IMC-JULY-AUGUST 2022

VOLUME 114 | I S S U E 1 | JULY-AUGUST 2022

Partnering for

Growth

Cover Story Networking Networking
IMC Celebration of
India’s Collaborative 75th Year of 35th Women
Healthcare Deserves Entrepreneurs
35 Independence Day
25 Further Strengthening 51 Exhibition
PARTNERING FOR GROWTH



Contents July-
August 2022

President Cover Story 20 Singapore: India’s All-Weather
Mr. Anant Singhania Partner for Growth
5 Partnering Costa Rica and Mr. Cheong Ming Foong
Vice President India for growth in Sustainable Consul General
Mr. Samir Somaiya Development and Green Consulate General of the Republic
Economy of Singapore in Mumbai
Editor & Publisher H.E. Mr. Claudio Ansorena
Mr. Ajit Mangrulkar Montero 21 Getting Green - Finance Right
Director General Ambassador Extraordinary and Mr. Akhilesh Tilotia
Plenipotentiary, Embassy of the Public Policy, Strategist, Economist,
Executive Editor Republic of Costa Rica Author National Investment and
Mr. Sanjay Mehta Infrastructure Fund Limited (NIIFL)
Deputy Director General 8 Partnering for Growth Mumbai
H.E. Mr. Raj Kumar Srivastava
Copy Editing & Concept Ambassador of India to Republic of 23 How Azerbaijan has Revitalized
Ms. Jayshree Poojary Croatia the Non-Aligned Movement
Asst. Director PR Dr. Vasif Huseynov
10 India – Ireland Business Head of Department at the Center
Views expressed in the IMC Journal Opportunities of Analysis of International
are not necessarily those of the H.E. Mr. Akhilesh Mishra Relations (AIR Center) and Adjunct
Committees of the Chamber. Ambassador of India to Ireland Lecturer at Khazar University in
Non-receipt claims will not be Baku, Azerbaijan
entertained after four months of the 12 How to enter a New Market?
publication of the journal; A Strategy for Businesses to 25 India’s Collaborative
six months in the case of Explore New Territories Healthcare Deserves Further
overseas subscribers. H.E. Mr. Rohit Vadhwana Strengthening
Deputy High Commissioner Mr. G. Chandrashekhar
Please send correspondence High Commission of India, Nairobi, Economic Advisor, IMC
concerning this journal to: Kenya (Concurrently Accredited to
Editor, IMC Journal Somalia) Advocacy
IMC Chamber of
Commerce and Industry 14 Malaysia: Your Partner For Representation sent to:
IMC Marg, Churchgate, Growth
Mumbai- 400 020 Mr. Zainal Azlan Mohd Nadzir 27 Smt. Nirmala Sitharaman
Tel: +91-022-71226633 Consul General Hon’ble Union Minister for Finance
Fax: 2204 8508 Consulate General of Malaysia Ministry of Finance
E-mail: [email protected] Representation in connection with
Website: www.imcnet.org 16 Partnering for Growth: India introduction of TDS provisions
and Philippine Co-operation in under Section 194R of the Income-
Single Copy Price the time of Covid tax Act, 1961 (‘Act’) and further
` 50/- Mr. John Boitte Santos clarifications provided in connection
Charge d’ Affaires, Philippine with the same
Annual Subscription Embassy in New Delhi
(For 6 Issues) 27 Mr. Pankaj Chaudhary
` 200/- (India) | $ 30 (Abroad) 18 Partnering for Growth: Russia Hon’ble Union Minster of
and India __State for Finance
Design & Printing: Mr. Aleksei Surovtsev Ministry of Finance
Finesse Graphics & Prints Pvt. Ltd. Consul General Suggestions for Correct Risk
Tel: +91-022-4036 4600 Consulate General of the Russian Assignment for MSME (Exporters)
E-mail : [email protected] Federation in Mumbai & Fiscal Impact

Partnering for Growth 1
IMC Journal n July-August 2022

28 Mr. Piyush Goyal Knowledge & Networking Series
Hon’ble Union Minister for Commerce & Industry,
Textiles and Consumer Affairs, Food & Public 35 IMC Celebration of 75th Year of Independence Day
Distribution Ministry of Commerce & Industry
Suggestions for Correct Risk Assignment for MSME 36 IMC Outreach in Delhi and Mumbai
(Exporters) & Fiscal Impact
40 Seminar on Southwest Monsoon, Kharif Crops and
28 Mr. Nitin Gupta Food Inflation
Chairman
Central Board of Direct Taxes 41 Rupee Invoicing : From Concept to Reality
Department of Revenue, Ministry of Finance
Representations on mandatory e-filing of Form 10F 42 Interactive Meeting on ‘Trade Opportunities
for non-residents (NRs) not having PAN/e-filing between India and Vietnam’
account
42 Felicitation Function in honour of Mr. Rahul
30 Smt. Nirmala Sitharaman Narwekar, Hon’ble Speaker of Maharashtra
Hon’ble Union Minister for Finance Legislative Assembly
Ministry of Finance
Representation on non-functioning of Advance 43 Meeting with Mr. Sarbananda Sonowal, Hon’ble
Rulings Authority Union Cabinet Minister Ministry of Ports, Shipping
and Waterways & Ministry of Ayush
32 Smt. Nirmala Sitharaman
Hon’ble Union Minister for Finance 44 Talk on Neurons to Nations: How Investing in Early
Ministry of Finance Childhood Development Builds Healthy Societies
Representation on non-functioning of Faceless
Appeals 45 Meeting with Mr. Norman Dzulkarnain Nasri,
Consul / Trade Commissioner, Consulate General of
Awareness Programme Malaysia, Trade Section (MATRADE), Mumbai

33 BSE Gold Mini Options in Goods Contract – 46 Interactive Session on Recent Measures taken by
Effective Hedging and Investment Tool RBI to Strengthen its Forex Reserves Including
Rupee Settlement
BSE Steel Futures: Efficient Price Risk
Management Tool 47 Flag off Ceremony of MSME Yatra By Mr. Narayan
Rane, Hon’ble Union Minister for Micro, Small and
33 Turmeric Futures: A Perfect Tool to Hedge Volatile Medium Enterprises
Prices
48 Meeting with Ambassador of Costa Rica to India,
Cotton J34 Futures Contract: An Effective Hedging H.E. Mr. Claudio Ansorena
Tool in Volatile Markets
48 Discussion on Draft UGC Guidelines for Engaging
34 Investing in Commodities through INDICES Professor of Practice in Universities and Colleges

Ladies Wing

50 Workshop on Relationship by Ms. Shalini Chuganee

51 35th Women Entrepreneurs Exhibition

52 Talk on Mental Health and Well-Being by
Ms. Aparna Priramal Raje

2 Partnering for Growth
IMC Journal n July-August 2022

FFrroomm the PPrreessiiddeenntt’’ss DDeesskk

MMrr. AJunzaanrt KShinogrhaakniwiaala

Greetings to all stakeholders, vaccine programme that quickly sped the next 25 years in terms of size
members, ladies and gentlemen from up to vaccinate almost all Indians; to well over $30 trillion from almost
your President, Anant Singhania. at last count over 200 crore vaccine $3 trillion as India celebrates 75
I recently took over at the end of doses have been given. years of Independence. I am happy
June 2022 and I am very happy to share that IMC and its members
to address my thoughts to you all One wonders are we at the end of participated in Government of India’s
on the Chambers activities going the pandemic or is it the calm before “Har Ghar Tiranga” campaign which
forth. I have chosen “Partnering the storm. Most will definitely state brought about a collective spirit
for Growth” as the theme for that the worst is behind us. After and recorded over 6 crore Tiranga
my year since I strongly believe in surviving 2 years of the slowdown, selfies uploaded on the dedicated
working together, partnering, pooling the uncertainty caused by Covid website, a Guinness world record.
resources, networking and aligning 19, perhaps one wonders what is The 3-day celebrations witnessed
one’s interests with others to deliver the view taken by China that it still large scale decorations of buildings
value for our members, partners, continues to have over 30 cities and monuments adorning India’s
affiliated trade associations etc. As under lockdown in line with their tricolours including our IMC building
Henry Ford, the inventor of the path zero covid policy. The Ukraine – at Churchgate which was beautifully
breaking Model T automobile, once Russia conflict is another uncertainty lit up in Indian tricolour.
said – “If everyone is moving forward that has greatly impacted the world
together, then success takes care of economy and is causing havoc to The past 2 months have been very
itself.” economies worldwide especially its exciting for the Chamber. We had
impact on oil prices in Europe and the visit of Mr. Sarbananda Sonowal,
This July – August 2022 issue titled its cascading effects on supply side Hon’ble Union Minister for Shipping,
Partnering for Growth includes a inflation across the world. The IMF Waterways and Ports & Ministry of
wide array of interesting articles. We is projecting World GDP to grow at a Ayush who visited the Chamber along
are grateful to diplomats and other meagre 3.2% in 2022 before slowing with Jt. Secretary Ports, Mr. Sushil
eminent experts for sharing their down to 2.9% in 2023.
thoughts.
Whilst these projections are gloomy
India’s growth and rising eminence for the World economy, however
in the world arena is a culmination the Indian economy is one of the
of Hon’ble Prime Minister Shri fastest growing economies in the
Narendra Modi’s vision of a strong world and growing at 8.7% in GDP
India coupled with his ability to terms, having recently upstaged UK
align India’s interests with those of to become the 5th largest economy
other nations. Be it the supply of in the word. Mind you India is poised
Covid vaccines to over 150 countries to grow exponentially by tenfold in
at a time when there was a world
shortage or the financial aid and
support to several needy countries
from time to time. India has
displayed its resilience by bouncing
back despite being the largest
democracy in spite of a slow starting

Partnering for Growth 3
IMC Journal n July-August 2022

Singh and spoke about the new and Public Distribution, Mr. Nitin the times to come in furtherance
initiatives in the Shipping Industry Gadkari, Hon’ble Union Minister with the objectives of IMC to be the
including the utilisation of over 110 for Road Transport and Highways, change agent for its members.
inland waterways for movement of Mr. Parshottam Rupala, Hon’ble
goods across the hinterland of India. Union Minister of Fisheries, Animal This issue includes the
Husbandry & Dairying, Mr. Kiren representations submitted to the
We also partnered with Institute Rijiju, Hon’ble Union Minister of relevant authorities during the past
of Chartered Accountants of India Law and Justice, Mr. Hardeep Singh two months.
(ICAI) to flag off the 75-day MSME Puri, Hon’ble Union Minister for
Yatra at the hands of Hon’ble Mr. Housing and Urban Affairs; and I seek your blessings and support to
Narayan Rane, Union Minster for Minister for Petroleum and Natural further the legacy of our 115-year-
MSME - a unique yatra to support Gas, Mr. Mansukh Mandaviya, old institution, IMC Chamber
and aid the MSME’s, the backbone Hon’ble Union Minister for Health of Commerce and Industry with
of the economy. IMC also felicitated and Family Welfare and Chemical your active participation in the
Mr. Rahul Narwekar, Hon’ble Speaker and Fertilisers and Smt. Vanathi Chamber’s activities. With the
of Maharashtra Legislative Assembly. Srinivasan, National President of help of Mr. Samir Somaiya, Vice
Besides these Ministerial visits, we BJP’s Mahila Morcha. President, IMC and team IMC
welcomed and interacted with the headed by Mr. Ajit Mangrulkar and
Ambassador of Costa Rica, Uganda Several good initiatives came out of the active contributions of 22 strong
and trade delegates from Malaysia, these interactions for our members expert committee Chairpersons,
Australia, Indonesia, Belarus and to grow their businesses. I am happy we shall work together to provide
Vietnam, to name a few. to share that IMC’s representation opportunities for growth, network,
to the government on increasing learn and relearn and visit state of
Team IMC also met with several the coverage of risk by ECGC the art factories etc. We shall build
ministers in a series of interactions was accepted and the same was upon the 150 international MOU’s
in New Delhi over the past 2 enhanced from 50% to 90% cover with leading Chambers of Commerce
months, namely Mr. M. Venkaiah and which led to a reduction in cost and continue to partner with the 140
Naidu, then Hon’ble Vice President of borrowing by the exporters. This strong affiliated associations to deliver
of India, Smt. Nirmala Sitharaman, will greatly help the MSME exporters. value to all our partners in growth.
Hon’ble Union Minister for Finance, Several other recommendations have
Mr. Piyush Goyal, Hon’ble Union been submitted to the Commerce and I will end with a quote by Helen
Minister for Commerce & Industry; Finance Ministry on burning issues Keller, a leading American author
Textile; Consumer Affairs and Food that hopefully will be addressed in who said – “Alone we can do so little;
together we can do so much.”

4 Partnering for Growth
IMC Journal n July-August 2022

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Partnering Costa Rica and India for
growth in Sustainable Development
and Green Economy

H.E. Mr. Claudio Ansorena Montero
Ambassador Extraordinary and Plenipotentiary, Embassy of the Republic of Costa Rica

Costa Rica is a unique Central Pillar 1 of the National Successful conservation models COVER STORY
American country, internationally Decarbonization Plan (PND) seeks in Costa Rica:
recognized as a leader in to develop a mobility system based
environmental protection and on safe, efficient and renewable 1. Costa Rica has a conservation
related policies. As a pioneer in public transportation and active model to protect more than
protecting nature through sustainable mobility schemes. According to 5% of its biodiversity through
development, facilitating climate the latest “Progress report on the a system of conservation
change mediation, and promoting implementation of the NDP until areas through Payment for
peace, Costa Rica received the 2021”, it was highlighted that Environmental Services (PSA
famous “Champions of the Earth” electric buses have been successfully in Spanish) specifically to
award from the United Nations piloted on 2 urban public transport reverse deforestation. This
Environment Programme in 2019. routes, generating valuable data has been highly appreciated
Having environmental and climate for analysing financing options for and has even received the
change diplomacy as a central expanding electric mobility in bus “Earthshot” award from the
focus node under Costa Rica’s fleets. In line with the promotion Royal Foundation of the United
foreign policy, the country has been and incentives for electric mobility, Kingdom in the category
facilitating and partnering bilaterally executive decrees have also been “Protecting and restoring
and multilaterally to contribute to developed for the exoneration of nature”. Through this program,
inclusive, sustainable, resilient and taxes for the parts of charging centers tourists traveling to Costa Rica
decarbonized economic development. and spare parts for electric vehicles can offset the carbon footprint
In addition, the country has a (42489 MINAE-Hacienda-MOPT), generated by their flights
remarkable record of over 98% for the granting of economic and and land travel, indirectly
renewable energy and 53% forest non-economic incentives defined supporting the country’s
cover after decades of reverse in the Law on Incentives and reforestation programs.
deforestation thanks to the planned Promotion for Electric Transportation
expansion of protected parks and (41092-MINAE-Hacienda-MOPT), 2. Costa Rica has also
reserves. for the construction and operation experienced a unique way
of the network of electric recharge of financing efforts that
Costa Rica’s decarbonization centers for electric cars by electric contribute to the conservation
plan (2018-2050) has focused on power distribution companies of its forests, especially through
introducing revolutionary changes (41642-MINAE) and for the debt-for-nature swaps. These
in areas such as public, private and exoneration of used electric vehicles swaps allow countries to
freight transportation, sustainable (41092-MINAE-Hacienda-MOPT). exchange their foreign debt
and clean production in industry, Given India´s commitment and for nature conservation funds,
smart cities, digitalization, waste progress with regards to EV adoption which are usually managed
management, agriculture, livestock, and manufacturing, this is an area through an NGO. The funds
and forestry resources. This strategic with great partnership potential. created from these swaps
plan aims to drive not only a Costa Rica could host Indian plants are then used to plant trees,
downward curve in the use of fossil for the production and distribution create forest fire fighting
fuels to mitigate climate change, but of electric and hydrogen vehicles to brigades, and purchase land for
also an upward curve in economic export to all Latin America. conservation. This shows that
employment growth. environmental ambitions not
only have to be ethically sound
but can also be profitable.

Partnering for Growth 5
IMC Journal n July-August 2022

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3. The Costa Rican Tourism October 2021 and was the first efforts such as conserving forests
BRICS country to be part of and other terrestrial ecosystems and
Institute (ICT) also has a this coalition. In the area of accelerating their restoration. This is
ocean protection, Costa Rica a unique area in which Costa Rica
program focused on the announced its major decision has a lot of experience and would like
in December 2021 to expand to work with other global partners
Certificate of Tourism its protected ocean area from to further the goal. In addition,
2.7% to more than 30% of its Costa Rica has strategically fostered
Sustainability (CST) that territorial waters. partnerships in the blue and green
economy by creating investments
differentiates tourism sector • At the 48th regular session of and promoting SMEs/start-ups/
the UN Human Rights Council PPPs. In this way, the countr y
companies based on the in 2021, the HRC adopted a contributes significantly to the
resolution in support of the political acceptance and promotion of
degree of compliance with a “right to a clean, healthy and NBS (nature-based solutions), ocean
sustainable environment” diplomacy and decarbonization at the
sustainable model of natural, worldwide. Costa Rica was global level.
one of the leading countries,
cultural and social resource along with other countries Costa Rica is well positioned to play
such as the Maldives, Morocco, a leading role globally in providing
management, awarding Slovenia and Switzerland, in innovative nature-based solutions,
pushing this resolution through especially to the risks and challenges
entrepreneurs and tourism the Council. posed by climate change, biodiversity
loss and environmental degradation.
companies “a leaf ” for their Why is Costa Rica an ideal As India focuses more on the
partner to facilitate sustainable LAC region, Costa Rica should be
sustainable practices. development? recognized as an ideal partner to
enhance cooperation in different
COVER STORY Costa Rica’s participation One of the tangible outcomes of fields, including climate action and
in various global alliances the recent United Nations Climate environmental protection. India
and other activities for Change Conference 2021 (COP26) should build on its longstanding
environmental protection is a “Leaders’ Declaration on partnership and relationship with
Forests and Land Use”. One of its Costa Rica to continue forging
• Costa Rica has been working commitments is aimed at working new partnerships in the field of
hard with the United Kingdom collectively to halt and reverse forest environment.
and France in the framework loss and land degradation by 2030,
of the “High Ambition especially through strengthening Views are Personal
Coalition (HAC) for Nature
and People” to prevent species
loss and promote ecosystem
protection. In addition, HAC’s
main objective is to drive the
goal of protecting 30% of the
world’s land and oceans by
2030 and thus contribute to
the SDG targets. Also, HAC is
a very important platform as
it covers countries in Europe,
Latin America, Africa and Asia.
India joined this initiative in

6 Partnering for Growth
IMC Journal n July-August 2022

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Partnering for Growth 7
IMC Journal n July-August 2022

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Partnering for Growth

H.E. Mr. Raj Kumar Srivastava
Ambassador of India to Republic of Croatia

COVER STORY Partnering for growth is not a new with similar approach of creating rest of the world including Japan.
topic for human existence on this partnerships for peace and stability Similarly, it is also not surprising
planet. Growing and expanding on the one hand, and for growth and that all important Indian IT and
is the most natural phenomenon prosperity on the other. digital companies are today present
for the whole universe, as we all in Japanese economy. In terms
know that universe is continuously India-Japan partnering for of Process, Japanese managerial
expanding. At a spiritual level, growth with 4 Ps and life principles of Kaizen
growth happens when one realises (incremental improvements) are
that life can be experientially more In case of Japan, we have a very well known to the global businesses
rewarding when we move beyond robust Special Strategic Global while India’s disrupting start-up
body and mind. The feeling of Partnership, which has specially revolution has now become world’s
expansion gives happiness and feeling grown exponentially in the past eight fastest growing in a short span of
of contraction creates anxiety. For years. The growth in the relationship, last 5 years. Therefore, this Kaizen
nations and businesses too, growth especially in the B2B and P2P sides, and Disruption complementarity
and expansion are important forward has come across, after we started provides a perfect skill set to have
movements. In times of continuous harnessing the complimentarities in in a global company which wants
change and complexities, the the two ecosystems. In case of India vibrancy and stability at the same
qualitative and exponential growth and Japan, these complimentarities time. Apart from these 3 P’s, there
has become imperative to overcome are very unique and mutually is another unique complementarity
the exponentially growing challenges beneficial. For ease of understanding, in platforms that India and Japan
that we face as human beings. An I would call India Japan provide and that is India’s highly
inclusive approach to growth is the complimentarities in 4 P’s – People, diverse landscape versus Japan’s
only way to achieve sustainability and Prowess, Process and Platform. At the largely uniform ecosystems. This
momentum. India being the largest level of People, it is the demographic particular complementarity helps
democracy focuses on the people for complimentarity which creates the global companies’ board rooms
all its growth targeting initiatives and mutually beneficial initiatives where to have managers and professionals
naturally our partners globally are youth of India and experience of who are experienced to handle the
those, where we find similarities in Japan help each other to provide a diversity and thereby having the
this important value of prioritizing team spirit of cooperation. India’s soft skills of emotional intelligence
people over profit, sustainability 1.38 billion people have an average which has been proven by so many
over exploitation, and inclusion over age of about 29 years, as compared global CEOs of Indian origin in global
exclusion. With this background, I to 126 million Japanese people multinationals. From the above, it
would like to highlight some of the having average age of 49 years. In should be amply clear that India and
key elements of the partnerships any two countries of large sizes, these Japan are natural partners for not
that India has been able to develop statistics could not be more startling. only growth but also to provide global
with like-minded countries based on In prowess, while Japan is a globally peace, progress and prosperity.
convergence of shared values and known leader in manufacturing
complementarities of strengths & technologies as well as industry 4.0, India-Croatia partnering for
weaknesses. Two countries where India’s strength in mathematics and growth with 4 Ts
I have worked recently – Japan ICT is providing great support to
and Croatia, are being presented Japanese digital transformation and Analyzing India and Croatia could be
in the following as the case studies 5-G initiatives as we speak. It should a very different ball game after going
for India’s partnership with those not be surprising that Japanese auto through the possibilities that India-
two very different countries, but company Suzuki has bigger net worth Japan partnership offers. Talking
from its operation in India than in about ball games, sometimes, I joke

8 Partnering for Growth
IMC Journal n July-August 2022

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that Croatian sports people are Croatian economy in the past two eco systems of the two countries COVER STORY
excellent for every ball game larger years. The opportunities for Indians would get increasingly connected
than the size of the golf ball. Its no employed in Croatian companies are and this would surely be much more
wonder that Indian national football likely to increase as we move forward beneficial to Croatia, as Indian fastest
team is benefitting since past three in the next five years. growing start-up ecosystem provides
years by national coach Igor Stimac, great opportunities to Croatian
who is an ace Croatian footballer. Croatian innovation ecosystem counterparts for Speed, Scale and
Our sports partnership with Croatia is which is growing rapidly, thanks to Sensitivity that define the Indian
expanding in multiple sports areas – its historical genetic code of having ecosystem today.
football, table tennis, chess, shooting innovators in Croatian history like
and surprisingly in cricket too. Ruđer Bošković, Penkala, Nikola The contribution of tourism to
Tesla and others and the long Croatian economy is close to 20%
As Croatia joins Schengen Zone tradition of excellent educational of its GDP including during the past
and Euro Zone from 2023, it would institutions which provide a two pandemic years. Croatia expects
become a completely European platform for innovations. The young increasing number of tourists from
economy and would offer gateway to entrepreneurs in small towns of India, as India’s upper middle class
Indian businesses to not only Croatia Croatia have always surprised me raises its income. The tourism sector
and the region but also to the EU. with what they have achieved for also provides excellent opportunities
This could be a great opportunity that themselves and for communities for Indian investors to create
Croatia offers to Indian businesses surrounding them. As we move mutually beneficial propositions. As
for growth. On the reverse, as forward, AI, block chain, industry the pandemic has made the world
Croatia aims to utilize large EU 4.0 and the new technologies are realize, the importance of resilience
funding for its digital transformation, being used increasingly for solving and trustworthiness of supply chains,
green transition, sustainability and global challenges by Croatian start- we are already seeing the change
societal integration, one of the ups. Driven by this ground reality in in the trade figures of different
key requirements and shortage Croatia, we established India-Croatia countries. L ast FY, India almost
that Croatia faces is of skilled Start-Up Bridge in December 2021 exported USD 500 million worth
human resources. This particular which has already delivered its first of products as compared to past
demographic complementarity excellent initiative in the form of a historical highest ever annual exports
between India and Croatia has start-up challenge where we received figure being USD 180 million. Clearly,
already shown positive movements over 300 entries and 13 winners the opportunities for expanding
in Indian skilled human resources have been rewarded in June 2022. exports in the post-pandemic world
getting jobs in different sectors of As we move forward the innovation need to have a fresh look and micro
analysis.

To sum up all above, One can easily
see that India-Croatia partnership
for growth can be summarized in
4Ts – Talent, Technology, Tourism
and Trade.

Conclusion:

Japan and Croatia are only two
examples, but one can easily find
similar explanation of Indian
partnership with other countries
where we prioritize growth which
is inclusive and sustainable with
focus on people and environment.
This Indian ethos has also been
seen in India’s contribution in
multilateral diplomacy as well
– be it International Day of Yoga,
International Solar Alliance, Coalition
for Disaster Resilient Infrastructure,
Vaccine Maitri or ‘One World One
Health’ initiatives.

Views are Personal

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India – Ireland Business
Opportunities

H.E. Mr. Akhilesh Mishra
Ambassador of India to Ireland

There is significant scope for Ireland’s GDP stands at $0.5 trillion, Pandemic period. With just 1% of the
expanding bilateral business between with a small highly educated and EU’s population, Ireland accounts
India and Ireland, both vibrant, fast tech-friendly a 2.5 million-strong for 5% of its manufactured goods
growing economies. Currently, India workforce and total population of just exports to the rest of the world. A
accounts for only around 1.3 billion 5 million. Its per capita income is number of factors have contributed
euros of Ireland’s annual global goods $100,000 per person, second highest to this outstanding success. These
trade of 267 billion Euros. Similarly, in the European Union. Thanks to include a skilled, flexible workforce;
of the two-way global service trade its pro-business policies, Ireland a stable, transparent tax regime
of Ireland is worth 550 billion Euros, has transformed from a low-income with Low Corporate Tax (12.5%);
while bilateral services trade with agricultural society to a knowledge- membership of the EU Single Market
India is only Euro 4.15 billion. economy. Irish diaspora of 72 million with a regulatory regime conducive
provides Ireland unique global to doing business globally; a stable
India’s exports to Ireland include connectivity. industrial relations regime, and
strong and reliable business culture.
organic chemicals, articles of Ireland enjoys a unique locational Ireland’s geographic position and
advantage and post-Brexit, it is the openness to high-skilled immigration
COVER STORY apparels, clothing accessories, textiles, only English-speaking country in from the EU and beyond also means
the EU. Thus Ireland can serve for that manufacturing operations based
garments, clothing accessories, Indian companies as a gateway to the in Ireland can manage production
EU, besides serving as a bridge to the and distribution across multiple time
petroleum and petroleum products, US and Canada. With USA, Ireland zones.
has a special arrangement for pre-
miscellaneous manufactured departure immigration and customs Ireland as a thriving start-up and
clearance. innovation ecosystem. It has six
articles, medical and pharmaceutical unicorns and the highest success
Ireland has also emerged as a major rate in startups (16-17% compared
products, metals, non-metallic manufacturing hub, accounting to 6% in the EU and 1-2% in India).
for 12% of total employment in
minerals, iron and steel, rubber Ireland, with exports amounting Ireland also has 1700 MNCs, the
to about €120 billion in high-tech largest number of MNC tech firms
products, etc. Imports from Ireland manufactured goods. Thanks to its per million population; nine out of
robust and resilient manufacturing the 10 largest ICT companies have
to India comprise power generating sector, Ireland’s manufacturing their global/European headquarters
exports grew even during the Corona in Ireland. It is also home to nine
machinery & equipment, machines, out of the 10 top pharma companies.
Notably, over 40% of the world’s
misc. manufactured articles, scientific leased aircraft are managed from
Ireland.
apparatus, pulp and waster paper,
India’s transformation creating
medical & pharmaceuticals products, new business opportunities for
global partners
organic chemicals, electric machinery,
Under Prime Minister Modi,
telecom equipment, computer India is undergoing a profound
socio-economic-technological
accessories, plastic products, essential

oils, etc.

Ireland — An attractive trading
and investment partner

10 Partnering for Growth
IMC Journal n July-August 2022

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transformation. By comprehensively has created more than half million launch pad for engaging
and systematically addressing the job opportunities. and catering to Europe and
logistical and regulatory bottleneck Transatlantic countries.
in manufacturing sector with India aims to skilling 65% of its 1.38
schemes like ‘Make in India’, ‘Vocal bn population in the 18-35 years (ii) Indian companies dealing
for L ocal’, ‘Atma-nirbhar Bharat’ age group by 2030. India has over
(self-reliant India), etc, the equitable 1000 Universities, 42000 colleges in high value, high quality
economic growth is being boosted. producing out 38m graduates and
The ‘Productivity Linked Incentives’ 1,40,000 MBBS/MD a year. The New products may explore option
scheme, simplification of labour laws, Education Policy-2020 removes the
‘National Monetisation Pipeline’, bottlenecks experienced earlier, offers of setting up manufacturing
launching GST scheme, National new opportunities for India-Ireland
Infra Pipeline (with new railways, institutional partnerships through hubs in Ireland, to take
highways and metro rail projects) twinning arrangements, faculty
etc are changing the business changes, flexibility in operation for advantage of its extremely
environment in India. Centres of Excellence, etc.
favourable tax and investment
Foreign direct investment inflows India and Ireland enjoy
into India have grown significantly. complementary strengths regime (corporate tax 12.5%;
India received its highest ever total
FDI inflow of US$ 83.57 billion in India and Ireland enjoy 25% R&D credit and subsidy
2021-22, up from US$ 81.72 billion complementar y strengths in IT,
during the year 2020-21. Computer Biotech, Pharma, Agriculture, for job creation) and free
Software & Hardware has emerged as Higher education, Aviation, Fintech
the top recipient sector of FDI Equity and infrastructure and own unique access to vast European
inflow during 2021-22 with US$ business and diaspora connectivity,
14.461 billion (around 25% share) which can be synergised and market. Like-minded
followed by Services Sector (US$ leveraged for mutual advantage.
7.131 billion; 12.1%). While Ireland is facing shortages of companies could also work
professional manpower in several
India is becoming the world’s fastest- critical areas, India is poised to together to create Indian
growing startup ecosystem with 106 emerge as a major source for skilled
Unicorn Startups (valued at over manpower to the world. clusters.
USD 1 billion), as of August 2022,
displacing the UK from the 3rd Following approach to Ireland is (iii) Ireland has serious shortage COVER STORY
position in number of unicorns. India suggested for Indian business: of housing and health-care
created 44 Unicorns in 2021 alone. facilities. Indian engagement
The startup ecosystem of India, (i) Look at Ireland not as a target in these sectors would benefit
which is third largest in the world, market of 5 million people Irish people as well as Indian
but as a potential strategic community in Ireland.

(iv) Start ups and niche
technologies in fintech,
medtech, AI and cyber
security, agritech and industrial
technologies, enterprise
solutions could also be areas
of B2B engagement between
India and Ireland for mutual
benefit.

(v) Explore sector-specific potential
growth in merchandise
exports from India by holding
consultations with traders
in Ireland in drugs and
pharmaceuticals, organic
and inorganic chemicals,
engineering goods, textiles and
tea.

Embassy of India in Dublin is
working together with relevant
agencies in both the countries and
would be very pleased to facilitate
B2B efforts to broaden and expand
trade, technology and investment ties
between India and Ireland.

Views are Personal

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How to enter a New Market?
A Strategy for Businesses to
Explore New Territories

H.E. Mr. Rohit Vadhwana
Deputy High Commissioner
High Commission of India, Nairobi, Kenya
(Concurrently Accredited to Somalia)

COVER STORY As an entrepreneur and a business the economy. The study should not that it can run the whole operation
owner, you would invariably be limited to your own industry but without the help of local people,
think about how to enter a new should cover the overall ecosystem it is gravely mistaken and bound
market. It is not easy to explore of doing business in that particular to fail. Especially if the company
the opportunities available in a country as a whole. In some has to establish and stay in the
new economy, especially if it is an countries, opening up a company is market for a long, its involvement
unfamiliar country for you. While very easy while in many it may take and participation with the local
every new venture has its challenges, months. The findings should also look community and businesses are
they are multiplied if the factor of at the challenges of that market. inevitable.
alienness is added to the place.
Don’t ignore the culture: Business Be ready for an entrepreneurial
Think of small entrepreneurs who is not only an economic venture but risk: Business itself means
entered the African Market 100 years is a part and parcel of the society, entrepreneurship and taking the
back and have now developed their local customs and culture. In fact, affiliated risk. This is even more
stronghold there. What an enormous the local traditions and value systems critical when you are exploring a
risk they might have taken at that play a very crucial role in the whole new market. While entering the new
time; in the absence of technology ecosystem of the enterprise. While in domain, the risk appetite has to be
and fast means of communication some countries there is no culture of much more than doing business in
how difficult it would have been for gifts, in many, you can’t make good your own area because founding
them to establish and sustain their relations without an exchange of a new company in a new part of
business? Today we have all the gifts. Some countries are particular the world might involve investment
technologies and modern equipment about the time-bound process while and efforts much more than the
to support any new venture, but in many there is no such compulsion original estimation. It is very common
the new age has more complex and each step may take its own sweet to surpass the initial budget or not
challenges, so the question always time unless followed up regularly. finish the project within the decided
concerns the new entrepreneurs Therefore understanding the regional timeline. Therefore, pragmatic
while exploring new territory. culture is a very important part of entrepreneurship is very important
the business strategy. in a new market.
Here are eight steps which will help
small, medium or large companies in Develop local contacts: No Don’t ignore the procedure:
preparing their strategy to enter the corporation can sustain and Sometimes people advise you to
new market. grow without having strong local take shortcuts but for a company
connections. The local language, to sustain itself longer, it is
Do your research: To know the conventions and contacts play important that all the processes are
new market and the underlying a significant role in making the fulfilled and no rule is bypassed.
business prospects available there, business activities smooth and more The administrative procedures
you must do in-depth research about efficient. If any company thinks are extremely crucial, evading or

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overlooking them may result in huge Think long term: While entering interest of the host country have COVER STORY
losses in future. Remember that such the foreign market, have in mind reaped benefits for longer.
an error may make you pay many a long-term objective. The trading
times more than its actual price. relationship might be easier to Start small: While it is important to
establish but forming a joint venture have a risk appetite but at the same
Avoid illegal means: Even if the or having your own presence in the time don’t put all your eggs in one
country has blatant corruption and new market demands a long-term basket. Start with a small venture in
the use of money or muscle power is strategy. So don’t take a myopic view. any new market and keep injecting
common, it is important for a foreign Look for the greater opportunities more capital and resources over a
player to avoid the use of dishonest which will be available in the future period of time. Estimate your capacity
practices. The local population may in that particular market. Also, invest and keep enough reserve for any
embark on taking unlawful routes, but in such a way that it gives long- possible unforeseen circumstances.
for a foreign company, there will be lasting advantages to your business Make your existence stronger in the
much lesser tolerance in government and also does not harm the local country and commence contributing
and local people for such tactics. The ecosystem. Corporations which have positively from the onset so that it
cases of corruption will be highlighted exploited the resources/people for provides goodwill to your firm.
beyond proportion if you are an alien short-term profit have paid a heavy
firm and you might lose business not price later. On the contrary, those I hope this eight-step check list
only in that particular nation but also who have taken care of the wider will help businesses looking for
in other geographies where your firm opportunities in new markets abroad.
has a presence.
Views are Personal

Partnering for Growth 13
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Malaysia: Your Partner
For Growth

Mr. Zainal Azlan Mohd Nadzir
Consul General
Consulate General of Malaysia

COVER STORY This year marks the 65 years of robust expansion in the electrical and Malaysia has also ensured that
diplomatic relations between Malaysia electronic sector, driven by demand it has kept up with the rapidly
and India. Both countries have for semiconductors. Meanwhile, transforming technologies utilised
always shared close ties, especially the higher global commodity prices in the global trade, commerce and
among the peoples going back many have contributed to the increase in financial sectors. Today, it is capable
centuries. Malaysia has among the commodity exports such as crude of conducting business efficiently and
largest Indian diaspora outside India, palm oil, crude oil and liquefied effectively within the knowledge and
and many of our traditions and natural gas. digital economy.
cultures have been infused together.
Malaysia’s national identity is The Malaysian economy registered a The country currently exports
intertwined with its moderation and stronger growth of 8.9% in the second high value-added products in
tolerance, as well as its geography quarter of 2022, after a growth of various sectors including in
and natural environment. 5.0% in the previous quarter. During technology, electrical and electronic
this period, domestic demand parts, chemicals and chemical
As a vibrant trading nation that is continued to strengthen, underpinned products, petrochemicals, optical
dependent on maritime routes whose by the steady recovery in labour and scientific equipment, medical
security and economic prosperity are market conditions and ongoing policy devices, machinery, equipment and
tied to the rest of the world, foreign support. The higher growth was also parts, automotive and aerospace
relations represent a critical function reflective of normalising economic components, building materials,
of the government. Maintaining activity as the country moved renewable energy, processed food,
stable and fruitful relations with towards endemicity and reopened furniture and lifestyle products
key international partners such international borders. The positive besides traditional commodity exports
as India, constitutes the primary economic growth has been forecast to such as oil and gas and palm oil-
task of Malaysia’s foreign policy continue in 2023 and 2024. based products as well as rubber-
establishment. based products.
With the worst of the pandemic
Economic Recovery behind us, Malaysia provides ample Despite the global uncertainty and
opportunities for the business challenges of doing business in the
The COVID-19 pandemic outbreak community to tap into. COVID-19 affected period, India
had affected many countries, has been ranked as one of the top
including Malaysia. The country was Malaysia as a Business Partner 10 trading partners of Malaysia in
not spared from the ripple effects 2021 with total trade of USD 16.82
of an array of disruptions caused Malaysia has established itself as billion between the two countries.
by it, including the global supply one of the most trade-friendly Moving forward into the new year,
chain disruption. However, as soon countries in the world, exporting a from January-July 2022, the total
as the pandemic situation had been competitive range of products and trade between Malaysia and India
successfully contained, the nation services to more than 200 countries had grown by 28.3% to USD 12.14
has been experiencing a revival of and territories around the world. It billion, in comparison to USD 9.46
economic activities. is today an integral part of the global billion in 2021.
supply chain and recognised by the
The increase in domestic demand, World Trade Organisation (WTO) as Among Malaysia’s top export items
coupled with improvement in the the world’s 25th trading nation and during the period were palm oil and
external sector, have contributed 24th largest exporter and importer palm oil-based products; electrical
to a significant economic recovery in 2020. and electronic products; chemical
for Malaysia. Malaysia has seen a and chemical products; crude

14 Partnering for Growth
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petroleum; and manufactures of policies, which offers investors a companies operating in Malaysia. COVER STORY
metal. Apart from that, Malaysia’s dynamic and vibrant business Indian companies have been
strengths are also lie in F&B-related environment, have successfully investing in key industries such as
products; furniture and wood formed Malaysia into a preferred pharmaceutical, chemical and textile
products; rubber-based products; investment destination in the industries, with a total approved
green technology such as water and manufacturing and services sectors. investment of USD 2.7 billion.
waste water management, renewable Following the normalisation of Malaysia has been chosen due to,
energy, bio-mass and solar energy; economic activities, the country is among others, the ease of doing
and construction & engineering seeing good investment and economic business, developed infrastructure
services. growth momentum at this moment. and the access to the larger markets
through FTAs, including the RCEP,
Malaysia is also strong in the Malaysia has one of the most the largest free trade agreement.
area of Halal, an industry that is comprehensive ecosystems in
being recognised internationally, the region in the Electrical and This figure is expected to rise
with extensive expertise on Halal Electronics (E&E), Machinery and with the emergence of sub-
Standards. Malaysia’s Halal Equipment (M&E), aerospace, sector industries such as active
certification is highly regarded by automotive, and medical devices pharmaceutical ingredients (API) in
multi-national bodies and world industries, to name a few. The nation pharmaceutical industry, specialty
bodies. The importance it places on continues to attract a fair share of chemicals in the chemical industry,
its Halal products is also reflected in multinational corporations including as well as the digital economy. Since
the adoption of various elements of Fortune 500 companies in the high- the establishment of the Multimedia
sustainability including in economic end and high-technology industries. Super Corridor in Cyberjaya, Malaysia
growth, the equitable distribution The existing companies also continue in 1996, the digital economy has
of wealth as well as recognising the to expand their operations in been one of the pivotal drivers of
need for environmental conservation. Malaysia, illustrating Malaysia’s on- Malaysia’s economic growth. As one
going value proposition to investors. of the focus areas for Malaysia, the
The country’s well-deserved Malaysian Government has produced
reputation for the export of quality For the period of January to June a clear roadmap and earmarked
products and services is only possible 2022 alone, Malaysia has attracted resources to develop the digital
given the support it receives from a total of USD 27.4 billion worth economy. This is further crystallized
the logistics industry, with a well- of approved investments in the with the launching of MyDIGITAL
developed and complete chain of manufacturing, services and primary which outlines plans to accelerate
service providers that include sectors involving 1,714 projects. FDI Malaysia’s progress towards becoming
warehousing, transportation, freight remained the major contributor, at a digitally driven, high-income nation
forwarding and other related value- 70.9% or USD 19.5 billion, while and a regional leader in the digital
added services such as distribution investments from domestic sources economy.
and supply chain management. contributed 29.1% amounting to USD
7.9 billion. • For further information or
Malaysia as a Preferred necessary assistance on how
Investment Destination Malaysia has also been attracting to source for Malaysian
investments from India with products and services, kindly
Malaysia’s long-standing pro-business the presence of over 150 Indian contact Consul (Trade) /
Trade Commissioner, Trade
Section (MATRADE), Consulate
General of Malaysia in
Mumbai

• For further information or
necessary assistance on
investment opportunities in
Malaysia, kindly contact
Consul (Investment) / Director,
Investment Section (MIDA),
Consulate General of Malaysia
in Mumbai

Views are Personal

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Partnering for Growth: India and Philippine
Co-operation in the Time of Covid

Mr. John Boitte Santos
Charge d’ Affaires, Philippine Embassy in New Delhi

COVER STORY COVID-19 crisis has significantly The Philippines for its part is keenly Today, the industry has proven its
affected societies and economies following the Indian government’s ability to evolve by expanding to
around the world and will vaccine rollout, one of the largest in multi-tower and higher-value services
permanently reshape our world as it the world, as a model for how the that have attracted investors and
persists to unfold. The Philippine and pandemic is addressed. In particular, locators globally. Offering more
Indian Governments have viewed this the Philippines can take inspiration complex and digitally-enabled non-
crisis as an opportunity for closer ties. from India’s processes and logistics voice services, the Philippine IT-BPM
At present, the Philippines and India in its vaccine drive, in particular industry has transformed to an omni
are engaged in strengthening their the CO-WIN App that monitors the channel delivery model and continues
cooperation especially in the areas progress of the drive as well as the to provide niche business process
of Pharmaceuticals and Information capacity building and training on how services to various industries.
Technology. to effectively administer the vaccine.
Of course, it is also well known that At present, the Philippine
In the Pharmaceutical sector, the India has an established reputation as Government is working on the
Philippines sources critical inputs an important global supplier of high strengthening of telecommunications
for the production of essential goods, quality and low-cost vaccine. and digital infrastructure in the
such as Active Pharmaceutical country. The Philippines aims for
Ingredients. The proposed In the Information Technology an IT sector policy environment that
collaborations of the Philippines with sector, the Philippines and India’s will promote the broad market-led
India in the Pharmaceutical Industry collaboration in the BPO indusrty has development of the IT sectors, a level
are indeed timely and relevant. grown exponentially in the last few playing field, partnership between the
years. Several Indian IT companies public and private sectors, strategic
In particular, India has a strong have already set up BPO operations alliance with foreign investors and
presence in Pharmaceuticals in the Philippines in the last decade balanced investments.
(Generics) where major firms like or so and these include companies
Dabur Pharma, Lupin, Torrent, like WIPRO, TCS, L&T Infotech, India is an important trading
ZydusCadilla, Claris Life Sciences Innodata, IL&FS Genpact, Infosys, partner and one of the centers of
have set up liaison offices to promote HIGS (Hindujas), Tech Mahindra, economic activity in the region and
their products in the Philippines. etc. employing thousands of Filipinos. the Philippines is the most strategic
Indian pharma companies are partner in South East Asia for India’s
encouraged to have their R&D High-end technology with an investments and expansion of its
facilities in the Philippines that would uninterrupted high-speed internet research and development, as well
employ Filipinos or go into joint connection to power a nation has as IT industries given its growing
venture with local pharmaceutical become the “New Normal” in the strength in innovation, young and
companies which would result into midst of COVID-19 pandemic. The skilled population, competitive
technology transfer. Philippines offers state-of-the-art advantage in the English language,
telecommunications facilities and and current economic reforms.
Indian pharma companies are adequate uninterrupted power supply.
likewise encouraged to set-up Specialized IT zones offer ready- The Philippines is committed
their manufacturing facilities to-occupy offices and production to ensure continuous work and
in the country as there are vast facilities, computer security and collaboration in strengthening our
opportunities for Indian investments building monitoring systems, as well business and economic relations
with the implementation of the as complete office services. at this difficult time, during this
country’s Universal Health Care pandemic and beyond. We renew our
Program complemented with the Since 2010, the Philippines has commitment for enhancing our trade
growing population and economic been the leading voice BPM services and investment relations, as well as
development of the Philippines. provider surpassing all other markets. economic cooperation with India.

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As part of the Philippine Embassy’s the ramifications, and adjust to the Meeting in June 2020 as well as the
economic diplomacy initiatives with new normal in international trade. 5th Joint Commission on Bilateral
India, former Ambassador Ramon Cooperation in November 2020, the
S. Bagatsing Jr. visited Mumbai in The Philippines has the capacity to Philippines is keen to pursue deeper
early 2020 to attend the outbound become the Regional Headquarters of trade and investment relations with
business matching event and a the Association of South East Asian India under the bilateral track. Both
meeting with executives of Mumbai- Nations (ASEAN) in the areas of sides can explore the feasibility of a
based Indian companies operating Pharmaceuticals and Information bilateral FTA to entrench its strategic
in the Philippines, such as Hinduja Technology. The Philippines possesses economic partnership.
Global Solutions, Bharat Serums and several competitive advantages such The COVID-19 pandemic has been
Vaccines Ltd., Capgemini Technology as quality manpower and resources; creating new paradigms, collaborative
Service India Limited, Bajaj Auto strategic business location; liberalized responses, and economic recovery
Limited and Tata Motors Limited. and business-friendly economy; plans for both the Philippines and
developing infrastructure for global India. With high hopes, may Philippine
In this trying time of international growth; hospitable lifestyle; unlimited and India relations be more extensive,
disruption caused by the COVID-19 business opportunities, and various cooperative, and collaborative as we
pandemic, there is a need for closer investment incentive programs. beat the international health crisis and
dialogue and cooperation between embrace the opportunities of mutual
countries to adequately respond to Following the 20th ASEAN-lndia Joint interest.
Cooperation Committee (AIJCC)
Views are Personal

COVER STORY

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Partnering for Growth:
Russia and India

Mr. Aleksei Surovtsev
Consul General
Consulate General of the Russian Federation in Mumbai

COVER STORY The new challenging world requires deny; secondly, this vision not only anniversary of the Independence of
new approaches to tackle arising is in line with general demands of India said that by joint efforts we
problems, to elaborate collective and histor y, but also meets essential will ensure the further development
mutually acceptable responses to and concrete requirements of the of the whole range of the productive
present-day threats. Positive, fruitful, overwhelming majority of countries. interstate ties for the benefit of our
future-oriented agenda could be Equal dialogue, unacceptability of friendly peoples, in the interest of
formed only because of concerted external pressure, non-interference in strengthening security and stability at
actions of all stakeholders. the internal matters, non-politicizing the regional and global level.
of trade issues, mutual attraction
It is a truth regrettably forgotten by of cultures – that is what Russia The characteristic feature of our
our Western colleagues following proposes to its partners. In this view, partnership is the high intensity of
the lead of the USA. In attempts the pivot to the East has been a political interaction. Just two weeks
to negate the necessity of win-win natural sequence of the Russian ago, in the framework of the said
partnership and mutual respect, foreign policy. Intergovernmental Commission,
so-called “collective West” tries to National Security Advisor Ajit Doval
canalize the global political and As dear readers certainly know, discussed with his counterpart
economic agenda having no regard relations between Russia and Nikolai Patrushev the matters of
for the needs of other members of India, nowadays enjoying the status security cooperation and with Denis
the world community. Infamous of special and privileged strategic Manturov, Deputy Prime Minister,
sanctions imposed to Russia partnership, is the illustrious example Minister of Trade and Industry, newly
unilaterally (which, however, of this respectful, attentive and appointed head of the Commission –
we certainly have to turn to amicable approach. Moscow and the development of trade, science,
our advantage), demonstrate the New Delhi share the same vision technologies and the cooperation in
inadequacy of those who impose of bilateral ties and international the peaceful use of outer space.
them. Western reaction on the subjects, speak in one voice in the
Ukrainian subject has shown the international arena. We work closely It is gratifying to know that the
lack of understanding of the national in forums such as UN, BRICS, the famous dosti between Russia and
interests of Russia, disregard of its Shanghai Cooperation Organization, India is by no means confined to
security and identity by the EU and in the framework of the Non- the achievements of the past.
the USA. They act as open supporters Aligned Movement, Delhi Regional Remembering the political and
of actually national-socialist, fascist Security Dialogue on Afghanistan economic aid extended by Moscow
regime in Kiev, which came to power and other multilateral platforms, during first decades of Indian
in Ukraine in 2014 as a result of including G-20. The mechanism of independent path – the Treaty of
bloody coup with aim to destroy the the India-Russia Intergovernmental 1971, Bokaro and Bhilai metallurgical
great friendship and brotherhood Commission on Trade, Economic, plants, the heavy mechanical
of three Slavic nations – Russian, Scientific, Technical and Cultural engineering plant at Ranchi,
Ukrainian and Belorussian, to make Cooperation is realizing actively. Joint Vindhyachal and Kahalgaon thermal
Ukraine as military base against my military exercises of both countries, power plants, military production
country. such as Indra, have been conducted enterprises at Nasik, Kirkee, Avadi,
on regular basis. joint space program – we are glad
Quite the contrar y, the Russian to say that we go ahead with our
Federation stands up staunchly President Vladimir Putin in his cooperation. To the old treasures,
for the multilateral and multipolar address to President Smt Droupadi we add the new ones. Kudankulam
diplomacy. First of all, it is an Murmuji and Prime Minister nuclear power plant, NLMK steel
objective tendency that nobody can Shri Narendra Modiji on the 75th plant in the AURIC zone, contracts

18 Partnering for Growth
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for production famous Sputnik V including Moscow and Saint due attention to the cultural and COVER STORY
anticoronavirus vaccine, SIBUR, Petersburg, Crimea, those of Siberia humanitarian dimensions. People-to-
ALROSA and Nayara activities – and Far East have established people contacts, exchange of ideas,
numerous objects of our cooperation relations with some States of constant interaction in educational,
are blooming. Russia and India India. This year we celebrate 55th sport and tourism areas make a solid
are looking for the enhancing of anniversary of the establishing of ground for this partnership. Ties
interaction in the area of cutting-edge sister-city relations between Mumbai between any countries will be nothing
and vital technologies – green energy and Saint Petersburg. Availing myself but just a bureaucratic fiction if the
sector, IT, biotech and nanotech, of the opportunity, I thank Indian true friendly attitude does not strike
aerospace. Merchants Chamber of Commerce & hearts of its peoples. Russia and India
Industry, Mumbai for hosting Russian fully enjoys such a mutual attraction
The trade volume between Russia business delegations, for example, in since decades – without exaggeration,
and India of $13.6 billions (Russian April of this year, the Ryazan Region our peoples cherish kind feelings for
export to India – $9.1 billion, import mission headed by the Governor each other.
– $4.4 billion), thought showing Nikolai Lyubimov.
encouraging tendencies, still does I want to reiterate that Russia is
not satisfy us. As mentioned above, The multipolar world and partnership committed to the principles of non-
current challenges should be for growth are unthinkable without interference, mutual benefits and
turned to opportunities. It is not respect to the others’ interests.
a mere allegation or an idealistic Alexander Kadakin, legendary envoy,
scheme: so, from 1% share in true friend of India (one of Delhi
India’s crude oil imports in 2021 streets is named after him) and my
Russia now makes nearly 20%. guru on the diplomatic path, said:
The dramatic developments of the “India is a beautiful, radiant bride.
international economy spur us on There are so many bridegrooms
to greater efforts. Among our goals always around… and we are not
– establishing of ruble-rupee direct jealous”. Let me only express the
banking mechanism to avoid or at confidence that our Indian friends
least reduce dependency of third will keep moving towards their own
currencies, intensify oil and gas right way and Russia will be their
supplies, firmly retain and develop good companion as it has been during
traditional spheres of cooperation already 75 years of our diplomatic
while venturing into new ones, build relations also celebrated on April, 13.
up logistics chains and transport
links. Views are Personal

We rely on enhancing of interregional
cooperation. Some Russians regions,

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Singapore: India’s All-Weather
Partner for Growth

Mr. Cheong Ming Foong
Consul General
Consulate General of the Republic of Singapore in Mumbai

COVER STORY Singapore has been a longstanding Since this watershed move, bilateral 19-related medical supplies to India
believer in India’s growth story. Since trade has flourished. Investments during the peak of the pandemic’s
diplomatic relations between our have also been boosted, with second wave in 2021. We are grateful
two countries were established in major Singaporean brands across that India likewise reciprocated later
August 1965 – a mere 15 days after virtually all sectors, from DBS Bank, on, when Singapore saw its own
Singapore’s own independence, our Singapore Airlines, CapitaLand, waves emerge.
countries have consistently engaged SembCorp, all having significantly
each other at all levels, through expanded their footprints here. Moving forward, as our respective
numerous visits of the highest levels economies chart their way through
and People-to-People exchanges According to the Indian Department recover y, we hope to continue
alike. for Promotion of Industry and collaborating in novel areas of
Internal Trade (DPIIT), Singapore mutual interest including FinTech,
In line with our strong and early has been India’s largest source Digitalisation, Start-Ups, Skills
support of India’s economic of foreign direct investment for Development, Smart City Solutions,
liberalisation in the 1990s, we were the past several years. In fact, amongst others. For a start, in
amongst the first to support Indian even throughout COVID-19, our July 2022, Singapore’s High
businesses to expand into the rest investment inflows have only Commissioner to India Simon Wong
of ASEAN and Southeast Asia, increased, with the latest official witnessed the launch of the NSE
using Singapore as a regional base. statistics released by the Union IFSC-SGX Connect in GIFT City,
Numerous major Indian corporations Ministry of Commerce and Industry Gujarat, in the esteemed presence
like the Adani Group, and Tata showing that Singapore accounted for of Prime Minister Narendra Modi.
Communications Services, have their more than a quarter of all FDI equity More such initiatives remain in the
regional headquarters in Singapore. inflows into India in FY21/22. pipelines for the near-future, for
In 2005, our economic partnership example, the upcoming linkage of
reached a new milestone, with the During this period, we were also India’s Unified Payments Interface
signing of India’s first ever bilateral fortunate that our position as a (UPI) and its Singapore equivalent,
free trade agreement – known leading logistics hub and freight node PayNow.
as the Comprehensive Economic of the world allowed us to play the
Cooperation Agreement (CECA). role of a timely friend by being one of So this has been a very warm
the first countries to supply COVID- and active bilateral relationship.
My Prime Minister Mr. Lee Hsien
Loong’s words at the annual India-
ASEAN Summit in October 2021
perhaps best summarises this
relationship: “India is a longstanding
friend of Singapore and was one of
the first countries to recognise our
independence. The historical, literary,
cultural and economic ties go back
many centuries. Many Singaporeans
have family ties in India.” This
rings true today, and Singapore is
committed to building upon these
strong foundations for an even more
prosperous era of relations ahead.

Views are Personal

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Getting Green - Finance Right

Mr. Akhilesh Tilotia
Public Policy, Strategist, Economist, Author
National Investment and Infrastructure Fund Limited (NIIFL) Mumbai

The idea that India needs to invest that makes green finance unique might see significant risk-seeking, COVER STORY
trillions of dollars in meeting its Net is that the challenges created by private capital come through.
Zero by 2070 commitment is, by now, climate change are global in
well known. Estimates run to over nature and hence significant pools Who? Given that climate change is a
ten trillion dollars in the next half of international and multilateral global challenge, and developed world
century or the hundreds of billions capital are expected to be invested. is committed to significant transfer
of dollars in the next decade. The India needs to create a network of of capital to the developing world,
sums of monies to be channelized for financial institutions that can pool there will be many forms of public
this transition is very significant as and channelise global resources into collaborations between governments
a proportion of India’s current and Net Zero initiatives. will take place: bilateral, small
projected GDP. group, or multilateral. Collaborations
Vectors of green finance between private pools of capital (say,
The “demand side” of these long-term pension funds) and public
investments, i.e., the industries Four vectors underpin the (say, sovereign funds) will also be
that will require these investments development of green finance common. Significant amount of
is taking shape. Investments into landscape: (1) where will the private capital will also chase growth
renewables (solar, onshore wind, investments be required? (2) who and yield opportunities. Each pool
hydro, maybe eventually nuclear), will lead the pooling of finances and of capital will require specific types
battery and power storage, electric disbursement of investments? (3) of governance structures to align
mobility ecosystem including vehicles how will the architecture of funding with the varied interest of their
and charging, smart grids, and look like? and (4) what skillsets stakeholders.
distributed production, etc. are now and ecosystems will need to be
becoming large industries. Relatively developed? Once we lay down the How? This is where all aspects of
newer ideas like hydrogen and answers to these questions, we can financial structuring kicks in. The
offshore wind are witnessing active begin to construct the green finance nature of instruments – equity, debt,
public policy support and private architecture in India. mezzanine, concessional/impact,
interest. Each of these industries, or grants – can be very varied and
as they are being created, have their Where? Where the investments span the risk-return spectrum. Each
unique funding requirements. Given will be required can be seen with type of capital will also segment
that they are at various stages of two lenses. First, identify whether itself into different categories: from
development, the amount and type of the focus of investment is to address those willing to take small risks
capital required and the type of risk (a) mitigation, (b) adaptation, or on many investments to those
and return that they represent varies (c) resilience of societies to climate who willing to bet larger sums of
significantly. change. Then see the sectors in monies on mature technologies and
which the investment will go: (a) industries. Financing institutions
This takes us to the “supply side” of new age green industries, (b) hard will play at different ends of the
the financial architecture that will to abate sectors, or (c) efficiency control spectrum: from seeding large
be required to channelise funds into improvements in transition sectors. majority-owned platforms to passive
these, and any future, industries. The pools of capital available for a equity stakes; from underwriting
As India prepares for the transition combination on the focus and sectors and leading debt or syndicating it;
of its industries, it will also need will be very different. For example, from offering risk cover to providing
to reimagine the architecture that adaptation and resilience may require risk sharing facilities, etc. As is
underpins the financing of the longer-term, public capital; new-age clear from the sheer varieties of
new green economy. One aspect high growth sectors in mitigation instruments possible, the nature of

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IMC Journal n July-August 2022

Knowledge

COVER STORY entities will be very varied: alternative taken by financiers and industry in in building the green ecosystem.
investment funds, banks, multilateral reducing emissions will finally need All aspects of these four vectors
developmental organizations, asset to feed into the target for the country. require significant investment and
management companies, insurance Policy and public financing in various development. The current set of
and pension funds, public sector sectors will continue to evolve as organizations will need to scale
enterprises, and government sectors mature or technologies up massively and many new ones
departments: all these need to change: this will require deft policy will be required to channelize the
sharpen and develop their green professionals on both public and large sums of monies that need
capabilities. private sides. Finally, investment and to be intermediated between now
debt management teams will need and Net Zero. From a public policy
What? Many capabilities will be to be conscious on how committing perspective, identifying the gaps
required in making the green capital to green impacts their in the four vectors and helping fill
financing ecosystem become vibrant: fiduciary duty to their stakeholders them in will be critical to create a
some will require developing for risk-adjusted returns. seamless set of pipes which link the
completely new bodies of knowledge appropriate capital to the relevant
(say, climate risk ratings) while Next steps projects.
some need significant reorientation
(assurance on numbers that Many of these building blocks exist in “Getting green-finance right” by
companies and investors report India. Organizations are beginning to Akhilesh Tilotia. Reprinted from
on say, emissions). New platforms define which aspects of these vectors “FINANCIAL EXPRESS” with the
which can aggregate and analyse they are comfortable competing in. permission of The Indian Express (P)
green-related data will be required In segments that they are not, they Limited © 2022. All rights reserved.”
– linking back all the efforts being will need to collaborate with others

22 Partnering for Growth
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Knowledge

How Azerbaijan has Revitalized
the Non-Aligned Movement

Dr. Vasif Huseynov
Head of Department at the Center of Analysis of International Relations (AIR Center) and Adjunct
Lecturer at Khazar University in Baku, Azerbaijan.

In the face of increasingly more confrontation. The NAM, under of the World Health Organization COVER STORY
confrontational international politics, Azerbaijan’s chairmanship since were among the leaders who
this solidarity among the members 2019, has achieved remarkable addressed the summit and endorsed
of the NAM would be critical to progress toward becoming an the initiative.
ensuring their security and defending impactful international player loudly
their national interests. expressing the voice of its 120 Demonstrating its readiness
member countries. and willingness to play a leading
During the Cold War, the bifurcation Azerbaijan has made a number of role in the global fight against
of international politics between the initiatives during its chairmanship national egoism, unilateralism,
two camps headed by the Soviet to coordinate cooperation amongst and protectionism, Azerbaijan,
Union and the United States led the member states, strengthen as part of its proposals to the
to the emergence of the non- the values of multilateralism and virtual summit of the NAM, also
aligned bloc of then Third World called for a special session of the
countries who sought to international cooperation, and
ensure their survival in this revitalize the institution. The first UN General Assembly. The
hostile environment. These year of Azerbaijan’s chairmanship initiative was supported by more
countries refused to join any (2020) coincided with the start of than 150 UN member states
military bloc and their third the coronavirus pandemic. Baku and took place on December
conference in 1970 called for made various efforts to bring the 3-4, 2020. “This General
the “dissolution of great power member countries together in the Assembly special session, is a
military alliances” for peace fight against the crisis’ ramifications historic moment for Member
and security in the world. This for their economies and prosperity. States, the United Nations,
bloc, known as the Non-Aligned At the initiative of the Azerbaijani the scientific community, and
Movement (NAM) since the government, for the first time in the other stakeholders,” Assembly
fifth conference of the member history of the NAM, the movement president Volkan Bozkir said
countries in 1976, was thought to held an extraordinary summit of on the opening of the two-day
have lost its relevance following the member states on May 4, 2020, gathering.
end of the Cold War in the early virtually attended by more than forty-
1990s. five members states and international As the chair of the movement,
organizations. The president of the one of Azerbaijan’s major goals is
Quite contrary to these analyses, seventy-fourth session of the United preparing the basis for the eventual
a new need for the NAM emerged Nations General Assembly, the institutionalization of the NAM that
in recent years, as international chairperson of the African Union would make it a well-established
politics gradually succumbed to Commission, and the director-general international organization. Baku
the resumption of the divide of has put forward some successful
international politics between the initiatives toward this end. The
United States and its allies, on the launch of the NAM’s parliamentary
one hand, and Russia and China, network and youth network at Baku’s
on the other. With the start of the initiative is a significant move on
Russo-Ukrainian War in February this path. Azerbaijani President
2022, this stand-off has culminated Ilham Aliyev has, with the support
in dramatic worldwide economic of member states, also endorsed the
ramifications and the revitalization of creation of a NAM support office in
nonalignment as a security strategy New York. “I think it is the right time
and the Non-Aligned Movement as now to make more steps towards
a bloc to pursue this strategy for institutional development and that,
many countries in-between this in its turn, will help us to defend our
interests on international arena and

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COVER STORY also strengthen solidarity between our that the bloc can turn out to be very President Aliyev recalled in his
countries,” he added. efficient in quickly consolidating its address to NAM’s parliamentary
efforts and demonstrating solidarity network.
One big challenge on this path is against major challenges one or a
the existence of conflicts amongst group of fellow members face. In the face of increasingly more
some members of the movement. confrontational international politics,
Not only does it prevent the quick During the war, known as the Second this solidarity among the members
institutionalization of the bloc but Karabakh War or the Forty-Four-Day of the NAM would be critical to
also debilitates the efforts to bring War, three permanent members of ensuring their security and defending
about the movement’s unique voice the UN Security Council—France, their national interests. Azerbaijan’s
on major geopolitical issues around the United States, and Russia—tried efforts to strengthen the movement,
the world. “I know that there are to pass a resolution that would be promote closer bonds and cooperation
certain problems between some contrary to Azerbaijan’s vital interests, amongst the member states, and its
member states. I think that NAM as it would have no reference to the efforts for institutionalization are
can be a platform to find resolution council’s earlier resolutions in 1993 therefore of great importance and
to these problems,” President Aliyev which called for the withdrawal of have a significant potential to deliver
emphasized on June 30. Armenian troops from Azerbaijan’s positive outcomes.
sovereign territories. “But, our
However, although it is hard, if not friends, members of NAM, at that Dr. Vasif Huseynov is the head
entirely impossible, to achieve the time members of the UN Security of department at the Center of
resolution of all these interstate Council, blocked an anti-Azerbaijani Analysis of International Relations
conflicts within the NAM, Azerbaijan’s statement and blocked the attempt (AIR Center) and Adjunct Lecturer
experience in the course of its war of accusation against Azerbaijan and at Khazar University in Baku,
with Armenia (not a member of the thus, did not allow pro-Armenian Azerbaijan.
NAM) in late 2020 demonstrated global forces to attack Azerbaijan,”
Views are Personal

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India’s Collaborative Healthcare
Deserves Further Strengthening

Mr. G. Chandrashekhar
Economic Advisor, IMC

Healthcare is a complex subject. and Union Territories to strengthen nutrition and health. Agriculture is a COVER STORY
A multi-disciplinary approach is the public healthcare facilities reach source of food and thereby nutrition.
required to address the nation’s till the last mile. Support is provided It is also a source of income to
health challenges. While good health under the National Health Mission buy nutritious food. The nation’s
needs to be promoted, health-related for universal access to equitable, agricultural policies impact food
issues need to be prevented as far affordable and quality health care output, food availability and food
as possible. Also, there are curative, services to all citizens of the country. prices.
palliative and rehabilitative aspects of
universal healthcare. It is important The healthcare system of the country Unfortunately, the current nutrition
to provide comprehensive healthcare involves a three-tier system with Sub status of the country leaves much
including both maternal and Health Centre (Urban and Rural), to be desired. There is pervasive
child health services and for non- Primary Health Centre (Urban undernutrition. While subsidized
communicable diseases. Essential and Rural) and Community Health supply of fine cereals – wheat
drugs and diagnostic services are Centre (Urban and Rural) as the and rice – provides calories, there
integral to sustainable healthcare. three pillars of Primary Health Care is nothing to promote protein
System. consumption. Indeed, protein
‘Public Health and Hospitals’ is a consumption has been falling.
State subject under the Constitution. As part of primary healthcare, there
The primary responsibility of is strong commitment to promoting The implication of protein deficiency
providing healthcare services to the good health including engagement is serious especially given the age
people of the country lies with the of a community health officer profile of the population. Protein
State Governments. and capacity building of primary deficiency exerts long-term adverse
health care team, in addition to effect on human health, labour
Formulated in 2017, the National infrastructure strengthening to productivity and general wellbeing.
Health Policy envisages provision improve the availability of medicines Perpetual undernutrition results
of universal access to good quality and diagnostics as well as provision of in low resistance to infections and
health care services through expanded range of services including increased morbidity. This raises
increasing access, increasing wellness through yoga, telemedicine, healthcare costs.
affordability by lowering the cost etc.
of healthcare delivery and equity. Moreover, interstate variations in
The policy envisages as its goal the There is equal focus on preventive nutrition status are stark. While
attainment of the highest possible healthcare and health promotion some States have a relatively better
level of health and wellbeing for all activities. Under Ayushman Bharat, record of nutrition, in others – mainly
at all ages, through a preventive and Health and Wellness Ambassador populous States – the nutrition
promotive health care orientation Initiative has been launched record is dismal. As part of national
in all developmental policies, and where teachers in every school healthcare, we need to raise the
universal access to good quality are Ambassadors to foster growth, nutrition profile of States that are
health care services without anyone development and educational currently lagging.
having to face financial hardship as a achievement of school going children
consequence. by promoting their health and In other words, our agricultural
wellbeing. and food sector policies have to be
The Union Ministry of Health and designed in a way that promotes
Family Welfare provides technical From the perspective of preventive increased consumption of nutritious
and financial support to the States healthcare, it is important to food (not merely calories but also
recognize the nexus between food, protein) so as to be able to develop

Partnering for Growth 25
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immunity and enjoy good health. Of Safe’. A massive campaign to Schemes such as MNREGA, TDPS,
course it is important to recognize create awareness and educate the NFSM, MDM and ICDS are in place.
that it is not food alone but vulnerable sections of the population But there is a case for dovetailing
availability of clean water, sanitation, about eating safe and nutritious food these welfare schemes so as to
food habits, physical exercise and is essential. maximize their impact and outcome.
lifestyle also matter. A collaborative effort among various
There are several welfare programs of ministries of the central government
It is in this context that we have the government that seek to deliver together with State governments to
the Eat Right movement of the food at highly subsidized rates to ensure delivery is the need of the
Food Safety and Standards Authority vulnerable sections of the population hour.
of India. It is built on two broad so as to promote consumption of
pillars: ‘East Healthy’ and ‘Eat food in order to fight undernutrition. Views are Personal

COVER STORY

26 Partnering for Growth
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Advocacy

July 7, 2022

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

Respected Smt. Nirmala Sitharamanji,

Sub: Representation in connection with introduction of TDS provisions under Section 194R of the Income-tax Act, 1961 (‘Act’) and
further clarifications provided in connection with the same

We write this representation on behalf of our members. We would first like to mention that the industry appreciates the Government’s move to clarify some
of the aspects concerning implementation of section 194R of the Income Tax Act, 1961 (‘Act’) vide circular 12/ 2022 dated 16 June, 2022.

However, unfortunately, certain positions laid down in the Circular 12/2022, seems to be contrary to provisions of section 194R and/or the Memorandum
explaining the amendment introduced by Finance Bill 2022. The clarifications issued by way of circular seems to expand the provision of section 194R and
in certain instances (as tabulated below), the Circular may end up creating more difficulties rather than removing the difficulties, if any, that may have been
intended to have been addressed.

We have attached as Appendix 1 our detailed representation in this respect with a request to kindly issue a supplementary clarification. These clarifications
are urgently needed for purpose of smooth implementation of these new provisions and give clarity to the taxpayers while entering into transactions in
course of the business.

The tax deductors are helping the government to collect the taxes, without any cost or efforts. When such an onerous obligation is undertaken by tax
deductors, they need to be very clear about the interpretation of TDS provisions, so as not to commit a breach because of uncertainty of law and face
penal consequences. Any change in the TDS provisions, need changes in software systems of Tax deductors. Considering, huge efforts involved in doing so,
implementation of these provisions should be deferred for at least six months, especially when clarifications regarding what is covered under the ambit has
only been issued 16th June 2022, i.e. 15 days prior to date of implementation. As pointed out, these clarifications needs to be clarified by further clarifications

The basic purpose and objective of TDS provisions, i.e. tracking the transactions get achieved with the use of PAN and/ or by GST registration. Therefore,
transactions, which are already recorded in books of accounts and getting tracked, as explained in Appendix 1, should not be tried to be roped in by way of
circular in the TDS provisions.

We are sure that you would appreciate that the increase in the Compliance requirements that needs to be done honorary for helping Government to collect
taxes, should not put tax deductors in hardship and affect the Ease of Doing business. By making these types of amendments particularly in TDS provisions
increase huge uncertainty and increase unproductive litigations.

We once again request you to defer the provisions and implementation of the circular, have elaborate and meaningful discussions with all stakeholders and
then make it operational. Non-deferment is not going to be any detriment to the collection of taxes by the government as transactions are normal business
transactions and are subject to advance tax and other provisions.

We request you to kindly consider our suggestions. We shall happy to provide any further information or clarifications.

We will be grateful if you kindly grant us a meeting to allow us to discuss the issue in detail.

With regards,

Anant Singhania
President, IMC

July 20, 2022
Mr. Pankaj Chaudhary
Hon’ble Union Minster of State for Finance
Ministry of Finance
North Block, New Delhi – 110001
Honourable Minister, Mr. . Pankaj Chaudhary ji,

Sub: Suggestions for Correct Risk Assignment for MSME (Exporters) & Fiscal Impact
We extend warm greetings from the IMC Chamber of Commerce and Industry.
We enclose herewith few suggestions which would help RBI and SEBI to revisit guidelines allowing Rating Agencies and Banks to consider credit enhancement
insurance covered under ECGC/insurance companies.
We would be happy to clarify and explain the rationale in detail with you in person if desired and trust our suggestions would be considered favourably.
With warm regards,
Respectfully,

Anant Singhania
President, IMC

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Advocacy

July 22, 2022
Mr. Piyush Goyal

Hon’ble Union Minister for Commerce & Industry, Textiles
and Consumer Affairs, Food & Public Distribution
Ministry of Commerce & Industry
Udyog Bhawan, New Delhi – 110001
Honourable Minister, Mr. Piyush Goyal ji,

Sub: Suggestions for Correct Risk Assignment for MSME (Exporters) & Fiscal Impact

We extend warm greetings from the IMC Chamber of Commerce and Industry.

We enclose herewith few suggestions which would help RBI and SEBI to revisit guidelines allowing Rating Agencies and Banks to consider credit enhancement
insurance covered under ECGC/insurance companies.

We would be happy to clarify and explain the rationale in detail with you in person if desired and trust our suggestions would be considered favourably.

With warm regards,

Respectfully,

Anant Singhania
President, IMC

August 4, 2022

Mr. Nitin Gupta
Chairman
Central Board of Direct Taxes
Department of Revenue, Ministry of Finance
Room No. 150, North Block
New Delhi 110 001
Dear Sir,

Sub: Representations on mandatory e-filing of Form 10F for non-residents (NRs) not having PAN/e-filing account

The industry and taxpayers at large, greatly appreciate the Government’s move to digitise the compliance and processes under the Income-tax Act, 1961
(Act) with the advent of technology.

However, the recent Notification No. 03/2022 dated 16th July 2022 issued by Directorate of Income Tax (Systems) New Delhi in exercise of powers conferred
under Rule 131(1)/(2) of the Income-tax Rules, 1962 (Rules) mandating, inter alia, furnishing of Form 10F electronically and verification through electronic
verification code (EVC) is likely to create lot of problems for the Non-resident (NR) taxpayers.

We have highlighted below practical challenges which will be faced by NR taxpayers not having PAN in making compliance as per Notification.

1) Purpose of Form 10F

1.1 As per provisions of Section 90(4)/(5) r.w. Rule 21AB, Form 10F is required to be furnished by NR taxpayer along with Tax Residency Certificate
(TRC) for claiming the benefit under Double Taxation avoidance agreements (DTAA). Obtaining TRC and Form 10F from the NR taxpayer is
mandated for purpose of determining the TDS rate under section 195 of the Act when payment is made by payer to NR payees in terms Section
90(4)/(5) r.w. Rule 21AB.

1.2 Currently, the resident payers obtain TRC and Form 10F in hard copy or soft copy from NR payee and keep them on record and the same is furnished
to the Tax Department as and when called upon either in Section 201(1) proceedings or assessment proceedings. Same is also shared with Chartered
Accountant issuing certificate in Form 15CB under section 195(6) r.w. Rule 37BB for the purposes of remittance outside India and the Tax Auditor
verifying TDS compliance for the purposes of reporting in Form 3CD.

2) No linkage of Form 10F with obtaining PAN under current procedure in line with international practice

2.1 As per current procedure the NR taxpayers who obtain PAN and file returns are not required to upload or furnish Form 10F separately as part of
return filing compliance.

2.2 However, it may be noted that NRs are not required to mandatorily obtain PAN for obtaining DTAA benefits. In this connection, we wish to draw
your attention to provisions of Section 206AA(7) wherein NR is exempted from applicability of higher TDS in absence of PAN in case of following:

i. payment of interest on long-term bonds as referred to in s.194LC and

ii. any other payment subject to compliance of conditions prescribed in Rule 37BC.

The conditions prescribed in Rule 37BC are more or less similar to Rule 21AB like furnishing TRC, Tax Identification Number, etc. The payments
covered by Rule 37BC are interest, royalty, fees for technical services, dividend and capital gains.

2.3 Even where tax is not required to be deducted (eg. business income in absence of PE in India), NR payees furnish TRC, Form 10F and no-PE
declaration to the payers and they are not required to obtain PAN.

2.4 Accordingly, it may be noted that in majority of cases involving payments to NRs who are claiming DTAA benefit, the NRs are not required to obtain
PAN. These provisions also align with motto of Government of “ease of doing business” with India where NRs are not burdened with procedural
requirement of obtaining PAN for claiming treaty benefit. It is also consistent with international practice followed in other countries.

2.5 Also, it is to be noted that Indian taxpayers are not required to obtain Tax Identification Number in other jurisdictions like US, UK, Singapore, etc.
to avail the DTAA benefit for incomes earned from those jurisdictions. For instance, it is sufficient to furnish W8-BEN in hard/soft copy format in
US to claim India-US DTAA benefit and there is no requirement to obtain US Tax identification number.

28 Partnering for Growth
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2.6 The above procedure has been working well and it is well accepted by industry and Tax Department since many years. It is also important to note
that the Tax Department gets most of the information contained in Form 10F as part of reporting by the payer/deductor in quarterly TDS statements
in Form 27Q.

3) Practical difficulties caused by Notification No. 3/2022 – Indirect insistence on PAN for furnishing Form 10F and timing of
applicability.

3.1 With introduction of revised procedure to issue Form 10F, vide Notification No.03/2022, NR taxpayers not having PAN are facing practical challenge
in complying with requirement of mandatory e-filing of Form 10F given the current system of e-filing on incometax.gov.in portal.

3.2 NR taxpayers not having PAN are unable to comply with the revised procedure as only NR taxpayers having PAN can log in to their e-filing account
on the above referred portal and furnish Form 10F electronically with EVC as required by the Notification. It may be noted that, even for those
NR taxpayers who have PAN, the e-filing portal does not permit furnishing of Form 10F for F.Y. 2022-23 (it permits only upto FY
2021-22)

3.3 This unintended anomaly arising from Notification has resulted in practical challenge and ambiguity for both NR payees and payers for complying
with TDS under section 195 of the Act.

3.4 Also, it has given rise to question as to whether NR taxpayers having PAN and filing returns are required to mandatorily e-file Form 10F before filing
their returns for F.Y. 2021-22 (A.Y. 2022-23). Furthermore, since the portal does not permit furnishing of Form 10F for F.Y. 2022-23,
NR payees having PAN are also facing difficulty to comply with the Notification for the purposes of beneficial DTAA provisions for
TDS purposes.

3.5 On the other side, the payers having TDS obligation are concerned whether hard/soft copy of Form 10F which was hitherto acceptable has
become non-acceptable from 16 July 2022 for NR payees not having PAN. Even if they insist on e-filing compliance, it is not
possible for the NR payees to make such compliance in absence of such PAN. If the payers deny treaty benefit on such technical ground,
it will result in significant difficulty of higher TDS – more particularly, where payments are made on ‘net of tax’ basis. The higher TDS amounts will
be stuck with Tax Department without any credit or grant of refund in absence of PAN. This will increase the cost of doing business with NRs and
become a tax hurdle for import of goods and services.

4) No additional information to Tax Department by insisting on PAN for furnishing Form 10F

4.1. We wish to highlight the fact that the Tax Department is able to collect the information contained in Form 10F as part of reporting by payers/
deductors in quarterly TDS statements in Form 27Q. Accordingly, mandating the e-filing of form 10F by the NR payees/deductees leads to unnecessary
compliance burden on the NR Taxpayers, as they will be required to obtain PAN for furnishing the same, which is contrary to provisions of Section
206AA r.w. Rule 37BC.

4.2. The Government has so far been very conscious of not imposing unnecessary procedural burden of obtaining PAN on NR taxpayers in the interests
of projecting India as an attractive place to do business. The mandatory e-filing of Form 10F appears to be an unintended practical hurdle caused
while moving most income tax forms to mandatory e-filing regime in line with digital tax agenda of the Government.

5) Representation to remove practical difficulty in mandatory e-filing of Form 10F

5.1. As highlighted above, the practical difficulty faced by NR taxpayers not having PAN in mandatory e-filing of Form 10F may be resolved by adopting
one of the following alternatives:-

i. Modify Notification No. 03/2022 to make mandatory e-filing of Form 10F applicable only to NR taxpayers having PAN.

ii. Enable the payer/deductor to e-file Form 10F of the NR payee/deductee as part of Form 15CA compliance.

iii. Modify the e-filing portal to enable filing of Form 10F without PAN.

5.2. Also, for NR taxpayers having PAN, the e-filing portal may be modified to enable furnishing of Form 10F for F.Y. 2022-23. At present, as Notification
No. 03/2022 mandates furnishing of Form 10F online, as there is no facility to do so for FY 2022-23, there is an impossibility of performance inbuilt
in the online filing system.

5.3. Further it may be clarified that single Form 10F is to be uploaded for each Tax Year and acknowledgement received for filing would be enough
compliance for each transaction/ receipt.

5.4. Presently, Form 10F provided by NR is valid for the particular period as mentioned in row (v) of Form 10F. Further, in many cases, the TRC
obtained is not for a Financial Year, but for the tax year of the NR’s jurisdiction. In such cases, multiple Forms 10F would have
to be furnished for a particular Assessment Year. The system should allow for furnishing of multiple Forms 10F for the NR.

5.5. In many countries, issuance of TRC takes considerable time. In these cases, NR gives declaration to the deductors that it has made application
for TRC will submitted TRC on receipt from respective tax jurisdiction. However, in online submission of Form 10F, submission of TRC is made
mandatory along with Form 10F. In such cases, furnishing of TRC should be made optional with required declaration.

5.6. Rule 37BC of the Income-tax Rules provides relaxation from higher rate of tax under Section 206AA in respect of payments in nature of interest,
royalty, fees for technical services, dividend and payments of transfer of any capital asset if the assessee furnishes details and documents as prescribed
under Rule 37BC(2). For this purpose, the law requires the payee to furnish the TRC only if the country or specified territory provides for issuance
of such certificate. In such cases, as online Form 10F requires uploading of TRC, it creates an anomaly. Thus, for payments covered under Rule
37BC uploading of TRC with Form 10F should be an optional requirement.

5.7. CONSIDERING THE ABOVE REPRESENTATIONS, THE ONLINE FILING OF FORM 10F SHOULD BE IMMEDIATELY PUT IN
ABEYANCE UNTIL THE GAPS IN THE SYSTEM ARE CORRECTED.

We request the CBDT to consider the above representations and resolve the unintended practical difficulties that would be faced by NR taxpayers on an
expeditious basis. We also request CBDT before making any changes to procedure or rules allow opportunity for furnishing stakeholder feedback on any
new proposed procedure or requirement so as to avoid unnecessary hardship and litigation. We also request that any changes before it is implemented,
sufficient time should be given to all stakeholders to understand the procedure properly, so that implementation will be proper and would facilitate ‘Ease of
doing business’.

We request you to kindly consider our suggestions and to give us an opportunity for discussions, for correcting the lacunas in the Notification.

We would be grateful if you could grant us a meeting to allow us to discuss the issue in detail.

With regards,

Anant Singhania
President, IMC

Partnering for Growth 29
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Advocacy

August 18, 2022

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

Sub: Representation on non-functioning of Advance Rulings Authority
We extend warm greetings from IMC Chamber of Commerce and Industry (IMC).
By way of Amendment in Finance Act, 2021, Authority for Advance Rulings (“AAR”) has been replaced by the Board for Advance Rulings (“BAR”) (“Said
amendment”) with effect from 1 February 2021.
Looking at the adverse impact the Said amendment has had on attracting Foreign Investment opportunities into India, the Chamber wishes to bring out
certain points, which shall reduce impact of the said amendments and achieve the policy objective of government as well.
I. Background
► In 1991, the Indian economy was liberalized, and various limits and restrictions placed on Foreign Direct Investment (FDI) were considerably relaxed.

This led to a much larger inflow of FDI particularly from countries, with which India had favorable Double Taxation Avoidance Agreement (DTAA).
At that time, it was felt necessary that there should be a statutory authority which could give a ruling on the tax liability of potential foreign investors
and the tax liability for a particular project or transaction be decided well in advance.
► To facilitate foreign investment into the country a number of steps have been taken by Government of India in the past. Setting up an Authority for
Advance Rulings (Income Tax) to give binding rulings, in advance, on Income Tax matters pertaining to an investment venture in India is one such
measure. The scheme of Advance Rulings has assumed special significance in the context of greater emphasis on FDI. Advance Rulings afford far
greater certainty to foreign investors in respect of their prospective direct tax liabilities. In the context of increasing trade and commerce between
countries and globalization of businesses, the Advance rulings would serve an important purpose.
► With this objective, the Authority for Advance Ruling (‘AAR’), an independent and unique statutory body, was constituted in the year 1993. With
effect from 1 April 19931, the provisions relating to AAR were introduced as a self-contained code in the Income Tax Act, 1961 by the Finance Act,
1993. The bench consisted of a retired Supreme Court judge as its Chairman, a Vice Chairman and other members.
► The background and the necessity to form a special forum to deal with tax liability for transactions involving a non-resident with a resident and to
introduce provisions related to this forum in the Income Tax Act were narrated in the Hon’ble Finance Minister’s speech, memorandum explaining
the Finance Bill 1993 and the notes on clauses.
► However, the purpose for which AAR was formed (i.e. to give certainty to taxpayer’s in relation to proposed transaction) has been far from achieved.
The same is mainly on account of its disrupted functioning as well as delay in disposing of applications filed before it (matters have been pending
for 7-8 years, as against the statutory time-limit of 6 months).
► Further, the positions of the Chairman and the Vice Chairman (necessary for the constitution of the AAR) had remained vacant for a long time now
due to the non- appointment/selection of eligible persons at appropriate time, resulting in a large backlog of cases. Even though, 3 benches of AAR
had been created (i.e.Principal bench, NCR and Mumbai), all three benches were not functioning due to vacancy in the position of Chairman and
Vice Chairman.
► In November 2020, after the intervention made by the Hon’ble Supreme Court in case of National Co-operative Development Corporation
v. CIT (CA No. 5105-5107 of 2009) dated 11 September 2020, the Central Government vide a Notification appointed the Revenue Members
of the NCR Bench and the Mumbai Bench as the Officiating Chairman and Vice Chairman, respectively, for a period of three months or till the
vacancy is filled. This helped to restart the functioning of benches for a period of three months but again it has stopped functioning as term has not
been further extended. Also, there were vacancies of Law Member in Mumbai as well as Principal Bench. It may be noted that the Principal Bench
of the AAR in New Delhi was not functioning on account of non-appointment of Chairman (i.e. retired Supreme Court judge) and Other members
since October 2019.
► While replacing the AAR with BAR, in the Finance Bill 2021, the government had acknowledged the fact that due to non-appointment of Chairman,
Vice-Chairman and Members in a timely manner, the working of the AAR has been seriously hampered and a large number of cases have been
pending adjudication for many years. Accordingly, with a view to resolve some of these long-standing issues, the Budget had proposed to replace the
AAR with the BAR.
► We appreciate the intention of government, however, some of the elements of the newly BAR are concerning. In the effort to resolve the issue of
vacancy of judicial positions at the AAR, the introduction of BAR has taken away the very essence of the AAR.
► Vide the Notification dated 1 September 2021, the CBDT notified 1 September 2021 as the date of cessation of AAR and appointed date for BAR
and had constituted three benches of BAR i.e. 2 benches in Delhi and 1 bench in Mumbai respectively. However, till date no appointments are made
at the BAR and none of the benches are functioning.
II. Key issues arising on account of replacement of AAR with the BAR
i). Non-binding rulings:
► The rulings of erstwhile AAR were binding on both taxpayer as well as department and same could be challenged only by way of Writ Petition before
the jurisdictional High Courts2.
► However, the rulings of the BAR will no longer be binding on taxpayer as well as department. Further, the amended provisions of BAR provide a
statutory right to the taxpayer to prefer an appeal against the BAR ruling to the High Court. One of the key reasons for Non-resident taxpayers to
opt for Advance Rulings was the time-bound manner in which tax certainty would be accorded by the AAR.
► However, on account of Non-binding nature of the rulings of BAR, the element of certainty and thereby the attractiveness of opting for Advance
Ruling for foreign investors will get diluted to great extent. It is likely to be similar to assessment orders being issued by Tax authorities.
► Further, as the rulings of the BAR, are made appealable before the High Court, it is likely to delay the justice as the approach of the High Courts
through appellate procedure takes considerably more time as opposed to invoking their extraordinary powers under Writ jurisdiction and also it limits
the scope of review available to such taxpayers of the advance ruling (i.e. only question of law can be challenged before the High Court).

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

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

30 Partnering for Growth
IMC Journal n July-August 2022

Advocacy

ii) De-tribunalization of the AAR:
► As per the existing provisions, the AAR constituted by a Chairman who is a retired Supreme Court judge or Chief Justice of a High Court or High

Court judge (with 7 years or more experience) and it also includes two other members, one being a Law member and the other being a Revenue
member. In contrast to the existing provision, the constitution of BAR, has two revenue members, not being below the rank of Chief Commissioner.
► In case of Columbia Sportswear Company vs. the Director of Income-tax, Bangalore [2012] 25 taxmann.com 470 (SC), the Hon’ble
Supreme Court had confirmed that the AAR is a tribunal discharging judicial functions.
► Further, in case of Madras Bar Association vs. Union of India ([2014] 49 taxmann.com 515 (SC), the Hon’ble Apex Court held that a
tribunal exercising adjudicatory functions (akin to a traditional court) must be manned by persons having judicial qualifications.
► Also, the Hon’ble Supreme Court in Rojer Mathew v. South Indian Bank Ltd [2019] 111 taxmann.com 2018 (SC) held that ‘tribunals are
mutually exclusive from administrative or legislative bodies, and although not strictly Courts, they nevertheless perform judicial functions’. Hence, it
held that appointment of only administrative members to a tribunal ‘is in direct violation of the doctrine of Separation of Powers
and thus contravenes the basic structure of the Constitution.’
► From the above rulings, it is amply clear that the AAR has been set up as a Tribunal discharging judicial functions and hence, it
should comprise of Judicial Members.
► As per the amended provisions, which seeks to only have Revenue members presiding as Judges of the BAR will result in de-
tribunalisation of the AAR which was never the intent at the time when the AAR was set up. This will result in the AAR becoming
no different than any other administrative authority such as the Assessing Officer, the Commissioner of Income Tax (Appeals) or
the Dispute Resolution Panel.
► In this regard, attention is invited to the observations of the Hon’ble Supreme Court in case of National Co-operative Development
Corporation (supra) regarding the importance of functioning of AAR, etc. which are required to be kept in mind while deciding on whether AAR
should be replaced by BAR.
Our Suggestions/ Recommendations:
i). Continuation of existing AAR to dispose of pending application:
► Without prejudice to the above, if AAR is to be replaced with BAR, at the very least, the pending applications, i.e. applications which have already
been filed and / or admitted before the AAR should be carved out from the applicability of the said amendments.
► BAR should operate as an administrative body which should hear cases which are filed before it on or after April 1, 2021 or such other date that the
BAR is notified by the Central Government.
► We understand that there are currently over 400 application (all three-benches combined), pending before AAR, which should be heard and disposed
of by the currently existing AAR and should not be transferred to the BAR. These applications have a vested right
o for their applications to be disposed of by a tribunal (judicial /quasi -judicial body), and
o for the advance ruling to be binding on both themselves and the tax authorities.
► The Applicants whose applications are pending before AAR, also have a legitimate expectation that their matter will be dealt by the same body that
was in existence at the time of the filing of the applications, i.e. the AAR.
► This is more so relevant, considering that significant number of these pending matters before AAR, Applicants have been awaiting a ruling from the
AAR for a period far in excess of the prescribed period of Six months. Therefore, transferring these matters to the proposed BAR is likely to result in
infringement of the vested rights of the Applicants whose matter are pending and same would be in violation of the doctrine of legitimate expectation.
ii). Recommendations for the efficient functioning of the AAR:
► The process of appointment must be refined ensuring adequate respect and seniority to the retired Supreme Court / High Court judges. As per the
Authority for Advance Rulings (Procedure for Appointment as Chairman and Vice-Chairman) Rules, 2016, as amended from time to time (“AAR
Rules”), retired Supreme Court and High Court judges are required to make an application to be selected as the Chairman / Vice Chairman of the
AAR. Instead of requiring the retired judges to make applications, the Selection Committee should shortlist eligible judges and approach them with
the offer of the position of Chairman / Vice Chairman at the AAR and there has to be a process to ensure that appointment selection process starts
early keeping in mind the dates of retirement.
► Currently, the age limit to be appointed as a Chairman is 70 years and that for the Vice Chairman is 65 years. In order to achieve ready availability
of retired Supreme Court / High Court judges for appointment to the AAR, the age limit must be increased.
► To widen the pool of individuals from which appointments can be made to the AAR, retired President of Vice Presidents of the Income Tax Appellate
Tribunal (“ITAT”) may be considered for the post of the Vice Chairman and retired members of the ITAT may be considered for the post of Member
Revenue or Member Law, depending upon their qualification.
► In order to achieve the disposal of all pending 450 matters, the retired judges of the Supreme Court and High Court or the President/Vice-President
of Tribunal may be approached for a specific 3-year period or so and be assignment to dispose-off the Pending Applications.
► It is also suggested that, The Tribunal Reforms (Rationalisation and Conditions of Service) Bill, 2021 introduced in the Parliament, which is also
applicable for appointment of members at AAR and be suitably modified to incorporate above recommendations.
Our Prayer:
In view of the above, we submit that the replacing AAR with BAR has diluted the possibility of foreign investors achieving tax certainty, which is crucial in
a jurisdiction like India where the tax rules are constantly changing.
India, as part of its campaigns like ‘Make in India’ and ‘Atmanirbhar Bharat’, has been undertaking immense efforts to reform its
dispute resolution mechanism and to make it seamless. These efforts have gone a long way in signalling India’s welcome to investors
and businesses from outside. Thus, if replacement of AAR with BAR, is enacted in their present form without incorporating any of the
recommendations above, are likely to serve a major blow to our promise of affording a seamless dispute resolution mechanism to foreign
investors which is also contrary to India’s commitment under BEPs Action Plan 14.

Considering the fact that AAR/ BAR and effective alternate dispute resolution body, key to give certainty to Foreign Investors has not
been functioning since more than 3 years and there are more than 400 applications pending before the same, immediate steps should
be taken to get the said forum working.

We hope our concerns are appreciated and adequately addressed.

With regards,

Anant Singhania
President, IMC

Partnering for Growth 31
IMC Journal n July-August 2022

Advocacy

August 18, 2022

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

Respected Smt. Nirmala Sitharamanji,

Sub: Representation on non-functioning of Faceless Appeals

We extend warm greetings from IMC Chamber of Commerce and Industry (IMC).

Regarding the subject, following our humble submission for your kind consideration.

Background:

Finance Act 2020 brought in certain amendments, vesting powers with the government to notify a proper scheme for implementing Faceless Appeals. The
Central Board of Direct Taxes (“CBDT”), vide its notification dated September 25, 2020, notified the Faceless Appeal Scheme 2020 “(the “Scheme”/ “Faceless
Appeal Scheme”).

While the appeals before the CIT(A) were already being filed online through the official income tax portal, now even the adjudication of such appeals, right
from the issuance of notice for the hearings to subsequent adjudication, will be carried on through a centralised communication centre, without any physical
interaction between the CIT(A) and the appellant. The Scheme entails setting up of a National Faceless Appeal Centre (“NFAC”), serving as a central point
of communication and responsible for assigning the appeals to specific Appeal Units (“AUs”), consisting of CIT(A)s, in Regional Faceless Appeal Centres
(“RFAC”) through an automated allocation system.

Suitable posts had been created and CIT(A)’s were transferred to NFAC and RFAC for adjudicating the appeal. However, the Scheme did not provide for
granting opportunity of hearing to the Appellant.

Against the Scheme, Chamber of Tax Consultants filed a Writ (later converted to PIL) wherein primary issue raised was that if even at the first appellate
stage, an opportunity for a personal hearing is not granted, then the assessee would go without any oral hearing opportunity at two stages. Also matter was
subjudice before Supreme Court in case of CBDT vs Laqshya Buddhiraja.

Pursuant to challenge in Bombay High Court and Supreme Court, Vide Notification No.139 of 2021 dated 28 December 2021, CBDT amended the
Scheme to provide for Mandatory Virtual hearing, wherein the same is requested by the Appellant as well as eliminated RFAC, whereby review of order and
draft order was eliminated.

However, even after substantial amendments, the functioning of faceless appeals is not upto mark and in order to make it effective and grant justice to close
to 400,000 pending appeals following steps should be taken:

► The Notices for NFAC appeals, and faceless notices etc. are being uploaded on the portal account of the assessee/ appellant. It so happens that the
assessee does not log on every single day to check the portal. We suggest that the ANY communication from the department faceless centre MUST
also be forwarded on the registered e-mail and an SMS should also be sent on the registered Mobile number of the taxpayer. Both these info is
available on the assessee’s profile on Income-tax portal.

► It is seen from faceless appeals that even though the submissions and explanations are filed and are on portal, yet without looking into them fresh
notices are issued on the same issue.

► Appeals are not disposed of for months even though the submissions are filed and no further query is raised. Many times refixation notices are
received without looking into the portal.

► The faceless CIT(A) should be given target to dispose of the appeals within time framework and there should be some mechanism to dispose of the
appeal within the time allowed u/s 250. It will not only reduce the pendency but also reduce the anxieties of small tax payers and reduce the arrears.

► On Income Tax Portal, there is no grievance, rectification, early hearing mechanism or petition to be filed before faceless CIT(A). It is quite necessary
which will avoid filing of second appeals in many cases before the ITAT.

► Appeals in case of High pitched assessments where the assessed income is more than 3-4 times should be speedily taken up, the assessment and the
appeal orders should be monitored by independent quasi-judicial authority, which may be constituted for the purpose so that the officers get tuned
in making just and reasonable assessment.

We hope our concerns are appreciated and adequately addressed.

With regards,

Anant Singhania
President, IMC

32 Partnering for Growth
IMC Journal n July-August 2022

Networking

Awareness Programme

BSE Gold Mini Options in Goods Contract –
Effective Hedging and Investment Tool
6th July, 2022

BSE Steel Futures: Efficient Price Risk 29th July, 2022
Management Tool

IMC Chamber of Commerce The key trainers for the seminar were Ms. Gunjan Singh Mr. Nikunj NETWORKING SERIES
and Industry organised Mr. G. Chandrashekhar, Economic Products & Business Turakhia
Investor Awareness Programs Advisor, IMC and Director, IMC- Development, BSE President, SUFI
in association with BSE to promote ERTF and Ms. Gunjan Singh -
commodity derivatives contract. The Products & Business Development, India (SUFI). Highly volatile Steel
focus was to educate the investors BSE. During the seminar, Market deserves a scientific tool
about the dynamics of the Bullion stakeholders were educated about to manage price risk. BSE SUFI
and Steel market so that buying/ Bullion market dynamics and futures Steel Contract would help steel
selling/ trading decisions are well trading so that they can make stakeholders to mitigate price risk,
informed, scientific and cost-effective. informed trade decisions. he stated.

An awareness program held on July An event held on July 29, During the seminar, trainers shared
6, 2022 was to introduce participants 2022 highlighted the benefits their lessons and experiences,
to Gold Mini Options in Goods of Steel Futures participation. helping participants make wise
Contract as an investment tool for The key speakers were Mr. G. investment choices.
managing price risk. Chandrashekhar, Economic Advisor,
IMC and Director, IMC-ERTF
In his Presidential Address, Mr. Anant and Ms. Shibani Gaur, Business
Singhania mentioned gold is a good Development and Marketing,
portfolio diversifier, and the bullion BSE Ltd. The special address was
market is too volatile for market delivered by Mr. Nikunj Turakhia,
participants to manage their risk President, Steel Users Federation of
effectively.

Turmeric Futures: 10th August, 2022
A Perfect Tool to Hedge Volatile Prices

Cotton J34 Futures Contract: 29th August, 2022
An Effective Hedging Tool in
Volatile Markets market so that buying/ selling/ trading
decisions are well informed, scientific
As part of its efforts to promote Investor Awareness Programs in and cost-effective.
Commodity Derivative collaboration with the BSE. The focus
was to educate the investors about
Contracts, the IMC Chamber the dynamics of the commodities

of Commerce and Industry organised

Partnering for Growth 33
IMC Journal n July-August 2022

Networking

On August 10 2022, the awareness participating in the Cotton Futures Mr. Deepak Mr. Sanket
program focused on educating the contract. The key speakers were Chaudhary Kapadnis
participants about the benefits of Mr. G. Chandrashekhar, Economic Manager, Business Director, Aishwari
using the Turmeric Futures Contract Advisor, IMC and Director, IMC- Development & Agro Foods
for price risk management and as ERTF and Ms. Shibani Gaur, Marketing, BSE Ltd.
an investment opportunity. The key Business Development and
speakers for the session were Mr. G. Marketing, BSE Ltd. The Special The seminar was highly interactive,
Chandrashekhar, Economic Advisor, address was delivered by Mr. Arun and the lessons and experiences
IMC and Director, IMC-ERTF and Sekhsaria, Managing Director, DD shared by trainers helped the
Mr. Deepak Chaudhary, Manager, Cotton, wherein he highlighted participants make wise investment
Business Development & Marketing, Cotton market outlook and risk decisions.
BSE Ltd. Mr. Sanket Kapadnis, management. According to him,
Director, Aishwari Agro Foods Cotton market is quite volatile so
delivered special address focusing on market participants should manage
Turmeric Market linkages. their risk effectively and one can
‘spice up’ one’s investment portfolio
Another event held on August 29, by investing in futures contract.
2022 highlighted the benefits of

NETWORKING SERIES Investing in Commodities 24th August, 2022
through INDICES

IMC Chamber of Commerce and Director, IMC-ERTF Mr. Vinit Mr. Vikram Mr. Vinit Singh
and Industry in association with Singh Kaler, Sr. Manager, Training Dhawan Kaler
MCX organised an Awareness & Education, MCX brought to focus
Program on Investing in Commodities the importance of diversifying the Fund Manager- Sr. Manager,
through INDICES on August 24, investment portfolio by investing Commodities, Training &
2022. in commodity derivatives. Usually Nippon India Education
commodity derivatives have a Mutual Fund
Mr. Anant Singhania, President, IMC negative correlation with most of the
highlighted the importance of a well- other financial asset. So, inclusion with sound and safe returns. As
diversified investment portfolio. He of commodity derivatives in any
said the logic of the adage ‘Don’t put investment portfolio enhances the Commodity investment often
all the eggs in one basket’ applies to risk-adjusted returns. They also
investments as well. It may not be mentioned that, commodity indices outperforms other asset classes, they
wise to place all investments in one can be traded on exchanges, similar
asset class, he asserted. to equity indices. Commodity indices pointed out, adding that Investment
provide a simple approach to getting
The key speakers for the event Mr. exposure to this asset class, which, if in commodity derivatives can prove
Vikram Dhawan, Fund Manager- accessed with financial instruments
Commodities, Nippon India Mutual which are well regulated and to be a good portfolio diversifier.
Fund; Mr. G. Chandrashekhar, transparent, can provide investors
Economic Advisor, IMC Chamber Therefore, it is crucial for investors

to acquire product knowledge and

market knowledge in order to be

successful and achieve financial

independence.

34 Partnering for Growth
IMC Journal n July-August 2022

Networking

Celebration of NETWORKING SERIES
yeatrhof

Independence Day

Har Ghar

Tiranga

Partnering for Growth 35
IMC Journal n July-August 2022

Networking
IMC OUTREACH IN DELHI AND MUMBAI

Mr. M. Venkaiah Naidu, Hon’ble Vice President of India Mr. Piyush Goyal, Hon’ble Union Minister for Commerce &
Industry; Textile, Consumer Affairs & Food & Public Distribution

NETWORKING SERIES Ms. Nirmala Sitharaman, Hon’ble Union Minister of Finance Mr. Deepak Bagla, MD and CEO, Invest India
& Corporate Affairs, Ministry of Finance

Dr. Jitendra Singh, Hon’ble Union Minister of State of Earth Mr. Nitin Gadkari, Hon’ble Union Minister of Road Transport
Sciences, Science & Technology (Independent Charge), Prime and Highways, Government of India

Minister’s Office, Minister of State for Personnel, Public Grievance
and Pensions, and Department of Atomic Energy and Space

Mr. Ravi Shankar, Social Secretary to President of India Honourable Mr. Jayant Sinha, Chairperson, Standing
Committee on Finance, Parliament of India, Member of Lok
Sabha and Former Union Minister of State for Finance and

Civil Aviation

36 Partnering for Growth
IMC Journal n July-August 2022

Networking

Mr. Narayan Rane, Hon’ble Union Minister of Micro, Small and General (Dr.) Vijay Kumar Singh, PVSM, AVSM, YSM (Retd),
Medium Enterprises (MSME) Hon’ble Union Minister of State for Road Transport & Highways

and Civil Aviation

Mr. Mansukh Mandaviya, Hon’ble Union Minister for Health Mr. Hardeep Singh Puri, Hon’ble Union Minister for Housing NETWORKING SERIES
and Family Welfare and Chemical & Fertilizers & Urban Affairs & Minister for Petroleum and Natural Gas

Mr. Pankaj Chaudhary, Hon’ble Union Minister of Mr. Kiren Rijiju, Hon’ble Minister of Law & Justice,
State for Finance Government of India

Dr. I. V. Subba Rao, Secretary to the Hon’ble Vice President of Mr. Parshottam Rupala, Hon’ble Union Minister of Fisheries,
India Animal Husbandry and Dairying

Mr. Som Parkash, Hon’ble Union Minister of State for Mr. Sanjay Verma, Secretary (West), Ministry of External
Commerce and Industry Affairs

Partnering for Growth 37
IMC Journal n July-August 2022

Networking

Smt Vanati Srinivasan, National President of the Women’s Ambassador H.E. Alejandro Simancas Marin of Cuba and H.E.
Wing of the Bharatiya Janata Party Ambassador of Bhutan Maj. Gen. Vetsop Namgyel

H.E. Mr. Moe Kyaw Aung H.E. Mr. Paulias Corni Ambassador of Papua New Guinea
Ambassador of Myanmar
NETWORKING SERIES
H.E. Mr. Slobodan Uzunov Ambassador of Macedonia and Mr. Mahdi Yusuf Ahmed
Deputy Ambassador Lazar Yukadinovic of Serbia Second Secretary, Embassy of Bahrain

Ms. Geetha Ravichandran the Principal Chief Commissioner of H.E. Mr. Sergei Aleinik, First Deputy Minister - Foreign Affairs
Income Tax, Mumbai from Belarus at the launch of Consul General office in Mumbai

H.E. Mr. Anton Pashkov, Consul General of Republic of Belarus IMC President Mr. Anant Singhania and IMC Ladies’ Wing
in Mumbai President, Mrs. Roma Singhania alongwith with Mr. Vivek

Phansalkar, Mumbai Police Commissioner

38 Partnering for Growth
IMC Journal n July-August 2022

Networking

International Delegations

Meeting with business delegation from Australia headed by Mr. Eric Abetz, Dy Chair of Foreign Affairs, Defence and Trade Ref
Committee organised by Dr. Jagvinder Singh Virk, Chair, IASA

IMC President Mr. Anant Singhania with Consul General of Indonesia in Mumbai, Mr. Agus Saptono along with Mr. Dinesh Joshi, NETWORKING SERIES
Mr. Saurabh Shah, Mr. Ajit Mangrulkar, Ms. Sheetal Kalro, Mr. Sanjay Mehta,
to discuss various collaborative activities

Partnering for Growth 39
IMC Journal n July-August 2022

Networking

Seminar on Southwest Monsoon, 13th July, 2022
Kharif Crops and Food Inflation

I MC Chamber of Commerce Mr. Madan Mr. Kapil Dev Ms. Rajni Mr. G.
and Industry in association Sabnavis CBO, NCDEX Panicker Lamba Chandrashekhar
with NCDEX IPFT organised Chief Economist, VP, Philip Capital Economic Advisor,
an Online Seminar on Southwest Bank of Baroda
Monsoon, Kharif Crops and Food (India) Pvt Ltd; IMC
Inflation Wednesday, July 13, 2022.
NETWORKING SERIES June hesitantly, it has performed stable, but there are downside risks
Mr. Anant Singhania, President, IMC well in early July. Therefore, planting too. He was of the view that it in
stated that, in the long-run, growth of kharif crops would proceed the current financial year 2022-2023
in the agriculture sector will ensure normally, but continuous monitoring inflation rate would be 6% plus. In
India’s food security and supply is necessary. Global prices of key the coming months, the RBI will
chain in a self-sufficient manner and agri commodities were bullish due to focus on raising the repo rate due to
will also contribute to the vision of high energy costs, supply disruptions volatility in global crude oil prices and
‘Aatmnirbhar Bharat’ or ‘Self-reliant’ caused by the Russia Ukraine war, the US Federal Reserve’s rate hike
India. and ultra-loose monetar y policy, trajectory.
according to him. But they are on a
A panel of experts Mr. G. downward correction now. Because In Indian agriculture, many
Chandrashekhar, Economic Advisor, the Indian market is integrated with uncertainties have been observed,
IMC and Director IMC ERTF, Mr. the global market, domestic prices according to Mr. Kapil Dev. The
Madan Sabnavis, Chief Economist, will be impacted, especially of cotton biggest risk takers are farmers.
Bank of Baroda; Ms. Rajni Panicker and vegetable oil. They go through production risk,
Lamba, VP, Philip Capital (India) quality risk, market risk, policy risk
Pvt Ltd; Mr. Kapil Dev, CBO, According to Ms. Rajni Panicker, in etc that converge to one factor i.e
NCDEX discussed distribution of SW light of the change in SW monsoon, Price. Therefore, management of
monsoon across the country, outlook it is expected that kharif crops will price risk is a key component of farm
for major Kharif season crops, its be planted normally. The minimum marketing strategy. There is need to
implication for food availability and support price (MSP) for kharif 2022 lift the suspension of some of the agri
steps that would boost output and has been increased between 4-9% commodities in derivatives market.
prices. over 2021. State governments such
as those in Punjab and Haryana have Dr. Sudhir Kumar Goel, Freelance
Expert speakers analysed the Kharif been trying to encourage farmers Consultant, Former Additional
2022-23 production targets and were to take up maize instead of paddy Chief Secretary Agriculture and
of the view that harvests would be for water conservation. States such Marketing Department, Government
good due to satisfactory monsoon, but as Andhra Pradesh are expected of Maharashtra mentioned that
how much of that will translate into to encourage three crops (paddy, technology infusion and capacity
actual rise in farmer income remains groundnut, and cotton). Some states building among growers would boost
to be seen. WPI will stay soft but are expected to encourage farmers the farm sector. But it requires a
retail prices might spike because of towards a particular set of crops push from both the government and
inefficiency of supply chain. It was based on prior season market returns. the private sector. He also added
highlighted that any lag in planted that agri startups continue to explore
area in June will be made up in July According to Mr. Madan Sabnavis, as delivery of benefits to growers
because of good rains, so progress of of today, economic growth is probably and better social, economic and
monsoon is critical for both acreage on a 7% path. It appears to be fairly environmental outcomes.
and production of various Kharif
crops including rice, coarse grain,
pulses, cotton, and sugarcane.

Mr. G Chandrashekhar, stated that
while the SW Monsoon started in

40 Partnering for Growth
IMC Journal n July-August 2022

Rupee Invoicing : Networking
From Concept to Reality
20th July, 2022

Mr. G Ms. Radhika Rao Mr. Gaurav Garg Mr. Suvodeep Mr. Venkat Dr. R.
Padmanabhan Senior Economist, Managing Rakshit Thiagarajan Ramakrishnan
Former Executive Executive Director, Director, SYFX
Director, Reserve Director & Head Senior Economist, Chairman,
Bank of India DBS Bank, - Asia, Emerging Kotak Institutional Treasury Industry and
Singapore Markets Strategy, Equities, Mumbai Foundation Trade Committee,

Citigroup, IMC
Singapore

I MC’s Industry and Trade Rupee stable and cut down the use of the opinion that Rupee invoicing NETWORKING SERIES
Committee in association with of the US Dollar. will help in establishing rupee’s
SYFX Treasur y Foundation role as the settlement currency
organised webinar ‘Rupee Invoicing: Mr. Venkat Thiagarajan, Director, internationally. It basically is more
From Concept to Reality’ on 20th SYFX Treasury Foundation moderated about expanding the rupee’s usage
July, 2022 the panel discussion. He said that the than pushing the currency in a
step by RBI could be the first step certain direction. The panel also
Dr. R. Ramakrishnan, Chairman, for Rupee as currency for invoicing discussed that the move could allow
Industr y and Trade Committee, in the longer run. The esteemed the central bank to keep a tab on
IMC Chamber of Commerce and panellists were Mr. G Padmanabhan, whether the accounts are getting
Industry (IMC) in his welcome Former Executive Director, Reserve opened and utilized for the purpose
remarks said that RBI has opted to Bank of India, Ms. Radhika Rao, of their opening. The interactive
come up with alternative payment Senior Economist, Executive panel examined the pros and cons of
mechanism to ease the pressure Director, DBS Bank, Singapore, Mr. the regulatory measure. The panel
on the country’s import bill after Gaurav Garg, Managing Director discussion also helped to provide
sharp rise in energy and commodity & Head - Asia, Emerging Markets more clarity on the new arrangement
costs and depreciation in the rupee. Strategy, Citigroup, Singapore and Mr. by RBI.
Amid ongoing rupee weakness, the Suvodeep Rakshit, Senior Economist,
steps appear to be aimed at reducing Kotak Institutional Equities, Mumbai. The session was followed by a
demand for foreign exchange by According to the experts in the panel, question and answer session with
promoting rupee settlement of trade the recent announcement by the more than 300 participants, who
flows. He added that this move of Reserve Bank of India (RBI) to allow included business owners, Bankers,
RBI will function to create demand cross border trade transactions in Exporters, Industry representatives,
for Indian Currency. He also said that rupee is a timely move and a step and representatives from Industry
the move could help in the Reserve towards internationalisation of the Associations etc.
Bank of India’s efforts to keep the currency. The panellists were also

Partnering for Growth 41
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Networking

Interactive Meeting on ‘Trade Opportunities
between India and Vietnam’
26th July, 2022

I MC Chamber of Commerce MOU Signing Ceremony
and Industry (IMC) jointly
NETWORKING SERIES with Indo-Vietnamese Chamber Mr. Ajoykanr Ruia, President of Thereafter, Mrs. Nguyen Thi Thu Ha,
of Commerce & Industry (IVCCI) IVCCI in his introductory remarks General Director of Invest Global,
organised an interactive meeting stated that IVCCI has been actively briefed the participants about Invest
on ‘Trade Opportunities between engaged in promotion of trade and Global. She mentioned that Invest
India and Vietnam’ along with investment between the two countries Global is one-stop platform for those
a business delegation led by Mrs. and have been regularly organizing seeking to invest in Vietnam or do
Nguyen Thi Thu Ha, General bilateral activities including many trade with partners in Vietnam. It
Director of Invest Global - Vietnam joint activities with the Vietnam provides information on policies, tax
Association of Foreign Invested diplomatic Mission in Mumbai and regimes, incentives and consultancy
Enterprises. The Focus sectors New Delhi. He also briefed them on establishing operations. The
were Infrastructure, Maritime and about several delegations from Invest Global portal also allows
Marine products, Fisheries, Green Vietnam hosted by IVCCI over the companies from Vietnam and other
Energy, Pharmaceuticals, Agriculture, tears as well as several outbound countries around the world to upload
Electronics, Import Export of Goods business delegation mounted by information about their products
and Investments. IVCCI to Vietnam. He expressed full and their interest to facilitate b2b
support to Invest Global. exchanges. The process of uploading,
Mr. Anant Singhania, President, however, is vetted by the Invest
IMC welcomed the delegation and Mr. Duong Duc Anh, Vice Consul, Global as part of due diligence
gave a brief overview about IMC and Consulate General of Vietnam in process.
IVCCI adding that over the years Mumbai added some more important
since inception of IVCCI the bilateral facts about Indo-Vietnamese trade.
trade between India and Vietnam has
grown substantially. President also
mentioned that in November 2018,
an IMC and IVCCI took business
delegation of 30 delegates to Hanoi
during the President of India’s State
visit to Vietnam.

Felicitation Function in Honour of

Mr. Rahul Narwekar, Hon’ble Speaker of
Maharashtra Legislative Assembly
I MC Chamber of Commerce and 29th July, 2022
Industry organised a felicitation The state government’s liberal and
function in Honour of Mr. investor-friendly policies have driven Mr. Rajiv Podar, Past President,
Rahul Narwekar, Hon’ble Speaker of investments to the state. The new IMC introduced Mr. Rahul Narwekar,
Maharashtra Legislative Assembly on government of the Maharashtra State Hon’ble Speaker of Maharashtra
Friday, July 29, 2022 at 5:00 p.m. has various plans for the development Legislative Assembly and Mr. Hitesh
of the state. He said that the Jain, Vice-President of BJP, Mumbai.

Mr. Anant Singhania, President, Chamber is confident that with the Mr. Anant Singhania, President,
IMC Chamber of Commerce and support and encouragement from IMC felicitated Mr. Rahul
Industry (IMC), in his welcome the State Government to facilitate Narwekar, Hon’ble Speaker of
remarks said that the Maharashtra the industry to revive, businesses Maharashtra Legislative Assembly.
Government played an important will find out ways to come out of the He also felicitated the special guest
of the function Mr. Hitesh Jain, Vice-
role in Maharashtra’s growing allure. pandemic effect. President of BJP, Mumbai.

42 Partnering for Growth
IMC Journal n July-August 2022

Networking

IMC President, Mr. Anant Singhania felicitating Mr. Rahul Narwekar, Hon’ble Speaker of Maharashtra
Legislative Assembly along with IMC officials

Mr. Hitesh Jain, Vice President was a privilege and honor for him population than residents, so there NETWORKING SERIES
of BJP, Mumbai, in his address said to be felicitated by the IMC as he is a lot of pressure on infrastructure
that he had opportunities to work represents the same constituency adding that there are major projects
with Mr. Rahul Narwekar in various which houses this premier Chamber coming up for beautification and
capacities. He said that Mr. Narwekar of Commerce. He said that there infrastructure development in Colaba.
is always available for the people should not be any compromise
in Colaba to address their issues. in the principles and policies of The session was followed by a
He congratulated Mr. Narwekar parliamentary democracy. He assured question and answer session with
for being elected as the Speaker of that not a single bill will be passed participants, who included business
Maharashtra Legislative Assembly. in the house without fruitful debate. owners, industry representatives,
He assured his fullest support to the and representatives from Industry
Mr. Rahul Nar wekar, Hon’ble activities of the chamber. He said Associations, among others.
Speaker of Maharashtra Legislative that Colaba is having more floating
Assembly in his address said that it

Meeting with Mr. Sarbananda Sonowal,
Hon’ble Union Cabinet Minister

Ministry of Ports, Shipping and
Waterways & Ministry of Ayush
30th July, 2022
I MC Chamber of Commerce and
Industry organised a Meeting of
its Members from Shipping and
Logistics Committee and stakeholders

of Ports, Shipping and Coastal

Waterways with Mr. Sarbananda

Sonowal, Hon’ble Union Cabinet

Minister, Ministry of Ports, Shipping (L to R): Mr. Samir Somaiya, Vice President, IMC Mr. Sarbananda Sonowal,
and Waterways & Ministry of Ayush Hon’ble Union Cabinet Minister, Ministry of Ports, Shipping and Waterways & Ministry
on July 30, 2022 at IMC.
of Ayush and Mr. Anant Singhania, IMC President

The objective of the meeting was Mr. Anant Singhania, President, IMC maintaining, and operating ports,
to discuss the Role of Ports & Port in his welcome address stated that inland waterways, and shipbuilding
Authorities, in order for the Nation “India has streamlined and expanded in India.” Mr. Singhania further
to achieve the 15 Trillion dollar scope for investments in the maritime shared that under the Sagarmala
economy. sector with a focus on developing, Project (2015-2035), over 574 new

Partnering for Growth 43
IMC Journal n July-August 2022

Networking

(L to R): Mr. Sushil Kumar Singh, Joint Secretary (Ports), Ministry of Ports, Shipping & Waterways, Mr. Sanjay Sethi (IAS),
Chairman, Jawaharlal Nehru Port Authority (JNPA), Mr. Rajiv Jalota (IAS), Chairman Mumbai Port Authority, Mr. Samir Somaiya,

Vice President, IMC, Mr. Sarbananda Sonowal, Hon’ble Union Cabinet Minister, Ministry of Ports, Shipping and Waterways
& Ministry of Ayush, Mr. Anant Singhania, President, IMC, Mr. Mark S. Fernandes, Chairman, IMC Shipping and Logistics
Committee, Mr. Sujeet Kumar, PS to Hon’ble Minister for Ports, Shipping and Waterways, Mr. Ajit Mangrulkar, Director General,
IMC, Mr. Sanjay Mehta, Deputy Director General, IMC and Ms. Sheetal Kalro, Deputy Director General, IMC along with the

stakeholders of Ports, Shipping and Coastal Waterways.

NETWORKING SERIES projects have been identified for IMC members, to the Government of of ports and the Ministry’s initiative
implementation by 2035 and an India and the Ministry of Shipping, of Sagarmala will be the finest
investment to the tune of INR 6 to ensure that the Export Import strategy to make India the world’s
trillion has been invited, including Industr y grows to a 15 Trillion powerful nation. Hon. Minister
from the private sector, towards Dollar economy. Mr. Fernandes further said, that the government
areas of areas of port modernization also highlighted that Ease of Doing will need stakeholders support and
and new port development, port Business and the reduction of contribution to help country progress.
connectivity enhancement, port- transaction/handling cost played a Minister also highlighted various
linked industrialization, and vital role, in order to be competitive opportunities in shipping, ports and
coastal community development. in the International markets. waterways.”
“As of September 30, 2019, a total
of 121 projects at a cost of INR Thereafter, Mr. Sushil Kumar Singh, Congratulating IMC for its grand
302.28 billion (US$4 billion) were Joint Secretary (Ports) Ministry of histor y, Hon. Minister said the
completed and 201 projects at a Ports, Shipping & Waterways, Mr. IMC’s experience of contributing
cost of INR 3.09 trillion are under Sanjay Sethi (IAS), Chairman, to nation building can help the
implementation” he added. Jawaharlal Nehru Port Authority government. The Ministry is working
(JNPA), Mr. Rajiv Jalota (IAS), on connecting Indian waterways
Mr. Mark S. Fernandes, Chairman Chairman Mumbai Port Authority with coastal shipping. He further
of the IMC’s Shipping and Logistics enlightened the members of the steps added that our country can become
Committee opined the roles that taken to augment infrastructure in Atmanirbhar as we have that
need to be played by the Ministry the Ports and the promotion of inland potential if we all work together
of Shipping and the Ports, who are waterways. towards that goal. He assured that
now Port Authorities/Landlords. he would continue engagement with
Mr. Fernandes also enlightened the Speaking on the occasion Hon. the industry for development of ports
Minister of the complete support of Minister Mr. Sarbananda Sonowal and waterways
said the “PPP model in development

Talk on Neurons to Nations:
How Investing in Early Childhood Development
Builds Healthy Societies
4th August, 2022

I MC’s Knowledge (Skill and on Thursday, August 04, 2022 from of Commerce and Industry. Dr. Neelu
Education) Committee in 10:30 a.m. to 11:30 a.m. at The Verma, Assistant Professor, BTTC,
association with the Bombay Bombay Teachers’ Training College, introduced the Dignitaries.
Teachers’ Training College organised Colaba.
a talk on ‘Neurons to Nations: Mr. Dhiraj Mehra, Co-Chairperson,
How investing in early childhood The session commenced with IMC Knowledge (Skill and Education)
development builds healthy societies’ a welcome address by Mr. Anant Committee presented the theme
Singhania, President, IMC Chamber of the session and introduced the

44 Partnering for Growth
IMC Journal n July-August 2022

Networking

speaker, Dr. Neil Boothby, Professor Glimpses of the Event survived the unspeakable atrocities- NETWORKING SERIES
and Director, Global Center for the are still the victims of systematic
Development of the Whole Child, return public investment in the human rights violations day in and
University of Notre Dame. world. Cognitive, emotional, and day out. Dr. Boothby summarised
social capabilities are inextricably the entire session into the following
Dr. Boothby exclaimed how India intertwined throughout the life points.
has a unique demographic profile course. A strong foundation in
since it is the world’s second most the early years improves the odds 1. Pregnancy and the first 1000
populous country. We have close to for positive outcomes and a weak days of life sets the stage for
one third of the population below the foundation increases the odds of fulfilling individual potential
age of fifteen. It is this population later difficulties. He spoke about
which over the next 3-4 decades, will the Biology of Adversity: Three 2. The road to college attainment,
unleash its productive forces on the Levels of Stress being Positive, higher wages and social
economy. This will give our country Tolerable and Toxic. mobility starts at birth
what is described as Demographic
Dividend. India needs to focus on He cited that the accumulation of 3. The best metric of child
investing in the young population in adverse experiences impairs overall poverty may have to do not
terms of health and education, along development. Children that were with income but with how
with nutrition. placed in appropriate family care by often a child is spoken and
age 2, would recover most normative read to
Dr. Boothby detailed how early growth and development by age 8.
education for disadvantaged 4. Investing in young children is a
children could bring in the highest He explained how the children of the proven pathway out of poverty
Rwandan Genocide saw the worst of and into promise
humanity. Children-many of whom

Meeting with Mr. Norman Dzulkarnain Nasri,
Consul / Trade Commissioner,

Consulate General of Malaysia,
Trade Section (MATRADE), Mumbai
16th August, 2022

Ameeting with the Trade at the Chamber to discuss on the overview on India-Malaysia trade
Commissioner, Mr. Norman opportunities to work together. relations. In his Welcome Address he
Dzulkarnain Nasri from the mentioned that IMC in the past have
Consulate General of Malaysia, Trade During the meeting, President of organised meetings and activities
Section (MATRADE) in Mumbai IMC Chamber of Commerce and to strengthen bilateral relations
was organised on August 16, 2022 Industr y, Mr. Anant Singhania between the two countries and IMC
welcomed the guests and gave an

Partnering for Growth 45
IMC Journal n July-August 2022

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(L to R): Ms. Vanita Ghuge, Assistant Director, IMC, Mr. Dinesh Joshi, Chairman- IMC International Business Committee,
Ms. Pallawi Podar, Member- IMC International Business Committee, Mr. Anant Singhania, President, IMC, Mr. Norman
Dzulkarnain Nasri, Trade Commissioner, Consulate General of Malaysia, Trade Section (MATRADE) in Mumbai, Mr. Wan Fadzrul

Izuan, Assistant Trade Commissioner, MATRADE in Mumbai, Ms. Sheetal Kalro, Deputy Director General, IMC,
Ms. Risha Rajput, Marketing Manager, MATRADE in Mumbai

NETWORKING SERIES will continue its association with the and assured its Missions support Malaysian Commerce Minister and
Mission in assisting its members to to IMC and its members who are an upcoming business delegation to
explore opportunities with Malaysia. willing to explore opportunities with Mumbai and requested IMCs support
Malaysia. in organizing meetings during their
Mr. Norman Dzulkarnain Nasri, visit, early next year.
Consul / Trade Commissioner, President Singhania assured of
Consulate General of Malaysia, promoting MATRADE activities While expressing his gratitude to
Trade Section (MATRADE) in among the Chamber members and IMC for organizing the meeting, Mr.
Mumbai highlighted various trade encourage participation of members Nasri mentioned that the Consulate
and investment opportunities and who can benefit by MATRADE and would like to set up an India-Malaysia
activities organised by MATRADE for its activities. Business Council in association with
exploring commercial alliances during IMC to assist businesses from both
the meeting. Mr. Nasri highlighted During the meeting, Trade countries to explore alliances to
opportunities in the sector of Commissioner Nasri also informed further strengthen bilateral relation.
aerospace, financial, food and startup the Chamber on the visit of

Interactive Session on Recent Measures taken by
RBI to Strengthen its Forex Reserves Including
Rupee Settlement
17th August, 2022

A n interactive session has of risk assets and large spillovers, Mr. Arijit Basu, Chairman, Banking
been organised by the IMC’s including flights to safety and safe and Finance Committee, IMC and
Banking, NBFC, and Finance haven demand for the US dollar. Former MD, SBI said that purpose of
Committee on ‘Recent Measures As a result, emerging market the interactive session is to discuss
taken by RBI to strengthen its economies (EMEs) are facing how RBI’s measures will impact to
Forex Reserves including Rupee retrenchment of portfolio flows and strengthen its Forex Reserves.
settlement’ on August 17, 2022. persistent downward pressures on
their currencies. The Reserve Bank Mr. Ashwani Sindhwani, Chief
In his welcome remarks, IMC has been closely and continuously Executive, Foreign Exchange Dealers’
President, Mr. Anant Singhania monitoring the liquidity conditions Association of India (FEDAI) stated
stated that the global outlook in the forex market and has stepped that it was a dollar appreciation,
is clouded by recession risks. in as needed in all its segments to which we were witnessing not a
Consequently, high risk aversion alleviate dollar tightness with the Rupee depreciation. Starting from
has gripped financial markets, objective of ensuring orderly market predominant position that dollar is
producing surges of volatility, sell-offs standing as a result of which not
functioning.

46 Partnering for Growth
IMC Journal n July-August 2022

Networking

(L to R): Mr. R. Govindan, Executive Vice President, Corporate Finance & Chief Risk Officer, Larsen & Toubro Limited; Mr. Jayesh
Mehta, Managing Director & Country Treasurer-India, Bank of America; Mr. Arijit Basu, Chairman, Banking, NBFC and Finance

Committee, IMC, Chairman, HDB Financial Services Ltd. and Former MD, SBI; Mr. Anant Singhania, President, IMC; Mr. Ashwani
Sindhwani, Chief Executive, Foreign Exchange Dealers’ Association of India (FEDAI); Dr. M. Narendra, Co-Chairman, Banking,

NBFC and Finance Committee, IMC & Former CMD, Indian Overseas Bank; Mr. Mahesh Thakkar, Co-Chairman, Banking, NBFC and
Finance Committee, IMC and Director General, Finance Industry Development Council

only India but many other countries Bank of America said that most of lower and lower because potential NETWORKING SERIES
paying reasonable price for doing the institutional investors globally growth was not higher. They only
international trade. The contribution including in USA moved out of get financial leverage. The Central
of dollar in the central reserves is equity. There is no FDI flow in the Banks do QE (Quantitative Easing).
come down from 60-70 percent in US. By October 2022, the FED will In his view, we need a settlement
the last 20 years. Mr. Sindhwani not stop down and the people are mechanism in which Russia is
further added that we need to find going back to the risk asset including included. We should have some
some alternative solutions, which equity. Because of slowdown the oil European countries who are having
will be better, effective, different prices are also coming down. He some settlement mechanism. The
and less costly to strengthen the further said that as far as trade flows Rupee settlement is temporary
forex reserve. He further said that are concerned coal and oil prices are problem. The IT sector has gone
we should avoid dollar and switch pulled up very high. He opined that up by 12% to 13%. We need have
to local currency which will give big by 2030, all the emerging markets permanent geo-political situation.
push to the economy of the region including India, have very good
as also it will reduce the transaction reserves. The RBI’s measures are The session was moderated by
cost, cost of doing the business and more kind of a preparedness. Dr. M. Narendra, Co-Chairman,
reduce the risks. He suggested that Banking, NBFC and Finance
our country should have cross border Mr. R. Govindan, Executive Vice Committee, IMC & Former CMD,
payment system for RTGS, NEFT, President, Corporate Finance & Indian Overseas Bank. The
and UPI. Chief Risk Officer, Larsen & Toubro interactive session helped to provide
Limited stated that despite numerous more clarity on the announcement
Mr. Jayesh Mehta, Managing patches by the Central Bank over made by RBI.
Director & Country Treasurer - India a decade, the economy drifted

Flag off Ceremony of MSME Yatra

by Mr. Narayan Rane, Hon’ble Union Minister for
Micro, Small and Medium Enterprises 18th August, 2022

I MC Chamber of Commerce for Micro, Small and Medium play a vital role for strengthening
and Industry (IMC) jointly Enterprises on Thursday, August 18, the Indian economy. MSMEs have
with The Institute of Chartered 2022 at 5:00 p.m. been contributing to spreading
Accountants of India (ICAI) organised entrepreneurial culture through
the event ‘Flag off Ceremony of Mr. Anant Singhania, President, business innovations. He said that
MSME Yatra’ by Mr. Narayan IMC in his welcome address the MSME Yatra programme is one
Rane, Hon’ble Union Minister said that the Micro, Small and of the initiatives for the development
Medium Enterprises (MSMEs)

Partnering for Growth 47
IMC Journal n July-August 2022

Networking

Flag off Ceremony of MSME Yatra IMC President, Mr. Anant Singhania felicitating Mr. Narayan Rane, Hon’ble Union
Minister for Micro, Small and Medium Enterprises along with IMC and ICAI officials.
of MSME Sector in India. The
MSME Yatra will cover 75 cities in 21st World Congress of Accountants promote the MSMEs for making
75 days and will have 75 programs
NETWORKING SERIES for capacity building of MSMEs. will start. India Atmanirbhar. He added that
He added that the ‘Make in India’ the MSMEs will help to generate
initiative and the ‘Atmanirbhar Bharat CA. Dheeraj Kumar Khandelwal, employment in the country. This
Abhiyaan’ have played a key role Chairman, Committee on MSME will also help to increase the per
in promoting business and local & Startup, ICAI, said that the capita income and GDP of India. He
manufacturing in the country. He MSME Yatra will cover 75 cities in congratulated the stakeholders for
also said that the Ministry of MSME 75 days and will have 75 programs organizing the MSME Yatra Program
has been consistently enunciating for capacity building of MSMEs on the occasion of the ‘Azadi Ka
policies resulting in enabling schemes along with the movement of Vehicle Amrit Mahostav’. He also added
and programmes for enhancing Showcasing the various endeavors of that the government is working on
competitiveness of enterprises. the MSME Ecosystem. This program increasing the share of MSMEs in
is organised on the occasion of overall export of the country. He said
CA. (Dr.) Debashis Mitra, Azadi Ka Amrut Mahotsav. He also that youth should contribute to the
President, ICAI in his address said informed that the Government of technology upgradation of MSMEs.
that the ‘MSME Yatra Program’ is India has extended their support to
a unique initiative. He added that the Yatra programme. Hon’ble Minister Mr. Narayan
he is confident about the success of Rane then flagged off the MSME
MSME Yatra which will end on 18th Mr. Narayan Rane, Hon’ble Yatra Program in which the vehicle
November, 2022, a day on which Union Minister for Micro, Small showcasing the various endeavors of
and Medium Enterprises, in the MSME Ecosystem will move to
his address said that we should 75 cities.

Meeting with Ambassador of Costa Rica to India,
H.E. Mr. Claudio Ansorena
18th August, 2022

Ameeting with the Ambassador
of Costa Rica to India, H.E.
Mr. Claudio Ansorena was
organised at IMC during his visit to
Mumbai on August 18, 2022.

During the meeting, President of IMC (L to R): Mr. Nehal Desai, Member- IMC International Business Committee, Mr.
Chamber of Commerce and Industry, Saurabh Shah, Co-Chairman, IMC International Business Committee, Mr. Anant
Mr. Anant Singhania welcomed the Singhania, President, IMC, H.E. Mr. Claudio Ansorena, Ambassador of Costa
Ambassador and gave an overview on Rica to India, Mr. Dinesh Joshi, Chairman, IMC International Business Committee,
India-Costa Rica trade relations. In Ms. Sheetal Kalro, Deputy Director General, IMC, Ms. Rina Deora, Member- IMC
his welcome address he mentioned
that the bilateral relations are International Business Committee, Ms. Vanita Ghuge, Assistant Director, IMC
being strengthened by the growing

48 Partnering for Growth
IMC Journal n July-August 2022