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The next three decades belong to India, says Dhiraj Relli at Envision 2024

In the first half of 2024, Indian companies raised an impressive $8.6 billion through Initial Public Offerings (IPOs), surpassing the combined figures from the previous two years. India now accounts for 25% of global IPO listings, positioning itself as a key player in the global capital markets. With upcoming billion-dollar IPOs from companies like Swiggy, LG Electronics, and Hyundai Motor, investor confidence in India’s economic growth continues to soar.

These developments were highlighted during the panel discussion, Envision 2024: India’s Growth Story With Capital Markets, organised by the Bombay Chamber in partnership with Kirtane & Pandit Consulting, the Knowledge Partner. The event focused on India’s burgeoning IPO market and its implications for future economic expansion.

In his keynote address, Dhiraj Relli, Managing Director and CEO of HDFC Securities, emphasised India’s long-term growth potential. “The next three decades belong to India, with the ‘Viksit Bharat’ theme driving our economic progress,” Relli stated. He also highlighted that India’s investor base has tripled in the last five years, now standing at 10 crore investors.

Relli pointed to a shift in investor behavior, noting that retail and High Net Worth Individuals (HNIs) are becoming more adept at navigating the markets. “For the first time in my three decades of experience, I’ve seen retail investors consistently making money in the markets,” he said. This marks a significant departure from past cycles, where retail investors often suffered losses during market downturns.

He further explained that India has seen a 12x increase in market participation over the last decade. “Equity premiums have surged 10x in the last five years, and IPO activity is booming with ₹61,000 crore raised this financial year, excluding SME IPOs, which have also gained momentum.”

Relli also warned of the risks of falling into the middle-income trap, stressing that India must grow rich before it grows old. Comparing India to China, he highlighted the country’s potential for greater penetration in consumer goods. “Our per capita income and affordability will increase, leading to a shift in consumerism. The economic structure is moving from a pyramid to a diamond shape, where more of the population will experience affluence.”

He projected that by 2029, India could become a $7 trillion economy, with the potential to reach $10 trillion by 2032, provided it sustains a growth rate of 11%.

The event also featured a panel discussion on IPO readiness, titled IPO Readiness- The Road to Going Public, moderated by CS Shweta Gokarn, Founder of Shweta Gokarn & Co. and STGY Global Consulting.

Panelists included Subhadeep Majumdar, Chief Manager at NSE, Atul Juvle, Senior GRC Advisor, Priyanka Jain, Partner at Vaish Associates Advocates, and Akshay Purandare, Partner at Kirtane & Pandit. They shared best practices and insights on navigating the IPO process, emphasising the need for thorough preparation and adherence to disclosure obligations. The session covered essential topics such as the role of the National Stock Exchange (NSE) in facilitating IPOs, economic factors driving India’s growth, and the legal and compliance challenges companies face when going public.

Advanced Certificate Course on International Trade and Custom Regulations

Bombay Chamber of Commerce and Industry organised an Advanced Certificate Course on International Trade and Custom Regulations on September 19 & 20, 2024 at the Ruby by renowned trade consultant Dr Joshua Ebenezer.

The certificate course was attended by professionals from diverse industries, focusing on enhancing their understanding of global trade, customs regulations, and audit practices.

Day 1: Global Trade Fundamentals and Post-Clearance Audits

The session kicked off at 10:30 AM, with an insightful discussion on the genesis and evolution of global trade organizations such as the World Trade Organisation (WTO) and the World Customs Organisation (WCO). Participants learned about the core functions of these institutions, their impact on global trade, and the obligations of member countries under various trade agreements.

The session also covered post-clearance audits and the advance ruling mechanism, offering participants practical insights into navigating the complexities of customs compliance and decision-making processes within the international trade framework.

Day 2: Customs Valuation, Rules of Origin and Advanced Audits

Due to popular demand, the second day commenced earlier at 9:30 AM. The focus was on customs valuation, rules of origin, export controls, and audits and investigations, with special attention to the newly introduced advanced customs audit processes. Participants engaged in a robust Q&A session, where they discussed complex scenarios and solutions tailored to their industries.

The day concluded at 5:00 pm, with participants praising the content-rich program and the interactive format that kept them fully engaged without distractions from their phones or work.

Feedback and Future Sessions

The participants provided very positive feedback about the program, appreciating both the content and the interactive nature of the sessions. Based on this encouraging response, the Chamber is exploring the possibility of conducting more such sessions shortly to meet the growing demand for expertise in customs and international trade.

The program was a resounding success, providing attendees with invaluable insights into international trade and customs regulations. This initiative marks a milestone in the Bombay Chamber’s efforts to provide high-quality certification courses, and we look forward to welcoming more participants in future sessions.

U.S.-India Alliance for Women’s Economic Empowerment convenes first in-person meeting

The U.S.-India Alliance for Women’s Economic Empowerment and the U.S.-India Business Council (USIBC) convened the inaugural Alliance members meeting recently on the margins of USIBC’s Ideas Summit. The Alliance, launched in 2021, aims to dismantle silos between public and private entities, fostering collaboration to accelerate women’s economic security.

Ambassador-at-Large for Global Women’s Issues and Alliance co-chair, Dr. Geeta Rao Gupta, delivered opening remarks. She was joined by fellow U.S. Department of State Alliance co-chairs, Assistant Secretary for South and Central Asian Affairs Donald Lu, and Deputy Assistant Secretary for India Nancy Izzo Jackson, and USAID Deputy Assistant Administrator for Asia Änjali Kaur.

“Women’s safe and meaningful economic participation is one of the most important issues of our time,” said Assistant Secretary Lu. “It is a pillar of secure, educated, healthy, and prosperous societies. Few other issues rival its potential to transform India’s future – and the world’s.”

Ambassador Rao Gupta emphasised the challenges and opportunities in advancing women’s economic participation in India. Despite progress, India ranks 142 out of 146 countries in economic parity and opportunity, according to the World Economic Forum’s Global Gender Gap report. Women’s formal labor force participation remains significantly below the global average, and gender-based violence persists as a major issue.

“As India reassumes its historic place as a global power, its economic success story can only be complete by uplifting Indian women in education and the workforce,” said Ambassador (ret.) Atul Keshap, President of the U.S. Chamber of Commerce’s U.S.-India Business Council. “That’s why empowering women to succeed in the formal economy is a key topic at the 49th India Ideas Summit. Together with the State Department, our Alliance anchor partners, and Alliance members, we advanced actionable initiatives to equip women to contribute across all sectors of Indian industry, including civil aviation, hospitality, manufacturing, and renewable energy.”

The Alliance has three main objectives: advancing women’s corporate workforce participation, including through safety in the workforce; promoting women’s entrepreneurship; and increasing the presence of women and girls in STEM fields.

During the meeting, Alliance members discussed ongoing initiatives and explored new opportunities for collaboration. Ambassador Rao Gupta encouraged participants to use the forum to share ideas and establish new partnerships that could drive transformative change.

“We are all here because our commitment to women’s economic inclusion goes beyond mere compliance,” she noted. “Achieving meaningful inclusion requires funding, expertise, networks, and thoughtful collaboration. This is the essence of what the Alliance seeks to achieve.”

USAID Deputy Assistant Administrator for Asia Änjali Kaur, emphasised how the Alliance is a vital platform to drive collaboration towards shared goals. “USAID is proud to be a co-chair of the U.S.-India Alliance for Women’s Economic Empowerment. Through USAID’s work across corporate, philanthropic, and civil society sectors, we are driving impactful change to help women transition from the informal to the formal economy and thrive.”

As the meeting concluded, Deputy Assistant Secretary Nancy Izzo Jackson urged members to stay focused on the strategic importance of their work. “When women are economically secure, their families thrive, communities prosper, and nations grow stronger.”

A press release issued by Union Ministry of Labour has stated that Government of India has Invited Platform Aggregators to Register themselves and their Platform Workers on e-Shram Portal.

Copy of Press Release attached.