC

Reboot | Reform | Resurge 40 IMC Journal n March-April 2021 KNOWLEDGE SERIES 41

Juzar Networking Khorakiwala March-April 2021 March-April n 29th & 30th April, 2021 29th & 30th April, Reboot | Reform | Resurge Podar Rajiv IMC JournalIMC Emeritus, Hexaware Technologies Technologies Hexaware Emeritus, on discussion focused which Limited Vision. Indo-US Partnership dignitaries the welcoming While IMC session, Inaugural the at said India Rajiv Podar President, Mr. largest two world’s the are USA and democracies. occupy economies the Both the in position significant a combined a with economy world the in 28% around of contribution twothe between Relations GDP. world strength been growing have nations to strength in the past few decades. Raw Pharma, Education, IT, From now has India supplies material newareas several in drawnattention Defense, Retail, Digital, Finance, like climate change, regional and global QUAD of strengthening to challenges, grouping in Today’sthe Indo-Pacific. vision new A – set to aims summit of furthering this partnership and relationship. Moderator Atul Nihar Atul ages that are being being are that ages

ween both India and and India both ween Jayant DAY 1- Inaugural Session: Indo-US Partnership Vision Partnership Session: Indo-US Inaugural 1- DAY Sinha Chief Guest Hon’ble Hon’ble forged bet forged on thoughts his Sharing US. the “The he said, Indo US relations, solid. relationship between us is rock As a result of which our partnership stronger and stronger getting is trade, all domains - security, across investments, science education and more, the US and India are going in multiple to play a defining role will be more areas and their relation enduring, powerful and influential also He years.” coming the in mentioned that Indiaand the US partnership a major on working are over a million vaccines to produce by Johnson & Johnson and also are working towards addressing climate change as well. The address was followed by Q & Atul Mr. by moderated session A Chairman, and Founder Nishar, Azent Overseas Education Private Chairman & Founder Limited, to-people link to-people

f Commerce Commerce f

Hon. Shri Jayant Sinha, Sinha, Jayant Shri Hon.

d Industry organized the d Industryan the organized Vision Partnership Indo-US MC Chamber o Chamber MC

Summit on 29th & 30th April April 30th & 29th on Summit Indo-US the of objective The 2021. Summit was to Vision Partnership leaders together influential bring interact to makers decision and building a for a roadmap and chart mutual on based relationship robust trust, respect and complimentary. by supported was Summit The Division, Diplomacy Economic the Ministry Externalof Affairs, Government of India. geopolitics on discussions from Apart and overall opportunities, the 2-day on specifically focused Summit of in areas possibilities potential Investment, and Finance Education, Health (infra, biotech, life science, Emerging in Pharma), Trends security Cyber Defence, Techs, and Experts Entertainment. and Government officialsfrom India and the US deliberated on the topics. The Inaugural session of first day of wasaddressedChief Summit by the Guest, Parliamentary Chairperson, Committee for Standing Member of Parliament Finance, people- the on commented who I KNOWLEDGE SERIES Hon’ble MinisterandMr. Rajesh by Panel discussion between the The address was then followed ethanol, methanol,LNG,CNG, etc. fuels-compressed biogas, alternative power sectors, encouraging the useof energy andthe agriculture towards of diversification the on focusing was that the governmentHe informed investment inIndia.” from least times more two returns getat will you that confident I’m as compared with the US,returns good,andyouwillgetgoodis very economy, rateofreturn theinternal energy. India is the fastest-growing “There is a lot of potential in solar length. the green energysegment, atgreat the Indianpower sector, especially huge potentialforUSinvestmentin an opportunitytospeakaboutthe The ministerutilisedthesummitas vehicles on electricity inthefuture. buses, two-wheeler and three-wheeler His aims include running all public hub ofautomobilemanufacturing.” want to make India the number one he added, “In the next five years, I crore, lakh atRs7 stands industry automobileout thatIndia’scurrent transport inIndia.Whilepointing more importantly, electric public metro rail, railway stations, and emerging opportunities inairports, companies to capitalise on the Mr. encouraged US Gadkari American investors. in India and its implications for expanding renewableenergysector emphasis onthe special He also laid defence, security, energy and trade. principle agreement in the area of that thetwocountrieshavereached issues wouldberesolvedsoon,and US, hesaidthatalloutstandingtrade confidence betweenIndiaandthe Speaking about the growing century’. important partnership of the 21 Indo-US partnership is‘the most and MSMEs who said that the of RoadTransport andHighways UnionMinisterNitin Gadkari, by day oftheSummitwasaddressed The Inaugural session on second Networking 42 Chief GuestHon’ble Shri IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021

Hon’ble Lieutenant Governor Bethany Governor this partnership is this people centric partners the USarestrategic and He further stated that India and Bilateral Cooperation, Guest of Addressing the session on Regional relations. and India to develop our bilateral are committedtoworkingwithIMC During herspeechshesaidthatwe future oftechnology. the areaHealth,LifeScienceand on exploring US Indo partnership in emphasized Summit. Ms.Hall-Long Guest ofHonour Partnership Forum. &CEO,President US-IndiaStrategic was moderated by Dr. Mukesh Aghi, New Era of Indo-US Relations’ and on‘A focused Corporation which Chief OperatingOfficerofFedEx andSubramaniam, President Vijay Rupani Hon’ble Nitin Guest of Honour Hall-Long Chief Guest Hon’ble Gadkari DAY 2- Inaugural Session: A New Era of Indo-US Relations

countries together. bringing the two this platform, together and create different sectors luminaries from the IMC to bring efforts made by the relentless Gujarat praised Chief Minister of VijayShri Rupani, Honour Hon. first day of the delivered on the Delaware was State ofLong, Bethany Hall- Ms.Governor Lieutenant Guest of Honour, Remarks by Opening Mukesh Aghi(Dr.) Moderator

Ajit Mangrulkar between thetwocountries. explore thebilateral opportunities objective oftheSummit. on the who gave an overview Industry IMC Chamber of Commerce and Ajit Mangrulkar, Director General, Welcome the with Remarks by Mr. this virus. The Summit commenced this is what will free the world from the unprecedented times and believes experiences with each other during their knowledge, resources and shared world the how and humanity he commended on the spirit of device manufacturing. Further, to invest in drugs and medical are golden opportunities inGujarat industrialists across theglobe,there places for global investments and Gujarat isone of the most favoured wave.” He also mentioned that helping Indiaduringthe second so many othercountries are humanity hasnoborders. Likewise, wave andalsoprovedCOVID-19 drugs to the USA during the first Gujarat provided hydrochrollophyn new heights inIndoUSrelations, system. With the aim ofachieving challenges toourpublic health said, pandemic, heon the current of boththenations.Commenting beneficial forthestartupecosystem electronics and E vehicles and is with the US in semiconductors, prosperity. India is keen to partner and their common goal -human of democracy, strong cultural ties they and are also similar in terms Rajiv Podar “COVID-19 isposingserious“COVID-19 benefit members to members benefit Sum ensured that the and participants he dignitaries, partners and thanking the While welcoming Subramaniam mit aims to Rajesh

KNOWLEDGE SERIES 43

Rao Kumar Arun M. Arun Networking Tadepalli Tadepalli Yugal Sikri Yugal March-April 2021 March-April n Connor Suresh Sethi Suresh Hon. Geoffrey Hon. Geoffrey Reboot | Reform | Resurge Murtaza IMC JournalIMC industry collaborations are very industry very are collaborations care health build global to important system highlighted the Panel. Whilethe session, summing up the in said that Creativity moderator creativity in policies and products, the lies partnership in creativity future of healthcare collaboration. for further enhancing regional regional enhancing further for trade andbetweentwo investment common share that democracies trusts. mutual enjoy and values exploring on discussed session This ways in both regional opportunities trade and investment. security, Cyber promoting of and Big Data to Blockchain IOT, relations. and develop Transform Khorakiwala (Dr.) Khorakiwala (Dr.) Paresh Paresh Ruchi Dana Ruchi (Perry) Patel (Perry) Kate Beale Lutfi Hassan Nitin Rakesh Nitin n of overall US-India US-India overall of n Rahul Susan Ritchie Atul Joshi Atul Sharma Moderator Moderator Moderator Panel. Artificial intelligence can can intelligence Artificial Panel. developing in play important role health Better industry. health medicalinfrastructure, infrastructure aspect important are innovation and in healthcare industry the discussed Government Government, to Panel. linkagesacademic Pharma and foundatio in states Many relationship. bilateral and Sister-States and India have US Sister-Citiesformal arrangements for enhancing bilateral cooperation. The geopolitical and evolving pandemic possibilities exploring call for situation Digitization has taken important important taken has Digitization The economies. in developing role importancethe on emphasized Panel Session III: Trends in Emerging Tech Emerging in Session III: Trends Session II: Regional Bilateral Co-operation Session II: Regional Session I: Importance and Future of Health of Future and Importance Session I: emark emark by LutfiMr. Hassan, n, technologies and and technologies n, The session commenced with an with an commenced session The R Opening Chairman & CEO, Apex Group of of Apex Group Chairman & CEO, Companies, USA who gave an update on the crisis and how both countries are collaborating to fight against the pandemic. the on update an gave also He both the between trade bilateral Apart remarks. his during countries recent initiative on federal level from bilateral strategic and trade matters between the twogovernments, the trade in collaborations regional and investment as well as cultural the been always have exchanges With the exponential growth at whichat growth the exponential With AI and other new technologies are influence it will greatly expanding years the in landscape business the to come, and both countries can with capacity this phenomenon drive enterprises. The Panellists buildingof for possibilities huge the on discussed on collaborate to US and the India help which would 5G technologies accelerate development of modern technological solutions. pandemic has led to a has led to a pandemic The global governance,health on debate global public Infrastructure, healthcare health, affordable healthcare, and for diseases on education better building capacity response, better new and education, medical of science, medical in technologies alternate lifestyle, telemedicine, wellnessof importance and medicine discussed The session treatment. over healthcare health, of future on innovatio research. the of lifeblood is Innovation Industryhealth the emphasized KNOWLEDGE SERIES country. hubs of post-production in the and Chennai, which are the primary in Mumbai, Bangalore, Hyderabad companies in India are operating productionMany filmservices post production capabilities. India’s competitive andquality Bollywood. Hollywood can use and Hollywood both to beneficial could be mutuallyindustry and US in entertainment Collaboration between India increased significantly has telehealth disruption andhow useof COVID-19 emerging technologyhashelpedin The Panel elaboratedonhowthe Networking the near also pointedfuture. They inpart of India’s development story growth and will remain anintegral capital remains wellpositioned to see The Panel highlighted that foreign Finance. the opportunities for Investment & Finance. onThe sessionfocused would needBigInvestments and Financial )aregoingtosurgeand (Including Services Pharmaceuticals, Atmanibhar Focus), Bharat Defence, Infrastructure, Manufacturing (PLI, new avenue for exponential growth. Startups andDigitalSpaceopenupa opportunities invariousSectors. and Major Policies India offers huge As marketsIndian reforms open with of military helicopters worth $3of military US by signing a deal for purchase ameliorate defencetieswith the India hasshowncommitment to in defence and security. Recently a strong democracies to alliance form requires the largest and the oldest The changing dynamics of geopolitics 44 IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021

Session IV: Entertainment (Hollywood/Bollywood) Jaishankar Moderator Medha Session VI: Defence/Homeland Security Session V: Finance & Investments Exchange Memorandum to expandwiththeLogistics defence cooperation continues U.S.-Indiaimporter of arms. has emerged as2ndlargest the last Indiafive years and India have surged 5-fold in sales tobillion. US arms and thus be a building block for people-to-people understanding can play for promoting better both Bollywood and Hollywood The session discussed what part innovation for cost-effective delivery Financial inclusion promotes The Panel also discussed how in thePandemic. of industrial corridors, some ofof industrial corridors, India, smart cities, development programmes such as Make in With favourable government for thecountry. a bigger share of investment source enable domesticinvestorstobecome market needstodevelopfurther seen robust growth while the capital out that while the equity market has Moderator Malachy Nugent Moderator Samant Priya Giarraputo Bindra Jack Jaspal S. P. Shukla Moderator Bhandarkar Madhur services duringthepandemic. services financial access could customer how highlighted and of varioustechnology use the through products financial of nations. relations between the developing two of talentandculturaldiplomacy in The Panel stressed on the importance strengthening bilateralrelationship. highlighted the Panel.highlighted pool offoreigninvestmentsoffshore, Indian businesses to tap into ahuge for cross border listings will help support regulatory investment. More becoming attractive destination for is India model, partnership strategic of doing business and enhanced bankruptcy code, improved ease the refo Nakhate Ravi Nirgudkar Kaku Kaku rms like insolvencyrms and Mary Millben Salil Gupte Nayyar Sanjay Hafford Jason

KNOWLEDGE SERIES 45

Rossow Networking Moderator Richard M. Richard Anjali Raina Anjali Dinesh Joshi March-April 2021 March-April n (Dr.) H. E. Roemer Timothy Timothy Ambassador Reboot | Reform | Resurge Swadesh Suhas Pednekar Pednekar Suhas Chatterjee IMC JournalIMC taken by their organizations to to organizations their by taken partnershipthe broaden and leverage in the sector. of Partnership from ‘Moving of Partnership to convenience quoted by one commitment’ was discussion. during the Panel the of the importanceWhile highlighting on the sustainability chain supply of in ‘Resilience that quoted other as important as is chain supply efficiency in supply chain’. Joshi, Chairman,Joshi, IMCInternational Business Committee. promote education for all by by all for education promote urging Industrialist to invest in the education sector. Guest of Honour Singh Sandhu Singh H. E. Taranjit H. E. Taranjit Moderator Samir Somaiya Samir Valedictory Session Valedictory how to achieve much broader broader much achieve to how partnership d security an defence between India US. and advanced with MSMEs can play capabilities manufacturing in transforming an important role in Make like the sector and Policies Bharatwill India andAtmanirbhar discussed defense sector, the boost the Panel. variouson highlighted also Panel The initiatives and signed agreement on the crisis and how India and the crisis and how on in ensuring of US collaborated the integrated medical supply essential chain by providing most of time the at medical need by emphasizing that the Healthcare partnership of the been always has countries two the extraordinary. highlighted Roemer Ambassador the expand can that sectors the Indo the enhance and ties economic US relation. Summit the of day second The Opening an with commenced Chatterjee,Swadesh Mr. by Remarks India US Chairman and Co-Founder, Council and concluded Friendship Dinesh byMr. Thanks of Vote witha countries. The Panel countries. The Panel highlighted the future how and education of Digital education will role important play transform and the education sector. how on underlined Panel The the bridge to is it important and divide digital the of inequity Session VII: Knowledge Economy (Education & Skill Across Boundaries) (Education & Skill Across Economy Knowledge Session VII: of Agreement (LEMOA), (LEMOA), Agreement of CompatibilityCommunications, and Agreement (COMCASA), Security Security Industrial the and (ISA) now in place. Agreement and internal defence security For and India counterterrorism, and and defence in collaboration US a play can security homeland achieving for peace and vital role open and free a for and prosperity discussed session The Indo-Pacific. The session focused on how how on focused session The education and higher universities to adapt will world the across dynamic adopting of challenges with pace curriculumkeep to of changing requirement constantly skill sets and how students exchange in universities between programs create help will US the and India skills with equipped pool talent both in growth economic drive to The 2 days Summit of over seven sessions was followed by Valedictory on discussions with session COVID-19Economic cooperation, cooperation and Defense cooperation. was session Valedictory The Honour of Guests by addressed Singh Sandhu, Taranjit H.E. Mr. United to India of Ambassador H.E. and India of Embassy States, Roemer, Timothy Ambassador Mr. Director and Strategic Executive and Worldwide APCO at Counselor Rossow, M. Richard Mr. by moderated Chair in U.S. India Policy Wadhwani Studies,Thefor Strategicand Center International Studies Session the dressing ad While Ambassador Sandhu gave an update KNOWLEDGE SERIES with aWelcomewith byRajiv Address The Inaugural session commenced representatives. country and diplomats officials, Government houses from various sectors besides largecorporate and MSMEs included countries. The delegates 48 African across telecasted live on CNBC Africa was and delegates 1500 of morethan The Summit witnessed participation Group. Summit wassupportedbyAstarc 23rd and24thof March 2021. The fromIndia andSub-Saharan Africa and Business Opportunities between on thethemeBilateralEconomic Virtual Summit 2021Indo-Africa (ABN Group) organized the second Business News Groupand Africa the IMC Chamber of Commerce Virtual SummitinNovember2020, Following the successful Indo-Africa 10. compared to$39billionduring2009- billion in 2018 $62 reached trade sawarevival.India-Africa Africa with relations India’s years, last few continent. In theand the African and collaboration between India to expandopportunitiesfortrade business practitioners are seeking A Networking 46 Building on thestrong historical, cultural and economic bond IMC Journal IMC Journal | Resurge |Reform Reboot COVID-19 Pandemic,COVID-19 serious therebalances itself after s the global economy n March-April 2021 between India and theAfrican continent

Agarwal. 1.5 billion innext fewyearssaid Mr. and looki ng to further invest another years andhaveinvested$4 billion from last15I havebeentoAfrica Limited. Vedantaand Chairman, Resources Founder by Anil delivered Agarwal, The India Keynote Address was and Africa. Economic activities between India help promote Trade, Investment and TheDeskwilland CNBCAfrica. the supportofEximBankIndia an he announcedtheestablishmentof During his Address progress in Africa. India may be relevant and helpful to to reflect on how experience in rise. So,are onthe it is the time visible and have become very Africa India’s interestandinvestment in Podar, IMC who said President, Keynote Address Anil Agarwal Indo-Africa Desk at IMC with IMC at Desk Indo-Africa India

Keynote Address Busi Mabuza Africa Inaugural Session nities thatcanbeexplored. expressed theirviewontheopportu - whoexperts from India and Africa structure withPanel Discussionby Mining, Oil & Gas; and Health Infra- ture Foodand Resources: Processing; mobiles (2wheelers&EV);Agricul- Knowledge, Skill& Education;Auto- such as Power & Renewable Energy; The 2-day Summit explored sectors proposed theVote ofThanks. Director,Sam Bhembe, ABNGroup Ms. MabuzainherAddress. Continentsaidgoodwill inAfrican India continues to enjoy tremendous There is no doubt in my mind that highlighted thebilateralopportunities. whoCorporation ofSouthAfrica Development ofIndustrial Board the delivered by Busi Mabuza, Chair of The A Rajiv Podar frica Keynote Address was Sam Bhembe KNOWLEDGE SERIES 47

Janico Networking Dannhauser Nayan Patel Nayan Brian Dames Brian Nilaya Varma Nilaya March-April 2021 March-April n Reboot | Reform | Resurge (Prof Dr.) (Prof Mikel Mabasa Mikel Rakesh Jha Balvinder Shukla Balvinder IMC JournalIMC risks and creating a robust climate climate risks and creating a robust financing ecosystem highlighted the Panel. highlighted the initiative led by by led initiative the highlighted Government that sectors private and India and Africa’s strengthen have historical bond. and education and discussed the col- undertaken initiatives and laboration by Educational Institutions. Sabine Dall’Omo Sabine Pai Motwani T. V. Mohandas Mohandas V. T. Sulajja Firodia Firodia Sulajja B.R Jaju Harsha Bangari Tshilidzi Tshilidzi Marwala(Prof) African in invest countries Bhatia Anil Sardana Anil Rajinder Singh Rajinder FY2018-19. The major The FY2018-19. the of markets export two ‘Made-in-India’ African are wheelers Latin& American countries. The biggest African being markets and Angola Nigeria, Uganda. vocational training across education education across training vocational Panel The industry. and institutions highlighted on the importance of skill To grow the scale of investments, the scale of investments, grow To of variety a need markets both mitigating for products financial The Panel elaborated on the the on elaborated Panel The explored that can be opportunities and ties bilateral the develop to (Prof) Malcolm McIver Malcolm Panel 1: Opportunities: Capitalising 1: Opportunities: on the Indo-AfricaPanel Bond components components Panel 2: Opportunities in Power: Fossil Fuels vs Renewable Energy Fuels Fossil 2: Opportunities in Power: Panel Panel 4: The Rise of Electric Vehicles: for 2-wheelers & EVs Outlook Rise of Electric 4: The Vehicles: Panel Panel 3: The Knowledge Economy: Changing Demands on Skill & Education 3: The Knowledge Economy: Panel indispensable value of $62.6 billion in 2017- value of $62.6 billion of urban and rural transport across across transport rural and urban of some of Africa’s and still fast-growing Two economies. connected poorly growth a registered exports Wheeler vs FY2019-20 in cent per 7.3 of Passenger cars and motorcycles (as (as andmotorcycles cars Passenger wellboth) accountfor as parts for to the of Indian vehicle exports most African have continent. Motorcycles become ternational Energy Outlook InternationalThe Outlook Energy 2020 identified major trends in Asia Africa. and grows use energy As more indicate cases some Asia, in could electricity of cent 50 per than by renewables from generated be 2050. The costs of natural gas and shift could energy renewable fuel the the in electricity generating for mix fossil toward further either region fuels or toward renewables rade and investment connectiontradeandinvestment The Africa and India between holds in the struggle promise immense Trade to lift millions out of poverty. with burgeoning, two is the between opening afternew opportunities the slowdown. Pandemic-related global India is now Africa’s largest third for 6.4 accounting trading partner, of African percent a total trade for total 18. Today’s employers demand demand employers Today’s who graduates, work-ready haveknowledge andexpertise re- job with directly align that sponsibilities. In Africa, while rising is population youth the graduates many exponentially, jobs. good find to failing are Africa’s of cent 60 per Almost age of the is under population 19.8 of age median a with 25, in 2020, according to the UN’s de- African The projections. mographic that Bank recommends Development KNOWLEDGE SERIES present numerous opportunities in the evolving global food markets similarroles prioritiesand sectorial complementary India and Africa’s can feedtheworld. collaborate,weIf IndiaandAfrica Agriculture iscentraltogrowth. Group inhisOpeningremarkssaid ASTARCKishore Musale, Chairman While settingthetoneforPanel Networking IMC said India- Africa engagement IMC saidIndia-Africa Business Committee,International Summit, Dinesh Joshi, Chairman, on the second day of the While welcoming the dignitaries electric vehicles. tremendous opportunities in the The Panel highlighted on the Nigerian Minister of Mines and Steel Nigerian MinisterofMinesandSteel Adegbite,delivered byOlamilekan Keynote Address was While the Africa Pradhan gas, miningandsteelstatedHon’ble investment tieswithNigeria,inoil& are buildinguponourclosetrade- demandisourdemand. WeAfrica’s Our Hon’ble PM hadoutlined that world’s mostdynamicgrowth centers. andrepresentis anageold story & NaturalGaswhosaidIndiaAfrica Union Minister of Steel, Petroleum Hon’ble Pradhan, Shri Dharmendra a Keynote Addressfrom Indiaby The S systems andstructures withinthe to strengthen and improve existing Pandemic.the COVID-19 Theneed countries to assistwith25 African dispatched medical assistance to and Angola. India has already for theeconomiesofNigeria, Zambia commodity prices hasspelt disaster in 25years. The steep decline in recession first region’s (SSA) Africa has sparked off theSub-Saharan outbreak COVID-19 thatthe assessed The World Bank in its April report, 48 IMC Journal IMC Journal | Resurge |Reform Reboot ession commenced with n March-April 2021 Panel 5: Initiatives in Agriculture and Food Processing

Panel 7: Capitalising on Health Infrastructure Panel 6:Resources:Gas Mining, Oil& of its ties with Africa. of itstieswith reiterated thehistorical importance Indiahasoften partner forAfrica. global economic and a significant India hasemerged asanimportant investment projects inAfrica. India hasundertaken anumberof goes beyondtradeApartfrom trade, 25 per cent in the short term, the25 per cent intheshort term, share tobetween20percentand its oil diplomacy and increase the keen was tostepup government the nations andimports from African cent of its $125-billion worth of oil sourced about 16per in 2010. India currently in 2009and8per cent mining andmetalsdeals 4 per cent of global accounted forAfrica Nigeria. a good time to enter on miningandthisis Nigeria is focusing Development whosaid hosting thesecond editionofthe forulated IMCandCNBCAfrica IMC who congrat- Vice President, zar Khorakiwala, ing remarksbyJu- Clos- by concluded The Summit was discussion. the Panel in the was highlighted by healthcare system sector. The Panel discussed the for collaborationin the agricultural Kishore Musale Rajnikant Rai Reddy (Dr.) Sangita Dharmendra Dharmendra Pradhan Keynote Hon’ble Address

least sixtosevenblocksinUganda. been quickofftheblocktobidforat ONGC Videsh Limited(OVL), has and production major ONGC Limited, of nationaloilandgasexploration from this,overseas investment arm official pointed out. Taking itscue building. towards foodsecurityandcapacity cooperation potential for India-Africa Joshi. investment opportunities, saidMr. promotionthe and ofmutualtrade Summit for initiated the Africa Indo havealong with CNBC Africa Chamber ofCommerce andIndustry trade and to expand investment, IMC potential andto increase bilateral To further reflect on the huge developing stronger partnership. the Guests for their contribution in Summit 2021andthank Indo Africa Hon’ble Olamilekan Quinton Zunga Langa Simela Langa (Dr.) Adegbite Ayodeji Balogun Langenhoven Tamaklo (Dr.) Elikem Henk KNOWLEDGE SERIES 49

Networking Ajit Mangrulkar March-April 2021 March-April n fective smart mobility mobility smart fective nt commenced with a a with commenced nt Reboot | Reform | Resurge Dinesh Joshi IMC JournalIMC deliver ef deliver encouraging while solutions facilitating a collaborative innovation, sustainability and meeting ecosystem, of part are challenges These goals. the rapidly changing landscape of he said. urban mobility, rtant features of the virtual virtual the of features important The platform were the e-Exhibition and platformseB2B, networking for for markets newer access to and witnessed Conference The members. 700 over of participation virtual that globe the over all delegates included MSMEs and large corporate besides sectors the from houses Government officials, diplomats and country representatives. eve The lightning of lamp in theInaugural session. Juzar Khorakiwala Inaugural Session Inaugural Rajiv Podar Rajiv Invest India and Maharashtra State MaharashtraState and India Invest Conference The Society. Innovation Industries by Reliance sponsored was partner. and ET Now as broadcast The objective of theConference was networking platformto provide for Indian and global players to come insights share debate, and together and explore potential investment collaborations. and opportunities are sectors couple a year, Each maximum where on focus to chosen are available. opportunities ities to invest in India in ities to invest in India in opportun mobility, smart infrastructure, smart to According technologies. green and survival is the only ‘Green’ him going ‘Sustainability’and mechanism is forward. way a must Infrastructure March March Rashesh Shah Special Guest Special sector on sector

MC Chamber of Commerce of Commerce MC Chamber Industryand organized Calling India annual its

P. Harish P.

Guest of Honour

with a focus on on focus a with Conference Smart Infrastructure Green and Technology – Mobility Sustainability and interactive 12, 2021 on a virtual platform. The Conference was organized with Diplomacy Economic of support the the Ministry of Division External of Affairs, Government India, of I Rajiv Rajiv address, welcome his In President, IMC stated Podar, take to calling indeed is India that transformation the of advantage underway is which India’s in explore and things doing of way KNOWLEDGE SERIES business, India is important destination business, Indiaisimportantdestination policy initiative tofacilitate easeof thegovernment’s mobility and in power to increasingly use green technology in Smart Cities planned and commitment other GreenTechnology. With The oneis smart infrastructure and global corporations and businesses. unprecedented opportunities for sectors of global interests and offer growth potential in two major India is witnessing tremendous store for itself. The session Panelists future the Indian economy has in management. This is the bright of urbancities, and other forms power relatedinfrastructures, smart urban transport, water supply, are made inhousing, road network, migration of people. Investments to theexpansion ofcitiesandthe urbanization inIndiaismainly due data,the well. Accordingtocountry opportunities are increasing as in India and because of this, The urbanpopulationisgrowing to him“Thedecadewithafocus is going to take root. According Economy andGreenFinance which on Hydrogen Ecosystem, Green ofIndia spokeGovernment Affairs, ofExternal Ministry Diplomacy and StatesDivisions, and HeadofEconomic (Economic Relations) Secretary Conference, P. Harish,Additional Guest ofHonour ofthe drivers ofgrowth. the domestic all sectors andspurring productivity andcompetitiveness in clean technology, thereby boosting Efficient mobility, green and main elements Smart infrastructure, development depends on three that the future of sustainable Business Committee IMCInternationalChairman, Conference introducingWhile the theme of the Networking 50 IMC Journal IMC Journal | Resurge |Reform Reboot Mr. Dinesh Joshi, n March-April 2021 emphasized

100 aspiring India,newIndia. for global companies to invest in • • • deliberated onthefollowingtopics: This session panel debated on especially inIndia.Itwillalsooffer theme across the countries and Smart infrastructure is now the Elaborating onit,headdedthat, to Stakeholder Capitalism. Time for Shareholder Capitalism Edelweiss Group said it’s the Chairman, Shah, Rashesh Guest ontheoccasionSpecialPresent the corporatebondmarket inIndia.” Bank of deepening and developing and the Centralthe government will help in the overall objective of Green Bond market in our country Development municipalities. of the corporates, commercial banksand been ledbyanewclassof issuers- the last few years. This growth has witnessed exponential growth over goals. Green Bonds globally has towards the sustainable development the decadeforactionheading on digitalfor development willbe Ajit Ranade (Dr.)

Chowdhury Amrita Transport businessopportuni- housinginIndia Affordable infrastructure Opportunities in India’s urban Smart Infrastructure Invest In India Bindu Dalmia Joy Bandekar Ananth Narayan • • investment intothesetwosectors. would be most conducive to attract opportunities and policies that and GreenTechnology inIndia. opportunitie overseas gave their perspective on the Chat whereexpertsfrom Indiaand Global Perspective and Fireside Mobility,Smart Youth Vision, in India, SmartInfrastructure, followed by6sessionsnamelyInvest The Inaugural session was then remarks. gave theconcluding Mangrulkar, Director General, IMC the Vote of Thanks. While Mr. Ajit proposedCommerce andIndustry IMC Chamber ofPresident, Mr. Juzar Khorakiwala- Vice back ontrack. that in2021Indianeconomywillbe believed he and ofmonths couple a reboundintheeconomylast and sustainableway. Therehasbeen the worldtoenhancegrowth insmart an opportunity to investors around Shailesh Pathak

requirements in India Power and power infrastructure ment inIndia Water andwastewatermanage- ties inIndia s in Smart Infrastructure s inSmart Infrastructure Sanjay Mukherjee Sanjeev Krishan (Dr.) KNOWLEDGE SERIES 51

Majeed Rushda Networking Nilesh Shah Vikram Singhal Vikram Sahaj Sharda Sahaj March-April 2021 March-April n Subodh Sangwan Reboot | Reform | Resurge Xabier Arruza Chauhan Ashishkumar Ashishkumar IMC JournalIMC Priya Samant Priya infrastructure and green technology infrastructure and green technology policies experiences, their cities, for and challenges. intelligent transportation systems, systems, intelligent transportation applications, management traffic in the are and Hyperloop robo-taxi in mobility enhanced for pipeline major cities. John W.H. John W.H. Denton AO Chetan Maini Neel Lalka Richter (Dr.) Frank-Jürgen Frank-Jürgen Jerry Hultin Aravind Sanka Aravind Smart Mobility Global Perspective Shloka Nath Shloka Sorabjee Shailesh Hormazd Haribhakti which will help to address the large- to which will help urbanization challenges. This scale perspective a global provided session on sustainable solutions for smart shared mobility and autonomy are set are and autonomy mobility shared Services car-sharing like off. to take already been and ride-hailing have around cities hundredsof in work at like the world. New advancements Fireside Chat - Rebooting Economy Rebooting Chat - Fireside Youth Youth Vision – Smart Infrastructure And Green Technology This session deliberated on rebooting Indian and global This session deliberated on rebooting Indian and global Economy post pandemic. information more deliberations views/ expert’s the on For Session the watch can you Conference, the of theme the on (IMC Chamber of Channel wise videos on our YouTube and Industry).Commerce This session had panel of start- of panel had session This smart of vision their giving ups infrastructure and green mobility and sustainability. Looking into the future of mobility, Lookingmobility, of future the into to chance a stands now there system transportation a develop thriving and which can facilitate cities in our communities vibrant mobility is about and towns. Future environment- towards striving and automated integrated, friendly, on-demand. personalized travel experience key The world is set to in the coming changes in mobility times. such Trends as electrification, By 2050, the world population is By 2050, the world population is billion 2.3 by increase to expected current 9.3 billion to from billion 7.0 same the At 2011). Nations, (United in urban living population the time, billion 6.3 be to projected is areas world the of areas urban The 2050. the all almost expectedto absorb are the over expected growth population next few decades. Therefore there is getand evolve to cities the for need a of the application through smarter, technologies,and solutions innovative KNOWLEDGE SERIES I of future; Digital Technology that sector like HealthcareInfrastructure developments in the healthcare to create anawareness of various The said event was organized April 2021 Health Summiton29th Networking 52 Hon’ble Harsh Vardhan (Dr.) Chief Guest Atul Joshi Siddharth organized its first ever NxtGen ever first its organized Health andFitness Committee, MC under the aegis of its Shah Technology; Education-Panel Infrastructure; Discussion IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021 Session 1 :FutureSession - of Health Sunita Dube Dube Sunita Hon’ble Shri Rajesh Tope Mahajan Harsh (Dr.) (Dr.) Inaugural Session

Guest ofHonour messages with everyone, they bothmessages with everyone, Tope, both shared their keynote Welfare GoI and Hon’ble Shri Rajesh Union Minister of Health and Family Minister Shri Dr. Harsh Vardhan, Insurance and Finance. Hon’ble Opportunities in Healthcare Trends medications; inAlternative is andcure;fastracking diagnosis Junaid Ahmed Natarajan Trehan Naresh (Dr.) (Dr.) Raj Nair Jhalani Manoj Kanta Kanta Singh Group SAandMr. Dror Berman, Mr. Swartzberg,MD,Vitality Barry Two speakers International included for theevent quire.ai; were the esteemed panelist Neuroleap; Mr. Warier Prashanth of Mr. Kumar Bagrodia Founder, Mr. Sanjay Datta of ICICILombard; of PD Hinduja Hospital; Chakarabarty Mr. Sudarshan Jain, Mr. Joy General, OPPI;,Secretary Life are;Mr. K.G.Ananthkrishnan, Mr. Kewal Handa Founder Salus Vaideesh exMDof GSK andJ&J; Kohli ofAYUSH GoI,Mr. Annaswamy Shroff Dr. of Charak Pharma, Kuldip Mehta of 360 Wellness, Dr. Ram of Dr. Group; Batra’s Dr. Mickey of UN Women, Dr. Mukesh Batra SinghMahajan Imaging, MsKanta of Medicity, Dr. HarshMahajanof Panelists like Dr. NareshTrehan “Game Changeroftheyear2020” Tope werebothfelicitatedbyIMCas Vardhan and Hon’ble Shri Rajesh .Hon’blecurrently ShriDr. Harsh as the situation is in the country to expect in as farthe comingdays opportunities forpastoneyearwhat spoke about theirchallenges and

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(Dr.) Warier Networking krishnan Prashant Prakash Prashant K. G. Ananth- Mickey Mehta Mickey March-April 2021 March-April n Technology Leapfrog Technology Reboot | Reform | Resurge Session 6 : Fireside Chat: Session 6 : Fireside Dror BermanDror Sanjay Datta Sanjay IMC JournalIMC discussed how alt health can make alt health can make discussed how health care affordable, accessible to need a is There inclusive. and have better regulation and clinical evidence Sudarshan Jain Sudarshan Kuldip Kohli (Dr.) Kohli Kuldip - Panel Discussion - Panel Vaideesh Barry Annaswamy Swartzberg Ram Shroff (Dr.) Ram Shroff Joy Chakrabarty Joy Session 2 : Future of Pharma Panel Discussion of Pharma Panel Session 2 : Future Session 3 : Future Of Alternative/Integrated Medicines Session 3 : Future (Dr.) Session 4 : Opportunities In Healthcare - Panel Discussion Session In Healthcare 4 : Opportunities - Panel Deepak Make People Healthier People Make Kumaar Kumaar Bagrodia Premnarayen Mukesh Batra Kewal Handa Session 5 : Using Technology to Session 5 : Using Technology and India are leading the world world the leading are India and .According tourism wellness in to an Accenture report more and turning are people young more alternativeto panel The health. The health sector is moving to The health sector is moving to healthcare that evident is It industry wellness The an is

1. 2. 3. The key take away was : take The key “Preventive” healthrather care than including technology new Also, cure. are genomics and medicines nuclear have to possible it make to going customized medicines specific toeach individual. play Women a significant frontline care health as especially role and tie upskilling need We workers. up with hospitals at education and so that the level training institutions whole system is smoothly calibrated cornersand nook reach to rural of India. medicine. about only be not will continue will and is Technology diagnostics in role larger play a to the and treatment. Furthermore, focus needs to shift prevention to by driven which is being wellness & technology industry world-wide 4 trillion over very growing is which China well. Dr. JunaidAhmad , Country Head of Dr. keynote a made also Bank World The IMC by felicitated was and address for his whole hearted support towards India during times of COVID-19. On were addresses special , occasion this and Mr. Jhalani Manoj Mr. by made API Founder, Siddharth Shah Co Holdings Director, Innovation Endeavors who Endeavors who Innovation Director, Mr. with discussion panel a had Prashant Prakash, their Group, Accel Deepak Mr. by steered was discussion Premnarayen, MD, ICS Group KNOWLEDGE SERIES feature with objective to engage with IMC EMERGE will be an annual Organized by IMC on March 20, Opportunities Conclave. inaugural of EMERGE: Sports recipient of Arjuna Award, at up Niraj Bajaj, only businessman regularly atOlympics,summed national anthem being played T Networking Adille Sumariwala 54 Pankaj Athavale IMC Journal IMC Journal | Resurge |Reform Reboot raised upand our be toseeourflagbeing he ultimategoalshould n March-April 2021 Niraj Bajaj Aparna PopatAparna

Making IndiaanOlympicPowerhouse -2024/2028 well as leading emerging online from diverse fields of sports, as Padma Awardees sportspersons Olympians, Arjuna Awardees and gathering of star performers, The Conclavewitnessedavirtual in theglobalsportsecosystem. emerge as one of the leading nations to exitsforIndia of potential that that would facilitate realization a roadmap foranenabling ecosystem all stakeholders insportstodevelop Rajiv Podar Dhanraj Pillay Inaugural Pradeep Dwivedi Kamlesh Mehta Kamlesh Pranav Gandhi is sawing seeds for young talents to ofIndia initiatives ofthegovernment of howKheloIndiaandSkill Athletic Federation of India, spoke ofAdille Sumariwala, President Olympics. stage,includingon international pathway forachievinggreaterglories sports ecosystem andmodern in sportsindustriesanddeveloping investors discussing emerging trend andsports engagementplatforms Viren Rasquinha Nilesh Kulkarni KNOWLEDGE SERIES 55

Ghouse Mustafa Networking Lisa Sthalekar Lisa Sameer Pitalwalla March-April 2021 March-April n Colaco Yannick Yannick Reboot | Reform | Resurge sporting areas –is fascinating fascinating –is areas sporting to see the change. be to going is gaming Mobile next In the big thing. next the medals the of one years, few in e-sports will be in Olympic area. is content the of most As use in surge the with online, of digital platforms, we see it as a trend that will continue to in this area. grow The worldwaiting is for any same the give to franchise IPL as importance to women’s they give to the men’s. Getting big events to India is strength our show to important youth aspiring and motivate towards sports. Opportunity & Challenges Harini Rana Harini Fireside Chat: Women Cricket Cricket Chat: Women Fireside

IMC JournalIMC Michael Broda Michael • • • • Gupta Sanjog Anand Krishnan Arvindlyenger Business of Sports and Sports Post Pandemic of Sports Business and Sports Post E-Sports Venky Venky Mysore Road to Olympic Medals Medals Olympic to Road and schools from starts sports strengthen to have infrastructure in schools to at house power become Olympics. quality in invest to Need coaching andteaching from school level. infrastructure Competitive the but important is not will alone infrastructure it the world champions, make is the people. Preference should be given to Indian coaches for cultural connect and continuity. Sports of The consumption exponentially grown have the under year one last in normal a on pandemic, would growth similar scenario, many years. have taken Leadership coming is that out of India in this space, and kids with talents various also interest in various showing

Akshat Rathee Gupta, Yannick Colaco and Anand Anand and Colaco Yannick Gupta, Krishnan shared their thoughts. discussion of highlights Some included: • • • • • • Neil Maxwell Neil Vivek Raicha Vivek Mike Hussey Mike Fireside Chat - Future of Cricket Chat - Future Fireside Supratik Sen Supratik excel in national and international in national and international excel competitions. in ecosystem sports booming ‘The India is nearing the inflection point and is ready for a quantum leap. These developments are setting the tone for a seemingly tectonic shift seen, played, is sport way the in of,’ advantage taken and marketed opening his in Rajivsaid Podar remarks. held Conclave day-long The India discussionson howmake to business of Olympic powerhouse, women cricket, of future sports, in trends emerging and cricket, White A e-sportsandfantasy sports. International by prepared Paper Institute of Sports Management on COVID-19of Impact Gaming on Industry in India was released on the occasion. Nilesh Kulkarni,Sportsmen Pankaj Rasquinha, Dhanraj Viren Athavale, Kamlesh Athavale, Pankaj Pillay, Lisa Sthalekar, Mehta, Aparna Popat, leading Hussey, Mike Maxwell, Neil in entrepreneurs and entities business of sports and gaming, like PradeepAkshat Rathee, Dwiwedi, Pitalwalla,Sameer Sen, Supratik Raicha, ArvindVivek Iyengar, Mysore, Sanjog Venky Michael Broda, KNOWLEDGE SERIES Networking I at the village, district, state and industry, academia, andgovernments collaboration between corporate there is a need for an extensive realised inperpetuicty. Therefore is made once but the dividends are on nation building. The investment education hasanomnibusimpact said thatinvestinginpeoplethrough speaking at the event said, “It is DDGIMC,whileMs SheetalKarlo, Academia andR&Dexperts. from all stakeholders – Industry, were heldwithactiveparticipation 3 days with 9 virtual sessions which Region. The event was spread over andGuwahatifocusing onKolkata inaugurated on 11thFebruary 2021 The fourthconclaveoftheserieswas Bharat Abhiyaan” Saksham -Enabling ECOSYSTEM RESEARCH & DEVELOPMENT on “BUILDING STRONGER (Online)”- SeriesofVirtual Conclaves AcademiaConclave 2021 –Industry sanna Nandy 56 – & Development Ecosystem Research Stronger Building – 2020-21 INDCON Debapro- Debashis Sen (Dr.) inaugurated INDCON 2020- World Peace University, MC in association with MIT Enabling Saksham Bharat Abhiyaan IMC Journal IMC Journal | Resurge |Reform Reboot Dwaipayan Roy (Dr.) n March-April 2021 Day 1-Session Rajiv Podar

Dutta (Prof.) Shawni - Associate Dean –FoET. The key was moderatedbyDr. AnilHiwale Development Initiatives inIndia’’ Institutions inResearch and Session on “RoleofEducational WPU gavevoteofthanks. Mr. Patil, Pravin CEO,CIAP, MIT- At the end of theInauguralsession advancements.” the new and fast technological to innovate to keep a pace with Each studentshouldbeencouraged startup culturefrom theschoollevel. academic institution to nurture the of West Bengal has urged every Government the that also mentioned new anddothingsdifferently. He something toinvent trying always impatient minds. Such minds are with young andis a young country the ChiefGuestofevent.“India of WestGovernment Bengal was HIDCO, Chief Secretary Additional Mr. Debashish Sen, Chairman, future.” each other to provide a sustainable central levels to synergize andrely on Rahul V. Karad Anil Hiwale Inaugural Session (Dr.) Ferdous Ahmed

Barbhuiya N.T. Rao (Dr.) Suren Sista Day 1-Session2 in India”. collaboration, role ofcorporates on WPU Pune facilitated thesession Faculty MIT ofCivilEngineering, Moderator Dr. MridulaKulkarni, Society College. Science Dept, The Bhawinpur and Prof Shawnidutta, Research- and Data KolkataSciences IISER- Assistant Prof, DeptComutational India- ICAI , Dr. Dwaipayan Roy, Institute of Cost Accountants of Nandy, Sr. Director -Studies, The speakers wereDr. Debaprosanna Advisor, ThreeGlobalRivers,Mr. Mukul Goel, Founder and Principal Former MDSharpIndia PvtLtd, Advisor to Indo-Japan relations. Mr. Tomio Isogoi -Freelance in India’’ The key speakers were for sustainable R&Dinitiatives “Opportunities and Challenges Day 2started with a Session on were the key speakers for the session. TechnologiesDynavision Pvt.Ltd Guwahati; Mr. Amit Sharma, Barbhuiya, AssociateProfessor,IIT Khorakiwala Kolkata & Guwahati Region “Industry –Academia Knowledge 11th to13thFebraury, 2021 Juzar Amit Sharma Dr. Ferdous Ahmed Pravin V. Patil Kulkarni Mrudula

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(Dr.) Dinesh Ganesh Bhutada Subbarao P. Srinivas Srinivas P. Joshi (Dr.) Kakandikar Networking Shubhalaxmi (Dr.) March-April 2021 March-April n shekhar Arpan Pal Arpan Pal Ravikumar Ravikumar G. Chanda- KajriMisra Chitnis (Dr.) Reboot | Reform | Resurge IMC JournalIMC of Economics, Calcutta University in technologies new for “Scope in India Development and Research : Role of Industry and Academia” session was moderated by Dr. Dinesh session was moderated by Dr. MIT ProfPetrochemical, Ass Bhutada were Prof speakers The key WPU. Group Chakraborthy, Parthasarathi Dr. Institutions, of MCKV group CEO, IEEE, Founder Acharya,Tinku Fellow Pvt. Technology Videonetics MD, & Chief Scientist Pal, Arpan Dr. Ltd. Area Head, TCSand Research Day 2 - Session 2 Day 2 - Session Day 2 - Session 3 Day 3 - Session 2 Day 3 - Session 3 (Dr.) Tinku Tinku Sanjib Papiya Papiya Kothari Roshan Acharya Acharya Palewar (Dr.) Palewar Upadhyay (Dr.) Upadhyay (Dr.) Prem Prem (Prof.) Motwani Gurvinder Virk (Prof.) Virk Ayan Banerjee Ayan Parthasarathi Parthasarathi Chakraborthy Shubham Anup Kale Deshmukh Head School School Head Mechanical Enginering, Dr. WPU; IT Banerjee, Ayan Associtate of ProfessorDept IIESR Science, Mr. Kolkota, Khotari, Sanjib Chairman, MSME Council, Economic Chandrashekhar, G. Mr. IMC-Director IMC ERTF Advisor, on session a with 3 started Day in opportunities and “Challenges up technology/incubation setting in Private Universities: Role centres of Industries and Government”. This session was moderated by Moderator Shubham Deshmukh Founder, Mr. Nandi, Paritosh Dr. IYEDO, CEO, Mahalaya Dr. Group. EnVert Director, for Centre Professor- Chatterjee, Urban Economic Studies Department

Amitava Dey Amitava Tomio Isogai Tomio Day 2 - Session 1 Day 2 - Session Day 3 - Session 1 “Challenges in in “Challenges Mahalaya Tomio Isogai Tomio Chatterjee (Dr.) Paritosh Paritosh Mukul Goel Mukul Nandi (Dr.) Nandi “Best practices in R & D: India and other top top other and practices in R & D: India Session on “Best strengthen to institutions academic D & R in countries 10 and Development within the University” was Research if Faculty Dean Joshi, Shubhalaxmi Dr. by moderated Roshan were Dr. Speakers The key Science MIT WPU. Ms. Kajri, Solutions; CEO Doc Rosh Global Dean Palewar, School of Urban Dev & Governance.; Xavier School of Rural Management Mr. Anup Kale, HOS- School of Kale, Anup of School HOS- Mr. Biology MIT-WPU be helpful the NEP-2020 “Will and Research in promoting India?” in culture Development by moderated was session Dean & Director Srivisas Subarao, Dr. ManagementMIT-WPU. School of were Professor speakers Thekey Dean School of Gurvinder S. Virk, Deharadun, UPES Engineering, Assistant Upadhyay, Papiya Dr. Education, Inclusive of Professor University Open Subhas Netaji Ravikumar Chitnis, NSOU and Dr. MIT – WPU Chancellor, Pro Vice on Session implementing high quality R & D was moderated in India” programs Associate Ganesh Kandhilkar, Dr. by Amitava Dey, Amitava Scietific Dey, Dept. Officer, Communication & Electronic of University. Gauhati Engineering, by moderated was session The KNOWLEDGE SERIES Networking I Kariya, Director AIQ India,Kariya, The key speakers wereDr. Paresh Engineering –MITWPU. - Associate Dean, Mechanical moderated byDr. Ganesh Kakandikar Development Initiatives in India’’ was Institutions in Research and Session on “Role of Educational to dothesameinIndia. universities we must and take efforts countries originates from the development in the developed he mentioned that research and WPU gave vote of thanks. Wherein Mr. Patil, Pravin CEO,CIAP, MIT- At theendof theInauguralsession and innovate. minds tothink factsbutitistraining oflearning each other to grow. Education is not sides ofthesamecoinandbothneed are the two Industry and Academia giving welcomeaddressstatedthat Knowledge Committee, IMC while Dr. ManjuNichani, Co Chairman, Industry, Academia and R&D experts. participation from allstakeholders – & Hyderabad Region with active 2021 focusing Indore on Ahmedabad, inaugurated on Thursday, 25thMarch was series the of conclave fifth The -Enabling SakshamBharatAbhiyaan”. ECOSYSTEMDEVELOPMENT STRONGER RESEARCH & Virtual Conclaveson“BUILDING Conclave (Online)”- Series of Academia2020-2021 – Industry organised Conclave-5 “INDCON 58 – & Development Ecosystem Research Stronger Building – 2020-21 INDCON Peace University (MIT-WPU) in association with MIT-World Knowledge CommitteeMC’s Enabling Saksham Bharat Abhiyaan IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021

Director, Institute of Prestige Gujarat; Dr. Yogeshwari Phatak, Consultants, Success Options, Mr. Chirag Desai, Hr/OD/L&d Gujarat; International, Harmony India”. Mr. AmitParikh, Founder, collaboration, role of corporates in – Academia Knowledge“Industry MIT WPU facilitated the session on Sr Director, SchoolofPublicPolicy, Moderator Dr. Patil, Ravindranath R&D enhancing applications-based education for andto promote education curriculum important to make changes inthe brands and simultaneously it is develop themselves astrustworthy creations etc This will help to ofpatents,startup,jobthe form economy with contribution in partofinnovationD isanintegral were of the view that academic R& Ahmedabad (IIM-A).Thespeakers Indian Instituteof Management, Centre for Educational Innovation, Assistant Professor, J. Matthai Ravi and Science);Dr. Shukla, Kathan ofTechnology Institute KITS(Kakatiya FormerHydrebad, Director/Advisor Professor, GHBS,GITAM University Gujarat; Dr. Y. Manohar,Adjunct Paresh Kariya (Dr.) Y. Manohar (Dr.)

Day 1-Session country. Hence the growth and contributor totheeconomyofany R& Disthelifelineandimportant The speakers were of the views that Hos School of Pharmacy, MIT WPU. moderated byDr. AkshayBaheti, Management. The session was Symbosis Instituteof DigitalTelecom Associate Professor,Anand Kulkarni, School GITAM University, Hyderabad, Professor, Hyderabad Business Dr. Divya Kirti Gupta, Associate Federation ofTextile Association The TelanganaA.Prakash,President, in India’’Thekey speakers were for sustainable R & D initiatives “Opportunities and Challenges Day 2started with a Session on etc. experimental learning morales,of skills, interms addition there shouldbefocus on thevalue butto justteachingandlearning education should not be confined and for that knowledge is necessary based research. Application of the be solved only if focus is on solution- academiagapandthiscan industry that there is aneed to bridge the session. The speakers highlighted were the key speakers for the Management and Research, Indore, Kathan Shukla Kathan (Dr.) 25th to26thMarch, 2021 Ahmedabad Indore & Hyderabad Region Kakandikar Ganesh

KNOWLEDGE SERIES 59

Networking P. Srinivas Srinivas P. Kulkarni (Dr.) Kulkarni Siddhivinayak Subbarao (Dr.) Subbarao March-April 2021 March-April n Reboot | Reform | Resurge Sikdar Dr. Mandira Mandira Dr. IMC JournalIMC were Mr. Padmin Buch, Projects Projects Buch, Padmin Mr. were Intellectual Enterpreneurship Haresh Mr. Rights; Property Techere Founder Co Calcuttawala: Ravin Sanghvi, Mr. Innovation; Chairman, Committee National – Bharat. MSME & Startups Forum emphasised that research Speakers is an investment into our future. knowledge have to It is imperative on based is it as growth driven should focus Therefore, innovation. modern on be visualisations, thinking, on work could which innovation exploring and creating more and more start-ups. focus on modern innovation visualisations, thinking, and exploring on work which could creating more and more start-ups. Day 2 - Session 2 Day 2 - Session Ajay Palkar Ajay Sachin Parikh Sachin Ravin Sanghvi Ravin Day 2 - Session 3 Dr.Martina, Associate Professor & & Professor Associate Dr.Martina, Relations and MDP, Director - Foreign College, PG & Degree Joseph’s St. emphasised Hydrebad. The speakers to need a is there India In that research for mind-set a develop when only happen will this and culture is inculcated in research the students since graduation. With policy NEP of implementation the knowledge global a be can India superpower innovations for “ Scope on Session in and Development in Research andEducation Higher of Role India : Industries” was moderated by Dr. Siddhivinayak Kulkarni, Professor, Speakers key The WPU. MIT Rashmi Phalnikar Rashmi Haresh Haresh Calcuttawala (Dr.) Day 2 - Session 1 Day 2 - Session Divya Kirti Gupta A. Prakash Padmin Buch Padmin sustainability of R& D are vital for sustainability of R& D are vital for be to needs Attention nation. any economic rising is India as given power and increasingly important loco of innovation. helpful be NEP-2020 the “Will and Research promoting in India?” in culture Development Srinivas session was moderated by Dr. School Director, & Dean Subbarao, The WPU. MIT Management, of Parikh Sachin Mr. were speakers key Directorate Technical ,Jt Director, Education, Govt of Gujarat - Head Sikdar, Mandira Dr. International of Relations,School Education, and Studies Liberal Vadodara, University, Navrachana KNOWLEDGE SERIES Networking T Awards Trust. Hecongratulatedthe Mr.Niraj RBNQ IMC Bajaj, Chairman, Remarks by the followed Introductory Excellence. ThiswasPerformance IMC RBNQA Trust in promoting the Chamberandrole ofthe on the benefits of being a part of Commerce andIndustry. Hespoke Podar, IMC Chamber of President, the Welcome RemarksbyMr.Rajiv The ceremony commenced with RBNQA Trust. by Ms.MayaDesai,Director, IMC our participants andesteemed guests The sessionbeganwithwelcoming all everyone. of benefit and safety the conduct theceremony virtually for the IMCRBNQA Trust decided to in India,second wave of COVID-19 unprecedented healthcrisiswiththe With the world seeing an 16 April,2021. 60 Balasubramanian Quality Awards 2019&2020 Bajaj National IMC Ramkrishna Rajiv Podar Thiru V IMC Journal IMC Journal | Resurge |Reform Reboot & 2020was held virtually on National QualityAward 2019 Bajajhe IMC Ramkrishna n March-April 2021 P RKumar Niraj Bajaj

Shanmuganathan followed by the presentation of the RBNQ Certificate of Merit 2019 felicitation of winners of the IMC The session then moved on to the Safety andOperationsFocus. Customer Focus, Workforce Focus, in 5areas such as Leadership, excellencerecognize organizations by that focusonspecificcriteriaand 2020. These are smaller recognitions Milestone MeritsRecognition2019& showcasing of the winners of the The ceremonycommencedwiththe made itasuccess. to the virtual assessment cycle and of examiners who lenttheirsupport journey. Healsothanked theteam Excellenceon the Performance pandemic took theinitiativeto take 2020 participants who despite the made a special mention of the Excellence.of Performance He against the IMC RBNQA Criteria performancefor their exemplary winners ofboth2019&2020cycles Suresh Lulla (Dr.) J G

Harsh Mariwala Purushottam Agrawal

winners aslistedbelow. 2020. The trophy was awarded to 8 National Quality Awards 2019& Bajajof the IMC Ramakrishna next stage of felicitating the winners The award ceremony moved to the should excel inthisnewdirection. major focusandhoworganizations Green Excellence would now bea Green Excellence”. He stated that opportunity, Icall it Green Quality, pandemic has seeded a new emphasized “The COVID-19 Cheaper and different. Mr. Lulla processes should be faster, better, various examples of how quality Mr. Lulla shared with the audience Forward. Back,Looking Looking Excellence:focused on Performance and Technology Committee. He Improvement Quality IMC Chairman, an address byMr.Suresh Lulla, Co- The ceremonythenmoved onwith Trophy& 2020. 2019 ExcellenceIMC RBNQ Performance Uday Kotak Girish Iyer 16th April,2021 Rajeev Katyal Maya Desai KNOWLEDGE SERIES 61

2019 2019 2019 2019 2019 2019 2020 2020 Year Networking at the front end in the the in end front the at Tube Channel : IMC IMC : Channel Tube March-April 2021 March-April n Category Education Service Healthcare Education Manufacturing NGO Overseas Education Reboot | Reform | Resurge will be will change and Climate future. increase also will environment now must as a focus area. We where climate to a phase move of be at the core change will quality initiatives. will We Bharat- Atmanirbhar dependency avoid to able be on any external This aspects. we way the in translates also various generate will and think for everyone.opportunities

IMC JournalIMC 4) Vote the with concluded session The Juzar Khoraikiwala, Thanks by Mr. of President, of Chamber IMC Vice Mr. Industry. and Commerce Khoraikiwala summed up the Awards the all thanked and Ceremony presenting for speakers distinguished great thoughts and learnings. viewed be can video recorded The You our on https://www.youtube.com/ RBNQA watch?v=SCkbl3yc4Fs&t=1s Lives and Livelihood- Livelihood- and Lives livelihood of Destruction specially lower for the strata of COVID-19 the during society Crisis. History- is Geography transformed has Technology the in live will we way the new this Thepowerof future. will and digital medium virtual business. wedo the way alter on work and adapt will We of in- a 50-50 environment person and virtual meets. Doing good and Doing well- aspect important Three healthcare, are these of andeducation sustainability

Kotak Mahindra Bank Ltd. During During Mahindra Bank Ltd. Kotak thehighlighted Kotak Mr. address, his the changing times and of importance to the building a world class approach He emphasized future of humanity. 4 different lenses: on these through 1) 2) 3) Thiru S V Balasubramaniam, Chairman, Balasubramaniam, Thiru S V Nadu Tamil Sathyamangalam, Amman Institute Bannari Technology, of Organization/ Institution Organization/ P R Chief Kumar, Executive Officer Delhi Ltd, Power BSES Yamuna Dr J G Shanmuganathan, ChairmanDr J G Shanmuganathan, Nadu & Hospitals Ganga Medical Centre Pvt Ltd, Coimbatore, Tamil Rajeev Katyal, Deputy COO, CountryRajeev Director Katyal, COO, Deputy Pvt Ltd, Global Global Indian Education Indian International School, Tokyo Girish Iyer, Cluster Head - Coconut Oil Manufacturing, Cluster Head - Coconut Oil Manufacturing, Girish Iyer, Nadu Tamil Marico Ltd, Perundurai, Purushottam Agrawal, Founder & Principal Trustee, & Principal Trustee, Purushottam Agrawal, Founder Mumbai Samta Purushottam Memorial Foundation, Agrawal Rajeev Katyal, Deputy COO, Country Director, CountryRajeev Director, Katyal, Deputy COO, Singapore Campus, Punggol, Global Indian International School SMART Rajeev Katyal, Deputy COO, CountryRajeev Director Katyal, Deputy COO, Global Indian International School, Bangalore The ceremony then proceeded to to proceeded then ceremony The IMC the of winner the felicitate Juran Quality Medal 2019 Mr.Harsh Mariwala.classicHe is a case study statesman, a of evolution the of responsibility. social shouldering Mariwala Mr. speech his During addressed the audience by stating is a journeythat “Excellence and not He emphasized on a destination”. quality a creating of importance the excellence for a center or culture He highlighted the and innovation. influentialrole of Leadership inevery organization. He also highlighted the importance of involving everyone of sense a create to ranks across ownership to thecause overall of Mr. Congratulate We excellence. IMC Juran winning the Mariwala for ofwords imparting and Medal Quality wisdom for our audience. a with proceeded then Session The Uday Guest Chief by address special and CEO, Director Managing Kotak, KNOWLEDGE SERIES Networking I parties to resolve disputes from RDO’s pioneeringtechnology enables arise.disputes when everywhere with opportunity. One cannot be support systems, the future is ripe &Dispute Resolution) services rise in demand for ADR (Alternate law with technology. With a rapid justice through innovationofthe in 2017toenableeasieraccess which Provider was founded Service is an Online Dispute Resolution Resolve Disputes Online (RDO) that: and informed brief demonstration of their platform RDO – CTO Saminathan, RDO and – Aditya Shivkumar, Co Founder Mr. platform; ODR said about the While apprising the participants Dispute Resolution(ODR)platform. brief introduction of their Online Disputes Online (RDO)gavea February 2021, wherein series was held on Thursday, 18th The fourth online event in this home). (or office their leave of their disputes without theneed to using forseekinganearlyresolution / organizationsmaywanttoconsider which people several online platforms series of online events to showcase has announced and started off a new (IIAC) ADRCentre International in collaboration with and Conciliation Committee Mediationin mind the IMC’s the society at large. With this members as alsoof the IMC’s support the commercial endeavors is imperative to find new ways to 62 Online with RDO V2 Mediating (and Arbitrating) movements arerestricted,it hour,the ourphysical where n response to the need of IMC Journal IMC Journal | Resurge |Reform Reboot Mr. Dayasankar n March-April 2021 Resolve

gave a IMC

courts for use in their vendor Centre for State Courts to allstate been recommended by the National Centre Mediation in 2018, it has withtheSingaporeODR platform first Asia’s launched has RDO While in 2019. backed by the Innovate UK Program been had which to resolvedisputes forbankslaunched anAIplatform forSMEDisputes;and ODR platform onapanUKthe UKGovernment foradvising in2017 back Centre ODR first Asia’s launched 2020; year the best global startup award for the won A2J; of field the to contribution from the United Nations for its times, RDOhasreceivedrecognition inrecent that informed they platform Achievements about the ODRsaid While apprising about the and accessible. chirping onawire,shouldbeeasy logo. Dispute resolution,like birds is reflectedbyits‘birdsonawire’ belief in effortless dispute resolution and insightfuldataanalytics.RDO’s resolutiontools management, dispute ofeffortlesscase comprising platform own brandedhost parties’ very processes. RDO can create and understand the ADR and litigation from around the world who lawyers, mediators andarbitrators RDO’s technology has been built by access tojusticearound theworld. technologytoimprovebest modern courts andtribunalsbyleveragingthe designed to empower ADR experts, the neutrals’ expertise, but is in fact ground-upthe support tonotonly connection. It is a solution built from they have got access to an internet anywhere intheworld,aslong

scenario ofpandemic. event inthepresentinformative appreciated IMC for organizing such Committee. And Participants also Mediation & ConciliationIMC’s D. Popat,Prathamesh. Chairman, to both the presenters by Mr. concluded with Vote of Thanks Event of aspects this ODR platform. they cametoknowseveraldifferent benefited by the event whereby Participants wereand appreciated and Mr. Saminathan. Dayasankar addressed byMr. AdityaShivkumar were the which demonstration. after Participants raisedseveralqueries community disputes. to resolve with its own ODR platform empowering theJewishcommunity to launchingitsODRverticalfor leading ADR Centreof Africa’s Centre tocollaboratingwithone launching Thailand’s first ODR over thelast2yearsrangingfrom has been deployed in 7countries the fieldofaccesstoJustice.RDO impactinand leavesadiscerning RDO isattheforefront ofinnovation took placeearlythisyear. first global virtual conference that the AmericanBarAssociationinits their thoughtleadershiponODRby creators havebeeninvitedtoshare engagement program. The platform Aditya Shivkumar 18th February, 2021 Saminathan Dayasankar KNOWLEDGE SERIES 63

Networking Gautam Trivedi Gautam 2nd March, 2021 March, 2nd March-April 2021 March-April n Ashish Kumar Reboot | Reform | Resurge Inflationmight go up for some largely are markets Equity (Production Scheme PLI The The government’s push for PrimeThe a in Minister

IMC JournalIMC increase increase thesignificantly, confidence tremendously increase could level do very could and markets well. • force also might inflation and time governments interest rates to take India’s only not it’s and higher, interest rates, which will affect us, European rates, interest US the but we’re And well. as rates interest also going to affect us. So watch the geopolitics, watch inflation, Watch rates interest Bond market, debt and I think you will be better off but irrespective is bright, future India’s of wherever inflation goes or the bond yields goes. • FY flows. foreign by the impacted 22, next financial yearand beyond is to be a verygoing very time exciting and for the Indian equity markets India as a whole. • togoing is scheme) Incentives Linked unleash a whole new wave of Capex which has been absent for the past about four to five years. • monetization and asset privatization very a is push very important sentiments. element for market • verysome with webinar global large funds including sovereign investors India to them invited he when points following the made and very which are clear for important and markets India where gauging them Among here. from go could the that reiterated He 1) where Anand Rathi Anand There is unprecedented factors major the of One expects 500 S&P the Globally, the of bullishness the So, answer to difficult is It earnings expected if But at But if one is long term investor privatization of intent If

number of new investors investors new of number this joined have which in Previously, market. retail of participation large had more investors, we never parties of 35% to 30% than it has in retail but this time far beyond that. exceeded • fast are moving behindwhymarkets is expected change in earnings. When pandemic started, it was feared that the corporate earnings would be badly affected, earnings of Index companies expectedis it now but down go would to go up by 8 to 10% and in the year go to it is expected 21-22 and 22-23, up even further. • and 2021, year the in growth 26% in year following the in growth 16% earnings.corporate • of because primarily is market earnings expected these the and out of stability and coupled with roll factors positive these All vaccination. a lot of difference. which can make • cannot It go. would markets where If 40% digit. in one be predicted earnings range the then there, are Nifty this is of is 13400-16000. So, expect might in which you range the next fewor, next months, in market see can you Sensex months. six between 48000 to 57,000. • down comes reason any for time any to 30%, then the levels can change drastically. • these then years, three than more for So always think long matter. don’t term. • announced in Union budget and it is talked is it sense the implemented in about, then the market inflow could • hile welcoming and and welcoming hile Anand Mr. thanking Ashishkumar Rathi, Mr.

$3.2 trillion stimulus package $3.2 trillion stimulus package markets understand To In the medium term it could The interest and inflation rate seen is which rally The

Markets go from here?” from go Markets Discussion on “Whereon Discussion Equitythe do

Chauhan and Mr. Gautam Trivedi Trivedi Gautam Mr. and Chauhan on leaddiscussion agreeing to for go from markets where would equity Rajiv Podar President here, Mr. referred to indicators of a strong forecast, growth GDP high recovery, Union progressive liquidity, excessive for reformsbudget and push and successful role disinvestment and out of vaccination on one hand and worrying trend of rising COVID-19 cases, rising prices and inflation and tightening of interest rates on the woulddichotomy this and hand other markets where on discussion make here interesting and from go would enlightening. of highlights are Following observationsthe during made discussion: • by United unleashed States massive liquidity whichdrivingis bull run in emerging and globally markets stock India by subsequent like markets inflow of FIIs. • movements, have to look at short term, term medium term. long and termShort medium-term and thingsis driven canvolatile as it be major with go that sentiments by India and China stand-off events like recently. • though inflow FDI/FII huge be obviously the corporate performance is important. • It a lot. changes affect the markets in the long term, depend on markets the corporate earnings. • recently is due to huge internal FIIs in terms stimulus packagesof with Lakhstwo thanless in coming crores four five months. W KNOWLEDGE SERIES Networking I believes in strengthening two sectors firmly minister The development. and facilitate more andmore innovations questioning generation inorder to education to create areforming is focused onThe Government highest across thecountry. during thelockdownwhichis crores of FDI investments last year attract over 1lakh 13thousand right trackasithasbeenableto endeavour is on theGovernment’s He said that he is confident that ups. environment for the growth of start- tocreateconducivestate bytrying start-ups andentrepreneurstothe entice more and more innovators, to istrying India. Thegovernment opportunity to beastart-up hubof up ecosystem and not miss the start- in establishing a powerful is focusing on how to facilitate which also isastart-up government, that Maharashtra government The Hon’ble Ministerpointed out Innovations Committee. Chairperson, IMCStart-Upsand Paula Ms by moderated Mariwala, Maharashtra. The session was ofand Protocol, Government ofTourism,Minister Environment Shri Aaditya Thackeray, A Conversation withHon’ble Ecosystem in Maharashtra : colleges, roads andinfrastructure nation building,like buildingschools, couldbeusedforwhich otherwise topropused PSUs, uplossmaking honest taxpayersmoney, isbeing in business 2) taxpayers money, has no business to begovernment 64 A Conversation with Aaditya Thackeray Energising the Startup Ecosystem in Maharashtra: Energising theStartup Committee organised Start-Ups and Innovations MC’s IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021 Cabinet

as MSMEs. startups butbiggerindustriesaswell the gainfornotonly be ahuge will which self-certifications, to move and Commission to reduce compliances is planning to set up a The ministry set-up, which is a continued process. to doforvariouscompliancespost but more on industries what have focussing on setting up of industries isHe statedthatthegovernment • • • department Environment his wants he Minister He also emphasized that as an • • i.e. to promote start-upsinMaharashtra not onlyprivatizationofPSUswhich pipeline whichisimportant because putting together asset monetization is want of money 3) the government aresuffering becauseofotherwise in general,andallofthat,which

environment. should benocompromise on state of Maharashtra butthere the speed of progress of the not beaspeedbreaker in carbon footprints, and be up industries, to and procure easier licenses. make clearancestime-bound and clearance window single which istwofoldinnaturelike ease ofdoing business airports etc. and new CoastalRoads, MTHL, Mumbai Nagpur highway, likeinfrastructure the providing NOT proactive in reducing beahurdleinsetting- connectivity and

was acknowledged by Hon’ble largely they should stay out which involvement, butbe government like energyetc. wherethereshould Incentives whereneededin sectors out oftoomany regulations. stay largely then enabler but should actasangovernment Ms. Mariwala opined that the the hon’ble minister himself, On being cross questioned by projectsvarious highway anddams. energy successfullythrough these tolayoutgenerationofsolartrying city, protective healthcareetc. and education city, recuperative health the Mumbai Nagpur highway like having 24greenfieldnodesaround protected. is The government mangroves is going to be declared in Sahayadri’s, 10,000 hectares of weredeclared reserves conservation forest, 10declared asaconserved acres of Aarey in Mumbai was did not stop duringlockdown, 808 and growth. Infrastructure work has been signed and jobscreated than 82 to 85% of the MoUs that work of more on ground and executing by establishing the lastoneyear development in with sustainable can co-exist environment has shown that The government point forIndia’seconomy. be a big game changer and turning If all these are it implemented, will sitting on without any productive use. is large tract of landsthe government is importantbutalsomonetizationof 06th March, 2021 Hon’ble Aaditya Thackeray KNOWLEDGE SERIES 65

Networking Madan Sabnavis Madan 10th March, 2021 10th March, March-April 2021 March-April n Reboot | Reform | Resurge Amar Singh IMC JournalIMC view of government and industry government of view industry and more on build to collaborations and newer ideas. feedbacks emphasized minister education, On it since priority utmost of that it was solutions that education through is achieved. be can problems to Governmentreach its increasing is through of education quality and visuals. audio and technology Government is trying incentivise to services, free education through so last mile and that it reaches the learning on focuses different in innovative ways with right learning. Mariwala concluded by Ms. Paula the energy of thanking the youthful forward andlooked minister towards governmentthe with collaborations to the State help with solutions to take forwardthe acknowledged also and governmentthe way frontline and pandemic the managed have workers in Maharashtra. get for the commodity markets. markets. commodity the for Budget to boost a be to likely is There consumption of industrial metals and base metals because of massive the for proposed investments is Reduction sector. infrastructure positive is gold on duty customs basic for consumers.Firm commodity agri softento expected are in markets the second half of the year following anticipated rebound in production. geopoliticalChanges in situation, currency and monetary policy, factors to watch out weather are key for. ce-President Mr. Juzar Juzar ce-President Mr. been involved with with involved been have countries governmentthe EPRs the increase to and reduce waste and public get and awareness. participation was Minister informed where Tourism foryear concerned mixed a was 2020 the in Maharashtrawithbusiness no first three months of the lockdown farmstays, which post agrostays, exponentially. off etc. took villastays goodreally doing is tourism Domestic policies, the new agri tourism due to and caravan beach shacks policies, India up. coming etc. policy tourism Maharashtra ranked has Today number five last number one from year which had largely focused on of ease in the a lot shiftspolicy like doing business which is attracting new hotels to the state. He also requested IMC to increase government with interactions these and industry getting the practical for IMC Vi IMC welcome his in Khorakiwala address stated that a study of the fundamentals and demand supply have to is key each commodity of a view about the unfolding future. Therefore, an understanding of the outlookor fundamentalsof market is critical for the commoditymarkets informed take to participants market decisions about trading strategies. speakers three following The new on views expert their shared the in emerging opportunities Madan Mr. market. commodity Sabnavis, Chief Economist, Care Singh, Amar Ratings Mr. Ltd,; Angel Head Commodities Research, Chandrasekhar, G Mr. and Broking; IMCandDirector Advisor, Economic IMC ERTF They highlighted the Implications announcedUnion recently the of

ecently, the Government of Government the of ecently, policy several unveiled India includinginitiatives massive

Commodity Market Commodity Government forOpportunities New Initiatives: R investment proposals especially especially proposals investment and sector infrastructure the for the customs changes to interesting customs (basic structure tariff Infrastructure Agricultural duty). been has Cess Development to These are expected introduced. covering markets commodity impact the metals segment (industrial, base as well as a metals) and precious commodities.To agricultural of host understand the implications of the newer also as developments policy trading opportunities / investment commodities the in opening with association in IMC sector, on: webinar a organised MCX-IPF “Government Initiatives: New for Commodity Opportunities Market” minister, who said government government said who minister, is there if be only should in pitching failure. market a complete next that the He also emphasized and we for India is energy big thing thermal from energy move to have to various green energyfor options will and innovations which start-ups government The enablers. the be working level high a setup has Mobility Electric for department enable him to which is headed by of up setting and energy clean ancillarywants He system. supply electric the be to Maharashtra technologyfuel hydrogen and mobility hub as he is a believer in energy transition. Majhi pollution control To to launched been has Vasundhara by audits carbon own our reduce travel audits, energy implementing audits, water audits etc. wherein European and NGOs of lot a KNOWLEDGE SERIES Networking T portfolio-diversifier and is an integral an is and portfolio-diversifier Gold investment is an excellent Tool” in Goods Contract- Investment March 12, 2021and“GoldOptions Options in Goods Contract” on program on “Commodity GOLD: with BSE Ltd. organized a training investment in gold, IMC along of an entrepreneur is correlated toof anentrepreneuriscorrelated start-up are crucial. The success that the first five years for any Business Mentors Pvt Ltd said Mr. Tejinder Singh,Director, M3 the speakers for thesession. also. She welcomed and introduced thissessionwith theirqueriesafter series, participants arewelcomed the sessionislastof Expert Committee said that though IMCNaviMumbaiCo-Chairperson, welcome remarks, Ms Divya Momaya, Development inNavi Mumbai.Inher for promoting Entrepreneurship a series of online interactive sessions Mantra 2021’, the seventh session in Integrate, Motivate – Leadership online interactive session ‘Innovate, on Wednesday, March an 2021, 10, I 66 Gold and Investment Tool Options in Goods Contract - Seminar on Commodities: Motivate - Leadership Mantra 2021 Motivate - Leadership Series on Entrepreneurship Innovate, Integrate, Expert Committee organized Navi Mumbaiand Industry’s MC Chamber of Commerce on March 25th,2021. IMC Journal IMC Journal | Resurge |Reform Reboot management and/ or hedging for price risk o advance the idea of n March-April 2021

Development & Marketing at BSE Assistant Manager, Business and Ms. Shradha Khandelwal, Advisor, IMC& DirectorIMCERTF Mr. GChandrashekhar, Economic effective. Thekey speakers were scientific, and cost- informed, selling/ trading decisions are well the bullionmarket sothatbuying/ the investors about the dynamics of The program focused on educating investment strategy.part of everyone’s He addedthatregularinteraction differently tosustainincompetition. clients. Entrepreneurs need to think existing processes to attract more approaches oninnovative work in said that entrepreneurs need to of business dueto pandemic. He the changed normsbe agile after said thattheentrepreneursneedto Director, Tatwa Technologies Ltd Mr. Ayaskanta Mohanty, Managing strategies anddecisionmaking. of structured anduseitforformation converting theunstructureddatainto the skill ofan entrepreneur to learn that He it isimportant added etc. for like socialmedia,Googleanalytics through collected etc. various sources competitors customers; regarding explained theimportance of data in the success of a start-up. He analytics playsanimportantrole He skills. that datasaid leadership 12th March, 2021&25thMarch, 2021 Manager, BSELtd. ltd andMr. Product AnilRangwani, areas SMEs, from Navi Mumbai and nearby entrepreneurs, students,MSMEs, the participants, who included question and answer session with The session was followed by a may helpforbusinessgrowth. right companies at the and right time mentioned that collaboration with issues in the business. He also employees, vendors helps to solve with stakeholders like clients, Anil Rangwani Ayaskanta Mohanty 10th March, 2021 Tejinder Singh Khandelwal Shraddha KNOWLEDGE SERIES 67

Networking

Juzar 25th March, 2021 25th March, Rajiv Podar Rajiv Khorakiwala and Industry proposed and Industry proposed March-April 2021 March-April n r, Financial services Financial and sector, Reboot | Reform | Resurge IMC JournalIMC energy technology mentioned Shri Prabhu. relation with India’s strong With Africa, India and Japan partners as Africa in markets enhance can multilateral developing for continent relation. Michio PresentMr. theoccasion on Japan General of Harada, Consul Special the delivered in Mumbai Address at the event and said that COVID-19the to us taught has meet and develop to closely work will Forum this and challenges bilateral the expand to facilitate countries. the both between relations welcome the delivering While Funatsumaru Yasushi remarks Mr. introduced Association Japan from Chairman new the Japan the of Takeda. Kentaru Association Mr. Vice Khorakiwala, Juzar Mr. President, of Chamber IMC Commerce of thanks. the Vote Michio Harada Michio Kentaru Takeda Suresh Suresh

Prabhu Yasushi Yasushi Chief Guest Funatsumaru Hon’ble Hon’ble rtunity in the Renewable Renewable the in opportunity e are not much. Japan and Indiaand Japan much. not are there are partners are great friends. We now and many initiatives are being India the strengthen to taken Japan relations with various MOUs, Startup Japan-India establishment of Hub in Bengaluru, companies should and initiatives these of advantage take Agreement to develop the Trade Free relation. informedHe Governmentour that in developing is Japan with collaboration Delhi-Mumbai Industrial Corridor anda dedicatedfor economic zone Japanese companies has been offered to developindustries.I invite the to set up the Japanese companies industrytheir in DMIC, Aurangabad develop to opportunity the avail and our economic relations. Japan is the the is India and Sun rising of land IndiaSun. andJapanof shining land have joined hands for infrastructure is There India. in development huge

MC Chamber of Commerce and Commerce of MCChamber Industry Business Japanese and from Association with support

Bilateral Business Forum Business Bilateral Launch India-Japan of

Consulate General of Japan in in Japan of General Consulate Japan India- established Mumbai March on Forum Business Bilateral and develop promote, to 2021 01, and trade commerce industry, foster between India and Japan. initiative the on deliberate To IMC Forum, the of and objective Shri by talk inaugural an organized of Member Prabhu,Suresh Hon’ble andG7 to Sherpa India’s Parliament, G20 on ‘Scope of Bilateral Economic on Japan’ and India between Ties 25, 2021. March Rajiv Podar, During the event Mr. President, the welcomed IMC informed and dignitaries forum that economic develop and promote will countries two the between ties explore to members invited and through collaboration of possibilities the Forum. Scope on talk the delivering While between Ties Economic Bilateral of Guest Shri Chief India and Japan, Member Prabhu,Suresh Hon’ble to Sherpa India’s Parliament, of IMC congratulated G20 and G7 and IndustryChamber of Commerce for launching the first ever bilateral and India between Forum Business Japan. He said that I am confident will this Forum that IMC through enhance their assist Industries to competitiveness in global markets. capital financial the Mumbai being in of India, setting up the Forum much the provide will Mumbai needed prominence. He emphasized that there is a huge but andJapan tradebetweenIndia I KNOWLEDGE SERIES T Ltd, Arvind FashionsLtd, Arvind Ltd,Former Lifestyle BrandsCarbon Ltd, Arvind Bank, Hero Housing Finance, Goa Small FinanceInsurance, Utkarsh Director- Aditya Birla Sun Life Mr. Independent Nagesh Pinge comprised of esteemed illuminaries, The Panelist for the Webinar was thesponsor fortheWebinar. KPSD Ltd (IT Consultancy Services) pm to6.00pm. Tuesday, March 30,2021from 4.30 Directorship – A Tightrope Walk ‘ on Networking I initial stages when the regulations the stageswhen initial The logic that was given in the contributions tobemade. andthe sectors, with respect to CSR countries thattalked aboutspecific legislation. So,our CSR there were bring inacross theboardontopof actually to country first the is India Ballodia’s presentation: The followingishighlightsofMr. amendements onCSR. him tomake apresentationonrecent IMC welcomed him andrequested 6, 2021.Mr. Podar, Rajiv President, on Aprilamendments to the CSR & Regulatory, KPMG on recent Nabin Ballodia, Partner – Tax 68 – A Tightrope WalkTightrope A – Session on Independent Directorship Partner – Tax & Regulatory,KPMG Tax& – Partner Meeting with Mr. Nabin Ballodia, interactive meeting with Mr. organized anand Industry MC Chamber of IMC Journal IMC Journal | Resurge |Reform Reboot Session on ‘Independent organized an Online Digital Committee Law he IMC’s n March-April 2021 Commerce

Ms. Radhika M. Dudhat, Partner, Dudhat, M. Radhika Ms. Member, Committeeand Law IMC’s Managing Partner (S. Kothari & Co.) Swapnil S.Kothari,SeniorLawyer, by The Mr.moderated session was Securities,Mudra). Financial, Prime Director on several boards (HDB IndependentMs. SmitaAffinwalla Resident Editor@DirectorToday; Editor @ Inc.,Stewardship Board Institute of Directors, Founder & Council,@ National Governing Times of India Group,Board Member Wallia Former Board Member @ Officer atTata Motors; Mr. Vikesh Chief-Internal Auditor & Chief Ethics either spent or part with the money.either spentorpartwith spend. Now it isto a mandatory directional a from shift definition the CSR, of definition the is one first The categories. five The key amendmentsareinfourto effective. as of31stMarch2021. etc. Allthesehavenowbeenmade with respect to deposit of the funds, penalty clauses,certainprovisions they werenotmadeeffective,like made in2019and2020, butthen There were some amendments to justraisefunds. actually that wastheunderlyingobjective,not capabilities ofthecorporatesand make use of the project management actually wanted tothe government were brought in in 2013, was that

insightful. engagingand made thesessionvery PanelistsThe Moderators the and effectively. leeway toenablethemfunction was a bit harsh and needed some regime whether ornottheregulatory suitability of their remuneration and omission or commission includingthe out their abilities duties, ofwhether Board, theirduties,thelimitsto the process oftheirinductiononthe relating toIndependentDirectors– The Panel various aspectsdiscussed and Member, Committee. Law IMC’s Shardul Amarchand Mangaldas & Co still be counted as CSR spend. still becountedasCSR benefit ishappeningtohim, itwill an employee,andaccordingly ifany organization anddoes not get paid as and whoisnotonthepayroll ofthe is workingwiththeorganization if there is a contract employee who One thingwhichgetsexcluded is can becountedasCSR. as per new definition of whatCSR the company will not get counted of of employees benefits that Anything more onimpact. The amendments make focus now responsible as earlierwasthecase. the directors or the board being CFO responsible than just only controlinternal making even There is increased rigor on the

30th March, 2021 06th April,2021 KNOWLEDGE SERIES 69

Networking 7th April, 2021 . Nabin Ballodia for his Shri Sadguru March-April 2021 March-April n Reboot | Reform | Resurge IMC JournalIMC here is an additional documentadditional an is there Now an called in, brought been has that annual this Now, plan. action annual specifyingplan action areas project, implementing agencies. of impact, but would can be amended This plan require specific detailed justification. or valued, are which projects, The project, the outlay of a particular then crore, than one it is more if has to be the impact assessment particular that for mandatorily done assessment impact And this project. by an independent has to be done agency and not either by the internal auditor or an auditor. impact the on cap a is There assessment fee. The cap is 5% of the CSRperrupees lakh 50 or obligation whichever is lower. year, 12Abe to need agency Implementing 80G registered, CSR& 1 registration. by attended well was meeting The as members Committee Managing well as members of IMC. Members appreciated Mr presentation. excellent Yogic sciences to bring emotional emotional bring to sciences Yogic balance, fulfillment, and clarity, joy, exuberance.

le idea is that you know the the know you that is idea whole The that sure governmentmake to wants separate. is kept the money into the that is segregated The money CSR any for used be cannot account going forward, for new project except ongoing project for a defined period. The government has actually made sure that the definition of one week and very given is also project clearly, lastcan which project a about talks it up to four years. So a maximum of that projects or that a project four termedbe can project. ongoing an as is change important Another that disbursement is not equal to have been fundsthat spending.The be to has foundation a to disbursed spent within the financial year. Apart from the directors, the finance made also now CFO is the or head now is it way the so responsible certify to needs CFO the that worded amount the that expenditures the that has been disbursed has been has been utilized and spent properly. generates, every action that one everygenerates, one that action performs, so it’s many lives impacts extremely important for a leader within are they how on work to themselves, not just about how to perform in the world. ‘Nadi Shuddi’, a specially designed respiratorypractice to improve system followed by a and boost immunity, guided meditation by Sadhguru was practically performed. showcased video Engineering Inner on required steps the are what journeya self-exploration, of the from tools with empowering ortant thing about about thing ortant s a CSR instrument CSR a s instrument

MC organised a pre-recorded MC organised a pre-recorded webinar by Shri Sadguruji under “KILACHAND of ageis the

Webinar with Shri Sadguru Shri with Webinar - Kilachand Memorial Lecture Memorial Kilachand -

MEMORIAL Foundation”. a few glimpses The session covered with interaction Sadhguru’s Shri of Narayan industrysenior Mr. leader challenges. business on Murthy howleaders pandemic, this During and unexpected with presented are complex situations thatare evolving with all stakeholders at a fast pace the looking upon them to provide necessary leader, a As direction. every one that emotion and thought I Another imp Another to money the transfer and account within now account that particular 30 days of the end of financial year. the definition is that there is no is no there is that definition the the term,mention of family family or about only is it so here, members And that extent. to employees the connected is definition the way the is there if wages, of code the to benefiting the family spent amount it could still members of employees, CSR.one that’s as So qualified be important definition change as far as CSR is concerned. The definition now makes CSR spend as per amendments, Now mandatory. the unspent CSR amount has to be transferredscheduled the of one to six within funds notified seven is which thing only The months. have to part available where you don’t with the money immediately is that if the project qualifies asan ongoing project. open to require The amendments any with account bank separate a of the scheduled banks, and it will termed be a KNOWLEDGE SERIES department as panellists giving a fields aswellfrom therevenue from the corporate and professional sharing by eminent tax experts issueswithknowledge- TDS andTCS relevant presentation sessionsonvery a mix of panel discussion and The Webinar with constituted was Perspective. 360° A – Provisions Online Webinar on TDS and TCS of Tax Consultantsorganiseda2-day Accountants Society andChamber I Networking return filing, rectifications, claiming rectifications, filing, return Compliances including issues in the entire gamut of TDS & TCS Mr. Avinash thencovered Rawani of TDS, prosecution for defaults, etc. receipt of Form 16,claimingrefund 26AS versusactualsalary, ornon- shown in Formmismatch in salary discussed issues arising from TDS Mr. Atul Suraiya, ex-Tata Chemicals, by moderated Sanghvi, and Mahendra Mr.and experts Hema Mrs. Lohiya GuptaofRPGGroup,Rakesh andtax The second session, led by Mr. etc. forsection194J,technical services professional between distinction and 194Q, ofsection for applicability thresholds prescribedturnover considered as“goods”,salesreturns, 70 CA Anil Sathe – A 360° Perspective 360° A – Webinar Provisions on TDS and TCS CA Avinash Rawani Industry, Bombay Chartered Chamber of Commerce and MC jointly with Bombay IMC Journal IMC Journal | Resurge |Reform Reboot CA Sushil Lakhani n March-April 2021 CA Saunak Gupta

Chaudhary CA Sanjiv Smt. Daksha

Baxi compliances to enableEaseof Doing provisions as well as the related the TDS and TCSand simplify highlighted the need to streamline Direct Taxation Committee, IMC, Mr. Vora, Rajan Chairman, participants. to 500 Webinar which was attended by close welcomed these experts to the Chamber ofCommerce andIndustry Mr. Podar, Rajiv IMC President, solutions onthequestionsposed. a blend of academic and practical holistic perspectiveandproviding expert Mrs. Sonalee Godbole was ofGrasimIndustries andtaxKadel last panel comprised of Mr. Hemant of expenses, andneed TRC, etc. The marketing of fees, reimbursement computing fees, commission and on various payments suchascloud along with TDStaxation of software recent Supreme Court decision on The panel discussed theLakhani. was well moderated by Mr. Sushil from payments Itto non-residents. on issuesrelatedto taxdeduction andDr.Chaudhary CA MayurNayak Jharkhand andtaxexpertsMr. Sanjiv Income Tax (Investigation),Bihar& Director of Principal Sharma, of the experience of Mr. Sanjeev The fourth session hadthebenefit refund, etc. Sharma Sanjeev Suraiya CA Atul Nayak (Dr.) CA Mayur CA Mahendra Sanghvi Mahajan CA Ravi dealt withissueslike whatwould be with variouscasestudies.Thepanel (section 194-O)andotherprovisions e-commercecertain transactions goods (section206C(1H)),TDSon from on sale of July 2021, TCS (section 194Q) to be introduced relation to TDS on purchase of goods traders ande-commerce operators in some practicalissuesbeingfacedby moderated byMr. AnilSathe,covered the tax expert, Mrs. Daksha Baxi and Saunak GuptaofBlueStarIndiaand Mr. by led discussion, panel first The Business inthetruesense. tax collectionprovisions. the cumbersome and plentiful set of and collector’sburdenbyreforming felt was for the reducing tax deductor questions andissues. Aclear need practical some very in clarifying and proved helpful to the participants all the panellists were quite lucid by provided clarifications the whole, which weredealtwithtoo. Onthe a fewqueriesfrom theparticipants year, etc. Thepanels received quite payments towardstheendof section 194J, changes in salary orasprofessional feesundersalary between TDS under section 192 as prescribed limits, differentiation to provident fundsinexcess ofthe as TDSon employee contributions and coveredahostoftopicssuch moderated by Mr. Mahajan Ravi

CA Hema Lohiya 7th &8thApril,2021 Hemant Kadel Rakesh Gupta CA Sonalee Godbole KNOWLEDGE SERIES 71

Manish Kejriwal Networking 8th April, 2021 8th April, March-April 2021 March-April n Sriram Chakravarthi Reboot | Reform | Resurge IMC JournalIMC reforms in Agriculture sector that reformsthat sector Agriculture in Indian the by initiated been have Government for the benefitof Indian Industries to enhance the ability and competitive more become to favourably businesses Indian position emerging the of advantage take to opportunities. the that highlighted further He Health care system is at threshold of transformationnewthe of result a as medical assurance scheme Ayushman Bharat which will benefit about 500 an gave then He people. million and sector the education on update largestbe will India year next by said of University graduates. By source India‘s work of age average 2030 the willwe then by years 32 be will force 245 of surplus labored skilled have with talent availability million workers servicesin financial , technology sector manufacturing telecom, media a India well for which will position long term and for inevitable growth number of ways,globalization in said Kumaran. Mr. a brief overview gave He also on the the that said and 2021 Budget India currentshape V a at aims Budget recovery the economy and propel towards the target of 5 trillion dollar the take will budget this and GDP transformationeconomic process K. V. Rao K. V. Aarti Chandaria (Dr.) T. Chandroo Chandroo T. He highlighted that India’s own own India’s that highlighted He economic global deeper of thinking will world the in engagement be influenced both by geopolitics divide and pandemic pressure. To the in competitive more become COVID-19is systemically India world, in sync with rest of the world with greater capabilities not only helping for good in itself but being a force International relations and that is AtmaNirbhar of outlook why the is India) Reliant (Self Baharat greater building for important relations abroad. During his speech he highlighted the emerging opportunities in the sector and innovation startups Fintech, of pharmaceuticals and technology, related technologies devices, medical and waste Solid cities, Smart to water management, MSMEs Smart technologies, 4.0 manufacturing, for parks food mega energy, Green relations betweenbilateral enhancing India and Singapore. He gave an overview on the various policies such as Good and Service business, doing of Ease Tax, code, and bankruptcy Insolvency Real-estate of establishment Rationalization Regulatory Authority, corporateof laws,Reduction labour of and ongoing 22% to 30% from tax Bhalla Shobha Tsering Tsering Moderator Hon’ble Hon’ble Honour Guest of Vikram Nair Vikram

MC Chamber of Commerce and Commerce of MC Chamber Industry Ms. nominated recently Comcraft Aarti Chandaria of Chief

Guest H. E. P. H. E. P. Kumaran between India and Singapore and India between Post-COVID-19, Emerging Business Opportunities Business Emerging Post-COVID-19,

Group as its Singapore representative. as its Singapore Group arrangement, this Under IMC and IndustryChamber of Commerce in event opening an organized association withIndian Singapore Industry & Commerce of Chamber Emerging Business the topic on India between Opportunities post-COVID-19’ Singapore and a April 08, 2021 on on Thursday, virtual platform. understand to was objective The trade bilateral for opportunities Singapore and India between that have opened up after recent review of Comprehensive Economic (CECA), Agreement Cooperation which identified trade facilitation, in which and customs e-commerce made. be could enhancement has opened up market The CECA in India companies both for access businesses The Singapore. and currentof impact the under reeling to need will outbreak coronavirus explore more avenues for tradeand investment post-COVID-19. High Kumaran, P. H.E. Mr. High Commission Commissioner, the of India, Singapore delivered event. the during Address Keynote I KNOWLEDGE SERIES Honourable Nair. business area for growth emphasized andin their specific Industry Chambers should seek opportunities dispute resolution. Member of both Singapore isalsoanexcellent hubfor taxes incapitalgainandFree trade. low with benefits that collaborations for InternationalIt is a country CECAwith business. todo itiseasy hub to access rest of the world and that Singapore is greaterhighlighted have tremendous synergies. He investor inIndia.These2countries said Singaporeisthelargestforeign of Singaporeduringtheeventwho Member of Parliament, Republic by The Special Addresswasdelivered minimizes sourcing risks. FDIpartner in waythat diversifying and nearshoring operations and several methodsincludingreshoring supply chaindisruption byusing have begunworkingonminimizing andbusinessescase. Government to just in time to just inshifted increasinglyhas focus the chain, emphasis placedonresilientsupply supply chain.Asthereisgreater functioning of market force and granted includingglobalization,free tested many things taken for hasthe supply chain.COVID-19 and supply shock and disturbed has created simultaneously demand and economic crisis. Thepandemic world whichhascostedpublic health on rampage in several parts ofthe to nearly a year, it continues to be the uncertainty of the pandemic pandemic crisis, he said since While giving an update on the equitable growth. social sector expenditure to generate creation simultaneouslyenhancing in areas of infrastructure andasset growth bytriggeringinvestment cycle further downroad abitpush towards Networking 72 Honourable Mr. Vikram Nair, IMC Journal IMC Journal | Resurge |Reform Reboot n March-April 2021

start International operation to serve operation toserve start International to companies forIndian destination since 1990s. Singapore is a popular strong ties security and economic relations whichhaveextended into the two countries have close political saidof Commerce andIndustry Representative ofIMC Chamber Aarti Chandaria, Singapore In her Opening Remarks, downturn. financial global this during recovery startups to navigate a path for worldinhelping COVID-19 today’s and Singaporerelationshipplaysin the eversoimportantrole thatIndia who saidIMC& SICCI recognizes by wasgivenCommerce &Industry Singapore Indian Chamber of While theWelcome remarksfrom two countriessaidMr. Podar. sustainable relationship between the other’s nationalinterestsenablea advantages andappreciationforeach comparativewill, complimentary to them. The existence of political value whatthe other hasto offer respect each other and deeply an alliance of two nations that relations because there would be can develop robust economic rest of Asia. IndiaandSingapore its trade and investment with the the Asian region, it must increase India to emerge as a key player in Foreign Portfolio Investment. For Commercial Borrowings and the largest sources of External Foreign DirectInvestment,among ASEAN. Itis the leading source of is India’s largest trade partner in CECA. He highlighted that Singapore the conclusion ofexpanded after gave anupdate on theBilateraltrade Mr. Podar, Rajiv who President Welcome Remarksweredeliveredby theCommerce and Industry On behalf of IMCChamberof Dr. T. Chandroo, Chairman Ms. Singapore. communities from India and The eventwasattendedbybusiness Commerce and Industry. Director General,IMCChamberof Thanks by Mr. Mangrulkar, Ajit a with concluded and Media Vote of and ManagingDirector, IndiaSe Chamber of Commerce & Industry Director of Singapore Indian Shobha Tsering Bhalla, Board The event was moderated by Kedaara CapitalwereonthePanel. Manish Kejriwal, Partner, Managing & Tann Singapore LLP, and Mr. & Investment Management, Rajah Chakravarthi, Tata Sons, Singapore, Mr. Sriram Rao, for exploring alliances. Mr. K.V. chain, startupsandInfrastructure manufacturing, logistic, supply sectors such as pharmaceuticals opportunities and highlighted business onthe business community India and Singapore who guided Panel Discussion by experts from The remarks were followed by Ms. Chandaria. COIVD, highlighted strong toshow expected revival post between boththecountriesisalso and education. Travel and Toursim technology, health care, infrastructure expected insectors suchasdigital and trade. Deeper synergies are in finance, investment logistics, era, growthCOVID-19 will continue said Ms. Chandaria. In the Post Arbitration Centre,International are among top 3users of Singapore last fewyears,Indiancompanies Indian andforeigncompanies.In between resolution conflict for center Singapore hasbecomedestination of procedure to set up business. connectivity totheworldandease provides excellentThe country ASIA, ASEANandrestoftheworld. Resident Director ASEAN, Counsel -Funds Ms Ms KNOWLEDGE SERIES

73

Nishant Kashikar Networking D. R. Narayan

12th April, 2021 12th April, 15th April, 2021 Brar March-April 2021 March-April n Rupinder Mr. Mandeep S. Lamba, Mr. Reboot | Reform | Resurge Being first with the most Hitting where there is nothing Occupy a niche and the Disrupt the product industry

IMC JournalIMC R. Gopalkrishnan Mr. Nishant Nishant Mr. LankaSri Tourism, India Country Manager, Kashikar, Mr. Australia, Tourism Gulf, & Director, Sirisumpan, Vachirachai of Thailand and Authority Tourism Vice Rohit Khosla, Executive Mr. President North & West – Operations, Company the Indian Hotels India, Limited. President Anarock HVS Asia, South - moderated the discussion. Jamal, Chairman - Farhat Mr. Hospitality and Tourism Travel, i. ii. iii. iv. The seminar ended with the vote of Juzar Khorakiwala ,Co thanks by Mr. Chairman IMC ERTF. Kimarli Fernando Pradeep Kakkar Sirisumpan Vachirachai Vachirachai Ms. Rupinder Brar, Brar, Rupinder Ms. - 1 Sigit Witjaksono Witjaksono IRS, Additional Director General IRS, Additional Director General Ministry Tourism, of (Tourism), Sigit Government Mr. India, of Tourism of Director Witjaksono, - East, South, Central Asia, Marketing andCreative Ministry of Tourism Republic of Indonesia, Ms. Economy, Chairperson, Kimarli Fernando, regional coordination for a sector regional coordination for a sector hour its darkest that is going through in recent history. was interaction online The by addressed their fireside chat their fireside chat best the brought grownups what of offer to have presentedstartups, form the in of all-important the They lessons. a on focused also that factors of combination unique thought andlead Indian management a ‘soft become to practices power’ with the potential to decisively impact tomorrow. of entrepreneurs global According to them there are four strategies entrepreneurial broad that can be followed, and these are American typical the with described panache as: Jamal Farhat Farhat Lamba Mandeep S. Online Interaction on Online Interaction on

MC’s Travel, Tourism and and Tourism MC’sTravel, Hospitality Committee organized the MC Chamber of Commerce Commerce of Chamber MC and Industry organized Fireside Startups for Wisdom on Chat

Khanna Rebuild Tourism and Travel and Tourism Rebuild Interaction on Multi-Pronged Strategies to Strategies Multi-Pronged on Interaction Grownups Fireside Chat on Wisdom for Startups from from Startups for Wisdom on Chat Fireside Bhuvanesh

Multi-Pronged Strategies to to Strategies Multi-Pronged on and Travel Rebuild Tourism April 15, 2021. organised was interaction online The the with a focus to have leaders from Industry from and Tourism Travel LankaSri Indonesia, Australia, India, a dialogue and have and Thailand to by each nation share measures taken enhance and tourism rebuild to I

from Grownups on APRIL 12, 2021 on APRIL 12, 2021 Grownups from at 4.30pm. his in President, Rajiv M. Podar that “Time welcome speech stated big play a to startups, comefor has progress and in the development role countryof future. the at looking be there would years, five In next the as startups of number huge country is moving towards becoming Bharat’.” ‘Aatmanirbhar Former Pradeep Kakkar, Dr. the moderated IIMC Professor, R. Mr. speakers key The event. in R Narayan Mr. and Gopalakrishnan I KNOWLEDGE SERIES I using, for seeking an early resolution organizations maywanttoconsider which people /online platforms online eventstoshowcase several (IIAC) initiated a new series of ADRCentrethe IMCInternational Committee, in collaboration with MediationandConciliation the IMC’s society at large. With this in mind, our Chamber’s members as also the support the commercial endeavors of is imperative to find new ways to in Australia, While speaking about the situation scenario. looking atinthecurrent number, bewill they yield it’s the the it’snot that positive notesaid East countries. Ms. Fernando on a coming inparticularlyfrom Middle are fully operational, tourists are Further, she shared that now they were preparedforthepandemic. long before they had a patient they Ms. KimarliFernando stated that about the situation in Sri Lanka, While addressing the audience Panel discussion. were discussedin-depthduringthe so and on, which by the government country, thevariousinitiativestaken Tourism sectorintheirrespective Travel onthe impact COVID-19 & of questionnaires pertaining to the the panelists with a setfurnished moderated the session and Further, Region. billion dollarsinGDPSouth Asian loss of 50million jobs and about 50 remarks highlighted that there is a Committee, IMCinhisintroductory Networking 74 Online with IRO Mediating (and Arbitrating) movements are restricted, it the hour, where our physical n response to the need of IMC Journal IMC Journal | Resurge |Reform Reboot Mr. Mandeep Lamba Mr. NishantKashikar n March-April 2021

The fifth online event in thisThe fifth 18th February18th 2021 and 5th October2020 25th June, 2020 25th 2nd April, 2020 2nd being showcased: Resolution (ODR) platforms the following Online Dispute The serieshassofarseen home. need to leave their office or of theirdisputeswithoutthe tourists inthecomingdays. up Bali and other destinations for situation improves, they will open in Indonesia. He also shared that if abouttourismrevival are concerned Sigit Witjaksono they that said revival situation inIndonesia, Mr. While speaking on the Industry’s in Australia. created forindigenouscommunities as 40million dollar fund has been a potentialtobouncebackrapidly the travel&tourismsegmenthasgot by 16%. Mr. Nishant also shared that whereas Australian counterpartgrew grew by 8% outbound travel industry products & experiences, Indian Tourism Australia issupporting1800 dollar exhibitor grant program. community, there isa50million has beenrolled out, for the MICE agents, 130 million dollar program 2020 & December 2022. For travel travellers travellingbetweenMarch will bewaivingoffVISAchargesfor that the Department of Home Affairs Healsoshared Sydney &Melbourne. days there have been zero cases in over the past 30of the government said that through discipline & efforts

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RDO V2 CORD SAMA Presolv360 Presolv360 Abhishek Nevatia Sidhant Raghuvanshi & Mr.Sidhant Raghuvanshi Abhishek Mr.platform, Mr. Harshil Agarwal, participants about the said ODR While apprising theODR platform. a brief introduction of IRO, their LimitedgaveIntelligence Private April 2021, wherein Resolution series was held on Thursday, 22nd India. tourismwillresumein international they believe that 2023is when Industry, While speaking about the Hotel to createhigh-valuetourism. on kicked in. Ms. Brar also emphasised truly travelhas domestic of India, India was a success. In many parts tourists stuckinvariouspartsof stated that a portal to help foreign immersion experiences.Shefurther they are seeing a huge growth of Ms. Rupinder Brarsaid that and Tourism situation in India, While speaking on the Travel without quarantine for Phuket island. destinatio the open will July, they of first later opened for vaccinated tourists first, also sharedthatThailandwillbe things are going as planned. He are optimistic andconfident that Mr. Sirisumpanalsosaidthatthey soon.get betterinThailandvery said thattheyhopethingswill speaking on the situation inThailand Mr. Vachirachai Sirisumpan spreading the Indian destinations Indian the spreading Raghuvanshi Sidhant n for vaccinated tourists Mr. RohitKhoslasaid 22nd April,2021 Harshil Agarwal while while

KNOWLEDGE SERIES 75

Networking Bhushan Sudha G. Sudha 23rd April, 2021 23rd March-April 2021 March-April n Reboot | Reform | Resurge IMC JournalIMC While answering the question related question the answering While utilizing the platform,to fees for the informedpresenters currently that services offering are they this of platform to everybody cost free of one month, so for initial period of thatinterestedcan people use and interfaceget familiar with the and platform.technology of the said the were benefited by Participants know to came they whereby event this ODR of features different several platform. Vote a with concluded event The presenters the all to Thanks of Prathamesh. Popat, D. Mr. by Chairman, IMC’s & Mediation Participants Committee. Conciliation appreciated IMC for organizing such an informative event in an online medium. He cited that according to the the to according that cited He pre- the -- whereby ordinance has packaged process resolution considered is it -- introduced been necessary to urgently address the specific requirements of MSMEs relating to the resolution of their insolvency due to the unique nature simpler and businesses their of pre-pack “The structures. corporate checks regime comes with procedural ofand balances including applicability two-thirdand creditors’A 29 Section and initiation both for consent of the base resolution plan. approval Webinar the for Panelist The luminaries, esteemed of comprised Sanjeev Pandey Snehal KamdarSnehal They further clarified that IRO is IRO is clarified that They further platform tech legal a by created to Ltd. Pvt. Intelligence Resolution end to endadministrative, provide services on add and technology via online disputes resolving for Mediation and Arbitration the resolution. mechanisms of dispute several asked Participants questions to the presenters after Some of them the demonstration. How e-sign?; do you do “How were: the documents long the record of Mediation for be kept would can or Whether and Arbitration process?; platformthe breakaway has session to tribunal Arbitral for facility How themselves?; amongst converse do you maintain the Confidentiality? All these questions were satisfactorily answered by the Presenters. and how it will benefit MSMEs. MSMEs. benefit will it how and Guest Chief our welcomed He and session the of Panelist and acknowledged the support given by KamdarSnehal Sudha Ms. and Mr. Bhushan for making this possible. Shukla, Whole Time Sudhaker Mr. and Member (Incharge of Research Insolvency – Wing) Regulations India, of Board Bankruptcy and started the session with a keynote address sharing the ethos behind by in brought amendments the Governmentordinance an India, of to amend the IBC on promulgated pre-packaged introducing 4 by April insolvency for MSME’s. Dushyant C Dave Dushyant Sudhaker Shukla Sudhaker

mber of Commerce and Commerce of Chamber MC in association with IP Industry, organized an Online Foundation

Aashit Shah evatia, Co-founders of IRO, gave a a gave IRO, Co-foundersof evatia, resolution framework for MSMEs for framework resolution Pre – Packed Insolvency :An Alternative insolvency

Panel Discussion on Pre - Packed Pre on Discussion - Packed Panel An AlternativeInsolvency: insolvency MSMEs on for framework resolution 4 pm to April 23, 2021 from Friday, 6 pm. President - IMC Rajiv Podar, Mr. and IndustryChamber of Commerce that stated address welcome his in together today’s brought has session industryexperts from and policy a with roof one under makers IBC discuss on to agenda common provide to seeks – amendment MSMES, for resolutions prepack I brief demonstration of the platform platform the of demonstration brief about the Participants which apprised its features. platform IRO the that explained They conducting virtualis purpose built for seamless enabling by meetings, at parties between communication every of the dispute - via live step and text audio video-conferencing, messages. They added that these state-of- with secured are media militarythe-art encryption grade documents of storage for technology maintenance of and data to ensure made Also confidentiality. complete available are Secretariat Services, and Invoicing Payment White Board, easy platform the itself, through documents, the of accessibility enabling & disabling of the recording and transcribing services”. N KNOWLEDGE SERIES Networking Pandey spoke about the readiness of provisions of Section 29A , Mr. base plan,DushyantDavehighlighted discussed aboutthedoanddon’t of wherein interlia; Mr. Aashit Shah Insolvency processof pre packaged discussion covering alltheaspects It was a comprehensive panel ordinance andtheirimpact. amendments implementedthrough on the finer nuances of the discussion flowing free and knowledge theirin-depth with the audiences IRP,CS, RV & IDwho enthralled and (4) Ms. Sudha Bhushan – CA, DGM (NCLT), StateBankofIndia; Pvt. Ltd.; (3) Mr. Sanjeev Pandey - Decode Resolvency International C. Dave, Founding Director, IPE Solicitors); (2) Mr. Dushyant J. Sagar Associates (Advocates & (1) Mr. Aashit Shah – Partner, T and they can come to the Women’s longer tolerateanykindofoppression on March 8, also women need no Commission hasbeen established State’s Women’s the of offices level victims of atrocities, six divisional ensure speedy justice to women allthattoproject. She informed fullsupport forthe her extended Child Development,Maharashtra, Hon’ble Minister of Women and Thakur Sonawane,Chandrakant Chief Guest, Smt Yashomati children. saferfor women andthe country make the commercial capital of with UN Women, with a goal to Mumbai, Safe Mumbai in partnership Day, the projectlaunched Aamchi Women’sof the International 76 project in partnership with UN Women Mumbai Safe Mumbai, Aamchi – of Launch IMC Journal IMC Journal | Resurge |Reform Reboot Industry, ontheoccasion ofCommerceChamber and Wing of IMChe Ladies’ n March-April 2021

corporates as well, it should be kept insolvency forotherPre-Packaged the event the IBBIplans to roll out limited to MSMEs at the moment, in of distressedassets.Whileitisonly a quicker andsmootherresolution objectives oftheIBCinachieving costly, to promote it serves the that isnotastime-consumingor mechanismcreating analternative insolvency resolutionframework.By further instrengtheningtheIndian Pre-Packaged route is a step Trustee,Managing IPFoundation by Mr. Snehal Kamdar, CA, IP, interactive through Q& Amoderated The session was dynamic and jurisdictions around theworld. insolvency in various of prepackaged Bhushan highlighted about success the Banks CAand Ms. while Sudha domestic violenceandsexual assault there was a two-fold increase in two weeksoflastyear’slockdown, first the just during that out pointed & UN PartnershipsWomen, Lead Jhunjhunwala, Monitoring,Evaluation Special Invitee, Ms Noopur work togethertomake thecitysafer. for people to need reiterating the harassment and violence while address women’s complaints of measures taken by the police to shared the many Order) Mumbai, Police and (Law Commissioner of Patil (IPS), Joint Mr. Vishwas Nangre The Guestof Honour, complaints. to lodge their Commission office Thakur Sonawane Chandrakant Yashomati by theaudience. The Webinar well received was very IMC gaveavote ofthanks. Khorakiwala, the Vice of President and answer session, Mr. Juzar Following a detailed question the Indianeconomy. and its importance tothe industry MSMEs due to the special nature of tailoredapproach to to createavery indicate that the legislature intends (SIRP) Insolvency ResolutionProcess on the introduction of a Special Further, deliberations the current as Section 240Aprotecting them. enterprises and have provisions such group asadistinct of serve MSMEs same willplayoutwithallcorporates. treated as an indicator of how the the same with MSMEs should be not in mind that the success/failure of President of IMC Ladies’ Wing. ofIMCLadies’ President progress.” said Mrs. Anuja Mittal is the basic need for anykindof and childphysical andmental safety for her and her child’s safety. Women when she is fearless and not afraid “A womancanreachgreatheights the crimestocontinue. changes towards unacceptability for crime, sheemphasisedonthesocietal cases. Talking abouttheriseincyber- Vishwas Nangre Patil (IPS) 4th March, 2021 Jhunjhunwala

Noopur

KNOWLEDGE SERIES KNOWLEDGE KNOWLEDGE SERIES KNOWLEDGE LADIES’ WING 77

Networking Nangia Vinita Dawra Vinita Reena Rupani Chef Ritu Dalmia Harish Shetty (Dr.) Shetty Harish 5th March, 2021 5th March, 10th March, 2021 10th March, 17th March, 2021 17th March, 20th March, 2021 20th March, March-April 2021 March-April n Reboot | Reform | Resurge Upadhyay Vidya Balan Vidya Palki Sharma Palki IMC JournalIMC He advised all women present to have confidence in their He further own worth, abilities and live with self-respect. guided on taking chargeof everyday life byfocussingon control in and balanced happy, one makes that aspects the of oneself. d successfully and successfully men professionally striking a balance between personal and work life. that the fact the highlighted She news is dim in the women of future voices as out stand they as more no courage,and emancipation, reason, of the of problems light the to bringing powersthe challenging and oppressed that be. breaking journeybreaking withher chef celebrity the becoming in unique chain of restaurants. on her experiences - braving the heat in the She spoke the redefining chefs, dominated male the with kitchen culinary the LGBTQ in India and championing landscape rights. years, pay parity, marriage, and her marriage, and her parity, years, pay upcoming projects. the captivated and inspired She unmatched wit audience with her She expressions. of felicity and that perfection women advised is also but not just an unachievable, only must one – undesirablegoal an of version be a better to always strive oneself!

enowned Psychiatrist and enowned Psychiatrist and Extraordinaire a Speaker Harish Shetty - the Dr. enowned Journalist and Journalistenowned and News Anchor - Ms. Palki Sharma - Upadhyay he second series had had series second he Ms. Ritu Chef celebrity oftenDalmia described as

MPACT 2021 presented presented 2021 MPACT list of super enviable an long a month for achievers

IMPACT IMPACT 2021 – Unleash Your Inner Power Inner Your Unleash

inspirational talk series. inspirational talk The first session commenced witha Balan Vidya – Ms. Actor renowned Vinita Ms. with conversation in Editor, Executive – Nangia Dawra spoke Balan Ms. India. of Times The up growing her films, her about I

R R enigmatic and charismatic master of master of andcharismatic enigmatic the mind rendered an inspiring talk on the “Self Esteem of a Woman”. Executive Editor, WION, India’s India’s WION, Editor, Executive internationalonly channel news Reena Ms. with conversation in IMPACT Chairperson, – Co Rupani journeyher about spoke Committee; with foot equal on working capable of

- an iron pillar toughened through through toughened pillar - an iron and struggles of share fair her path- her sharing experiences; T LADIES’ WING T Elusive Dreams- Luxury WeddingElusive Dreams-Luxury Ms. Pooja Doshi-Managing Director, Clinic Dysphagia Language Founder & ClinicalDirector, Speech Shewakramani- Ms. Merzia Maskati Beyondesign Shah- Founder,Ms. Bhavika The Panellists – independent careers. to theircreate path forthemselves entrepreneurs’ who have paved a T A Avani Bharti-Co Founder,Ms. Rashmi BiolooLimited Banka -FounderMs. NamitaBanka &MD, Living Menon -Founder,Ms. Lakshmi Pure The Panellists – better futuresforall. designing and defining – innovation and paved a path in the world of who have successfully pursued characters through theircreativityofthemind. colossal characters, weaving tales and bringing life in the Usman spoke out about the heavy responsibility of churning Networking 78 GeNext Espresso Series 2 three incredible entrepreneurs three incredible entrepreneurs Innovators was convened with panel discussiononWomen IMC Journal IMC Journal | Resurge |Reform Reboot dynamic and invigorating GeNext Espressofeatured he second series of with renowned TV journalist and author – Mr.with renowned TV journalist Yasser andMs.RidhiSardainconversationGajra Kottary authorsandscriptwriters-Ms. he mostsoughtafter n March-April 2021

ArcadisLLP M Wealth Ltd. Advisors Private Director & Founder, Opportune Ms. Suruchi Jain – Managing Dècor inclusive future. for a more diverse andservices challenges and creating products/ professional experiences, overcoming -spoke about their personal and Bhavika Shah Lakshmi Menon Lakshmi s. Tej Barde - Manager,Project Shewakramani Maskati Merzia Namita Banka Gajra Kottary Pooja Doshi CA. SudhaBhushan. moderated by Ms. Samira Shah and The panel discussion will be realms. encouraged them to venture into new releasing and true their thatcalling their vision, dreams, and challenges illustrating-highlighted theirstory Committee and Special Invitee on IMPACT WingPast Ladies’ IMC President, – Doshi Bhavna Ms. by moderated The event was curated and Rashmi Bharti Ridhi Sarda Suruchi Jain 30th March, 2021 24th March, 2021 8th April,2021 Bhavna Doshi Yasser Usman Tej Barde LADIES’ WING 79

Networking Mathai Muffazal Surgeon Rear Surgeon Admiral Sheila Admiral Lakdawala(Dr.) 15th April, 2021 15th April, 17th April, 2021 23rd April, 2021 April, 23rd March-April 2021 March-April n

Reboot | Reform | Resurge

IMC JournalIMC lity, panoramic mountain mountain panoramic tranquillity, natural splendidly-scenic views, beautiful temples, landscape, countryside left audience the absolutely overwhelmed.

ision to motivate many young women to don don to women young many motivate to ision eals to almost everyeals to almost conceivable Lakdawala also spoke about his experiences in Lakdawala in experiences his about spoke also

With a v a With uniformthe serve andproudly shared nation, she the her journey her unique of some with and dwelled on She in the Armed and opportunities experiences Forces. that workingalso shared her thoughts on the challenges howand face Armedthe in particularly women, Forces, them. they overcome by moderated and curated was session interactive The Surgeon Commander Pradipta C Hande. visit in South Korea and Taiwan that that and Taiwan visit in South Korea app wondrous kind of traveller exploring and culture. vistas, lively traditions with thriving presentation The cherry luxurious of land blossoms, the pandemic. Dr. setting up of COVID-19 care centres in the city and was audience The pandemic. the during people treating Lakdawala’s address and also highly left in awe of Dr. ongoing the curbing of efforts immense his appreciated pandemic. popularly known known popularly uest Speakers - Mr. Kappil Kappil - Mr. uest Speakers Sandeep Mr. Ghosh, Chiu Dutta and Ms. Emily he senior-most woman woman senior-most he officer in the Indian Navy, Rear Admiral Surgeon

ndia’s best-known laparoscopic ndia’s best-known laparoscopic Muffazal Dr. – surgeon Lakdawala,

Stripes and Strifes - A Journey A - Strifes and Stripes the in Armed Forces Medical Services Medical Armed Forces Wanderlust Duo - Duo Wanderlust Korea and Taiwan and Korea Managing Wellness in among People People among in Wellness Managing in Current Times by Currentin Times Lakdawala Muffazal Dr. Nao Sena Medal, Sheila Mathai, Nao Sena Medal, well-known a Medal, Seva Vishisht Neonatologist and Paediatrician Naval anda senior profession by in experience vast with officer a long her on spoke administration to reach her present road trodden Medical Command the as position Western NavalOfficer, Command.

T G representing Giriraaj Travel Agency Agency Travel Giriraaj representing virtual a on audience the took journey to the wide range of places to

as Dr. Muffi gave a comprehensive Muffi gave a comprehensive as Dr. gave He wellness. to approach the of some on insights valuable important aspects of wellness and diet and lifestyle suggested simple health digestive improve to changes while surviving and coping during I