Volume 28, Nos.9 &10 December 2014 – January 2015 X From the President’s desk X Chamber’s Activities Flagship Activity X Discussion on State of Indian Economy Doing the Honors X Meeting with the Turkish Indian Chamber of Commerce & Industry, New Delhi Sowing the Seeds X Training Program on “Compass Driven Time Management” X Program on “Occupational Health, Safety and Environment” X Discussion and Presentation on GST (122nd Constitutional Bill) 2014 X Awareness program on Dangerous Goods Regulations X Awareness program on TNVAT Total Solutions Project Outreach X Management Development Program on TNVAT ACT & CST ACT @ Madurai Together We Grow X Manufacturing Leadership Summit: ”Internet of Everything & delivering business outcomes X Discussion on “Leveraging India’s Free Trade Agreements with emerging Markets jointly with Athena Infonomics X Two day Conference on Companies Act jointly with IICA X Digital Transformation^ Innovation – Talk by Robert Stroud, ISACA X Other Meetings X General Committee X Experts’ Corner X Flash News X Chamber in the news Fire up X Representations & Press Release X What’s happening? Discussion on State of Indian Economy : Mr. R. Raghuttama Rao, MD, iMACS & GC Committee Member, MCCI interacting with the audience (second from left) Others in the picture (l to r) Mr. S.G. Prabhakharan, President, MCCI, Mr. T. T. Srinivasaraghavan, MD, Sundaram Finance Ltd & Past President, MCCI, Dr.Laveesh Bhandari, Chief Economist, Indicus Analytics, New Delhi and Mr. M.R.Venkatesh, Partner, GSV Associates & Chairman, Expert Committee on Economic Affairs, MCCI IN THIS ISSUE
Transcript
Volume 28, Nos.9 &10 December 2014 – January 2015
From the President’s desk Chamber’s Activities
Flagship ActivityDiscussion on State of Indian Economy
Doing the Honors Meeting with the Turkish Indian Chamber of
Commerce & Industry, New Delhi
Sowing the Seeds Training Program on “Compass Driven
Time Management” Program on “Occupational Health, Safety
and Environment” Discussion and Presentation on GST
(122nd Constitutional Bill) 2014
Awareness program on Dangerous Goods Regulations
Awareness program on TNVAT Total Solutions Project
OutreachManagement Development Program on
TNVAT ACT & CST ACT @ Madurai
Together We Grow Manufacturing Leadership Summit: ”Internet of
Everything & delivering business outcomes Discussion on “Leveraging India’s Free Trade
Agreements with emerging Markets jointly with Athena Infonomics
Two day Conference on Companies Act jointly with IICA
Digital Transformation^ Innovation – Talk by
Robert Stroud, ISACA Other Meetings General CommitteeExperts’ Corner Flash News Chamber in the news
Fire upRepresentations & Press Release What’s happening?
Discussion on State of Indian Economy : Mr. R. Raghuttama Rao, MD, iMACS & GC Committee Member, MCCI interacting with the audience (second from left) Others in the picture (l to r) Mr. S.G. Prabhakharan, President, MCCI, Mr. T. T. Srinivasaraghavan, MD, Sundaram Finance Ltd & Past President, MCCI, Dr.Laveesh Bhandari, Chief Economist, Indicus Analytics, New Delhi and Mr. M.R.Venkatesh, Partner, GSV Associates & Chairman, Expert Committee on Economic Affairs, MCCI
IN THIS ISSUE
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Dear Members,
We are now at that time of the year when everyone is eagerly awaiting the Budget with a mixture of hope and anxiety, although the former is always in excess. The Union Budget 2015-2016 is to be released on February 28, 2015 by the Finance Minister and Chambers like ours have already forwarded our wish list and are waiting to see how many of that would be addressed in the Budget.
The Budget presented in July 2014, immediately after the present Government took charge, did not talk of any major reforms as expected. But today things are dynamically different. The Government is already in command for nearly 10 months; PM‘s visit to US, Japan and other countries, and high level visits like that of US President to India, Chinese Premiere etc have ignited new hopes on international economic ties. Back home, sensational campaigns like Make in India, Clean India, and Digital India etc are trying to usher in some major push to few important areas. The recent Delhi elections have also changed the political dynamism. Hence, this budget is watched with more keenness to see how forward looking it would be and whether it will deliver on the promised Second Generation Reforms and bring the “achhe din” for everyone!
Owing to the various major policy initiatives by the Government to attract investments, such as allowing FDI in railways and defense sectors, complete deregulation of diesel prices and easing of FDI rules in construction, economic growth has moderately bounced back, exports have picked up pace and helped the trade balance, capital inflows have reasonably increased, and confidence and expectations have improved.
Despite these efforts, India continues to rank low in the “Ease of Doing Business” and the “Global Competitiveness Report” indices. This is an indication that a more concerted effort is needed to realize the growth objectives. While the Government has taken steps towards reviewing the laws relating to environmental clearances, land acquisition and labour reforms, it remains to be seen what kind of changes they will translate into.
From
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Pres
iden
t’s
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SG.PrabhakharanPresident
The Prime Minister has set a target index No of 50 for 2017 ( from the present 142) and has also come up with the ‘Co-operative Federalism and Healthy Competition among States’ statement. It is said that States are going to be ranked on Ease of Doing Business parameters. That possibly is going to be a motivator for States to work with the Centre to get us pretty up on this Index!
In all, it is evident that a big push is required in terms of policy reforms. The Chamber has been pointing out that this is one of the top priorities and once this is fixed, most of the problems could resolve themselves.
The other biggest tailback for any government is high inflation, especially in food prices. It is accepted that the Government cannot turn things around in a short time frame. However, the current government, which has identified supply-side bottlenecks like hoarding and poor storage facilities as reasons for inflation, should be in a position to take the necessary steps to contain inflation.
When we review the fiscal consolidation front we find that the fiscal deficit of the Government for the period April to November 2014 stood at Rs 5,25,134 crore or 98.9% of the annual target of Rs 5,31,177 crore (4.1% of the GDP). This is the second highest fiscal deficit during the first eight months of the financial year since 1997-1998. In view of the current trend, drastic measures have to be taken by the Government to bring down the fiscal deficit.
The Government’s move to set up an Expenditure Management Commission to look into expenditure reforms and provide a roadmap for rationalization of subsidies is a positive move towards fiscal discipline. A major part of this would be to look into reforms in the agricultural sector, for example, the fertilizer subsidies, irrigation projects, functioning of the APMCs, shortfalls in the PDS, and developing the food processing industry, to name a few. Reforms and targeted focus in these areas would also help check some of the inflationary tendencies in the economy.
Manufacturing growth is necessary for India, if we have hopes of harnessing our demographic
dividend and this was echoed in the most impressive “Make In India” tableaux in our Republic Day parade. The Budget should look at incentivizing this sector and address the issues that are acting as constraints to growth. A major issue confronting the industry at this point of time besides the policy hiccups, relates to infrastructural lacunae, and within this a key area is that of port infrastructure. The MSMEs and SMEs require special focus especially with regard to access to credit.
On the tax front, the implementation of the Goods and Services Tax (GST) can be a game-changer for the economy. It is evident from the 122nd Amendment Bill 2014 introduced recently, that it is not going to be very simple and there are still many grey areas and a feeling of discomfort among different stake holders. It is therefore hoped that the consensus process towards achieving it is hastened. The tax administration has to be improved with genuine efforts to establish a non-adversarial and conducive tax environment. The tax regime should be based on the pillars of transparency, predictability and sustainability.
Reforming the public sector banks is necessary, especially if we are to achieve financial inclusion which includes access to rural credit. In the context of overall banking reforms, there is a need to address the issue of NPAs. The latest World Economic Outlook by the IMF has projected that India is poised to be the fastest growing economy by 2016. Let us hope that the Budget will set the stage for the Indian economy to achieve this.
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As part of our pre budget run up program conducted every year, the
Chamber held a discussion on the State of Indian Economy.
Mr. S.G.Prabhakharan, President welcomed the gathering.
Mr. Raghuttama Rao, MD, IMaCS, made a detailed presentation on the International Economy and highlighted the international developments that may impact businesses in India with specific focus on events such as the fall in crude oil prices. While providing an overview of the Indian economy and the expectations from Budget FY16, he emphasized on the importance to kick-start the stalled infrastructure projects. He concluded by mentioning necessary reforms in areas such as labour, land acquisition, banking, tax, etc.
Mr. T.T.Srinivasaraghavan, MD, Sundaram Finance Ltd. while addressing on the above topic, highlighted the fact that investments were not forthcoming as was expected, and stated that confidence deficit is the key reason for the current underperformance of the Indian economy. He concluded his talk with a mention about India’s rural economy and prosperity and that the focus of financial inclusion should be to restart credit flows.
Dr. Laveesh Bhandari, Chief Economist, Indicus Analytics, gave the ground realities for achieving the targets of growth and informed that a huge impact on the growth of the economy would be possible only after 5 to 8 years. He summarized the problems of the past few years as deficit, inflation and the failure of the PPP model
Chamber’s Activities
FLAGSHIP ACTIVITY
Discussion on the “State of Indian Economy”
23rd December 2014Program on State of Indian Economy
and added that subsidies and inflationary tendencies need to be checked. He concluded with a list of recommendations for reforms.
Mr. M.R. Venkatesh, Partner, GSV Associates & Chairman, Expert Committee on Economic Affairs, MCCI while agreeing with the points made by the preceding speakers, added the managerial bandwidth is lacking in the government and there is a need to strengthen the delivery mechanisms. He concluded by thanking all the speakers.
The response for the program was excellent and it was attended by 80 participants
Mr S G Prabhakharan welcoming the gathering
A view of the audience
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Chamber’s Activities
23rd January 2015Meeting with the Turkish Indian Chamber of Commerce & Industry, New Delhi
DOING THE HONORS
MOU signed with Turkish Indian Chamber of Commerce & Industry
Mr.S.G. Prabhakharan, President, MCCI and Ms. K.Saraswathi,
Secretary General had a meeting with officials from Turkish Indian Chamber of Commerce & Industry, New Delhi namely Mr.Ers in Karaog lan , Pre s iden t , Mr.Mehmet Ali Sekar, Vice President, Mr.Sukru Yilmaz, at the President’s office on 23rd January 2015.
Mr.Ersin Karaoglan, President of the TICCI highlighted the India –Turkey trade relationship and their Chamber activities. He invited the Chamber to plan a business Delegation to participate in their Expo - Turkiye World Trade Bridge 2015 scheduled on 17& 18th March 2015.
This Expo is related to Leather & Leather products, textile and textile machinery products.
Mr. S.G. Prabhakharan highlighted the strength of the Madras Chamber, members profile and assured the Chamber’s best cooperation and support for the benefit of mutual relationship as well as promoting Indian businesses with Turkey.
An MOU was signed between the two chambers with the aim of strengthening bi-lateral chamber business activities.
16th December 2014Training on “Compass driven Time Management”
Training on “Compass driven Time Management”
The Chamber, as part of its regular training programs, had
organized one on “Compass driven Time Management”. Mr. Harihara Madhavan, a trainer with more than 25 years of experience conducted the program. Around 12 participants took active part in the training program and the feedback was positive.
SOWING THE SEEDS
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Chamber’s Activities
19th December 2014Program on Occupational Health, Safety and Environment
Mr R Kulothungan welcoming the Chief Guest Mr.C.Gnanasekara Babu Rao, Director, Directorate of Industrial Safety & Health. GoTN with a bouquet of fl owers
Under the auspices of the Environment, Pollution Prevention and Control Committee, a one day
Management Development Program on “Occupational Health, Safety & Environment” was organised by the Chamber, on Friday the 19th December 2014 at Hotel Savera, Dr.Radhakrishnan Salai, Chennai – 600004
Mr. R. Kulothungan, Chairman, Expert Committee on Environment, Pollution, Prevention and Control welcomed the gathering.
Mr.C.Gnanasekara Babu Rao, Director, Directorate of Industrial Safety & Health, Government of Tamilnadu, delivered the inaugural address.
Mr.S.Ananth, Joint Director, Directorate of Industrial Safety & Health, Govt. of Tamil Nadu addressed on Overview of Regulatory Guidelines on Safety, Factories Act and Health to be adopted at workplace.
Mr. Sathya Prakash, Manager – Contracts, India Region, DNVGL, Chennai made a presentation on Importance of Occupational Health & Safety, its evolution, OHS Standards and OHS Policy.
Mr. M. Namasivayam, Head – Fire & Safety, DLF IT SEZ, made a presentation on “How to plan for workplace emergencies and evacuation”.
Mr. Sudharsan, AGM – Technical Services, Orient Green Power Co. Ltd. made a presentation on Internal Audit, Monitoring measuring, evaluation and correction followed by a presentation by Mr Anand Gopalan, Advocate, Partner, T S Gopalan & Co. on “Compliance, legal and other requirements”.
Dr. S. Sankar, Associate Professor, Sri Ramachandra Medical University made a detailed presentation on Emerging Trends & understanding best practices pertaining to occupational health.
The program was attended by 30 participants.
Mr C Gnasekara Babu Rao addressing the gathering.
Mr S Ananth, Joint Director, Directorate of Industrial Safety & Health, GoTN interacting with participants. Others seen are l to r : Mr Sathya Prakash and Mr.M Namasivayam.
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Chamber’s Activities
The Union Finance Minister presented the Constitution (122nd Amendment) Bill 2014 on Goods and Services Tax on 19thDecember
2014 in the Lok Sabha. The Bill is a path breaking tax reform and brings in a number of important changes. The Chamber proactively, arranged for a 2 hours session to understand the positive and negative aspects of the bill on 30th December 2014 at Hotel Deccan Plaza, Royapettah High Road, Chennai-600014.
30th December 2014Discussion and Presentation on GST (122nd Constitutional Bill) 2014
Mr K Vaitheeswaran making a presentation on GST (122nd Constitutional Bill) 2014
6th January 2015Awareness Seminar on Dangerous Goods Regulations
Under the auspices of the Logistics Committee, the Chamber, along
with Tirwin Management Services P. Ltd., a Chennai based air Cargo training and consulting organization had organized an Awareness Seminar on Dangerous Goods Regulations on 6th January 2015 at Hotel Deccan Plaza, Chennai – 85. This seminar was to educate the stakeholders about the regulations that govern classification, identification, packing, marking, labeling and documentation for safe transportation of dangerous goods.
Mr. N.Srinivasan, Past President, MCCI welcomed the gathering and shared an anecdote from his career about how they were caught unawares when IT products in a closed godown without sprinklers caught fire. He mentioned that the management should be able to determine the adequate insurance cover but added a caution, that there can be no insurance for negligence. He also pointed out that e-commerce is here to stay and in such a case, packing, shipping, etc become more important. He concluded by mentioning that the MCCI Program should be a learning curve in this area and more such efforts should be undertaken to
increase awareness.
In the Seminar, Mr. J. Krishnan, Chairman, Expert Committee, Logistics provided the outline for the program. Mr. P.S.Krishnan, President, CCHA addressed the audience. Mr. A. Shanmugam, Director of Airworthiness, DGCA inaugurated the program.
Mr. B. Govindarajan, CEO, Tirwin Management Services gave a detailed presentation on the regulations and touched upon various practical issues citing interesting case studies.
The seminar was well attended by around 70 participants. It has been decided to repeat the program for the benefit of the members.
Mr N Srinivasan welcoming the gathering
Mr A Shanmugam delivering the Key Note Address
Mr J Krishnan briefi ng the Theme Presentation
Mr B Govindarajan making the presentation on Dangerous Good Regulations
Mr P S Krishnan addressing the gathering
Mr Udayabhaskar Reddy proposing vote of thanks
Mr.K.Vaitheeswaran, Advocate & Tax Consultant and Chairman of MCCI Indirect Taxes Committee and an expert on GST, made a detailed presentation on the Bill, followed by an interactive session. In spite of a short notice to the members, the meeting was well attended by 85 participants who expressed their appreciation for such a timely organised session.
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Chamber’s Activities21st January 2015Awareness program on TN VAT Total Solutions Project
Mr.P.R.Subramaniyan welcoming the Chief Guest Mr.M.Parameswaran with a bouquet of fl owers
The Government of Tamil Nadu, Commercial Taxes Department has made significant changes
in their e-Services and most of industry and business services, transactions, forms etc., have been made online through user friendly software. Under the auspices of the VAT Committee, the Chamber in association with the Commercial Taxes Department, Government of Tamil Nadu had organized an awareness session on the Total Solutions Project, the software developed by TCS at Hotel Deccan Plaza, Royapettah High Road, Chennai-600014 on January 21, 2015. This program was mainly intended for professionals in the Departments of taxation, finance and Information Technology.
Mr. P.R.Subramaniyan, Chairman, VAT Committee welcomed the gathering.
A special address was delivered by Mr. M.Parameswaran, Joint Commissioner (CT), Chennai Central Division, Commercial Taxes, GoTN. He thanked and appreciated the Chamber for organising this program which is necessary for compliance. Mr.Parameswaran highlighted the benefits of the software. He informed that TCS had developed the software particularly for the Commercial Taxes for 9-10 states in India and they are fully aware of the operations system. Hence the Tamil Nadu Government had chosen them for developing the software. He further informed that once the operations become online, the time spent to meet officers for issues and problems could be avoided as it would be possible to solve all issues online. He added that this initiative would increase the tax compliance. All types of facilities such as registration, forms, grievances, full act & rules, further amendments to the Act & rules, appeals, notices, and host of other facilities have been created in the software and in future all the information would be transformed through the system to the respective people concerned. The Joint Commissioner further said that Phase I would be launched in February and Phase II would be launched in March/ April.
The team by TCS made presentations on the operating method of the software. They briefed on the Home page, facilities created in the Home Page and its
Mr.M.Parameswaran, Joint Commissioner (CT), Chennai Central Division addressing
Mr. Venkatprakash, TCS Offi cial making a presentation
benefits. Some of the important highlights would be:
Registrations•
Payments•
E-Refunds •
E-Forms •
Returns•
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Chamber’s Activities
Filing revised returns•
E-CST Forms•
E-calendar to notify department events, due dates, • reschedule hearings etc.
Uploading all the invoice wise sales/purchase • statements, stock details and goods returned statements etc.
Downloading the receipts and notices •
Respond to rectification notices on line•
Third party integration like NSDL, Banks etc.•
Issuance /intimation of notices thro e mail and • SMS
100% Electronic payments either through direct net • banking or pre –generated challans
Adoption of Single PAN –Single TIN Concept•
Concept of TDN for Works Contractee’s and • linkage of TDN Return with VAT K Return (works contract)
Dealer information including ledger, notices, orders, • replies, appeals etc.
The program was well attended and received by 80 participants. The suggestions made by the participants were noted by the officials who informed that they would consider the same before launching the software.
Mr.P R Subramaniyan, Chairman, VAT Committee, requested the participants to send their suggestions on TSP to the Chamber, to collate and forward the same to Joint Commissioner. Mr.Amarnath, Co-Chairman of VAT committee proposed vote of thanks.
Mr.P.R.Subramaniyan, Chairman, MCCI VAT Committee welcoming the gathering. Others seen are l to r : Mr.S.Sankaranarayanan, Mr.S.Vijay Kumar, Joint Commissioner (CT), Commercial Taxes Dept., Madurai, Mr.K.K.Sekar and Mr.G.Balakrishnan
31st January 2015Management Development Program on TNVAT ACT & CST ACT @ Madurai
The Chamber had organised a program on TNVAT Act and CST Act at Madurai
as part of its outreach program on January 31, 2015.
Mr. P R Subramanian, Chairman of the VAT Committee welcomed the chief guest and the participants. He informed about the success of the certificate course on TNVAT by the MCCI, recent meeting on TSP held in Chennai and elaborated the VAT committee activities.
Mr.S.Vijaya Kumar, Joint Commissioner-CT, Madurai, Chief Guest delivered a special address at the meeting. Mr.Vijaya Kumar thanked the Principal Commissioner Mr. Rajaraman IAS., for deputing him to address the meeting.
Mr.Vijaya kumar mentioned that the Tamil Nadu is the pioneer in levy and collection of Sales tax right from the Madras General Sales Tax Act 1939, when CT department was
formed in 1939 to administer the Madras General Sales Tax Act 1939. He elaborated on the various taxes and procedures introduced and stated that their department contributes nearly 75% of the State Revenue. Mr.Vijayakumar informed that Madurai Division achieved Rs.746 crores out of State Revenue of Rs.43517 crores upto December 2014. He appreciated the contribution of a few big companies like TVS Group for their tax payments to the CT department .
Mr.Vijaya Kumar appreciated the agenda given by the MCCI covering various vital topics. He further highlighted the e-Governance initiated by the Commercial Taxes department through Total Solution Project (TSP) and informed the benefits of the TSP.
OUTREACH
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Chamber’s Activities
Mr.S.Vijay Kumar, Joint Commissioner (CT), Commercial Taxes Dept., Madurai delivering the special address
A view of the audience
Mr.Vijaya kumar thanked MCCI for giving him an opportunity and conveyed his wishes to MCCI for the best efforts and dynamic initiatives for the industry.
Mr.K.K.Sekar, Head, Indirect Taxes, Ashok Leyland Ltd and Co- Chairman of Indirect Taxes Committee, MCCI proposed the vote of thanks.
In the technical session that followed the inauguration, 8 topics were handled by experts who made their representation as follows:-
Mr. K.K. Sekar made presentations on the following topics
Input Tax Credit-Eligibility, Reversal Mechanism, • Restrictions, implications of Section 19 of TNVAT Act & other related issues under TNVAT Act
Stock Transfer, Legal Provisions & other connected • issues and Proposed Goods & Services Tax (GST) – Presentation on Constitution of (122nd Amendment Bill) 2014 – Industry perspective
Proposed Goods & Services Tax (GST) – Presentation • on Constitution of (122nd Amendment Bill) 2014 – Industry perspective
Mr. P.R.Subramaniyan dealt with the following topics.
Works Contract, Right to use goods, Computation • of tax liability, TDS Scheme & Procedures, Eligible deductions, Scheme of Sub-Contractor & Composition & other related issues
CST Act-Local Sales Vs Inter-State Sales, Import Vs • Export Sale – Issues and recent development
Mr.G.Balakrishnan, Partner, BSD Associates and member, MCCI VAT Committee, made presentations on the following 2 topics.
Books of Account, TNVAT Audit, E-Filing, • Statutory Registers, Payment of Tax and related issues
Assessment & Appeals under TNVAT Act, Re-• opening of Assessments and related issue
Mr.Venkat Prakash and Mr.Viqar Beigh, Tata Consultancy Services &Commercial Taxes Officials, Madurai made a detailed presentation on the software of Total Solutions Project -E Governance Initiatives by Commercial Taxes Department, Govt. of Tamil Nadu.
The program was well received and the participants sought lot of clarifications with the experts. Around 55 members attended the program. The participants have been requested to send their queries/issues relating to TNVAT to enable the Chamber to represent them to the State Government.
The Participation certificates were given to the delegates by Mr.P.R. Subramanian.
Mr.S.Sankaranarayanan, Deputy Secretary anchored the meeting, gave a brief introduction about the Chamber and proposed the vote of thanks. The level of participation by the corporate executives and their involvement in the program was very positive. The participants have expressed their interest to have such programs organised by the Chamber in the future.
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Chamber’s Activities
TOGETHER WE GROW
17th December 2014Manufacturing Leadership Summit : ”Internet of Everything & Delivering Business Outcomes” joint program with CISCO
Mr.S.G.Prabhakharan welcoming the participants
Mr Manikam Ramaswami, CMD, Loyal Textile Mills Ltd addressing the gathering on Future of Manufacturing Make in India – An Industry perspective
The Chamber, in association with CISCO, organized a Manufacturing Leadership Summit
on the Internet of Everything & delivering business outcomes on 17th December 2014, at the Taj Club House, Chennai. This was an exclusive event for the manufacturing sector, wherein a platform was provided to discuss and deliberate the phenomenon on how connectivity and technology are more valuable and relevant than ever before for driving the business outcomes.
Mr. S.G. Prabhakharan welcomed the gathering and set the tone for the program.
Mr Manikam Ramaswami, Chairman and Managing Director, Loyal Textile Mills Ltd. addressed on the topic “Future of Manufacturing - Make in India: An Industry Perspective”. He elaborated on the necessity of the Make In India initiative especially in view of leveraging India’s demographic dividend. He also highlighted the external challenges confronting the manufacturing sector, viz. raw material pricing, infrastructural problems, availability of markets and access to international markets. He mentioned that there is a need to address the crony capitalism and rent-seeking in our economy and concluded that if workers are treated with respect and compassion, we can have world leaders.
Mr. Mr.Nalinikanth Gollagunta, Managing Director - Sales, Cisco India addressed the gathering on the topic “Internet of Everything: Delivering Manufacturing Business Outcomes” followed by Mr.Vinay Dua, Vice President, Business Development IOT, Cisco India on “IoE in Manufacturing: Making it Real”.
Mr.Tarun Mishra, Founder & CEO, Covacsis elaborated on “Intelligence out of Everything : Innovation & Opportunities”
This was followed by a technical session on “The Next Enterprise – Enabled by Internet of Everything”
moderated by Mr.Vinay Dua with the following panellists
Mr. Dhanaraj Nadanasigamani Engineering • Manager-1, Caterpillar Engineering Design Center - India,
Mr. Nalinikanth Gollagunta, Managing Director • – Sales, CISCO
Mr.Tarun Mishra, Founder & CEO, Covacis•
Mr. Clynton Almeida, Chief Information Officer, • Redington India Ltd.
The real-time demo of the IoE in the textile sector was the highlight of the program.
The Program was attended by 60 participants.
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Chamber’s Activities
5th January 2015Discussion on “Leveraging India’s Free Trade Agreements with Emerging Markets” Jointly with Athena Infonomics
Mr. M. R.Venkatesh interacting with participants. Others seen in picture l to r : Mr.Arijit Dutta Chowdhury and Dr Amitendu Palit.
The Chamber, along with Athena Infonomics, a research and strategy consulting firm, Chennai,
had organised a discussion on “Leveraging India’s Free Trade Agreements with Emerging Markets” on January 5, 2015 at the Canara Bank Hall, Madras School of Economics. Madras School of Economics was the Institution Partner for this discussion.
Dr. Amitendu Palit, Head (Partnerships & Programmes) and Visiting Senior Research Fellow at the Institute of South Asian Studies (ISAS) in the National University of Singapore addressed the audience. He elaborated on three main angles of the FTAs of India – the motives and the current status, the features and the problems. He concluded by mentioning that there is a Government-industry disconnect in this issue that needs to be addressed and that a clear policy acknowledging the complementary nature of trade and investments needs to be evolved.
Mr. M.R.Venkatesh, Member – GC and Chairman, Expert Committee on Economic Affairs addressed the audience. The main thrust of his address was on the need to identify the core competitiveness of India and in this regard he recommended that product specific impact studies and better statistical data is needed. He
mentioned that the ad-hoc nature of FTAs needs to be removed and that India needs to explore the possibility of adopting the Japanese model of government - industry collaboration.
Mr. Arijit Dutta Chowdary, GM – International Operations, Ashok Leyland made a presentation providing the perspective of the automobile industry in the issue of FTAs. He outlined the problems faced by the industry and pointed out that export infrastructure bottlenecks effectively nullify the positives of a FTA. He concluded by listing a series of possible solutions.
The presentations were followed by an interactive panel discussion with the speakers.
The Chamber in association with Indian Institute of Corporate Affairs (IICA), New Delhi, had scheduled a two-day Conference on Companies Act 2013 &
Rules, on 9th and 10th January 2015 (Friday & Saturday) at Hotel Deccan Plaza, Royapettah High Road, Chennai-600014.
Ms. Bhavani Balasubramanian, Chairman, Expert Committee delivered the welcome address followed by Mr. P.R.R.Nair, Head, Centre for Responsible Corporate Governance, IICA, giving an overview of the Conference.
9th - 10th January 2015Conference on Companies Act jointly with IICA
Mrs.Bhavani Balasubramanian welcoming the gathering
Dr.S.Kumar, IICA gave an overview of the New Companies Act 2013 with special reference to the recent amendments.
The Technical Sessions had eminent speakers, as given below, addressing on Independent Directors, Related Party transactions, rotation of Auditors among other topics in the Companies Act 2013.
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Chamber’s Activities
Mr. P.R.R. Nair, Head, Centre for Responsible Corporate Governance IICA giving an overview of the Conference.
Technical Sessions – 9th January, 2015
Key Impact of the Companies Act 2013 on India INC—Mr.J.N.Gupta, F o u n d e r & M a n a g i n g D i r e c t o r , S takeho lde r s Empower ment Se r v i c e sMumbai
R o l e s , R e s p o n s i b i l i t i e s a n d a c c o u n t a b i l i t y o f I n d e p e n d e n t D i r e c t o r s — M r. H e n r y R i c h a r d ,Regional Director (Retd.), Ministry of Corporate Affairs
Recent Trends in Capi ta l Market –Role o f SEBI —Mr.JN Gupta, F o u n d e r & M a n a g i n g D i r e c t o r ,Stakeholders Empowerment Services, Mumbai
Critical Analysis of the provisions of the Revised Listing Agreement and the Companies Act on Related Party T r a n s a c t i o n s — M s . B . C h a n d r a ,Practicising Company Secretary
Entrenched Provisions and Rotation of Audi tors – I s i t a Boon or a B a n e ? — M r. M a h e s h K r i s h n a n ,Partner, R.G.N. Price & Co.
Implementation of CSR – Issues & Challenges —Mr.V Babu Sankara Subramanian, .Rajalakshmi & Co., Chennai
Technical Sessions – 10th January, 2015
Shareholders democracy under the 2013 Act - Is it a myth or Reality—CA Mr. Srikanth, Chartered Accountant & Secretary, Investor Association
CSR & Governance Issues—Dr.Bhaskar Chatterjee, Director General, IICA
Impact of New Deposit Rules & RBI Directions on NBFCs—Mr.P.Viswanathan, Company Secretary & Compliance Officer, Sundaram Finance Ltd
Dr.Bhaskar Chatterjee, Director General, IICA, made an excellent presentation on CSR and the program was well summed up by Mr. P.R.R. Nair.
MCCI was one of the supporting organizations for a special event organized by ISACA
Chennai Chapter along with CIOKlub, Chennai on the contemporary topic of Digital Transformation^ Innovation on Wednesday, January 28, 6 pm at Hyatt Regency, Anna Salai.
CSX, short for Cyber Security nexus was launched during the event. It is a major initiative from ISACA in response to the burgeoning need for cutting edge
28th January 2015Digital Transformation Innovation – Talk by Robert Stroud
cybersecurity knowledge, guidance, and certifications for both business & IT leaders and professionals, continually looking for smarter ways to keep their organizations and their information secure.
It was followed by an address by Robert Stroud, International President, ISACA, CSX launch, CIO Panel. The brainstorming session was followed by a networking dinner.
Dr. Bhaskar Chatterjee, Director General, IICA addressing on CSR & Governance Issues
S Kumar, IICA giving an overview of the New Companies Act 2013
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Chamber’s Activities
OTHER MEETINGS
Ms. K. Saraswathi attended the meeting with Ms. Sandra Sheard, Head, DFID CC Program South Asia & Mr.Rajesh Miglani, IFC Senior Climate Business Specialist at the British Deputy High Commission, Cottingley on December 4, 2014
Ms. K. Saraswathi and Mr. S.Sankaranarayanan attended a meeting called by the Tamil Nadu Industrial Guidance Bureau to discuss the Global Investors Meet to be held in May 2015 on December 5, 2014 . As per the discussion, a draft MOU has been sent by the Chamber to the Guidance Bureau for their approval.
Ms. K.Saraswathi took part in the Indo German Annual Regional Meet held on December 8, 2014 at Hyatt Regency.
M s. K . S a r a swa t h i h a d a m e e t i n g w i t h Mr.Venkatanarayanan MD, Welding Institute of Malaysia (WIM) along with Mr.Krishnakumar on December 11, 2014 at the Chamber’s premises to discuss on the potential activities for skill development.
Mr. S.Sankaranarayanan attended the meeting conducted by the Directorate of Industrial Safety & Health, Government of Tamilnadu Labour Department on December 11, 2014 at their office with the industry associations. The meeting was to get the feedback from the industry associations regarding creation of online portal for safety promotion and online issue of License to be created by the Directorate.
Ms.K.Saraswathi attended the year end reception given by Mr.Achim Fabig, Consul General of Germany & Mrs.Didem Atahan Fabig at Park Hyatt on 14th December, 2014
Ms.K.Saraswathi attended the Felicitation dinner in Honour of Mrs & Mr.Michael Carter, Trade Commissioner and Consul Commercial, Austrade at Hotel Accord Metropolitan on 16th December, 2014.
Ms.K.Saraswathi was the chairperson to adjudicate the winners of the inter college competition on the topic “Make in India – A Winning Proposition” at Ethiraj college for Women on 17th December, 2014.
Ms.K.Saraswathi attended the ASSOCHAM’s BRICS study release by Dr.C.Rangarajan at Park Sheraton on 24th December, 2014
Ms. K. Saraswathi and Mr. S.Sankaranarayanan had a meeting with Mr.Hans Joachim Schrodt, SES & Mr.Krishnaswamy in the Chambers premises on January 6, 2015 to discuss the possibilities of associating MCCI’s skill development initiatives with them.
Mr. S.Sankaranarayanan attended the interaction session with the Hon’ble Minister of Railways, Mr.Suresh Prabhu on January 18, 2015 along with Mr.J.Krishnan and Mr. Udaya bhaskar Reddy during the Minister’s visit to Chennai. A request was made by Mr. J.Krishnan to the Minister to address the members of the Chamber at an appropriate time and the Minister agreed for the same.
Mr. S.G.Prabhakharan and Mr. S.Sankaranaryanan attended the interaction session with the Hon’ble Minister of Finance, Mr. Arun Jaitley organized by CII at Hotel ITC Grand Chola on January 19, 2015. Mr.S.G.Prabhakharan handed over a copy of the MCCI Pre Budget Memorandum 2015-16 to the Union Finance Minister and the highlights of the meeting was reported in leading dailies.
The Chamber has a conference room which can accommodate 25 persons which can be used as a training hall for a nominal rent. LCD Projector with screen is available for use. For more details, contact the Chamber vide email : [email protected] or call 044 24349452/24349871.
The Chamber h
FACILITIES
1313
General Committee
The Committee held its monthly meetings in December and January and discussed the following issues among other issues.
Representati on of Pre Budget Memorandum
The Committee was informed that the Direct, Indirect Tax and Logistics Committees had
analysed the details and had prepared the pre budget memorandum which had been sent to the Ministry of Finance, Government of India.
MCCI Program for Women Corporate Directors
The Committee after elaborate discussions agreed to have an exclusive training program for aspiring
women Directors. A Sub Committee headed by Ms. Gayathri Sriram and assisted by Mr.V.Ranganathan and Mr.P.Viswanathan had further discussions and agreed to have Great Lakes Institute of Management as the Knowledge Partner. The Training program will be organized on Feb 20th and 21st 2015. The objective of this program, is to create a pool of competent, board ready women directors, who would be equipped with necessary knowledge and skills to be inducted into corporate boards
Expert's Corner
Expert Committ eesThe Chamber has 14 Expert Committ ees with domain experts on varied subjects. They act as think tanks and assist the Chamber in proacti vely lobbying for business friendly policies both with the State and Central Governments, periodically discuss new policies and their impact on industries and commerce and prepare suitable representati ons if needed, to redress the grievances of the members. They also help in organizing seminars/workshops/round tables/conferences for the benefi t of the members. The committ ees also counsel and advise members on their specifi c issues.
The Committ ees are:Company Law Industrial Development/ InfrastructureDirect Taxes Indirect TaxesEconomic Aff airs IT/ITESEnergy Legal Aff airsEnvironment, Polluti on, Preventi on & Control Logisti csFinancial Sector Manufacturing HRD/CSR VAT
The Committ ees currently under formati on
Health Care Media & Entertainment Tourism & Travel
t h i s s p a c e f o r articles from these Experts in this feature Experts’ Corner.
S.Venkatachalam, Managing Director,Orient Green Power Co. Ltd. & Chairman, - Expert Committ ee – Energy
Extension of Validity of Renewable Energy Certi fi cates (REC)
The Central Electricity Regulatory Commission, in its recent amendment on REC Regulations (Third Amendment), has decided to extend the validity of RECs for a period of three years, i.e. 1095 days from the date of issue. RECs which expire in the current financial year, and RECs issued till third amendment regulations, shall remain valid for three years from date of issuance or up to 31st March 2017, whichever
14
is later. For more details please visit https://www.recregistryindia.nic.in/pdf/REC_Regulations_3rd_Amendment.pdf
Reducti on in Floor / Forbearance Price for Solar Renewable Energy Certi fi cates (Solar REC)
The Central Electricity Regulatory Commission, in its recent amendment on REC Regulations (Third Amendment), has reduced the price of Solar RECs. The new floor price now stands at Rs. 3500 / Solar REC and forbearance price at Rs. 5800 / REC. The new price shall remain valid for the control period up to FY 2016-17. Further to the above development, CERC has also introduced vintage multipliers for solar power projects registered under REC framework. Solar projects registered under REC before 01st January 2015 would be eligible for 2.66 RECs for one megawatt hour of electricity generated and injected into the grid and, this dispensation would be available to such projects for the period up to 31st March 2017, after which the said projects would be eligible for one REC for one megawatt hour of electricity generated. Solar projects registered under REC Mechanism on or after 1st January 2015 would get 1 REC for one megawatt hour of electricity generated and injected into the grid. For more details, please visit https://www.recregistryindia.nic.in/pdf/REC_Regulations_3rd_Amendment.pdf
Formati on of Indian Wind Energy Alliance:
The Indian Wind Turbine Manufacturers Association (IWTMA) and the Wind Independent Power Producers Association have joined hands together to form Indian Wind Energy Alliance (IWEA). IWEA was formally launched on 03rd Dec. 2014 by Shri. Piyush Goyal, Minister for Power, Coal, and New & Renewable Energy. The main objective of IWEA is to provide a Pan India forum to all stakeholders of wind energy including investors, manufacturers and producers of wind energy for development
and furtherance of wind energy business in India. IWEA will also encourage and facilitate research and development works in the field of wind energy manufacture on a continuous basis.
Revision of Power Tariff in Tamil Nadu
Tamil Nadu Electricity Regulatory Commission increased the power price for all categories of consumers last month. The revised power tariff had come into effect from 12th December 2014 and is around 15% across all segments of consumers. The tariff for industries using Low Tension power went up from Rs. 5.50 to 6.35 per unit and demand / fixed charges went up from Rs. 30 to Rs. 35 / kW per month. The tariff for industries using High Tension power went up from Rs. 5.50 to 6.35 per unit and demand / fixed charges went up from Rs. 300 to Rs. 350 / kVA per month. For more details please visit http://tnerc.tn.nic.in/order.htm#2014
Rooft op Solar Projects by Ministry of Urban Development
The Ministry of Urban Development has launched a mission of generating renewable power of 100 MW from solar energy in coming two years through rooftop solar mounted panels. The Ministry aims to install solar photovoltaic roof top solar panels over 629 buildings in 18 different states of country. In the direction of achieving the goal, Central Public Works Department (CPWD) under the Ministry and Solar Power Corporation of India (SPCI) of Ministry of New and Renewable Energy (MNRE) signed a Memorandum of Understanding (MoU). As per the MoU, CPWD would provide 629 buildings owned and maintained by it in 18 states for installing solar photovoltaic projects on rooftops by the executing agency SECI for generation of power. A total roof area of 16,76,233 sq.mts is available on these buildings out of which 60% would be used for power generation. Solar panels would be connected to the grid. For more details please visit http://pib.nic.in/newsite/PrintRelease.aspx?relid=114383
Expert's Corner
1515
Snippets on Boeing 797 and Hull Each Triple-E class vessel
The Airbus A380 had been in the works since 1999 and has accumulated $13 Billion in development costs, which gives Boeing a huge advantage. More so because Airbus is thus committed to the older style tubular structure for their aircraft for decades to come.
There are several big advantages in the “Blended Wing & Fuselage” design, the most important being the “Lift to Drag” ratio which is expected to increase by an amazing 50%, resulting in an overall weight reduction
Mr. J.Krishnan, Partner, S. Natesa Iyer & Co Member – General Committ ee and Chairman, Expert Committ ee – Logisti cs
Expert's Corner
The BOEING 797
Boeing is preparing this 1000 passenger Jet Liner that could reshape the Air Travel Industry. Its radical “Blended Wing & Fuselage” design has been developed by Boeing in cooperation with NASA Langley Research Centre. The mammoth aircraft will have a wing span of 265 feet compared to 211 feet of its 747, and it’s been designed to fit within the newly created Air Terminals for the 555 seat Airbus A380, which is 262 feet wide.
“High Airframe Rigidity” is another key factor in the “Blended Wing & Fuselage” technology. It reduces turbulence and creates less stress on the airframe which adds to fuel efficiency, giving the 797 a tremendous 10,000 Mile range with 1,000 passengers on board cruising comfortably at Mach 0.88 or 654 MPH, which gives it another advantage over the tube-and-wing designed A380’s 570 MPH.
The exact date for introduction of the 797 is as yet unclear, but the battle lines are clearly drawn in the high-stakes war for future civilian aircraft supremacy.
The Hull Each Triple-E class vessel is 59 metres at its widest point.
It can comfortably fly 10,000 Miles (16,000 km) at Mach 0.88 or 654 mph (1,046 km/h) with 1000 passengers on board !This was kept secret long enough. This shot was taken last month.
The new 797 is Boeing’s direct response to the Airbus A380, which has racked up orders for 159 already. Boeing decided to kill its 747X Stretched Super Jumbo in
2003 after little interest was shown for it by Airline Companies, but continued to develop its “Ultimate Airbus Crusher”, the 797 at its Phantom Works Research Facility in Long Beach, California.
of the aircraft by 25%, making it an estimated 33% more fuel efficient than the A380, and thus making the Airbus’s $13 Billion Dollar investment look pretty shaky.
.A U-shaped hull design allows more room below deck, providing capacity for 18,000 six-metre shipping containers arranged in 23 rows – enough space to transport 864 million bananas.
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FIRE UPREPRESENTATIONS
& PRESS RELEASE
Press Release on the recent hike in Power Tariff – BY MCCI
The recent power tariff hike announced by TNERC will have a major adverse impact on industries by driving up their operating costs. The Chamber believes, that this move will send out wrong signals, especially, at a time, when Tamil Nadu is competing with other destinations in attracting new investments into the State. Though, the Chamber is well aware of the need to increase the electricity tariff considering that the fuel costs have gone up and the imperatives imposed by the financial restructuring of TANGEDCO, the Chamber feels that the Government should implement the tariff hike in a fair manner, across all stakeholders.
First, the tariff increase and rationalisation should be in a manner that all consumers pay at least 80% of the average cost of power, and if the tariff for any consumer category is below this level, the shortfall should be made good by the State government. The Chamber recognises that HT Industrial consumers are expected to cross-subsidise indigent consumers, but the distortion in tariff among different categories beyond the 20% subsidy from Average Cost of Supply imposes a crippling burden for the industrial sector, making them unviable.
Second, there is a dire need to increase the efficiency of functioning of the TANGEDCO, combined with ensuring transparency in the purchase of power, as this would not only increase the confidence of the consumers, but also would bring down the cost of supply. The cost of procured power by TANGEDCO is very high, which undermines the confidence of the consumers and the general public in TANGEDCO’s standing as a credible utility and the State government’s capability in managing the situation.
Third, the load-shedding in the state has badly disrupted the smooth functioning of several industries, besides forcing several industries to ensure continuity by procuring expensive power through captive and other means. The Chamber feels, that if TANGEDCO cannot supply reliable power continuously on a 24X365 basis, the demand charges for industrial category consumers should be reduced commensurately.
Further, the Generation tax for producing electricity using generators sets, adds on to the industries’ financial burden, as they are compelled to use gensets only, because of inadequate power supply by TANGEDCO. The Government should seriously consider doing away with the same as this tantamount to adding salt to the wounds.
What industries really need is an uninterrupted power supply and, there are numerous steps required to achieving the same. It is possible to do a proper scheduling and forecasting of Renewable Energy, a resource available in plenty in TN. Further, the state government and TANGEDCO need to work towards long term strategies in terms of off-grid power, added generation capacities including ancillary services, adequate inter-state transmission capacity to import cheap power from electricity surplus states, beefing up intra-state transmission to ensure evacuation of wind generation within the state and giving a fillip to Wind power industry, and implementing a pragmatic solar power generation policy to exploit the huge potential of solar power in the state.
The quest of the Chamber is to support the policies of the State government and TANGEDCO in helping TN become a power surplus state and with competitive rates of electricity.
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Hike in power tariff will have adverse impact: Madras Chamber – Business StandardPress Trust of India | Chennai
December 17, 2014 Last Updated at 19:16 IST
The recent 15 per cent increase in power tariff by the Tamil Nadu government would have an “adverse impact” on industries by driving up operating costs, the Madras Chamber of Commerce and Industry said today.
“The Chamber believes that this move will send out wrong signals, especially at a time when Tamil Nadu is competing with other destinations in attracting new investments to the state,” the Chamber said in a statement.
Noting that the Chamber was well aware of the need to increase the tariff, considering the hike in fuel costs, it said “..The Chamber feels that the Government should implement the tariff hike in a fair manner, across all stakeholders”.
Industries need “uninterrupted power supply” and it is possible to do proper scheduling and forecasting of renewable energy, a resource available in plenty in Tamil Nadu, it said.
“The state government and TANGEDCO need to work towards long-term strategies in terms of grid power, added generation capacities, inter-state transmission capacity to import cheap power from electricity surplus states, beefing up intra-state transmission to ensure evacuation of wind generation within the State and give a fillip to wind power industry”, the statement said.
Last week the Tamil Nadu Energy Regulatory Commission announced a 15 per cent increase in power tariff for consumers across all segments, including both domestic and commercial.
1919
Union Government launches HRIDAY scheme
Union government has launched a Heritage City Development and Augmentation Yojana (HRIDAY) scheme to preserve and rejuvenate the rich cultural heritage of the country.
Union governments ambitious Rs 500 crore HRIDAY project was launched by Urban Development Minister Venkaiah Naidu in New Delhi.In the initial phase, 12 heritage cities have been identified which will be rejuvenated and developed under HRIDAY.
The 12 cities are: Amritsar, Varanasi, Gaya, Puri, Ajmer, Mathura, Dwarka, Badami, Velankanni, Kanchipuram, Warangal and Amaravati.
USA to assist in development of smart citi es in UP, Rajasthan and Andhra Pradesh
Giving a fillip to the programme of developing smart cities in the country, the United States Trade and Development Agency (USTDA) signed three Memorandums of Understanding on Cooperation to Support the Development of Smart Cities in Uttar Pradesh , Rajasthan and Andhra Pradesh with respective state governments . The MoUs with specific reference to development of Allahabad, Ajmer and Visakhapatnam as smart cities were signed in the presence of Minister of Urban Development Shri M.Venkaiah Naidu.
Government consti tutes Nati onal Insti tuti on for Transforming India (NITI) Aayog
The Government has replaced Planning Commission with a new institution named NITI Aayog (National Institution for Transforming India). The institution will serve as ‘Think Tank’ of the Government-a directional and policy dynamo. NITI Aayog will provide Governments at the central and state levels with relevant strategic and technical advice across the spectrum of key elements of policy, this includes matters of national and international import on the economic front, dissemination of best practices from within the country as well as from other nations, the infusion of new policy ideas and specific issue-based support.
EBook of Ministry of MSME launched
The Minister for Micro, Small & Medium Enterprises Shri Kalraj Mishra launched the e-book of the Ministry of MSME. The E-Book initiative of MSME is an entrepreneur-friendly step and can be accessed at:http://msme.gov.in/WriteReadData/Whatsnew/MSME%20eBook%202015-07012015.pdf
What’s happening? UPDATES ON ECONOMY
Economic Review
Several new initiatives were taken by the Ministry of Shipping during the year 2014 including the launching of India – Myanmar Shipping Service, formulation of Sagarmala Project, delegation of power for registration of fishing boats to states, issuing one time general trade licence for Indian ships and simplification of procedures to determine light dues for container ships. The highlights of the achievements are as follows:
India-Myanmar service (IMS) launched: Shipping service has been started between India (Chennai) and Myanmar (Yangon) in October, 2014. This service
will boost the bilateral trade relations between the two countries by providing immense opportunities for manufacturers, Importers and Exporters in these countries.
Special Economic Zone (SEZ) at Jawaharlal Nehru Port Trust (JNPT): Foundation stone has been laid for SEZ in JNPT. The project would cost in phase-l Rs. 4000 crore. Project planning and execution has commenced. The project has the potential of generating over 1.5 Lakh direct and indirect jobs. This will develop free trade warehousing zones, engineering goods sector, textile and other sectors.
Ministry of Shipping: Sailing to New Possibiliti es - Year Ender 2014
20
Economic ReviewSagarmala Project formulated: Sagarmala project has been formulated to promote port led development of hinterland along with integrated development of port connectivity through Road, Rail, Inland Waterways and Coastal Shipping. The project envisages developing India’s ports to levels comparable with the best ports across the globe in terms of infrastructure, efficiency and quality of service.
Registration power delegated to States: The government has taken a decision to delegate the powers of registration, survey and certification of Indian fishing boats, irrespective of their size or length, to states and union territories. India fishing boats can now be registered at the ports or places in India as specified in the gazette notification.
Merchant Shipping Act, 1958 amended: Merchant Shipping Act, 1958 has been amended recently to guarantee rights of Seafarers (Maritime Labour Convention) and to protect Marine Environment (Anti Fouling Convention).
One time general trade licence for Indian ships: Ministry of Shipping has decided to issue life time licenses to Indian ships and any other ship charted by an Indian citizen or an Indian company instead of renewing such licenses every year. These licenses will now be issued with a life time fee. This will help the sea going Indian vessels as well as other vessels engaged in coastal trading as the process is decentralised and liberalised.
Simplification of procedures to determine light dues for container ships: The Ministry of Shipping has adopted a new mechanism for collection of light dues for container ships. It has now simplified the process of collection of light dues for container vessels by adopting the unit of collection on TEU (Twenty feet Equivalent Unit) basis instead of net tonnage in respect of container ships. Further, SBI has now been accredited to collect the light dues through online banking. This will facilitate faster clearance of ships and reduce detention time of vessels for payment of light dues.
Integrated National Waters Transportation Grid: An Integrated National Water Transportation Grid is proposed to be set up to develop 4503 km of National Waterways and establish effective connectivity of river terminals with road, rail and ports. An estimated 159 million tonnes of cargo will be diverted to Inland Waterways from road and rail with the completion of the project.
Other major initi ati ves undertaken by the Ministry of Shipping include:
Trans loading Zone notified at Konica sands to overcome draft restrictions at Kolkata Port.
Outer Harbour Project at VOC Port, Tuticorin announced; to be established at an initial cost of Rs. 11,650 crores.
Feasibility studies in progress to set up dry ports at Wardha, Jalna and Belgaum.
New SPV to be formed; will focus on last mile Rail connectivity to ports.
New scheme to incentivize and promote modal shift of cargo from roads/rail to coastal route.
Green channel clearance system for coastal cargo in major ports.
Customs & Excise duties exempted on bunker fuels used by Indian Flag vessels transporting EXlM and empty containers to promote trans-shipment hubs in India.
Indian Shipping Company allowed to flag ships abroad.
E-payment of fees for all ship licensing services has been operationalised, with paperless transactions.
Procedures for grant of permission for India-Bangladesh protocol vessels electronically enabled.
15 projects of existing Ports awarded against the target of 26 (58% achievement); remaining projects to be awarded by March, 2015.
16 projects at Ports completed as against annual target of 19 (84% achievement); rest to be completed by March, 2015.
Published by The Madras Chamber of Commerce & Industry, Karumutt u Centre, I fl oor, No. 634, Anna Salai, Nandanam, Chennai 600 035Tel 044-24349452 Fax 044-24349164 Email [email protected] URL www.madraschamber.in
Proposed Delegati on to London, UK March 16,2015 and March 19, 2015
The Chamber has proposed to take a Delegation to UK between March 16, 2015 and March 19, 2015 to enhance trade and business between UK and Tamil Nadu.
This delegation is organised jointly with British Business Group, (BBG) Chennai and in collaboration with UK Trade & Investment, (UKTI), the commercial arm of British Deputy High Commission, Chennai.
Mr. S.G.Prabhakharan, President, MCCI would be leading the Delegation.
The visit would include attending a major conference organised by BBG, at the Houses of Parliament between 10 am and 1 pm on March 17, 2015 and a networking dinner by BBG on 19th March 2015, apart from other visits.
If interested, Please send in your confi rmations to [email protected] to make the necessary logistic arrangements.
We are happy to inform the Members that the Madras Chamber of Commerce & Industry (MCCI) jointly with the Department of Commerce, University of Madras is conducting a joint Certificate Course on “Diploma in Global Trade Management”. The duration of the course will be 6 months – 3 sessions per week. The details are given below:
NAME OF THE COURSE : DIPLOMA IN GLOBAL TRADE MANAGEMENT DURATION : 6 MONTHS COMMENCEMENT OF COURSE : FEBRUARY 2015 ELIGIBILITY : ANY GRADUATE FROM UGC RECOGNISED UNIVERSITY &
WORKING PROFESSIONALS IN ORGANISATIONS COST OF APPLICATION FEE : Rs.300/-COURSE FEE : Rs. 15000/- (Fifteen thousand only)
FOR APPLICATION AND OTHER DETAILS- PLEASE CONTACT:
Dr.S.Yuvaraj Mr.S.SankaranarayananAssistant Professor & Course Coordinator Deputy SecretaryDepartment of Commerce The Madras Chamber of Commerce &University of Madras, Chennai-600005 Industry (MCCI)Phone: 044-25399833 Mobile: 9677250996 Mobile : 94444 19330 E-mail: [email protected] Email : [email protected]
The Chamber is organizing an exclusive training program for aspiring Women Directors. The objective of this program, is to create a pool of competent, board ready women directors, who would be equipped with necessary knowledge and skills to be inducted into corporate boards. Great Lakes Institute of Management (GLIM) is our Knowledge Partner for this Program
Venue – Hotel Raintree, Alwarpet, Chennai – 600 018Date & Time – February 20th and 21st 2015 between 9.30 am and 5.30 p.mFees – Rs.28,090/- which is inclusive of service tax (Rs.25,000+Rs.3,090/- ST)
Participation is on fi rst come-fi rst serve basis. Hence send in your nominations at the earliest. For more details, log on to www.madraschamber.in
DIPLOMA IN GLOBAL TRADE MANAGEMENTUNIVERSITY OF MADRAS & MCCI
TRAINING PROGRAM FOR ASPIRING WOMEN DIRECTORS
Proposed Delegati on to Hannover Messe April 12th – 19th 2015
We are happy to inform that the Chamber has proposed to take a Delegation to HANNOVER MESSE 2015, one of the world’s biggest and most infl uential trade fairs for industrial technology. INDIA is the Offi cial Partner Country for the Industry Hannover Messe Trade Fair in 2015, which is to be held from 13th to 17th April 2015 at Hannover, Germany. The theme of the Hannover Messe 2015 is “INTEGRATED INDUSTRY – JOIN THE NETWORK”. It is understood that our Hon’ble Prime Minister Mr. Narendra Modi would be inaugurating the Hannover Fair.
The proposed delegation would be leaving Chennai on 12th April and returning on 18th or 19th April 2015. The Hannover Messe Fair will be from 13th to 17th April 2015.
If interested, Please send in your confi rmations to [email protected] to make the necessary logistic arrangements.
When? Friday, February 20th& Saturday February 21st 2015 10.00 hrs to 17.00 hrs.
Where? Venue: Hotel Rain Tree, 120, St. Mary’s Road, Alwarpet, Chennai – 600018
The Cheque has to be in favour of “The Madras Chamber of Commerce & Industry.
The fees would cover the background materials, faculty and other administrative expenses and entail the participants to enjoy the special benefits mentioned above.
The participation is on first come first serve basis and subject to confirmation from MCCI as the batch size is limited.
About the OrganizersMCCI Established in the year 1836, The Madras Chamber of Commerce and Industry (MCCI) protect the interest of the economy, trade, commerce and industry by influencing Government Policy. A good mix of small, medium and large companies is its members. Apart from manufacturing, the members include leading members in IT/Automobile and other sectors. 75% of the State’s revenue is from the members of MCCI.
The Chamber has a reputation for playing a proactive role in organizing such unique initiatives for the benefit of trade and Industry
GLIM Great Lakes Institute of Management (GLIM) is one of top Management Institutes in the country with a vision to provide the corporate world with Business-Ready leaders. The Corporate Learning and Development team at Great Lakes handles Executive Education, and provides top quality continued management learning to Corporate Leaders / Managers / Executives that is relevant, current, world-class, and most importantly, customized to the unique needs of the organization.
Contact for further details:The Madras Chamber of Commerce & Industry (MCCI) Karumuttu Centre, I Floor No. 634, Anna SalaiChennai 600 035Tel: 044-24349452/24349871 Fax: 044-24349164E mail: [email protected]
WOMEN DIRECTORS“WELCOME ABOARD”
“ The whispered epigram may silence the blustering shout
And it may be a joy too!”
2 DAYSADVANCED
TRAININGPROGRAM
for Aspiring Women Directors
EMPOWERING WOMENDIRECTORS IN THE BUSINESS/CORPORATE WORLD
