PHD CHAMBER BULLETIN Vol. XLI No. 12 December -2019 ` 25 PHD Chamber Bulletin December 2019 | 1 2 | PHD Chamber Bulletin December 2019 PHD Chamber Bulletin December 2019 | 3 4 | PHD Chamber Bulletin December 2019 CONTENTS CONTENTS PRESIDENT’S MESSAGE 7 Monthly news bulletin of PHD Chamber 114TH ANNUAL SESSION 10 CHAMBER AT WORK 24 President Dr D. K. Aggarwal FOCUS STATES 57 Senior Vice President INTERFACE 73 Mr. Sanjay Aggarwal SPECIAL FEATURE Vice President • Swachh Bharat Diwas 2019 77 Mr. Pradeep Multani • Dr Qu Dongyu, FAO’s New Director-General calls Editor: for Eradicating Global Hunger and Poverty 78 Ms. Neelu Kapoor Economist & Bulletin Head EXPRESSION • Arbitral Proceedings: Adherence to Objections before the Arbitral Tribunal Jurisdiction / UAE 81 India Inc. is the official publication of PHD Chamber of HEADWAY Commerce and Industry and any part of the publication may not be reproduced or transmitted in any other form in whole • Skill Development Initiatives 84 or in part without the written permission of the publishers. The opinions and views expressed within this publication are not • Towards Inclusive Growth 87 necessarily those of the publishers. The publishers regret that they cannot accept liability for errors or omissions in this issue. COMMUNIQUE • New Members 100 For further information and feedback, please contact: PHD CHAMBER OF COMMERCE AND INDUSTRY • Schedule of Events 101 PHD House, 4/2 Siri Institutional Area, August Kranti Marg, New Delhi-110016 • MoUs Signed by PHD Chamber 102 Phone : 91-11-26863801-04 Fax : 91-11-26855450 Email : [email protected] Website : www.phdcci.in • Media Buzz 104 ARCHIVES 110 PHD Chamber Bulletin December 2019 | 5 MESSAGE 6 | PHD Chamber Bulletin December 2019 MESSAGE President’s Message Friends, It is with great pride and joy in my heart that I welcome you all to this new journey that we are embarking on together. It is my honor to serve as the President of this prestigious organization which has been at the forefront of nation building for the past 115 years. As we all know, the PHD Chamber has been providing crucial support to both Industry and the Government in their endeavours towards socio-economic progress of the country. As President of the Chamber, I assure you that it shall be my highest priority to further streamline this partnership and infuse it with renewed energy. We as a nation are going through great technological advancements aimed towards equalizing the divide in society and providing a platform for business to thrive and boom, thus making India one of the world’s most attractive economies. Recent economic reforms have propelled India’s growth to USD 2.7 trillion which has been supported by a highly structured financial system and steadily growing consumer base. With regular capital and commodity market investments, the country has the potential to achieve the desired annual growth of 12-13 percent of its nominal GDP. Experts expect India to become an upper-middle income country, the 3rd largest global economy by 2030 as a result of structural reforms, globalization, favorable demographics and digitization. The recent jump India experienced in the World Bank’s Ease of Doing Business ranking –from 100 in 2107 to 63rd position will bolster our position on the global destination map, is noteworthy. In this context, I am happy to quote Prime Minister, Mr. Narendra Modi’s recent statement, “Every year we are improving in each parameter. Improvement in these rankings means that our Government is making decisions after a thorough understanding of the needs at the grass Dr. D. K. Aggarwal PHD Chamber Bulletin December 2019 | 7 MESSAGE roots level for the industry.” India’s of controlling trade deficit by standing Pan India level; to begin with Mumbai, ranking also improved in the World ground in face of differences with the as it is the economic capital of our Economic Forum’s Travel and Tourism Regional Comprehensive Economic country. Competitiveness Index from 65 in 2013 Partnership Agreement. This is a The Chamber will continue to to 34 in 2019, an outcome of improved crucial step to support the MSME promote ethical and global business infrastructure, better roads, better air sector which currently does not have a practices and concentrate its policy connectivity, better cleanliness and level playing field in terms of logistics advocacy role through its research thus more foreign tourists visiting our costs, access to cheap fund and facilities and help our members country. physical infrastructure. understand the government’s policies. The global situation has been In the same spirit, I must emphasize “Exploration is the engine that drives challenging in recent times putting the potential that Digital technology has innovation. Innovation drives economic several countries at crossroads. to transform India’s economy. With a growth.” Having quoted this, I would Having said this, I opine that India’s disruptive approach towards innovation, like to point out that ‘Make in India’ recent slowdown is temporary as SMEs and traditional manufacturers vision is great, but we must ‘Make It the string of government decisions are focused on developing and utilizing Happen in India’ is even greater. ‘Make such as corporate tax cut, easing new technologies. With a billion smart It Happen’ in India will transpire with of FDI norms, quick GST refunds, phone users and more than half a billion greater emphasis on education and contingency fund for the housing internet subscribers, India is keeping skill development, socio-economic sector and releasing money into pace with Industry 4.0 and working development, health care facilities the banking systems will likely give to adapt technology for its populace. and automation. Reforms in land impetus to investment and spur I believe that for becoming a global acquisition and labour laws for domestic demand. Prime Minister’s manufacturing hub, there is a need to creating employment in the economy promise of a stable, predictable and leverage new technologies like 5G, AI, are urgently required. Our demographic transparent policy regime to catalyze quantum computing, robotics, etc. to dividend must be provided top-class foreign investments is in sync with the fast-track growth. training to skill up our youth in various famous quote, “I have been impressed This is the time for affirmative trades. The Indian youth needs to work with the urgency of doing. Knowing action by the government on all fronts judiciously to build a New India, which is not enough; we must apply. Being of growth: consumption, investment is free of poverty, illiteracy, corruption, willing is not enough; we must do.” and growth. More financial reforms, hunger and discrimination. We have to Having said this, I must commend that sound regulations for NBFCs, allowing ensure that each and every citizen gets Indian businesses are working with a private sector banks to operate in a big to feel, tangibly, the fruits of economic sense of renewed vitality and drive way and deepening of capital markets progress. in order to take forward the vision of would definitely complement the I would like to congratulate this making India a USD 5 trillion economy process. Governance of public sector year’s Nobel laureates in Economics, by FY 2024-25. banks and efficiency of credit allocation one who is of proud Indian origin, PHD Chamber’s majority members to the MSME sector should be given Abhijit V. Banerjee and with him, Esther are the MSMEs, the growth engine of a priority. There is also a need to set Duflo and Michael Kremer for their our economy. In such economic times, up a dedicated fund for MSMEs of experimental approach to alleviating these counterparts of our economy Rs. 25,000 crores with no collateral global poverty. This concurs with the need to be given a boost as they are being asked on the lines of fund for government’s efforts for increasing facing the challenge of lack of easy stalled housing projects. The Chamber the growth potential and with our credit access and liquidity crunch. also suggests reduction in tax on Chamber’s current motto, “Towards a Having said this, I applaud the recent MSME firms working as proprietorships New, Inclusive & Prosperous India.” measures to improve the working or partnership firms. It will be my With this, I close by reiterating of MSMEs including subvention of endeavor to incorporate more and more my enthusiasm to collaborate with interest to 5 percent for exporters, MSMEs as members of the Chamber. and facilitate partnership between releasing government dues and It is well known that as India gets Enterprises and the Government to creating platforms for rapidly resolving integrated into the global markets, my utmost to achieve new milestones disputes. The announcement of the role of the States is becoming during the year and look forward to settling outstanding payments is an increasingly important in sustaining your support and guidance so that appreciable move. These measures development. We plan to engage with together we can take the Chamber to need to trickle down to the district the State governments to intensify achieve greater Progress, Harmony and village level. We also welcome our focus on improving State-level and Integrated Development. the government’s steadfast decision competitiveness and set up offices at Dr D. K. Aggarwal President, PHDCCI 8 | PHD Chamber Bulletin December 2019 NEW LEADERSHIP NEW LEADERSHIP Dr D. K. Aggarwal President, PHD Chamber Dr. D. K. Aggarwal is the Chairman & Managing Director of SMC Investments