Mr. Asit Bhatia
Vice Chairman of the Global
Corporate & Investment Banking Group at India
Bank of America
“Of the 22 countries that get into elections in 2024, India is amongst the important ones. While fiscal profligacy in the run up to elections is not unheard of, the current government is expected to continue its focus on some additional expenditure to fuel growth,” said Asit Bhatia, Vice Chairman of the Global Corporate & Investment Banking Group at India Bank of America, as he reflected on the economic outlook for 2024 amidst the evolving global economic landscape.
Bhatia anticipates a period of stability and growth, with India poised to deliver steady and sustainable growth despite the volatile global macroeconomic environment. “I see the next several years as a golden period for India,” he added, expressing confidence that India’s growth rate could exceed the anticipated 6.5-7% over the next couple of years.
Acknowledging the commendable job by the Government and the Reserve Bank of India (RBI) in managing inflationary pressures, Bhatia emphasised the potential for further growth. “Various factors underscore India’s resilience in the face of global economic challenges,” he noted, citing the Government’s infrastructure push, healthy corporate balance sheets, robust consumption narrative, and well-capitalised banks witnessing heightened credit growth.
Assessing the current business environment in India, Bhatia highlights robust macroeconomic fundamentals, including high growth, manageable fiscal deficits, controlled inflation, and improving current account deficits. “The Government’s reform-driven approach (GST, IBC, RERA, labor laws etc.) has improved ease of doing business in India,” he said. Bhatia cited the key factors that will influence investment decisions as political instability that will jeopardise policy continuity, external shocks from geopolitical issues and rate/policy paths of global central banks.
Anticipating the factors influencing investment decisions in 2024, Bhatia pointed to potential risks such as political instability and external shocks arising from geopolitical tensions. While he believes that no specific sectors of concern but underscores the attractiveness of India’s manufacturing and consumption narrative, the services sector catering to global demands, and the financial sector poised for substantial credit growth due to under-penetration.
Examining the role of government policies in shaping the business landscape in 2024, Bhatia emphasised their pivotal importance adding that taxation policies, capital controls, protectionism, and infrastructure development initiatives are significant determinants of economic growth. He anticipates a continued thrust on reforms from the government, conducive to attracting foreign investment and fostering domestic capex. “We see rapid infrastructure ramp up, de-carbonisation (500GW renewable capacity by FY30), step up in exports (on implementation of PLI schemes), opening up of government monopolies (privatisation), improving tax compliance (increasing tax filers), rising digitisation and financial inclusion to continue to provide scope for India’s corporate earnings to outpace its nominal GDP growth structurally.”
Amidst the optimism, however, he cautions against overlooking external factors such as geopolitical tensions and recessionary trends in developed nations, which could hinder India’s growth trajectory, “I do see the global geo-political situation, recessionary trends in some of the more developed countries, a global high-interest rate / inflationary environment, as some of the key factors that can hinder India’s growth, as we are now more than ever entwined with the global economy.”
Mr. Nilesh Shah
Past President, Bombay Chamber and MD & Group President, Kotak Mahindra AMC
India’s economic growth trajectory remains positive in 2024, supported by strong domestic demand and a pick-up in private and public investments. However, global headwinds like rising interest rates in developed economies and potential recession worries could temporarily slow export demand and manufacturing activity, believes Nilesh Shah, Past President, Bombay Chamber and MD & Group President, Kotak Mahindra AMC, as he shares his insight on how the country will perform in 2024.
India has strong economic fundamentals. These include domestic consumption, policy stability and reforms. These factors should help India outperform other countries. They should also help India sustain over 7% GDP growth. This is like expecting a batsman to score a century every time they bat.
The current business environment in India looks conducive for attracting investments in 2024, aided by policy stability, continuity and ongoing macroeconomic stabilisation. Sectors like banking and financial services, information technology services, and manufacturing look particularly attractive as credit growth picks up, digital transformation rises and Make in India gains traction. However, pockets of overvaluation and irrational exuberance in some stocks could pose risks for investors, like low floating stocks where valuations remain high.
The government’s continued reform push across sectors like infrastructure, manufacturing, financial services is expected to significantly improve India’s competitiveness and lift its growth potential. Ongoing focus on governance, policy stability, green transition and sustainable growth makes India an attractive investment destination compared to other emerging markets like China, Brazil and South Africa. Continuity on this front is crucial for fostering a favorable business environment.
Mr. Indranil Pan
Co-chair, Economic Policy Research & Development Committee,
Bombay Chamber & Chief Economist, Yes Bank
In conversation with the Bombay Chamber, Mr Indranil Pan, Chief Economist, Yes Bank, gives his insights into the economic outlook for India in 2024 and the factors influencing investment decisions in the current business climate.
What is your outlook on the Indian economy in 2024, considering global dynamics? What key factors do you think will drive or hinder growth?
How do you assess the current business environment in India and what factors do you anticipate influencing investment decisions in 2024? Any specific sectors of interest or concern?
How do you see government policies shaping the business landscape in 2024? Are there particular policy measures crucial for fostering a favorable environment for businesses?
Tejas Desai
Partner at Ernst & Young
India continues to shine as a bright spot in the global economy, poised for steady growth driven by a myriad of factors, believes Tejas Desai, Partner, Private Equity & Financial Services – Tax & Regulatory services at Ernst & Young LLP, as he weighs in on the economic prospects of India in 2024 against the backdrop of global dynamics. “India’s growth momentum is expected to continue steadily in 2024 and beyond,” says Desai, highlighting key drivers such as rapid advancements in physical and digital infrastructure, increased government capital expenditure, and a diversified manufacturing footprint following post-Covid geopolitical realignments. Desai points to the decade-low banking NPAs and corporate leverage, along with a reformed and digitised tax ecosystem, as pivotal contributors to India’s robust economic performance.
Desai has a positive outlook for the investment climate for the medium-to-long term, underpinned by India’s structurally robust domestic growth, healthy corporate profitability, and supportive pro-growth policies. According to him, the significance of India’s inclusion in JP Morgan’s Government Bond Index-Emerging Markets (GBI-EM), is a testament to India’s growing prominence in the global economy. However, Desai cautions against near-term risks such as a slowdown in global growth, geopolitical tensions, and inflationary pressures, both globally and domestically, which could impact investment decisions in 2024.
Reflecting on government policies, Desai emphasises the importance of further improving India’s ease of doing business ranking to attract more foreign direct investment (FDI). “Though India has attracted FDI to the tune of USD 596 billion from FY 15 to FY 23, there is potential for greater capitalisation of opportunities presented by China plus one policy of global MNCs,” he says. Desai underscores the need for continued focus on predictability and stability in foreign investment rules, including entry norms and KYC requirements, to foster a conducive business environment. Moreover, he emphasises the importance of a balanced regulatory approach that ensures ease of doing business while preventing misuse, alongside the appropriate interpretation and implementation of tax laws.
The Ministry of Statistics and Programme Implementation (MoSPI) is the nodal Ministry for integrated development of the national statistical system in the country in tune with the global statistical practices and data dissemination standards. MoSPI is committed to enhancing user experience and data accessibility through use of cutting-edge technologies and the adoption of global best practices. In line with this mandate, the Ministry has developed an eSankhyiki portal (https://esankhyiki.mospi.gov.in) to provide real-time inputs for planners, policy-makers, researchers and the public at large. The objective of this portal is to establish a comprehensive data management and sharing system for ease of dissemination of official statistics in the country.
The eSankhyiki Portal has two modules namely:
Data Catalogue Module: This module catalogues the major data assets of the Ministry at one place for ease of access. This module allows users to search within datasets, including within tables, and download data of interest to increase its value and re-usability. The module has seven data products, namely National Accounts Statistics, Consumer Price Index, Index of Industrial Production, Annual Survey of Industries, Periodic Labour Force Survey, Household Consumption Expenditure Survey and Multiple Indicator Survey. The Data Catalogue section already includes over 2291 datasets along with specific metadata and visualization for each dataset for user convenience.
Macro Indicators Module: This module offers time series data of key macro indicators with features for filtering and visualising data enabling ease of access for the users. The module also allows users to download custom datasets, visualisations and sharing them through APIs, thereby increasing the re-usability of data. The first phase of the module includes four major products of MoSPI: National Accounts Statistics, Consumer Price Index, Index of Industrial Production, and Annual Survey of Industries, encompassing the data of last ten years. The portal currently hosts more than 1.7 million records.
The eSankhyiki portal (https://esankhyiki.mospi.gov.in) has officially been launched on the Statistics Day by Dr. Arvind Panagariya, Chairman of the 16th Finance Commission of India, in a function held on 29th June, 2024. The initiative is in sync with the theme of the Statistics Day- ‘Use of data for Decision making’ as ease of access of data is the prerequisite for evidence based decision making. It is a user centric data portal which facilitates use and reuse of information for creating impact through value addition and analysis by the users. The portal can also be accessed through the website of MoSPI (https://mospi.gov.in/).
The Govt of Maharashtra has issued a notification notifying Maharashtra Factories (Safety Audit) (Amendment) Rules,
2024
Copy of notification attached.
India is at the threshold of a major structural shift in its growth trajectory, moving towards 8 per cent GDP growth in a sustained manner, said RBI Governor Shri Shaktikanta Das. He was speaking at the 188th AGM of the Bombay Chamber of Commerce & Industry. Giving figures, Shri Das said that the average growth India recorded over the last three years is 8.3%, with the current year projected at 7.2% growth. “The Indian economy in the last FY contributed to 18.5 percent of global growth – and this is no mean achievement,” he added.
Listing the main causes of this growth in the last three years, Shri Das pointed out that structural reforms such as the Goods and Services Tax (GST) have contributed vastly to this growth. “The GST has avoided tax on tax and has the advantage of avoiding multiplicity of taxes,” he said. He also pointed out that GST has stabilised much faster than other economies – this is reflected in the fact that the tax collections in GST have touched 1.7 lakh crores per month. Further, the introduction of the Insolvency and Bankruptcy Code and Flexible Inflation Targeting Framework by way of amendment to the RBI Act in 2016 helped this growth.
Shri Das further said that India’s growth story has been and will be multi-sectoral. “A country with a 140-crore population, which is the fifth largest economy, aspiring to become the third largest and an advanced economy by 2047, cannot depend on a single sector.” He mentioned how growth is well sustained with the outlook for the current year at 7.2 %, while with inflation at 4.7 per cent with downside risks, the central bank aims to bring it down to 4%. However, he cautioned that with inflation within striking distance of 5%, in the event of any weather vagary, there is a need to be vigilant.
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 be in competition with UPI and, instead, both will co-exist and be interoperable.
Concluding his Address, Shri Das said, “As a central bank, we have issued our agenda for RBI@100. We are at the forefront of adoption of technology and of innovation and are fully committed to all its mandates and responsibilities assigned to it and in supporting India’s growth story.”
Delivering his Presidential address, Ritesh Tiwari, outgoing President, Bombay Chamber of Commerce & Industry and CFO, Hindustan Unilever Ltd. and Unilever South Asia, outlined the Chamber’s various path-breaking initiatives and said, “Bombay Chamber’s continued programmatic educative interventions, like the many we did this year, are paramount to accelerate the pace of digitisation across the country that is needed to capitalise on this potential thus driving pan India innovation.”
Tiwari also highlighted the high quality of advocacy papers submitted by the Bombay Chamber, and their impactful recommendations to the SEBI expert committee for improving the ease of doing business. He noted that most of these recommendations were accepted and are now open for public consultation, emphasising that such advocacy by the Chamber has a significant and tangible impact.
In her mission statement, Pinky Mehta, President Designate, Bombay Chamber of Commerce & Industry and CFO, Aditya Birla Capital Ltd., said, “In keeping 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) Embracing Digitalisation (2) Bringing ESG to the heart of business (3) Enhancing Ease of Doing Business and (4) Fostering Diversity, Equity, and Inclusion.”
At the event, the Chamber also unveiled the findings of its inaugural Sustainability Practices Survey. Anirban Ghosh, Chairman of the Sustainability Committee at Bombay Chamber and Head of the Centre for Sustainability at Mahindra University, presented the key highlights.
Aligned with Prime Minister Narendra Modi’s vision of Viksit Bharat@2047, the evening also saw a Panel Discussion on the topic, moderated by Dr. Sachchidanand Shukla, Chairman, EPRD Committee, Bombay Chamber and Group Chief Economist, Larsen & Toubro Ltd. The panel featured Nilesh Shah, Past President, Bombay Chamber and Group President & MD, Kotak Mahindra AMC, Navneet Munot, Director, Bombay Chamber and MD & CEO, HDFC Asset Management Company, Neelkanth Mishra, Chief Economist, Axis Bank and MD & Head of Global Research, Axis Capital and Santanu Sengupta, Chief India Economist, Goldman Sachs. The speakers discussed steps that need to be taken for India to reach its aim of a Viksit Bharat by 2047. They noted that India is advanced in digital infrastructure and progressing in physical infrastructure, with potential stabilisation of social infrastructure in the coming years. There is a need to ensure growth shifts from poverty to middle income. Reforms are also needed in areas such as GST, direct tax and urban infrastructure, where the biggest drawback for us viz a viz developed countries is capital stock.
Rajiv Anand, Sr. Vice President Designate, Bombay Chamber and Deputy Managing Director, Axis Bank, delivered the Vote of Thanks.
India’s insurance market, valued at USD 131 billion, is currently the 10th largest in the world, contributing to 1.9% of global premiums. Over the past two decades, private sector involvement, enhanced distribution, and operational efficiency have driven significant growth. Projections indicate that by 2032, India will become the sixth-largest insurance market. Despite being a developing market, India has the potential, particularly in non-life insurance, to surpass global competitors. Factors such as a young population, rising incomes, robust economic growth, digital technology, and regulatory measures are propelling this growth trajectory. The Insurance Regulatory and Development Authority of India (IRDAI) is pushing this agenda through its vision of “Insurance for All” by 2047, which aims to increase penetration, ease business operations, and attract investments.
“Insurance for All: Vision 2047” was also the theme of the Bombay Chamber Insurance Summit, which addressed crucial topics such as risks, distribution models, and the role of technology in the industry. The Summit was supported by PwC, the Knowledge partner, Shriram Life insurance, India Insure and Medi Assist, who were the Associate Sponsors and Unilight, Prudent, Insurance Dekho and Marsh India Insurance Brokers, who were the Supporting partners.
In his welcome address, Sandeep Khosla, Director General of the Bombay Chamber of Commerce & Industry, spoke about the Chamber’s role in liaising between the business community and regulatory bodies to improve the ease of doing business through events such as the Insurance Summit.
Praveen Vashishtha, Former Co-Founder of Howden Insurance Brokers India, Chairman of Howden Asia, and Member of the BFSI Committee at the Bombay Chamber, set the theme for the Summit, underscoring the market’s transformative potential. Vashishtha discussed the Indian insurance market’s key features, including its young population, low insurance awareness, and regulation. He noted the need for improved operating processes and ecosystem refinements. Challenges such as India’s low insurance penetration rate of 4%, compared to the global average of 7%, and the significant protection gap in non-life insurance were highlighted. He emphasised the importance of property insurance in urbanising cities, the need for granular data in general insurance, and wider reach for life insurance. He also spoke about the transformative role of emerging technologies like AI in catering to digitally savvy Millennials and Gen Z.
Delivering the keynote address, Shri B. C. Patnaik, Member Life IRDAI, discussed the future trajectory of the insurance industry and regulatory measures supporting growth. He stressed that insurance should be as widely available as mobile phones to achieve the vision of “Insurance for All” by 2047. Highlighting the low current insurance coverage in India compared to global standards, he noted that only 25% of Indians have some form of insurance versus 47% globally. Shri Patnaik pointed out that housing insurance rights extend to 70 crore people, and Ayushman Bharat covers 50 crore, both funded by the government. He emphasised that insurance should be seen as a developmental necessity rather than just a regulatory tool, and called for easing regulations to improve accessibility. He highlighted the financial strength of the Indian insurance market, particularly during the COVID-19 pandemic, noting its significant payouts which underscore its societal contribution. Highlighting the need for simplified insurance processes, Shri Patnaik advocated for making insurance more accessible to mitigate economic shocks and support India’s growth potential.
A position paper by Knowledge Partner PwC, “Insurance for All by 2047: The Role of Distribution Models, Products, Technology, and Ecosystem Players,” was unveiled at the event, detailing the challenges and opportunities within India’s insurance landscape.
The summit featured two insightful panel discussions. The first panel, moderated by Amit Roy, Partner and Leader of Insurance & Allied Businesses at PwC India, included K V Dipu, Senior President at Bajaj Allianz General Insurance; Rajiv Gupta, President at PB Fintech and Priya Deshmukh, Head of Health Products, Operations & Services at ICICI Lombard. They discussed business model disruptions, the evolving role of distributors and agents, product innovation, and the importance of technology and InsurTech partnerships. The panelists also spoke about the need to glamorise the insurance industry as a career option to attract more youth into the sector.
Delivering the Special Address, TL Alamelu, Principal Advisor at IFSCA and Former Member of IRDAI, spoke about the need for continuous investment in technology and process improvements to build trust and enhance transparency. She mentioned how the Indian insurance ecosystem is thriving, with regulators actively engaging stakeholders and adapting to industry needs, while the economy remains resilient and one of the fastest-growing globally, aiming to become a developed nation by 2047. This is an optimal time for the insurance sector, with a vision to ensure that every citizen and enterprise has appropriate coverage. Current insurance penetration is only 4%, but this figure may not accurately reflect true coverage due to small premium schemes like Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Alamelu emphasised that to achieve insurance for all, innovative methods and headcounts are needed to accurately determine the number of insured individuals. The industry must prepare for explosive growth and target those without any coverage, utilising data and statistics to guide efforts.
The second panel, moderated by S. Dinesh, Partner of Risk Consulting at PwC India, focused on “Emerging Risks & Possible Mitigation Towards Profitable and Sustainable Growth.” Panelists included Sharad Bajaj, COO of InsuranceDekho; S. Sunder Krishnan, Chief Risk Officer at LIC; Sameer Bhatnagar, Chief Compliance & Risk Officer, General Counsel & Head of Secretarial at Manipal Cigna Health Insurance Company; and Satyanandan Atyam, Chief Risk Officer at TATA AIG. The panel deliberated on various risks insurers face, including the impact of global market volatility on capital availability and investment portfolios, the increasing frequency of natural disasters and climate risk in underwriting, and concentration risks associated with climate and sustainability. They also discussed the challenges of adapting to new laws such as GST and IFRS 17, along with other regulatory changes. Additionally, they examined issues related to the adoption of new technologies, dependence on tech providers, competition from tech companies, and the availability of talent knowledgeable in insurance.
The Governance Conclave on ‘Enhancing Governance Assurance,’ organised by the Bombay Chamber, focused on the integration of a robust governance framework, a strong risk culture, clear strategic objectives, and reliable internal controls to ensure the growth of businesses. The Conclave was supported by Conclave supported by Ernst & Young LLP, Khaitan & Co., Aditya Birla Capital, Excel Industries, Colgate and Tata Chemicals.
Setting the theme for the Conclave, Pinky Mehta, President Designate of the Bombay Chamber and Chief Financial Officer at Aditya Birla Capital, underscored the importance of effective governance in today’s corporate landscape.
M. Damodaran, Chairperson of Excellence Enablers and former Chairman of SEBI, UTI, and IDBI, delivered the keynote address, focusing on the critical importance of corporate governance in contemporary business practices. Damodaran emphasised that the true challenge lies in effectively communicating governance principles and ensuring they are implemented beyond the confines of boardrooms. Highlighting the concept of excellence enablers, he spoke about how it involved doing the right things at the right time and in the right manner. This approach underpins sustainable business practices and builds trust with stakeholders, forming the bedrock of robust corporate governance. Corporate governance often becomes a focal point during times of uncertainty. Damodaran also pointed out that this is because governance is essential for maintaining integrity and trust in businesses, especially when other topics seem to have been exhausted.
Reflecting on the 2008 financial crisis in the U.S., Damodaran noted that the crisis underscored the consequences of poor governance. Key processes were overlooked, and those responsible for oversight failed to act diligently. This led to significant lapses in reporting and a subsequent loss of trust and economic stability. Enhancing governance assurance extends beyond mere compliance. Damodaran emphasised that governance should be viewed as a culture and a continuous improvement process. “How well are listed companies adhering to governance principles? There is a need to reinvent our understanding of governance to make it conducive to the ease of doing business.” Post-2008, there exists a degree of hypocrisy in governance practices, where laws became more complex but not necessarily more effective. He stated that the periodic review and updating of the statutory rules and regulations by removal of the obsolete and unwanted provisions will go a long way to facilitate ease of doing business
The first panel discussion, “Strengthening Governance through the Audit Committee,” was moderated by Bharat Vasani, Senior Advisor-Corporate Laws at Cyril Amarchand Mangaldas. The panellists included Uday Khanna, Independent Director on the Boards of Kotak Mahindra Bank, Pfizer, Castrol India, and Pidilite Industries; K.R. Venkatadri, Chief Commercial Officer at Tata Chemicals; and Sharad Abhyankar, Partner at Khaitan & Co. The discussion covered regulator expectations, the role of the Audit Committee in enhancing corporate governance, practical challenges, committee composition, and best practices for approving Related Party Transactions (RPTs).
The second panel discussion, “Role of Internal Audit in Assurance-Based Governance,” was moderated by Suhas Tuljapurkar, Founder Director, Legasis. The panel featured Shilpa Kedia, Group Finance Controller and Head of Investor Relations at HUL; P. R. Ramesh, Past President of the Bombay Chamber and Independent Director at Larsen & Toubro; Ashok Barat, Past President of the Bombay Chamber and Independent Director at Bata India; and Adithya Bhat, Partner, Risk Consulting at Ernst & Young LLP. They discussed the evolving role of internal audit, effective audit models for governance, and best practices in RPT, compliance, and executive director remuneration.
Diversity, Equity, and Inclusion (DEI) are crucial to company culture as they foster creativity, innovation, and new perspectives. Harnessing the power of DEI requires a systematic, concerted and collaborative industry effort, to open the conversation on solutions towards closing inclusion gaps in the country. The Bombay Chamber DEI Awards 2024 celebrated organisations that have innovatively made DEI part of their corporate DNA.
The winners of the second Bombay Chamber DEI Awards were announced at a glittering ceremony at the Four Seasons Hotel Mumbai. With Deloitte as Knowledge Partner, the awards saw nominations from companies across six categories: DEI Champion Award, Award for Gender Equality Champion, LGBTQIA+ Inclusion Award, Disability Confidence and Inclusion Award, DEI Award for Best Program (Underrepresented DEI groups other than Gender, LGBTQIA+, and PwD), and a Special Award for Micro, Small, and Medium Enterprises (MSMEs). This year, the Chamber received 129 nominations, a significant increase from the 81 nominations last year. The Banking and Financial Services sector led with 25 nominations, followed by Consumer Goods, Retail, E-Commerce, and Hospitality with 23. Indian companies submitted 85 nominations, while 44 came from international companies based in India. HSBC was the Associate Partner and Dow India was the Supporting Partner.
Welcoming the gathering, Sandeep Khosla, Director General of the Bombay Chamber, spoke about the Chamber’s long and illustrious journey. Ritesh Tiwari, President of the Bombay Chamber and CFO of Hindustan Unilever Limited and Unilever South Asia, set the theme for the event, emphasising the strategic importance of DEI in all organisations. He also spoke about how DEI has been a learning journey, reflecting through the nominations in the awards, and that lessons can be learned from all the nominations.
The event featured a fireside chat on “DEI as a Strategic Business Lever” with Nisaba Godrej, Executive Chairperson of Godrej Consumer Products Ltd., and Meenakshi Priyam, Chairperson of the Diversity & Inclusion Committee at the Bombay Chamber and Group CHRO at udaan. Godrej emphasised, “Leadership is a privilege where you should not just deliver numbers and service customers, but you need to serve your organisation as well. Fulfillment and meaning come from serving others.” She highlighted the importance of representation and shared stories illustrating this need, advocating for capable, passionate, and empathetic leadership, supported by Godrej’s detailed DEI scorecard as evidence of their commitment.
The evening also saw a panel discussion on “DEI in Corporate India: The Roadmap,” moderated by Nitin Razdan, Partner, Human Capital at Deloitte South Asia. The panel included Neera Saggi, the first woman President (2013-14) of the Bombay Chamber; Parimala Bhat, Founder & Chairperson of Snehankit Helpline; and Parmesh Shahani, Head of the Godrej DEI Lab. Shahani emphasised the importance of converting DEI intentions into actions through structural changes and continuous inclusivity efforts beyond token celebrations. Bhat discussed the severe challenges faced by marginalised communities in accessing healthcare, education, and employment, proposing practical solutions like mobile clinics, telemedicine, and corporate partnerships with hospitals, and advocating for societal awareness and support for people with disabilities. Saggi examined the progress of DEI in boardrooms, noting some advancements but emphasising the need for continuous assessment and psychologically safe workplaces. She called for corporate support systems and top leadership to champion diversity policies. Razdan explored the potential of AI in aiding marginalised groups, suggesting technology’s pivotal role in advancing DEI.
The second fireside chat on “Jury Reflection – Evolving DEI Journey in Corporate India” featured Puneet Chhatwal, Managing Director & CEO of The Indian Hotels Company Ltd., and Priyam. Chhatwal spoke about the jury’s decision-making process and the challenges faced by 24/7 businesses such as hotels in ensuring a diverse workforce.
The winners of the Bombay Chamber DEI 2024 Awards were:
Special Award for MSMEs
Winner: Shashi Natural and Organics Pvt Ltd
1st Runner-up: NICHEM Solutions.
2nd Runner-up: Juris Corp
DEI Champion Award
Winner: InterGlobe Aviation Limited (IndiGo)
1st Runner-up: Godrej Properties Limited
2nd Runner-up: Shell India Markets Private Limited
2nd Runner-up: Capgemini Technology Services India Limited
Gender Equality Champion Award
Winner: Capgemini Technology Services India Limited
1st Runner-up: Federal Bank
2nd Runner-up: Khaitan & Co.
LGBTQIA+ Inclusion Award
Winner: Godrej Properties Limited
1st Runner-up: Deutsche Bank Group
1st Runner-up: Shell India Markets Private Limited
2nd Runner-up: Khaitan & Co.
Disability Confidence and Inclusion Award
Winner: LTIMindtree Limited
1st Runner-up: Shell India Markets Private Limited
2nd Runner-up: Capgemini Technology Services India Limited
Best DEI Program Award
Winner: Standard Chartered Bank, India
1st Runner-up: Tata Communications Ltd
2nd Runner-up: TVS Motor Company
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