Ritesh Tiwari, outgoing president, Bombay Chamber of Commerce and Industry and CFO, Hindustan Unilever and Unilever South Asia with Shri Das and Pinky Mehta, president-designate, Bombay Chamber and CFO, Aditya Birla Capital Ltd.
June 27, 2024, Mumbai: India is on the threshold of a major structural shift in its growth trajectory, moving towards 8 per cent GDP growth on a sustained basis, RBI Governor Shri Shaktikanta Das said. He was speaking at the 188th Annual General Meeting of the Bombay Chamber of Commerce and Industry. Giving figures, Shri Das said that the average growth that India has recorded in the last three years is 8.3%, and a growth of 7.2% is projected for the current year. "The Indian economy in the last fiscal year contributed to 18.5 per cent of global growth, and this is no small achievement," he added.
According to Shri Das, the main drivers of this growth in the last three years have been the various structural reforms and policy initiatives. He noted that the GST has stabilized much faster than other economies; This is reflected in the fact that tax collection on GST has reached Rs 1.7 crore per month. Furthermore, the introduction of the Insolvency and Bankruptcy Code and the Flexible Inflation Targeting Framework through an amendment to the RBI Act in 2016 have contributed to this growth. Shri Das further said that India's growth story has been and will be multisectoral. "A country with a population of 140 crore, which is the fifth largest economy, which aspires to become the third largest and an advanced economy by 2047, cannot depend on just one sector." He mentioned that growth is well sustained and that the outlook for the current year is 7.2%. "Inflation is at 4.7 percent, with downside risks; our goal is to reduce it to 4 percent, but it will take time to achieve it."
He also spoke about the Central Bank Digital Currency (CBDC) and said that it is the future of money. He added that the digital currency will not compete with UPI and instead both will coexist and be interoperable.
Concluding his speech, Shri Das said, “As a central bank, we have released our agenda for RBI @ 100. We are at the forefront of technology adoption and innovation and are fully committed to all mandates and responsibilities assigned to it and supporting India's growth story.”In his presidential address, Ritesh Tiwari, President outgoing Bombay Chamber of Commerce and Industry and CFO of Hindustan Unilever and Unilever South Asia, described the Chamber's various innovative initiatives and said: "Mumbai Chamber's ongoing programmatic educational interventions, like the many that we made this year, are critical to accelerating the pace of digitization across the country, which is needed to capitalize on this potential, thereby driving innovation across India.”
Tiwari also highlighted the high quality of advocacy papers submitted by the Bombay Chamber and its impactful recommendations to the SEBI expert committee to improve ease of doing business. He noted that the majority of these recommendations were accepted and are now open to public consultation, emphasizing that such advocacy by the Chamber has a significant and tangible impact.
Presenting her mission statement, Pinky Mehta, President-designate, Bombay Chamber of Commerce and Industry and Director, Aditya Birla Sun Life Insurance, said, "In line with our government's vision of making India a developed nation, I wish to call my mission statement 'Collaborative development towards a Viksit Bharat' The same four critical aspects of the mission will continue with a focus on (1) Embrace digitalization (2) Bring ESG to the heart of business (3) Improve the ease of doing business and (4) Promote Diversity, Equity and Inclusion." At the event, the Chamber also released the results of its inaugural Sustainability Practices Survey. Anirban Ghosh, Chairman, Sustainability Committee, Bombay House and Director, Center for Sustainability, Mahindra University, presented the highlights.
Aligned with Prime Minister Narendra Modi's vision of Viksit Bharat@2047, the evening also featured a panel discussion on the topic. The panel was moderated by Dr. Sachchidanand Shukla, Chairman, EPRD Committee, Group Chief Economist and Bombay Chamber, Larsen & Toubro Ltd, and featured Nilesh Shah, Former Chairman of the Chamber and Chairman of the Chamber of Mumbai and CEO of Kotak Mahindra Asset Management Company, Navneet. Munot, Director, Bombay Chamber and MD & CEO, HDFC Asset Management Company, Neelkanth Mishra, Chief Economist, Axis Bank and MD & Global Research Head, Axis Capital and Santanu Sengupta, Chief India Economist, Goldman Sachs . They discussed the steps that need to be taken for India to achieve its goal of a Viksit Bharat by 2047: While the country is already developed in terms of digital infrastructure, important aspects such as climate change, technology, health and safety need to be examined. income inequality, and ensuring that growth moves from poverty to middle income. Reforms are also needed in areas like GST, direct taxes and urban infrastructure, where the biggest drawback for us, i.e. developed countries, is social capital.
Rajiv Anand, Senior Vice President-designate, Bombay Chamber and Joint Managing Director, Axis Bank, delivered the vote of thanks.(Disclaimer: The above press release is provided by HT Syndication and will not take any editorial responsibility for this content) .
June 27, 2024, Mumbai: India is on the threshold of a major structural shift in its growth trajectory, moving towards 8 per cent GDP growth on a sustained basis, RBI Governor Shri Shaktikanta Das said. He was speaking at the 188th Annual General Meeting of the Bombay Chamber of Commerce and Industry. Giving figures, Shri Das said that the average growth that India has recorded in the last three years is 8.3%, and a growth of 7.2% is projected for the current year. "The Indian economy in the last fiscal year contributed to 18.5 per cent of global growth, and this is no small achievement," he added.
According to Shri Das, the main drivers of this growth in the last three years have been the various structural reforms and policy initiatives. He noted that the GST has stabilized much faster than other economies; This is reflected in the fact that tax collection on GST has reached Rs 1.7 crore per month. Furthermore, the introduction of the Insolvency and Bankruptcy Code and the Flexible Inflation Targeting Framework through an amendment to the RBI Act in 2016 have contributed to this growth. Shri Das further said that India's growth story has been and will be multisectoral. "A country with a population of 140 crore, which is the fifth largest economy, which aspires to become the third largest and an advanced economy by 2047, cannot depend on just one sector." He mentioned that growth is well sustained and that the outlook for the current year is 7.2%. "Inflation is at 4.7 percent, with downside risks; our goal is to reduce it to 4 percent, but it will take time to achieve it."
He also spoke about the Central Bank Digital Currency (CBDC) and said that it is the future of money. He added that the digital currency will not compete with UPI and instead both will coexist and be interoperable.
Concluding his speech, Shri Das said, “As a central bank, we have released our agenda for RBI @ 100. We are at the forefront of technology adoption and innovation and are fully committed to all mandates and responsibilities assigned to it and supporting India's growth story.”In his presidential address, Ritesh Tiwari, President outgoing Bombay Chamber of Commerce and Industry and CFO of Hindustan Unilever and Unilever South Asia, described the Chamber's various innovative initiatives and said: "Mumbai Chamber's ongoing programmatic educational interventions, like the many that we made this year, are critical to accelerating the pace of digitization across the country, which is needed to capitalize on this potential, thereby driving innovation across India.”
Tiwari also highlighted the high quality of advocacy papers submitted by the Bombay Chamber and its impactful recommendations to the SEBI expert committee to improve ease of doing business. He noted that the majority of these recommendations were accepted and are now open to public consultation, emphasizing that such advocacy by the Chamber has a significant and tangible impact.
Presenting her mission statement, Pinky Mehta, President-designate, Bombay Chamber of Commerce and Industry and Director, Aditya Birla Sun Life Insurance, said, "In line with our government's vision of making India a developed nation, I wish to call my mission statement 'Collaborative development towards a Viksit Bharat' The same four critical aspects of the mission will continue with a focus on (1) Embrace digitalization (2) Bring ESG to the heart of business (3) Improve the ease of doing business and (4) Promote Diversity, Equity and Inclusion." At the event, the Chamber also released the results of its inaugural Sustainability Practices Survey. Anirban Ghosh, Chairman, Sustainability Committee, Bombay House and Director, Center for Sustainability, Mahindra University, presented the highlights.
Aligned with Prime Minister Narendra Modi's vision of Viksit Bharat@2047, the evening also featured a panel discussion on the topic. The panel was moderated by Dr. Sachchidanand Shukla, Chairman, EPRD Committee, Group Chief Economist and Bombay Chamber, Larsen & Toubro Ltd, and featured Nilesh Shah, Former Chairman of the Chamber and Chairman of the Chamber of Mumbai and CEO of Kotak Mahindra Asset Management Company, Navneet. Munot, Director, Bombay Chamber and MD & CEO, HDFC Asset Management Company, Neelkanth Mishra, Chief Economist, Axis Bank and MD & Global Research Head, Axis Capital and Santanu Sengupta, Chief India Economist, Goldman Sachs . They discussed the steps that need to be taken for India to achieve its goal of a Viksit Bharat by 2047: While the country is already developed in terms of digital infrastructure, important aspects such as climate change, technology, health and safety need to be examined. income inequality, and ensuring that growth moves from poverty to middle income. Reforms are also needed in areas like GST, direct taxes and urban infrastructure, where the biggest drawback for us, i.e. developed countries, is social capital.
Rajiv Anand, Senior Vice President-designate, Bombay Chamber and Joint Managing Director, Axis Bank, delivered the vote of thanks.(Disclaimer: The above press release is provided by HT Syndication and will not take any editorial responsibility for this content) .
