MERCHANTS’ CHAMBER OF COMMERCE & INDUSTRY

REPORT OF THE COMMITTEE FOR THE YEAR 2017-18 Merchants’ Chamber of Commerce & Industry

MERCHANTS’ CHAMBER OF COMMERCE & INDUSTRY (Established in 1901)

REPORT OF THE COMMITTEE FOR THE YEAR 2017-18

15B, Hemanta Basu Sarani, - 700001 Tel: 91 33 2248 1502 /6329/ 3123, 2262 5070 (5 lines) Fax: 91 33 2248 8657, Email: [email protected], Website: www.mcciorg.com

Annual Report 2017-18 1 Merchants’ Chamber of Commerce & Industry

MERCHANTS’ CHAMBER OF COMMERCE & INDUSTRY 15B, Hemanta Basu Sarani Kolkata 700001

Dated: 5th September 2018

To ALL MEMBERS,

Dear Members,

The Committee has great pleasure in presenting to you the report of activities for the year ending on 31 March 2018 in terms of Articles 34 (C) of the Constitution. The Audited Statement of Accounts and Balance Sheet for the year are also enclosed.

Yours faithfully,

Ramesh Agarwal President

Vishal Jhajharia Senior Vice President

Vivek Gupta Vice President

Surendra Keyal Honorary Secretary

Rajaram Chowdhary Treasurer

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CONTENTS

Page No.

1. Committee for the year 2017–18 7

2. 116th Annual General Meeting 11

3. Interactive Sessions/Symposia/Workshops 22

4. MCCI Ladies Forum (MLF) 73

5. Other Important Events 75

6. Press Communique 77

7. Representations/Memoranda 82

8. Working of the Standing Committees 89

9. Other Activities of the Chamber 90

10. Advisory Council/MCC Foundation/Standing Committees 91

11. Affiliations 100

12. Representatives of the Chamber on Public Bodies 101

13. Meetings held during the year 102

14. Past Presidents 107

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MEMBERS OF THE COMMITTEE FOR THE YEAR 2017–18

Office Bearers

President : Shri Ramesh Agarwal Senior Vice President : Shri Vishal Jhajharia Vice President : Shri Vivek Gupta Hony. Secretary : Shri Surendra Keyal Treasurer : Shri Rajaram Chowdhary

Trustees

Shri A.R. Sonthalia Shri B.K. Jhajharia Shri Radhe Shyam Agarwal Shri Shrawan Kumar Todi

Past Presidents Shri M. C. Shah Shri Amitav Kothari Shri Arun Kumar Churiwal Shri Suresh Jhunjhunwala Shri Sheo Shankar Bagaria Shri Birendra Agarwal Shri Ajay Kajaria Shri Ravi Todi Shri Sushil Kumar Dhandhania Shri Sunil Kanoria Shri Kunj Behari Agarwala Shri Aditya V. Agarwal Shri Santosh Kumar Saraf Shri Atul Churiwal Shri Anupam Shah Shri Shyam Sunder Beriwala Shri Deepak Jalan Shri Sanjay Agarwal Shri Arun Kumar Saraf Shri Manish Goenka Shri Hemant Bangur

Members of the Committee

Shri Arun Kumar Agarwal Shri B N Agarwala Shri Bharat Agarwal Shri Bijay Gujarwasia Agarwal

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Shri Brij Bhushan Agarwal Shri Bhagwandas Agarwal Shri Deepak Kumar Agarwal Shri Mahesh Kumar Agarwal Shri Mahendra Kumar Agarwal Shri Manish Agarwal Shri Niranjan Kumar Agarwal Shri Rakesh Agarwal Shri Ramesh Kumar Agarwal Shri Ravi Agarwal Shri Sandeep Agarwal Shri Shyam Agarwal Shri Suresh Agarwal Shri Arvind Agrawal Shri Abhishek Bagaria Shri Surya Prakash Bagla Shri Manish Kumar Baid Shri Pulkit Baid Shri Santosh Bajaj Shri Devesh Bansal Shri Sunil Bansal Shri Tushar Basu Shri Manoj Kumar Beria Shri Lalit Beriwala Shri Vishnu Kumar Bhandari Shri Sanjay Bhalotia Shri Arun Kumar Bhuwalka Smt. Mamta Binani Shri Srinjoy Bose Shri Norat Mal Bothra Shri H.P. Budhia Shri Pulak Chamaria Shri Ravindra Chamaria Shri Gyanesh Chaudhary Shri Sudeep Chitlangia Shri Arun Kumar Dalmia Shri Arpit Dhandhania Shri Kaluram Dhariwal Shri Kamal Kumar Dugar Shri Tulsi Kumar Dugar Shri Alok Garodia Shri Devendra Goel Shri Prahlad Roy Goenka Shri R.S. Goenka Shri Amit Goenka Shri Girdhari Lal Goenka Shri Sanjay Goenka Shri Kailash Chand Goyal Shri Chandra Kumar Jain Shri Ravi Jain Shri Sanjay Jain Shri Sanjay Kumar Jain Shri Aditya Jajodia Shri Ajay Jalan Shri Arun Kumar Jagatramka Shri Munish Jhajharia Shri Srivatsa Kajaria Shri Nirmal Kaushik Shri Bimal Kumar Kejriwal Shri Sharad Kumar Khaitan

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Shri Rajendra Khandelwal Shri Manaswy Kothari Shri Rishabh Kothari Shri Sanjib Kothari Shri Smarajit Mitra Shri Banwari Lal Mittal Shri Rajesh Mittal Shri Krishna Modi Shri Ravi Modi Shri Prakash Kumar More Shri Mahesh Pansari Shri Ashok Pareek Shri Pawan Kumar Patodia Shri Sanjib Kumar Patwari Shri Lavesh Poddar Shri Rajesh Poddar Shri Subir Poddar Shri Sushil Poddar Shri Sanjay Rasiwasia Shri Santosh K. Roongtaa Shri Rahul Saraf Shri Samir Saraff Shri Amit Kumar Saraogi Shri Neetish Sarda Shri Nimish Saraf Shri Sandeep Seksaria Shri Alkesh Sharma Shri Vicky Raj Sikaria Shri Taranjit Singh Shri Pradeep Kumar Singhania Shri Akhil Sonthalia Shri Jyoti Vardhan Sonthalia Shri Kiran Kumar Sonthalia Shri Sanjay Sureka Smt Priti Sureka Shri Rajeev Swaika Shri Pawan Tibrewalla Shri Ashok Kumar Todi Shri Pradip Kumar Todi Shri Adarsh Tulshan Shri Sharad Varma Secretariat

Director General : Shri Souvik Banerjee Deputy Director General : Shri M.C. Das Deputy Director General : Shri S. Roy Asst. Director General : Smt. Munmun Banerjee Senior Deputy Secretary : Shri Sushantjit Dey Deputy Secretary : Shri Rajiv Mukerji Assistant Secretary : Shri Arijit Dey

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116th ANNUAL SESSION

INAUGURAL SESSION Camps were still being held in the rural areas for educating the business community. He was The 116th Annual Session of Merchants’ hopeful that GST would become so simple that Chamber of Commerce & Industry was even a child would be able to understand and held with Shri Shiv Pratap Shukla, Hon’ble handle it. Even in a small country like Singapore, Minister of State for Finance, Government of it took four years to stabilize, he informed the , as the Chief Guest on 29 November, House. 2017 at Hotel Taj Bengal. On Non Performing Assets (NPAs) by Addressing the Session, Shri Shukla said banks, the Hon’ble MOS was of the opinion that that under the dynamic leadership of the Hon’ble banks, nationalized banks in particular, would Prime Minister, Shri Narendra Modi, around 9 have to deal with the issues in an effective cr. 56 lakhs employment opportunities were manner. They should improve their performance created in the last three and a half years, which to resolve the issue of stressed assets. included self employment opportunities as well. Referring to a Rs. 2.11 trillion recapitalization In line with Modiji’s concept of sustainable and support of the Central Government towards the inclusive development of the economy covering nationalized banks, he said that the Centre had even the poorest of the poor, micro & small loans done enough to provide support to these banks were given for the marginalized class, including to help them meet their capital requirements, women. He mentioned that opening of Jan otherwise banks would not have been saved. Dhan accounts were of much importance, till This, however, could not be a repetitive exercise. today around 35 cr. zero–balance accounts had Banks would have to sustain on their own and been opened. should not make it a ‘tradition’ to depend upon He observed that Goods & Services the Government. Problems arose because Tax (GST) would soon become a “good and banks went ahead with giving huge amounts simple tax”, as the issues were being handled of money to the entities, without proper due effectively by the Government authorities. He diligence, he pointed out. felt that the transitional problems relating to The Minister asserted that the micro, imposition of GST would fade away with the small and medium enterprises (MSMEs) would passage of time, hopefully by March 2018. Post continue to be the priority sector for the Central Guwahati meet, tax rates on many products Government. were lowered from 28% to 18%. Among other issues that were addressed was the ease of He spoke strongly about the growth filing, monthly returns had been changed to potential of West Bengal and assured all help quarterly returns, he said. and support to the activities of the Chamber. There were still some problems in the rural Earlier, in his Presidential Address, Shri and semi-urban areas, where there had not Hemant Bangur spoke about the robust been much of computer literacy, he observed. Indian macro-economic parameters, clarion call

10 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry by the Hon’ble Prime Minister to make “Make in that the Corporate Tax rate should be brought India” a success, imposition of GST, NPA issues down to 25% over the next 3 years, from the of banks and lack of availability of collateral– current level of 34.6%. On West Bengal, he free loans for MSMEs. He said that one of the felt that with the right push, the regeneration major puzzles about the recent trends was with process of the state could sustain a double digit respect to manufacturing output. For April – growth. September 2017, factory output growth stood at The Session ended with a hearty Vote of 2.5%, as compared with 5.8% recorded in the Thanks by Shri Ramesh Agarwal, Senior Vice same period last year. The President suggested President & President–Elect of the Chamber.

116th ANNUAL GENERAL MEETING

23rd September 2017 at MCCI Conference Hall

Shri Hemant Bangur, President took the Chair in terms of Article 16(a) of the Articles of Association of the Chamber. Shri Surendra Keyal, Hony Secretary read out the Notice dated September 8, 2017 which informed all Members of the 116th AGM. Agenda wise 5 resolutions were passed: RESOLUTION No. 1: APPROVAL AND ADOPTION OF ANNUAL REPORT OF THE COMMITTEE FOR THE YEAR 2016–17 “RESOLVED THAT the Report of the Committee for the year 2016–17 be hereby adopted.” Proposed by : Shri A R Sonthalia Seconded by : Shri Suresh Jhunjhunwala The Resolution was put to vote and carried unanimously. RESOLUTION No. 2 : APPROVAL AND ADOPTION OF FINANCIAL STATEMENTS OF THE CHAMBER FOR 2016–17. “RESOLVED THAT the audited Balance Sheet and the Statement of Income & Expenditure Account of the Chamber for the year ending 31st March, 2017 along with the Report of the Auditor be hereby adopted.” Proposed by : Shri B K Jhajharia Seconded by : Shri Atul Kumar Churiwal The Resolution was put to vote and carried unanimously.

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RESOLUTION No. 3: ELECTION OF OFFICE BEARERS & COMMITTEE MEMBERS FOR 2017–18 : “RESOLVED that Item No. 3 would be adjourned till further Notice.” The Resolution was carried unanimously. RESOLUTION No. 4 : APPOINTMENT OF AUDITORS FOR 2017–18 “RESOLVED THAT pursuant to the provisions of sections 139, 141 read with the Companies (Audit and Auditors) Rules, 2014 and other applicable provisions, if any, of the Companies Act, 2013 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) and pursuant to the resolution passed by the members at the 113th Annual General Meeting (AGM) held on 30th September, 2014, appointing M/s. K. Prasad & Co., Chartered Accountants, Kolkata (ICAI Firm Registration No. 303062E), as the Statutory Auditors of the Company, to hold office till the conclusion of the 118th AGM of the Company and pursuant to the recommendations of the Committee of the Company, the appointment of the said Statutory Auditors of the Company to hold office from the conclusion of the 116th AGM to the conclusion of the 117th AGM be and is hereby ratified and that the Committee be and is hereby authorised to fix such remuneration in consultation with the said Auditors.” “RESOLVED FURTHER THAT the honorarium for the year 2016–17 shall be Rs. 20,000/- (Rupees twenty thousand) plus GST. Proposed by : Shri Santosh Saraf Seconded by : Shri Arun Kumar Saraf The Resolution was put to vote and carried unanimously. Special Business : RESOLUTION No. 5 : BUDGET OF THE CHAMBER FOR THE YEAR 2017–18 “RESOLVED THAT the Budget of the Company for the financial year 2017-18 be and is hereby approved and adopted.” Proposed by : Shri Birendra Agarwal Seconded by : Shri Vivek Gupta The Resolution was put to vote and carried unanimously. 116th Annual General Meeting ( ADJOURNED AGENDA)

29th November 2017 at Hotel Taj Bengal, Kolkata In terms of Article 16(a) of the Articles of Association of the Chamber, Shri Hemant Bangur, President took the Chair and took up the Agenda on Election of Office Bearers and Committee Members for the year 2017–18.

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Agenda No. 3 : ELECTION OF OFFICE BEARERS & COMMITTEE MEMBERS: RESOLUTION TO ELECT THE PRESIDENT FROM AMONGST THE MEMBERS AND TO CONSIDER, IF THOUGHT FIT, TO PASS, WITH OR WITHOUT MODIFICATION, THE FOLLOWING RESOLUTION, AS AN ORDINARY RESOLUTION : 3 (a) “RESOLVED THAT in pursuance to the provisions of Section 160 and other applicable provisions, if any, of the Companies Act 2013 and the rules made there under (including any statutory modification(s) or re-enactment(s) thereby for the time being in force) read with Articles 13 (c) of the Articles of Association of the Chamber, the consent of the Members of the Chamber be and is hereby agreed to the appointment of Shri Ramesh Agarwal, DIN No. 00230702, as President of the Chamber for the Year 2017–18, to hold office from the conclusion of this Annual General Meeting until the next election is made.” Proposed by : Shri A R Sonthalia Seconded by : Shri Amitav Kothari The Resolution was put to vote and carried unanimously. TO ELECT THE SENIOR VICE PRESIDENT FROM AMONGST THE MEMBERS AND TO CONSIDER, IF THOUGHT FIT, TO PASS, WITH OR WITHOUT MODIFICATION, THE FOLLOWING RESOLUTION, AS AN ORDINARY RESOLUTION. 3 (b) “RESOLVED THAT in pursuance to the provisions of Section 160 and other applicable provisions, if any, of the Companies Act 2013 and the rules made there under (including any statutory modification(s) or re-enactment(s) thereby for the time being in force) read with Articles 13(c)(i) and Article 14 (a) of the Articles of Association of the Chamber, the consent of the Members of the Chamber be and is hereby agreed to the appointment of Shri Vishal Jhajharia, DIN No. 00768962 as Senior Vice President of the Chamber for the Year 2017–18, to hold office from the conclusion of this Annual General Meeting until the next election is made.” Proposed by : Shri Suresh Jhunjhunwala Seconded by : Shri Birendra Agarwal The Resolution was put to vote and carried unanimously. TO ELECT THE VICE PRESIDENT FROM AMONGST THE MEMBERS AND TO CONSIDER, IF THOUGHT FIT, TO PASS, WITH OR WITHOUT MODIFICATION, THE FOLLOWING RESOLUTION, AS AN ORDINARY RESOLUTION 3 (c) “RESOLVED THAT in pursuance to the provisions of Section 160 and other applicable provisions, if any, of the Companies Act 2013 and the rules made there under (including any statutory modification(s) or re-enactment(s) thereby for the time being in force) read with Articles 13(c)(i) and Article 14(a) of the Articles of Association of the Chamber, the consent of the Members of the Chamber be and is hereby agreed to the appointment of Shri Vivek Gupta, DIN No.

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00548992 as Vice President of the Chamber for the Year 2017–18, to hold office from the conclusion of this Annual General Meeting until the next election is made.” Proposed by : Shri B K Jhajharia Seconded by : Shri K B Agarwala The Resolution was put to vote and carried unanimously. The Chairman informed that the above mentioned persons would be the Office Bearers of the Chamber and would be the Directors of the Chamber, under the provisions of the Companies Act 2013. Agenda 3 (d) ELECTION OF COMMITTEE MEMBERS : In terms of Article 14(b) of the Articles of Association of the Chamber, 9 members of the Committee shall retire by rotation at this session. 9 members, including those retiring by rotation shall be elected in place of those retiring. “RESOLVED THAT in pursuance of the provisions of Article 14(b) of the Articles of Association of the Chamber, the following Members be elected to the Committee.” Committee Member : 1. Shri Mahesh Chandra Shah Moved by : Shri Santosh Saraf Seconded by : Shri Arvind Agrawal The Resolution was put to vote and carried unanimously. Committee Member : 2. Shri Birendra Agarwal Moved by : Shri Arun Kumar Saraf Seconded by : Shri Suresh Agarwal The Resolution was put to vote and carried unanimously. Committee Member : 3. Shri Arvind Agrawal Moved by : Shri Suresh Jhunjhunwala Seconded by : Shri Tushar Basu The Resolution was put to vote and carried unanimously. Committee Member : 4. Shri Santosh Bajaj Moved by : Shri Birendra Agarwal Seconded by : Shri Arun Kumar Dalmia The Resolution was put to vote and carried unanimously. Committee Member : 5. Shri Arun Kumar Dalmia

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Moved by : Shri Munish Jhajharia Seconded by : Shri Sanjib Kothari The Resolution was put to vote and carried unanimously. Committee Member : 6. Shri Chandra Kumar Jain Moved by : Shri Smarajit Mitra Seconded by : Shri Nimish Saraf The Resolution was put to vote and carried unanimously. Committee Member : 7. Shri Munish Jhajharia Moved by : Shri Arvind Agrawal Seconded by : Shri Rajesh Agarwal The Resolution was put to vote and carried unanimously. Committee Member : 8. Shri Nirmal Kaushik Moved by : Shri Pawan Tibrewalla Seconded by : Shri Smarajit Mitra The Resolution was put to vote and carried unanimously. Committee Member : 9. Shri Manaswy Kothari Moved by : Shri C K Jain Seconded by : Shri Arun Kumar Dalmia The Resolution was put to vote and carried unanimously. The Chairman congratulated Shri Ramesh Agarwal on his election as the President of the Chamber and expressed his satisfaction that he handed over the baton to such a dynamic person. Shri Hemant Bangur, Outgoing President thanked all Trustees, Past Presidents, Members of Committee, Chairmen and Co-Chairmen of Standing Committees, and members for their support, guidance and participation in various programmes held during the year. He felt that the Chamber would reach greater heights under the resourceful and dynamic leadership of Shri Ramesh Agarwal as the President. He also appreciated the dedication and hard work put in by the Secretariat to make all programmes and activities fruitful and visible. Shri A.R. Sonthalia complimented the outgoing Team led by Shri Hemant Bangur for their immense contribution and hoped that the Chamber would still receive active support from Shri Bangur. He extended hearty congratulations to the newly elected Office Bearers for the year ahead. He felt that the past Presidents should take more interest in the activities of the Chamber. The Secretariat had put in tremendous effort during the year, he said and appreciated the dedication

Annual Report 2017-18 15 Merchants’ Chamber of Commerce & Industry of Shri M C Das and Shri S Roy. He felt that Shri Souvik Banerjee had joined as the new Director General only recently and it would be too premature to review him now. Expressing his appreciation on an eventful year of the Chamber, Shri B.K. Jhajharia thanked the outgoing Office Bearers’ Team led by Shri Hemant Bangur, for their outstanding work. He congratulated the incoming Team under the Presidentship of Shri Ramesh Agarwal and was hopeful that the Chamber would attain newer dimensions and greater heights under his dynamic leadership. He appreciated the functioning of the new whatsapp group of the Office Bearers and requested Shri Hemant Bangur to continue as the Admin of the group. He also put on record strong appreciation for the dedication and commitment of the Secretariat, particularly of Shri M C Das for his contribution in the absence of a DG and Shri S Roy for his untiring work. He felt the Secretariat would definitely function better with the capable leadership of the new Director General Shri Souvik Banerjee. He made special mention of Programmes like the “MCCI India Economic Forum” which was hugely successful, and executed by the Secretariat after the new DG had joined. Shri Amitav Kothari spoke highly regarding the multifarious work of the Chamber. He felt that MCCI could play a more important role by partnering actively with the different Ministries & Departments of the Union & State Governments in addressing key economic issues. Shri Birendra Agarwal appreciated the immense contribution of the outgoing President to the Chamber as also for taking the Chamber to greater heights. Shri Ramesh Agarwal, the newly elected President thanked all the Trustees, Past Presidents and the Members for the confidence and trust bestowed upon him by electing him as President of the Chamber. He sought co-operation from all to enable him to discharge his responsibilities as the President of this august body. Shri Bangur proposed the Vote of Thanks to the Chair and to the members for attending the session. Newly Elected Committee The First Meeting of the New Committee was held after the Business Session. Shri Ramesh Agarwal, President, took the chair and welcomed all members present to the First Meeting of the New Committee. He thanked the Trustees, Past Presidents and Members for bestowing their confidence in him and electing him as the President. He sought co-operation, active support and guidance from all in carrying out the functions of the Chamber effectively and taking new initiatives in the Chamber. Shri A. R. Sonthalia, proposed the following names from the two specific categories of A & B for the year 2016–17 in terms of the said Article 13(c)(iii) of the Articles of Association of the Chamber. Category A : Past Presidents : 1. Shri Sushil K. Dhandhania

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2. Shri Kunj Behari Agarwala 3. Shri Aditya V. Agarwal 4. Shri Atul Churiwal 5. Shri Manish Goenka Category B : Other Members : 1. Shri Hemant Bangur – Immediate Past President 2. Shri Hari Prasad Budhia 3. Shri Srivatsa Kajaria The proposal was unanimously approved by the Committee. The President informed that in terms of Article 13(c)(iv) of the Articles of Association, the New Committee was required to nominate all Director Members as members of the Committee for the year, 2017-18. He further mentioned that currently there were 99 Director Members, out of whom three members had been elected as President, Sr. Vice President and Vice President. As such, the remaining 96 Director Members would become ipso facto members of the New Committee, with all rights and privileges, in terms of the aforesaid Article 13(c)(iv), subject to the payment of their annual subscription. The names of 99 Director Members are given below :

Sl. No. Name of Organisation Representative 1 Adhunik Corporation Ltd. Shri Mahesh Kumar Agarwal 2 Affinity Global Services Pvt. Ltd. Shri Sanjay Bhalotia 3 Alliance Commercial Transport Shri Nimish Saraf 4 Alloys & Metals (India) Shri Surendra Kumar Keyal 5 Anmol Feeds Pvt. Ltd. Shri Amit Kumar Saraogi 6 ASO Cement Limited Shri Sandeep Agarwal 7 Auto Distributors Ltd. Shri Subir Poddar 8 Avenues 4 Education Pvt. Ltd. Shri Samir Saraff 9 B. Ghose & Co. Pvt. Ltd. Shri Sharad Varma 10 Bally Exports Pvt. Ltd. Shri Arpit Dhandhania 11 Bansidhar Badridass Modi Pvt. Ltd. Shri Krishna Modi 12 BBA Infrastructure Ltd. Shri Arun Kumar Bhuwalka 13 Bengal Beverages Pvt. Ltd. Shri Amit Goenka 14 Bhushan Power & Steel Ltd. Shri Alkesh Sharma

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15 BTL EPC Ltd. Shri Ravi Todi 16 Calcutta Ferrous Limited Shri Bhagwandas Agarwal 17 Celica Developer Pvt. Ltd. Shri Adarsh Tulshan 18 Century Plyboards India Ltd. Shri Sanjay Agarwal 19 CKC Fragrances and Flavours Pvt. Ltd. Shri Rishabh Kothari 20 Concast Ispat Limited Shri Sanjay Kumar Sureka 21 Dhanwantary Medicare & Research Centre Pvt. Ltd. Shri Rajendra Khandelwal 22 ECL Agrotech Limited Shri Santosh Kumar Roongtaa 23 EMAMI Limited Shri R. S. Goenka 24 Essel Kitchenware Limited Shri Kailash Chand Goyal 25 Forum Projects Pvt. Ltd. Shri Rahul Saraf 26 Ganapati Balaji Spinning Mills Pvt. Ltd. Shri Bijay Gujarwasia Agarwal 27 Glaxo Finance Pvt. Ltd. Shri Kamal Kumar Dugar 28 Golden Goenka Fincorp Ltd. Shri Girdhari Lal Goenka 29 Great Eastern Appliances Pvt. Ltd. Shri Pulkit Baid 30 Great Eastern Trading Co. Shri Manish Kumar Baid 31 Greenply Industries Limited Shri Rajesh Mittal 32 Gujarat NRE Coke Limited Shri Aun Kumar Jagatramka 33 Haldiram Bhujiawala Limited Shri Manish Agarwal 34 Happy-e Zon Ltd. Shri Sushil Poddar 35 Hindcon Chemicals Limited Shri Sanjay Goenka 36 India Forms Centre Pvt. Ltd. Shri Norat Mal Bothra 37 Infinity Infotech Parks Ltd. Shri Pulak Chamaria 38 J.G. Hosiery Pvt. Ltd. Shri Sandeep Seksaria 39 Jai Balaji Industries Ltd. Shri Aditya Jajodia 40 Joonktollee Tea & Industries Ltd. Shri Hemant Bangur 41 JRK Stock Broking Pvt. Ltd. Shri Ravi Jain 42 Jupiter International Ltd. Shri Alok Garodia 43 JVS Securities Pvt. Ltd. Shri Jyoti Vardhan Sonthalia 44 King Chemicals Shri Sanjib Kumar Kothari 45 Korp Resources Pvt. Ltd. Shri Prahlad Roy Goenka 46 Linc Pen & Plastics Ltd. Shri Deepak Jalan 47 Lumino Industries Ltd. Shri Devendra Goel 48 Lux Industries Ltd. Shri Ashok Krumar Todi 49 Mayur Ply Industries Pvt. Ltd. Shri Prakash Kumar More

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50 Meghalaya Cements Ltd. Shri Mahendra Kumar Agarwal 51 Multiwyn Industries Pvt. Ltd. Shri Vishal Jhajharia 52 National Printing Works Shri B.N. Agarwala 53 Neo Metaliks Limited Shri Ravi Agarwal 54 Niranjan Kumar & Co. Shri Niranjan Kumar Agarwal 55 Phuguri Tea Estate Pvt. Ltd. Shri Abhishek Bagaria 56 Pradip Kumar Todi Shri Pradip Kumar Todi 57 Pragya Mercantile Pvt. Ltd. Shri Tulsi Kumar Dugar 58 Pratidin Prtakashani Pvt. Ltd. Shri Srinjoy Bose 59 Prestar Infrastructure Projects Ltd. Shri Kalu Ram Dhariwal 60 Primarc Projects Pvt. Ltd. Shri Mahesh Pansari 61 Smt. Priti A. Sureka Smt. Priti A. Sureka 62 Pulkit Veneer Mills Pvt. Ltd Shri Pawan Kumar Patodia 63 R.S. Ispat Ltd. Shri Rakesh Agarwal 64 Ramesh Kumar & Co. Pvt. Ltd. Shri Ramesh Kumar Agarwal 65 Rashmi Metaliks Ltd. Shri Sanjib Kumar Patwari 66 Shri Ravindra Chamaria Shri Ravindra Chamaria 67 Rupa & Co. Ltd. Shri Ramesh Agarwal 68 Salasar Stock Broking Ltd. Shri Kiran Kumar Sonthalia 69 Saltee Infrastructure Ltd. Shri Surya Prakash Bagla 70 Sanmarg Pvt. Ltd. Shri Vivek Gupta 71 Sarda Plywood Industries Ltd. Shri Sudeep Chitlangia 72 Sasta Sundar Ventures Ltd. Shri Banwari Lal Mittal 73 Satellite Exim Pvt. Ltd. Shri Suresh Agarwal 74 Shakambhari Ispat & Power Ltd. Shri Deepak Kumar Agarwal 75 Shakti Logistics Pvt. Ltd. Shri Lavesh Poddar 76 Shyam Steel Manufacturing Ltd. Shri Lalit Beriwala 77 Shyam Metalics and Energy Ltd. Shri Brij Bhushan Agarwal 78 Shyam Steel Industries Ltd. Shri Shyam Sunder Beriwala 79 Siddha Real Estate Development Pvt. Ltd. Shri Sanjay Jain 80 Sikaria Projects Pvt. Ltd. Shri Vicky Raj Sikaria 81 Singhania & Sons Pvt. Ltd. Shri Pradeep Kumar Singhania 82 Skipper Ltd. Shri Devesh Bansal 83 Smarajit Mitra & Associates Shri Smarajit Mitra 84 Sreerampur Ispat (P) Ltd. Shri Pawan Kumar Tibrewalla

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85 SREI Capital Markets Ltd. Shri Ashok Pareek 86 SREI Equipment Finance Ltd. Shri Sunil Kanoria 87 Srijan Realty Pvt. Ltd. Shri Shyam Agarwal 88 Sudhir Chandra Sur Degree Engineering College Shri Taranjit Singh 89 Supertron Electronics Pvt. Ltd. Shri Vishnu Kumar Bhandari 90 Supreme Wood Products Pvt. Ltd. Shri Manoj Kumar Beria 91 Swadeshi Marketing Pvt. Ltd. Shri Sanjay Rasiwasia 92 T.T. Limited Shri Sanjay Kumar Jain 93 UAL Industries Ltd. Shri Arun Kumar Saraf 94 Utkarsh India Ltd. Shri Sunil Bansal 95 Vedant Fashions Pvt. Ltd. (Manyavar) Shri Ravi Modi 96 Vikram Solar Ltd. Shri Gyanesh Chaudhary 97 Vision Comptech Integrators Ltd. Shri Neetish Sarda 98 Wonder Images Pvt. Ltd. Shri Rajesh Poddar 99 Yaana Apparels Pvt. Ltd. Shri Ajay Jalan The Committee approved and adopted the proposal unanimously. Taking up the agenda item on Election of Hony Secretary and Treasurer, the Chairman proposed re-election of the incumbents - Shri Surendra Keyal and Shri Rajaram Chowdhary, as the Hony Secretary and Treasurer, respectively, for the year 2017-18. The proposal was approved and carried unanimously. The Chairman proposed the names of Shri R.S. Agarwal as Chairman and Shri B.K. Jhajharia as Co-Chairman for election to the Advisory Council for the year 2017-18.The proposal was approved and carried unanimously. As per convention, Shri Ramesh Agarwal, President in office was nominated as Chairman of the MCC Foundation for the year 2017–18. The Chairman then proposed the following Expert Bodies and Standing Committees, with the Chairman / Chairperson and Co-Chairman/ Co-Chairperson for each of them, for the year 2017-18. Advisory Council, MCC Foundation, Standing Committees Chairman Co-Chairman Advisory Council R.S. Agarwal B.K. Jhajharia Merchants’ Chamber of Ramesh Agarwal Commerce Foundation Chairperson Co-Chairperson MCCI Ladies Forum (MLF) Seema Agarwal Prapti Jhajharia

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Standing Committees for 2017-18 Sector Chairman Co-Chairman 1. Agriculture & Food Processing Amit Kumar Saraogi a. Suresh Agarwal b. Manish Agarwal 2. Banking, Finance & Insurance Smarajit Mitra Prakash Chand Patni 3. Corporate Law & Governance Mamta Binani Subodh Kumar Agarwal 4. CSR & Rural Development Lalit Beriwala Arvind Agrawal 5. Direct Taxes Arvind Agrawal Sanjay Bhattacharya 6. Education & Skill Development Samir Saraff Taranjit Singh 7. Foreign Trade Mahesh Keyal Sanjib Kumar Kothari 8. GST & Indirect Taxes Arun Kumar Agarwal Sushil Kumar Goyal 9. HRD Tushar Basu Abhishek Bagaria 10. Infrastructure & Logistics Lavesh Poddar Kushal Rungta 11. IT & Communication Vishnu Kumar Bhandari Sanjib Sanghi 12. Membership Development Santosh Kumar Saraf Arun Kumar Saraf 13. MSME Rishabh Kothari Akhil Sonthalia 14. Power & Renewable Energy Gyanesh Chaudhary Kapil Thapar 15. Retail Trade Pulkit Baid Shitanshu Jhunjhunwala 16. Steel Ravi Agarwal Deepak Kumar Agarwal 17. Textile & Jute Sanjay Kumar Jain Srivatsa Kajaria There being no other business to consider, the meeting ended with a Vote of Thanks to the Chair.

Annual Report 2017-18 21 Merchants’ Chamber of Commerce & Industry

INTERACTIVE SESSIONS / SYMPOSIA / WORKSHOPS

Interactive Session with Dr. • Commenting on the multiple GST rates of 5, Parthasarathi Shome 12, 18 and 28 p.c., Dr. Shome was of the opinion Former Adviser to the Finance that multiple GST rates would complicate Minister of India and Chairman, matters. He pointed out that GST ideally should International Tax Research & have only one to two rates, with no difference Analysis Foundation, Bengaluru on in tax rates between goods & services. The ‘Recent Tax Reforms and the Road compliance burden of GST would also be very Ahead – An Analytical View’ high in India, he added. th on 7 April 2017 at MCCI • He stressed on the transition towards a The Chamber organized an Interactive nation–wide new indirect tax structure and Session with Dr. Parthasarathi Shome, felt that this would result in a new equilibrium Former Advisor to the Union Finance Ministry between centre and the states. However, the & Chairman, International Tax Research & degree of effectiveness of such a tax could be Analysis Foundation (ITRAF), Bengaluru on known at least after a year and a half after its “Recent Tax Reforms and the Road Ahead implementation. – An Analytical View” on 7th April, 2017 at • He cited the example of China taking a huge MCCI Conference Hall. lead in manufacturing over the last 2 decades, • Addressing the House, Dr. Shome said that which was in sharp contrast with India, where “GST structure & rate does not stand on merit, if service sector accounted for almost 2/3rd of we compare this globally with other countries”. the economy. In India. Best examples for federal tax would have been Earlier, in his Welcome Address, Shri Argentina & USA. Hemant Bangur, President MCCI, spoke • He felt that in India GST proposals suffered about the decelerating investment scenario and from weaknesses due to exemptions. Two key also the need to bridge trust deficit between inputs for industry viz. petroleum and electricity tax payers and tax administrators. Shri Bangur were kept outside the purview of GST. Since released the latest book written by Dr. Shome there would be no Input Tax Credit (ITC) on named “Development & Taxation – 60 critical these products, these would be embedded in commentaries”, in Kolkata. Prof. Dwarka Nath the prices, as business would automatically Bose, a noted scientist was the recipient of the factor the tax amount into the prices. He felt 1st copy of the released book. that if correct base expansion could have been done by including petroleum and electricity, The Session ended with a hearty Vote tax rates would have come down, keeping the of Thanks by Shri Ramesh Agarwal, Senior revenue same. Vice President of the Chamber.

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‘GST Migration Camp’ with Shri S. K. statistics, 11 children would go missing every Panda, hour and half of them could never be rescued. Chief Commissioner of Service Tax, There was a direct correlation between child Kolkata on 11th April, 2017 at MCCI. labour and adult joblessness; there were around 168 million child labour and 210 jobless adults, The Chamber organized a Camp on he added. He pointed out that “Beti Bachao, GST Migration in collaboration with the Beti Padhao” had been a wonderful initiative of Commissionerate of Service Tax Kolkata, in the Union Government. However, “girls are still which about 20 members participated to have in a very vulnerable condition”, he said. a one–on–one discussion with the Officials of • On his programme titled “100 million for the Department, who helped them in migrating 100 million”, launched on 11th December, to the GST network. 2016 by the Rashtrapati in the presence of Shri S K Panda later joined the Camp and 40 Nobel Laureates, he said that the mission interacted with the members in the Camp. He of this campaign was to mobilise 100 million clarified all the queries raised by the members youth for shaping a bright future for 100 million during the Session. underprivileged children across the world to end child labour/ slavery, violence and to Interactive Session was held with promote child education over the next 5 years, Shri Kailash Satyarthi, Shri Satyarthi added. The Nobel Laureate Nobel Peace Laureate on ‘Bachpan informed the House that his organisation had Surakshit, Bharat Surakshit’ been working in 140 countries to protect child on 22nd April, 2017 at MCCI rights and prevent child abuse and exploitation. • Shri Satyarthi referred to Kolkata and Bengal The Chamber organized an Interactive Session as the abode of great people including Swami with Shri Kailash Satyarthi, Nobel Peace Vivekananda and Subhas Chandra Bose and Laureate on ‘Bachpan Surakshit, Bharat Nobel Laureates like Rabindranath Tagore and Surakshit’ on Saturday, 22 April 2017 at 4.00 Mother Teresa. He said that it was an irony p.m. at its premises. that Bengal being the land of Goddess Kali, • “There should be more laws prioritizing Durga, Lakshmi and Saraswati, the rate of girl children and higher budget allocation for them, trafficking had been the highest from the state. in order to reap demographic dividends”, said • He requested MCCI to come forward to Shri Kailash Satyarthi, while deliberating on support his programme financially as well as the issue of safe childhood. He strongly felt by mobilizing young people for channelizing the that more priorities should be given towards ideas to stop child abuse. protection of children, as 41 p.c. of Indian population were below 18 and only 23.7 p.c. of Shri Deepak Jalan, Past President, MCCI GDP were towards protection of childhood, he pledged to donate Rs. 5 lakhs and Committee noted. Members, Shri Rajendra Khandelwal & Shri V S Bhandari pledged an amount of Rs. 1 lakh • Dwelling upon the the serious issue of child each, at the call of Shri Satyarthi. trafficking for slavery, child labour, flesh trade and other abuse, he said that as per Government Shri Sekhar Mehta, a well known

Annual Report 2017-18 23 Merchants’ Chamber of Commerce & Industry

Rotarian, also addressed the Session, who • Shri Ashok Kumar Ghosh, Executive VP and requested all to come forward towards support Head Plant, Haldia Petrochemicals Ltd., of the noble mission of the Nobel Laureate. • Shri C K Tiwari, Executive Director, Indian Oil Earlier, in his Welcome Address, Shri Corporation Ltd. Haldia Refinery, Ramesh Agarwal, Senior Vice President • Shri Prahlad Hazra, Chief Advisor, of the Chamber, said that as per ILO Report, Confederation of Purba & Paschim Medinipur there were 5.7 m child workers in India aged District 5 to 17, out of 168 million globally. More than Chamber of Commerce & Industries (DCCI) half of India’s child workers were employed and in agriculture and more than a quarter in • Smt. Kanta Basu, Chairperson, Women’s Cell, manufacturing - embroidering clothes, weaving Confederation DCCI. carpets or making matchsticks. While delivering the Welcome Address, The Session ended with a hearty of Vote Shri Hemant Bangur, President MCCI of Thanks by Shri Deepak Jalan, Former said that interactions at the ground-level in President of the Chamber. the districts with local administration, local Chamber of Commerce, business community Seminar on “Destination Haldia : The and entrepreneurs would create a strong Road Ahead” platform to exchange ideas for developing on 28th April 2018 at Hotel Golden coherent policies particularly for MSME sector. Retreat, Haldia. Deliberating on the potential of the district The Chamber organized a Seminar on of Purba Medinipur in the areas of handloom, “Destination Haldia : The Road Ahead” on agriculture, floriculture & horticulture and its Friday, 28 April 2017 at 11.15 AM at Hotel good connectivity through roads, availability of Golden Retreat, Haldia. The Chamber, on its electricity & skilled manpower, Shri Dibyendu mission to reach out to Tier II & Tier III towns Adhikari, MP, Tamluk invited all to come forward in the districts of West Bengal, organized the to invest in the district. Tourism facilities could Seminar, which was the 1st one in the series of be developed in the towns of Contai, Egra and programmes to follow. The The Seminar was Mahisadal, Shri Adhikari noted. addressed by : Shri G Senthilvel said that there had • Shri Dibyendu Adhikari, Hon’ble MP, Tamluk been 60 p.c. growth in Haldia Dock Complex Constituency – Inaugurator (HDC), in container traffic over years with the • Shri G Senthilvel, Deputy Chairman, Haldia operating surplus being Rs. 462 cr. 14 jetties Dock Complex, had been operational in HDC and 3 new ones • Dr. Rashmi Kamal, IAS, District Magistrate & commissioned with a total investment of Rs. 1 District Collector, Purba Medinipur, lakh cr., total annual tonnage capacity being of 54 million tonnes. Due to massive modernization • Shri Alok Rajoria, IPS, Superintendent of programmes at HDC, there had been significant Police, Purba Medinipur, reduction of waiting time. • Shri Samit Chatterjee, GM, District Industries Centre, Purba Medinipur, Dr. Rashmi Kamal spoke about

24 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry availability of land, electricity, water, skilled good educational institutes like HIT & CIPET, manpower, excellent connectivity with roads supplying trained and skilled manpower to the & railways, active banking system etc. for industries. Smt. Kanta Basu felt that women having industry & business in Haldia and enterprises were generally confined to cottage assured support and assistance to the business enterprises, which needed to change. She community for running their units in the district spoke about the need to connect with women of of Purba Medinipur. all strata and urged on creation of employment opportunities for age group of 40–60. Shri Alok Rajoria mentioned about the peaceful situation in Haldia and that there The Meeting ended with a hearty Vote had been no oil theft, no loss of mandays, no of Thanks by Shri Vishal Jhajharia, Vice lawlessness. He dwelt upon the new integrated President of the Chamber. traffic management system in the smart city & assured assistance. Interactive Session with Smt. Meira Kumar, Former Speaker, Shri Samit Chatterjee invited all to come on “Challenges of Parliamentary to DICs for support as also to avail the online Democracy in India” facilities of MSME Facilitation Centre (MFC). He on 6th May 2017 at MCCI Conference Hall spoke about a ‘Single Door’ facility, as against Single Window, that would be available soon. The Chamber organized an Interactive Session with Smt. Meira Kumar, Speaker, Shri Ashok Kumar Ghosh mentioned 15th Lok Sabha and the first Lady Speaker on that petrochemnical industry could flourish in “Challenges of Parliamentary Democracy in the national scenario as India now imported a India”, on 6th May 2017 at 12.00 Noon at its lot of such chemicals for wall putty/ modern premises. housing. With an overall investment to the tune of Rs. 25,000–30,000 cr., HPL produced • Smt. Meira Kumar mentioned about the around 4,20,000 tonnes of polypropylene strong bonding of MCCI with Late Babu Jagjivan and polyethylene annually, but could produce Ram, her illustrious father. She complimented more, being constrained by the low per capita the Chamber for playing a stellar role in fighting consumption of polymer in India. He said that for justice against foreign rule. high cost of power in West Bengal had been a • She said that the strength of Indian hindrance for the industry. Parliament, the largest in the world, lay in the multiplicity and diversity in religion, language, Charting the growth plan of IOC, Shri C caste and social norms with 543 members K Tiwari mentioned about an investment of representing 39 parties. Rise of regional parties Rs. 10,000 cr. by 2020 to upgrade Bharat Stage in Indian polity had been a distinguishing (BS) IV to BS VI auto grade fuel at IOC refinery, feature these days, with 6 national parties, Haldia. Around 65 p.c. of the products were 44 state level parties and 1415 unrecognised procured by MSME sector in 2017. parties, she noted. Shri Prahlad Hazra said that in addition • On poor educational background of the MPs, to being an industrial and chemical hub, Haldia she said that majority of Indian population had had also become an educational hub with limited access to quality education and other

Annual Report 2017-18 25 Merchants’ Chamber of Commerce & Industry resources. She stressed on the maturity and up was ongoing in the Companies Act, 1956. wisdom of the Indian electorate, regardless These regulations would now apply to the of their educational and financial background. voluntary liquidation of corporate persons She expressed concern over the rise of money under Chapter V of Part II of the Insolvency & power and muscle power in the recent Indian Bankruptcy Coce (IBC) 2016. She elaborated on elections. the step–by–step action needed for voluntary • Deliberating on the difficult role of Speaker, liquidation and said that the action would be she observed that the Speaker as a person, completed within a period of 14 days of the belonging actively to a particular political party receipt of the copy of order, or such other time, would have to guard fiercely the Speaker as an as may be fixed by the Tribunal. The winding institution, ideally an apostle of impartiality. up of a Company could also be done voluntarily by the members of the Company, if : a. The Earlier, in his Welcome Address, Shri Company could pass a Special Resolution in Hemant Bangur, President MCCI, mentioned the Annual General Meeting for winding up of that fruits of democracy had not reached the the Company; b. The Company in a general masses. He spoke about the inadequacy of meeting could pass a Resolution requiring the education, absenteeism of the Members of Company to be wound up voluntarily as a result Parliament and high cost of proceedings in of the expiry of the period of its duration, if any, Parliament with the total cost being over Rs. fixed by its articles of association. 600 cr. in 2014. Workshop in association with ICSI- The Session ended with a Vote of Thanks EIRC on ‘Securities and Exchange by Shri Santosh Saraf, Former President of Board of India (Listing Obligations the Chamber. and Disclosure Requirements) Workshop on ‘Voluntary Liquidation Regulations, 2015’ th Process under the new Insolvency & on 19 May 2017 at MCCI Bankruptcy Code’ A Workshop on ‘Securities and Exchange on 6th May 2017 at MCCI Conference Hall Board of India - Listing Obligations and Disclosure Requirements (LODR) Regulations, The Chamber organized a Workshop on 2015’ was organized by the Chamber in Voluntary Liquidation Process under the new association with ICSI – EIRC, on 19 May 2017 Insolvency & Bankruptcy Code’ with Smt. Mamta at MCCI Conference Hall. Shri M C Das, DDG Binani, Chairperson, Standing Committee on MCCI introduced the Speakers and Shri Ashok Corporate Law & Governance, MCCI on 6 May Purohit, Vice Chairman, ISCI–EIRC addressed at its premises. She informed that on 31st the Session with a brief introduction of the march 2017, Insolvency & Bankruptcy Board of topic. India (IBBI) had notified Voluntary Liquidation Shri Taposh Roy, practicing Company Process 2017 and the same was made effective Secretary, explained in detail the LODR from 1st April, 2017. provisions under SEBI Regulations amended Addressing the Session, Smt Binani said from time to time. He said that SEBI ICDR that prior to 1st April, 2017, voluntary winding Regulations has laid down guidelines relating

26 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry to conditions for various kinds of issues states would be free to hire from the central inlcuing public and rights issue. The ICDR pool or conduct their own tests. Accreditation Regulations provide detailed provisions relating & Rating system for B. Ed colleges should be to public issue, such as conditions for an IPO brought in to stop malpractices in the education andFurther Public Offer (FPO), conditions sector. The Centre had asked for Affidavit from all relating to pricing in public offerings, conditions B. Ed colleges, 30–40 p.c. were yet to respond, governing promoter’s contribution, restriction which might to lead to their deregistering. on transferability of promoyter’s contribution, minimum offer to public etc. The SEBI Listing • He said that a Central National Assessment Regulations had laid down the broad principles Survey would roll out in October 2017, defining for periodic disclosures to be given by the listed the learning outcome for children, which would entities operating in different segments of the be displayed at the school. capital markets. • No Detention Policy for the children in the same class might be discontinued and a second Seminar on ‘Creating a Robust School chance might be given to students after 3 Education System as the Bedrock of months to clear the papers, he noted. But the New India’ with Shri Anil Swarup, Central Govt. would not give any mandate to IAS, Secretary, Dept. of School the states on this. Education & Literacy, Govt. of India as the Chief Guest • In order to reduce absenteeism of teachers, a GPS connected Tablet storing bio-metric on 23th May 2017 at MCCI attendance of teachers would be introduced in The Chamber organized a Seminar on Chattisgarh from 1st August, 2017. If successful, ‘Creating a Robust School Education the model could be replicated elsewhere. System as the Bedrock of New India’ with Swami Suvirananda felt that in order to Shri Anil Swarup, IAS, Secretary, Department create a robust education system in the of School Education & Literacy, Ministry of country, the poor and marginalized people Human Resource Development, Government of should be included, and not kept aside, he India as the Chief Guest on 23rd May, 2017 at said. Smt. Seema Sapru felt that there class MCCI Conference Hall. room teaching should be more interactive The Seminar was also addressed by rather than a monologue by teachers. Smt. Swami Suvirananda, General Secretary, Vijaya Chaudhuri stressed on the need for Ramakrishna Math & Ramakrishna Mission, synchronization of Education with Health/ Belur, Smt. Seema Sapru, Principal, the Hygiene/ Games/ Sports. Shri Tushar Kanti Heritage School, Smt. Vijaya Chaudhuri, Samanta pointed out that there should be a Principal, BDM International and Shri Tushar revision of text books every 5 years. Kanti Samanta, Head Master, Hindu School. Earlier, in his Welcome Address, Shri • Shri Anil Swarup spoke about introducing Ramesh Agarwal, Senior Vice President of a Central Evaluation Test in the line of Common the Chamber mentioned about the problems of Admission Test (CAT)/ Scholastic Aptitude Test high incidence of school drop outs, poor school (SAT) for recruitment of school teachers. The infrastructure, high pupil–teacher ratio and the

Annual Report 2017-18 27 Merchants’ Chamber of Commerce & Industry problem of polarization with the rich attending 100 per day of default, going up to Rs. 500 per elite schools leaving ill equipped schools for the day in case of non–compliance to notice calling masses. The Session ended with a hearty Vote for information. A fine of Rs. 50,000 would be of Thanks by Shri Samir Saraff, Chairman, imposed in case of inaccurate information in the Standing Committee on Education, MCCI. statement. All penalties would be imposed only Interactive Session with Shri after providing the assessees an opportunity of Priyabrata Pramanik, Addl. Director being heard, he noted. of Income Tax (Investigation), • He mentioned that total pan India benami on ‘Mandatory Furnishing of transactions would be worth Rs. 600 cr., out Non PAN Data and Statement of of which, around Rs. 100 cr. was from Kolkata. Financial Transaction to Income Tax If convicted, penalty would include 7 years of Department in Form No.61 & 61A’ imprisonment, he added. th on 25 May 2017 at MCCI Conference Hall A presentation giving details of Statement The Chamber organized an Interactive of Financial Transaction was given by Smt. Session with Shri Priyabrata Pramanik, Suranjana Dutta, Income Tax Officer (ITO). Additional Director of Income Tax (Intelligence & Criminal Investigation), West Bengal & Sikkim Earlier, CA Shanti Swarup Gupta, on “Mandatory Furnishing of non PAN data and said that Section 285BA of the IT Act, 1961 Statement of Financial Transaction to Income required furnishing of a Statement of Financial Tax Department in Form no 61 & 61A” on 25th Transaction (SFT) for transactions prescribed May, 2017 at its premises. CA Shanti Swarup under Rule 114E of the Income-tax Rules, Gupta, Senior Partner, S. Swarup & Co. also 1962, the last date for filing such SFT in Form addressed the Session. 61A is 31st May 2017. He mentioned that in case, there were reportable transactions for • Shri Priyabrata Pramanik said that the basic intention was to have a control over black the year, the reporting person/entity would be money and to curb unfettered manner of cash required to register with the Department and transactions. All the Reporting agencies would generate Income Tax Department Reporting have to submit Statement of Financial Transaction Entity Identification Number (ITDREIN), which (SFT), aimed at collecting information on high could be generated by logging-in to the e-filing value transaction, mentioned in Form 61A. The website https:// incometaxindiaefiling.gov.in forms for 2016–17 should be submitted by with the login ID used for the purpose of filing 31st May, 2017. Details regarding ‘Reportable the Income Tax Return of the reporting person Entities’ and ‘Reportable Transactions’ were / entity. provided in Sec 285 BA under Rule 114E of Income Tax. In case, there were no reportable The Session was chaired by Shri Arvind transactions during the reference period, a NIL Agrawal, Chairman, Standing Committee on Return should be submitted, he clarified. Direct Taxes of the Chamber and Vote of Thanks • In the event of a failure to comply with the was offered by Shri Sanjay Bhattacharya, Rules, penalty provisions stipulated a fine of Rs. Co Chairman of the Standing Committee.

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Workshop jointly with ICSI-EIRC on Workshop on ‘Technology for GST’ on ‘Mezzanine financing & hybrid capital 7th June 2017 at MCCI instruments for small entities and The Chamber organized a Worshop on start-ups’ and ‘Secretariat Standards “Technology for GST” on 7 June 2017 at its 1 (Board meetings)’. premises, with CA Abhisekh Agarwal, FCA, on 26th May 2017 at MCCI DISA, Proprietor, Abhishek Shankar Agarwal & Associates, Chartered Accountants and Shri The Chamber organized a Worshop Siddhartha Haldar, Business Manager, Tally on ‘Mezzanine financing & hybrid capital Solutions. instruments for small entities and start-ups’ CA Abhisekh Agarwal said that the with CS Vinod Kothari, Past President, ICSI success of GST would lie on technology, – EIRC and on ‘Secretariat Standards 1 (Board forming the backbone infrastructure of the new meetings)’ with CS Seema Agarwal on 26 transaction based compliance management. May 2017 at its premises. He explained that since GST would work online and on cloud concept, there would be no need Shri Kothari explained that Mezzanine of submitting any document anywhere right financing had been a hybrid type of debt and from the beginning. Data to be inserted in the equity financing that would give the lender the GSTN should have to be 100% accurate, he rights to convert to an ownership or equity stressed. interest in the company in case of default, after Shri Siddhartha Haldar mentioned that venture capital companies and other senior the GST Council & Infosys had made GSTN a lenders had been paid. Mezzanine financing, very user friendly network and had certified usually completed with a little due diligence on various GST Suvidha Providers (GSP) for making a smooth flow of compliance. He spoke about the part of the lender and little or no collateral various facilities in Tally softwares and informed on the part of the borrower, is treated like that the final version would be available once equity on a company’s balance sheet. To attract the GST rates and rules get finalized. such financing, a company must demonstrate a track record with good reputation/product & Seminar on ‘GST Outreach’ on 13th viable expansion plan. June 2017 at Park Hotel

CS Seema Agarwal said that Secretarial The Chamber organized a Seminar on Standard 1 would be applicable on Meetings of ‘GST Outreach’, on 13th June, 2017 at The Park Hotel, Kolkata, which was addressed by the Board of Directors and Committee Meetings Mr. S. K. Panda, IRS, Chief Commissioner, except One Person Compoany (OPC). She Service Tax, Kolkata Zone, CBEC, Govt. of elaborated on aspects like Convening a Board India and Mr. Khalid Aizaz Anwar, Senior Meeting, Contents of a Notice, maintenance Joint Commissioner, Directorate of Commercial of separate Attendance Registers, Passing of Taxes, Govt. of West Bengal. Resolution, a distinct Minutes Book and others. Addressing the House, Mr. S K Panda

Annual Report 2017-18 29 Merchants’ Chamber of Commerce & Industry pointed out that GST would be a revenue than the buyer and the seller. For those cases, neutral system in which there would be a he said that the place of storage should also be total transformation of the financial system. included in the places of business. This might Consumers would be benefitted in the long apply for bulk imports and textiles also, he run. While assuring assistance for the business added. community, he urged them to have a complete • He clarified that the Composition Scheme study of their business & sales processes and would not be available for a) inter–state IT system, which should be in line with GSTN. transactions and b) supply of services, even for He asked businessmen below the threshold those businessmen below the threshold level. level of Rs. 20 lakhs to go for GST Registration to avail Input Tax Credit (ITC). Earlier, in his Welcome Address, Mr. Hemant Bangur, President MCCI, mentioned • Giving a detailed picture of the GST system, that with the proposed implementation of GST Mr. Khalid Aizaz Anwar pointed out that from 1 July 2017 gaining intensity, it would be lots of amendments were expected in the critical for industry to properly understand the forthcoming meetings of GST Council. He felt broad contours and framework of the proposed that under GST, states would be able to collect GST law. Companies must frame suitable pricing more revenue that was not possible in the strategies and align internal organization and IT present regime. He observed that except for systems to emerge as GST-ready. The Seminar certain special cases, ITC would be available for ended with a hearty Vote of Thanks by Mr. stocks not more than 12 months i.e. from 1st Arun Kumar Agarwal, Chairman, Standing July, 2016 to 30th June, 2017. Unutilized ITC Committee on Indirect Taxes, State Taxes & for last 6 months could also be carried forward. VAT of the Chamber. He said that Sec 17(5) dealt with the negative list, for which ITC would not be available. He Special Session on the Launch said that to avail ITC, a little planning would of Assistance Desk for MSMEs be necessary and urged all to go through Sec on Resolution Process under the 140(2). ITC for transitional provisions would Insolvency and Bankruptcy Code, also be carried forward as per Sec 140(3). 2016 by Dr. M. S. Sahoo, Chairman, • He categorized the 4 conditions for availing Insolvency & Bankruptcy Board of Input Tax Credit (ITC) which required : a. a tax India invoice, b. actual receipt of goods and services, on 16th June 2017 at MCCI c. receipt of the valid return and d. that the Conference Hall supplier would be filing return and paying due tax. The Chamber organized a Special Session on launch of an Assistance Desk for MSMEs • Supply of goods & services in territorial on Resolution Process under Insolvency and waters would attract CGST + SGST and SGST Bankruptcy Code (IBC), 2016 by Dr. M. S. would go to the state nearest to the coastline, Sahoo, Chairman, (IBBI) on 16th June at its he observed. In case of a few industries like premises. The Session was chaired by Shri Tea, goods would often lie even after auction, Ramesh Agarwal, Senior Vice President of in warehouses belonging to a 3rd party other the Chamber. MCCI Assistance Desk for

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MSMEs is the 1st one of its kind in India to help a few lakhs to Rs. 6000 cr. While initially low the MSMEs understand the benefits/ nuances of values cases were being reported, gradually Resolution Process under IBC. The Desk would higher value ones were being considered for be open on 2nd Friday of every month and will adjudication, he said. be attended by experts to provide assistance/ The Session was also addressed by Shri guidance to the concerned units. Amarjit Singh Chandhiok, Senior Advocate, • Dr. M. S. Sahoo, Chairman, IBBI said that and President, INSOL IBBI had come up with Fast Track Insolvency India & Member, Advisory Committee, IBBI, Resolution process, applicable for small who pointed out that IBC was not meant companies, start ups and smaller unlisted for recovery of debt, but for restructuring of companies, with stipulated limit of total assets resources. It had brought creditors, debtors of Rs. 1 crore or less, the cases were to be and regulator all together. completed within 90 days. This was in contrast Shri Subhendu Moitra, Senior Vice with the usual resolution process where the President, SBI Capital Markets Ltd. spoke about timeline was 180 days. However, the timeline different models of debt restructuring. could be extended up to another 45 days, for completion of the process, he added. The Theme presentation was delivered by objective of such a move was to reduce the Smt. Mamta Binani, Chairperson, Standing time limit for resolution for the smaller firms Committee on Corporate Law & Governance with paid up capital of Rs. 50 lakhs and for of the Chamber, who said that the Code was start–ups with a turnover of Rs. 25 crores and helping in bouncing back from failure. unlisted companies with total assets up to Rs. 1 cr. Special Session on ‘Awareness of GST’ on 22 June 2017 • On fast track Insolvency Resolution for Corporate persons, to initiate the process, a The Chamber organized a Special Session creditor or a corporate debtor might file an on “Awarwness of GST” on 22 June 2017 at application to the authorities along with the its premises, with Mr. Arun Kumar Agarwal, proof of the default. After the application was Chairman, and Shri Sushil Kumar Goyal, admitted, an Interim Resolution Professional Co Chairman, Standing Committee on Indirect (IRP) would be appointed. Based on the records Taxes, State Taxes & GST VAT of the Chamber. of the corporate debtor, IRP might decide that whether the fast track would be applicable to Shri Arun Kumar Agarwal explained the debtor or not. that the object of taxation under GST Law would be “supply” of goods and/or services. This • Dr Sahoo informed the House that 110 would be a clear departure from the present cases had been admitted by National Company different objects of taxation under different Law Tribunal (NCLT) for insolvency resolution. indirect taxation laws, viz. manufacture of Around 500 applications including banks, were goods in central excise, sale of goods in state filed with various benches of NCLT for bankruptcy VAT, provisipn of service in service tax, entry resolution, last month. He mentioned that the of goods into a local area in entry tax etc. The underlying default in a case could range from present principle of origin based tax would

Annual Report 2017-18 31 Merchants’ Chamber of Commerce & Industry also change to destination based tax. He also • He expressed concern over the trend of elaborately discussed about the composite falling credit growth by banks to the MSMEs and supply, taxable supply, supply by a taxable said that there existed a huge gap in the credit person, inter/ intra state supply. disbursement for the sector. “55 million MSME Shri Sushil Kumar Goyal explained units, around 50 p.c. located in rural areas, that since services had been indluded under contribute to 40 p.c. of exports, generating 20 GST, state governments would share taxes on p.c. of employment in the country”, MSME units services under SGST. He mentioned about the owed less to banks as on 28th April, 2017, he activities kept out of the scope of supply like said. Outstanding amounts were down by 0.5 Services by an employee to the employer in the p.c. on a year–on–year basis and 2.3 p.c. on a course of or in relation to his/her employment sequential basis, he mentioned. etc. • He pointed out that 24 p.c. of credit Interactive Session with Shri Chandra requirement for MSMEs were met by banks & Sekhar Ghosh, Founder, Managing NBFCs, 1 p.c. by themselves and remaining 75 Director & CEO, Bandhan Bank on p.c. were met from the informal sector. MSMEs “Credit Conundrum: Reading financing suffered because of paraphernalia the tea leaves” problems and lengthy cumbersome credit on 29th June 2017 at MCCI disbursement processes of the banks. The Chamber organized an Interactive • In affordable housing too, i.e. for apartments Session with Shri Chandra Sekhar Ghosh, ranging from Rs 6–10 lakhs, NBFCs growth of Founder, MD & CEO, Bandhan Bank on “Credit credit had been at 17.8 p.c., higher than 15.2 Conundrum : Reading the Tea Leaves” on p.c. growth by banks. 29th June 2017 at its premises. • At Bandhan, 57,000 people received loans • Addressing the House, Shri Ghosh said last year with a repayment rate of 100 p.c., that there had been a marked difference in he informed the members. Out of 80 lakh credit growth by banks vis–a–vis Non Banking borrowers, 75 lakhs were women, whose Financial Companies (NBFCs). While credit repayment rate had been higher than men, he growth by NBFCs had registered growth of 15– added. 20 p.c. last year, that by banks had fallen by 5.1 p.c., which was a 60–year low. • He emphasized on simplification of processes and relationship building to be the • On NPA problem of banks, some big most important parameters for MSME loans. industrialists were overloaded with loans, which He referred to a simple one–page application resulted in fall of credit growth, he noted. 3 form for loan and continuous contact with the sectors had accounted for high NPAs viz. the customers at Bandhan. big industries, the infrastructure sector and agriculture. He pointed out two sectors having Earlier, in his Welcome Address, Shri huge uncovered credit requirements viz. MSMEs Sanjay Agarwal, Former President of the and Affordable Housing. Chamber, focused on availability of hassle

32 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry free credit at affordable cost to MSMEs, NPA Jagatballavpur. The Government expenditure problem of banking sector as also the waiver would be nearly Rs. 20,000 cr. in setting the of outstanding agri–bank credit. The Session requisite infrastructure, he added. ended with a hearty Vote of Thanks by Shri Sanjay Rasiwasia, Chairman, Standing • Referring to Bengal Global Business Summit Committee on Banking, Finance & Insurance of (BGBS), Mr. Sinha pointed out that 40–50 p.c. the Chamber. of business proposals worth Rs. 5 lakh cr. had been put into action for BGBS 2015 & 2016. For MCCI Diplomats’ Forum 2017 BGBS 2017, no review had been done yet. He on “Bengal as an Investment requested the business community to declare Destination” business proposals at BGBS, as then it would on 14 July 2017th at Park Hotel, receive more importance and would be put into Kolkata fast track. The Chamber organized MCCI Diplomats’ • He felt that a regional alliance between Forum on “Bengal as an Investment Nepal, Bhutan and Bangladesh for tourism and Destination” on 14th July, with Mr. Rajiva Sinha, other sectors would bring in mutual economic IAS, Additional , Department of benefits to all stakeholders Industry, Commerce & Enterprises, Government Mr. Damiano Francovigh spoke highly of West Bengal as the Chief Guest. The Forum of Indo–Italian business cooperation for the was also addressed by : last 15–20 years and expressed happiness over a. Mr. Damiano Francovigh, Consul General the Consulate’s close and cordial relationship of Italy in Kolkata; with the Government of West Bengal. He focused on potential role of West Bengal to b. Mr. Mohan Niraula, Trade Consul, emerge as a regional hub as also a great transit Consulate General of Nepal in Kolkata; place for goods coming from other states and c. Mr. Leki Tenzin, Trade Consul, Royal the adjoining neighbouring countries. West Bhutanese Consulate in Kolkata and Bengal had also been considered as a place d. Mr. Jonathan Ward, Principal Commercial for manufacturing of consumption goods. Officer, US Consulate General in Kolkata. Referring to strong SME base of Italy, he said that the SME backbone of West Bengal could • Addressing the Forum, Mr. Rajiva Sinha create a critical mass for attracting investments spoke about the upcoming MSME industrial from Italy. township in Howrah in which all infrastructural and power facilities would be provided within Mr. Leki Tenzin said that there existed a radius of 50 kms. It was expected that the a huge potential for enhancing trade with West hub, nearly 20,000 acre in area could garner Bengal. Bhutan had a trade deficit of USD 14 investments to the tune Rs, 45,000 cr. There billion and West Bengal could play a major were proposals for foundry park, plastic park, source for exports to Bhutan. He felt that chemicals park and others in the township, which priority should be accorded to food safety and would cover places like Amta, Jagadishpur, chemical–free food processing. He emphasized

Annual Report 2017-18 33 Merchants’ Chamber of Commerce & Industry on a Regional Alliance for tourism with India, referring to the presence and good business Nepal, Bhutan and other countries for collective done by US MNC giants here like CTS, IBM, and mutual benefits. He spoke of shifting focus he mentioned that over 100 US companies to Manufacturing from Trading for sustainable operating in the state either through direct benefits and focused on simplification of representation or through franchisee networks. investment channels through a one–window He also invited the business community from service. West Bengal for partnering with US and invest Mr. Mohan Niraula highlighted on in USA for mutual benefits. Indo-Nepal mutual trust and cooperation. He pointed out that India had been the biggest Earlier, in his Welcome Address, Mr. trade partner, the only transit country and the Hemant Bangur, President MCCI, said that 1st major country for FDI for Nepal. He felt that the objective of MCCI Diplomats’ Forum was top priority should be given to communication, to provide a platform for discussion towards railways, road network and airlink. Private convergence, with the diplomatic corps of sector should take the lead, in this respect. different countries. This Forum was the first Federation of Nepal Chambers of Commerce & one in the series with such interactive Sessions Industry (FNCCI) could work closely with MCCI to be organized periodically. The Forum ended towards this, he proposed. with a hearty Vote of Thanks by Shri Ramesh Mr. Jonathan Ward said that West Kumar Agarwal, Chairman, Standing Bengal has been attracting US companies and Committee on Foreign Trade, MCCI. GST Helpdesk at MCCI The Chamber organised GST Helpdesk on the following dates at its premises, to providing support to the members as also to cater to their urgent need for smooth and hassle free implementation of GST : Date Mentor/ Consultant 17 July & 31 July 2017 Shri Sanjib Kothari, Co–Chairman, Standing Committee on Indirect Taxes, GST & State Taxes, MCCI 19 July & 2nd August, 2017 CA Shivani Shah, Tax Consultant & National Faculty for GST for ICAI 20 July & 3rd August, 2017 CA Abhishek Agarwal, Faculty & Resource person on GST, ICAI 21 July 2017 CA Mohit Singhal, Tax Consultant 4th August 2017 CA Rohit Surana, FCA & Tax Consultant The Helpdesk was well attended by members, who interacted with the Mentors on a one – on–one basis.

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Seminar on “Retail Industry : city for retail, which should be leveraged. He Prospects & Challenges”Chief Guest: also spoke about the changing face of retail Shri Sadhan Pande, Hon’ble Minister– and encouraging trend of innovations brought in–Charge, Department of Consumer in by the 2nd & 3rd generation entrepreneurs. Affairs and Department of Self Help Group & Self Employment, Govt. of • On the initiatives of the Government of West West Bengal on 20th July 2017 at MCCI Bengal, he said that plans were on to set up Biswa Bangla retail hubs in Dubai and other The Chamber organized a Seminar on places abroad, for showcasing local products “Retail Industry : Prospects & Challenges” and local talent. He referred to the initiatives with Shri Sadhan Pande, Hon’ble Minister– taken by the Government to enter into in–Charge, Department of Consumer Affairs partnerships with companies like Raymond Ltd. and Department of Self Help Group & Self and Berger Paints Ltd. for tailoring / painting Employment, Government of West Bengal / other skill development among unemployed as the Chief Guest, on 20th July, 2017. The youth. Seminar was also addressed by : Shri Vidyut Saraf spoke about the • Shri Vidyut Saraf, Deputy Managing recent trend of scalability of shopping malls by Director, Forum Projects Pvt. Ltd.; rationalizing rentals and cost cutting. He felt • Shri Shitanshu Jhunjhunwalla, Director, that increased competition had necessitated Turtle Limited; the use of right technology. He mentioned that • Shri Sandip Nowlakha, Chairman, Shri manpower planning and right mix of leveraging Shristi Advisory Services LLP & Entrepreneur, technology had been extremely important to Garden Cafe, Fillers, Club Bites; and enhance profitability of malls. • Shri Ved Vyas Chhabra, Director, Touristor Shri Shitanshu Jhunjhunwalla Shoes Pvt. Ltd. mentioned that in spite of influx of foreign • Addressing the Seminar, Shri Sadhan Pande brands into Indian market, there had been said that while online shopping had been the no dip in sales by Indian brands. Right now, new trend, mostly for the younger generation, there were 80–90 men’s brand with around wrong products should not be provided to the 30 international brands coexisting with 50 consumers online. “E-Commerce platforms national brands. He pointed out that Indian should be careful about delivery of goods, as products had a huge market, which could be promised on their sites”, and the Department of accomplished by reaching out to Tier II & Tier Consumer Affairs, Govt of West Bengal would III cities with a cluster centric approach. He felt look into the matter to stop any wrong doing, that introduction of GST would leverage Retail he said. He felt that products, particularly market tremendously increasing it by 5–6 times. essential items like drinking water should not Shri Sandip Nowlakha dwelt upon the be charged more than the MRP. changing scenario of the food retail vertical, • He was of the opinion that a lot of untapped driven by technology and social media. He felt potential existed in the Retail sector in Kolkata. that there existed a huge, completely virgin People from North East, UP, Bihar come to the market with lots of opportunities for food retail.

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He felt that there was no dearth of talent in & Solutions’, on 27th July, 2017 at MCCI Bengal, what was lacking was adequate training Conference Hall, Kolkata. The Seminar was facilities. addressed by Mr. Khalid Aizaz Anwar, Senior Joint Commissioner, Directorate of Commercial Shri Ved Vyas Chhabra spoke about the Taxes, Govt. of West Bengal. Addressing importance of an effective design & marketing the House, Mr. Anwar pointed out that the strategy in footwear retail in a market, where different aspects of GST implementation. consumer preferences would change every couple of months. A lot of growth potential • Regarding high sea sale, he said that this existed in the footwear industry, as the per had been exempted right now. A clarification capita consumption of footwear was still very would be likely to come out. Supply of goods low. & services in territorial waters would attract CGST + SGST and SGST would go to the state Earlier, in his Welcome Address, Shri nearest to the coastline, he observed. He also Ramesh Agarwal, Senior Vice President MCCI, clarified that Works Contract would be there said retail had been the true game changer for only for immovable property. Indian economy, which was expected to nearly double to US$ 1 trillion by 2020 from US$ • Regarding Composite supply of naturally 600 billion in 2015, driven by income growth, bundled goods, Mr. Anwar clarified that Works increased urbanisation and attitudinal shifts. Contract would be there only for immovable property. For composite supply of goods, GST In his Theme Address, Shri Pulkit Baid, would be applicable only according to the rate Chairman, Retail Trade & eCommerce Standing of the principal good. Committee, MCCI put forward a request to set up a Retail Hub in West Bengal. He also • In case of a few industries like Tea, goods discussed issues like scaling up & creating would often lie even after auction, in warehouses value for the respective organizations, how to belonging to a 3rd party other than the buyer fight competition and creation of an ecosystem and the seller. For those cases, he said that the beneficial for manufacturers & consumers. The place of storage should also be included in the Seminar ended with a hearty Vote of Thanks places of business. This might apply for bulk by Shri Tushar Basu, Chairman, Standing imports and textiles also, he added. Committee on HRD & Entrepreneurship, MCCI. The Session was chaired by Mr. Arun Seminar on ‘Implementation of GST : Kumar Agarwal, Chairman, Standing Challenges & Solutions’, with Committee on Indirect Taxes, State Taxes Mr. Khalid Aizaz Anwar, Senior Joint & VAT and Vote of Thanks delivered by Mr. Commissioner, Sushil Kumar Goyal, Co Chairman, Standing Directorate of Commercial Taxes, Committee on Indirect Taxes of the Chamber. Govt. of West Bengal Special Session with Shri Arjun Ram on 27th July 2017 at MCCI Meghwal, Hon’ble Minister of State The Chamber organized a Seminar for Finance & Corporate Affairs, on ‘Implementation of GST : Challenges on

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‘Emerging India in the GST Era’ Hemant Bangur, President of the Chamber on 12th August 2017 at MCCI enquired about the steps taken by the GST Conference Hall Council to facilitate smooth implementation of GST. He also referred to the recent amendments The Chamber organized an Interactive brought in the Companies (Amendment) Bill, Session with Shri Arjun Ram Meghwal, 2017. The Session ended with a hearty Vote Hon’ble Minister of State for Finance & Corporate of Thanks by Shri Ramesh Agarwal, Senior Affairs, Government of India on ‘Emerging Vice President of the Chamber. India in the GST Era’ on 12th August, 2017 at MCCI Conference Hall. GST – Implementation Challenges & Road Ahead’ • “GST was needed for India’s development as rd there was an urgent need to raise the tax base on 23 August 2017 at MCCI & tax net for funding rural health and education The Chamber organized an Interactive projects”, said Shri Meghwal. The Honb’le Session titled ‘GST – Implementation Minister was hopeful that GST would take Challenges & Road Ahead’ with Shri India onto the next level of development. He Abhishek Mishra, Associate Director – Indirect was emphatic that introduction of GST would Taxes, KPMG and Shri Aditya Hans, Practising bring down the logistic charges from existing CA and Partner BSR & Co. on 23 August 2017 at 13.5 % to a level of 7%, as prevailing in certain MCCI Conference Hall. countries. Shri Aditya Hans gave a brief introduction • He mentioned that there had been 56,000 of GST and the indirect taxes that were being new Registrations in Bengal, which was the subsumed in GST. He felt that this would be a highest in the country. 30 Ministers and 180 IAS complete transformation to a new system with officers were engaged countrywide in assessing registration, uploading of returns and paytment the implementation of GST, he informed the of taxes. He urged that there should be seamless House. supply of credit by the Finance Ministry towards • Dwelling on the amendments in Companies refund to be claimed by the registered units. Act, he said that the intentions were to enhance Ease of Doing Business, promote Corporate Shri Abhishek Mishra explained in detail Governance and ease out procedural difficulties. about the concept of ‘Supply’ in GST framework, Under Corporate Governance, 1,78,000 which would play a central role in determing companies were brought under scrutiny by taxes. He, however, pointed out that there SEBI and 162 companies were asked to restrict would be a number of grey areas in regard to their operations. supply like mixed supply, and composite supply. He felt that gift had not been properly defined The Hon’ble Minister spoke to the in GST and naturally bundled goods not defined members on a one on one basis to address in GST. their problems and requested the Chamber to collate all the issues and send a Memorandum. The Session was chaired by Shri Sanjib Kothari, Co–Chairman, Standing Committee on Earlier, in his Welcome Address, Shri GST & State Taxes.

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Interactive Session with Shri Kishor pointed out. NPA problem was not a creation of Kharat, M D & CEO, Indian Bank banks, NPAs were a result of various factors & on ‘Banks in India & Business pressure on cash flows that has culminated in Partnerships : Challenges & NPAs. So, NPAs might be labeled as LPAs (Low Opportunities’ Performing Assets), he added. on 12th September 2017 at MCCI • The MD & CEO mentioned that Indian bank Conference Hall had earned a profit of Rs 372 cr. in Q1 of FY The Chamber organized an Interactive 2017–18 with a percentage of NPA of 7.21%, Session with Shri Kishor Kharat, Managing capital adequacy of 13.58%, Net Interest Director & CEO, Indian Bank on ‘Banks in India Margin of 2.73%. The bank had shown a growth & Business Partnerships: Challenges & rate of 7%, which would improve to 12–14% Opportunities’ on 12th September, 2017 at by March 2018. its premises. The Session was also attended by • On demonetization, he felt that the move Shri M K Bhattacharya, Executive Director and had hit the liquidity and cash component in Shri Rengarajan Srinivasan, General Manager the rural and semi–urban areas, affecting the of Indian Bank. economic transactions. • “This is not the right time for mergers, as • Eastern region and the North East had huge most of the banks are making losses with high potential, which remained untapped till now. NPAs”, Shri Kharat spelt out, addressing the On the growth of Indian Bank in the East, one members. Since most of the banks had been additional zone had been created in West Bengal under stress, this merger would neither ensure for enhancement of banking transactions, he profitability of banks, or help the banks in added. terms of getting capital nor would it bring down NPAs, he expressed. He also felt that mergers Earlier, in his Welcome Address, Shri should not be forced upon banks, as it might Ramesh Agarwal, Senior Vice President take a toll on the health of the banks. While the of the Chamber, referred to 1st quarter GDP Government had announced its intent to merge growth coming down to a three-year low to a big bank with a small one, a mega merger 5.7 p.c., against 7.9 p.c., recorded in the same would not be good for the banks, customers quarter last fiscal. or the economy as a whole at this juncture, he The Session ended with a hearty Vote of emphasized. There was no immediate plan for Thanks by Shri Sanjay Rasiwasia, Chairman, Indian Bank to merge with any public sector Standing Committee on Banking, Finance & bank, he added. Insurance. • He observed that improvements on the NPA MCCI India Economic Forum 2017 front and infusion of Capital were the two Transforming India, Fostering Growth important issues for the banking industry, which on 15th September 2017 at Taj would release stress on the banks. Cancellation Bengal, Kolkata of Coal blocks affected the performance of some major sectors like Steel, Power etc., he The Chamber organized MCCI India

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Economic Forum 2017 on 15 September, 2017 repo rate by half percentage points might not at Taj Bengal, Kolkata. The objective of the be that effective. Forum was to bring together eminent policy • He stressed on the important role played makers, economists & industry Captains to lay by exchange rate policies and mentioned that down the future roadmap for Indian economy reversal of rupee appreciation would fetch in the coming decades. short term gains by facilitating export growth, Opening Session : “Transforming which would have multiplier effects on industry, India & achieving a leadership manufacturing and agriculture. He was of position” the opinion that demonetization affected the economy, particularly the cash dependant The Opening Session titled “Transforming informal sector in a negative way. He also spoke India & achieving a leadership position” of raising the contribution of industry to GDP was addressed by : from the present level of 15% to the desired • Dr. Shankar Acharya, Hony. Professor, level of 25%. ICRIER & former Chief Economic Advisor, • Shri Sanjeev Chopra stressed on the Ministry of Finance, Govt. of India, as Guest of need for a structural transformation in the Honour agriculture sector, in order to accomplish food • Shri Sanjeev Chopra, IAS, Additional Chief security as also a double digit growth in the Secretary, Department of Agriculture, Govt. of sector. He pointed out that both the percentage West Bengal of agriculture to GDP and the percentage of • Shri Sunil Kanoria, Vice Chairman, Srei people dependent on agriculture were falling. Infrastructure & Finance Ltd • He cited 4 important factors for bringing in • Shri Saugata Bhattacharya, Chief structural change, viz., institutional support, Economist & Senior Vice President, Axis Bank technology, knowledge and access to finance. Ltd. Although productivity in agriculture had been • Shri Indranil Pan, Chief Economist, IDFC quite high, particularly for cereals, potatoes & Bank Ltd. oilseeds, there was a lack of proper warehousing and cold storage facilities in the state. • Addressing the Forum as Guest of Honour, Dr. Shankar Acharya spoke about the balance • Addressing the House, Shri Sunil Kanoria between the long term structural changes and mentioned that India survived an ‘economic the short term policies to accomplish a complete tsunami’. The economy could manage well a transformation of Indian economy. He felt that challenge coming from outside, but managing there was not much of scope for fiscal policies an internal challenge was very difficult. The to accomplish transformation as introduction collateral damage from Telecom scam, Coal of GST would not bring in immediate revenue scam and others was huge with the telecom gains, after setting off input tax credit. He was scam itself costing 1 lakh jobs. He expressed concerned that said that actual deficit would be satisfaction over the recent radical reforms around 7% of GDP, taking into account finances in the Indian economy, which included Ease of states. Monetary policies too with changes in of Doing Business, Insolvency & Bankruptcy

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Code and RERA. However, he felt that GST Access to finance had become easier now with implementation and compliance needed to be more fintech and crowd funding companies, he more simple and user friendly. Demonetization said. However, there should be larger flow of had changed the mindset of people, he further resources from private and government sector, noted. India should take advantage of emerging he noted. opportunities, he added. While it was difficult • Shri Indranil Pan was of the opinion that for India to replicate China on manufacturing, Transforming India was a Marathon and not a India had virtually emerged as a powerhouse Sprint, with the quantity of growth in the short for services, he observed. term being foregone to ensure quality of growth • On the employment front, he was of the for the longer term. He mentioned that the opinion that new skilled job opportunities might economy was moving in the right direction with be created leveraging IT & ITES, in which skill India being an attractive investment destination development and vocational training could play with rising FDI inflows, inflation under control, pivotal roles. In fact, India could become a good monsoon and supply side management global supplier of skilled jobs, taking advantage with low food prices. Certain big moves had of demographic dividends. Infrastructure and been taken by the Central Government, agriculture would be important sectors for job including demonetisation, introduction of GST, creation, being two important employment efforts to improve bank sheets of banks and intensive sectors. Unleashing agri– companies. A brilliant opportunity lay ahead for entrepreneurship could go a long way towards the Government to take forward the reforms bringing the required change. process, he noted. There was a need to energize the agro sector, which had been beset • Shri Saugata Bhattacharya pointed out with problems like low productivity, fragmented that against the backdrop of a complete reversal land holdings, lack of proper storage facilities. of expectations from Europe, sharp depreciation Even the loan waiver schemes did not enhance of Euro against the Dollar and capacity closures productivity, he explained. in China, Indian Rupee had appreciated and strengthened, with special reference to inflow • He expressed concern over the low Human of 26 billion USD coming to India as debt & Development Index of India, lagging behind stocks. Although lots of reforms had taken place the peer countries at 131, which should be in India, including introduction of GST, he felt improved. that the economy had been marked with low Earlier in his Welcome Address, Shri consumption demand resulting in low capacity Hemant Bangur, President of the Chamber, utilization and poor investment. spoke about the shift of global economic power • On transforming India, he felt that the shift towards the emerging economies, to largely be from informal sector, including innumerous driven by China and India. He mentioned that cash bound transactions to the formal sector, according to the Department of Industrial Policy would be the key factor, with inclusive growth and Promotion (DIPP), the total FDI investments covering the bottom 15 cities. He further stated India received during April 2016-March 2017 that on the employment front, job growth rose 8 per cent year-on-year to US$ 60.08 would be there, but not of high paying jobs. billion, indicating that Government’s effort to

40 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry improve ease of doing business and relaxation yield as well as to reduce the huge losses in in FDI norms is yielding results. the supply chain. In order to double income of farmers, productivity, yield and efficiency in The Inaugural Session ended with a hearty agriculture should be improved dramatically. Vote of Thanks by Shri Vishal Jhajharia, Vice The area under irrigation would need to rise to President of the Chamber. 60 p.c., thereby doubling the micro irrigation Session II : Panel Discussion on programme. “Raising Agricultural Productivity, Dr. Pratap Bhanu Singh Bhadoria Fuelling Growth” referred to a project titled ‘Doubling Farmer’s Income through Technological Interventions’, Panelists : undertaken by IIT, Kharagpur in Kenthia • Shri Manoj Rawat, Head – Agri Business village in West Midnapore District with low & Rural Banking, RBL Bank Ltd. – Speaker & fertility land in semi arid conditions without any Moderator cropping. This was a pilot project to create a • Dr. Pratap Bhanu Singh Bhadoria, green revolution was created at the village by Professor, Agricultural & Food Engineering converting barren land into lush fields and labs. Dept., IIT Kharagpur; Prof. Mahadev Pramanick spoke • Prof. Mahadev Pramanick, Professor, about the problems of agriculture and how Department of Agronomy, Bidhan Chandra these could be ameliorated through use of Krishi Viswavidyalaya (BCKV); crop diversification, surface water for irrigation, • Dr. A.K. Singh, Deputy Director General bullock power and livestock as an integral (Agricultural Extension), Division of Agricultural part of agriculture. He added that soil health Extension, Indian Council of Agricultural and water conservation are critical to improve Research (ICAR); agricultural productivity. Diversification of • Shri A K Ray Barman, Chief General activities for the farmers like, agriculture along Manager, NABARD, Kolkata with animal husbandry fetched higher returns for them. Addressing the Forum, Shri Manoj Rawat stated that the areas of concern were Dr. A. K. Singh stated that India, a food food security of the Nation, income security of surplus nation, just experienced a record crop production. A part of the agricultural success farmers and financial inclusion of rural India. of Haryana and Punjab could be attributed to Agriculture needed to be freed from traditional good transport and effective procurement by policy framework for it to grow and prosper. Shri the concerned State Governments, he felt. Dr. Rawat was of the opinion that major trends in Singh was of the opinion that Indian agriculture agriculture would include a shift in consumption needed more facilitation at ground level as well from cereals to fruits and vegetables. Demand as research. ‘We need policies and support as for food would rise dramatically due to India’s well as infrastructure’, he said. Farmers should growing population, however there could be be empowered to produce optimal crops. a stress on supply due to constraints of water and land resources. He felt that there existed Addressing the Seminar, Shri A. K. immense scope to improve productivity and Raybarman said the paddy mind set should

Annual Report 2017-18 41 Merchants’ Chamber of Commerce & Industry be changed at a time when income of stagnant around 14–15% over the last 3–4 few farmers needed to be doubled. According to decades. India’s share in global manufacturing him, an important impediment had been the now stood at 1.18%, as against China’s figure fragmentation of land holdings. NABARD had of 13.7%, which rose from 2.9% in 1991-92, been trying to bring new land to agriculture he noted. including low quality land in Purulia and Bankura. Efforts were also on to bring farmers • On the challenge to balance between under one umbrella so that they could sell in automation and job creation, he pointed out bulk. On Rain water Harvesting, Shri Raybarman that while use of technology would require felt that in the dry land of Purulia and Bankura, massive automation, it would be difficult to if water could be stored in ponds for use and create 100 million jobs. Recently over the last conservation, farmers could make a living. 2–3 years, India had emerged as the 2nd most preferred investment destination, next only to Session III : Panel Discussion on China with huge FDI inflows, reforms in the “Manufacturing as economy and currency being strengthened, he an Engine of job-led Growth” felt. He said that the recent policies for the last 3–4 years, Manufacturing had been given a lot Panelists : of importance through Make in India, Ease of • Shri Nitin Kalothia, Director, Manufacturing Doing Business and others. & Process Consulting, Frost & Sullivan – Speaker • Dwelling on India’s growth trajectory and & Moderator transformation in terms of sectoral contribution • Shri Saugata Bhattacharya, Chief towards GDP, Dr. Parthapratim Pal said that Economist & Senior Vice President, Axis Bank the move from traditional to modern sector Ltd. in the conventional way had not happened in • Dr. Parthapratim Pal, Professor, case of India, as it had happened for other Economics, IIM Calcutta countries. India had moved from agriculture • Shri Indranil Pan, Chief Economist, IDFC to services jumping the manufacturing sector. Bank Ltd. He felt that Make in India might not bring in the desired results. Instead of Make in India, • Addressing the Forum, Shri Nitin Kalothia importance should be given to “Make for India”, referred to the vision of India being the 5th to reduce dependence on global market and largest manufacturing hub by 2020, with the more reliance on the domestic market of India. current position being 10th. He also referred to a raising the value added of manufacturing to • On the challenge of automation vis–a–vis USD 1,149 billion and share of manufacturing job creation, he spoke on the importance of to GDP to 25% by 2022. He pointed out that adoption of right technology. While 68.9% jobs Services had driven the Indian economy and would be impacted in case of fast technology Agriculture has been continuously an area of adoption, in case of slower pace, 40% of concern with productivity issues and crop loss. jobs would be impacted. The corresponding In case of Manufacturing, while the absolute figures for China were 77% and 55.2% for value had increased over time, but in percentage fast and slow technology adoption respectively. terms, its contribution to GDP had remained Automation would bring in restructuring in

42 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry employer–employee relationship, and would Panelists : impact the middle level jobs the most, it would not impact the top most and the bottom most • Dr. Subhrangshu Sanyal, CEO - IIM levels to that extent, he added. The number of Calcutta Innovation Park – Speaker & Moderator. full–time jobs might contract, to be replaced • Shri K. Sanath Kumar, Chairman & MD, with contractual, part time and consultancy National Insurance Co. Ltd. jobs. Referring to MSMEs as an engine of job • Shri R. Ramanan, Mission Director, ATAL creation, their challenge was not regarding Innovation Mission (AIM), NITI Ayog quotas but of standards and quality, including • Shri Sudipto Chowdhury, Chief Operating environment & other standards. Officer, Sahaj e-Village Ltd. Shri Saugata Bhattacharya said that • Shri Vivek Belgavi, Partner, Financial a huge growth of consumer goods industries Services – TC FS & Fintech Leader, coupled with the service sector would bring Pricewaterhouse Coopers Pvt. Ltd. about a spurt in job creation. He was of the • Shri Somak Sarkar, Senior Manager, opinion that growth in sectors like automobiles, Business Development, National Payments automotives, power sector, solar energy in particular, would also help in the transformation. Corporation of India (NPCI) He felt that the SMEs would be a key factor Dr. Subhrangshu Sanyal referred to for growth in the manufacturing sector. He Education Index, Income Index and Human cited the examples of Germany, Italy & France, Development Index playing the crucial role where the SME component contributed a lot in transformation and broad based inclusive to the development process. Access to credit growth, touching as many lives as possible. He would be an important factor for growth of pointed out that India being the 2nd largest manufacturing, particularly for SMEs. emerging country having a Human Development Shri Indranil Pan said that supply side Index at 130 out 133 countries, was itself a problems were there regarding infrastructure, huge challenge for inclusive growth. power, water and other linkages, but the larger issue had been that of demand. From 2003– • Shri R Ramanan was of the opinion that 2008, 8–10 % GDP growth seemed feasible innovation and use of technology were two with exports growing at a pact of 32–33 %. important levers in enabling inclusive growth The policies should provide as much support and the seed of innovation should be planted to the manufacturing sector, as possible. On from the grass root level. Shri Ramanan the issue of employment, he said that issue of discussed that laying down digital infrastructure employability was more important than mere would be extremely important to being benefits educational degrees. Focus should be on quality to the last mile. He referred to Digital India and of education and developing soft skills amongst JAM trinity Jan Dhan – Aadhar – Mobile as the the new entrants to the working populace, he 2 important technology enablers. Access to added. technology through Digital India & JAM would enable rural populace, including women and Session IV : Panel Discussion on marginalized people to have online information. “Leveraging Technology and Farmers could even sell products online through Innovation for Inclusive Growth” mobile.

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• He spoke about the Atal Innovation Mission, information and environment. He spoke about designed to create entrepreneurs and inculkcate the importance of real time accessibility by entreprerneurship amongst children, right from the intended beneficiaries and its operational school level. He mentioned about Atal Tinkering speed, and information abundance would open Laboratories on 3D printing, robotics etc. for up new horizons. children of middle to high schools and world class incubators, around 5–10 in each state, Shri Vivek Belgavi explained how for engineering students. He further pointed technology could not exist without commerce, out that technology had become an enabler as without affordability there would be no in all sectors at Niti Ayog including affordable technology, because technology could not housing, health & sanitation, drinking water be provided free of charge. On disruptive and others. technology, he said that 1st disruption had never been profitable but profitability would • Addressing the Forum, Shri K Sanath generally be acquired through acceptance Kumar, said that the low Human Development and adoptability. He discussed about fintech, Index had been because of the presence of different models and its Impact on government huge economically challenged masses forming projects. Cash being always a challenge, the a significant part of the population. Any kind of impact of payments bank would be huge. For emergency involving huge medical expenses, effective inclusive growth, coverage of Tier I to death of the bread winner, cyclone/ flood Tier V cities would be crucial, he noted. hitting areas would have a disastrous effect on the family slipping them back to the debt trap. Shri Somak Sarkar focused on enabling He referred to the importance of digital delivery infrastructure to focus on digital transactions in of mass health insurance with lowest possible a village lacking convenience of a nearby banks premium, leveraging of technology towards or ATMs. He mentioned about like numerical/ financial inclusion. He said that the entire data alphabetical illiteracy & use of technology of BPL people with the ration cards uploaded towards inclusive growth. onto a server, which was used to enroll people village by village for providing smart cards for a Special Session with Shri N S health insurance of Rs.30,000/-. Vishwanathan, Deputy , Reserve Bank of India on • He mentioned about the Pradhan Mantri “Regulations & Financial Stability” Fasal Bima Yojana providing support to the huge on 13th October 2017 at The Oberoi Grand number of farmers to withstand the vagaries of nature. He discussed the use of drones and The Chamber organized a Special Session satellite imagery to predict cyclones and other with Shri N S Vishwanathan, Deputy storms. This was helpful for settling claims fast Governor, RBI on “Regulations & Financial as the imagery was used to identify villages Stability” on 13th October 2017 at Hotel having surplus/ deficient monsoon. Oberoi Grand, Kolkata. Shri Sudipto Chowdhury spoke about • Addressing the members, Shri N S solving the last mile, use of technology to Vishwanathan said that a strong financially diffuse the boundaries of man, machine, stable system would need a strong and

44 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry resilient banking system with transparency external benchmark would be the determinant, and competition as the two key elements. he added. On Statutory Liquidity Ratio (SLR), He felt that business should move from a he mentioned that India was having its own strongly regulated system to an unregulated provisioning mechanism in addition to the one. Shadow banking should be addressed newly introduced Liquidity Coverage Ratio. globally, he added. He mentioned that when global crisis happened, regulations were put • On Insolvency & Bankruptcy Code (IBC) in place. Although we needed to move away 2017 going well with financial stability, he spoke from the strict regulations, supervision should about strong IBC to improve credit quality, be intensive. “Non–intensive supervision is not which would put the banking system on a firm good for the financial sector”, he noted. footing. He informed that a 50% provision of debt of 12 stressed accounts identified for • Stressed assets had been a matter of serious resolution under in June 2017, there were 12 concern, he observed. As on March 2017, cases referred to IBC, each at different stages. gross NPAs of the banks was 10% of the total exposure, mostly in public sector banks, he • Regarding credit to MSMEs, he pointed out informed. He felt that NPAs as a percentage that SME funding had been institutionalized of total exposure was high for larger accounts. with priority sector lending. 10 banks had been Sub-optimal restructuring was more due to licensed to focus only on MSMEs, with 75% of managing the bank balance sheet than dealing the assets for this sector. Mandate for them with the problem, which accentuated the was clear and licences would be withheld if this problems of the banks. 75% mark up was not kept, he noted. • He said that balance sheets of the banks Speaking on the occasion, Shri Pawan needed to be capitalized. Quoting Dr Viral Kumar Bajaj, MD & CEO of United Bank of Acharya’s findings, he said that there was a India mentioned about capitalization of the strong correlation between credit growth and banking sector and said that banks could never balance sheet of banks. He was of the opinion go to the market as the cost would be very that a strong balance sheet would enable the high. He also stressed on the problems of slow banks to deal better with the stressed assets. credit off take. Regarding slow transmission Higher provisioning should be made so that of repo rate cuts, he was of the opinion that resiliency would be built to deal with stressed transmission would take its own pace and 6–9 assets and improve banks’ balance sheets. This months should be allowed for that. would boost credit growth. Earlier, in his Welcome Address, Shri • Referring to the transmission of monetary Hemant Bangur, President of the Chamber, policy to consumers, he said that an RBI panel expressed concern about the availability of had found that an external benchmark was hassle-free credit at affordable cost to the more transparent than the existing marginal industry particularly, the MSMEs. He said that cost of funds based lending rate (MCLR). three-fourth of the 3.6 crore MSMEs in India Although MCLR has been the benchmark, which did not have access to banks or institutional brought in more transparency, there was more finance, making their businesses more room for further transparency, he said. So an vulnerable in times of economic slowdown. Post

Annual Report 2017-18 45 Merchants’ Chamber of Commerce & Industry demonetization, promoting digitalisation and In his address, Shri Hemant Bangur, reaching out to the public for financial inclusion President, MCCI spoke about the importance during 2016-17, the Indian banking sector had of building Brand Bengal and emphasized on to cope with deteriorating asset quality and the responsibility of Chambers of Commerce declining credit growth, he said. & Trade Associations to partner with the Government to bring investments to West The Session ended with a hearty Vote Bengal to promote growth and development. of Thanks by Shri Vishal Jhajharia, Vice He said that under the dynamic leadership of President of the Chamber. Hon’ble Chief Minister, the State Government had taken pro-active, growth oriented steps ‘Bengal Accelerating Growth’, a for promoting industrialization. Although West Conclave by leading Chambers of Bengal had emerged in recent years as a power Commerce of Kolkata surplus state, the cost of power has been much th on 24 October 2017 at Uttirna, on the higer side, he added. Alipore, Kolkata. Dr. Partha Chatterjee, Hon’ble Minister- Leading Chambers of Commerce in the in-Charge, School Education, Higher Education, city like Merchants’ Chamber of Commerce & Parliamentary Affairs, Biotechnology, Science Industry, The Bengal Chamber of Commerce and and Technology, Govt. of West Bengal said that Industry (BCCI), Bharat Chamber of Commerce, West Bengal had been the best destination for Calcutta Chamber of Commerce, Confederation investment in India and he invited everyone of Real Estate Developers Associations of India to join hands for faster growth in the State. (CREDAI Bengal) and Howrah Chamber of Among the growth-inducing factors in the Commerce & Industry (HCCI) organised the State, Dr. Chatterjee said that the number of Bengal Accelerating Growth Conclave held universities in the State has climbed from 13 to from 11.30 am on 24 October 2017 at ‘Uttirna’, 27 catering to the cause of availability of skilled Alipore, Kolkata. human capital pool. The Conclave was addressed by : Dr. , Hon’ble Minister-in- • Shri Hemant Bangur, President, MCCI Charge, Departments of Finance and Industry, Commerce & Enterprises, Government of West • Shri Rajendra Khandelwal, President, Bengal said that there had huge improvrments Calcutta Chamber of Commerce in state parameters with State GDP being at • Shri Sitaram Sharma, Senior Vice Rs 10 lac crores, from Rs. 4.5 cr, a few years President, Bharat Chamber of Commerce back. Dr. Mitra pointed out that banks had lent • Shri Sankar Kumar Sanyal, President, Rs 1,82,000 crores between 2011 and 2016, HCCI the break up : Rs 94,100 crores given to small • Shri Chandra Shekhar Ghosh, President, and micro industry, Rs 36,672 crores lent to BCCI medium industry and Rs 51,200 crores given to large industry. Also, outstanding credit has • Shri Nandu Belani, President, CREDAI increased three fold. Bengal Shri Rajiva Sinha, IAS, Additional Chief

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Secretary, Micro, Small & Medium Enterprises • Smt. Vijaya Chaudhuri, Principal, B.D.M. & Textiles, Government of West Bengal spoke International about the importance of transparency and • Shri Abhishek Dutta, Renowned Fashion probity in actions taken by the Government, Designer and mentioned that the State Government • Shri Pramod Maloo, Expert on Digital these days, had been actively partnering the Marketing industry. Shri P N Bhattacharya stressed The following speakers also spoke on the on macro forces like accelerated demand, occasion : personalized services, speed and transparency. • Shri Sunil Kajaria, President-Strategy, He said that digital disruption had enabled Keventer Agro Ltd. emergence of new goods & services as also • Shri Sagar Daryani, Co Founder & CEO, changing the value proposition of the old ones. Wow Momo Foods Pvt. Ltd. Stressing on the right balance between • Dr. Anup Sinha, Director, Heritage Business machines and human being, Shri Amar School Agarwala observed that machines were • Shri Satyaki Ghosh, CEO, Domestic made for the benefit of the human kind and Textiles, Aditya Birla Group that human being should not be slaves of • Shri Suresh G. Menon, Vice President digitalization. He expressed concern over the and General Manager –Eastern Region, Tata rapidly disappearing human element across the Consultancy Services Ltd. world and felt that extensive use of gadgets had led to a steep rise in incidence of dreadful Shri Goutam Deb, Hon’ble Minister in diseases like cancer. Charge, Department of Tourism, Government of West Bengal gave the valedictory address. Smt. Vijaya Chaudhuri pointed out that the new generation was much more Seminar on “Digital Disruption comfortable with the digital technology, than affecting Daily Working” the older generation. She said that due to the on Wednesday, 25th October 2017 at digital revolution, the students came to know 3.30 PM at MCCI all the answers before the subjects were taught in the class by the teachers. She strongly felt The Chamber organized a Session that the use of digital technology should be on “Digital Disruption affecting Daily contained within the permissible limits. Working” on 25th October, 2017 at its Conference Hall. The following speakers Shri Abhishek Dutta spoke about the spoke on the occasion : evolution of online sales in the fashion industry, which now accounted for 30–35% of total • Shri P. N. Bhattacharya, Executive turnover. Although digital technologies had Director (Technical & Business Development), helped WEBEL • Shri Amar Agarwala, Chartered Accountant a lot in brand strategy and brand & Internationally Acclaimed Author positioning, Indian buyers were still more

Annual Report 2017-18 47 Merchants’ Chamber of Commerce & Industry comfortable going to the designer directly for would help NIA in further market penetration customized service, he pointed out. for insurance, the proceeds of which would be utilized for future capital requirement to improve Shri Pramod Maloo said that the digital the solvency ratio, which was 2.27 in the quarter revolution was being driven by digital disruption, ending June 2017, against the requirements of which started with Orkut, Facebook, Instagram 1.5, as per IRDA guidelines. NIA had been a and others. Digital technologies brought in market leader in non–life insurance, holding radical changes in the entire way of doing the number one position with a net worth of Rs. business these days and we should all embrace 38,000 cr., while the valuation of the company and welcome such changes, he iterated. was around Rs. 68,000 cr., he noted. The total The Session was chaired by Shri Shri premium of NIA was Rs. 19,000 cr. in 2016–17, Sanjib Sanghi, Co–Chairman, Standing with 80% of business coming from reinsurance. Committee on IT & Communication, MCCI, who Of the total premium proceeds, 39% came spoke about the radical changes brought in from Motor, 26% from Health, including Retail the business and thought processes by digital Health & Group Health, 15% Fire, 6% Crop, technologies. 3% Marine and from miscellaneous for the rest 11%. He observed that while the share of Interactive Session with Shri C. group health had accounted for nearly 55% of Narambunathan, General Manager the health portfolio and that of retail was only cum Financial Advisor, The New India around 35%. “The focus now will be more on Assurance Company Ltd. retail health than group health”, he said. on “New India Assurance : Redefining Earlier, in his Welcome Address, Shri India’s Insurance Landscape” Vishal Jhajharia, Vice President, MCCI said on Monday, 30th October 2017 at that the policy of the Government to insure 12.30 PM at MCCI premises the uninsured had pushed the insurance penetration in the country with the general The Chamber organized an Interactive insurance business currently at Rs. 78,000 cr. Session with Shri C. Narambunathan, General He spoke about GoI approval of public listing Manager cum Financial Advisor, The New India of 5 Govt. owned general insurance companies Assurance Company Ltd. (NIA) on “New India and reducing Government’s stake to 75% Assurance : Redefining India’s Insurance from 100% to being in more transparency and Landscape” on 30th October 2017 at MCCI accountability. The Session ended with a hearty Conference Hall. Vote of Thanks by Shri Sanjay Rasiwasia, Addressing the members, Shri C. Chairman, Standing Committee on Banking, Narambunathan pointed out that NIA would Finance & Insurance, MCCI. hit the capital market on 1st November 2017 with an Initial Public Offer (IPO) of 15% and Round-Table discussion jointly with with plans to dilute another 10% in the next 3 MCCI, Insolvency and Bankruptcy years. NIA had set a price band of Rs. 770–800 Board of India and ICSI Insolvency for the floatation and the issue size was around Professionals Agency Rs. 9,600 cr. He was hopeful that the IPO on ‘Draft Insolvency Regulations on

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Individuals and Firms’. Payal Chitlangia, College Source Consulting. on 3rd November 2017 at MCCI Mr. Rogeleo Caceres mentioned that A Round Table discussion was organized by EB–5 Investor Visa Program, which provides the Chamber jointly with jointly with Insolvency US Green cards and permanent residency to and Bankruptcy Board of India (IBBI) and ICSI an investor and their immediate families (all Insolvency Professionals Agency children to the age of 21) through a one–time secure investment of 5,00,000 USD, had been on ‘Draft Insolvency Regulations on the fastest and most reliable process driven Individuals and Firms’ on 3 November 2017 at MCCI Conference Hall. way for high net worth investors to secure a US Green Card. He explained how one could take The Session was chaired by Ms. Ranjita advantage of the EB – 5 Investor Visa Program Dubey, Dy. General Manager, IBBI, who to have a seamless entry into the US. explained that the rules and regulations for the 1st phase for Insolvency Regulations for The Session was chaired by Shri Vishal Individuals and Firms would be expected to Jhajharia, Vice President of MCCI, who be in place by December 2017. The Session delivered the Welcome Address. was also addressed by CA Alka Kapoor, CEO (Designate), ICSI Insolvency Professionals Special Session with Dr. Agency from . Radhakrishnan Pillai, Deputy Director Chanakya International Institute The Welcome Address was delivered by of Leadership Studies (CIILS), Smt. Mamta Binani, Chairperson, Standing University of Mumbai on ‘Role Committee on Corporate Law & Governance, of Ancient Indian Spirituality in MCCI. The Session eneded with Summing Corporate Leadership’ up & Vote of Thanks by Shri Santosh K. th Roongtaa, Committee Member and past on 15 November 2017 at MCCI Chairman, Standing Committee on Corporate The Chamber organized a Specila Session Law & Governance, MCCI. with Dr. Radhakrishnan Pillai, Deputy Director, Chanakya International Institute Special Session in association with of Leadership Studies (CIILS), University of LCR Capital Partners Mumbai on ‘Role of Ancient Indian Spirituality on “Possibility of gaining a US Green in Corporate Leadership’ on 15 November Card through the investment route” 2017 at its Conference Hall. Dr. Pillai explained rd on 3 November 2017 at MCCI how Chanakya’s teachings and lessions could The Chamber organized a Special Session ensure business success and create Corporate in association with LCR Capital Partners on Leaders, who could take India to a new growth “Possibility of gaining a US Green Card through paradigm in the coming years. A Leader must the investment route” on 3 November 2017 have a responsive nature, should be able to at its premises. The Session was addressed motivate employees, understand their cultures by Mr. Rogeleo Caceres, Chief Commercila & orientations and be tactful in handling human Officer & CMO – LCR Capital Partners and Ms. intelligence.

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Earlier, in his Welcome Address, Shri the objective of “SITARA” was to celebrate Ramesh Agarwal, President, MCCI, said that womanhood, and to bring illustrious individuals India needed corporate leaders to emerge and a thinking Kolkata audience together on a as an economic power. He spoke about the vibrant and interactive platform to deliberate, importance of “inner battle” to fight the battle discuss and exchange views and opinions on outside. He also referred to the huge impact challenges & issues concerning women. India of ancient Indian spirituality on modern day needed to transform its colossal women force corporate culture. into effective human resource, which would be only through the empowerment of women, he EMAMI “SITARA”, a 2–day Festival on observed. Woman Empowerment jointly organized by MCCI and The Sessions were : Calcutta Club Ltd. • Inaugural Session : ‘Who is the empowered in association with The Telegraph woman today?’ curated by AHAVA Communications. • Session II : ‘How do we define the woman of th th on 17 & 18 November 2017 at substance today? What are her roles in society?’ Calcutta Club • Session III : ‘A rendezvous with fashion and EMAMI “SITARA”, a 2–day Festival on style.’ Woman Empowerment was jointly organized • Session IV : ‘How chauvinistic is the firm by MCCI and Calcutta Club Ltd. in association industry today? How are women making with The Telegraph curated by AHAVA inroads?’ Communications on 17 & 18 November 2017 • Session V : ‘Where do women stand in terms from 5.30 to 8.30 PM at Calcutta Club. of inclusive growth and progress’ Inaugurating the Festival and addressing • Session VI : ‘Feminism: Is it a realistic the same as the Chief Guest, Shri , proposition today?’ Hon’ble Minister for Information Technology and Electronics, Govt. of West Bengal said that The Vote of Thanks was proposed by Shri while many women had broken through the Arvind Agrawal, Chairman, Standing Committee glass ceiling, there still existed many voiceless on Direct Taxes, MCCI and Committee Member, and helpless women, humiliated by their Calcutta Club. own families. He referred to the Kanyashree programme of the Govt. of West Bengal towards Meeting with Delegation from empowerment of girls. Yunnan Provincial General Chamber of Commerce (YPGCC), China Shri Tamal Kanti Mukherjee, on 23rd November 2017 at MCCI President, Calcutta Club also spoke on the Conference Hall occasion and emphasized the importance of woman empowerment. The Chamber organized a Meeting with a Delegation from Yunnan Provincial General Shri Vishal Jhajharia, Vice President, Chamber of Commerce (YPGCC), China on 23rd MCCI in his Welcome Address said that November, 2017 at the Conference Hall of the

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Chamber. The names of the members are given as below : Mr. Yang Yongming Leader of the Delegation – Vice President of Yunnan Provincial General Chamber of Commerce (YPGCC) Mr. Lizhiji Vice President of Dehong Prefectural General Chamber of Commerce Ms. Li Jufang Vice President of Diqing Prefectural General Chamber of Commerce Mr. Dong Yong Director of Poverty Relief Office of YPGCC Mr. Huang Zhanqiang General Manager of Dehong Prefectural Mangbang Travel Development Co. Ltd Mr. Yan Xinshan General Manager of Dehong Qinrui (Group) Power Investment & Development Co. Ltd Mr. Shao Yuefu Director of Mangshi Hukang Hospital Mr. Shao Weirong General Manager of Dehong Zonghe Building Co. Ltd Ms. Li Xian General Manager of Mangshi Changjiang Hotel Ms. Meng Xing Qiong Accompanying staff of Kunming Comfort Travel Service Co., Ltd Referring to the long history of mutual Kunming & Kolkata and focus areas like hydel cooperation between China & India, Mr. Yang power, agro technology, mining, healthcare & Yongming, Leader of the Delegation pointed hospitals with a focus on psychiatric treatment out that the objective of the Delegation was facilities, tourism & hotels could be worked out. to forge fruitful collaborations. He informed the The YPGCC invited the MCCI to take a Business House that tobacco, sugar and tea were the Delegation to Yunnan which could result in main agro products of the province. Tourism, the creation of mutual business synergies including agriculture tourism & tea tourism between Indian businessmen & their Chinese were important industries. Principal imports counterparts. from India included medical instruments, medicine and medical technology. He said The Meeting was also addressed by Shri that Indian investment in hospital & hotel Avijit Nandi Mazumdar, Managing Director industry in Yunnan would be welcome. On a & Editor–in–Chief, ANM Global, who spoke query on poverty alleviation programs, it was about the prevailing conducive environment for mentioned that by 2020, the basic needs like Indo–China talks & exchange of Delegations. food, education and healthcare for all would be taken care of in China & Yunnan. The Session was chaired by Shri Arpit Dhandhania, Co Chairman, Foreign Trade It was pointed out that there could be Standing Committee, MCCI, who in his Welcome exchange of business Delegations between Address, mentioned about the collaborations in

Annual Report 2017-18 51 Merchants’ Chamber of Commerce & Industry agriculture & food processing, tourism including said, which would create a new revenue stream medical tourism and others. for the port.

Interactive Session with Shri Vinit • He was of the opinion that Haldia had Kumar, Chairman, Kolkata Port Trust almost reached its saturation point, most on “Outlook for Kolkata Port” on 28th of the traffic would be handled outside. Oil November 2017 at MCCI Jetty at Shalukhali and 2 outer terminals would generate an additional capacity of 12 The Chamber organized an Interactive mt. The Chairman mentioned that with the Session with Shri Vinit Kumar, Chairman, commissioning of a Floating Jetty at Haldia, to Kolkata Port Trust (KoPT) on “Outlook for be operational by January 2018, the efficiency Kolkata Port” on 28th November, 2017 MCCI. of Haldia would increase. The jetty would allow faster operations at Haldia, apart from adding • Addressing the members, Shri Vinit Kumar to the port’s existing capacities and transloading spoke about the efforts of making port of operations could start. Currently, transloading Kolkata ‘a green port’, which had been the operations were being carried out at Sagar oldest and the only riverine port in India. At the Island by KoPT. The floating jetty would allow end of 2016, cargo handling was to the tune of loading and unloading of cargo from larger 31 million tonnes (mt), which was 16% more ships anchored at Sagar Islands to be offloaded than the previous year’s figure of 28 mt, he at Haldia. The barges would not have to enter observed. He hoped that the target for FY 2017 the port through lock gates. This would create of 55 mt would be met. an additional capacity of around 10,000 tonnes • The Chairman mentioned that KoPT had a day, with current cargo handling capacity at been making efforts to reduce the average 3,000 tonnes a day. turnaround time of ships continuously, which • He informed the House that KoPT had was brought down from 4.8 days to 4 days last decided to develop 2 of its jetties at Outram year, to be further reduced to 3.5 days now. This Ghat and Princep Ghat on a PPP model to boost reduction would enhance the competitiveness inland transport. The jetties would be renovated of the port, he was hopeful. He said that due and further developed by a third party, to be to heavy congestion at the Petrapole border, selected through proper tendering process, to Bangladesh, an alternative route through give a smart look. Mongla in Bangladesh was being explored. Under this new system of traffic handling, • In a bid to generate additional revenue, movement of goods could take 6–7 days, as KoPT had planned to put 20 land parcels on against 14–15 days through Petrapole. long term lease for commercial establishments. KoPT owned huge plots of land in Kolkata, • He mentioned that with the recent use Haldia, Budge Budge and Howrah and if all the of port facilities for export of automobiles to 93 land parcels could be leased out, KoPT could Bangladesh by Tata Motors, the 1st container of earn additional revenue of Rs. 200 cr. But right 240 trucks reached Mongla from Kolkata a few now, only 30–40 % would be upfront and the days back. If 4 consignments could be handled entire process might take around 2 years. in a month involving 240 trucks each, totaling up to around 1000 trucks per month, it would Shri S. Balaji Arunkumar, Deputy generate revenue of Rs. 10–12 cr. per year, he Chairman (Kolkata), KoPT said that reducing

52 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry the turnaround time of the port to an average was 14 degrees Celsius earlier, which now of 3.5 days, by enhancing the operational increased to 15 degrees Celsius on account of efficiency was a big challenge for a riverine higher carbon dioxide in the atmosphere. At port. present, China had become a major polluter, rich countries released the most carbon dioxide Earlier, in his Welcome Address Shri while the countries suffered. Climate change Hemant Bangur, President of the Chamber could have disastrous effects with rising spoke about the recent initiatives being carbon dioxide in the atmosphere, melting ice undertaken by KoPT. He also referred to in glaciers and a rising sea level, which would Sagarmala initiative as one of the most important inundate large tracts of land in vulnerable areas strategic imperatives to realize India’s economic such as Bangladesh. aspirations. The Session ended with a hearty Vote of Thanks by Shri Vishal Jhajharia, Vice Addressing the Session, Rev. Father President of the Chamber. Dr. Xavier went through key takeaways from the recent conference on climate change at Interactive Session with Padma Shri Bonn. He added that in 2017, IIT was given Dr. Jagadish Shukla, Distinguished the responsibility of identifying a computer to Professor, George Mason University, predict hurricanes. President, Institute of Global Environment and Society, Managing Shri Samir Saraff, Chairman, Standing Director, COLA, USA, Member, Prime Committee on Education, MCCI in his Welcome Minister’s Council on Climate Change Address urged to carry out retrospective analysis (PMCCC), India on of atmospheric observations. Re-analysis of “CLIMATE SCIENCE – Opportunities past data and climate diagnostic studies were for New Business and Science & important components of climate research, he Technology” on 29th November 2017 said. The session ended with a hearty vote of at Hotel Taj Benga thanks offered by Shri Surendra Keyal, Hony. Secretary, MCCI. The Chamber MCCI organised an interactive session with Padma Shri Dr. Interactive session with Shri Neeraj Jagadish Shukla, Distinguished Professor, Kumar Gupta, IAS, George Mason University; President, Institute Secretary, Department of Investment of Global Environment and Society; Managing & Public Asset Management, Director, COLA, USA and Member, Prime Ministry of Finance, Government of Minister’s Council on Climate Change, India on India on “India’s Disinvestment Plan” “Climate Science: Opportunities for New on 02nd December 2017 at The Park Business and Science & Technology” on Hotel, Kolkata 29 November, 2017 at Hotel Taj Bengal. The Chamber organized an Interactive Dr. Jagadish Shukla said that climate Session on “India’s Disinvestment Plan” change had been a major issue which would with Shri Neeraj Kumar Gupta, IAS, have to be tackled by capacity building and a Secretary, Department of Investment & Public partnership between business and academia. Asset Management (DIPAM), Ministry of He said that the mean temperature on Earth Finance, Government of India on 2nd December,

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2017 at The Park Hotel. Ramesh Agarwal, President, MCCI enquired about the status of disinvestment in CPSEs, • Outlining the strategic divestment plans of particularly Air India and the prospects of the Union Government, Shri Neeraj Kumar disinvestment through ETF route, among Gupta pointed out that there had been a others. paradigm shift in the divestment policies of the Government with more stress on unleashing The Session ended with a hearty Vote the potential and more resource mobilization. of Thanks by Shri Birendra Agarwal, Past He observed that the Government had been President of the Chamber. viewing disinvestment not only as a stake sale but also to increase private participation for more Interactive session on efficient management and better transparency. “Changing face of Indian School He was hopeful that DIPAM would be able to Education : Current Trends & realize the divestment target of Rs. 72,500 cr. Way Forward” with Chief Guest : this fiscal, so far it had been able to raise Rs. Shri Anil Swarup, IAS, Secretary, 52,500 cr. through the stake sale process. Department of School Education & Literacy, Ministry of Human Resource • He mentioned about 3 tracks : 1st, Development, Govt. of India Government would retain majority shareholding on 02nd December 2017 at The Park of 51% for certain companies, which would be Hotel, Kolkata vital for nation building, where there would be less private interest. 2nd, to unlock potential The Chamber organized an Interactive for around 2 dozens of companies, Government Session on “Changing face of Indian had decided to go for strategic sale, where School Education : Current Trends & both private equity and management could Way Forward” with Shri Anil Swarup, IAS, be given to private hands for better resource Secretary, Department of School Education mobilization, without creating market & Literacy, Ministry of Human Resource distortions, Government would turn into a Development, Government of India on 2nd minority shareholder. 3rd , companies with no December, 2017 at The Park Hotel, Kolkata. hope for revival, total 100% divestment without any control over the companies by the Govt., The Session was also addressed by he noted. Swami Vedapurushananda, Principal, Ramakrishna Mission Vidyalaya, Narendrapur • He said that the Government had plans for and Shri Joseph Mathew, Director, Indus listing 13 companies, out of which 4 companies Valley World School. had already been listed, raising over Rs. 19,000 cr. The public sector companies that were • Shri Anil Swarup stressed on the readied for floatation and strategic sale were importance of teacher training programmes, Bharat Dynamics, Garden Reach Ship Builders which were of utmost importance, as teachers & Engineers, Mazagon Dock Ship Builders and had been pivots of the system. In order to check Mishra Dhatu Nigam Ltd. Railway firms like entry of substandard teachers into schools, IRCON & IRFC were also being considered, he 16,000 colleges providing B.Ed & D.Ed degrees added. were asked to provide requisite data through affidavit, out of which 12,000 responded, which Earlier, in his Welcome Address, Shri meant that the rest 4,000 existed only on paper.

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National Council for Teachers Education (NCTE) Shri Joseph Mathew mentioned that had already issued show cause notices to 1,000 children were meant to be nurtured with colleges, 3,000 more would be issued soon. knowledge, moral values, patriotism and Indian NCTE also engaged Quality Council of India culture. There should not be any lopsided to give a rating for these 12,000 colleges, he approach towards education and stressed added. He found that despite all the initiatives on awareness programmes for parents to from NCTE and other organisations, 11 lakh inculcate values amongst the children in their teachers were not trained at all & given a last best learning age i.e. 2–11 years. opportunity to attend a training course. Earlier, in his Welcome Address, Shri • Stressing on PPP models towards Hemant Bangur, Immediate Past President, improvements in quality of school education, MCCI mentioned about the problems of high he referred to a project named Shaala Sarathi, incidence of school drop outs, poor school for funding of promising innovations. All the infrastructure, high pupil–teacher ratio, NGOs and CSR funding agencies could come problem of polarization with the rich attending forward for funding and monitoring the funding elite schools leaving ill equipped schools for activities through the project website, he urged. the masses. He urged on capacity building of • He referred to a digital school conceptualized teachers and also bringing back the age–old by Shri Sandip Goond in Maharashtra and said time–honoured ‘Pass–Fail’ system. that 60,000 schools had replicated the model in The Session ended with a hearty Vote the state. He mentioned about Akshaya Patra, of Thanks by Shri Samir Saraff, Chairman, an NGO run mid day meal, which had scaled up Standing Committee on Education, MCCI. from providing wholesome mid day meal from 1.5 million to 3 million children within a year. Interactive Session on “Agri–Business • He also referred to a web based platform Opportunities in West Bengal” th where teachers could upload their videos and on 05 December 2017 at The Oberoi get the videos rated in order to avoid information Grand, Kolkata overload. The Chamber organized an Interactive Swami Vedapurushanandaji Maharaj Session on “Agri–Business Opportunities pointed out that obsession with high marks in West Bengal” on 5th December, 2017 at would make children mechanical & distorted The Oberoi Grand Hotel, Kolkata. The Session human beings. He focused on holistic education was addressed by : with equal stress on academics, sports & cultural • Dr. Sanjeev Chopra, IAS, Additional Chief activities, with priority on building of a good Secretary, Department of Agriculture, Govt. of character, sound health, logical thinking and a West Bengal – Chairman and Moderator of the confident mind. He observed that technology Session. would change the education system in the next 20 years in an unforeseen manner. He referred • Shri Pradip Kumar Mazumdar, Chief to Atal Tinkering Labs for children of middle to Advisor to the Chief Minister of West Bengal for high schools and felt that such labs should be Agriculture & Allied sectors – as the Chief Guest set up in every school to foster creativity and • Smt. Nandini Chakravorty, IAS, Secretary, imagination in young minds. Food Processing Industries and Horticulture,

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Govt. of West Bengal stood at 3.7 mt, that of vegetables, at 25.5 • Dr. Ravi Inder Singh, IAS, Secretary, mt. With a production of 252 thousand tonnes, Fisheries Department, Govt. of West Bengal West Bengal was one of the leading producers • Shri Rajesh Kumar Sinha, IAS, Secretary, of meat in the country in 2016–17. Department of Agriculture Marketing, Govt. of Outlining the strategic initiatives, Shri West Bengal Pradip Kumar Mazumdar highlighted on The objectives of the Session were to the fisheries segment, horticulture, sesame discuss policy in agri-businesss, avenues for cultivation for sesame oil having good export private investment the sector, and how to potential, maize for poultry and fish feed, achieve double digit growth in Agriculture and besides human consumption. On organic create more employment opportunities in this cultivation, he also referred to commissioning sector. of a full–fledged super market in Rajarhat on 15 cottah land. He also invited PPP for rice • Addressing the House as the Session milling and solvent extraction of rice bran oil. Chairman, Dr. Sanjeev Chopra spoke about the immense potential of West Bengal Smt Nandini Chakravorty showed a to become the 1st and foremost state in terms small film on the prospects and potential of food of agri business. He said that there had been processing and horticulture in West Bengal. a paradigm shift in the policy initiatives of the . A total change in the policy initiatives and state government and it had become demand approach to agriculture towards demand driven driven supply management. He invited private supply management had helped the farmers players to develop infrastructure, including significantly and the average income of farmers multi-purpose cold chain. has gone up from Rs.9600 a year to over Rs. 2.39 lakhs a year. She explained that India • He pointed out that West Bengal, with 6 had been the largest producer of vegetables in Agro-Climatic zones offers a diverse variety the world and West Bengal in turn, the largest of environments for agriculture & horticulture producer of vegetables in the country. There production. The State had been the largest exists a huge potential in raw & processed fruit producer of rice, vegetables, pineapples & in the state, in grating/ processing/ exporting. flowers in the country; second largest producer In spite of a huge demand supply gap, the state of potatoes, litchis, tea and fisheries in India, exported mangoes to Europe and litchis to third ran holder in total meat production Middle East, she added. On the challenges, she of India, and also a significant producer of spoke about the post harvest losses and cold mangoes, mandarins and oranges. Exports storage problems. She sought PPP in irrigation, from the state in horticulture and vegetables cold storage and also to handle growing & had crossed Rs. 500 cr. Around 150 varieties ripening problems in horti business to minimize of medicinal plants & herbs being grown in the losses. She referred to a loss of 10 lakh metric state, about 27.97 million tons of horticultural tonnes in cold storage. She pointed out that crops were produced in the state, in 2015– there existed a huge gap in food testing, as 16. In the same year, rice production in the there were only 5 NABL laboratories in the state state reached 16.1 million tonnes (mt) and production of horticulture crops stood at 27.97 Dr. Ravi Inder Singh mentioned about mt. In 2016-’17, production of fruits in Bengal establishment of modern hatcheries for high

56 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry quality fish seed, as the demand would be around Standing Committee on Agriculture & Food 20 lakh metric tonnes. The long coastline and Processing, MCCI introduced the distinguished innumerable water bodies reflected the huge speakers to the august House. The Session potential for inland fishing & fish cultivation, he ended with a hearty Vote of Thanks by Shri said. West Bengal produced an average of 17.8 Amit Kumar Saraogi, Co–Chairman, Standing lakh tonnes of fish annually, which might go Committee on Agriculture & Food Processing, up to 20 lakh tonnes by 2020. He informed all MCCI. about an order secured by the State Fisheries Department worth about US $ 133.87 million, Session on “The Nuances of IBC, to export fish to China, Japan & Dubai. He also 2016 after the promulgation of the spoke about the upcoming fish farming hub in Ordinance dated 23.11.2017” Swarup Nagar in Rajarhat. on 07 December 2017 at MCCI Conference Hall Shri Rajesh Kumar Sinha mentioned about having 186 Krishak Bazars already in The Chamber organized a Session on place as also of plans to have Sufal Bangla “The Nuances of IBC, 2016 after the markets in every block for realization of better promulgation of the Ordinance dated price to farmers and providing a better platform 23.11.2017” on 7th December 2017 at for agri–marketing by farmers. Once Sufal MCCI Conference Hall. Markets started operating in a big way, it would benefit the consumers by reducing the price. The Session was addressed by : Daily vegetables would be directly sourced • Shri S M Gupta, President, Kolkata Bar from outfields through Sufal Bangla thereby Association reducing the prices. He said that there existed 4,406 markets including primary & secondary • Shri Pranit Ray, Bar at Law, Senior markets and also 3,756 retail outlets, mostly by Advocate, Kolkata Bar Association private parties, which could cover only a part of the produce. The pack house in Malda had been The Session focused on the said operational for some time now and Barasat Ordinance which aimed at putting in place pack house and perishable cargo complex at safeguards to prevent unscrupulous, Bagdogra would be operational soon. undesirabke persons from misusing or vialoating the provisions of the Insolvency Shri Aakash Shah, Co-Founder at & Bankruptcy Code (IBC). The amendments KisaanGo Agrosol Pvt. Ltd., delivered a aimed to keep out such persons, who had powerpoint presentation on KisaanGo initiatives willfully defaulted, were associated with of providing a one stop solution to the farming non-prforming or were habitually non- community through a series of physical retail compliant and therefore, were likely to be at stores at strategic locations. a risk to successful resolution of insolvency of a company. In addition, the Amendmnet Earlier, in his Welcome Address, Shri alsomprovided such check by specifying Ramesh Agarwal, President, MCCI spoke about that the Committee of Creditors ensured the growth in agri sector in the state and also the viability and feasibility of the resolution of exploring the linkages. plan before approving it. the Insolvency Shri Santosh Roongtaa, Chairman, and Bankruptcy Board (IBBI) had also been

Annual Report 2017-18 57 Merchants’ Chamber of Commerce & Industry given additional powers. Inaugural Session : General The Welcome Address was delivered by Insurance in India – Charting the Shri Vishal Jhajharia, Senior Vice President Way Forward of the CHmber, who spoke about India The Session was addressed by the following jumping 30 pounts up from 130 to 100, as speakers : per World Bank ranking in ‘Ease of Doing Business’. The Theme Address was given by a. Shri K. Sanath Kumar, Chairman & MD, Smt. Mamta Binani, Chairperson, Standing National Insurance Co. Ltd. Committee of Corporate Law & Governance, b. Shri Praveen Gupta, MD & CEO, Raheja MCCI who said that about 25,000 cases QBE General Insurance Co. Ltd. were pending in NCLT and more number c. Shri Joydeep K Roy, Partner & Leader, of cases might be transferred from Debt Insurance & Allied Businesses, PwC India Recovery Tribunal, High Courts, Company d. Shri K V Dipu, President & Head of Law Board and BIFR to NCLT, who would Operations, Bajaj Allianz General Insurance Co. have to find out ways to tackle the growing Ltd number of cases. The Session ended with a hearty Vote of Thanks by Shri Smarajit • Dwelling on the central Theme of “General Mitra, Chairman, Standing Committee on Insurance in India : Charting the Way Forward” Banking, Finance & Insurance, MCCI. and addressing the Forum as the Conference Chairman, Shri K Sanath Kumar spoke about the fast–changing and unpredictable nature MCCI General Insurance Forum 2017 of general insurance (G.I.) sector. He said that Changing Face of Indian General the growth in this sector, which had risen to Insurance a phenomenal 32% in 2016–17 from 14% in th on 8 December 2017 at Hotel Lalit 2015–16, was totally disconnected with that of Great Eastern, Kolkata GDP. The business in this sector was worth Rs. The Chamber organized MCCI General 1,28,000 cr., mostly driven by the non–profitable Insurance Forum 2017 on 8th December 2017 areas like Motor and Health. He pointed out that in spite of the huge growth, losses also at Hotel Lalit Great Eastern, Kolkata. The Forum increased from Rs. 10,000 cr. in 2014–15 to Rs. aimed at bringing together CEOs of reputed 21,000 cr. in 2016–17, the underwriting loss general insurance houses, technology providers bringing in shrinkage in profitability. and consultants to lay down the future roadmap for General Insurance sector in India. • He informed the House that the G I sector had provided direct employment of 1,20,000 people The topics of the Forum were : to create livelihood for a huge ecosystem of 3–4 • General Insurance in India : Charting lakhs, including actuaries, agents, advocates the Way Forward and others. Although 400 million people were covered on a pan India basis, the penetration • Redefining General Insurance level had been as low as 1% in 2016–17, he Distribution urged. • Leveraging Technology for Improved Customer Management • The Chairman pointed out that 60% of the

58 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry vehicles were still not insured and suggested insurance coverage, coverage time could that a single regulation that motor accident reduce, which could be as small as that for a claims should be filed within 6 months would weekend or so. As the focus had shifted from bring in a huge traction for motor insurance illness to wellness, health sector also needed ensuring profitability. Similarly, reaching out sharper focus. He felt that some government to customers, identification of hospitals and regulations were needed for a big push. managing health care would leverage health Earlier, in his Welcome Address, Shri insurance. The principal challenges in insurance Ramesh Agarwal, President of the Chamber sector had been to bring in profitable business said that the Government’s policy of insuring the and how to manage capital, he asserted. uninsured had pushed insurance penetration, Shri Praveen Gupta mentioned about which was expected to reach 4% by the end the changing insurance scenario and said of FY 2017. He lauded the initiatives by IRDAI, that focus should be more on delivery, than including the obligations on the insurers to distribution or sale. Referring to the global issue provide insurance coverage to the rural and of trust deficiency, he felt that trust needed to economically weaker sections of the society. be built for this sector. He pointed out that the The Inaugural Session ended with a hearty key challenges of this industry were : price Vote of Thanks by Shri Sanjay Rasiwasia, & risk mismatch, and changing mindset of past Chairman, Standing Committee on people. The impact of claims had been higher Banking, Finance & Insurance, MCCI. the impact of premium. He spoke about the changing needs of the next generation, who Session II : Panel Discussion on would be not only buyers, but also employers. Redefining General Insurance Distribution Shri Joydeep K Roy mentioned that for the last 3–4 years, general insurance had The Panel Discussion was moderated become very popular, which achieved a double by Shri Joydeep K Roy, Partner & Leader, digit growth and sum assured had registered an Insurance & Allied Businesses, PwC India. The increase of 850% in the last 17 years. With the Panelists were : changing preferences, rising confidence level and tech–savvy nature of Generation Next, a. Shri Rajive Kumaraswami, MD & CEO, service delivery and customer satisfaction would Magma HDI General Insurance Co. Ltd. play a pivotal role. There would be more demand b. Shri Anil Chopra, Group Director (Corporate for trust, transparency and simplification of Affairs), Bajaj Capital Ltd. languages, leading to faster and more efficient delivery. With increased use in smart phones, c. Shri Debraj Chaki, VP – Distribution & every incident would be traceable. In case of Regional Head (East & West), SBI General motor, there could be ashift from insurance to Insurance Co. Ltd. institutionalized features with safety guarantee, d. Shri Samir Barman, Sr. VP & Zonal Head he noted. (East & North East), Future Generali India Insurance Co. Ltd. Shri K V Dipu referred to the changing market and spoke about the miniaturization of e. Smt. Sunita Chowdhurie, Dy. VP, Tata Motors insurance coverage. Instead of having annual Insurance Broking & Advisory Services Ltd.

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Shri Rajive Kumaraswami pointed out Smt. Sunita Chowdhurie spoke about that insurance had been a push product with the changing consumer behavior. 60% of huge emphasis on compliance and customers people now would conduct a digital research seeking value. Products should be simple, using internet before buying a product. Data transparent and trust worthy, he felt. He spoke analytics would play an important role and about close and continuous relationship with intermediaries would have a large role in the customers. He felt that knowledge about archival, retrieval and analysis of customer customer had been the differentiator as different data. customers would use different products, according to their needs. He suggested that Session III : Leveraging Technology the healthcare system should be put into a for Improved Customer Management regulatory framework, which would reduce the The Panel Discussion was moderated by cost of insurance. He felt that premium from Shri K V Dipu, President & Head of Operations, Rs. 15,000 to Rs. 25,000 should get covered Bajaj Allianz General Insurance Co. Ltd. The under Sec 80G. Panelists were : Shri Anil Chopra observed that a. Shri Abhishek Rungta, Founder & CEO, insurance had been a matter of solicitation Indus Net Technologies Pvt. Ltd and trust involving a relationship between b. Shri R Seshadri, GM & Head of Operations, planner and consumer, to be built over time, CAMS Insurance Repository Services Ltd. no instantaneous one–time relationship. He suggested that there could be POSP (point of c. Smt. Janani Viswanathan, AVP – Strategy sales) persons, having knowledge about the & Planning, Acko General Insurance Ltd. local customers, in the rural areas. Even 10th d. Shri B Dehury, Circle Head (East, North & standard pass candidates having knowledge Central), Cholamandalam General Insurance Co. about insurance could become POS persons. Ltd. Shri Debraj Chaki was of the opinion Shri Abhishek Rungta dwelt upon that growth in this sector had been more on the 2 important points of engagement with the retail front. Need based technology & design customers, viz. point of sale and point of was the primary requirement with comparison claims, the rest being renewals in between. He /ratings available. He pointed out that Artificial said that insurers should try to create products, Intelligence & Robot advisory services could be which would reduce risks in underwriting. Data used to help the customers take a decision. could be leveraged to reduce occurrences of damage/ failure in case of machines, he noted. Shri Samir Barman felt that with On lack of customer data, he suggested that increased urbanization, risk patterns would discounts might be given on disclosure of change. Cyber risk would be the in thing. important data by the customers and pricing to Besides, customer expectations had become be adjusted. Shri Rungta spoke about the tricky very high and tome bound. He suggested that situation in which there should be a balance Micro Finance companies and NGOs should between access to customer data & respecting be involved as intermediaries/ agents for privacy of the customers. enhancing penetration in the rurtal and peri urban areas. Shri R Seshadri pointed out that the

60 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry recent regulations like linking of Aadhar were : Shri B B Chatterjee, Executive Vice to general policies had helped the sector President & Company Secretary, ITC Ltd.; tremendously. Leveraging technology to have all Shri Debashish Mitra, Central Council the insurance policies on the electronic platform Member, ICAI & President, Indian Institute of was a huge milestone. He felt that technology Internal Auditors; Shri Siddharth Murarka, should be leveraged for identification of hospitals Chairperson, EIRC, ICSI and Shri Taposh and concerned departments for better health Roy, Company Secrertary, Vesuvius India Ltd. care coverage. On lack of genuine customer data & data updation, he said that after initial Addressing the members, Shri K screening, data would get integrated in to the G Joseph Jackson clarified that the system, to be updated regularly. amendments had been brought in to address the difficulties faced by the stakeholders in Speaking on the value chain, Smt. compliance, ensuring ease of doing business Janani Viswanathan mentioned about and to synchronise the various departmental leveraging data to identify fraudulent claims. regulations. Applicability of various provisions Customers might also have a trail of data so would be clear after the rules were framed, as to get alerts on wrong customer behavior, he noted. Shri B B Chatterjee said that the she suggested. On low level of engagement deposit of Rupees One Lakh for the application with the customers, she said that percentage of a Director of a company had been dispensed of engagement with customers by banks was with and substantial incorporated in case of 86%, whereas in insurance, the figure was as Independent Directors. Shri Debashish Mitra low as 15%. dealt with various provisions of Sec 42 of the Shri B Dehury said that technology Act, relating to private placement. He felt that would be a must for a better penetration, for joint ventures had now been well defined in getting new customers as also for retaining old the new amendment. He also spoke about the customers. Penetration would depend upon the responsibilities of the Auditors under Sec 143. agencies and tools for computerized settle of Shri Siddharth Murarka dealt with the the claims. If a customer could walk into an office definition of holding companies, which had and could get claims settled immediately in been replaced with holding body corporate. hours of need, that experience would stay with He said that name reservation had been an him forever, he added. issue and only 20 dauys had been provided for change of name. Shri Taposh Roy mentioned Workshop on ‘Companies about the changes in Sec 161 and 167 on (Amendment) Bill, 2017’ casual vacancies in Directors’ position due to on 4th January 2018 at MCCI disqualification, as specified under the various provisions of the Act. He also spoke about Sec The Chamber organized a Workshop 403 of the Act. on ‘Companies (Amendment) Bill, 2017’ on 4 January 2018 at MCCI Conference Hall. The The Session was chaired by Shri Ramesh Workshop was addressed by Shri K G Joseph Agarwal, President MCCI chaired the Session, Jackson, Registrar of Companies, Kolkata, which was also addressed by Smt. Mamta Minsitry of Corporate Affairs, Govt. of India as Binani, Chairperson, Standing Committee on the Chief Guest. Other distinguished speakers Corporate Law & Governance.

Annual Report 2017-18 61 Merchants’ Chamber of Commerce & Industry

Cancer Awareness Camp on 5th Bengal Global Business Summit, 2018 January 2018 at MCCI : Session on Textiles by MCCI on 16th January 2018 at New Town The Chamber organized a Cancer Awareness Camp with Dr. Arunabha The 4th Bengal Global Business Summit, Sengupta, Secretary, Indian Cancer Society & 2018 was held on 16–17 January, 2017 at Senior Surgical Oncologist, Apollo Gleneagles Biswa Bangla International Convention Centre, Hospitals, Kolkata and Dr. Shaikat Gupta, New Town by the Government of West Bengal. Director of Surgical Oncology, Apollo Gleneagles The Summit resulted in a total 110 MoUs and Hospitals, Kolkata at the Chamber on 5 January expressions of interest towards investment 2018. proposals worth Rs.2,19,925 cr., out of which Rs.1,56,811 cr. are in manufacturing and Dr. Arunabha Sengupta pointed out infrastructure. that mortality could be avoided through cancer control, by which nearly 50 p.c. of mortality The Chamber was entrusted to organize would be preventable. He urged people to a Sectoral Session on Textiles, which was consult a doctor if any unusual symptom such attended by over 300 people. Shri Rajiva as bleeding, swelling, etc. persisted for over Sinha, IAS, Additional Chief Secretary, MSME two weeks. & Textiles Department, Govt. of West Bengal Stressing on early detection of cancer gave the Introductory Remarks. leading to complete cure, Dr. Shaikat Gupta The Welcome address was delivered said that 70 to 80 p.c. detected at late stage by Shri Ramesh Agarwal, President, MCCI when treatment was not possible. He said and Shri Sanjay Jain, Chairman, Standing that cancer develops silently in the body and Committee on Textiles & Jute, MCCI gave the often without painless symptoms. He urged all the Theme Presentation. to be vigilant for changes in digestion, bowel and bladder habits, persistent sore throat & The Session was also addressed by the nagging cough, unusual bleeding, lump in the following leading businessmen & entrepreneurs body, difficulty in swallowing and others. Dr. of the sector, from all over the country : Gupta advised people to consult a doctor for unexplained changes in health, as also to lead • Shri Premal Udani, MD Kaytee Corporation a healthy lifestyle. Pvt Ltd ( Moderator) • Shri Rahul Mehta, President, CMAI Earlier, in his Welcome Address, Shri • Shri Rakesh Vaid, Past Chairman, Apparel Arvind Agrawal, Committee Member, MCCI Export Promotion Council (AEPC) said that on an average, more than 1,300 Indians succumbed to the disease each day. The • Shri Shishir Jaipuria, Chairman, FICCI Textile Indian Council of Medical Research estimated Committee that incidence of cancer will grow by 25 p.c. by • Shri Sunil Arora, CEO, Impulse International 2020, he said. • Shri Ranjiv Kapur, COO, Triburg The session ended with a hearty vote of • Shri Elangovan Vishwanathan, President, thanks offered by Shri Surendra Keyal, Hony. Textile Buying Association Secretary, MCCI. • Shri Anil Buchasia, Chairman ER, AEPC

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Session on Insurance Awareness on were for the benefit of assessees to avoid 19th January 2018 at MCCI litigation. Amendment of Sec 36 on Mark to Market losses, he said that Government now The Chamber, in association with had recognized that all expected losses would Cholamandalam MS General Insurance be recognized, whether on current account or Company Ltd., organized a Special Session on capital account. Foreign exchange would be Insurance Awareness on 19 January 2018 at used for capital account, there was no question MCCI Conference Hall. of taxing profit/loss, he said. The Session was addressed by Shri • On Deemed Dividends on account of loans Rajkumar J, DGM–Product Development & and advances by a closely held company, to be Underwriting; Smt. Annam R, Senior GM & taxed in the hands of recipients/ shareholders, Head – Commercial Underwriting; Shri Jithesh normal rates would be applicable, as per Sec. S V, Asstt. General Manager – Risk Services. 220(e), he noted. Shri Smarajit Mitra, Chairman, Standing • He said that a lot of benefits had been given Committee on Banking, Finance & Insurance to the senior citizens. All senior citizens would chaired the Session. now be able to claim benefit of deduction up to Rs 50,000 per annum in respect of any Symposium on Union Budget 2018–19 health insurance premium and/or any general on 2nd February, 2018 at MCCI medical expenditure incurred. Besides, Budget Conference Hall increased the limit of deduction for medical expenditure in respect of certain critical illness The Chamber organized a Symposium on to Rs 1 lakh in respect of all senior citizens, Union Budget 2018–19 on 2nd February, under section 80DDB; raised the deduction of 2018 with the following speakers : interest income on senior citizens’ bank & post • Shri N K Poddar, FCA, Senior Advocate, office deposits from Rs.10,000 to Rs.50,000; Supreme Court of India, • He also spoke about tax on long term • Prof. Arindam Banik, Ph.D., Distinguished capital gains exceeding Rs.1 lakh @ 10% with Professor, International Finance & Business and grandfathering provision up to 31st Jan, 2018; Director, International Management Institute, proposal to introduce a tax on distributed income Kolkata and by equity oriented mutual funds @ 10% and • Shri Amitav Kothari, FCA, Former President the proposed standard deduction of Rs.40,000 of the Chamber and Managing Partner, Kothari in place of exemptions for transport allowance & Co. and reimbursement of medical expenses. • Shri N K Poddar complimented the Finance • For Charitable Trusts, the growing instances Minister for presenting a Budget, simple and of cash transactions at charitable trusts owned easy to understand. Referring to the post– by corporate had come under scanner. No budget initial movements in the stock market, deduction allowed for trusts with respect to he said that the market would stabilize soon. transactions in cash exceeding Rs. 20,000 per person per day. • Regarding notified Income Disclosure & Accounting Standards, most of the amendments • Shri Amitabh Kothari pointed out that

Annual Report 2017-18 63 Merchants’ Chamber of Commerce & Industry there existed 2 entities in the country: Bharat & the Americans. Indian companies from IT/ITES India. This Budget was for Bharat as a prelude and Chemical sectors had become keen to set to 2019 elections. up units in the US after 100% writing off. GST was also pegged at 9% in US, in prosperous • In order to double farmers’ income by 2022, states like Texas, no GST at all, he added. the farmers would get 1.5 times for their farm produce, they had been assured 50% of cost of Prof Arindam Banik observed that production. This would have a spiraling effect Indian economy needed to be sensitized on the prices, which would rise for all products. regarding budget provisions. There should be business cycle based budgeting, he • He observed that many ambitious suggested. The concerned families would need announcements had been made in the Budget to be sensitized on how to claim 5 lakhs for like massive task of health insurance of Rs. 5 each family for health insurance. Not only lakhs per annum to 10 cr. of families, Prime government hospitals, private hospitals also Minister Suraksha of Rs. 330 per month, 1 lakh needed to be sensitized, as also the delivery cr. affordable housing and others. The Budget mechanism, he added. He also felt that there was not clear on how to raise the money for all was no clear road map regarding lowering of the provisions. fiscal deficit from 3.5% to 3.3%.. • He was of the opinion that no disinvestment Earlier, in his Welcome Address, Shri had actually taken place, as money had been Vishal Jhajharia, Senior Vice President transferred from one PSU to another. Long of the Chamber complimented the Finance term capital gains exceeding Rs 1 lakh on Minister for extending the reduced rate of 25% sale of equity shares/units of Equity oriented Corporate Tax for companies up to Rs. 250 cr. Fund were taxed at 10% without allowing any annual turnover, which would cover 99% of indexation benefit, this trend had reversed after companies. However, the proposed cess on 14 years. personal and corporation tax to 4% would be • He said that there were no changes in tax an extra burden to all concerned. He referred rates for Partnership & LLP and found no reason to IMF forecast that India would grow at 7.4% for this step motherly attitude towards to small in FY 19 in the backdrop of services resuming & micro sector. high growth rate of 8% plus. • He felt that there were huge changes all The Session ended with a hearty Vote of across the world and it was time for India to have Thanks by Shri Arvind Agrawal, Chairman, a relook at the growth policies. He mentioned Direct Taxes Standing Committee of the about the recent changes in laws in USA, Chamber. effective from 1st Jan 2018, viz. 100% writing off of capital expenditure for 2 years beginning Seminar on “Changing Face of Skilling from 1st Jan 2018; Reduction in Corporate Tax in India – Trends & Prospects” rates from 34% to 28% at one go; and One time with Shri Purnendu Basu, Hon’ble tax window for any corporate at 8% tax rate. Minister for Skill Development, He felt that these changes would bring in more Govt. of West Bengal on 9th February money to the USD 8 trillion US economy and 2018 at MCCI also create more employment opportunities for The Chamber, in association with

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Ramakrishna Mission Shilpamandira, Belur and • Inaugural Session : Leveraging Don Bosco Technical Institutes, Liluah & Park Competitive Advantage for Future Growth Circus organized a Seminar on “Changing Face of Skilling in India – Trends & Prospects” on 9 • Session II : Destination North Bengal : February 2018 at MCCI Conference Hall. The Opportunities in MSME & Tourism Seminar was addressed by Shri Purnendu • Session III : Tea Industry : Role in Basu, Hon’ble Minister for Skill Development, North Bengal’s Development Govt. of West Bengal as the Chief Guest. • Session IV : Services Sector : Addressing the Seminar, Shri Purnendu Opportunities in IT & ITeS, Education, Basu spoke about the special skills amongst Healthcare & Financial Services in North the people of West Bengal, including those Bengal in the jewellery sector. He spoke about the industry linkages and the initiatives take by the Inaugural Session – “Leveraging Govt. of West Bengal towards enhancement of Competitive Advantage for Future employability of the skilled youth. Growth” The Session was also addressed by Swami • “North Bengal can be an International Vedatitanandaji Maharaj, Correspondent, business hub”, said Shri Rabindranath Ghosh, Ramakrishna Mission Shilpamandira, Belur; Fr. Hon’ble Minister, North Bengal Development Tomy Joseph, SDB, Rector, Don Bosco Liluah Department (NBDD), Government of West and Shri Kalyan Debnath, CEO, Peerless Skill Bengal. The Minister pointed out that under Academy. The Session was chaired by Shri the dynamic leadership of the Hon’ble Chief Ramesh Agarwal, President of the Chamber. Minister, the region had registered a massive growth in the recent years. The West Bengal MCCI North Bengal Investment Forum 2018 State Budget 2018-19 had proposed to allocate “Leveraging Competitive Advantage Rs.640.48 cr. to NBDD. for Future Growth” • He mentioned that sectors like jute, tea, on 16 February, 2018 at “Uttar readymade garments, tourism, services, dairy Kanya” Auditorium, Jalpaiguri farming, food processing, floriculture etc. had The Chamber organized MCCI North huge potential in this region and could bring in Bengal Investment Forum 2018 on 16th February substantial investments into the region. He said 2018 at Uttar Kanya Auditorium, Jalpaiguri. The that that historically, this region was known objective of the Seminar was to reach out to for Tea–Timber–Tobacco, now the focus had the important stake holders of North Bengal shifted to Tea & Tourism. Tourism had grown and deliberate on the business prospects & by leaps and bounds in the last 6–7 years, with challenges of the region, as also to identify the increased number of travelers from India and investment opportunities thereof. The Forum abroad. was addressed by Shri Rabindranath Ghosh, • He invited the business community including Hon’ble Minister, North Bengal Development the SME sector to set up their units and invest Department, Government of West Bengal as in North Bengal. Surplus electricity, excellent the Chief Guest. transportation, huge capital investment The topics of the Forum were : subsidies, availability of raw materials,

Annual Report 2017-18 65 Merchants’ Chamber of Commerce & Industry favourable weather conditions, markets going Session II : “Destination North beyond international boundaries into countries Bengal : Opportunities in MSME & like Bangladesh, Bhutan, Nepal and Myanmar Tourism” could be some of the factors which could create huge opportunities for North Bengal. Speakers : This would in turn create huge employment • Shri Dipankar Chakraborty, Joint Director, opportunities for the sons of the soil as also MSME, Siliguri Zone, Govt. of West Bengal – as who had decided to migrate to other states, he Convenor & Moderator noted. He also spoke about the commissioning of flight services with Cooch Behar, Malda and • Shri Supratim Raj Basu, Founder Balurghat President, Eastern Himalaya Travel & Tour Operators’ Association (EHTTOA) and Founder, • He expressed concern over non utilization Help Tourism & ACT of land taken for industrial purpose by many industrialists and urged the industrialists to • Shri Partha Guha, Director, Nature Beyond set up their units in their land within 3 yaers Pvt. Ltd. and assured help to them, including financial • Shri Samrat Sanyal, Former President, assistance. EHTTOA & Director, Global Connection Highlighting on the growth potential of • Shri Dibyendu Deb, Honorary Secretary, North Bengal, Shri Kamal Kumar Mittal Dooars Tourism Development Forum mentioned that in addition to tea & tourism, Shri Dipankar Chakraborty highlighted sectors like agri–horticulture, new frontiers the importance of MSME and Tourism and felt like IT/ITes & BPO and Tea Tourism could play that the bottlenecks in the system should be catalytic role towards the growth story of this identified and overcome. He mentioned about region. Referring to the proposals like eco skill development programmes of young men tourism hub like Bhorer Alo in Jalpaiguri, he felt and women in the hills for the tourism sector. that emergence of such projects would change the landscape of growth in North Bengal Charting out the advantages of and would also create huge employment geographical proximity to different countries opportunities. in this region, Shri Supratim Raj Basu said that North Bengal enjoyed huge locational Earlier, in his Welcome Address, Shri advantage in the country too and could be Ramesh Agarwal, President of the Chamber a ‘leader’ in the tourism industry due to its pointed out that as a part of the Act East Policy, locational advantages. He felt that priority North Bengal had been integrated to the Central should be accorded to cross border tourism and Government’s development agenda and action emphasized on emergence of think tanks to plan. With its unique location at close vicinity create philosophies for the development of the to many international borders, the region could industry here. He also stressed on development facilitate development of the Bangladesh China of village level tourism in the hills, as this India Myanmar (BCIM) Economic Corridor. would not only strengthen the rural base but The Inaugural Session ended with a would also control rural urban migration to a hearty Vote of Thanks by Shri Surendra large extent. He expressed satisfaction that a Keyal, Hony. Secretary of the Chamber. Passport Seva Kendra would start functioning

66 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry in North Bengal very soon. Ministry of Science & Technology, Govt. of India Shri Samrat Sanyal was of the opinion Shri Suresh Agarwal observed that tea that North Bengal should go beyond Darjeeling industry, although beset with complex problems, and emphasized on understanding culture had been the only organized industry of North and heritage of the region by the tourists. He Bengal and had a significant contribution to the focused on the immediate need to renovate economy of the region. and upgrade Bagdogra Airport. Shri Bijoy Gopal Chakraborty said that Shri Partha Guha mentioned that north West Bengal ranked 3rd in production of small Bengal needed to create new products to attract tea in India after Assam & Tamil Nadu. There tourists. Speaking on too much of importance existed nearly 40,000 small tea growers in the on tourism around Darjeeling leaving the districts of Darjeeling, Jalpaiguri, Coochbehar middle region, including Malda and the Dooars and Uttar Dinajpur, covering plantation area high and dry, he felt that emphasis should shift of nearly 1.25 lakh acre, with total investment from nature based tourism and more and more of Rs. 2500 cr. with direct and indirect regions should be developed as tourist spots. employment of around 15 lakh people. While He stressed on the need to develop more organized plantations accounted for 49.61% of airports in the region. tea production in 2016–17, small tea units grew 50.39%. Shri Dibyendu Deb mentioned about the rich natural beauty of Dooars and urged Shri K K Mintri mentioned that tea industrialists to invest there in hospitality production in Terai was 152 million kg, out of management so that they could find all India production of around 1285 million kg employment based on tourism. He also invited in 2017, the corresponding figures were 144 entrepreneurs to set up handicrafts industries, mkg and 1267 mkg respectively in 2016. He popular among tourists visiting Dooars. observed that amidst depressing prices in the domestic market, exports had brought some Session III: “Tea Industry : Role in cheer to the industry. He felt that stipulation of North Bengal’s Development” mandatory 50% sale through auctions should be reviewed and producers should be allowed • Shri Suresh Agarwal, Co-Chairman, to sell tea through their own channels in a Agriculture & Food Processing Standing highly competitive market. Committee, MCCI – as Convenor & Moderator Shri Ravi Agarwal spoke about the • Shri Bijoy Gopal Chakraborty, President, newly designed e-Auction system, used by Confederation of Indian Small Tea Growers’ Auction centres at Kolkata, Siliguri, Guwahati, Association Coimbatore and others, with Manufacturers, • Shri K K Mintri, Chairman, Terai Indian Auctioneers, Warehouses and Buyers being Planters’ Association provided access to various functionalities of the • Shri Ravi Agarwal, Former Chairman, system. Tea consumption in India at 730 gm per Siliguri Tea Auction Committee capita had been below par when compared with some of the neighbouring countries. A growth • Dr. Syed Edward Kabir, Tea Scientist & in demand for tea and increase in consumption Technical Expert, Deptt. of Bio Technology, through generic promotion would be critical,

Annual Report 2017-18 67 Merchants’ Chamber of Commerce & Industry for domestic and international markets. growth of banking industry. He assured all support towards facilitation of industries in the Dr. Syed Edward Kabir said that despite region. 50% production of tea, small tea growers were still unsung. He suggested diversification & Shri Anirudh Biswas mentioned that modification of tea related products like tea Siliguri–Jalpaiguri region was holding bountiful biscuits, tea wine, tea cola, orange tea, pine economic opportunities in IT/ITeS with a faster apple tea. He also advised implementation ISO rate of urbanization as compared to other areas 22000 in tea gardens & training of tea workers. in North Bengal. Darjeeling and the hilly areas had been home to a number of reputed English Session III: “Services Sector : medium-schools, which could be suitably Opportunities in IT & ITeS, leveraged for providing quality manpower for Education, Healthcare & Financial IT/ ITES/ BPO/ international Call Centers in the Services in North Bengal” region. • Shri Smarajit Mitra, FCA, Chairman, Smt. Chandrama Pradhan observed Banking, Finance, Insurance & Capital Market that although there the reputed Convent & Standing Committee, MCCI - – as Convenor & English medium schools in the hilly areas, Moderator immense opportunities existed in the districts of North Bengal to set up state–of–the–art good • Shri Arunava Basak, Assistant General quality schools, for strengthening the education Manager – SME, State Bank of India, Siliguri base of the tiny tots, who would grow up to be • Smt. Chandrama Pradhan, Principal, Sri the future citizens of the country. Sri Academy, Siliguri Speaking on the issue of providing proper • Shri Anirudh Biswas, Managing Director, drinking water to the residents of North Bengal, Fixfin Technologies Shri Jayanta Biswas mentioned about • Shri Jayanta Biswas, Director, Apex challenges in this sector, particularly for arsenic, Technology fluoride and iron removal in water. Deliberating on the significance of services MCCI Delegation to Bahrain sector in the economy, Shri Smarajit Mitra International Garden Show (BIGS), 2018 pointed out banking, IT/ITeS, education and Manama, Bahrain, hospitality industries had picked up a lot and 21-25 February, 2018 the largest share of SDP had been contributed by this sector. He was hopeful that the region The Bahrain International Garden Show was bound to witness a sea-change in the (BIGS) 2018, was held at Bahrain International coming years in the service sector. Exhibition & Convention Centre, Manama, Bahrain between February 21st & 25th, 2018. Shri Arunava Basak said that with The Theme of BIGS 2018 was “Food Safety”, faster urbanization in the region, demands and the show highlighted food safety issues and for banking and insurance services had risen, focused on spreading awareness about good especially from trading sector. Tourism & agricultural practices and steps consumers can hospitatlity sectors had been the next largest take to make food safer to eat. There were sector which contributed significantly to the 158 exhibition stalls at BIGS 2018, and around

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48,000 visitors visited the mega show over 4 be the only Chamber from India to take a high- days. profile business delegation to BIGS 2018. The MCCI collaborated with the National Initiative BIGS 2018 marked MCCI’s foray into for Agricultural Development (NIAD), Kingdom large international trade & investment shows of Bahrain for setting up the “India Pavilion” with global footprints, and the show provided at the show, and represented the country in value-added networking opportunities to Bahrain. This was the first time that any Indian the delegates. The Chamber played a key business delegation participated at BIGS. role in strengthening India-Bahrain trade & investment exchanges, thereby successfully MoU between MCCI & NIAD : In a facilitating focused B-2-B meetings for the significant move, the MCCI signed the first MoU Indian entrepreneurs with their international that NIAD signed with any Indian business counterparts. Chamber, to explore business opportunities in the agro & related sectors, create mutual The following prominent countries among synergies between India & Bahrain as also to others set up pavilions at BIGS 2018 : India, strengthen the bilateral relationship between China, Japan, Russia, USA, Greece, UAE, Turkey, the two countries and facilitate exchange of Mali, Morocco, Indonesia, Italy, Netherlands, trade missions. The MoU, signed by Ms. Shaika Saudi Arabia, Oman. Apart from the Country Maram bint Isa Al Khalifa, Secretary General Pavilions, there were several exhibition stalls of NIAD and Mr. Souvik Banerjee, Director set up by agencies & institutions from all across General, MCCI, is an exclusive MoU where both the world. parties will work together closely for next three Every year, this prestigious show is consecutive years, and can go a long way in organized under the patronage of HIS strengthening the bilateral trade & investment MAJESTY KING HAMAD BIN ISA AL KHALIFA, linkages. Mr. Om Prakash, Second Secretary King of Bahrain, and is the perfect opportunity (Commerce) at Embassy of India in Bahrain, for exporters as well as traders & investors in along with Indian delegates and NIAD officials the Agro business, Horticulture, Home Décor, were present during the occasion. Landscaping, Gardening, Green products Visit of Indian Ambassador to Bahrain and related industries in Agriculture & Food to the India Pavilion : Mr. Alok Kumar Sinha, Processing sectors. The show plays a key role Indian Ambassador to the Kingdom of Bahrain in introducing them to the Bahrain and entire visited the India Pavilion at BIGS 2018, and Gulf markets. interacted with the Indian delegation. He India Pavilion at BIGS 2018 & assured all support to MCCI delegates to expand Role of MCCI : The Merchants’ Chamber of business in Bahrain & entire Gulf region, and Commerce & Industry (MCCI) took the lead to congratulated MCCI for taking this initiative. MCCI Delegation : Delegate / Company Profiles Company name Sector Represented by Shyamsree Agro Commodities Green house commercial Shri Manish Beriwala Pvt. Ltd farming, smart farming technologies

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Company name Sector Represented by Punica Exports Pvt. Ltd Technology to increase Shri Sunil Vaidya Shri the shelf life of fruits and Pankaj Patil vegetables and Export of Pomegranates

Pronto Industrial Services Ltd Export of Neem based natural Shri Jyotirindra Nath Dey products and import of Olive Plantation Technology Euphoria Infotech (I) Pvt. Ltd IT & ITES services, IT in Agro- Shri Shamba Bhanja Shri Business Kedar Gupta

Flora Consult Aeroponics & Hydroponics Shri Praveen Sharma Shri turnkey projects Pradeep J. Jayakar Ramkamal Organic Farms Export of Grapes Shri Vikramsinh N. Bhosale The delegation was accompanied by Shri Souvik Banerjee, Director General, MCCI and Mr. Arijit Dey, Assistant Secretary, MCCI. The MCCI Delegation to BIGS 2018 had been successful in generating concrete, real-time business for the participants, and the Chamber has played a significant role in creating meaningful bridges of trade co-operation between Indian entrepreneurs and their international counterparts. As a result, some of the delegates already confirmed their participation for the show next year.

Session with Mr. Joshua Pollock, Committee on MSME, MCCI, whon delivered Bestselling Author, Meditation Expert & the Welcome Address. Motivational Speaker on 21 February 2018 at MCCI Interactive Session with H. E. Mr. Jozef Drofenik, Ambassador, Embassy of the The Chamber organized an Interactive Republic of Slovenia in India on “Doing Session with Mr. Joshua Pollock, Bestselling Author, Heartful Trainer, Meditation Expert, Business with Slovenia” Motivational Speaker and Violinist on 21 on 24 February 2018 at MCCI Conference Hall February 2018 at MCCI Conference Hall. The Chamber organized an Interactive Addressing the Seminar, Mr. Joshua Session with H.E. Mr. Jozef Drofenik, Pollock spoke about having the “inner balance”, Ambassador, Embassy of the Republic of Slovenia so that the external forces could be handled in India on “Doing Business with Slovenia” on better. He stressed on meditation, which would 24th February, 2018 at its Conference Hall. bring in inner balance, would help all to become The Session was also addressed by Mr. S S more productive. The Session was chaired by Bagaria, Hony. Consul of Slovenia in Kolkata Shri Rishabh Kothari, Chairman, Standing and Past President, MCCI.

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• “The Republic of Slovenia is known for to Indian Defence from Slovenia in the recent niche technologies”, said the Ambassador, who years. He mentioned that although bilateral invited the business community in India to set relations had grown since 2002, it had shown up joint ventures and invest in Slovenia, in the a healthy trend since 2013, with huge potential areas of tourism, hospitality, automotive and for mutual investment, in the areas of tourism, medicaments. He mentioned that 4 Indian plastics, electrical appliances etc. companies had recently shown interest to Earlier, in his welcome address, Mr. set up units in Slovenia, 3 in auto industries Ramesh Agarwal, President MCCI spoke and the 4th one in food processing. There about huge potential of business with West were not enough Indian restaurants & hotels Bengal, in the areas of Tourism, IT/ITES, in the country, which had huge potential for Engineering, Iron & Steel, Food Processing, investment, he added. He stressed on the huge Textiles, Gems & Jewellery and Film industry. potential of enhancing bilateral trade between India and Slovenia. Since the establishment of The Session ended with a hearty Vote of diplomatic relations between the two countries Thanks by Mr. Sanjib Kothari, Co–Chairman, in 1992, the two–way trade had gone up to Standing Committee on Foreign Trade, MCCI. US$ 252 million till last year, he observed. GST Refresher Outreach Programme • Despite being a small country with an area on 14 March 2018 at MCCI 20,273 sq. km (0.45% of EU) and population of around 2.07 million, Slovenia was considered The Chamber, jointly with the Directorate of as one of the highly qualified industrial nations Commercial Taxes, Government of West Bengal in Europe, having a high quality of life with organized GST Refresher Outreach Programme strong education & healthcare system and with on 14th March, 2018 at the Conference highly qualified professional working force, in Hall of the Chamber. The programme was electronics & IT. addressed by Shri Adesh Kumar, Additional • In addition to its excellent strategic location Commissioner and Shri Subir Ghosh, Deputy in Central Europe, he spoke about the quick visa Commissioner of the Directorate of Commercial service and maximum 5 days for registration of a Taxes, Government of West Bengal. Limited liability company with minimum funding Addressing the House, Shri Adesh Kumar capital of € 7,500. He referred to tax structure assured help and assistance for the business : Corporate Income tax : 19% (effective rate community regarding the difficulties on GST. On 12%) with tax relief up to 100% in R & D, 40% the latest developments, he said that E–waybill in equipments & intangible long term assets; would be made mandatory from 1st April, 2018 Personal Income Tax : progressive tax rates – for inter–state movement of goods and from 16%, 27%, 39% & 50%; Capital Gains Tax : 1st June, 2018 for intra state movements. 0–25% depending on holding period and VAT E–waybill would have to be generated only structure : 22% standard rate and 9% reduced when the value of consignments exceeds Rs. rate. 50,000, for consignments worth less value, e– Speaking on the occasion, Mr. S S waybill not required. Value of exempted goods Bagaria referred to the supply of 194 aircrafts excluded from the value of consignment, for

Annual Report 2017-18 71 Merchants’ Chamber of Commerce & Industry the purpose of e–waybill generation. Public Interactive Session with His Excellency conveyance had also been included as a mode Dr. Sabit Subasic, of transport and the responsibility of generating Ambassador of Bosnia & Herzegovina in for e–waybill for movement of goods by public India on ‘Doing Business with Bosnia & transport would be that of the consignor or Herzegovina’ consignee. In case of movement of goods on on 28 March 2018 at MCCI account of job work, the registered job worker can also generate e–waybill. Consignor can An Interactive Session was organized by the Chamber with His Excellency Dr. Sabit Subasic, authorize the transporter, courier agency and Ambassador of Bosnia & Herzegovina in India on e–commerce operator to fill Part A of the e– ‘Doing Business with Bosnia & Herzegovina’ on 28 waybill on his behalf. March 2018 at MCCI Conference Hall. Shri Subir Ghosh observed that GST • Mr. Sabit Subasic said that Bosnia could offer huge collection had been satisfactory in West Bengal trade & investment opportunities to Indian companies, and the state did not feature in the list of states in sectors like Wood Processing, Textiles & Leather, that had been compensated by the Centre, the Agro & Food Processing, Machinery & Automobiles, total amount of compensation being Rs. 28,398 Mining & Minerals, Pharmaceuticals, IT & ITeS and Education. This would drive future India – Bosnia trade crore. Karnataka had the highest amount of Rs. & co–operation, he noted. 3,400 cr., amongst the 5 states on the country, to be compensated against shortfall in their tax • On the ‘industry friendliness’ of the country, Bosnia collections, he added. has the lowest VAT rate 17%, among the neighbouring countries in Europe, and a profit tax rate of 10%. Earlier, in his Welcome Address, Shri • On Tourism, he said that Bosnia & Herzegovina had Sanjib Kothari, Co Chairman, Standing been one of the most picturesque countries in Europe Committee on Foreign Trade, MCCI said that attracting tourists all over the world. He urged that as per West Bengal State Budget estimates for more & more Indian tourists could explore the beauty 2018–19, SGST would be around 24% of total of the country. revenue, the largest component of the state’s Earlier in his Welcome Address, Shri Ramesh tax revenue. It was expected that SGST could Agarwal, President, MCCI spoke about the generate around Rs. 13,094 cr. enhanmcement of bilateral relations between India and Bosnia, with emphasis on tourism and film industry. Shri Sushil Kumar Goyal, Co Chairman, Standing Committee on Indirect Taxes & GST, In his address, Shri Sanjay Agarwal, Hony. MCCI spoke about the difficulties regarding Consul of Bosnia & Herzegovina in Kolkata and past implementation of anti–profiteering, problems President of the Chamber mentioned about the key aspects of the Bosnian economy and referred to the regarding waybills, without check posts and country as “Kashmir of India”, because of its unparallel proper monitoring. beauty. The Seminar ended with a hearty Vote The Session ended with a hearty Vote of of Thanks by Shri Surendra Keyal, Hony. Thanks by Shri Mahesh Keyal, Chairman, Standing Secretary of the Chamber. Committee on Foreign Trade of the Chamber.

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MCCI LADIES FORUM

Discussion Meeting on had been different and with the popularity ‘Future Business of Media Production of short films, concept of visuality had also – Short Films, Theater, Webseries’ changed, he added. th on 5 June 2017 at MCCI Smt. Kankana Chakraborty observed MCCI Ladies Forum (MLF) organised a that in theater there would be no double take. Discussion Meeting on ‘Future Business of She mentioned that she was pushed into Media Production – Short Films, Theater, theaters while in academia in US, which is a Webseries’ on Monday, 5 June, 2017 at two way communication. Some of her works the Chamber premises. include ‘Echoes’, ‘Extremities’ and ‘Sans Merci’. Short films portrayed a challenge of how a story The Meeting was addressed by Shri should be told in a short time frame. Webseries Sadhan Pande, Hon’ble Minister of Consumer had been popularized because “there is no Affairs, Self Help Group and Self Employment wastage” – all on the net, observed Kankana. Department, Govt of West Bengal addressed the Meeting as Chief Guest and Shri Bratya Smt. Prapti Jhajharia, Co-Chairperson, Basu, actor, director and eminent theater MCCI Ladies Forum in her welcome address personality and Hon’ble Minister of Information mentioned the growing popularity of short films Technology & Electronics, Govt. of West Bengal and webseries and the changing face of media as Guest of Honour. The Ladies Forum met production business. The Session ended with Smt. Kankana Chakraborty, National and a hearty Vote of Thanks from Smt. Vandana International Award Winning young actress Sonthalia, Member, MCCI Ladies Forum. and short film director from Los Angeles. Papia Devarajan, actress, was also present. Health Awareness Talk by Dr. Debdatta Bhattacharya & Dr. Shri Sadhan Pande observed that Surya Udai Singh of excellent films with low budget were being Rabindranath Tagore International made these days by young people like Kankana Institute of Cardiac Sciences, Chakrabarty. He urged that a film should be Mukundapur made on self help groups projecting their on Friday, 27th October 2017 at the activities and assured support for this. Chamber premises Shri Bratya Basu mentioned that The Chamber and MCCI Ladies Forum Kankana’s works and achievement portrayed (MLF) organized a Health Awareness Talk championship of womanhood, which wouild act with Dr. Debdattta Bhattacharya, Senior as a role model for regional actors, especially Consultant, Cardiologist (Adult) and Dr. teenage talents. Tax pattern of regional films Surya Udai Singh, HOD, Orthopaedics &

Annual Report 2017-18 73 Merchants’ Chamber of Commerce & Industry

Joint Replacement, both of Rabindranath people opting for more & more sedentary Tagore International Institute of Cardiac lifestyle. He prescribed a calcium rich diet for all Sciences, Mukundapur on 27th October 2017 with preferably 1000–1200 mg and a minimum at MCCI Conference Hall. intake of 700–800 mg of calcium every day. Stressing more on prevention for heart After every 1 hour–1 hour & a half, a walk of attacks than cure, Dr. Debdatta Bhattacharya 2–3 minutes would be important, he added. said that 50% of patients having heart attacks Earlier, in her Welcome Address, Smt. could never make it to the hospitals and die on Prapti Jhajharia, Co–Chairperson of MLF the road. Proper diet, exercise and no smoking said that lifestyle diseases were cropping up were crucial in bringing down the incidence of with increasing health risks. There had been heart attacks, he noted. He felt that parents an alarming rise of cardio–vascular diseases should impress upon their children on less as also joint replacement surgeries, she noted. intake of fast food and more of fresh fruits The Session ended with a hearty Vote of and vegetables. In sharp contrast with Kerala having around 100 catheterization laboratories Thanks by Smt. Chaitali Das, Chairperson, or cath labs, existence of 25–30 cath labs in Standing Committee on Skill Development & West Bengal was not sufficient for the people Empowerment, MLF. of the state, at least another 50–70 cath labs The Talk Session was followed by a free needed. Dr. Bhattacharya referred to the high health check–up camp at the Chamber, covering cost of quality treatment as a challenge causing blood pressure, weight, pulse, random blood frustration both for doctors and patients. sugar (RBS) and ECG by Rabindranath Tagore Dr. Surya Udai Singh observed that International Institute of Cardiac Sciences, for orthopaedic diseases, the problem lay with consultation by doctors of cardiology & in execution and not in the knowledge, with orthopaedics for select members and guests.

74 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry

OTHER IMPORTANT EVENTS

Preparatory Meeting on BGBS 2018 programme to showcase the opportunities available in the Textiles area in the State. A Preparatory Meeting on BGBS 2018 was held on 22 April 2017 at Lalit Great Eastern Shri Sanjay Kumar Jain, Co-Chairman, to discuss the planning for BGBS 2018. The Standing Committee on Industry, MCCI presided invitation was received from Shri Surendra over the Session. Shri Dindayal Bhiwaniwalla, Gupta, IAS, Managing Director-WBIDC. Chairman, Textiles and Others Sub-Committee, Bharat Chamber of Commerce, Smt. Kanaklata Shri Ramesh Agarwal, Senior Vice Datta, Managing Partner, Sharbari’s Studio President, Shri Vishal Jhajharia, Vice President and Smt. Sukanya Bose, Deputy Director, The attended the meeting. Bengal Chamber of Commerce & Industry attended the meeting. All Chambers’ Meeting Preparatory Meetings of the Working An All Chambers’ Meeting was held on Group from all the Chambers for 6 May 2017 at Bengal Chamber of Commerce “Bengal-Accelerating Growth” & Industry rto have a first round of talk to organize “Bengal Accelerating Growth”. A Meeting of the representatives of all the Chambers was held on 17 June at the Bharat Shri Hemant Bangur, President, Shri Chamber of Commerce to discuss about various Ramesh Agarwal, Senior Vice President and issues related to “Bengal-Accelerating Growth” Shri Vishal Jhajharia, Vice President of the Conclave. The meeting was presided by Shri Chamber along with Shri Sanjay Kumar Jain, Rajiva Sinha, IAS, Additional Chief Secretary, Co-Chairman- Standing Committee on Industry Dept. of Industry and Commerce, Govt. of and Shri Lavesh Poddar, Chairman- Standing West Bengal. Committee on Shipping & Logistics attended the meeting. Another Meeting of the representatives of all Chambers was held on 27 June at Bengal Chamber to discuss about various issues related Session on Textiles at All to the logistics of “Bengal-Accelerating Growth” Chambers’ Business Meet, renamed as Conclave. Bengal Accelerating Growth, a multi Chamber Business Conclave, scheduled A Meeting of all the Chambers was held for 28th and 29th July, 2017 on 4 June 2017 at BCCI premises regarding the Conclave an unique Business Conclave was First Meeting of the Organising Committee attended by Shri Hemant Bangur, President, on Textiles was held on 8 June, 2017 at the Shri Souvik Banerjee, DG and others. Chamber premises. This Organising Committee would be responsible for finalising the Another Meeting of the Working Group

Annual Report 2017-18 75 Merchants’ Chamber of Commerce & Industry was held on 10 July 2017 at CREDAI Bengal. AIFPA’s Award Function held on 15 December 2017 at Hotel JW Marriott, Kolkata on ‘Vision – Another Meeting was held on 17 July 2025’. 2017 held at BCCI, which was attended by Shri Hemant Bangur, MCCI President, Shri Lavesh Homage Meeting in honour of Poddar, Chairman, Standing Committee on Late Shri Shyam Sunder Sanganeriaji, Logistics, MCCI, Shri Sanjay Kumar Jain, Co- former President of the Chamber Chairman, Standing Committee on Industry, MCCI, Shri Souvik Banerjee, DG and others. A Meeting was held to pay HOMAGE to the Late Shyam Sunder Sanganeriaji, former Another meeting was held 22 August 2017 President of the Chamber, on 14 February at Bharat Chamber of Commerce premises, 2018 at Conference Hall of the Chamber. which was attended by Shri M. C. Das and Shri The Late Sanganeriaji’s achievements and Rajiv Mukerji from MCCI and representatives accomplishments made his life memorable to from all participating Chambers. all around him. A man of integrity, simplicity and generosity, the Late Sanganeriaji was Meeting with Shri Sarbananda held in high esteem for his smiable, humble, soft spoken nature, recounted the Trustees, Sonowal, Hon’ble Chief Minister of Past Presidents, Office Bearers and members Assam. present. A 2–minute silence was observed to A Delegation from MCCI comprising pay tribute to the departed soul, who had a Shri Ramesh Agarwal, Senior Vice President; deep bonding with the Chamber. Shri Surendra Keyal, Hony. Secretary; Shri Sunil Kanoria, former president; Shri Sanjay Meeting with Smt. Smriti Irani, Agarwal, former President; Shri Vivek Gupta, Hon’ble Minister for Textiles and Information & Broadcasting, Govt. of Committee Member; Shri Sanjay Rasiwasia, India Chairman, Standing Committee on Banking, Finance & Insurance met Shri Sarbananda A Delegation from MCCI comprising Shri Sonowal, Hon’ble Chief Minister of Assam on 27 Ramesh Agarwal, President; Shri Vishal Jhajharia, November 2017 at The Westin Hotel, Rajarhat Senior Vice President, Shri Surendra Keyal, and submitted a Memorandum on matters Hony. Secretary; Shri Arun Kumar Churiwal, past pertaining to Assam. President; Shri K B Agarwala, Past President, Shri Hemant Bangur, Past President; Shri Bijay 3rd Annual Conference of All India Gujarwasia Agarwal, Committee Member; Shri Food Processor’s Association (AIFPA) Suresh Agarwal, Committee Member; Shri Develop- ment of Food Processing Sanjay Jain, Chairman, Standing Committee on Textiles & Jute; Shri Rishabh Kothari, industries & AIFPA’s Award Function Chairman, Standing Committee on MSME and Shri Ramesh Agarwal, President of the Shri S Roy, DDG, MCCI met Smt. Smriti Irani, Chamber delivered the Keynote Address on Hon’ble Minister for Textiles and Informtaion & the occasion of their 73rd Annual Conference of Bradcasting, Govt. of India on 28 February 2018 All India Food Processor’s Association (AIFPA) at Hotel ITC Sonar. A Memorandum on matters Development of Food Processing industries & pertaining to Textiles was also submitted.

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PRESS COMMUNIQUE

07.04.2017 IA & AS Chairman, Damodar Valley Corporation (DVC), held on 11 May 2017 at MCCI. A press communiqué was issued on an Interactive Session with Dr. Parthasarathi 23.05.2017 Shome, Former Adviser to the Finance Minister A Press Communique’ was issued on of India and Chairman, International Tax Seminar on ‘Creating a Robust School Education Research & Analysis Foundation, Bengaluru on System as the Bedrock of New India’ with Shri ‘Recent Tax Reforms and the Road Ahead – An Anil Swarup, IAS, Secretary, Dept. of School Analytical View’, held on 7 April 2017 at MCCI. Education & Literacy, Govt. of India as the Chief 24.04.2017 Guest, held on 23 May 2017 at MCCI. A pre event Press Release was issued on the 25.05.2017 Seminar on “Destination Haldia : The Road A Press Communique’ was issued on Ahead”, to be held on 28 April 2017 at Haldia, Interactive Session with Shri Priyabrata which mentioned that the Seminar was a part Pramanik, Addl. Director of Income Tax of the reach our programmes of the Chamber (Investigation), on ‘Mandatory Furnishing to promote and support industrialisatuion at of Non PAN Data and Statement of Financial the district level. Transaction to Income Tax Department in Form 28.04.2017 No.61 & 61A’, held on 25 May 2017 at MCCI. A Press Release was issued on the Seminar 05.06.2017 on “Destination Haldia : The Road Ahead”, A Press Communique’ was issued on held on 28 April 2017 at Haldia, which was Discussion Meeting on ‘Future Business of Media addressed by Shri Dibyendu Adhikari, Hon’ble Production – Short Films, Theater, Webseries’, M P, as the Chief Guest and other distinguished held on 5 June 2017 at MCCI. speakers. 29.06.2017 06.05.2017 A Press Communique’ was issued on an A Press Release was issued on an Interactive Session with Shri Chandra Sekhar Interactive Session on ‘Challenges of Ghosh, Founder, Managing Director & CEO, Parliamentary Democracy in India’ with Smt. Bandhan Bank on “Credit Conundrum: Reading Meira Kumar, Former Speaker of Lok Sabha, the tea leaves”, held on 29 June 2017 at MCCI. held on 6 May 2017 at MCCI. 14.07.2017 11.05.2017 A Press Communique’ was issued on A Press Communique’ was issued on ‘MCCI Diplomats Forum’ on ‘Bengal as an Interactive Session on ‘Multi Dimensional Role Investment Destination’, held on 14 July of DVC’ with Mr. Andrew W.K. Langstieh, 2017 at Park Hotel.

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20.07.2017 India Economic Forum 2017 on “Transforming India, Fostering Growth”, with Prof. Shankar A Press Communique’ was issued on Acharya, renowned Economist as the Guest of Seminar on “Retail Industry : Prospects & Honour and other distinguished speakers, held Challenges” with Shri Sadhan Pande, Hon’ble on 15 September 2017 at Hotel Taj Bengal. Minister–in–Charge, Department of Consumer Affairs and Department of Self Help Group & 13.10.2017 Self Employment, Government of West Bengal A Press Communique’ was issued on a as the Chief Guest, held on 20 July 2017 at Special Session with Shri N. S. Vishwanathan, MCCI. Dy. Governor, Reserve Bank of India was held 02.08.2017 at The Oberoi Grand, Kolkata on ‘Regulation & Financial Stability’, held on 13 October 2017 at n a statement issued to the Press, the I Hotel Oberoi Grand. Chamber hailed the decision to cut the Repo Rate by 25 basis points to a seven-year low of 25.10.2017 6 p.c. by the RBI. This expansionary Monetary A Press Communique’ was issued on a Policy move would give a push to credit growth, Seminar on “Digital Disruption affecting Daily which had been sluggish for many quarters, Working”, held on 25 October 2017 at MCCI. which in turn would boost industrial growth. 27.10.2017 08.08.2017 A Press Communique’ was issued on a A Press Communique’ was issued Health Awareness Talk with Dr. Debdattta welcoming the move of reduction of GST rate Bhattacharya, an acclaimed cardiologist and on ready made garment job work from 18% to Dr. Surya Udai Singh, a renowned orthopaedic 5%. surgeon of Rabindranath Tagore International Institute of Cardiac Sciences, Mukundapur on 12.08.2017 27h October 2017 at MCCI Conference Hall. A Press Communique’ was issued on Special Session with Shri Arjun Ram 30.10.2017 Meghwal, Hon’ble Minister of State for Finance A Press Communique’ was issued on an & Corporate Affairs, Government of India, held Interactive Session with Shri C. Narambunathan, on 12 August 2017 at MCCI. General Manager cum Financial Advisor, The New India Assurance Company Ltd. on “New 12.09.2017 India Assurance : Redefining India’s Insurance A Press Communique’ was issued on Landscape”, held on 30 October 2017 at MCCI. Interactive Session organized with Shri Kishor Kharat, Managing Director & CEO, 03.11.2017 Indian Bank on ‘Banks in India & Business A Press Communique’ was issued on a Partnerships: Challenges & Opportunities’, held Round-Table discussion jointly with Insolvency on 12 September 2017 at MCCI. and Bankruptcy Board of India and ICSI Insolvency Professionals Agency on ‘Draft 15.09.2017 Insolvency Regulations on Individuals and A Press Communique’ was issued on MCCI Firms’, held on 3 November 2017 at MCCI.

78 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry

15.11.2017 A Press Communique’ was issued on election of new President of the Chamber, A Press Communique’ was issued on a Shri Ramesh Agarwal at 116th Annual Special Session with Dr. Radhakrishnan Pillai, General Meeting of the Chamber. Deputy Director, Chanakya International Institute of Leadership Studies (CIILS), 02.12.2017 University of Mumbai on ‘Role of Ancient Indian A Press Communique’ was issued on Spirituality in Corporate Leadership’, held on 15 an Interactive Session with Shri Neeraj November 2017 at MCCI. Kumar Gupta, IAS, Secretary, Department 23.11.2017 of Investment & Public Asset Management (DIPAM), Ministry of Finance, Govt of India on A Press Communique’ was issued on a ‘India’s Disinvestment Plan’, held on 2 December Meeting with Delegation from Yunnan Provincial 2017 at Park Hotel. General Chamber of Commerce (YPGCC), China, held on 23 November 2017 at MCCI. 02.12.2017 28.11.2017 A Press Communique’ was issued on an Interactive Session with Shri Anil Swarup, A Press Communique’ was issued on a IAS, Secretary, Deptt. of School Education Interactive Session with Shri Vinit Kumar, & Literacy, Ministry of Human Resource Chairman, Kolkata Port Trust on “ Outlook for Development, Govt. of India on “ Changing face Kolkata Port”, hel don 28 November 2017 at of Indian School Education : Current Trends & MCCI. Way Forward”, held on 2 December 2017 at 29.11.2017 Park Hotel. A Press Communique’ was issued on 05.12.2017 an Interactive Session with Padma Shri Dr. A Press Communique’ was issued on a Jagadish Shukla, Distinguished Professor, Mega-Seminar on ‘Agri-business opportunities George Mason University, President, Institute in West Bengal’ with Dr. Sanjeev Chopra, IAS, of Global Environment and Society, Managing Addl. Chief Secretary, Agriculture Department, Director, COLA, USA, Member, Prime Minister’s Govt. of West Bengal and other Departmental Council on Climate Change (PMCCC), India on Secretaries of Government of West Bengal, held “CLIMATE SCIENCE – Opportunities for New on 5 December 2017 at Hotel Oberoi Grand. Business and Science & Technology”, held on 29 November 2017 at Hotel Taj Bengal. 08.12.2017 29.11.2017 A Press Communique’ was issued on “MCCI General Insurance Forum 2017” with A Press Communique’ was issued on the Theme - “Changing face of Indian General 116th Annual Session of the Chamber was held Insurance”, held on 8 December 2017 at Hotel at Taj Bengal, Kolkata with Shri Shiv Pratap Lalit Great Eastern. Shukla, Hon’ble MoS, Finance, Govt. of India, held on 29 November 2017 at Hotel Taj Bengal. 04.01.2018 A Press Communique’ was issued on 30.11.2017 a Workshop on ‘Companies (Amendment)

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Bill, 2017’, with Shri K G Joseph Jackson, Budget Proposals for the year 2018-19’ Registrar of Companies, Kolkata, Minsitry of lauding the Hon’ble Union Finance Minister for Corporate Affairs, Govt. of India as the Chief giving a balanced approach towards the growth Guest and other distinguished speakers, held of agricultural sectors and the MSMEs which on 4 January 2018 at MCCI. are employment intensive sectors. MCCI also welcomed the extension of the reduced rate 05.01.2018 of 25% corporate tax currently available for A Press Communique’ was issued on a companies with turnover of less than 50 crore (in Cancer Awareness Camp with Dr. Arunabha Financial Year 2015-16), to companies reporting Sengupta and Dr. Shaikat Gupta, reputed turnover up to Rs. 250 crore in Financial Year oncologists, held on 5 January 2018 at MCCI. 2016-17. However, proposed increase of cess on personal income and corporation tax to 4% 29.01.2018 from the present 3% is an extra burden on all Ina statement issued to the Press concerned. Relief provided to Senior Citizens on Economic Survey 2018 released by the in term of exemption of interest income. Government of India, the President of the Introduction of Standard deduction were also Chamber on 29 January 2018, pointed out that appreciated. although the ecnomic growth had faltered, the 15.02.2018 Survey painted a rosy picture of the economy by saying that the growth had been on track, A pre event Press Release was issued revenue collection on the rise and fiscal deficit on MCCI North Bengal Investment under check. Forum 2018 with the theme - ‘Leveraging Competitive Advantage for Future 31.01.2018 Growth’, to be held on 16 February 2018 In a statement issued to the Press on at Jalpaiguri. The conclave would explore ‘West Bengal State Budget 2018-19’, the opportunities in high potential areas like President of the Chamber on 31 Janury 2018 Tourism, Tea, Agro & Food Processing, IT/ITeS, said that West Bengal Budget would boost Banking & Finance and others. social sector & agricultural growth. MCCI 15.02.2018 President welcomed the reduction in Stamp A Press Communique’ was issued on duty from 7% to 6% in urban areas and from MCCI North Bengal Investment Forum 6% to 5% in rural areas for properties valued 2018 titled ‘Leveraging Competitive between Rs.40 lacs to 1 crore. This will boost Advantage for Future Growth’, with Shri the Real estate sector and indirectly create Rabindranath Ghosh, Hon’ble Minister, North employment. Removal of Mutation Fees for Bengal Development Department (NBDD), agricultural land used for agricultural purposes Government of West Bengal as the Chief Guest will propel the agricultural sector to a higher and other distinguished speakers, held on growth trajectory. 16 February 2018 at Uttar Kanya Aiditorium, Jalpaiguri. 01.02.2018 A Press Communique’ was issued by the 22.02.2018 Chamber on 1 February 2018 on the ‘Union A Press Communique was issued on

80 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry regarding MCCI Delegation to Bahrain Garden Show (BIGS), 2018 Bahrain from 21 International Garden Show (BIGS), 2018 to 25 February, 2018 and the MoU signed with Manama, Bahrain from 21 to 25 February, 2018 NIAD, Kingdom of Bahrain. stating that MCCI collaborated with National Initiative for Agricultural Development (NIAD), 28.02.2018 Kingdom of Bahrain for setting up the “India A Press Communique was issued Pavilion” at the show, and represented the regarding a Meeting of MCCI Delegation with country in Bahrain. Smt. Smriti Irani, Hon’ble Minister for Textiles 4.02.2018 and Information & Broadcasting, Govt. of India, held on 28 February 2018 at Hotel ITC A Press Communique was issued on Sonar. A Memorandum was also submitted to an Interactive Session on ‘Doing Business her pertaining to issues on Textiles sector. with Slovenia’ with H. E. Mr. Jozef Drofenik, Ambassador, Embassy of the Republic of 28.03.2018 Slovenia in India, held on 24 February 2018 at A press communiqué was made on an MCCI. Interactive Session with His Excellency Dr. Sabit 27.02.2018 Subasic, Ambassador of Bosnia & Herzegovina A Press Communique was issued regarding in India on ‘Doing Business with Bosnia & participation of MCCI at Bahrain International Herzegovina’, held on 28 March 2018 at MCCI.

Annual Report 2017-18 81 Merchants’ Chamber of Commerce & Industry

REPRESENTATIONS / MEMORANDA

Representation/ Representation / Sl. No. Date Memorandum sent to Memorandum sent about 1 12.04.2017 Shri Manoj Pant, IAS, Principal Regarding sharp increase in Secretary & Land Reforms Processing fees for mutation of Commissioner, Government of land and problems faced by the West Bengal industry. 2 13.04.2017 Shri S. N. Aggarwal, General Regarding Imposition of dead Manager, South Eastern Railway freight and demurrage charges to Bulk Material handling companies. 3 14.06.2017 Shri Arun Jaitley, Hon’ble Regarding the GST rates in Finance Minister, Govt. of India respect of Parts of Writing and Chairman, GST Council of instruments. India & GST Council Secretariat

4 27.06.2017 Smt. Smaraki Mahapatra, Requesting her for extension of IAS, Commissioner of date for settlement of arrear tax, Commercial Taxes, Govt. of interest, late fee and penalty West Bengal related to Entry Tax. 5 27.06.2017 Smt. , Congratulating her for winning Hon’ble Chief Minister, Govt. of the United Nations Public West Bengal Service Award for ‘Kanyashree Prakalpa’, the most prestigious international recognition of excellence in public service and innovations in governance. 6 04.07.2017 Shri Ravi Kant, IAS, Secretary, Regarding the problems faced Ministry of Shipping, Govt. of by the importers and exporters India and Chairperson, CBEC at the Kolkata Port and IceGate. 7 29.07.2017 Shri Arun Jaitley, Hon’ble Requesting for Extension of Finance Minister, Govt.of India, date for submission of Income and Tax Return. Shri Sushil Chandra, IRS,

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Chairman, Central Board of Direct Taxes 8 12.08.2017 Shri Arjun Ram Meghwal, Regarding the Irregularities in Hon’ble Minister of State for sanctioning loan by a Public Finance & Corporate Affairs, Sector Bank at Kolkata. Government of India

9 21.08.2017 Shri Arjun Ram Meghwal, A Memorandum on GST and Hon’ble Minister of State for Companies Act requesting him Finance & Corporate Affairs, to bring in certain amendments. Government of India.

10 25.08.2017 Shri Arun Jaitley, Hon’ble Requesting him for ‘Extension Finance Minister, Govt. of India of deadline for submission of GST Returns’. 11 31.08.2017 Shri Amit Mitra, Hon’ble Requesting him for deferring Minister of Finance & Excise, implementation of E-Waybill Govt. of West Bengal under GST till 1st April, 2018. 12 31.08.2017 Shri Arjun Ram Meghwal, Requesting him for rationali- Hon’ble Minister of State for zation of two Income Tax issues. Finance & Corporate Affairs, Govt. of India 13 25.10.2017 The Joint Secretary, Requesting him to amend (Plant protection), Ministry the Draft Notification and of Agriculture and Farmers include Kolkata Port as one Welfare, Department of of the approved sea ports for Agriculture, Cooperation and importing insecticides. Farmers Welfare, Govt. of India 14 26.10.2017 Shri S. C. Bajpai, DGOF & Regarding ‘Unusual delay in Chairman, Ordnance Factory refunding Performance Security Board Deposit by Ordnance Factory’. 15 01.11.2017 Shri Arun Jaitley, Hon’ble Regarding Reduction of GST on Finance, Minister of India, Cement Products. Ministry of Finance, Govt. of India Copies sent to : Shri P. Radhakrishnan, Ho’ble MOS Finance, Govt. of

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India, Shri Shiv Pratap Shukla, Hon’ble MOS Finance, Govt. of India, Dr. Hasmukh Adhia, IAS, Revenue Secretary, Govt. of India, Secretary of India, Shri Arvind Subramanian, Chief Economic Advisor, Ministry of Finance, Deptt of Economic Affairs, Govt. of India Shri Udai Singh Kumawat, JS (Revenue), Ministry of Finance, Deptt of Revenue, Govt. of India Shri Alok Shukla, Joint Sec ( TRU-1)-MOF, Office of the GST Council Secretariat, Shri Arun Goyal, Addl. Sec- GST Council, Office of the GST Council Secretariat, Shri Shashank Priya, Commissioner- GST Council, GST Council Secretariat, Smt. Vanaja N. Sarna, IRS, Chairperson, CBEC, Shri Upender Gupta, Commissioner–GST, CBEC 16 04.11.2017 Shri Sunil Kumar Gupta, Requesting for Reduction of IAS, Principal Secretary, Power Electricity duty. & Non Conventional Energy Sources, Govt. of West Bengal

17 10.11.2017 Shri Rasmi Ranjan Das, Union Pre-Budget Jt. Secretary, Tax policy & Memorandum 2018-19 on Legislation (TPL-1), Central Direct Taxes Board of Direct Taxes, Ministry

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of Finance, Government of India for consideration.

18 13.11.2017 Dr. Amit Mitra, Hon’ble Regarding a proposal for a long Minister of Finance & Excise, term settlement of vested land Commerce & Industries, party acquired by a company Government of West Bengal for establishing Green-field Steel Plant.

19 13.11.2017 Dr. Amit Mitra, Hon’ble Requesting him to issue Minister of Finance & Excise, necessary orders for settling Commerce & Industries, the claims available to investors Government of West Bengal under various Industrial Promotion Schemes issued by the West Bengal Government in the GST regime. 20 16.12.2017 Shri Vinit Kumar, Chairman, Requesting him for Waiver and Kolkata Port Trust Rectification in calculation of MGT quantity and MGT amount. 21 26.12.2017 Shri Arnab Roy, IAS, Principal Requesting for reduction in hike Secretary, Fire and Emergency in Fire license Fees. Services, Government of West Bengal 22 02.01.2018 Shri , Regarding DoCA’s advisory Hon’ble Minister of Consumer dated 19th December 2017 Affairs, Food & Public for smooth transition to the Distribution, Government of Amended Legal Metrology India (Packaged Commodities) Rules, 2017 vide Notification No. GSR- 629(E) dated 23rd June 2017. 23 15.01.2018 Shri Arun Jaitley, Hon’ble Regarding Resolution under Minister for Finance & Corporate Insolvency & Bankruptcy Affairs, Govt of India Code and the thoughts of the Shri Ravi Shankar Prasad, Chamber on the same with a Hon’ble Minister of Law & Justice request to kindly look into the and Electronics & Information points raised to take appropriate Technology, Govt of India action. Dr. M. S. Sahoo, Chairperson, Insolvency & Bankruptcy Board of India

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24 24.01.2018 Dr. Aruna Sharma, IAS, Requesting her to review the Secretary, , whole issue of Award Scheme for Government of India Prime Minister’s Trophy / Steel Minister’s Trophy for Secondary Steel Producers and have the Award Scheme so redesigned and modified so as to make it fair, just, non-discriminatory and forward-looking towards creating a congenial and competitive environment for the healthy and sustainable growth of the steel sector.

25 01.02.2018 Shri P. K. Singh, Chairman, This was against the introduction Ltd. of a policy to appoint a single distributor in each district by SAIL which will adversely affect the customers. He was also requested to formulate a robust price policy and streamline the distribution policy. 26 05.02.2018 Director General of Foreign Trade, Requesting him for increase in Department of Commerce, export incentive for export of Ministry of Commerce & linear alkyl benzene sulphonic Industry, Government of India acid. 27 08.02.2018 Smt. Mamata Banerjee, Requesting her for inclusion Hon’ble Chief Minister of West of the expansion project Bengal under WBSSIS-2008 Incentive scheme and condone the delay in submission of RC Part–I application.

28 08.02.2018 Dr. Amit Mitra, Hon’ble Requesting him to kindly take Minister of Finance & Excise, affirmative action to address Industry, Commerce and the issues regarding the Enterprise, Government of West clearance of the long pending Bengal matters like issuance of R.C. Part I, R.C. Part II, Certificate of Commencement of Commercial Production etc. to boost the

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morale of the Industries for further investments in West Bengal. 29 09.02.2018 Smt. Soma Mondal, Director This was against the introduc- (Commercial), Steel Authority tion of a policy to appoint a of India Limited single distributor in each district by SAIL which would adversely affect the customers. She was also requested to formulate a robust price policy and to streamline the distribution policy instead of frequent increases in prices of various Steel products of SAIL. 30 13.02.2018 Shri Nitin Jairam Gadkari, Requesting him to kindly Hon’ble Minister of Road consider from MCCI a member Transport, Highways & Shipping in the Board of Trustees of and Water Resources, River Kolkata Port Trust when the Develop-ment & Ganga Board is reconstituted. Rejuvenation, Govt of India

31 28.02.2018 Smt. Smriti Zubin Irani, Regarding GST on Textiles, Hon’ble Minister of Textiles, Imports of Garments, and Information & Broadcasting, Emphasis on R&D & Innovation. Govt of India 32 09.03.2018 Smt. Mamata Banerjee, Requesting to advise the Hon’ble Chief Minister of West concerned office to clear Bengal the long pending matters like issuance of R.C. Part I, R.C. Part II, Certificate of Commencement of Commercial Production etc. to boost the morale of Industries for further investments in West Bengal. 33 09.03.2018 Shri Shiv Pratap Shukla, Regarding Restriction in issuance Hon’ble Minister of State for of Letter of Understanding/ Finance, Govt of India, Letter of Comfort by banks issued by the importer’s bank Dr. Urjit R. Patel, Governor, in favour of financing bank who RBI on receipt of (LOU/LOC) pays

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Ms. Usha for import documents and gets Ananthasubramanian, reimbursed on due date. Chairperson, Indian Banks’ Association CEO, IBA has replied that this has been done as per instruction Smt. Rita A. Teaotia, IAS, Secretary, Department issued by R.B.I. of Commerce, Ministry of Commerce & Industry, Govt of India 34 12.03.2018 Dr. Amit Mitra, Hon’ble Requesting him to Compensate Minister of Finance & Excise, for the loss in Incentives Commerce & Industries, Govt. available under West Bengal of West Bengal Industrial Promotion Assistance (IPA) due to introduction of GST replacing the erstwhile VAT.

35 16.03.2018 Dr. Amit Mitra, Hon’ble Regarding the Refusal to accept Minister of Finance & Excise, land revenue by the West Commerce & Industries, Govt. Bengal Government Revenue of West Bengal and functionaries. Shri Manoj Pant, IAS, Principal Secretary, Land & Land Reforms Department, Govt. of West Bengal 36 19.03.2018 Shri Injeti Srinivas, Secretary, Regarding the issues relating to Ministry of Corporate Affairs, RUN Web Service introduced by Govt. of India Ministry of Corporate Affairs. Shri K. V. R. Murtty, JS, Ministry of Corporate Affairs, Govt. of India

37 27.03.2018 Shri Kaustav Chakraborty, Requesting them for relaxation IPS, Dy. Commissioner of Police of movement of goods vehicles (II), Traffic Department on exam days starting from 27 Shri Sisir Kanti Dam, IPS, Dy March 2018. Commissioner of Police (III), Traffic Department Shri Sumit Kumar, IPS, Deputy Commissioner of Police (I), Traffic Department Shri Surya Pratap Yadav, IPS, Dy. Commissioner of Police (South), Traffic Department

88 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry

WORKING OF THE STANDING COMMITTEES

Indirect Taxes, State Taxes & GST Memorandum 2018-19.

A meeting of the Standing Committee on Indirect Indirect Taxes, State Taxes & GST Taxes was held on 5 April 2017 at the Chamber premises, to discuss about various aspects of A Meeting of the Standing Committee on GST. Shri Arun Kumar Agarwal, Chairman of the Indirect Taxes, State Taxes & GST was held Standing Committee on Indirect taxes presided 15 January 2018 at the Chamber premises, over the meeting. for State Pre-Budget Memorandum 2018-19, which was chaired by Shri Arun Kumar Agarwal, A meeting with all the Chairmen & Co- Chairman of the Standing Committee. Chairmen of the all Standing Committees Infrastructure & Logistics A meeting with the Chairmen & Co-Chairmen of the all Standing Committees was held on 12 The Standing Committee on Infrastructure & April 2017 at the Chamber premises, in order Logistics held its first meeting on 7 March 2018 to formulate the activities of the Chamber. The at the Chamber premises, which was chaired by Session was presided over by Shri Hemant Shri Lavesh Poddar, Chairman of the Standing Bangur, President. Committee. Foreign Trade MSME The first Meeting of the Standing Committee on Foreign Trade was held on 19 April 2017 at the The Standing Committee on MSME held its first Chamber premises, to formulate the activities meeting on 17 Match 2018 at the Chamber of the Standing Committee. Shri Ramesh Kumar premises, which was chaired by Shri Rishabh Agarwal, Chairman of the Standing Committee. Kothari, Chairman of the Standing Committee.

Indirect Taxes, State Taxes & GST Retail Trade

A meeting of the Standing Committee on The Standing Committee on Retail Trade held its Indirect Taxes and GST was held on 12 October first meeting on 28 March 2018 at the Chamber 2017 at the Chamber premises, to finalise the premises, which was chaired by Shri Pulkit Baid, issues to be included in the Union Pre-Budget Chairman of the Standing Committee.

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OTHER ACTIVITIES OF THE CHAMBER

Participation in ASSOCHAM Managing Committee:

Shri Sanjay Agarwal, Past President, MCCI and Managing Director, Century Plyboards (I) Ltd. represented the Chamber on the ASSOCHAM Managing Committee.

Certificate of Origin:

The Chamber issued 7179 Certificates of Origin, 962 Invoices, 994 Shipping Documents and Agency Agreements during the period. In addition, recommendations for 144 Visa/ Passports were also issued.

New Membership:

The total number of members as on 31st March 2018 was 797, 31 new members enrolled while 27 members resigned during the financial year under review.

Circulars and Trade Enquiries:

The Chamber issued 160 circulars covering various subjects and also a number of Trade Enquiries, which were received through various sources from within the country as well as from abroad. Inter-linkages with various trade and promotional bodies, professional organisations including Non-Governmental Organisations (NGOs) were strengthened to develop information base at the Chamber in order to cater to the requirements of the members of the Chamber. It may also be mentioned that the various foreign diplomatic missions based in India had regular support in providing information resulting in meaningful business alliances.

Acknowledgments:

The Committee would like to take this opportunity to offer sincere appreciation for the cooperation received from various Departments of the Ministries of the Union and State Governments, Foreign Diplomatic Missions, International Organisations, Trade Bodies and Associations. The Committee is grateful to the Press who have always lent their support and focused the activities of the Chamber in a big way.

The Committee would also like to put on records its high appreciation of the competent services rendered by the officers and staff of the Chamber.

90 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry

ADVISORY COUNCIL / MCC FOUNDATION / STANDING COMMITTEES

Advisory Council Chairman Co-Chairman Shri R.S. Agarwal Shri B.K. Jhajharia Members Shri A.R. Sonthalia Shri Santosh Kumar Saraf Shri Deepak Jalan Shri Sanjay Agarwal Shri Arun Kumar Saraf Shri Hemant Bangur Shri R.S. Goenka Shri Ramesh Agarwal Shri Vishal Jhajharia Shri Vivek Gupta

Merchants’ Chamber of Commerce Foundation Chairman Shri Ramesh Agarwal Members Shri A.R. Sonthalia Shri B.K. Jhajharia Shri Arun Kumar Churiwal Shri Santosh Kumar Saraf Shri Arun Kumar Saraf Shri Hemant Bangur Shri Vishal Jhajharia Shri Vivek Gupta Shri Surendra Keyal Shri Rajaram Chowdhary Shri Lalit Beriwala

Agriculture & Food Processing Chairman Co-Chairmen Shri Amit Kumar Saraogi Shri Manish Agarwal Shri Suresh Agarwal Members Shri Sandeep Agarwal Shri Atul Churiwal Shri Prashant Jalan Shri Ashish Jhunjhunwala Shri Rishabh Kothari Shri Sanjay Rasiwasia Shri Santosh K. Roongtaa Shri Sudhir Satnaliwala Special Invitees Prof. S. Dattagupta Prof. B.C. Ghosh Shri Sanjay Gupta Mr. Taj Mohammad Shri Vinod Thacker

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Banking, Finance & Insurance Chairman Co-Chairman Shri Smarajit Mitra Shri Prakash Chand Patni

Members Shri R.S. Agarwala Shri Chandi Ghosh Shri Kailash B. Goel Shri Giridhari Lal Goenka Shri Mahesh Kumar Goenka Shri Kamal Nayan Jain Shri Manaswy Kothari Shri Vijay Maheshwari Shri Bijay Murmuria Shri Naresh Pachisia

Corporate Law & Governance Chairperson Co-Chairman Smt. Mamta Binani Shri Subodh Kr. Agrawal

Members Shri Manish Agarwal Shri Rakesh Agarwal Shri Vinay Agarwal Shri N.K. Dujari Shri A. K. Joshi Shri Sundeep Jhunjhunwala Shri Ashok Pareek Shri Santosh K. Roongtaa Shri Ramanand Rustagi Shri Subhash Saraf Shri Narendra Kumar Shah Shri Poonam Chandra Tibrewal Special Invitees Shri R.S. Agarwala Shri Joydeep Datta Gupta Shri Sandip Kejriwal Shri Arun Kumar Khandelia Shri S.M. Kothari Shri Rohit Nanda Shri Rajesh Poddar Shri Joydev Sengupta

CSR & Rural Development Chairman Co-Chairman Shri Lalit Beriwala Shri Arvind Agrawal

Members Shri Arun Kumar Agarwal Shri Deepak Kumar Agarwal Shri V.K. Bhandari Shri Surendra Keyal Shri Hemant Bangur Smt. Mamta Binani Shri Rajendra Khandelwal Shri Smarajit Mitra Shri Sushil Poddar Shri Santosh Saraf Shri Pawan Tibrewalla Shri Pradip Kumar Todi

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Direct Taxes Chairman Co-Chairman Shri Arvind Agrawal Shri Sanjay Bhattacharya Members Shri Birendra Agarwal Shri Bharat Agarwal Shri D.N. Agarwal Shri Gaurav Agarwal Shri Manoharlal Agarwal Shri Naresh Kr. Agarwala Shri R.S. Agarwala Shri Rakesh Agarwal Shri Vishwanath Agarwal Shri Sanjay Bajoria Shri Manoj Beriwal Shri Paras Bohra Shri Indu Chatrath Shri Raja Ram Chowdhary Shri P.K. Dhelia Shri Shyamlal Dokania Shri Vinod Dubey Shri P.C. Gupta Shri S.S. Gupta Shri Jinesh Kumar Jain Shri Nirmal Kaushik Shri B.L. Kheria Shri Prithvi Raj Kothari Shri Yasaswi Kothari Shri Debapriya Goswami Shri Mahesh K. Modi Shri Kishan K. Poddar Shri P.K. Roychowdhury Shri Ramanand Rustagi Shri Miraj D. Shah Shri Sunil Surana Shri Vikash Surana Shri Pawan Tibrewalla Special Invitees Ms. Nilima Joshi Shri P.D. Rungta Shri Anand Tibrewal

Education & Skill Development Chairman Co-Chairman Shri Samir Saraff Shri Taranjit Singh Members Shri Tushar Basu Shri H.K. Chaudhary Shri Saurav Jalan Shri Kishan Kejriwal Shri Smarajit Mitra Shri Naveen Saraff Shri Anupam Shah Shri Miraj D. Shah Shri Dharmen Trivedi Special Invitees Rev. Abir Adhikari Rev. Peter Arockiam, S.J. Swami Atmapriyananda Prof. Sonali Chakravarti Banerjee Dr. Suborno Bose Dr. Parasar Bandyopadhyay Prof. Basab Chaudhuri Shri Satyam Roy Chowdhury

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Prof. Ranjan Das Prof. Dr. Suranjan Das Shri Supriyo Dhar Prof. Pradip Narayan Ghosh Prof. N.K. Gupta Fr. Tomy Joseph, SDB Dr. Dipak Kumar Kar Prof. Anuradha Lohia Prof. Saikat Maitra Shri Chinmaya Mukherjee Prof. Ashis Mitra Shri S.K. Pramanick Fr. Jose Podimattam, SDB Mr. John F. Rafi Rev. Dr. J. Felix Raj, S.J Prof. Ajoy Kumar Ray Dr. Subhrangshu Sanyal Smt. Seema Sapru Rev. Dr. Xavier Savarimuthu, S.J. Rev. Fr. Dominic Savio, S.J Shri Hirak N. Sengupta Prof. V.K. Tewari Prof. Ashoke Ranjan Thakur Swami Vedatitananda Foreign Trade Chairman Co-Chairman Shri Mahesh Keyal Shri Sanjib Kumar Kothari Members Shri Ramesh Kr. Agarwal Shri Shrawan Kr. Agarwal Shri Suresh Agarwal Shri Pankaj Bajaj Shri Manish Beriwala Shri Vishnu K. Bhandari Shri Arpit Dhandhania Shri Arun K. Garodia Shri Sumit Goyal Shri Ashutosh Jaiswal Shri Srivatsa Kajaria Shri Surendra Keyal Shri Rishabh Kothari Shri Vinay Maheswari Shri Pankaj Kr. Palriwala Shri S.K. Patwari Shri Anil Saraogi Shri Rajat Sarawgi Shri Aakash Shah Shri Chirag Sheth Shri Pradeep Kr. Singhania Shri Shyam Thard Special Invitees Shri S Balaji Arunkumar Shri Manish Chandra Shri Subir Kumar Das Shri Subhasis Dhal Smt. Debdatta Nandwani Smt. Anima Pandey Smt. Anindita Sengupta Shri R Veeramani

GST & Indirect Taxes Chairman Co-Chairman Shri Arun Kumar Agarwal Shri Sushil Kr. Goyal Members Shri Birendra Agarwal Shri Mahendra K. Agarwal Shri Manoj Agarwal Shri Rajesh Agarwal Shri Sandeep Agarwal Shri Vikash Agarwala

94 Annual Report 2017-18 Merchants’ Chamber of Commerce & Industry

Shri Mani Almal Shri Santosh Bajaj Shri Narendra K. Chandak Shri Girija Choudhary Shri R.D. Daga Shri Narendra Dhanuka Shri Pankaj Jhawar Shri Dilip Jhajharia Shri Suresh Jhunjhunwala Shri Prem Chand Kankaria Shri Mahesh Keyal Shri Surendra Keyal Shri Kishan Khaitan Shri Rishabh Kothari Shri Sanjib Kumar Kothari Shri Maruti Maheswari Shri Kishan Maskara Shri Prakash Chandra Pincha Shri Ghanshyam Saraf Shri Santosh K. Saraf Shri Anil Saraogi Shri Sukhbir Singh Special Invitees Shri Ajay Agrawal Shri Harish Agarwal Shri Narayan Agarwal Shri Pawan K. Agrawal Shri Rajeev K. Agarwal Shri Sanjay Agarwal Shri Vikas Agarwal Shri Vikash Agarwala CA Kamal Bagrodia Shri Achintya Bhattacharjee Shri Pradip K. Das Shri Rajesh K. Dokania Shri Sanjay Gupta CA Tarun K. Gupta Shri Dilip Jhajharia Smt. Punam Kanodia Shri Sanjeev Killa Shri Lalit K. Modi Shri Saibal Mukherjee Shri Atanu Pahan Shri Vijay K. Patodia Shri Anand Prakash Shri Susanta K. Saha Shri Ravi K. Sharma HRD Chairman Co-Chairman Shri Tushar Basu Shri Abhishek Bagaria Members Shri Arun K. Agarwal Shri Subodh Kumar Agarwal Shri Arvind Agrawal Shri Shankhanil Banerjee Ms. Rituparna Banerjee Shri Gautam Basu Shri Manoj Kumar Bothra Shri Nivedan Churiwal Smt. Sunayana Chattopadhyay Shri Pulak Chamaria Smt. Chaitali Das Smt. Alpa Dey Smt. Ajapa Ghosh Shri Gautam Ganguli Shri Sugata Halder Shri Basudev Hajra Shri Pawan Kumar Jalan Smt. Nishal Jain Shri Gautam Jatia Shri Prakash Joshi Shri Nirmal Kaushik Shri Asim Ranjan Manna Shri Smarajit Mitra Shri Joydev Mukherjee Smt. Sumana Mukherjee Shri Pawan Kumar Patodia

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Shri Santosh K. Roongtaa Shri Kushal Rungta Smt. Aditi Saraff Shri Santosh Saraf Dr. J. S. Sareen Shri Sandeep Seksaria Shri Himadri Sen Shri Prabal Sen Smt. Amrita Singh Shri Sanjay Singh Shri Taranjit Singh Special Invitees Shri Vivek Agarwal Shri Rajesh Bagaria Shri Subroto Basu Chaudhury Shri Sabyasachi Bhattacharya Shri Soumya Bhattacharya Smt. Indrani Chatterjee Smt. Sushmita Choudhury Shri Madhu Sudan Dutta Shri Hirok Ghosh Shri Abhaya Kumar Mahapatro Shri Debankur Majumder Shri Sudip Majumder Shri Abhijit Mitra Shri Sajal Kumar Mitra Shri Gautam Mukherjee Shri Asish Kumar Neogi Smt. Indrani Roy Chowdhury Smt. A. Ratna Sekhar Shri Manas Sengupta Shri Sanjeev Seth Shri D Shome Shri Abhijit Tapadar Shri Dibyendu Thakur Shri Vishal Verma

Infrastructure & Logistics Chairman Co-Chairman Shri Lavesh Poddar Shri Kushal Rungta Members Shri Ashok K. Agarwal Shri Rajesh Agarwal Shri Rajesh K. Agarwal Shri Ramesh Kumar Agarwal Shri Sandeep Agarwal Shri Sanjay Bhandari Shri Tulsi Kumar Dugar Shri Rajeev Ginodia Shri Ajay Jalan Shri Chandra Kumar Jain Shri Munish Jhajharia Shri Amit Kajaria Shri Sushil Poddar Shri Apurva Salarpuria Shri Nimish Saraf Shri Santosh Saraf Shri Vicky Raj Sikaria Shri Naveen Somani Shri Akhil Sonthalia Shri Siddhartha Tantia Special Invitees Shri Amit Manaktala

IT & Communication Chairman Co-Chairman Shri Vishnu Kr. Bhandari Shri Sanjib Sanghi

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Members Shri Neeraj Agarwal Shri Pranay Agarwal Shri Arvind Agarwalla Shri Arif Ahmed Shri Ashish Bagla Shri Alok Garodia Shri Ranjan Goenka Shri Puneet Keyal Shri Sumit Kothari Shri K.L. Lalani Shri Tanmoy Mukherjee Shri Tapas Sengupta Shri Amit Sharma Special Invitees Shri Prakash Agrawal Shri Nirupam Chaudhuri

Membership Development Chairman Co-Chairman Shri Santosh Saraf Shri Arun Kumar Saraf Members Shri A.R. Sonthalia Shri B.K. Jhajharia Shri Atul Churiwal Shri Hemant Bangur Shri Santosh Bajaj Shri Pawan Tibrewalla

MSME Chairman Co-Chairman Shri Rishabh Kothari Shri Akhil Sonthalia Members Shri Manoj Agarwal Shri Suresh Agarwal Shri Mani Almal Shri Sunil K. Bhoruka Shri Devendra Goel Shri Sanjay Goenka Shri Anirudh Jhunjhunwala Shri Prem Chand Kankaria Shri Sanjib K. Kothari Shri Smarajit Mitra Shri Vinay Mohta Shri Nirmal Saraf Special Invitees Shri Jitendra Agarwal Col. Sabyasachi Bagchi Shri Ajoy Bandopadhyaya Shri Vijay Bharti Shri Biswanath Bhattacharya Shri Dipankar Chakraborty Smt. Sudipta Chatterjee Prof. Ranjan Das Shri Meghnad De Shri Sudhanshu Gaur Shri Hitangshu K. Guha Shri Naresh Kapoor Shri Partho P. Kar Shri Rajeev Mohan Prof. Dr. Suman Mukherjee Shri Udit Prasanna Mukherjee Shri Prasanta Sahu Shri Subhrangshu Sanyal Shri Minal Shanghavi Mr. Jonathan T. Ward

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Power & Renewable Energy Chairman Co-Chairman Shri Gyanesh Chaudhary Shri Kapil Thapar Members Shri Manish Beriwala Shri B.L. Chandak Shri Samujjal Ganguly Shri Alok Garodia Shri M.R. Ghosh Shri Sanjib Kumar Patwari Shri Ivan Saha Shri Alkesh Sharma Shri Dhruv Sharma Shri Naveen Somani Shri Akhil Sonthalia Shri Bipin Vohra Special Invitees Shri Brijesh Gupta Shri Arun Kedia Shri L.N. Mandhana Dr. Kanak Mukhopadhyay Shri Arjun K. Santhalia Shri R.N. Sen

Retail Trade Chairman Co-Chairman Shri Pulkit Baid Shri Shitanshu Jhunjhunwala Members Shri Birendra Agarwal Shri Manish Agarwal Shri M.L. Bamalwa Shri Ashis Ganeriwal Shri Jyotinindra Ganguly Shri Manish Gourisaria Shri Deepak Jalan Shri Saurav Jalan Shri Rishabh Kothari Shri Banwari Lal Mittal Shri Ravi Modi Shri Sanjay Rasiwasia Shri Pradeep Todi Shri Adarsh Tulshan

Steel Chairman Co-Chairman Shri Ravi Agarwal Shri Deepak K. Agarwal Members Shri Brij Bhusan Agarwal Shri G.K. Agarwal Shri Jugal K. Agarwal Shri Kamal K. Agarwal Shri Rajiv Agarwal Shri Rakesh Agarwal Shri Shankar Lal Agarwal Shri Tulsiram Agarwal Shri Om Prakash Agarwala Shri Avinash Agarwalla Shri Amit Agrawal Shri S.S. Bagaria Shri Santosh Bajaj Shri Devesh Bansal Shri Manav Bansal Shri Ram Gopal Bansal Shri Ram Kishore Bansal Shri Sunil Bansal Shri Vijay Shankar Beriwal Shri Lalit Beriwala

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Shri Dinesh Kumar Bihani Shri Vinay Binani Shri Tapash Chatterjee Capt. Pradip Chakraborty Shri Prabir K. Chaki Shri Kumar Chand Chawla Shri Ashok Chowdhary Shri Dilip Kumar Didwania Shri Mukesh K. Dhandhania Shri Sanjay Goenka Shri Alok Goyal Shri K. C. Goyal Shri Anand Gupta Shri Ankit Gupta Shri Avinash Ch. Gupta Shri Jag Mohan Gupta Shri Prem Gupta Shri Anil Jain Shri Bimal Kumar Jain Shri Aditya Jajodia Shri B. P. Jalan Shri P. K. Jalan Shri Punit Jatia Shri Aashish Jhunjhunwala Shri Nirmal Kanodia Shri Bimal Kr. Kejriwal Shri Jitendra Kejriwal Shri R. S. Kejriwal Shri Ankit Keyal Shri Mahesh Ch. Keyal Shri Surendra Keyal Shri V. K. Khandelwal Shri Yogesh Khanna Shri Pankaj Lohariwal Shri Praveen Mehrotra Shri Sonal Mittal Shri Nirmalya Mukherjee Shri Pankaj Kumar Palriwala Shri Sanjib Kumar Patwari Shri Nirmal Saraf Shri Rajat Sarawgi Shri Ashish Shah Shri Alkesh Sharma Shri Amrik Singh Shri Sanjay Kumar Sureka Shri Pawan Kr. Tibrewalla Shri Bipin K. Vohra

Textile & Jute Chairman Co-Chairman Shri Sanjay Kumar Jain Shri Srivatsa Kajaria Members Shri Birendra Agarwal Shri Bijay Gujarwasia Agarwal Shri B.N. Agarwala Shri Kunj Bihari Agarwala Shri Hemant Bangur Shri Arun Kumar Churiwal Shri Arpit Dhandhania Shri Ravi Modi Shri Ravindra K. Poddar Shri Arun Sundariya Shri Vicky Raj Sikaria Shri Pradip Kumar Todi Important : Shri Ramesh Agarwal, President; Shri Vishal Jhajharia, Senior Vice President and Shri Vivek Gupta, Vice President of the Chamber are ex-officio members of all the Standing Committees. MCCI Ladies Forum (MLF) Chairperson Co-Chairperson Smt. Seema Agarwal Smt. Prapti Jhajharia (10 Members)

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AFFILIATIONS

The Chamber is Affiliated with the following Organisations: • The Associated Chambers of Commerce & Industry of India, New Delhi • All India Organisation of Employers, New Delhi The following Organisations are affiliated with the Chamber: • All India Wax Importers & Manufacturers Welfare Association • Association of National Exchanges Members of India (ANMI), EIRC • Association of Corporate Advisers & Executives • Bengal Timber Importers Association • Calcutta Motor Dealers’ Association • Cable TV Equipments Traders & Manufacturers Association • Computer Association of Eastern India (COMPASS) • Ferro Alloys and Refractories Merchants’ Association • Foundry Cluster Development Association • Iron Ore Exporters’ Association • Outdoor Advertising Association • Steel Re-Rolling Mills Association of India • Tools & Alloy Steels Association • The Jute Balers’ Association • Welfare Society for the Members of Jalan Industrial Complex • West Bengal Paper Traders Association

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REPRESENTATIVES OF MCCI ON PUBLIC BODIES (2017-18)

Public Bodies Representative

Steel Consumers’ Council President of the Chamber

CESC Consultative Committee Shri Ramesh Agarwal, President, MCCI (Jan. 2018 to Dec. 2019)

Regional Advisory Committee of Shri Arun Kumar Agarwal Central Excise, Kolkata ARS Management Consultancy Services Pvt. Ltd.

Divisional Railway Users’ Consultative Shri Pawan Tibrewalla Committee (DRUCC), Eastern Railway, Shreerampur Ispat (P) Ltd. Howrah (Oct. 2017 to Sept. 2019)

Divisional Railway Users’ Consultative Shri Salil Kumar Shaw Committee (DRUCC), South Eastern UAL Industries Ltd. Railway, Kharagpur (Oct. 2017 to Sept. 2019)

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Meetings held during the year 2017-18

Sl No. Meetings/ Seminars/ Conferences Date 1. Interactive Session with Dr. Parthasarathi Shome, 7.04.2017 Former Adviser to the Finance Minister of India and Chairman, International Tax Research & Analysis Foundation, Bengaluru on ‘Recent Tax Reforms and the Road Ahead – An Analytical View’. 2. ‘GST Migration Camp’ in collaboration with the 11.04.2017 Commissioner of Service Tax, Kolkata Zone at the Chamber premises. Shri S. K. Panda, Chief Commissioner of Service Tax, Kolkata Zone interacted with the members. 3. Interactive Session was held with Shri Kailash Satyarthi, 22.04.2017 Nobel Peace Laureate on ‘Bachpan Surakshit, Bharat Surakshit’ 4. Seminar on “Destination Haldia : The Road Ahead” at 28.04.2017 Haldia. 5. Interactive Session on ‘Challenges of Parliamentary 06.05.2017 Democracy in India’ with Smt. Meira Kumar, Former Speaker of Lok Sabha. 6. Workshop on ‘Voluntary Liquidation Process under the 06.05.2017 new Insolvency & Bankruptcy Code’. 7. Interactive Session was organized on ‘Multi Dimensional 11.05.2017 Role of DVC’ with Mr. Andrew W.K. Langstieh, IA & AS Chairman, Damodar Valley Corporation (DVC). 8. Workshop on ‘Related Party Transactions’ by Shri Mohit 12.05.2017 Bhuteria, Partner, A.C Bhuteria & Company, Chartered Accountants. 9. Workshop in association with ICSI-EIRC on ‘Securities 19.05.2017 and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015’

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10. Seminar on ‘Creating a Robust School Education 23.05.2017 System as the Bedrock of New India’ with Shri Anil Swarup, IAS, Secretary, Dept. of School Education & Literacy, Govt. of India as the Chief Guest.

11. Interactive Session with Shri Priyabrata Pramanik, Addl. 25.05.2017 Director of Income Tax (Investigation), on ‘Mandatory Furnishing of Non PAN Data and Statement of Financial Transaction to Income Tax Department in Form No.61 & 61A’. 12. Workshop jointly with ICSI-EIRC on ‘Mezzanine 26.05.2017 financing & hybrid capital instruments for small entities and start-ups’ and ‘Secretariat Standards 1 (Board meetings)’. 13. Discussion Meeting on ‘Future Business of Media 05.06.2017 Production – Short Films, Theater, Webseries’ 14. Workshop on ‘Technology for GST’ 07.06.2017 15. Seminar on ‘GST Outreach’ 13.06.2017

16. Special Session in association with ICSI-Eastern India 16.06.2017 Regional Council on Launch of Assistance Desk for MSMEs on ‘Resolution Process under Insolvency and Bankruptcy Code, 2016’ by Dr. M. S. Sahoo, Chairman, Insolvency & Bankruptcy Board of India (IBBI) 17. Special Session on ‘Awareness of GST’ 22.06.2017 18. Interactive Session with Shri Chandra Sekhar Ghosh, 29.06.2017 Founder, Managing Director & CEO, Bandhan Bank on “Credit Conundrum: Reading the tea leaves” 19. ‘MCCI Diplomats Forum’ on ‘Bengal as an Investment 14.07.2017 Destination’ 20. GST Help Desk at MCCI 17.07.2017, 19.07, 20.07, 21.07, 31.07, 02.08, 03.08 & 04.08.2017 21. Seminar on “Retail Industry : Prospects & Challenges” 20.07.2017 22. Seminar on ‘Implementation of GST : Challenges & 27.07.2017

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Solutions’, with Mr. Khalid Aizaz Anwar, Senior Joint Commissioner, Directorate of Commercial Taxes, Govt. of West Bengal

23. Special Session was organized with Shri Arjun Ram 12.08.2017 Meghwal, Hon’ble Minister of State for Finance & Corporate Affairs, Government of India

24. ‘Workshop on GST’ with KPMG 23.08.2017 25. Interactive Session was organized with Shri Kishor 12.09.2017 Kharat, Managing Director & CEO, Indian Bank on ‘Banks in India & Business Partnerships: Challenges & Opportunities’

26. MCCI India Economic Forum 2017 on “Transforming 15.09.2017 India, Fostering Growth”.

27. Special Session with Shri N. S. Vishwanathan, Dy. 13.10.2017 Governor, Reserve Bank of India was held at The Oberoi Grand, Kolkata on ‘Regulation & Financial Stability’. 28. Conclave titled ‘Bengal Accelerating Growth’ by leading 24.10.2017 Chambers of Commerce of Kolkata like MCCI, Bengal Chamber of Commerce, Bharat Chamber of Commerce, Calcutta Chamber of Commerce, CREDAI-Bengal and Howrah Chamber of Commerce & Industry. 29. Seminar on “Digital Disruption affecting Daily Working” 25.10.2017

30. Health Awareness Talk on Cardology & Orthopaedics 27.10.2017 31. Interactive Session with Shri C. Narambunathan, 30.10.2017 General Manager cum Financial Advisor, The New India Assurance Company Ltd. on “New India Assurance : Redefining India’s Insurance Landscape”. 32. Round-Table discussion jointly with Insolvency and 03.11.2017 Bankruptcy Board of India and ICSI Insolvency Professionals Agency on ‘Draft Insolvency Regulations on Individuals and Firms’.

33. Special Session in association with LCR Capital Partners 03.11.2017 on “Possibility of gaining a US Green Card through the investment route”

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34. Special Session with Dr. Radhakrishnan Pillai, Deputy 15.11.2017 Director, Chanakya International Institute of Leadership Studies (CIILS), University of Mumbai on ‘Role of Ancient Indian Spirituality in Corporate Leadership’ 35. EMAMI “SITARA”, a 2–day Festival on Woman 17.11.2017 & Empowerment jointly organized by MCCI and Calcutta 18.11.2017 Club Ltd. in association with The Telegraph curated by AHAVA Communications.

36. Meeting with Delegation from Yunnan Provincial 23.11.2017 General Chamber of Commerce (YPGCC), China.

37. Interactive Session with Shri Vinit Kumar, Chairman, 28.11.2017 Kolkata Port Trust on “ Outlook for Kolkata Port”

38. Interactive Session with Padma Shri Dr. Jagadish 29.11.2017 Shukla, Distinguished Professor, George Mason University, President, Institute of Global Environment and Society, Managing Director, COLA, USA, Member, Prime Minister’s Council on Climate Change (PMCCC), India on “CLIMATE SCIENCE – Opportunities for New Business and Science & Technology”

39. 116th Annual Session of the Chamber was held at Taj 29.11.2017 Bengal, Kolkata with Shri Shiv Pratap Shukla, Hon’ble MoS, Finance, Govt. of India. 40. Interactive Session with Shri Neeraj Kumar Gupta, 02.12.2017 IAS, Secretary, Department of Investment & Public Asset Management (DIPAM), Ministry of Finance, Government of India on ‘India’s Disinvestment Plan’

41. Interactive Session with Shri Anil Swarup, Secretary, 02.12.2017 Deptt. of School Education & Literacy, Ministry of Human Resource Development, Govt. of India on “ Changing face of Indian School Education : Current Trends & Way Forward”. 42. A Mega-Seminar on ‘Agri-business opportunities in 05.12.2017 West Bengal’ with Dr. Sanjeev Chopra, IAS, Addl. Chief Secretary, Agriculture Department, Govt. of West Bengal and other Departmental Secretaries of Government of West Bengal.

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43. Session on ‘The Nuances of IBC, 2016 after the 07.12.2017 promulgation of the Ordinance dated 23.11.2017’

44. MCCI General Insurance Forum 2017 with the Theme 08.12.2017 - “Changing face of Indian General Insurance”

45. Workshop on ‘Companies (Amendment) Bill, 2017’ 04.01.2018 46. Cancer Awareness Camp 05.01.2018 47. 4th Edition on Bengal Global Business Summit (BGBS) BGBS : 16.01.2018 & 2018 : Sectoral Session on Textiles & Apparel was 17.01.2018 organised by MCCI jointly with Deptt of MSME & Textiles, Govt. of West Bengal Textiles : 16th 48. Session on Insurance Awareness 19.01.2018 49. Symposium on Union Budget 2018–19 02.02.2018 50. Seminar on “Changing Face of Skilling in India – Trends 09.02.2018 & Prospects”

51. Homage Meeting in honour of Late Shri Shyam Sunder 14.02.2018 Sanganeriaji.

52. MCCI North Bengal Investment Forum 2018 with the 16.02.2018 theme - ‘Leveraging Competitive Advantage for Future Growth’ at Jalpaiguri

53. “Bahrain International Garden Show 2018” – MCCI 21.02.2018 to participation at Bahrain. 25.02.2018 54. Session with Mr. Joshua Pollock, Bestselling Author, 21.02.2018 Meditation Expert & Motivational Speaker

55. Interactive Session on ‘Doing Business with Slovenia’ 24.02.2018 with H. E. Mr. Jozef Drofenik, Ambassador, Embassy of the Republic of Slovenia in India

56. ‘GST Refresher Outreach Programme’ with Shri 14.03.2018 Adesh Kumar, Additional Commissioner, Directorate of Commercial Taxes, Govt. of West Bengal and Shri Subir Ghosh, Deputy Commissioner, Directorate of Commercial Taxes, Govt. of West Bengal. Interactive Session with His Excellency Dr. Sabit 57. 28.03.2018 Subasic, Ambassador of Bosnia & Herzegovina in India on ‘Doing Business with Bosnia & Herzegovina’

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PAST PRESIDENTS

* Shri Nanakram Sureka 1901-1920 * Shri Chandra Kumar Somany 1990-91 * Shri Tejpal Sanganeria 1921-1923 Shri Arun Kumar Churiwal 1991-1992 * Shri Sadaram Kheria 1924-1936 * Shri Jay Prakash Tantia 1992-1993 * Shri Radhakishan Sanganeria 1937-1947 Shri Suresh Jhunjhunwala 1993-1994 * Shri Gajanand Himatsingka 1948-1949 Shri Radhe Shyam Agarwal 1994-1995 * Shri Baijnath Sanganeria 1950 Shri Sheo Shankar Bagaria 1995-96 & * Shri Dharamchand Saraogi 1951 1996-97 * Shri Chouthmal Saraf 1952-1957 Shri Birendra Agarwal 1997-1998 * Shri Sawalram Goenka 1958-1960 Shri Ajay Kumar Kajaria 1998-1999 * Shri Beniprasad Dalmia 961-1965 Shri Ravi Todi 1999-2000 * Shri Bhagwati Prasad Agarwala 1966-1967 Shri Sushil Dhandhania 2000-2001 * Shri Bijay Singh Kothari 1968-1969 Shri Sunil Kanoria 2001-02 & * Shri Shree Niwas Dalmia 1970-1971 2002-03 * Shri Atmaram Kanoria 1972-1973 Shri Kunj Bihari Agarwala 2003-2004 * Shri Bijoy Kumar Swaika 1974-1975 Shri Aditya Vardhan Agarwal 2004-2005 * Shri Doongar Mal Kothari 976-1977 Shri Santosh Saraf 2005-06 & 2006-07 Shri Atmaram Sonthalia 1978 Shri Atul Churiwal 2007-08 * Shri Madan Lal Saraf 1979 Shri Anupam Shah 2008-09 * Shri Hira Lall Somany 1980 & 1981 Shri Shyam Sundar Beriwala 2009-10 Shri Sudesh Sonthalia 2010-11 Shri Bimal Kumar Jhajharia 1982 & Shri Manish Goenka 2011-12 1983 Shri Deepak Jalan 2012-13 * Shri Shyam Sunder Sanganeria 1984 Shri Sanjay Agarwal 2013-14 Shri Mahesh Chandra Shah 1985 Shri Arun Kr. Saraf 2014-15 Shi Radhe Shyam Bhartia 1986 Shri Manish Goenka 2015-16 * Shri Purushottam Das Tulsyan 1987-88 & 1988-89 Shri Hemant Bangur 2016–17 Shri Amitav Kothari 1989-90 *Since deceased

Annual Report 2017-18 107 Merchants’ Chamber of Commerce & Industry 15B, Hemanta Basu Sarani, Kolkata - 700 001 Ph : 2248-6329/1502, 2262-5070-74 I Fax : 2248-8657 Email : [email protected] I Website : www.mcciorg.com CIN : U91110WB1946NPL013477