IMC Journal

VOLUME 113 | I S S U E 5 | MARCH-APRIL 2022

Cover Story Cover Story Networking
Thinking ESG ESG - Its growing 25 Years of the IMC
for Sustainable relevance in Hospitality, Ramkrishna Bajaj National

09 Cities 15 Travel & Tourism Industry 38 Quality Awards

ENGAGING MAHARASHTRA, BUILDING INDIA



Contents March-
April 2022

President Cover Story Advocacy
Mr. Juzar Khorakiwala
7 Through the looking glass: Fiscal Representation sent to:
Vice President considerations of India’s green
Mr. Anant Singhania transition 18 Shri. Uddhav Thackeray ji
Akhilesh Tilotia IMC recommendations for
Editor & Publisher Public Policy, Strategist, Economist, Maharashtra Driving India’s next
Mr. Ajit Mangrulkar Author Agriculture Revolution
Director General
9 Thinking ESG for Sustainable Cities Thought Leadership Series
Executive Editor Rushda Majeed
Mr. Sanjay Mehta India Representative, Bernard van 19 Taper 2022: Touchdown in
Deputy Director General Leer Foundation Turbulence

Copy Editing & Concept 11 ESG Investing in 2022 20 India’s Tourism Strategy & Growth
Ms. Jayshree Poojary Ethical Sustainable Accountable Post COVID-19
Asst. Director PR Dhanpal Jhaveri
Vice Chairman, Everstone Capital 21 Happiness-centric Leadership
Views expressed in the IMC Journal Advisors Pvt. Ltd.
are not necessarily those of the 22 Business Imperatives of Good
Committees of the Chamber. 13 Role of Board in Developing a Corporate Governance
Non-receipt claims will not be Sustainability Strategy with ESG
entertained after four months of the focus Awareness Programme
publication of the journal; Prof. M. K. Chouhan
six months in the case of Chairman of Mahendra & Young 23 ALMOND Futures: Tool to Manage
overseas subscribers. Knowledge Foundation Price Risk and as Investment
Avenue
Please send correspondence 15 ESG - Its growing relevance in
concerning this journal to: Hospitality, Travel & Tourism 23 Build your Future, be smart about
Editor, IMC Journal Industry Money
IMC Chamber of Farhat Jamal
Commerce and Industry Group Advisor – Hospitality, 24 Commodity Market Fundamentals
IMC Marg, Churchgate, Hiranandani Group Forum: Bullion
Mumbai- 400 020
Tel: +91-022-71226633 17 ESG creating opportunities for Knowledge & Networking
Fax: 2204 8508 businesses Series
E-mail: [email protected] G. Chandrashekhar
Website: www.imcnet.org Economic Advisor, IMC 25 The New Global Order &
Challenges for India
Single Copy Price
` 50/-

Annual Subscription
(For 6 Issues)
` 200/- (India) | $ 30 (Abroad)

Design & Printing:
Finesse Graphics & Prints Pvt. Ltd.
Tel: +91-022-4036 4600
E-mail : [email protected]

Engaging Maharashtra, Building India 1
IMC Journal n March-April 2022

25 Felicitation event in honour of Mrs. Valsa Singh 37 Mentoring Corporate Boards
Nair (IAS)
38 25 Years of the IMC Ramkrishna Bajaj National
27 The Business of Arts and NFTs Quality Awards & IMC Juran Quality Medal
Presentation Ceremony
27 Rupee – Rouble Trade: Opportunities & Challenges
40 Courtesy Call
28 ‘Future of Banking’ under IMC Pravinchandra V
Gandhi Chair Ladies Wing

30 7 Day Course In Arbitration - 2022 42 Trailblazers’ Film Retreat at Lush Green Alibaug

33 Strategies for MSMEs to counter Market Volatility 42 Gold Market Dynamics and Investment
Opportunities
33 Innovative Recycling Practices for Industrial Waste
42 E-Waste Collection Drive
34 Inflation Outlook covering 3 Cs – Crude, Currency
and Crops 43 IMPACT 2022

35 Entrepreneurship Bootcamp – ‘Zero to One’ How 43 Visit to Adams Wylie Physio Rehab Center
to build Future Series V – The Business of Digital
Enterpreurship 44 Talk on Cyber Safety

36 Delegation from the Ryazan region of the Russian 44 Devil’s Daughter – A frank memoir by
Federation Ms. Vidhie Mukerjea

37 Champion in Sports and Life: Parents guide to 44 A Virtual Date with Fiji
Developing Student Athletes

2 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

From the President’s Desk

Mr Juzar Khorakiwala

Dear Readers, two years. world for comprehensive economic
partnerships. We have recently
Lot of things happened in the two India registered the highest ever concluded bilateral agreements with
months covered by this issue of IMC annual foreign direct investment UAE and Australia and are in talks
Journal. (FDI) inflow of $81.97 billion in the with Canada and EU as well as many
financial year 2020-21. other countries.
After holding policy interest rates at
the same level for 11 consecutive The country achieved $418 billion Speaking at the recently concluded
occasions, inflation pressure of exports in 2021-22. The exports IMC India Calling Conference for the
compelled the RBI for an off-cycle exceeded for the first time $40 year 2022, the Union Commerce and
raising of repo rate by 40 basis points. billion in March alone which is Industry Minister Shri Piyush Goyal
again a record. 2021-22 saw average emphasized that the government
At the same time US Fed began $30 billion of exports every month, of India is working to capitalise
deploying aggressive tightening of another achievement of sorts. on demographic dividend to have
monetary policy to tame the inflation. investment-driven export-led growth
It raised interest rate by a half GST Revenue collection for April with greater engagement with the
percentage point, the biggest hike 2022 is highest ever at Rs 1.68 lakh rest of the world in years to come.
in last 22 years. The Sensex tanked crore.
more than 1,300 points fearing fund Plus, today India has a strong political
outflow. Startups are transforming India’s leadership at the center with a
growth story. The year 2022 so far government constantly working on
The rupee hit a historic low only has witnessed emergence of 100 reforms, ease of doing business, and
to recover marginally, adding to the unicorns with valuation of up to $333 very aggressive on building physical
worries of inflation as it will make billion. and digital infrastructure.
import of oil more expensive.
Led from the front by the Prime All these augur well for India’s long
There is no sign yet of any cessation Minister, India is actively engaging term economic outlook.
of the Russia-Ukraine conflict, the with nations and regions across the
main reason for inflation and supply
chain disruption which is further
aggravated by complete lockdown in
major production and supply centres
in China.

These developments are not good
news for the governments world over
faced with twin problem of inflation
and supporting economic revival.
India too is not an exception to this
global phenomenon.

Amidst these adverse indicators, there
are some positive signs that give us
comfort.

There is five fold increase in
manufacturing investment in the last

Engaging Maharashtra, Building India 3
IMC Journal n March-April 2022

The various sector-specific expert and at cheaper rates with the help of IMC Ladies’ Wing under its initiative
committees of the Chamber technology to the customers. - Aamchi Mumbai, Safe Mumbai
organized meaningful and interactive - organized an insightful talk on
seminars during March and April. On April 30, the annual award Cyber Safety by Shri Sanjay Pandey
You will find details in the journal. ceremony for IMC Ramkrishna Bajaj - Commissioner of Police, Mumbai.
All our events are important from National Quality Awards and IMC Shri Pandey said “Threats of cyber
the point of view of valuable insights Juran Quality Medal was organized space hold neither economic, social,
they impart. However, I would like by IMC’s Ramkrishna Bajaj National geographic boundaries nor barriers.
to make a special mention of the Quality Award (IMC RBNQA) Trust. It is time we make peace with
following flagship programs: The awards were presented by Mr technology and learn its responsible
Harsh Mariwala, Chairman, Marico usage.”
On March 29, under the IMC Ltd. and CMD, Kaya Ltd. The IMC
Pravinchandra V Gandhi Chair Juran Quality Medal for 2021 was I would like to thank all the eminent
for Banking and Finance, an 8th bestowed on the renowned scientist experts who contributed articles on
Oration was organized on Future of Dr. K. Sivan, currently Vikram ESG – Environmental, Social and
Banking. The Oration was delivered Sarabhai Distinguished Professor Governance – the cover story for this
by Mr. Aditya Puri, former Managing and former Secretary, Department issue.
Director, HDFC Bank Ltd., at the of Space and former Chairman,
Convocation Hall of the University Space Commission. The 2021 Award Lastly, I would like to welcome you
of Mumbai. Mr. Puri mentioned cycle celebrated the Silver Jubilee all to the 114th Annual General
that in the current scenario, the of the award process. A milestone Meeting of the Chamber to be held
customer is the king and banks to in the journey of excellence. My on Wednesday, June 29, 2022 at
be successful should take the lead in congratulations to Mr. Niraj Bajaj, Hotel Four Seasons, Worli, Mumbai.
giving high quality services quickly Chairman of IMC-RBNQA Trust.
Wish you all the best.

4 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Meet IMC’s
Incoming President and Vice President

for 2022-23

Mr. Anant Singhania Mr. Samir Somaiya

Mr. Anant Singhania, Vice-President of IMC Chamber of Commerce and Industry has been
elected as President and Mr. Samir Somaiya, has been elected as Vice-President for the year
2022-23.

Mr. Singhania will take over at the Annual General Meeting (AGM) of the Chamber to be held on
June 2022 when current President, Mr. Juzar Khorakiwala will hand over the charge after
completing his distinguished one-year term.

Upon receiving the honour as a President-Elect, Mr. Anant Singhania, CEO, J. K. Enterprise said

“I look forward to my Presidency with great enthusiasm. I wish to continue building
upon the IMC Chamber’s rich, century-old legacy and aim to help businesses and the
industry transform themselves to reach greater heights. India is at the cusp of
phenomenal growth and the Chamber can play an instrumental role in its pursuit of a
$ 5 trillion economy.”

Upon receiving the honour as Vice-President-Elect, Mr. Samir Somaiya, Chairman & Managing
Director, Godavari Bioreneries Ltd, said

“I am privileged to assist President-Elect Mr. Anant Singhania to continue to build on
IMC’s vision of nding and growing opportunities for Indian business to make a
meaningful and lasting impact in India and the world.”

Engaging Maharashtra, Building India 5
IMC Journal n March-April 2022

Knowledge

COVER STORY

6 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Knowledge

Through the looking glass: Fiscal
considerations of India’s green transition

Akhilesh Tilotia
Public Policy, Strategist, Economist, Author

India’s commitment to Net Zero Understanding key impact vectors at many levels (district, state, centre) COVER STORY
by 2070, has well and truly set the can help create strategies to deal with and in many ways (cess, excise,
course for a green transition in the change. Note also that the state mineral funds, etc.). A large part of
the country. Many aspects of this of public finances directly impacts India’s around 3 giga-tons of carbon
once-in-a-lifetime change have been policies that the government can emissions annually is caused by
debated and discussed: the quantum pursue—the range of policy options burning of these fuels. It is expected
of investments required, sectors that that can be implemented gets shaped that India’s carbon emissions will rise
will need to arise and abate, sources by the need for more revenues or the (even though the energy intensity of
and costs of financing, and policy ability to spend them. the economy will continue to fall) till
levers needed to make the transition possibly the end of this decade.
acceptable to all sections of local We take it as a given that the
and global societies. As the transition key objectives of public policy are This suggests that even as India
works its way through such policies (a) to eventually reduce carbon ramps up its renewable capacity
and investments, it will shape, and emissions, (b) make for a fast and and lays out the electric vehicle
be shaped, by the impact it has on just transition, and (c) invest in network over the next decade, there
public finances. As we have seen with adaptation, mitigation, and resilience will be a place for fossil fuels, which
the recent pandemic, an event that tools. With this in mind, we look may eventually be phased down.
impacts the entire population leaves at three specific aspects of the A reasonable assumption, over the
an indelible mark on the public green transition’s relationship with course of this decade, is that the
finances of a nation and the world: public finances: (a) revenues, (b) quantity of fossil fuels consumed in
fiscal deficits went up and so did the expenditure, and (c) insurances. India may not materially decrease.
debt-to-GDP ratios across countries.
Revenues India may, over the course of this
Unlike Covid-19, which came on decade, implement some type of
rather suddenly, climate-related A significant source of public carbon price or tax, which may
impact on public finances will work revenues in India are the taxes on increase the overall tax collected per
its way over a much longer period. fossil fuels: crude and coal. The taxes unit of carbon from these sources.
and levies on these fuels are applied Unless the carbon price or tax is
so punitive as to make the usage of
fossil fuels economically unviable,
a reasonable assumption for the
outcome for the next decade is a
large revenue pool based on carbon
for the state. It is prudent to assume
that beyond the next decade, there
may be a significant drop in such
collections.

In the meanwhile, there may be
calls for sequestering such ‘green’
revenues for the next two items:
expenditure and insurance.

Engaging Maharashtra, Building India 7
IMC Journal n March-April 2022

Knowledge

COVER STORY Expenditures Insurances may create a need for more medical
infrastructure.
Incentives will play a key role in the A critical public policy role that
green transition. India has laid out public finances will play is in offering A significant part of insurances
policies across the green sectors: the impacted population various will, hence, be the building of
must-run status for renewable energy, types of insurances. Frequent, appropriate redistribution policies.
large public investments planned for extreme weather events (heat waves, As with ever y such policy, there
green hydrogen, the FAME scheme cyclones, sea-level rise, flooding, etc.) will be debates on whether it is
for electric vehicles, etc. The budget will require building of sustainable the role of the government or the
this year also highlighted the creation infrastructure in currently inhabited individual to create the relevant
of impact funds that could support zones or creation of new inhabitable insurances. Developing a definition
new technologies by “crowding- locations. Similarly, recreating of a ‘minimum safety net’ will be
in” private capital into riskier and infrastructure that gets impacted by helpful in creating specific schemes
currently costlier approaches to green climate change may require access and projects for implementation.
transition: for example, battery or to public funds—or a well-planned
pumped hydro storage, making the insurance strategy. Communities that The next steps
grid smarter, experimenting with are impacted by the phasing out of
various types of charging options certain activities over time (say, the A detailed study is required to
for electric vehicles, etc. Many value chain of coal and crude) will quantify the impact of the above
new schemes and ideas will be need to be guided towards the new changes on public finances over time.
experimented with over the decade: technologies, jobs, and locations. There will undoubtedly be significant
this can help create completely Health impacts, say, of heat waves, uncertainties in estimation: both in
new sectors for investments and job terms of quantum and timelines. An
creation. Over time, as many of these attempt at quantification can help in
new sectors stabilise, it is reasonable prioritisation of addressing the large
to assume that they will be expected changes via policy changes. Such
to start contributing to the exchequer policy change trajectory, even if only
rather than be dependent on the directional and not certain, can give
same via incentives and subsidies. economic participants the ability to
plan their future. With an active
Understanding how or when such public discussion on various policy
changes can come in various choices, governments can help shape
sectors will be useful in building the transition more effectively.
flexible business models which take
into account evolutionary policy By Akhilesh Tilotia. Reprinted from
landscape. “FINANCIAL EXPRESS” with the permission
of The Indian Express (P) Limited © 2021. All

rights reserved

8 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Knowledge

Thinking ESG for
Sustainable Cities

Rushda Majeed
India Representative, Bernard van Leer Foundation

ESG Practices: The Need of the with good reason. ESG investing What’s inspiring is that today it is COVER STORY
Hour helps stakeholders collaborate with not just investors who are aware
companies whose goals align with of the need of supporting ESG
ESG, which stands for theirs, while also avoiding businesses practices by companies. According
Environmental, Social and that may pose a financial risk in the to a PricewaterhouseCoopers survey
Governance, refers to the three future due to non-adherence to any of 2021, 76% of consumers said that
factors that measure a business’ ESG framework. they will stop choosing businesses
sustainability efforts, social impact, “that treat the environment,
and internal practices and ethics. The Not too long ago, ESG may employees, or the community in
core of ESG factors is the thought not have figured high on the list which they operate poorly.” For the
that establishments need to look of priority for investors, as it was public sector and policy makers,
beyond profits and create value for all believed that having such criteria the interest in ESG lies in the
their stakeholders, including partners, for investments narrowed their fact that active participation from
the workforce, consumers, the planet, opportunities. But there has been a corporates can play a vital role in
and the larger society. visible transformation in ESG-based addressing problems such as diversity
investments in recent years as people and inclusion at the workplace, the
The concept of ESG was first have become more aware about the climate crisis, and poverty.
highlighted during the 2006 benefits of ESG factors adopted
Principles for Responsible Investment by companies. The pandemic has The importance of ESG in
report by the United Nations. further augmented the importance current times
The then Secretary-General Kofi of sustainable investing. To cite
Annan emphasised on the need for some statistics, the assets under ESG practices are not just beneficial
incorporating such principles in the management (AUM) of ESG funds for businesses; the entire planet
financial evaluation of organisations. in India reached Rs 12,447 crore as stands to gain here. The World
of March 2022, which is a massive Economic Forum, in its Global Risks
ESG criteria are increasingly increase from Rs 2,268 crore in Report 2022, lists five environmental
being used by investors to March 2019. and three societal risks among the
evaluate organisations that they top 10 most severe worldwide risks
are considering investing in, and for the next decade. Prosocial and
responsible behaviour by companies
irrespective of their size and industry
along with cross-sectoral partnerships
prioritising ESG can play an
instrumental role in finding solutions
for a several such challenges.

While the Environment pillar, or the
‘E’ in ESG is one of the primary
focus points for most strategies, it
is also important not to lose sight
of the ‘S’ for sustainable business
practices, and the deep social impact
that businesses can make by adhering

Engaging Maharashtra, Building India 9
IMC Journal n March-April 2022

Knowledge

COVER STORY to it. Keeping sustainability and Public policies based on a example of such a lens. Recently,
environmental well-being at the heart standardised legislation combined the Ministry of Housing and Urban
of all practices by organisations can with socially sustainable business Affairs announced the 10 winners
go a long way in reducing the burden practices and finance can help of the Nurturing Neighbourhoods
on our planet. in achieving long-term, positive Challenge, a competition between
outcomes for cities and their cities to compete for technical
ESG practices and the link to residents. Investment in cities assistance in making their
our cities focused on driving change towards neighbourhoods friendly for babies,
meeting SDG and ESG goals can toddlers, and their caregivers. The
Appropriate ESG practices by help build resilient, smart cities initiative is a collaboration between
businesses and at the heart of – cities that provide an improved the Ministry and the Bernard van
private-public partnerships also quality of life for all while also L eer Foundation, with the World
benefits cities around the world. creating opportunities for economic Resources Institute as the technical
The principles of ESG work towards growth. For example, companies partner.
achieving the United Nations’ 17 can work with government towards
Sustainable Development Goals creating affordable housing or Over sixty cities worked closely
(SDGs). The goals, which are healthcare facilities for marginalised with experts, NGOs, and businesses
aimed at better quality of life for sections of the society as part of their to propose projects and initiatives
all while caring for the planet, CSR activities. Embracing legislation that would transform their
also have the improvement and or best practices, businesses can neighbourhoods into child and
increased liveability of cities at their facilitate childcare for their family friendly ones. They also
core. What I am referring to here employees, taking steps to ensure proposed sustainable, innovative
is the SDG 11, which is a call for that parents are able to earn their financing, including public-private
action to “Make cities and human livelihood while their kids get the partnerships. Of these, the top 10
settlements inclusive, safe, resilient care they deserve. were the ones with the most inclusive
and sustainable.” and sustainable proposals and
The public sector, private sector, partnerships, using the lens of their
City leaders and planners are striving and civil society working together to youngest residents as an impetus to
to tackle the increasing demand from boost investment and practices with build inclusive, safe, resilient and
urban populations for resources and an eye to the ‘E’ and ‘S’ in cities sustainable cities for all. Over the
basic facilities such as water, food, will have multi-pronged benefits and course of the next two years, the
energy, sanitation, housing, education, fight not only environmental but also cities will work towards bringing these
jobs, mobility and health, while also issues such as pollution, poverty, and ideas to life.
combating the recent financial and unemployment.
other challenges brought on by the When all parties involved come
Covid-19 pandemic. In addition, The Nurturing Neighbourhoods together in a unified manner to
there is an urgent need to transition Cities present an interesting prioritise ESG practices, it is bound
to a low-carbon, sustainable system. to be an effective step towards
meeting sustainability goals and
creating a better quality of life for
each person. Transforming businesses
and building partnerships to meet
ESG standards is not an overnight
job, but given the current need of
doing so, it is important to remember
that every step taken towards the
greater good counts.

Views are Personal

10 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Knowledge

ESG Investing in 2022
Ethical Sustainable Accountable

Dhanpal Jhaveri being economically beneficial, also • increased pressure to divest COVER STORY
Vice Chairman builds recognition (for both investee from coal;
Everstone Capital Advisors Pvt. Ltd. companies and us) as a responsible
brand. • a strong focus on financing
2022 will drive responsible climate adoption projects.
investment. Regulators, investors It is encouraging to see regulators
and stakeholders globally are and governments joining the fray, Some specific instances of countries
becoming increasingly serious about especially the likes of European driving ESG agenda further:
ESG (Environmental, Social, and Union, who often set the tone for
Governance) investing, aimed at global regulation. India is taking the In India, Prime Minister Narendra
driving real world change; growth lead by supporting and promoting Modi has mentioned that the
that benefits society. 2022 is the year several initiatives like the adoption government’s goal is to be “energy
where data, metrics and relevant of electric vehicles, higher renewable independent” by 20472. India plans
reporting of social issues converge energy production and better water to employ a combination of electric
making impact more measurable and management and conservation among mobility, gas-based economy, ethanol
having a multiplier effect. others. This increased awareness and mixed with gasoline, and initiating
acceptance of sustainable resources hydrogen manufacturing among
ESG will drive capital allocation by and mobility by Indian government others.
LPs globally. According to a report will give ESG a massive boost.
by Global Sustainable Investment In France, the concept of 15-minute
Alliance review of 2020, investments Presently, climate is of paramount city could change the way people
in sustainability-focused assets grew importance for the World order. With commute and socialise. An
to $35.3 trillion globally in 2020, a policies focused on environmental experiment that is expected to begin
15% increase from 20181. sustenance, the existential threat from Paris, could be a significant start
of global temperature rise, and the of a journey towards increased eco-
A visible shift from traditional race against time to rein it in, ESG friendliness. The European Union
investing to ethical, from agendas globally (and in India) will has allocated about 30% of their
transparency to accountability get the much needed priority.. pandemic recovery stimulus package3
to fight climate change. This is a
Traditionally, most investing focused What will drive ESG investing huge win. The highest share of the
financial returns, less priority to further? European budget to be allocated ever.
responsibility. However, with an
emerging climate focus, there is a Most governments and corporates are In China, (the world’s most
marked shift to ethical investing. aiming for net zero carbon emissions. populated country), President Xi
From reducing carbon footprint Jinping has pledged to stop carbon
to partnering with organisations Some instances of growth drivers: emissions-based growth by 2030
to manage resources better while and achieve carbon neutrality by
ensuring ethical labour practices, • private company emissions 20604. China accounts for significant
companies globally are being forced being scrutinised over carbon emissions globally. According to
to increasingly integrate ESG footprint and sustainability Rhodium Group, China alone
frameworks thereby demonstrating scores;
measurable impact in investing (by
GPs) to stay ahead. This, while

1 https://www.ussif.org/files/Global%20SRI/%20Global%20Sustainable%20Investment%20Review%20(GSIR)%202020%20FINAL.pdf
2 https://economictimes.indiatimes.com/industry/renewables/modi-sets-2047-target-for-becoming-energy-independent/articleshow/85342916.cms?from=mdr
3 https://ec.europa.eu/info/strategy/recovery-plan-europe_en
4 https://www.bbc.com/news/science-environment-54256826
5 https://rhg.com/research/chinas-emissions-surpass-developed-countries/

Engaging Maharashtra, Building India 11
IMC Journal n March-April 2022

Knowledge

COVER STORY contributed over 27% of global Keeping with increased focus on million), we continue to lead and
emissions in 20195., These 2060 sustainability and social responsibility, build digitally empowered, rapidly
targets are ambitious but would force businesses can only ignore scalable climate-positive businesses
companies and investors in China to sustainability at their own risk, and and platforms spanning renewable
engage in more discussions around long-term damage to their reputation energy, energy efficiency, e-mobility,
energy transition sooner. and credibility, and eventually growth resource conservation, waste and
and profits. Hence, SEBI’s intention water management and associated
Globally, ESG-related reporting and is to make BRSR reporting format value chains.
other standards will key a key driver a single source of all non-financial
of the EGS agenda within the private disclosures. Our investments include Ayana
investing world as they continue Renewable Power(platform to
to evolve. Take for instance the ESG and EverSource Capital develop and operate utility scale
newly formed Global Sustainability renewable power projects); Radiance
Standards Board, (responsible for At EverSource Capital, we invest Renewables (developer of renewable
setting a framework of globally in solutions that have high energy solutions for commercial,
accepted standards for sustainability decarbonisation (climate change) industrial and residential customers);
reporting). On the accounting front, and innovation potential. While GreenCell Mobility (shared electric
the IFRS Foundation created the decarbonisation is at the core of all mobility player); EverEnviro Resource
standard setting board in November our portfolio companies’ businesses, Management (waste management
2021, to “deliver a comprehensive we also lay emphasis on managing platform); Kathari Water (water and
global baseline of sustainability- any ancillary climate risks, like waste water treatment platform);
related disclosure standards that regulatory risk or physical risks, and Lithium Urban Technologies (an
provide investors and other capital that may arise from the investee’s EV-based transportation solutions
market participants with information business activities. provider).
about companies’ sustainability-
related risks and opportunities to help EverSource aims to be a key catalyst ESG investing is at an inflection.
them make informed decisions”6. for bringing climate finance into Responsible investing is taking centre
India. Its investments have the stage. And creating opportunities that
ESG Investing beyond 2022 potential of generating over 450 did not exist before. At EverSource,
billion kilowatt-hours of clean energy, we are incredibly excited about
According to research by J.P.Morgan, avoiding over 450 million tons of CO2 ESG investing and want to emerge
the COVID-19 pandemic has emissions, creating tens of thousands as a thought leader in responsible
put more pressure on decision of jobs and adding over US$ 5 billion investing that generates high alpha
makers to prioritise and accelerate to the Indian economy over the next (risk-adjusted returns) for our LPs.
sustainability, and acted as a catalyst decade. We believe creating returns and
for ESG investing. While climate creating impact are not mutually
risk mitigation policies may have With the fund’s final close in exclusive.
taken a back seat to prioritise public December 2021 (~USD 750
healthcare and crisis management for Views are Personal
a certain period, both governments
and corporates will have to look at
enhanced climate adaptability to
make up for COVID-19 time loss and
be prepared for the future.

Talking about India, its capital market
regulator (SEBI) introduced the new
BRSR format of reporting in 2021
thereby making it mandatory for top
1000 listed companies on Indian
bourses to implement them from FY
2022-23.

12 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Knowledge

Role of Board in Developing a
Sustainability Strategy with ESG focus

Prof. M. K. Chouhan
Chairman of Mahendra & Young Knowledge Foundation and
Vice Chairman - Global Advisory Board, Asian Centre for Corporate Governance & Sustainability,
Board Advisor and Management Educator on Corporate Governance & Sustainability.

Companies around the world are natural resources, high levels the ‘Purpose of a Corporation’ to
grappling with the defining issue of pollution (CO2), human promote ‘An economy that serves all
of our lifetime - Sustainability. rights abuse, anti-corruption Americans. Updated statement moves
Responsible businesses recognize the are now forming a major part away from shareholder primacy,
fact that they impact Planet as well of material risks. towards stakeholder democracy
as People as they generate Profit. setting a modern standard for
Therefore, responsible boards are iii) Sustainability is Fiduciary corporate responsibility. Business COVER STORY
encouraging the CSOs and their duty of the Board: The Roundtable is an association of CEOs
teams to adopt a Sustainability concept of fiduciary duty of America’s leading companies
strategy which puts Profit, Planet is evolving and expanding working to promote a thriving U.S.
& People on an equal footing, and in a way that treats ESG economy.
this process of putting Planet (E), management as a critical
People (S) and Profit (G) on an component Fiduciary duty What does this reflect? The
equal footing is the essence of ESG. of the Board to ensure long- companies around the world have
This approach by the board not only term financial health of the realised that Environment & Society
helps companies survive but thrive in company. are the Raison detre, Meaning
a more sustainable world! There is Environment & Society are reasons
enough empirical evidence to support iv) Increasing regulation to be for companies, no Planet- no
this. society, no society – no business, it’s
and ESG disclosure a wake up call!
Why Sustainability Strategy and
ESG Focus so important? requirements: The How to build a Sustainability
Strategy with ESG Focus?
i) Sustainability is critical regulatory landscape is
to Business Growth & • Materiality assessment and
Longevity: Business can changing fast for e.g. India development of Materiality
survive and thrive only if matrix is a starting point.
the consumption of natural has Business Responsibility This should be done with
resources are well within the a thorough stakeholder
replenishment capacity of Report (BRR) and Business engagement (internal as well
planet Earth and there is an as external stakeholders).
inclusive sustainable growth of Responsibility & Sustainability Materiality assessment helps
society. identify strategic themes
Report (BRSR). International (5-10 major themes eg. i)
ii) ESG factors are material Decarbonisation/ ii) reduction
risks: The risk landscape SEC latest recommendation in Energy consumption, iii)
today is growing more Water, iv) Health & Safety v)
complex and interconnected - Companies will need to Human Rights issues, etc.
by the year. Factors such as
changing weather patterns to disclose what expertise board • Thereafter, a high-level
booming population to shifting industry benchmark scan
social norms, to declining directors have with climate- of competitors and peer
ecosystems, obscene and companies should be
irresponsible consumption of related risks, the Sustainability undertaken.

Finance Disclosure Regulation,

Streamlined Energy and

Carbon Reporting, the EU

taxonomy for sustainable

activity).

Business Purpose redefined:
Fortunately, quite a few companies
around the world have begun to take
a fresh look at their purpose but we
need many more companies to join
in this movement. In August 2019
the Business Roundtable Redefined

Engaging Maharashtra, Building India 13
IMC Journal n March-April 2022

Knowledge

COVER STORY • Having identified 5-10 major Responsibility and Sustainability Committing to Net Zero: As
strategic themes Goals & Report) will be Mandatory from the reporting process matures,
Targets can be fixed and a FY-2022-23 for top 1,000 listed companies may take more ambitious
sustainability roadmap can be companies by market capitalisation, Sustainability KPIs, goals and targets
prepared with specific time as per the SEBI notification. every year and produce more with
lines - to achieve these goals & less resources and commit to Net
targets in 2-3 years. International frameworks: There Zero with science based targets.
are two International frameworks Companies in Asia have generally
Sustainability Reporting & ESG which are being used by many begun to commit between 2030 to
disclosures: Corporate Reporting Indian companies. i) Sustainability 2050.
should therefore, include financial Report as per GRI Standards ii)
and non financial Reporting and both Integrated Report as per <IR> In conclusion, Boards should ensure
should be seamlessly interconnected. Framework based on Integrated embedding ESG as a subset in
There are several frameworks Thinking Principles (now a part of Broader Sustainability in Business
available. In India for example, Value Reporting Foundation). The Strategy and align long term Value
BRR (Business Responsibility corporate reporting landscape is creation of the company with
Report) is mandatory for top changing very fast. For example, the sustainable development. This in
1,000 listed companies as per IFRS Foundation has recently created simple terms means an effective
market capitalisation. Securities International Sustainability Standard sustainability strategy improves multi-
and Exchange Board of India Board (ISSB) and working with capital bottom line of a company
(SEBI) has specified the format VRF, GRI and European Financial on one hand and meets the
for BRR to disclose the initiatives Reporting Advisory Group (EFRAG) expectations of shareholders as well
taken by the listed companies from to bring harmonisation by creating as stakeholders on the other.
an Environmental, Social and a global baseline for financial and
Governance (ESG) perspective. non-financial reporting. It’s a work Views are Personal
Going forward, BRSR (Business in progress.

Advertisement

Rakhee Shah is a member of the IMC Chamber of Commerce and Industry (IMC)
and also a member of The Bombay Art Society. Rakhee is an international artist
and has had 64 prestigious exhibitions and events in the UK and some in Mumbai.
Rakhee has created nearly 1400 paintings in her career spanning 30 years.
Rakhee has donated 1064 paintings all over the world to Hospitals, Cancer
Centres, Institutions, NGOs, delegates, dignitaries, etc. Rakhee has also donated to
various countries like the UK, USA, Belgium, Australia, Canada, Chicago, France,
New Zealand, Luxembourg, India, etc.
Rakhee has gifted her paintings to President Joe Biden, Vice President Kamala Harris, the President
& Prime Minister of India, the Finance Minister of India, the Home Minister of India, the Governor of
Maharashtra, the President of Switzerland, the President of Germany, the Prime Minister of Sweden,
the President of Greece, the Deputy Prime Minister of Luxembourg, the Chairman of Tata Group,
various Consulates & Consul Generals, etc. and mostly to many Prime Minister’s and President’s of
the world, globally.
Rakhee has donated 70 paintings to the UNICEF and UNESCO and 137 paintings to the Tata
Memorial Centre Advanced Centre for Treatment, Research and Education in Cancer (ACTREC),
Asia’s largest cancer hospital. Rakhee has gifted 106 paintings to 100 Police Stations in Mumbai.
Rakhee has also been felicitated by D. D. Neroy Art Gallery in 2022 on Women’s Day and has received
many Awards and Certificates. Rakhee has entered the Limca Book of Records for the year 2020 -
2022.

Rakhee Shah
Celebrity International Artist and Philanthropist
Contact details - Email - [email protected]
Mobile - 9821932818 | Website - www.arterakhee.com | My Twitter handle is @RakheeShah13

14 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Knowledge

ESG - Its growing relevance in
Hospitality, Travel & Tourism Industry

Farhat Jamal
Group Advisor – Hospitality, Hiranandani Group

I was flipping through some articles Questions we must honestly ask Closer home, leading hotels have COVER STORY
online and it brought me immense ourselves is, “Why do we do been penalised or closed down
joy and pride to read that the travel what we do” and are responsible because of wastewater treatment
market in India is projected to reach Environmental, Social, and plants not being in place, and
US$ 125 billion by FY27 from an Governance (ESG) practices a way untreated water flowing into the
estimated US$ 75 billion in FY20. By of business for us? Or are they drains and into a major rivers. A 5
2029, tourism is expected to account merely a source of inspiration in our star hotel was recently fined in lakhs
for close to a whopping 53 million communication; or as an accounting for flouting environmental norms and
jobs an increase from 31.8 million in and reporting tool, to exhibit our causing damage to the environment.
2020. That is not all, the industry’s compliance and positioning?
direct contribution to the GDP of Closely related with this are hotels &
the country is expected to record Are we incrementally exploring & restaurants celebrated for adopting
an annual growth rate of 10.35% creating balanced options that are some wonderful diverse practices.
between 2019 and 2028, an increase swift, real, practical and will yield
from US $ 191.3 billion in 2019 to results in the short, medium and • In March 2022, Indian Hotels
US $ 512 billion in 2029. long run? pledged to eliminate single-
use plastic across properties
Over four decades of living, The sub categories under each of and a commitment to skill 1
breathing, celebrating life as a the three letters ESG are defined lakh youth, both by 2030. Also
hotelier, the tryst continues. Also in detail and fall in parts under 100% of the eligible hotels
witnessed the industry’s glorious the 17 United Nations Sustainable to be earth check certified
evolution through the adaptation of Development Goals (UNSDGs). The over next five years as part
technology, clever creativity, ingenious SDGs stand for a call for action by all of its sustainability and social
imagination, all of it making the countries and are vital for a recovery impact measures. Absolutely
industry and India proud. that leads to greener, more inclusive commendable effort.
economies, and stronger, more
I am sure those from the profession resilient societies. We have to take • The Lemon Tree Hotels has
and others who have experienced the ownership for measures that we are adopted a social inclusivity
warmth, love and generous hospitality adopting to reduce the impact our work ethos where inclusivity
will agree that travel & tourism is not business has on an already depleted and profit are partners in
just a profession; It is an “emotion”. environment. doing good. Towards this, they
have brought in people from
An emotion and a way of life Australia’s Torrens University states, diverse backgrounds, abilities
dedicated to helping humans explore “Hotels can also have a direct and ethnicities, offering them
magnificent experiences, redefine negative impact on biodiversity, work as a unified team with a
comfort and happiness. It follows due to excessive use of resources, common goal.
its own unique code of conduct, purchasing unsustainably farmed
dedicated to the “happiness of produce, waste, irresponsible tourism, • Other heart-warming examples
others through creating memorable and unsustainable design. are of coffee shops, restaurants
experiences”. and fast food chains; some on
Restaurants have a huge role to ground action include Café
In the enormous responsibility we play in countering biodiversity loss. Coffee Day, who has worked
shoulder for the sector’s progression, Food production is the economic with non-profits to empower
we must stay aware that juxtaposed sector with the largest impact on differently abled, Costa Coffee,
with this generous hospitality is the biodiversity, contributing 60–70% to Ishaara and KFC employing
impact we create on our external date of total biodiversity”.
environment.

Engaging Maharashtra, Building India 15
IMC Journal n March-April 2022

Knowledge

COVER STORY hearing impaired people with Environmental: power companies to provide charging
warm smiles that light you stations across their hotels in India.
up. The examples abound, From inception to completion we
cheering us and opening the have to begin using local, sustainable We must remember, that it is the
path. products for the construction. small efforts in the right direction
The industry will have to embrace that form a movement.
• Another case in point is of technologies that save energy or
Neemrana Hotels, they train, explore alternate sources of energy Social:
develop skills and provide like use of hydrogen, ethanol, solar or
livelihoods to people from wind power. Adoption of recycling at Social awareness is the key. Keeping
within their communities, various levels must get embedded in a view of our internal and external
while also ensuring the the operating systems. And let us put stakeholders and aiding to their well-
ecology around their heritage measures and communication that being, providing equal opportunities,
properties is preserved. will help and encourage guests to go maintaining fair practices in
green. Space permitting planting own compensations, timings and business,
• ITC has some remarkable gardens and composting to manage investing in upgrading skill – sets
practices from elimination of food waste. Also adopt laundry will all support the approach to an
single-use plastic products, processes that not only extend the equitable and sustainable future.
radiation harmoniser, water life of the linen but adopt machines Sharing facilities for philanthropic
efficiency initiatives and more. that use less chemicals and water. purposes, impactful social causes to
Lot of the above is happening but create shared value. Lastly, inclusion
Collective efforts matter and we’ve to make these practises non- in diversity, equality, race, disability,
businesses can be the springboard negotiable and more pervasive. and mental abilities as mentioned
for system-level change in the face of earlier in some inspirational case
significant issues of climate change At times I feel we are existing in studies, are all crucial elements that
and income inequality. a silo not moving beyond our can be adopted.
immediate environment, extend
So, towards facilitating support to the civic society in I strongly recommend putting clear
collective efforts, here are my their efforts towards saving our metrics in place to help systemise all
recommendations on what we environment; a small initiative of human engagement and expectations.
can undertake as small steps for a Electric Vehicle Charging Station
sustainable and stronger tomorrow. in the hotels and restaurants can Governance:
This will require new habits, change have the catalytic effort of increased
in paradigms, reframing internal and adoption of electric vehicles in the Guiding ethics could be the most
external perspective and most of all, country. What a large scale mass fundamental aspect of governance,
thinking differently & learning some impact this could create! as they trickle down and reflect
new ideas. in the company’s approach to all
One has read about IHCL, Radisson, other factors. The rising concept of
Fern and Chalet Hotels tie up with ethical wallets encourages consumers
to purchase from values that are
aligned to their own. Being local
under global, ensuring local products,
facilities, experiences, produce.
Besides that, Financial stewardship,
cyber security diligence, external
independent directors, all possible
audits, transparent board meetings,

In conclusion, I can’t emphasise
enough that our planet, our Titanic
is at a submerging point, and we are
the only ones who can prevent this
ship from sinking. It is time to action
our sentiments.

Views are Personal

16 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Knowledge

ESG creating opportunities
for businesses

G. Chandrashekhar technology (IT) and financial services Reporting and Sustainability Report COVER STORY
Economic Advisor, IMC have committed to net-zero status. (BRSR). It has been made mandatory
But given that carbon emission levels for the top 1,000 listed entities from
The growing importance of in the services sector are low by their Financial Year 2022-23. It is widely
Environment, Social and Governance very nature, the entities have set for believed that this mandate will help
factors, commonly known as ESG, themselves steeper targets. Many of increase the focus by corporates
is now well acknowledged. This them target to become net-zero in on their emission intensity and
is especially so after the United the next 10-15 years. alignment with the country’s goals
Nations in September 2015 adopted of net-zero status over the next few
Sustainable Development Goals For the manufacturing sector – years.
(SDGs) as the focus of global materials, industrial and utilities - it There is growing belief that ESG
attention and listed as many as 17 is different, By the very nature of investment, sustainable finance and
goals to be achieved by 2030 in order manufacturing activity and status of responsible business practices will
to advance sustainability. manufacturing technology, business play a critical role in making India
activity would involve burning of fossil reach the GDP target of $ 5 Trillion
No wonder, corporate priorities are fuels and emission of carbon. So this by aligning the growth process with
now expanding in focus from pure sector would surely need more time UN 2030 SDGs.
shareholder returns of dividends to advance towards carbon neutral However, more clarity in the
and share price appreciation to also and net zero status. Close to a third regulatory landscape of sustainable
include targets for improving a wide of the entities in the manufacturing finance may be required, believe
range of ESG measures and benefits sector have committed to net-zero some observers. New ways to
for all stakeholders including the status, but they may take up to 30 finance ESG initiatives that may
society at large. years to reach the target. run to several trillion dollars may
be necessar y. At the same time,
ESG arguably covers almost all The total emissions are calculated as growing momentum in ESG investing
sectors of economic activity. For the summation of Scope 1, Scope 2 will ensure greater resource use
each sector it means diverting more and Scope 3 emissions: efficiency.
resources towards ESG issues that So, in the new paradigm, companies
include improved reporting and • Scope 1: Direct emissions from are not only required to grow in an
disclosure on ESG metrics, right company-owned and controlled inclusive and sustainable manner but
through to changing the way business resources such as emissions also need to address the concerns of
is conducted. Diverting or closing released while running its own different stakeholders amid changing
non-ESG compliant assets is also boilers and vehicles. business philosophy. In other words,
critical. ESG is not merely reporting and
• Scope 2: Indirect emissions compliance but has to be woven into
Companies failing to fulfill these from purchased energy such as the mainstream of business as a core
expectations will become increasingly indirect greenhouse emissions philosophy.
‘uninvestible’ and may struggle to associated with the purchase Invited to speak at a recent Reserve
obtain funding. They could even be of electricity for heating or Bank of India seminar on ‘Priority
burdened by changing tax legislation. cooling. Sector Lending’ with bank executives
as participants, this author asserted
Indian corporate sector has by and • Scope 3: All indirect emissions that lending institutions have
large embraced ESG principles, that are not included in Scope a moral duty towards the society
especially after the government made 2 that occur in the value chain and environment, and argued for
a commitment to achieving net-zero of the company. ensuring ESG approach while lending
carbon emission status by 2070. to business entities.
Companies are increasingly working Interestingly, India’s capital market
towards carbon neutral status. regulator – Securities and Exchange Views are Personal
Board of India (SEBI) – is pushing
But there will be sectoral differences towards increased sustainability
in racing towards carbon neutral disclosures through the Business
status. According to a report, about a
fifth of the companies in the services
sector comprising largely information

Engaging Maharashtra, Building India 17
IMC Journal n March-April 2022

Networking

April 13, 2022

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

Respected Shri. Uddhav Thackeray ji,

Sub: IMC recommendations for Maharashtra Driving India’s next Agriculture Revolution

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

IMC Chamber of Commerce and Industry organized a Seminar on Maharashtra Driving India’s next Agriculture Revolution on February 8, 2022.

Hon’ble Shri. Dadaji Dagdu Bhuse, Agriculture Minister, Government of Maharashtra was the Chief Guest.

The Special Address was delivered by Guest of Honour Dr. SK Malhotra, Commissioner of Agriculture, Ministry of Agriculture & Farmers Welfare, Government
of India.

The daylong seminar had eminent speakers and domain experts who discussed in-depth a range of sub-themes including policy, technology, market linkages,
food processing opportunities, investment and so on.

We share with you a set of recommendations that emanated from the discussions during the webinar. It is important that we create a conducive policy
environment that encourages infusion of technology and investment. It will be in the long-term interest of the country. All stakeholders including growers,
exporters, service providers and related others will benefit.

We request you to seriously consider the set of recommendations attached. We would be happy to meet with you for a detailed discussion, if you desire.

With kind regards,

NETWORKING SERIES Aashish Barwale
Juzar Khorakiwala Chairman, Agriculture & Food Processing Committee, IMC
President, IMC

18 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Networking

Thought Leadership Series

Taper 2022: Touchdown 11th March, 2022
in Turbulence

Under the IMC Chamber of can only intensify. While immediate financing
implications are likely lower growth,
Commerce and Industry’s higher inflation, and disruptions to conditions. The
financial markets, the longer-term
ongoing `Thought implications are disruptions to global big difference
supply chains. And if sanctions turn
Leadership’ series, IMC organized away demand, trade, and investment, was inflation.
there can even be deglobalization and
an online Keynote Address by Dr. M. recession. Already talks of stagflation Commodity
have leapfrogged into the discourse
D. Patra, Deputy Governor, Reserve on global economic prospects, prices fell amidst
Dr. Patra said.
Bank of India on the topic “Taper improving supply Dr. M. D. Patra
Already high-frequency indicators conditions Deputy Governor,
2022: Touchdown in Turbulence”. suggest that global growth has and EMs had Reserve Bank of
lost steam in Q1 of 2022. While poor demand
RBI Deputy Governor Dr. Michael multilateral institutions expect India NETWORKING SERIES
Patra opined that sweeping economic global GDP growth may lose up to
sanctions on Russia - the second- 2 percentage points this year and for commodities. As a result, both
largest producer of crude oil - next in a baseline scenario, private
following its invasion of Ukraine sector estimates indicate that if crude fuel and non-fuel prices declined
late last month can cull global and prices jump to USD 150 a barrel, it
domestic growth along with the added will knock off another 1.6 per cent and growth pick-up in AEs was not
pains of higher inflation and currency of global GDP and push up inflation
depreciation. And if the war lingers by another 2 per cent. In 2013, we enough to pull in the slack and
on, it can even lead to deglobalization became one of the fragile five, roiled
and even a recession. by financial market turbulence and output gaps remained large and
the rupee was among the worst
affected currencies then, Dr. Patra negative. Consequently, inflation
noted.
eased in AEs. In EMs, the picture
Whether 2022 is an encore of 2013,
he said global economic conditions was somewhat similar to conditions
in 2013 are set to unfold in 2022
but on divergent paths — advanced prevailing today, with inflation turning
economies were mending and gaining
“The ongoing war has only added a pace despite fiscal consolidation, out to be persistent and range-bound,
whole new dimension to the outlook, emerging economies were slowing
and in fact, a weighty downside,” due to the tightening of external and pushed up by the pass-through of
Dr. Patra said. He stated the results
are for all to see: market volatilities, currency depreciation.
bleeding currencies, runaway
inflation, and current account Circling back to 2022, Dr. Patra said
deficits.” that global recovery is once again on
a weak wicket and prone to mishits.
On the impact of the rising The omicron wave has taken its toll
commodity prices, especially crude and there is growing evidence of
oil, he warned of more risks of a loss of pace in Q1 of 2022. As in
global recession, saying although 2013, the paths for AEs and EMs are
the situation today is significantly diverging, with AEs expected to cross
different from the oil shocks of the pre-pandemic trends, while EMs lag
1970s, energy markets are global and behind. Also, financial markets are
price waves find their way around highly volatile now, as they were in
the world and if they sap household the fateful summer of 2013. And the
spending, the risk of a recession ongoing war has only added a whole
new dimension to the outlook, and in
fact, a weighty downside, he added.

Engaging Maharashtra, Building India 19
IMC Journal n March-April 2022

Networking

While AEs (advanced economies) Before the 2013 taper, Fed expanded bad that it has not been seen before.
are struggling with inflation at its balance sheet by around USD Commodity prices are surging in a
multi-decadal/ record highs, in EMs 3.1 trillion over 64 months. But in synchronized manner. Energy prices,
(emerging markets) too, inflation is response to the pandemic, the Fed’s in particular, are shattering what
way above targets, prompting them to balance sheet has expanded by USD was widely regarded as glass ceilings.
be first movers in raising policy rates. 3.1 trillion in nine months ending Crude prices crossed USD 100 for
In terms of financial conditions, it November 2020. It expanded another the first time since 2014. With new
is sobering to keep in mind that the USD 1.3 trillion in the ensuing 11 rounds of sanctions, USD 125-150
US taper involved winding down a months ending October 2021 and levels could be tested and natural
USD 85 billion monthly purchase continued to grow till early March gas futures surged 50-70 per cent in
programme in 10 months in 2013. 2022. But spillovers of 2022 are so Europe.

India’s Tourism Strategy & 11th April, 2022
Growth Post COVID-19

U nder the IMC Chamber of While addressing the topic, Mr.
NETWORKING SERIES Commerce and Industry’s Arvind Singh made the following
remarks:
ongoing “Thought
With the vaccination drive that began
Leadership series, IMC organized a in January 2021, the tourism industry
is seeing signs of growth and a step
fireside chat with Mr. Arvind Singh, towards the revival of tourism in the
country. Mr. Singh added that the
IAS, Secretary, Ministry of Tourism, vaccination programme has done well
and that all the tourism stakeholders
Government of India on the topic of have been vaccinated. Domestic Mr. Arvind Mr. Farhat
tourism is showing signs of recovery Singh Jamal
‘India’s Tourism Strategy & Growth in many parts of the country, States
such as Maharashtra and Karnataka IAS, Secretary, Chairman, IMC
Post COVID-19 ’. has reported an uptake in domestic Ministry of Travel, Tourism
tourism. Tourism, and Hospitality
The fireside chat was moderated
by Mr. Farhat Jamal, Chairman, Speaking on the recovery of Government of Committee.
IMC Travel, Tourism and Hospitality international tourism, the Secretary India
Committee. said that the government has
announced slew of measures to tools to increase exports from the
Mr. Juzar Khorakiwala, President, revive the tourism sector, including country as well promoting inbound
IMC in his welcome address free tourist visa to the first 5 lakh tourism. The ministry is planning
emphasized that among all the tourists. Also opening of international to appoint market representatives in
industries trying to sustain the travel will bring down the travel fares. certain markets.
pandemic crisis, the tourism industry Further, Mr. Singh shared that the
has suffered tremendously over the Prime Minister has mooted three Talking about the roadmap of MICE
past two years. However, the industry ‘T’ - trade, tourist and technology - Tourism in India, Mr. Singh said that
is finally witnessing a change as rising to boost Indian economic diplomacy. the Ministry of Tourism is working
vaccination rates are increasing The proposal aims to use India’s on the strategy to position India as
people’s confidence in travel. overseas missions and embassies as a MICE destination in the world
and a hub of mega conferences and
On a positive note Mr. Khorakiwala exhibitions. It is working towards
concluded that with the support and developing world class MICE
encouragement from the Ministry of facilities in key metros to ensure
Tourism to facilitate the industry to India becomes a favoured and
revive, the tourism and hospitality most competitive nation for MICE.
industry will reinvent themselves in Mr. Singh also shared that India
the post-crisis world. will assume the presidency of the
G20 and will host the G20 leaders’

20 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Networking

summit for the first time in the Ministry of Tourism (MoT) has done Further, the Tourism Secretar y NETWORKING SERIES
country in 2023 and will leverage incredible work through its PRASAD informed that there have been
G20 meetings to boot up the MICE Scheme to promote spiritual tourism a lot of proactive steps that
industry. and pilgrimage augmentation. have been taken by various state
governments. States like Karnataka
Under the ‘Dekho Apna Desh’ Mr. Singh further stated that the and Maharashtra have already given
campaign, the Ministry is trying Ministry is in process of drafting a industry status to the hospitality and
to create awareness and promote new National Tourism Policy. They hotel industry, which gives substantial
unknown tourism destinations, have got feedback from stakeholders relief in water and electricity tariffs.
and lesser-known facets of popular that focus on sustainable and Other states have also given some
destinations. Mr. Singh also stated responsible tourism. relief.
that the ministry of tourism has
decided to launch a grand celebration Mr. Singh also stated that the The program was interactive,
to mark ‘Azadi Ka Amrit Mahotsav’, Ministr y of Tourism approached interesting and well attended by
75 years of India’s independence with the Ministry of Civil Aviation, with representatives from the Hotel,
events. the purpose of further improving Restaurant and Travel businesses.
connectivity of important tourist This thought-provoking session ended
The government is all geared up places under UDAN scheme, where with a Vote of Thanks by Mr. Anant
and focused towards contributing its objective is to connect small and Singhania, President (Elect), IMC
proper infrastructure for easy medium cities with big cities through and he expressed confidence that the
accessibility and accommodations to air service. industry would soon see an upward
boost spiritual tourism in India. Also trend.

Happiness-centric Leadership 22nd April, 2022

U nder ‘Thought Leadership’ Leadership skills are what Mr. Avinash Ms. Vibha
Series, IMC Chamber of differentiates between an average and Ananda Kagzi
Commerce and Industry successful entrepreneur, Mr. Ananda
had organized a talk on ‘Happiness- elaborated, though practical, best and Leadership and Chairperson,
centric Leadership’ by Mr. Avinash next practices that will highly impact Happiness Guru Knowledge
Ananda, Leadership and Happiness the leaders of tomorrow. (Skill and
Guru at IMC. Education)
According to Mr. Ananda, happiness
In his welcome address, Mr. Juzar is an integral part of the leadership certain qualities and practices to
Khorakiwala, President, IMC, approach in today’s uncertain and achieve and sustain this harmony.
mentioned that entrepreneurial adversarial world, which has to be
leadership is becoming increasingly countered with balanced and rational He mentioned that one has to
important in ensuring that strategies to minimize inner conflicts, make positivity stick like velcro and
organizations adapt quickly to the to address the growing mental health make negativity slip like satin using
changes in the fast moving global challenges, and also minimize the 5 principle test - Simplifying,
economy. external conflicts, i.e. between Progressing, Adapting, Contributing
human beings, in relationships, both and Enjoying.
Ms. Vibha Kagzi, Chairperson, personal and professional. The leader
Knowledge (Skill and Education) of today and tomorrow needs to adopt
Committee introduced the Speaker.

Engaging Maharashtra, Building India 21
IMC Journal n March-April 2022

Networking

Business Imperatives of Good Corporate
Governance
27th April, 2022

U nder the IMC Chamber swift collapse. Smt. Mr. Ashok
of Commerce and Shyamala Soota
Industry’s ongoing ‘Thought Highlighting the third aspect he Gopinath
Leadership’ series, IMC organized an said that the organisation should Independent Executive
online talk on “Business Imperatives have great board members. They Woman Director Chairman,
of Good Corporate Governance”. must understand the rhythms of BASF India Happiest Minds
The talk was addressed by Smt. and nuance of the business. The Technologies
Shyamala Gopinath, Independent fourth critical factor is succession Ltd.
Woman Director of BASF India Ltd. planning. He opined that succession Ltd.
and former Deputy Governor, RBI planning has to cover all key levels
NETWORKING SERIES and Mr. Ashok Soota, Executive of responsibilities. Mr. Soota said as such really by eliminating the fear
Chairman, Happiest Minds that you need to have continuous of incurring personal liability given an
Technologies Ltd. evaluation plans/contingency plans for unbalanced incentive for risk taking.
risk management. The last factor he Smt. Gopinath mentioned that the
Mr. Ashok Soota in his initial elaborated was IPO process. commercial significance of limited
remarks said that there are plenty liability cannot be overstated.
of studies and empirical evidence Smt. Shyamala Gopinath had given a
that show how good governance legal framework and all the statutory Smt. Gopinath opined that issues of
leads to sustainable value creation, aspects for Corporate Governance. governance arises mainly because
accountability, effectiveness and long- of the separation of ownership and
term stability of the organisation. Addressing the talk, Smt. Gopinath management and if there are large
He touched on six areas in his talk. said that India is very well-known for number of shareholders they are not
Mr. Soota said that good governance being endowed with entrepreneurial involved in day-to-day management.
can either enhance value, while skill and has become one of the There is need for a mechanism
poor governance can destroy value. top countries for startups. There whereby the shareholder interests
The first area is mission, visions and is a strong association between are protected from those in control of
values of the company. He further entrepreneurship, economic growth the company and those who control
said that defining a company’s and innovation. India’s strength in the company could be either the
vision, mission and value may not its ability to identify the opportunities controlling the shareholders or the
be the first priority for a startup. It and risk-taking and link with its management and therefore it is the
is essential to be able to create a capabilities of product innovation responsibility of the boards to protect
vibrant positive culture, the mission and healthy attitude towards interest of the shareholders. In India
gives a company the reason for their internationalization and seeking new since the structure of the corporate
existence and the vision articulates markets beyond the home base. She system is largely promoter held there
the measurable goals over a finite further said that post pandemic, the is another form of agency conflict
period. The values drive behaviour Indian economy has also shown that which is between the dominant
and behaviour drive result. It is not Indians are very good at absorbing shareholders who also control the
enough to articulate these. These technology. The issue of business management of the company and the
have to be internalized. These have governance has became imperative minority shareholders.
to be shared beliefs through intense when we had limited liability concept
communications and practises which introduced in the Company L aw. Corporate Governance is really
support these. Earlier, the promoters/founders had to have a set of principles mainly
unlimited liabilities. The concept transparency accountability of the
The second factor which can of limited liability limits the liability board contributed to the executives
completely destroy organisation of the promoters/founders to their to the board fairness to all
value is when we over extend the investment, which was not the case shareholders including minorities
organisation by burdening it with earlier. This really encouraged risk
debt or beyond its capacity to cope taking, she further said. The limited
and succeed. This can lead to very liability does is to not provide national
encouragement to business initiative

22 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Networking

and to all participants in the but detrimental to the interest of the governance is the relationship within NETWORKING SERIES
governance structure some countries minority shareholders. the company external corporate
have codified these principles in governance refers to outside forces
the form of code which are either Referring on Investments made that exercise a disciplining influence
principle based or rule based. In by private equity which is a third on managers such as the regulatory
UK they have made it ‘comply or form of governance structure in environment the company law
explain’ because they feel that you India, these companies may not regulations. We need regulations
cannot have a one size fits all policy be listed companies, they have the only because we did have several
but in India, we have the seven issue of impact on public markets cases where the boards didn’t really
regulations and the Companies particularly when the whole business do their duties and regulators
Act regulations which have almost model is such that there is a bias were forced to come up with the
probably mandated all the regulations by the founders and the investors regulations.
and several committees have been for excessive valuations and public
set up several time and again on markets get a raw deal so eventually In India the governance standards
governance and the latest is the its where the concentration of power are continuously being revised by
Kotak committee which made lies so that is where the boards government and civil in order to
several recommendations but it was really come in and the responsibility conform to best international
also noted that given the sizeable of the boards is to ensure that all practices as well as to respond to
number of promoter yet companies stakeholders are treated fairly and instances of serious governance
that are present in the Indian ultimately long term interest of the lapses and integrative integrity issues
market, the challenges India faces company that is important and not which can have a negative impact
are inherently unique. There are any stakeholders. The governance on the trust and confidence of the
by such mechanisms can be either investors Smt. Gopinath said.
instance of promoters carrying out internal or external. The internal

actions that are favourable to them

Awareness Programme

ALMOND Futures: Tool to Manage Price
Risk and as Investment Avenue
15th March, 2022

Build your Future, 25th March, 2022
be smart about Money

I MC Chamber of Commerce ALMOND Futures: Tool to Manage Price Risk Build your Future be smart
and Industry organised two and as Investment Avenue about Money
Investor Awareness Programs in
association with BSE in the month of Mr. Deepak Ms. Shraddha Mr. G. Chan- Mr. Sujit Sahgal Mr. P.
March 2022 to promote commodity Agarwal Khandelwal drashekhar Author - Agritech Chandrasekar
derivatives contracts. The program Director,
held on March 15, 2022 focused on Proventus Assistant Manager, Economic and Farming, Promoter &
educating the investors about the Agrocom
dynamics of the Almond market so Commodity Advisor, IMC Former Head of Whole Time
that buying/ selling/ trading decisions
are well informed, scientific and cost- Derivative Segment Equities at HSBC Director, Erudite
effective. The key speakers for the
session were Mr. G. Chandrashekhar, BSE Ltd Bank Capital Counsel
Economic Advisor, IMC and Director,
IMC-ERTF and Ms. Shraddha Ltd.

Engaging Maharashtra, Building India 23
IMC Journal n March-April 2022

Networking

Khandelwal, Assistant Manager, of various financial skills and how IMC-ERTF and Ms Shraddha
Commodity Derivative Segment, BSE. financial planning should be done Khandelwal, Assistant Manager,
The special address was delivered to meet one’s life goals. The key Commodity Derivative Segment, BSE.
by Mr. Deepak Agarwal, Director, speakers for the session were Mr. They highlighted the importance
Proventus Agrocom Sujit Sahgal, Author- Agritech and of diversifying investment portfolio
Farming, HSBC Former Head of and explained various avenues for
On the occasion of Global Money Equities at Foreign Bank and Mr. P investors to invest their money -
Week, IMC jointly with BSE Chandrasekar, Promoter & Whole Fixed Income, Bonds, Debt, Foreign
organised a Seminar on Build your, Time Director, Erudite Capital exchange, Real estate, Art, NFTs,
Future, be smart about Money on Counsel Ltd. Mr. G. Chandrashekhar, Bitcoin Commodity Derivatives and
March 25, 2022. The focus of the Economic Advisor, IMC and Director, so on.
event was to educate effective use

Commodity Market Fundamentals 27th April, 2022
Forum: Bullion

AWARENESS PROGRAMME I MC Chamber of Commerce Mr. Bhargava Mr. Debajit Mr. Shivanshu Mr. G. Chan-
and Industry in association with Vaidya Saha Mehta drashekhar
MCX organized webinar on
‘Commodity Market Fundamentals’ Proprietor, Lead Metals Head - Bullion, MCX Economic
covering Bullion. B.N Vaidya Analyst, London Advisor, IMC
Associates Stock Exchange
Mr. Ajit Mangrulkar, DG, IMC in Group (LSEG)
his welcome address stated that a
study of the supply and demand markets including gold. There are moderate with price correction in
fundamentals is a key to have a clear other factors like currency, economic coming times. In order to reduce
view about the unfolding future. growth and so on they added. risk, modern hedging techniques
Therefore, an understanding of the, and strategies, including market-
‘market outlook’ or the fundamentals The speakers also explained based risk management and financial
of commodity markets is critical through examples how Gold can be instruments such as gold futures,
for the market participants to take an investment portfolio diversifier, ETFs should be given importance
informed decisions about trading safe-haven asset and hedge against as this can improve efficiencies
strategies. inflation. and consolidate competitiveness.
Sovereign Gold Bond and ETF’s are
The key speakers for the event were The speakers mentioned that by both inexpensive ways to invest in
Mr. Bhargava Vaidya, Proprietor, current reckoning, gold may continue gold. Investments in ETF’s provide
B.N Vaidya Associates; Mr. Debajit to trade firm until the geopolitical more tax benefits to its investors as
Saha, Lead Metals Analyst, London situation eases. Despite the lack compared to mutual funds owing
Stock Exchange Group (LSEG); Mr. of physical demand, gold will be to the manner of creation and
Shivanshu Mehta, Head - Bullion, a commodity of investor interest. redemption.
MCX and Mr. G. Chandrashekhar, As an investment vehicle, gold is
Economic Advisor, IMC and Director typically viewed as a financial The seminar concluded with a vote
IMC ERTF. asset that maintains its value and of thanks by Mr. Tanil Kilachand, Co-
purchasing power during inflationary Chairman, IMC ERTF.
The speakers highlighted that periods. Investment demand will
geopolitical instability caused
by the Russian - Ukraine conflict
and heightened inflation across
the world are driving commodity

24 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Networking

The New Global Order & 2nd March, 2022
Challenges for India

I n an online address to On Ukraine war, he said that India’s and China in
the Managing Committee, stand on west-led resolutions against
Russia was the right thing to do. He the new world
was of the opinion that it would serve
Ambassador Mr. Talmiz Ahmad, India’s security and strategic interests order that is
better if India works with committed
former Indian Ambassador to Saudi resolve to enhance its political, shaping up. This
economic and military capabilities so
Arabia, Oman and UAE, articulated as to reach global high table. will serve India’s

how Conflict Zones are shaping the The Ambassador emphasized that interest best. Mr. Talmiz Ahmad
India and China share several Former Indian
new global order and the challenges interests. The two economies are The Ambassador Ambassador to
deeply intertwined and severance gave a very
for India. of ties will harm India’s economic detailed analysis Saudi Arabia, Oman
interests and so it calls for diplomatic and UAE
Referring to several conflicts, effort by both sides should promote
pandemic, standoff in Ladakh convergence and reduce areas of and genesis
with China, several other global competition. He said that these
developments that have been turbulent times call for a multiplicity of several
reshaping the geopolitics during the of engagements at the heart of which
last several years, the Ambassador should be India’s ties with Russia conflicts – Arab Spring, Syria, Iran, NETWORKING SERIES
eluded that India needs to shape a
fresh approach that would secure its Afghanistan, Iraq, US-China trade
strategic interests on the global stage.
He said that India’s foreign policy has war, expansion of NATO in the
been static and not dynamic and that
needs to change in the face of new eastern Europe to emphasize why
realities and alliances emerging.
India has to safeguard its interests

on the basis of its own capacities

and with well-structured regional

cooperative security arrangements

rather than depend on a remote and

often unreliable partner.

Felicitation event in honour of 3rd March, 2022
Mrs. Valsa Singh Nair (IAS)

I MC’s Travel, Tourism and Nair Singh over the past several years Under her able and astute leadership
Hospitality Committee in facilitating and promoting tourism the State saw many firsts like
in Maharashtra. introduction of ‘New Tourism
organized a ‘Felicitation Event Policy’, ‘Maharashtra International
Mr. Juzar Khorakiwala, President, Travel Mart’, ‘ Visit Maharashtra
& Talks’ in honour of Mrs. Valsa Nair IMC in his welcome address Campaign’, and ‘Industry Status to
emphasized that the Chamber the Hospitality Industry’ to name
Singh (IAS), Principal Secretary, sincerely appreciates and values Mrs. a few. All of these and many other
Valsa Nair Singh’s efforts over the initiatives have had a huge positive
Tourism, Civil Aviation and State past several years in facilitating and impact on tourism development and
promoting tourism in Maharashtra.
Excise, Government of Maharashtra

on March 03, 2022 at IMC. The

event was organised with a focus to

appreciate and value the efforts and

stellar performance by Smt. Valsa

Engaging Maharashtra, Building India 25
IMC Journal n March-April 2022

Networking

Mr. Juzar Khorakiwala, President, IMC, felicitating Mrs. Valsa Nair Singh (IAS), Principal Secretary, Tourism, Civil Aviation
and State Excise, Government of Maharashtra, along with IMC officials

NETWORKING SERIES promoting ease of doing business in in water and property taxes, with that the International Women’s Day
Maharashtra. regard to electricity charges is under which will be celebrated on March
consideration. 08, is an opportunity to celebrate the
Mr. Ashwini Kakkar, former MD & successes and strides that women
CEO, Thomas Cook India, Chairman, Mrs. Singh stated that in order to have achieved in the workplace.
Action Against Hunger International bounce back the Tourism sector Todays’ event has been organized for
Network; Mr. Gurbaxish Singh Kohli, in the State, the government has Mrs. Valsa Nair Singh’s outstanding
Vice President, The Federation of introduced responsible tourism contribution and stellar leadership
Hotel & Restaurant Associations of initiatives along with encouraging over the past several years in
India and Mr. Sheldon Santwan, policies such as the caravan tourism, facilitating and promoting tourism
Editor & COO, Saffron Media Private agro tourism policy, beach shack in Maharashtra. Mr. Jamal said that
Ltd. shared their thoughts about Mrs. policy and adventure tourism policy. in most regions of the world, women
Valsa Nair Singh’s active engagement, make up the majority of the tourism
remarkable contribution to the Travel, Further, Mrs. Singh shared that the workforce. About 54% of the total.
Tourism and Hospitality Industry and Government has taken efforts in Further, he said that during the
their personal experiences of working building infrastructure, skilling in last decades, tourism grew steadily,
with her over the years. tourism, policy level interventions and is expected to be a USD 460
and planning aggressive marketing billion industry for India by 2028.
While addressing the gathering, Mrs. strategies to boost the State Tourism. By evolving from stereotypes state
Valsa Nair Singh opined that “To She added that the government is of women and tourism is going to
travel is to live”. Mrs. Singh stated exploring the opportunity to work transform in coming years.
that the hospitality industry has on Public Private Partnership (PPP)
received a fillip with the government models and have identified 30 new The program was interactive and
reducing the permissions required to tourist properties which will be interesting and well attended
start a new hotel or restaurant from developed under the PPP model. by representatives from Hotel,
72 to just 09. Further, applications Restaurant and Travel businesses.
for all these licenses/permits can Mrs. Nair also shared that to boost This thought-provoking session ended
be submitted online. Mrs. Nair also tourism in the Konkan region, all the with a Vote of Thanks by Mr. Anant
shared that the state cabinet has major beaches will be connected to Singhania, Vice President, IMC and
awarded the hospitality sector the the upcoming Mumbai-Goa coastal he expressed confidence that the
status of an industry. The decision highway. industry would soon see an upward
will help revive the hospitality trend.
sector, which will be eligible for Mr. Farhat Jamal, Chairman, Travel
various benefits including rebates Tourism and Hospitality of the
Chamber shared with the audience

26 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Networking

The Business of 17th March, 2022
Arts and NFTs
Ms. Akshita Mr. Jamshed Mistry Mr. Rishiraj Mr. Toshendra
I MC’s Young Leaders Forum had Gandhi Founder, International Sethi Sharma
organized Panel Discussion on
‘The Business of Art and NFT’s’ International artist Legal Alliance Co-Founder Aura Founder and CEO,
jointly with HR College of Commerce and entrepreneur Art NFTically
& Economics.
Doshi, Chairperson, IMC YLF. is the future of Art and NFT’s? Legal
Mr. Juzar Khorakiwala, President,
IMC, in his welcome speech The session was moderated by perspective of doing business in Art
stated that ‘Don’t put all the eggs Ms. Akshita Gandhi - international and NFT’s? Business opportunities
in one basket’. The logic applies to artist and entrepreneur. The other for youth to go ahead in this
investment too. It may not be wise speakers were Mr. Rishiraj Sethi, industry?
to place all investments in one asset Co-Founder Aura Art. Mr. Toshendra
class, as there are many avenues for Sharma, Founder and CEO, The seminar was very interactive and NETWORKING SERIES
investors to invest. NFTically and Mr. Jamshed Mistry, the lessons and experiences shared
Founder, International Legal Alliance. by the speakers were certainly helpful
Mr. Navin Punjabi, Vice Principal, HR for the participants to channelize
College, delivered a special address The key points that were highlighted fruitful investment decisions.
wherein he mentioned investing is by the speakers were; What is art
crucial for future financial security and NFT’s? What are some of the The seminar concluded with a vote
and it could help beat inflation current business applications? What of thanks by Ms. Sheetal Kalro, DDG,
through capital appreciation.
IMC.
The theme and the introduction of
the speakers was done by Ms. Vidhi

Rupee – Rouble Trade: 24th March, 2022
Opportunities & Challenges

I MC’s Industry and Trade Mr. Mangesh Mr. Venkat Mr. R. Mr. Vivek Kumar
Committee organized the Soman Thiagarajan Ramakrishnan Economist,
online panel discussion ‘Rupee Director, SYFX Chairman, IMC
– Rouble Trade: Opportunities & Joint President, Industry & Trade QuantEco Research
Challenges’. Corporate Treasury
Foundation Committee
Mr. Juzar Khorakiwala, President, Economics Cell,
IMC Chamber of Commerce and Aditya Birla Group
Industry in his welcome remarks
said that after Russia’s attack on domestic financial messaging system, however, it could also lead to some
Ukraine, where the EU, the US and the country should work on a pains in future.
and other western nations decided similar service. The Rupee - Ruble
to block many Russian banks from trade mechanism needs to be handled Mr. R. Ramakrishnan, Chairman,
accessing SWIFT, Government of with care. The arrangement could Industry and Trade Committee, IMC,
India is planning to strengthen the in his initial remarks said that import
trade arrangement with Russia. India help Indian exporters in near term
is exploring ways to set up a rupee
payment mechanism with Russia.
He added that India does not have a

Engaging Maharashtra, Building India 27
IMC Journal n March-April 2022

Networking

NETWORKING SERIES from Russia is 1.6% of India’s total – Rouble Trade arrangement. and it is debatable to continue such
import and export is 0.9% of total arrangements in the current scenario.
export of India. Due to sanctions, Mr. Venkat Thiagarajan, Director, He also discussed few options with
Indian exporters have yet to receive SYFX Treasury Foundation said that which such arrangements are
around $600 million payment from the international polity is so tightly possible without much risks.
Russian importers. He added that intertwined in terms of trade and
Rupee-Rouble arrangement is not commerce that sanctions against The informative session was
new as it was established in 1953, one country is clearly going to have followed by a question and answer
however, it ended as Russia was left an effect on the other countries as session with the participants, who
with large rupee balances as exports well. He also added that as sanctions represented traders, small business
of Russia to India were more than becoming more frequent, there is a owners, industry representatives,
imports. necessity to stay tuned to alternative and other stakeholders from Industry
arrangements. He also discussed Associations etc.
Mr. Vivek Kumar, Economist, opportunities and challenges of
QuantEco Research said that inflation Rupee – Rouble Trade arrangement. The online seminar was well attended
is currently at its highest since the and was interactive and interesting.
commencement of flexible inflation Mr. Mangesh Soman, Joint President, This thought-provoking event
targeting regime. He also added that Corporate Economics Cell, Aditya ended with a vote of thanks by Mr.
trade disruption to freight cost from Birla Group said that sanctions are Anant Singhania, President, (Elect)
Covid is likely to get exacerbated getting piled up on Russia due to IMC.
because of geopolitical uncertainty. war, however, some commodities
He said that though Russia & are excluded from them. There More than 60 participants
Ukraine have a small share of India’s are few sectors for which the trade representing Traders, Manufacturers,
trade, the ripple effect of overall arrangement is useful. Though Services, Industry Associations,
disruption cannot be ignored. He we had such arrangement in the logistics and related industries
also highlighted the issues of Rupee past, we are in different era now attended and benefited from the
online panel discussion.

‘Future of Banking’ under 29th March, 2022
IMC Pravinchandra V Gandhi Chair

T he 8th Oration was delivered updated. With 50% of GDP and for banks but many industries. The
by Mr. Aditya Puri, Former 60% of population from semi-urban banks are still centered on urban
Managing Director, HDFC and rural areas, these segments areas. To explore more opportunities
Bank Ltd. on “Future of Banking” offer great opportunities not only banks should tie up with technology
at the Convocation Hall of the
University of Mumbai.

In his keynote address Mr. Puri Mr. Ram Gandhi, Governor and Past President, IMC, presenting a memento to
mentioned that in the current Chief Guest Mr. Aditya Puri, Former Managing Director, HDFC Bank Ltd.
scenario, the customer is the king
and banks to be successful should
take the lead in giving high quality
services quickly and at cheaper rates
with the help of technology to the
customers. Updated technology is
a must for inclusive development.
Inclusive development is possible
only through technology which is

28 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Networking

providers and give different type of The future generation should be IMC President, Mr. Juzar
services. Covid pandemic followed trained to overcome new challenges. Khorakiwala informed that the
by the Ukraine War has changed oration has been organized at the
the economic and political equations Earlier Dr. Suhas Pednekar, Vice right time. Digital technology is
not only in India but the world over. Chancellor of the Mumbai University, helping the banking industry provide
Awareness of the climatic changes stated that education institutions new services and the Government is
is increasing, but to adopt to the should discuss ways to help the also encouraging digitalization.
changes needed in the production future generations overcome the
method will need more finances. challenges with the help of experts. A total of 300 attendees, mostly
Different payment system will help The Universities should resolve to students, representing their colleges,
banks reach out to more customers. be independent and restructure the participated at the event.
syllabus to make it more practical.

NETWORKING SERIES

Engaging Maharashtra, Building India 29
IMC Journal n March-April 2022

Networking

7 Day Course In 28th March, 2022 to 6th April, 2022 (14 sessions)
Arbitration - 2022

O rganized and conducted The Hon’ble Judges of Bombay High Court
each year for the past 15
years, the annual 7 Day The Hon’ble The Hon’ble The Hon’ble The Hon’ble
Course in Arbitration has since Mr. Justice R. D. Mr. Justice K. R. Mr. Justice G. S. Mr. Justice S. C.
become a flagship program of the
IMC Chamber of Commerce and Dhanuka Shriram Kulkarni Gupte (Retd.)
Industry (IMC), and its Arbitration
Committee, chaired by Mr. Gautam IMC, too, has under each President Judges and one former Judge of the
T. Mehta – Advocate and practicing nurtured and supported this course Bombay High Court, Senior Counsel,
Counsel and Arbitrator, and co- whole heartedly. and Counsel/ Advocates having in-
chaired by Mr. Bhavesh V. Panjuani depth knowledge, expertise and
NETWORKING SERIES – Advocate and Solicitor, Partner, of The objective of the course is to practical experience on the subject.
M/s. Mulla & Mulla and Craigie Blunt spread knowledge in the field of The main speakers were very ably
& Caroe. arbitration and to promote and assisted by associate speakers, who
encourage arbitration in India. also are Advocates and Counsels
Taking into consideration the having great knowledge and
situation around the pandemic, like This fairly detailed and exhaustive experience in the field.
last year, this year, too, the 7-day Course on Arbitration (under the
Arbitration Course was conducted Arbitration and Conciliation Act This year these 14 sessions were
online through video conference 1996, as amended from time to time) conducted by the following main
from Monday 28th March 2022 to comprises of a total of 14 sessions, speakers
Wednesday 6th April 2022, excluding i.e. 2 sessions on each day and
Saturday, Sunday and Tuesday, April one and half hour for each session Their Lordships - The Hon’ble
5, 2022. aggregating to 21 hours. Mr. Justice R. D. Dhanuka, ,
the Hon’ble Mr. Justice K. R.
This course was initially To maintain standards and quality, Shriram, the Hon’ble Mr. Justice
conceptualized and developed under a very limited number of seats are G. S. Kulkarni; and the Hon’ble
the initiative and guidance of our made available for participants strictly Mr. Justice S. C. Gupte (Retd.);
past Chairman, late Mr. D. M. Popat, on a ‘first-come-first-served’ basis Senior Advocates/ Counsel - Mr.
a senior partner of M/s. Mulla & each year. This year 67 participants Janak Dwarkadas, Dr. Milind
Mulla and Craigie Blunt & Caroe, were enrolled. As usual, the response Sathe, Mr. Arif Bookwala, Mr.
a multi-dimensional solicitor, a to the Course was excellent. This S. U. Kamdar, Mr. Pradeep
legal institution in himself, a legal year’s Course again was conducted Sancheti, Mr. Ketan Parikh,
luminary, a legend and a giant in by very eminent main speakers, Mr. Rajiv Kumar and Mr. Rahul
the field of law and at the IMC, consisting of three Hon’ble Sitting Narichania; Mr. Anant Shende
ICC (Paris), FICCI, ICA, etc. This
was implemented and the course
structure and content is regularly
updated by Committee Members.

Main Speakers

Mr. Janak Dr. Milind Mr. Arif Mr. S. U. Mr. Mr. Ketan Mr. Rajiv Mr. Rahul Mr. Anant Mr. Gau-
D. Dwarka- R. Sathe Bookwala Kamdar Pradeep Parikh Kumar Narichania Shende tam T.
Sancheti Mehta
das

30 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Networking

Associate Speakers

Ms. Sheetal Mr. Kirti Mr. Naushad Mr. Trushar Mr. Raj Patel Mr. Chirag Ms. Mahek Mr. Vyom D Mr. Yashesh
Kumar Munshi Engineer Bhavsar Kamdar Bookwala Shah Kamdar
Shetty

Mr. Gaurav Mr. Hussain Mr. Darshit Ms. Khushbu Ms. Ayushi Mr. Siddhanth Mr. Shyam Mr. Rahil
Srivastav Somji Jain Chhajed Anandpara Chhabria Kapadia Jhaveri

and Mr. Gautam T. Mehta (Chair 5) Initiation of Arbitration Session on 6th April 2022 the NETWORKING SERIES
of the Committee). proceedings; President - Elect complimented and
congratulated all the participants and,
The main speakers were assisted by 6) Constitution of Arbitral deeply thanked and expressed his
the following Associate Speakers: Tribunal; and IMC’s gratefulness to each and
every speaker, for their continued and
Ms. Sheetal Kumar, Mr. Kirti 7) Interim Measures and Appeal unstinted support each year, as also,
Munshi, Mr. Naushad Engineer, from Interim Orders; commended and complimented each
Mr. Trushar Bhavsar, Mr. Raj and every Arbitration Committee
Patel, Mr. Chirag Kamdar, 8) Powers of Courts of L aw member, for their involvement,
Ms. Mahek Bookwala Shetty, (before, during and after commitment and hard work, year
Mr. Vyom D Shah, Mr. Yashesh Arbitral proceedings); after year, in making this Course a
Kamdar, Mr. Gaurav Srivastav, success and high quality event in
Mr. Hussain Somji, Mr. Darshit 9) Conduct of Arbitration the IMC calendar and in the field of
Jain, Ms. Khushbu Chhajed, Proceedings; arbitration.
Ms. Ayushi Anandpara, Mr.
Siddhanth Chhabria, Mr. Shyam 10) Practical Aspects of conducting At the end of the Course,
Kapadia and Mr. Rahil Jhaveri. Arbitration; Chairperson of Arbitration Committee
Mr. Gautam T. Mehta addressed
This Course is designed for and 11) Arbitral Award; the participants and conveyed
does indeed impart a fairly detailed thanks, and expressed IMC and it’s
knowledge of various legal and 12) Post Award matters; Arbitration Committee’s deep sense
practical aspects of arbitration and of gratitude to each and every main
the Arbitration and Conciliation 13) Foreign Awards. and associate speaker, and especially
Act, 1996, including its recent the sitting Judges of the Bombay
amendments and case law in a Participants benefited from the High Court – their Lordships -
systematic manner. It covered various speakers in each session. The The Hon’ble Mr. Justice R. D.
topics and aspects of Arbitration Law speakers very graciously gave Dhanuka, the Hon’ble Mr. Justice
under the following heads: their invaluable time, shared their K. R. Shriram, and the Hon’ble Mr.
knowledge and experience, and also, Justice G. S. Kulkarni; and also to
1) Introduction to Arbitration; interacted with participants during the Hon’ble Mr. Justice S. C. Gupte
the questions and answers at the end (Retd.). Thanks and appreciation was
2) Advantages of Arbitration and of each session. conveyed to IMC and its Secretariat,
Institutional Arbitration; specially the support of IMC IT Team
IMC President - Elect Mr. Anant who made it happen.
3) Arbitration Agreements; Singhania inaugurated the Course
on 28th March 2022 by welcoming
4) Arbitrable and non-arbitrable the participants, and thanking the
disputes; speakers for their supporting this
Course. At the end of the 14th

Engaging Maharashtra, Building India 31
IMC Journal n March-April 2022

Networking

On behalf of the Arbitration Study material on the topics and The participants were requested
Committee the Chairperson also sessions addressed and conducted to fill out and submit the feedback
expressed gratitude to our IMC by main and assisted by associate forms to IMC secretariat, mentioning
Chamber’s President Mr. Juzar speakers were provided to the the value and importance, relevance
Khorakiwala, President - Elect Mr. participants, which is considered of each participant’s observations,
Anant Singhania, and members of of immense value and benefit to comments and suggestions, and that
the Arbitration Committee, especially the participants. The participants these are taken seriously, considered
to Co-Chair Mr. Bhavesh V. Panjuani were very extremely satisfied and and deliberated upon to improve
and member Mr. Rakesh Mandavkar, complimented the Course, its and better the course, which also is
as also, Mr. Janak Dwarkadas, Mr. content, as also, all involved in invaluable to future participants.
Rajiv Kumar, Mr. Ketan Parikh, conducting this course. Many
Mr. Anant Shende, Mr. Naushad participants stated that this course is Participants were thanked for their
Engineer and Mr. Kirti Munshi, who unique, detailed and one of its kind co-operation, for enrolling and
were also speakers for this Course. on arbitration in India. participating in the course.

NETWORKING SERIES

32 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Networking

Strategies for MSMEs to 30th March, 2022
counter Market Volatility

I MC’s Navi Mumbai Expert commodity market drivers
Committee organized the online
seminar ‘Strategies for MSMEs like Economic Growth,
to counter Market Volatility’.
Geopolitics, Monetary Policy,
Mr. R. K. Jain, Chairman, Navi
Mumbai Expert Committee, IMC Currency, Weather, Funds,
in his welcome remarks said that
the MSME sector plays a very etc. He said that market
important role in the growth of
the Indian economy. MSME units volatility can affect a firm’s
use agricultural and various metals
commodities as raw material. He top line and bottom line. Ms. Ashwini Mr. G Chandr- Mr. R. K. Jain,
added that the current situation MSMEs need to manage Bansode ashekhar, Chairman, Navi
considering geopolitical issues is
affecting the prices of commodities. commodity price risk. Head – Economic Mumbai Expert
It is important for MSMEs to
understand the dynamics of the He added that hedging Commodity Advisor IMC Committee, IMC
commodity market for the growth of
their business. commodity price risks allows Research, Phillip
firms to protect built-in profit Capital (India)
Mr. G Chandrashekhar, Economic margin. He also explained
Advisor, IMC & Director, IMC ERTF multiple hedging tools. Pvt Ltd
in his address discussed critical
foreign exchange rates, interest rates,
commodity prices and so on.
Ms. Ashwini Bansode, Head –
Commodity Research, Phillip Capital The session was followed by a NETWORKING SERIES

(India) Pvt. Ltd., explained the basics question and answer session with

of hedging, strategies of hedging the participants, who represented

and how to hedge in detail. She small business owners, industry

said that hedging is an important representatives, and other

part of doing business especially for stakeholders from Industry

MSMEs as they are exposed to risk of Associations etc. from Navi Mumbai

fluctuations in many financial prices, and nearby areas.

Innovative Recycling Practices for 07th April, 2022
Industrial Waste

I MC’s Navi Mumbai Expert
Committee organized an event
‘Innovative Recycling Practices
for Industrial Waste’

In his welcome address, Mr. Prof. (Dr.) A D Dr. Babasaheb Mr. Jayant Mr. R. K. Jain Mr. Shriyans
Juzar Khorakiwala, President, Sawant Rajale Khadilkar Chairman IMC Bhandari
IMC Chamber of Commerce and Co-Chairman Navi Mumbai CEO & CO-
Industry, said that environmental Ex- Pro Vice Dy. Municipal IMC Navi Founder,
pollution is a major problem in rapid Chancellor, Commissioner, Committee GreenSole
industrialization. Wastes seem to University of Director (Solid Mumbai
be a by-product of industrialization. Waste Mgmt.) Committee
Maharashtra is an industrialized state Mumbai
and we should control the industrial (NMMC)
waste in our state. He added that
many companies are moving out of Maharashtra due to a decentralized in his introductory remarks said that
system of industrial waste control. the unsystematic way of industrial
waste disposal is the main reason
Mr. R. K. Jain, Chairman, Navi for pollution. He added that in
Mumbai Expert Committee, IMC,

Engaging Maharashtra, Building India 33
IMC Journal n March-April 2022

Networking

NETWORKING SERIES our country waste disposal is not NMMC has taken many initiatives Material Recovery through waste
controlled by the organized sector. like Greensole initiative, Plastiman management and should phase out
So it became a challenge for initiative, Nekki ki Diwar concept, the landfills.
us. He added that despite all the and food bank in all wards, etc. to
factors, India became a pioneer in reduce the waste. He informed that Mr. Shriyans Bhandari, CEO & Co-
the recycling of industrial waste, Navi Mumbai has been awarded the Founder, GreenSole, said that his
particularly plastic waste. cleanest city in India in the category company uses the waste material
of 10 lacs to 40 lacs population. to convert it into usable footwear,
Mr. Jayant Khadilkar, Co-Chairman, apparel and are provided in rural
Navi Mumbai Expert Committee, Prof. (Dr.) A. D. Sawant, Ex-Pro areas. He added that the industrial
IMC, explained the recycling scenario Vice Chancellor, University of waste can be recycled and can be
for industrial waste through a Mumbai & Director, Waste to Energy converted into usable products which
presentation. Research and Technology Council, can be further used for CSR purpose
India explained various ways of also.
Dr. Babasaheb Rajale, Deputy waste management, prevention of
Municipal Commissioner, Director pollution and its benefits. He also The session was followed by a
(Solid Waste Mgmt.) (Swachha explained various processes under question and answer session with
Maharashtra Abhiyan), Navi Mumbai sustainable waste management. He the participants, who included
Municipal Corporation (NMMC) also explained the processes like small business owners, retailers,
explained the practices adopted by gasification where waste can be and representatives from Industry
Navi Mumbai Municipal Corporation converted into energy and can be Associations in Navi Mumbai.
for waste management. He also used for various purposes with its
explained the various processes implementation in various projects. Mr. Manish Assarkar, Member, Navi
carried out by NMMC in collection, He said that the government should Mumbai Expert Committee, IMC,
source segregation, transportation and provide incentive for Energy and proposed the vote of thanks at the
processing of waste. He added that interaction.

Inflation Outlook covering 3 Cs – 13th April, 2021
Crude, Currency and Crops
Panelists
E conomic Policy and Moderator
Government Representation
Committee of IMC Chamber Mr. Atul Joshi Mr. Jayaram Mr. G Chandr- Ms. Rajni
of Commerce and Industry organized Founder & CEO, Krishnamurthy ashekhar, Panicker Lamba
a panel discussion where experts Oyster Capital Founding Partner VP, Philip Capital
focused on key drivers of inflation Management & & COO at Almus Economic Advisor
namely Crude, Currency and Crops. Risk Consulting IMC (India) Pvt Ltd
How is inflation likely to pan out? Advisory
What should be the focus of RBI’s LLP
next Credit Policy announcement
due by early June? The key speakers Economic Advisor, IMC and Director moderated by Mr. Atul Joshi, Founder
were Mr. Jayaram Krishnamurthy, IMC ERTF. The session was & CEO, Oyster Capital Management
Founding Partner & COO, Almus Risk & Advisory
Consulting LLP; Ms. Rajni Panicker
Lamba, VP, Philip Capital (India)
pvt Ltd and Mr. G Chandrahsekhar,

34 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Networking

Mr. Juzar Khorakiwala, President exception. Globally commodity prices interest rates steeply beginning June
IMC, in his welcome address stated have rallied to new highs. This covers 2022, in order to contain the negative
that all 3 Cs viz. Crude, Currency energy products, metals and food fallout of rising prices.
and Crops are very important as they products. There is an expectation
have an impact on the other 3 Cs - that energy prices will find some India is a large importer of crude
Cash, Corporates and our Country. downward correction in the second oil, coal, fertilizer, edible oil and so
half of the year, provided the Russia on. India’s inflation is substantially
The Speakers highlighted how the Ukraine conflict ends. This will “Imported Inflation”. A weakening
–Crude, Crops, Currency drive to some extent moderate inflation rupee is adding to the cost of
inflation. expectations. Meanwhiles the RBI imported commodities.
will have no choice but to hike
According to them, inflation is now
a global phenomenon. India is no

Entrepreneurship Bootcamp – ‘Zero to NETWORKING SERIES
One’ How to build Future Series V –

The Business of Digital Enterpreurship 14th April, 2022

I MC’s Young Leaders Forum Ms. Aradhana Ms. Gauri Ms. Nitya Arora Ms. Shaan Khanna
had organized a webinar on Minawala Nayar Founder & Founder Networking
Entrepreneurship Bootcamp:
‘Zero to One’ How to build Future. Co-Founder, CAI Co-Founder, Twain Designer, Valliyan Now India
Series V on The Business of Digital Store Communications Jewellery
Enterpreurship.
the internet/social media in order The speakers also highlighted
The seminar commenced with a to offer products and services for characteristics like vision,
welcome address by Mr. Ajit profit. Speakers also mentioned determination, persistence and
Mangrulkar, DG, IMC that internet is an integral part of creativity required for a young
our lives. Either it’s about choosing entrepreneur to survive and
The session was moderated by Ms. the right route for your destination, thrive in today’s progressive world.
Shaan Khanna, Founder, Networking or, researching before purchasing Digital transformation is a business
Now India. The other speakers were something, the internet has covered transformation, and in recent
Ms. Aradhana Minawala, Co-Founder, it all. Especially during the times times it is a key requirement for all
CAI Store; Ms. Gauri Nayar, Co– of COVID-19, consumer behavior organizations.
Founder, TWAIN Communications; has witnessed a shift towards online
Ms. Nitya Arora Founder & Designer, shopping. According to them, it is the The seminar concluded with a vote
Valliyan Jewellery. right time for businesses to go online of thanks by Mr. Shardul Shah, Co
and get benefitted from it. Chairman, IMC YLF Committee.
Digital businesses use technology
to create new value in business
models, customer experiences
and the internal capabilities that
support its core operations. All
speakers shared their journey and
experiences to harness the power of

Engaging Maharashtra, Building India 35
IMC Journal n March-April 2022

Networking

Delegation from the Ryazan region
of the Russian Federation
I MC Chamber of Commerce and 18th April, 2022
Industry hosted a delegation Ryazan region along with the
from the Ryazan Region of delegation to participate in the virtual production, the medical industry as
IMC India Calling Conference 2022 well as the extensive opportunities
in mechanical engineering and the
the Russian Federation headed by to explore commercial alliances. pharmaceutical industry.

Governor H.E. Mr. N. V. Lyubimov Governor of the Ryazan region H.E. Also present on the occasion was
at IMC. The delegation comprised of Mr. N. V. Lyubimov delivered the the Consul General of the Russian
officials and representatives of export keynote address during the meeting. Federation in Mumbai, Mr. Surovtsev
oriented companies of the Ryazan While giving the trade update, Alexey Vladimirovich who delivered
region. Governor mentioned that in 2021, the special address. The Consul
General expressed his gratitude to
The delegation was accompanied the trade turnover of the Ryazan IMC for organizing this meeting and
assured the Missions’ support in the
by Consul General of the Russian region with India amounted to activities and initiatives of IMC in
enhancing bilateral and economic
Federation in Mumbai, Mr. Surovtsev over $ 500 million and increased relations between both the countries.

Alexey Vladimirovich. The objective of more than 27 times compared to The speech was then followed by a
brief presentation by the Director
the meeting was to discuss the issues 2020. “Our region exports to India of the Ryazan Region Development
Corporation highlighting the
and prospects of business cooperation radar equipment, roofing materials, investment potential of the Ryazan
region.
between India and Ryazan region. trailers, plastic products, leather,
During the meeting, participants
NETWORKING SERIES During the meeting, IMC President control and measuring equipment discussed opportunities of trade
Juzar Khorakiwala welcomed the and from Indian suppliers, the and economic cooperation and the
guests and gave an overview on Ryazan region receives edible fats possibility of exploring commercial
India-Russia bilateral relations. He and oils, electrical equipment, leather alliances.
mentioned that despite Covid-19 processing products, ferrous metal
related challenges, India-Russia products, and chemical products and The meeting concluded with a Vote
relations have continued to deepen, we from Ryazan region look forward of Thanks by Mr. Anant Singhania,
with enhanced cooperation in all to strengthening cooperation with President-Elect, IMC.
areas of the bilateral relationship, India in many areas”, highlighted the
including political engagements, Governor.

security, defence, trade & economy, He also emphasized on the

science & technology and culture. opportunities that exist in the

During his address he also informed niches of machine tool construction,

and invited the Governor of the electronics, consumer goods

IMC team with the delegation from the Ryazan region of the
Russian Federation headed by the Governor, H.E. Mr. N. V. Lyubimov

36 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Networking

Champion in Sports and Life:

Parents guide to Developing 22nd April, 2021
Student Athletes

I MC’s Knowledge (Skill &
Education) Committee organized
an online Fireside Chat on
‘Champion in Sports & Life: Parents
Guide to Developing Student Athletes’

Mr. Juzar Khorakiwala, President, Mr. Kunal Maria Mr. James Dr. Thomas Mr. Gavin
IMC gave the welcome address. Key CEO & Co-founder, Parrack Virgets Rhodes
speakers were Mr. Kunal Maria, CEO Corvuss American
& Co-Founder, Corvuss American Former Olympian Head of Academy; Head of Football
Academy; Mr. Gavin Rhodes, Head Academy & Co-Founder Corvuss American Education &
of Football Education & Global Bluewater Elite
Operations, Manchester City Football Sports Training Academy Global operations,
Club; Mr. James Parrack, former Centre-BEST Manchester City
Olympian & Co-Founder, Bluewater
Elite Sports Training Centre-BEST Football Club
and Dr. Thomas Virgets, Head,
Corvuss American Academy avoid discussing /criticizing a child’s important, this alone will not make NETWORKING SERIES
performance - good or bad - at all world champions only people will.
They highlighted how habits student costs. Globally various sports are India is seeing leaders in this space,
athletes develop in sport should be garnering interest and parents should and we can see various talents with
integrated in their lives. Sporting introduce programs and techniques kids showing interest in numerous
activities provide critical skills that to harness these inherent talents, sporting activities. Being focussed,
students can apply in their life. When without pressurising the child. consistent, working hard with right
sports, academics & life skills are support & motivation is important.
properly integrated, they work as a The road to Olympics starts from
force multiplier. Discussions centred schools. Their sports infrastructure Ms. Bharati Thakore, founder &
around parents not living their has to be strengthened to become CEO, New Millennium Education
passions through their child and to Olympic powerhouses. There is also Partners; Member, Knowledge (Skill
need to invest in quality coaching &Education) Committee introduced
and teaching at the school level. the speakers and concluded the
While competitive infrastructure is seminar with a vote of thanks.

Mentoring Corporate Boards 29th April, 2022
I MC’s Law Committee organized
an Online Talk on ‘Mentoring members of the Law Committee.
Corporate Boards”.
The discussion touched upon the
fundamental question of educating

The speaker for the session was Mr. the Board about maintaining the Mr. Satyabir Mr. Swapnil
Satyabir Bhattacharya, CEO, V & E highest ethics and of course, Bhattacharya Kothari
Consulting Group. The moderator their independence as Directors.
was Mr. Swapnil Kothari, Member The Independent Directors need CEO, V & E Senior Lawyer,
of Law Committee, Senior Lawyer, to act without fear or favour. Mr.
Managing Partner (S. Kothari & Co.) Bhattacharya emphasized the Consulting Managing

Mr. Juzar Khorakiwala, President, importance of corporate mentorship Group Partner (S.
IMC Chamber of Commerce and whereas the moderator regaled the
Industry welcomed speaker for audience with his incisive questions Kothari & Co.)
sharing his valuable insights on the so as to make the topic both questions by the audience, Ms. Sia
topic and acknowledged the support informative and interesting.
Wagle, OIC of IMC Law Committee

gave the vote of thanks. The session

given by Mr. Swapnil Kothari and Following that and then a few was dynamic, interactive and very

well received by the audience.

Engaging Maharashtra, Building India 37
IMC Journal n March-April 2022

Networking

25 Years of the IMC Ramkrishna Bajaj National
Quality Awards & IMC Juran Quality Medal
Presentation Ceremony
30th April, 2022

NETWORKING SERIES I MC Ramkrishna Bajaj National driven quality. The IMC RBNQA The ceremony commenced with
Quality Awards are possibly criteria for Performance Excellence the showcasing of the winners of
the most prestigious National is a great management tool to bring the Milestone Merits Recognition
Quality Awards in the country. The in organizational transformation and 2021. These are smaller recognitions
Awards were named after late Mr. integration. This was followed by the that focus on specific criteria and
Ramkrishna Bajaj, Past President, introductory remarks by Mr. Niraj recognize excellence by organizations
IMC, and a leading industrialist. Bajaj, Chairman, IMC Ramkrishna in 5 areas such as Leadership,
The award process follows rigorous Bajaj National Quality Award Trust, Customer Focus, Workforce Focus,
training and evaluation. All applicant who said, “As most of you are aware, Safety and Operations Focus.
organizations irrespective of winning the Trust recognizes Performance
an Award or not, receive a detailed Excellence. We have three broad The session then moved on to the
feedback report – beneficial to categories: felicitation of winners of the IMC
map the quality journey of the RBNQ Commendation Certificate,
Organization. • Organization Excellence: IMC RBNQ Certificate of Merit
Recognition of multiple followed by the presentation of the
In order to recognize excellence, maturity levels against the IMC IMC RBNQ Performance Excellence
IMC’s Ramkrishna Bajaj National RBNQA Criteria Trophy and IMC Ramkrishna Bajaj
Quality Award (IMC RBNQA) Trust National Quality Award (RBNQA)
presented IMC Ramkrishna Bajaj • I n d i v i d u a l Excellence: Trophy 2021. The winner of
National Quality Awards & IMC Juran IMC RBNQA Trophy was Bharat
Quality Medal on 30 April 2022. The Recognition of a Benchmark Petroleum Corporation Ltd., Kochi
awards were presented by the Chief Refinery.
Guest for the ceremony, Mr. Harsh Quality & Reliability Driven
Mariwala, Chairman, Marico Ltd.; The ceremony then proceeded to
CMD, Kaya Ltd. Leader or Statesman. felicitate the winner of the IMC
Juran Quality Medal. ‘The IMC Juran
The 2021 Award cycle celebrates • The IMC RBNQA Criteria Quality Medal’ recognizes individual
the Silver Jubilee of the award are world-class. In order to excellence and role models in the
process. A milestone in the journey encourage organizations to “try field of quality. In 1996 Dr. J. M.
of excellence. me”, we have introduced a Juran gave permission to the IMC
limited engagement option. Quality Awards Committee to use
The session began with welcoming all Organizations can now choose his name for a Quality Medal. In his
our participants and esteemed guests to experiment in any one words, “The proposal to establish a
by Ms Maya Desai, Director, IMC of the six Categories of the quality award in India is most timely.
RBNQA Trust. IMC RBNQA framework. The If such an award were created in
organization that scores the India, I would indeed be honored
The ceremony commenced with highest in each Categor y, should it be named the Juran Quality
a welcome address by Mr. Juzar receives a Milestone Merit”. medal.”
Khorakiwala, President, IMC
Chamber of Commerce & Industry, The ceremony then moved on with The IMC Juran Quality Medal for
who said, “It is with pleasure that an address by Mr. Suresh Lulla, Co- 2021 was bestowed on the renowned
we recall the role of Mr. Ramkrishna Chairman, IMC Quality Improvement scientist Dr. K. Sivan, currently
Bajaj as a business leader. He was a and Technology Committee. He Vikram Sarabhai Distinguished
crusader for ethics in business, social stated, “We need to adopt Green Professor and former Secretar y,
welfare and consumer protection. Performance Excellence to Save Department of Space and former
He established the Council for Fair the Planet and win the blessings of Chairman, Space Commission also
Business Practices to facilitate his Mother Earth”. known as “Rocket Man” of India. Dr.
crusade. He believed in Customer- Sivan is known for his contribution in
The 25 Year Milestone was marked
with the launch of the book on all
the winners of the IMC Juran Quality
Medal.

38 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

development and operationalization The Session then proceeded with Networking
of ISRO’s launch vehicle fleet to a special address by Chief Guest,
make India self-reliant in assured Mr. Harsh Mariwala, Chairman, Marico as one of the most reliable
access to Space. Dr. Sivan in his Marico Ltd & CMD, Kaya Ltd. Mr. brands in the country.
address shared Reliability Engineering Mariwala is an Indian entrepreneur
ideas for Green Performance who is a role model in Visionary The session concluded with the Vote
Excellence. We congratulate Dr. Leadership. His many initiatives focus of Thanks by Mr. Anant Singhania,
Sivan for winning the IMC Juran on Innovation, Societal Improvement President-Elect, IMC Chamber
Quality Medal and imparting words and Sustainability. He symbolizes of Commerce and Industr y. Mr.
of wisdom for our audience. excellence in true spirit. He spoke Singhania summed up the Award
of his journey on how he established Ceremony and thanked all the
distinguished speakers for presenting
great thoughts and learnings.

(L to R): Mr. Suresh Lulla, Co-Chairman, IMC Quality Improvement & Technology Committee; Mr. Juzar Khorakiwala, President, IMC; Mr. NETWORKING SERIES
Niraj Bajaj, Chairman, IMC RBNQ Award Trust; Chief Guest, Mr. Harsh Mariwala, Chairman, Marico Ltd. & CMD, Kaya Ltd.; Mr. Anant

Singhania, President-Elect, IMC and Mr. Ajit Mangrulkar, Director-General, IMC

Mr. Harsh Mariwala, Chairman, Marico Ltd. & CMD, Kaya Ltd. presents the IMC Juran Quality Medal to Dr. K. Sivan,
Vikram Sarabhai Distinguished Professor, Former Secretary, Department of Space & Former Chairman, ISRO.

(L to R): Mr. Suresh Lulla, Co-Chairman, IMC Quality Improvement & Technology Committee; Mr. Niraj Bajaj, Chairman, IMC
RBNQ Award Trust; Chief Guest, Mr. Harsh Mariwala, Chairman, Marico Ltd. & CMD, Kaya Limited;

IMC Juran Quality Medal Winner - Dr. K. Sivan; Mr. Juzar Khorakiwala, President, IMC; Mr. Anant Singhania, President-
Elect, IMC and Mr. Ajit Mangrulkar, Director-General, IMC

Winner of IMC Ramkrishna Bajaj National Quality Award Trophy - Bharat Petroleum Corporation Ltd., Kochi Refinery.
Mr. Ajith Kumar K., ED (Kochi Refinery) and team receiving the IMC Ramkrishna Bajaj National Quality Award Trophy at

the hands of Mr. Harsh Mariwala, Chairman, Marico Ltd. & CMD, Kaya Ltd.
Dignitaries present on the stage: Mr. Niraj Bajaj, Chairman, IMC RBNQ Award Trust; Chief Guest, Mr. Harsh Mariwala,
Chairman, Marico Ltd. & CMD, Kaya Ltd.; Mr. Juzar Khorakiwala, President, IMC; Mr. Anant Singhania, President-Elect, IMC

and Mr. Ajit Mangrulkar, Director-General, IMC.

Engaging Maharashtra, Building India 39
IMC Journal n March-April 2022

Networking

COURTESY CALL

NETWORKING SERIES Meeting with Hon’ble Mr. Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and
Textiles, inviting him for IMC India Calling Conference 2022, on May 6, 2022 – March 3, 2022

Meeting with Mr. Ravi Shankar, Joint Secretary & Social Secretary to the President of India at
New Delhi – March 3, 2022

Meeting with Mr. Abhay Thakur, Addl. Secretary (Economic Relations), MEA and
Mr. Md. Noor Rahman Sheikh, Jt. Secretary (Economic Diplomacy Division), MEA – March 3, 2022

40 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

Networking

COURTESY CALL

Meeting with H.E. Ambassador João De Mendonça Lima Neto, Consul General of Brazil, NETWORKING SERIES
Mumbai - April 4, 2022

Meeting with H.E. Mr. Kwaku Asomah-Cheremeh, High Commissioner of the
Republic of Ghana - April 19, 2022

Meeting with Dr. Haval Abu Baker, Governor, Slemani (Sulaymaneyah), Kurdistan, Iraq - April 19, 2022

Engaging Maharashtra, Building India 41
IMC Journal n March-April 2022

Networking

Trailblazers’ Film Retreat at 2nd & 3rd March, 2022
Lush Green Alibaug

T he 2 days stay at the dance, music and much
Fountainhead Alibaug was more.
filled with discreet, thought
provoking and interactive movie The talk on the History of
screenings, intellectual discussions,
Deccan and the Marathas

by Prof. Gaurav Gadgil

and on changing

mindsets by Ms.

Zia Mody were the Cinema and More Committee with Professor Gaurav Gadgil

highlights of the attempt to acquaint members with
retreat. different genres of cinema combined

The films screened with intellectual stimulation, away

were chosen after much from the hustle and bustle of

deliberation and in an Mumbai.

Members having good time at Alibaug

LADIES’ WING Gold Market Dynamics and Investment
Opportunities
9th March, 2022

I MC and the IMC Ladies’ Wing Rose Group;
organized a talk on Gold Market
Dynamics and Investment They gave the
Opportunities.
audience a wider

understanding on

The speakers were Mr. G. various opportunities

C h a n d r a s h e k h a r, Economic for investing in gold,

Advisor, IMC and Director IMC- including bullion (i.e. Mr. G. Mr. Vikram Mr. Biren Vaidya
Chandrashekhar Dhawan Managing Director,
ERTF; Mr. Vikram Dhawan, Head gold bars), mining Economic Advisor,
IMC and Director Head (Commodities) Rose Group
(Commodities) and Fund Manager, companies, and and Fund Manager,
IMC-ERTF
Nippon India Mutual Fund and Mr. jewelry, mutual funds, Nippon India

Biren Vaidya, Managing Director, futures, etc. Mutual Fund

E-Waste Collection Drive 2nd & 3rd March, 2022

I MC Ladies’ Wing in association with Clean Mumbai Free E Waste was collected from Colaba to Haji Ali to
Foundation revived and revamped the initiative – thereby reducing E-waste and doing a bit to protect our
E-Waste Collection Project. environment.

42 Engaging Maharashtra, Building India
IMC Journal n March-April 2022

IMPACT 2022 Networking

29th March, 2022

IMPACT 2022 Committee with Ms. Aditi Kothari Desai and IMPACT 2022 Committee with Mr. Juzar Khorakiwala,
Ms. Priti Rathi Gupta
President IMC, Ms. Juhhi Babbar Sonii and Mr. Nitiin
Miranni
T he flagship event of IMC
Ladies’ Wing - IMPACT young women achievers - Ms. Aditi in agreement that he is surely the
2022 was held at Nehru Kothari Desai, Vice-Chairperson, one to “watch out for’’.
Centre Auditorium. The endeavor DSP Investment Managers Pvt. Ltd
brought together people diverse in and Ms. Priti Rathi Gupta, Founder The event culminated on a
LXME. resounding note with an enchanting
play - ‘With Love, Aap ki Saiyaara’

experience and background. Nitiin Miranni with his unmatched written and directed by Juhhi Babbar

This year the theme for IMPACT wit and felicity of expressions Sonii. The play was the story of a LADIES’ WING
2022 being “ Young Trailblazers - enthralled the audience with some passionate, urban and undaunted
rib tickling stand-up comedy. He not woman and explored the episode of

Empowered Women, Empower only made them laugh out loud but a modern woman about her dreams

Women”, the wing felicitated also impressed and left them nodding and challenges.

Visit to Adams Wylie 12th April, 2022
Physio Rehab Center
Dr. Aijaaz Ashai - Head of the Department and his team
Aspecial visit to Adams Wylie Physio Rehab Centre took members on a tour of the centre enlightening them
- a state of the art physiotherapy and rehabilitation on various modern equipment and technologies installed
centre focusing on enhancing fitness and wellness at the centre.
was organized for members.

Dr. Aijaaz Ashai, Head of the Department, Mrs. Nishreen Tour of the Adams Wylie Physio Rehab Centre
Khorakiwala, President, IMC Ladies’ Wing, Ms. Roma

Singhania, Vice President, IMC Ladies’ Wing, Mrs. Rina Deora
and Mr. Suresh Deora

Engaging Maharashtra, Building India 43
IMC Journal n March-April 2022

Networking

Talk on Cyber Safety 4th April, 2022
I MC Chamber of Commerce and
Industry and IMC Ladies’ Wing internet protocol, an antivirus, a Ms. Reena Rupani, Co-Chairperson,
under its initiative - Aamchi firewall and virtual private network Aamchi Mumbai, Safe Mumbai Committee
as sure ways for carrying out secure
Mrs. Bharti Gandhi, Chairperson,
Mumbai, Safe Mumbai organized an transactions online. Aamchi Mumbai, Safe Mumbai Committee

insightful talk on Cyber Safety by Mr. He also cautioned the audience Mr. Juzar Khorakiwala, President,
Sanjay Pandey - Commissioner of against clicking on malicious links in IMC, Mr. Sanjay Pandey,
Police, Mumbai. emails or texts and accepting cookies
Commissioner of Police, Mumbai, Mrs.
Keeping in mind that the while using any website. He further Nishreen Khorakiwala, President, IMC
responsibility to achieve a safe informed that India has no specific
city has to be shared by citizens, law to deal with cybercrime except Ladies’ Wing
government, police and the society for a few sections of the Information
at large, the talk was organised with Technology Act, which is the need of
an aim to increase awareness about the hour in India. He also advised
cyber safety and to prevent online against storing any personal data or
distress. images on smartphones or cloud.

LADIES’ WING Mr. Sanjay Pandey - Commissioner Aamchi Mumbai, Safe Mumbai Committee with Mr. Sanjay Pandey, Commissioner of
of Police, Mumbai writing on a Police, Mumbai
whiteboard and interacting with
the audience, emphasized on the
need to be aware and vigilant about
data sharing and privacy, secure
transactions and encryption. The
police chief advocated using a secure

Devil’s Daughter – 21st April, 2022
A frank memoir by Vidhie Mukerjea

M s. Vidhie Mukerjea, author of
the book, ‘Devils Daughter’
shared her innermost
emotions as she spoke about her life
story. From her experience of penning
down her memoir to her tryst with
destiny, self-evolution and lessons she’s
learnt along the way, Ms. Vidhie shared
her thoughts about it all in a candid
and honest conversation curated and
moderated by Ms. Aarti Surendranath.

Cinema and More Committee with Ms. Vidhie Mukerjea

A Virtual Date with Fiji 28th April, 2022

A virtual tour to Fiji was organized in association with Fiji Tourism and Leo Travels. It was a specially curated interactive
session highlighting the various destinations, culture and cuisine of this beautiful island paradise.

44 Engaging Maharashtra, Building India
IMC Journal n March-April 2022