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River Cruise Voyages on National Waterways rise by 19.4% in 2024–25; 51 new cruise circuits planned across 14 states and 3 UTs by 2027 under Cruise Bharat Mission

The river cruise tourism sector in India has witnessed notable growth, with the number of river cruise voyages on National Waterways increasing from 371 in 2023-24 to 443 in 2024-25. This 19.4% growth underscores the rising appeal and operational efficiency of river cruises in India’s inland waterways.

Adding to this momentum, Viking Cruises has announced its entry into India’s river cruise market with Viking Brahmaputra, an 80-guest vessel scheduled to begin operations in late 2027, signalling heightened interest and investment in India’s river cruise tourism sector. Viking Brahmaputra, to be indigenously developed by Hooghly Cochin Shipyard Limited in Kolkata, will operate on National Waterway-2.

In line with Prime Minister Shri Narendra Modi’s vision and guidance of Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal, the Inland Waterways Authority of India (IWAI) is making strides in promoting river cruise tourism and developing sustainable water transport system in India.

The sector has witnessed exceptional growth over the last 11 years. From just five vessels on three waterways in 2013–14, river cruise operations have expanded to 25 vessels across 13 national waterways in 2024–25. This growth is attributed to the proactive efforts of IWAI under the Ministry of Ports, Shipping and Waterways in enhancing navigational safety and infrastructure on National Waterways. IWAI has facilitated smoother and safer navigation for river cruise vessels by developing terminals, on-shore and off-shore facilities, ensuring adequate depth in waterways, and providing 24-hour navigation aids and pilotage services. These measures have collectively enhanced the passenger experience, improved operational logistics, and boosted operator confidence, contributing to the growth of the sector.

Notably, the MV Ganga Vilas, flagged off by Prime Minister Shri Narendra Modi in January 2023, undertook the world’s longest river cruise from Varanasi to Dibrugarh, covering 3,200 km through 27 river systems in five Indian states and Bangladesh. This historic voyage earned a place in the Limca Book of Records. Other popular cruise circuits like Sundarbans in West Bengal, Brahmaputra in Assam, and Alappuzha in Kerala are also gaining traction.

IWAI plans to develop 51 new river cruise circuits on 47 national waterways across 14 states and three union territories by 2027. With the launch of the Cruise Bharat Mission, the government aims to increase river cruise passengers from 0.5 million to 1.5 million. The mission focuses on upgrading cruise terminals, ports, and related infrastructure, promoting eco-friendly tourism practices using green vessels, and creating numerous employment opportunities in the cruise industry in the coming two years.

IWAI has recently signed agreements with several state governments to promote cruise tourism on National Waterways, including partnerships with the Governments of Gujarat and Madhya Pradesh for cruise tourism on River Narmada, with the Delhi Government for operating ferries and cruises on the Yamuna River, and with the Government of Jammu and Kashmir for sustainable tourism on the Jhelum, Ravi, and Chenab rivers.

Besides, IWAI is developing dedicated cruise terminals on the Ganga and Brahmaputra rivers, with three cruise terminals planned in Varanasi, Guwahati, Kolkata, and Patna. In the Northeast, four more cruise terminals at Silghat, Biswanath Ghat, Neamati, and Guijan are proposed to be developed by 2027.

The Future of Insurance in India: Insights Ahead of Insurance Summit 2025

India’s insurance sector, valued at over USD 140 billion, is undergoing significant transformation. Ranked among the top ten insurance markets in the world, the sector is witnessing momentum fueled by regulatory reforms, digital innovation, and a growing demand for customer-first solutions.

While the life insurance segment continues to experience steady growth, the non-life insurance sectors—including health, motor, property, and liability—are now poised for rapid expansion. This shift reflects India’s evolving risk landscape, changing consumer expectations, and stronger public-private policy alignment.

At the centre of this evolution lies a vital question:

Is India’s insurance industry actively preparing for this transformation, or merely hoping it will unfold on its own?

Catalysts for Sectoral Change

The government’s “Insurance for All by 2047” vision, championed by the Insurance Regulatory and Development Authority of India (IRDAI), has placed the insurance sector on an ambitious course. Several recent and upcoming developments will play a decisive role in shaping this path forward:

• The Insurance Bill Amendment 2025 is set to redefine how insurers raise capital, handle solvency requirements, and operate under a modernised regulatory structure. This could have far-reaching implications for IPO-readiness and governance transparency across the industry.
• The Ayushman Bharat Digital Mission aims to launch a national health claims exchange, designed to digitise and simplify the claims settlement process across insurers, third-party administrators, and hospitals. This move is expected to drastically reduce paperwork, speed up approvals, and improve the policyholder experience.
• Insurtech firms and legacy insurers are collaborating to co-develop products that meet the specific needs of diverse populations — from urban centres to semi-urban and rural markets. These collaborations are also enabling the expansion of microinsurance and embedded insurance services.
• Today’s insurance consumers are demanding more than just coverage. They are seeking transparency, trust, and personalised service. This behavioural shift is compelling insurers to rethink their models — from transaction-driven to relationship-based.

Introducing Insurance Summit India 2025

To address these developments, the Banking, Financial Services & Insurance (BFSI) Committee of the Bombay Chamber of Commerce & Industry will host:

Insurance Summit India 2025 – Viksit Bharat: Catalysing Insurance for a Resilient Future

Date: August 8, 2025

Time: 1:00 PM Onwards
Venue: Hotel Taj Santacruz, Mumbai
Organiser: Bombay Chamber of Commerce & Industry, BFSI Committee

This high-impact summit will convene key stakeholders from across the insurance ecosystem — including senior regulators, CEOs, actuaries, underwriters, legal experts, technology leaders, brokers, TPAs, and insurtech founders.

🤝 Supported by Industry Leaders

The Insurance Summit India 2025 is supported by some of the most respected names in the insurance and financial services industry:

• Title Sponsor: New India Assurance
• Premium Sponsors: Axis Max Life Insurance | Lockton
• Co-Sponsors: Beacon Insurance Brokers Pvt. Ltd. | Aditya Birla Capital Health Insurance
• Knowledge Partner: PwC India

Their collaboration reflects the shared commitment toward building a more resilient, inclusive, and tech-enabled insurance ecosystem. To explore the full agenda and speaker lineup, visit the official event page.

What to Expect at the Summit

The Summit will open with a high-impact plenary session featuring a keynote address by Mr. Deepak Sood, Member (Non-Life), IRDAI, who will share the regulator’s vision and roadmap for driving innovation while upholding consumer protection and financial stability. The session will also include special addresses by Mr. Nilesh Sathe, Former Whole-time Member, IRDAI, and Ms. Girija Subramanian, CMD, New India Assurance.

Participants can look forward to three high-value panel discussions:

• Panel 1: Opportunities and Impact of the Proposed Insurance Bill Amendment 2025 — featuring leaders from Zuno Insurance, Universal Sompo, and Future Generali.
• Panel 2: Enhancing Customer-Centricity — featuring experts from Lockton and Beacon Insurance Brokers, among others.
• Panel 3: Tech-Driven Innovation, Inclusion and Trust — with insights from Aditya Birla and Axis Max Life Insurance, among others.

Each session is designed to foster actionable dialogue on how innovation, regulation, and consumer engagement can jointly enable India’s transition into a resilient insurance economy.

The Summit also offers structured networking opportunities, including a curated networking lunch and post-event dinner with cocktails — allowing professionals to connect meaningfully across domains.

Why This Summit Matters

Insurance has evolved from being a financial product to becoming a pillar of economic resilience. In today’s India, it is a critical lever for inclusive growth, social stability, and institutional trust.

The Insurance Summit India 2025 is not just another industry event — it is a strategic forum for collaborative problem-solving, innovation sharing, and long-term ecosystem building.

If you are involved in insurance, fintech, legal advisory, regulatory policy, health administration, or capital markets, this Summit offers unparalleled insights and access.

Register Now

Participation is limited and registration is filling quickly.

To confirm your seat and gain access to this flagship event,
Click here to register for Insurance Summit India 2025

For queries or institutional participation, contact:
Utkarsha Joshi:

+91 22 6120 0271

utkarsha.joshi@bombaychamber.com

Priya Singh:

+91 22 6120 0238

priya.singh@bombaychamber.com

GST invoice management system evolves for smarter tax compliance

Mumbai: When the Goods and Services Tax (GST) Invoice Management System (IMS) went live on October 1, 2024, it arrived as a quiet revolution in the nation’s GST architecture. Introduced with the promise of real time visibility into business-to-business (B2B) transactions, the system is currently optional – a testing ground rather than a mandate. Yet within months, it became obvious to tax professionals and corporate leaders alike that IMS would reshape not only compliance routines but the very dynamics of trust and transparency across the supply chain.

As Komal Sampath, Director – Indian Tax Practice at Deloitte Touche Tohmatsu India LLP, explained at a recent webinar organised by the Bombay Chamber of Commerce & Industry, the true turning point comes with the decision to freeze outward liability in the GSTR 3B return from the July 2025 tax period onwards. At that juncture, any rejection of credit notes by the customers under their IMS may no longer directly be corrected under summary returns of GSTR 3B – a deadline that demands urgent attention from every taxpayer.

On the surface, the GSTN Portal itself presents a deceptively simple layout. Vendors upload their B2B transactions as soon as they are issued, and these records appear in the recipient’s dashboard that allows them to cross-verify entries against their own available records. Yet behind this simplicity lies an intricate choreography of data feeds and validation checkpoints. As transactions initially populate in the ‘No action’ section, recipient may take appropriate action and digital cut-throughs ensure near-instantaneous updates of both the supplier’s and the recipient’s IMS dashboards.

Filters by GSTIN, invoice number, and month enable finance teams to monitor high-value transactions and identify potential discrepancies. Furthermore, for quarterly filers, GSTR-2B is not generated during the first two months of the quarter, permitting them to undertake necessary actions on a quarterly basis.

It is in the dance between acceptance and rejection that the system’s power becomes evident. Should a recipient recognise a transaction as legitimate, a click of the accept button seamlessly authorises the corresponding input tax credit. If the transaction appears spurious or mis-addressed, rejection becomes an immediate deterrent against fraud – alerting both vendor and tax authority to the anomaly.

And where doubts persist, the pending status allows additional scrutiny, perhaps triggering an internal audit or a supplier follow-up. This triage of invoices not only curtails credit claims on counterfeit documents but also strengthens the integrity of each firm’s self-assessment.

Yet practical experience has also revealed obstacles, Karthik Gandhi, Head – Indirect Tax at Siemens India, shared at the same webinar that integration between IMS and legacy ERP systems remains a thorny issue for multinational groups. “We are dealing with multiple entities, each on a different digital platform,” he noted. “Ensuring that transactions captured in one system synchronise accurately with IMS, without duplications or time lags and requires intensive coordination between finance and vendor support teams,” said Gandhi.

Additionally, many practitioners believe further refinements are still required, particularly for taxpayer registered PAN India where tax documents are received at multiple offices and it may delay verification of tax documents by weeks. Calls for extended timelines for taking action on credit notes are already being tabled by industry associations, though any reprieve will need to balance ease-of-use with the government’s broader objectives of plugging revenue leakages.

For businesses large and small, the strategic implications of IMS extend far beyond compliance. Real time invoice matching can accelerate working capital cycles by giving suppliers confidence that credits will be honoured without delay subject to fulfilment of provision of GST law.

Conversely, any backlog in reconciliation can put pressure on cash flows, as the freeze on outward liability could leave invoices in limbo and credits unclaimed. Financial controllers thus find themselves at the nexus of legal compliance, treasury management and supplier relations – a role that demands both technical acumen and diplomatic finesse.

At its heart, the IMS represents a step towards a more transparent, accountable commercial ecosystem. No longer can shell companies hide behind fabricated invoices or delay reporting without immediate consequence. Simultaneously, genuine traders gain the reassurance of on-demand verification, reducing the friction of inter-company settlements. The transformation may be gradual – after all, the initial phase remains optional – but with each month of voluntary participation, taxpayers refine their processes in anticipation of the mandatory horizon.

As the IMS evolves, so too will the skills demanded of India’s tax professionals. Tomorrow’s finance teams/tax professionals will need data analytics expertise to monitor dashboard metrics, legal insight to interpret emerging advisories and change-management know-how to embed new procedures across dispersed operations.

The freeze effective July 2025 is not merely a technical adjustment; it is a signal that digital compliance has arrived irreversibly. Firms that adapt swiftly will not only avoid penalties but stand to gain a competitive edge in the increasingly data-driven marketplace.

In the end, India’s journey towards real time invoice reporting is a microcosm of its aspirations for a fully digitised economy. By merging technology with regulatory intent, the government seeks to construct a fiscal architecture that is both resilient against fraud and conducive to growth. The road ahead will doubtless present further challenges, from system enhancements to policy fine-tuning, but the direction of travel is clear.

For those who embrace the change, the IMS offers a pathway to greater efficiency, stronger compliance and deeper collaboration across the supply chain. And when the next chapter of India’s tax story is written, it will surely be defined by the lessons learned from the first months of IMS in action.

(Write to us at editorial@bombaychamber.com)

My No. MUM/TRD/TENDERS

Mr. Sandeep Khosla

Director General

Bombay Chamber of Commerce & Industry

Dear Mr. Sandeep Khosla,

Procurement Notice–State Pharmaceuticals Corporation of Sri Lanka

I wish to inform you that the Chairman, Ministry Procurement Committee of the Ministry of Health has invited sealed bids for supply of following items to the Ministry of Health.

Please find attached herewith a copy of the procurement notices of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General

Minister (Commercial)

Consulate General of Sri Lanka

34, Homi Mody Street, Fort

Mumbai 400001

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

My No. MUM/TRD/TENDERS

Mr. Sandeep Khosla

Director General

Bombay Chamber of Commerce & Industry

Dear Mr. Sandeep Khosla,

Invitation for Bids – Sri Lanka Railways

Procurement No. – SRS/F.8089 – Procurement for the Supply of 10,000 Nos. EN 45 E1 Rails of (45’00”)

I wish to inform you that the Chairman, Standing High Level Procurement Committee on behalf of Sri Lanka Railways has invited sealed bids from eligible and qualified bidders for the Supply of 10,000 Nos. EN 45 E1 Rails of (45’00”) (13.716m) Rails of R 260 – EN 13674 to Sri Lanka Railways.

Closing date for the above is on or before 06th August 2025 at 02.00 pm. (Sri Lanka local time GMT+5:30).

Please find attached herewith a copy of the notice of the above procurement.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General

Minister (Commercial)

Consulate General of Sri Lanka

34, Homi Mody Street, Fort

Mumbai 400001

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

My No. MUM/TRD/TENDERS

Mr. Sandeep Khosla

Director General

Bombay Chamber of Commerce & Industry

Dear Mr. Sandeep Khosla,

Procurement Notice–State Pharmaceuticals Corporation of Sri Lanka

I wish to inform you that the Chairman, Ministry Procurement Committee of the Ministry of Health & Mass Media has invited sealed bids for supply of following items to the Ministry of Health for year 2026.

lease find attached herewith a copy of the procurement notices of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General

Minister (Commercial)

Consulate General of Sri Lanka

34, Homi Mody Street, Fort

Mumbai 400001

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

When commercial dispute resolution matters choose your fight wisely

Mumbai: In today’s increasingly complex commercial landscape, disputes are inevitable. But the method you choose to resolve them can shape not just the outcome, but the time, cost, and relationships along the way. Arbitration and mediation, often bundled under the banner of alternative dispute resolution, differ as much in strategy as they do in spirit.

Arbitration is inherently adversarial. It imposes a formal structure reminiscent of courtroom litigation. The process is governed by procedure and results in a binding decision – an award – that can be executed like a court decree.

This makes it particularly useful where parties need finality, enforcement, and a framework capable of absorbing complex evidence and legal argumentation. But it also comes at a price. Arbitrator fees, lengthy timelines, and procedural layers can make it a costly affair, with durations often stretching beyond two years and expenses creeping into seven to ten per cent of the dispute value. As many professionals have observed, arbitration serves best when the stakes are high – often above ₹1 crore – and the issues require detailed adjudication.

Mediation, however, takes a different path. It is fluid, collaborative, and anchored in consent. Rather than imposing a judgment, it offers a facilitated space for parties to communicate, find common ground, and reach a solution of their own making.

A well-handled institutional mediation can resolve matters within three months, at a fraction of the cost of arbitration. In practice, a typical mediation may cost under ₹76,000 and produce outcomes that cannot be challenged under Section 34, provided the terms are formalised as part of an arbitration award or under Section 30(4) of the Arbitration Act.

What makes mediation particularly powerful is its emphasis on preserving relationships. In business disputes, where future collaboration might still be on the table, this becomes a strategic edge. And while the Mediation Act is still in the process of full notification, professionals are already making adjustments – treating direct resolutions as ‘conciliation’ where required by law, but maintaining the spirit and structure of mediation.

Interestingly, the future may not belong exclusively to one approach. Institutions and arbitrators are already embedding mediation within arbitration proceedings. When the arbitrator also holds mediation training, the shift between forums is seamless.

Parties may pause arbitration, engage in structured mediation, and return—if successful—with a binding resolution converted into an award. It is here that the strategic blend reveals its strength, offering the enforceability of arbitration with the consensual power of mediation.

For professionals and institutions alike, the real challenge lies in knowing when to pursue which path. Arbitration is a hammer; precise, powerful, but not always appropriate. Mediation is a bridge – faster, lighter, and often more enduring. In a world where legal efficiency is currency, the best strategy may be to ask not which tool is better, but which moment calls for which instrument.

Dispute Resolution @ Bombay Chamber (DR@BC) is an initiative of the Bombay Chamber of Commerce and Industry, India’s oldest operating chamber of commerce. Established in response to the growing need for efficient, business-friendly alternatives to litigation, DR@BC provides a structured platform for Mediation, Arbitration, Conciliation, and Neutral Evaluation. Contact us for a free initial consultation: https://adr.bombaychamber.com/contact-us/

₹1000 crore ADEETIE scheme to empower MSMEs with clean energy investment