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Ministry of Agriculture Conducts Midterm Review of Agricultural Scheme Implementation in Northern States

The Ministry of Agriculture and Farmers Welfare held a regional conference on November today, at Krishi Bhawan, New Delhi, to conduct a midterm review of agricultural schemes implemented by Northern States. Key officials from Punjab, Uttarakhand, Himachal Pradesh, Haryana, and the Union Territories of Jammu & Kashmir, Ladakh, and Delhi gathered to evaluate progress and address challenges in the effective implementation of these schemes.

During the meeting, Secretary Dr. Devesh Chaturvedi urged states to expedite the execution of Centrally Sponsored Schemes (CSS) by ensuring timely fund allocation and addressing issues related to state contributions and Single Nodal Account (SNA) balances. He emphasized the importance of operationalizing SNA-SPARSH, returning unutilized balances and interest, and promptly submitting Utilization Certificates (UCs).

The conference focused on improving implementation of major schemes, including Rashtriya Krishi Vikas Yojana (RKVY) and Krishonnati Yojana, where non-performing states were encouraged to enhance their efforts in the remaining months of the fiscal year. Dr. Chaturvedi also advised states to finalize the RKVY annual action plan for FY 2025-26 by December to enable timely release of the first installment by April, aiming to reduce previous delays in fund utilization.

A comprehensive review of key initiatives took place, covering the Kisan Credit Card (KCC) Mission for enhancing credit access, the Pradhan Mantri Fasal Bima Yojana (PMFBY) for risk mitigation and expanded crop insurance, and the Digital Agriculture Mission for advancing data-driven agriculture. The conference highlighted the need for digital integration in crop surveys and the alignment of state land records with the Agristack to streamline operations under PM KISAN.

The meeting also discussed high-priority topics, including the National Edible Oils Mission, NABL accreditation for laboratories under the Insecticides Act, and the efficient use of the Krishi Nivesh Portal and Agricultural Infrastructure Fund (AIF) to foster sector growth.

Shri Ajeet Kumar Sahu, Joint Secretary (IC, Oilseeds & Credit), set the agenda for the review and welcomed delegates from the agriculture departments of Northern States, as well as representatives from allied departments including Tribal Affairs, NABARD, and Cooperation.

An Open House session concluded the conference, allowing stakeholders to provide insights on overcoming implementation barriers and maximizing the reach of agricultural programs. This regional conference is part of a series by the Government of India, addressing specific regional agricultural needs and aiming for equitable and sustainable agricultural development across the country.

Attending the conference were senior officials from the Department of Agriculture and Farmers Welfare, including Additional Secretaries Ms. Manindar Kaur, Dr. Pramod Kumar Meherda, Mr. Faiz Ahmed Kidwai, Ms. Shubha Thakur, and Joint Secretaries Mr. Praveen Kumar Singh, Mr. Samuel Praveen Kumar, Ms. Perin Devi, Mr. Muktanand Agrawal, Mr. Prabhat Kumar, Mr. Binod Kumar, Mr. Priya Ranjan, and Mr. Purna Chandra Kishan, as well as representatives from the Ministry of Cooperation, NABARD, and the Department of Financial Services.

This initiative reflects the government’s commitment to enhancing agricultural infrastructure, fostering growth, and supporting farmers across all regions, ensuring that each state’s unique challenges and opportunities are addressed through collaborative, targeted efforts.

Shri Piyush Goyal recently Inaugurated EEPC India’s 70th Anniversary, Urges Boost in Engineering Exports

Union Minister of Commerce and Industry, Shri Piyush Goyal, recently launched the 70th-anniversary celebrations of EEPC India, unveiling the new EEPC India logo in the capital. During his keynote address, Shri Goyal highlighted the Government’s initiatives aimed at reducing compliance burdens and decriminalizing laws to foster Ease of Doing Business. The event was graced by the presence of Minister of State for Commerce & Industry, Shri Jitin Prasada.

In his address, Shri Goyal underscored the importance of transforming India into a powerhouse of engineering exports, in line with the nation’s aspirations towards the Viksit Bharat goal. He urged the engineering sector to contribute actively towards resilient supply chains, high-quality production, and sustainable development, marking a critical step towards achieving the vision of a developed India.

A Model for Export Promotion
Calling EEPC India a model export promotion council, Shri Goyal commended the organization for its substantial contributions across various engineering sectors, including mobility, capital goods, and steel. He acknowledged the Council’s ambitious target of achieving $300 billion in engineering exports within the next 5-6 years, emphasizing that this vision reflects New India’s confidence and determination on the global stage.

Quoting Prime Minister Shri Narendra Modi’s mantra of “Zero Defect, Zero Effect,” the Minister reiterated the importance of quality and sustainability. He stated that India’s journey towards Viksit Bharat would be defined by high standards, enhanced productivity, and cost competitiveness. “We aim to be second to none in our ambition, mission, and vision,” Shri Goyal remarked.

Commitment to Global Standards and Innovation

Addressing the gathering, EEPC India Chairman, Shri Arun Kumar Garodia, affirmed the Council’s commitment to driving engineering exports, expanding the sector’s global footprint, and advocating for policies that support exporters. He highlighted the Ministry’s key initiatives, such as Bharat Mobility, the International Engineering Sourcing Show (IESS), Indian Engineering Exhibitions (INDEE), Export Excellence Awards, Quality Awards, Green Awards, and India Pavilions. These efforts, he noted, reflect the government’s focus on innovation and sustainability, ensuring Indian engineering products meet global standards and remain competitive.

Shri Garodia also highlighted EEPC India’s significant milestones over the past seven decades, including its instrumental role in advancing the Make in India initiative across sectors like automotive, electronics, and medical devices. He noted that EEPC India’s membership had grown from just 40 members in 1955 to over 9,500 members in 2024, showcasing the Council’s pivotal role in the growth of India’s engineering exports, which reached $109 billion in FY24.

Biotechnology Research and Innovation Council (BRIC) Celebrated its First Foundation Day on November 9-10, 2024

The Department of Biotechnology (DBT), Ministry of Science and Technology, celebrated the First Foundation Day of the Biotechnology Research and Innovation Council (BRIC) on November 9-10, 2024. BRIC, created with Cabinet approval on November 10, 2023, has subsumed 14 Autonomous Institutions (AIs) under the visionary leadership of Dr. Jitendra Singh, Minister of State (IC) for Science & Technology, and is at the forefront of driving excellence and innovation in the biotech sector.

The event was held at BRIC-National Institute of Immunology (NII), marking a significant milestone in the organization’s journey. Shri Amitabh Kant, India’s G20 Sherpa, graced the occasion as the Guest of Honor and delivered the Foundation Day lecture. Dr. Anand Deshpande from Persistent Systems was the Special Guest, while Dr. Rajesh S Gokhale, Secretary, DBT and Director General of BRIC, along with Directors of iBRIC, officials from DBT and BIRAC, researchers, and students from various iBRIC institutions, actively participated in the celebration.

Key Events on Foundation Day
1. “Race from Science to Entrepreneurship (RaSE)” Competition:
On November 9, 2024, BRIC organized a competition titled “Race from Science to Entrepreneurship (RaSE)” to encourage young talent from iBRIC+ institutes. The competition aimed to develop entrepreneurial skills by exposing students to challenges in the commercialization of biosciences, with a focus on the thematic areas highlighted in the BioE3 (Biotechnology for Economy, Environment, and Employment) Policy. Students from all fifteen iBRIC+ institutes showcased their innovative ideas during the event.

2. Sports Meet and Get-Together:
On November 10, 2024, a sports meet and social gathering were organized for the iBRIC+ institutes and DBT members. The activities included cricket, badminton, table tennis, and chess, aimed at fostering team spirit, promoting physical fitness, and strengthening the bonds within the DBT-iBRIC+ family.

Leadership Remarks

During the event, Dr. Rajesh S Gokhale emphasized the significance of BRIC in the biotechnology sector. He stated, “BRIC is playing a pivotal role in enhancing the value and impact both in the context of bringing research synergy, enhancing, and transforming the power of Science, Technology, and Innovation.”

Guest of Honor, Shri Amitabh Kant, lauded the efforts of the Department of Biotechnology, remarking, “BRIC would be a landmark institution for the country,” highlighting its potential to drive India’s biotech sector forward.

About BRIC

The Biotechnology Research and Innovation Council (BRIC) was established to consolidate the efforts of 14 Autonomous Institutions under DBT, promoting synergy, innovation, and research excellence. BRIC is committed to advancing the biotechnology sector by facilitating collaboration among scientists and researchers, aligning with national policies like BioE3, and contributing to India’s vision of becoming a global biotechnology hub.

Workshop on How to Win back Unhappy Customers

The Young Bombay Forum of the Bombay Chamber organized an insightful workshop titled How to Win Back Unhappy Customers on October 23, 2024. Shruti Rathod from the Bombay Chamber welcomed the speaker and attendees, providing an introduction to the Bombay Chamber’s history and achievements, including milestones reached by the Young Bombay Forum. Nineteen delegates from various organizations participated in the event.

Dr. Lata Shetty, founder of Mainstream HRD Training Centre, served as the speaker for the workshop. Dr. Shetty is a distinguished professional, known for her expertise in HRD and customer relations. She previously authored a column for Lok Satta – Lok Mudra, and has served as a faculty member at Orchid Finishing School, Tata Institute of Social Sciences, and as visiting faculty at Somaiya Institute of Management.

The workshop opened with Dr. Shetty engaging participants to understand their specific challenges and expectations related to handling unhappy customers.

Workshop Objectives:
The session aimed to:

• • Sensitize participants to the importance of retaining unhappy customers and understanding the business implications of customer dissatisfaction.
  • Develop a positive attitude towards customer service, especially when handling grievances.
  • Enhance understanding of quality customer service benchmarks and sharpen participants’ skills for retaining customer loyalty.
  • Equip participants with strategies to address unhappy customers through various communication channels—face-to-face, over the phone, and in written communications.

Key Topics Covered:
Dr. Shetty addressed several important topics, including:

• Building a business-savvy approach towards unhappy customers.
• Analyzing common reasons for customer dissatisfaction.
• The financial and reputational benefits of regaining dissatisfied customers.
• Effective techniques for uncovering underlying reasons behind customer complaints.
• Developing communication plans aimed at winning back lost customers and rebuilding trust.
• Practical benchmarks for delivering high-quality customer service.
• Tailoring responses to unhappy customers based on the mode of communication (in-person, phone, email, or letter).
• Establishing long-lasting, positive relationships with customers.

Throughout the workshop, Dr. Shetty shared real-life case studies and interactive activities, allowing delegates to discuss specific challenges and receive practical, actionable feedback. The workshop’s highly interactive format received excellent feedback from participants, who appreciated the valuable insights and tools provided to improve their customer service practices.

Webinar on The Manager’s Toolkit

The Young Bombay forum of Bombay Chamber had organized Webinar on The Manager’s Toolkit held on 22nd Oct.’ 2024. Shruti Rathod, Bombay Chamber welcomed the speaker and delegates. She introduced and briefly spoke on historical milestones of Bombay Chamber and Young Bombay Forum. There were 35 delegates participated from different organisations.

Charu Sabnavis, Director, Delta Learning was the speaker for the webinar. She shared a thought-provoking and practical insights with the delegates.

Primarily, she introduced and explained the topic and connected with the delegates for the challenges and expectations about the Role of the Manager, Leadership Styles and managing remotely. She also asked delegates to share their experiences about the best managers they have worked with and What is it about them which they admire? Voluntarily everyone shared their experiences with the speaker.

She explained and elaborate on the below pointers.
Balancing the task and relationship, Empowering and developing people, Setting people up for success, Skill development, Delegation – a win-win!, Process of delegation, Pitfalls of delegation, Managing performance and delivering feedback, The performance pipeline, Framework for giving constructive feedback, Situational Leadership, Adapt your leadership style based on the situation and maturity of the individual.

She also explained The AID model – Action – describe the behavior – Impact – state the impact – Decision – Arrive at an action plan, Appreciation and positive feedback.

Charu stressed on best practices for managing a team remotely, communicating regularly, building trust, Empathizing, being organized and being positive.

She explained the concept and topics on manager’s toolkit with the help of various activities, tasks and case studies. Overall, the entire webinar was highly interactive where delegates discussed their challenges with the speakers and got practical meaningful responses on the subject. The webinar received excellent feedback.

Bombay Chamber and FTI Consulting organises Generative AI Session

The Bombay Chamber, in association with FTI Consulting as the knowledge partner, conducted a session on Generative AI.

Jon Chan, FTI Consulting’s eDiscovery Innovation and AI leader conducted a 90-minute session titled “Successfully Navigating the Adoption of Generative AI with Regulators and Enforcement Agencies.” This session included an optional 20-minute hands-on labs experience, where attendees utilized laptops and sample data to explore various prompts, models, and concepts, including hallucinations and prompt engineering in an investigative environment.

The session offered practical applications of Generative AI within disputes and investigations, equipping legal, compliance, and investigation leaders with insights on effectively incorporating this technology into their operations. Attendees gained actionable strategies for integrating AI to enhance efficiency and support organisational goals.

Designed for professionals focused on governance, risk, and compliance, the discussion addressed the unique challenges and opportunities posed by Generative AI in regulated environments. FTI’s extensive experiments with this emerging technology provided transparency around associated risks and considerations.

As AI rapidly evolved, organisations learned the importance of navigating uncharted territories, particularly in experimentation and result validation to mitigate risks and support new processes enabled by Generative AI. The session delivered expert perspectives on managing regulatory scrutiny, addressing potential risks, and responsibly leveraging AI to improve operational efficiency while fulfilling legal and compliance obligations.

Following the session, attendees had the opportunity to network during a lunch, fostering discussions around the insights shared and the future implications of Generative AI in their respective fields.

India-Germany Partnership in AI, Green Tech, and Semiconductor Sectors to Drive Global Growth: Shri Piyush Goyal

Union Minister of Commerce & Industry, Shri Piyush Goyal, inaugurated the 18th Asia Pacific Conference of German Business (APK) in New Delhi, highlighting the significant synergy between India and Germany in fields such as artificial intelligence, semiconductors, and green technology. Shri Goyal emphasized that India’s ability to scale, paired with Germany’s expertise in precision engineering, will bring exceptional benefits to the global community.

Shri Goyal highlighted the vast potential in combining Germany’s precision engineering with India’s scaling capabilities across infrastructure sectors—physical, digital, and social. He noted that this partnership could “create something extraordinary for the world.” The Minister emphasized that this collaboration can further drive unprecedented growth in AI adoption, semiconductor innovation, and green technology initiatives, which are central to today’s rapidly evolving global economy.

Speaking on India’s Macroeconomic Strength and Climate Commitments, Shri Goyal stressed that India is on a firm path to exceed its climate change commitments, as outlined at COP21. He remarked that India currently ranks 7th on the Climate Change Performance Index (CCPI) and is expected to surpass its nationally determined contributions (NDCs) for climate action. “India is committed to combating climate change, on track to meet nationally determined contributions,” Shri Goyal said, reaffirming India’s dedication to sustainable development and responsible environmental practices.

The Union Minister also acknowledged the Asia Pacific Committee of German Business and the Indo-German Chamber of Commerce for organizing the APK conference. He noted that Asia-Pacific, which accounts for 60% of the world’s population, is poised to host two-thirds of the global middle class by 2030. Shri Goyal remarked, “This demographic shift presents a fertile ground for businesses seeking to expand their reach and capitalize on emerging sectors.”

Shri Goyal underscored that the APK conference is instrumental in recognizing emerging trends and addressing global challenges. He pointed out that the conference plays a critical role in facilitating the exchange of best practices, fostering technological advancements, and shaping future industrial policies.

The Minister concluded by quoting German philosopher Arthur Schopenhauer and poet Rabindranath Tagore. Recalling Schopenhauer’s words, “Reading the Upanishads is comforting in my life…,” he encouraged attendees to embrace India’s cultural richness, especially during the festive season from Diwali to Christmas and New Year. Ending on a visionary note, he shared a quote from Tagore: “Reach high, for stars lie hidden in you. Dream deep, for every dream precedes the goal,” encouraging participants to build a future where their innovations and industries leave a global mark.

This strategic alliance marks a significant step forward in both countries’ commitment to global progress through collaborative innovation and sustainable development.

Key Highlights of the 18th Asia Pacific Conference of German Business:

– India-Germany Collaboration: A platform for advancing joint initiatives in AI, semiconductors, and green technologies.
– Climate Change Commitments: India ranks 7th on the CCPI and is set to surpass its climate goals, strengthening sustainable progress.
– Asia-Pacific Market Potential: Asia’s demographic evolution presents opportunities for expansion across emerging sectors.
– Cultural Unity: Shri Goyal celebrated the spirit of India’s rich culture and the synergy of festive seasons across both nations.

This partnership strengthens the longstanding relationship between India and Germany and is a testament to both nations’ pursuit of innovation, sustainability, and economic resilience.

Khadi: From Freedom Fabric to Fashion Icon – KVIC Chairman Inaugurates Exhibition in New Delhi

In a grand celebration of India’s heritage and modern fashion, Khadi and Village Industries Commission (KVIC) Chairman Mr. Manoj Kumar inaugurated an extraordinary exhibition themed “Khadi: The Fabric of Freedom, The Language of Fashion” at the prestigious Gandhi-King Memorial Plaza, India International Centre (IIC), Lodhi Road, New Delhi. The exhibition, which runs until October 22, from 11 AM to 7 PM, is organized in collaboration with the Centre of Excellence for Khadi (COEK) and the National Institute of Fashion Technology (NIFT).

The exhibition traces Khadi’s remarkable transformation from a hand-spun fabric that played a pivotal role in India’s freedom movement to its current status as a sustainable, fashionable choice in the global fashion industry.

Inaugurating the event, KVIC Chairman Mr. Manoj Kumar shared his thoughts:
“The Khadi that played a crucial role in the freedom movement of India under the leadership of Mahatma Gandhi has now, thanks to PM Modi’s relentless efforts, become a fashion symbol and a center of attraction for the ‘New Khadi of New India.'”

The inauguration was graced by IIC Director Mr. K.N. Srivastava, who joined Mr. Kumar in extending Prime Minister Narendra Modi’s vision of “Khadi for Fashion.” The exhibition invites visitors to explore Khadi’s unique journey, presenting an array of products that include traditional hand-spun fabrics as well as contemporary designs blending heritage and modern aesthetics.

Key Features of the Exhibition:

Khadi Timeline:
A captivating display that highlights Khadi’s role in India’s freedom movement with archival photos, inspiring quotes from Mahatma Gandhi, and historical records showcasing the fabric’s deep-rooted significance.

Experience Center:
A live demonstration of the spinning process using traditional Bardoli and Peti charkhas allows visitors to witness the meticulous craftsmanship that goes into creating Khadi fabric.

Modern Designs:
Contemporary Khadi fabrics, sarees, home textiles, and more are exhibited, all designed by the Centre of Excellence for Khadi in collaboration with Khadi institutions. These creations reflect the perfect synergy between tradition and modernity.

Khadi Retail Stalls:
Authentic Khadi garments, including the latest designs developed by COEK, will be available for purchase. Visitors can shop for exclusive items made from this exquisite fabric.

KVIC Chairman Mr. Manoj Kumar, addressing the media, emphasized the importance of Khadi in India’s socio-economic landscape, quoting Mahatma Gandhi:
“The Father of the Nation, Mahatma Gandhi, once said, ‘I see God in every thread drawn by the spinning wheel.’ Embracing this philosophy, KVIC, under Prime Minister Narendra Modi’s leadership, is organizing various programmes like sales campaigns, exhibitions, and national and international fairs to boost Khadi artisans’ income, which has played a significant role in promoting Khadi products.”

Mr. Kumar further elaborated on Khadi’s growth under PM Modi’s leadership:
“The Khadi that played a key role in the freedom movement under Gandhi’s leadership has now become a fashion icon, thanks to PM Modi’s tireless efforts, and is now known as the ‘New Khadi of New India.’ He highlighted KVIC’s achievements, noting that Khadi’s business turnover under PM Modi’s leadership has surpassed ₹1.55 lakh crore in the financial year 2023-24, a remarkable growth from ₹31,000 crore ten years ago.”

He also discussed PM Modi’s ‘Mann Ki Baat’ programme, which has made Khadi a new status symbol among the youth, and praised COEK’s innovative contributions to popularizing Khadi.

“Since PM Modi’s appeal, the Khadi Gramodyog Bhawan in Connaught Place, Delhi, has set new sales records every year on Gandhi Jayanti, with sales surpassing ₹2 crore this year on October 2. These figures symbolize that ‘New Khadi of New India,’ under PM Modi’s leadership, has become the flag bearer of the ‘Vocal for Local,’ ‘Make in India,’ and ‘Aatmanirbhar Bharat’ campaigns.”

KVIC Chairman Mr. Manoj Kumar concluded his address with an appeal to the public:
“I urge all citizens to purchase more Khadi products this festive season, helping spread the joy of festivals to the homes of artisans and craftsmen who work tirelessly to produce high-quality goods.”

The exhibition is a significant step in boosting Khadi’s reputation as a modern fashion choice while promoting sustainable and locally-made products. KVIC and NIFT officials and employees also attended the event.

About KVIC:
The Khadi and Village Industries Commission (KVIC) is a statutory body under the Ministry of Micro, Small, and Medium Enterprises (MSME), Government of India. It is responsible for planning, promoting, organizing, and implementing programs for the development of Khadi and other village industries in rural areas, in coordination with other agencies engaged in rural development.

The 7th Annual Economic Outlook Survey 2024-25

Survey Content:

We are thrilled to announce the launch of the 7th Annual Economic Outlook Survey 2024-25, conducted by the Bombay Chamber of Commerce & Industry. This survey has become a vital platform for collecting insights and data from both member and non-member organisations, allowing us to deliver a comprehensive macroeconomic analysis of the Indian economy.

In keeping with our role as a bridge between the industry and the Government, we have shared findings from our previous Surveys with key authorities, including the RBI, Ministry of Finance, and Regulatory Bodies. These insights have contributed to a deeper understanding of the economic landscape and influenced policies aimed at fostering a conducive business environment in the country.

The Economic Outlook Survey plays a crucial role in understanding the pulse of the industry across the spectrum – from Large corporations to Micro, Small, and Medium Enterprises (MSMEs). By capturing the diverse challenges, opportunities, and trends experienced by businesses of all sizes, the Survey offers a balanced view of the economic landscape, providing invaluable insights that cater to both ends of the industry.

In this spirit of collaboration and nation-building, we invite you to participate in the 7th Economic Outlook Survey. By taking just a few minutes to share your perspectives, you can play an active role in shaping the future of our economy.

Your feedback is crucial and will help inform policy decisions that drive sustainable development.

For further queries, contact:

Priya Singh: 022 6120 0238; Utkarsha Joshi: 022 6120 0271

Email Id: priya.singh@bombaychamber.com ;Utkarsha.Joshi@bombaychamber.com

Bombay Chamber’s Landmark Conclave on SM REITs 2.0: The Path to Compliance & Growth Focuses on the Potential of Monetising Real Estate

Mumbai, October 8, 2024 – India’s Small and Medium Real Estate Investment Trusts (SM REITs) market is on track to exceed $60 billion by 2026, driven by Mumbai’s significant completed stock and bolstered by recent tax reforms under the Union Budget 2024-25. With enhanced transparency, investor protection, and a growing demand for fractional ownership, SM REITs are fast becoming an attractive investment option poised to revitalise the commercial real estate market and boost investor confidence.

Against this promising backdrop, the Bombay Chamber of Commerce and Industry hosted the Conclave on SM REITs 2.0: The Path to Compliance & Growth, under the aegis of the PE & VC Committee. The conclave focused on the transformative potential of SM REITs, regulated by SEBI as of March 8, 2024, and featured key industry stakeholders discussing the evolving regulatory landscape and growth opportunities.

Ashith Kampani, Board Member and Chair of the PE & VC Committee, Bombay Chamber, and Chairperson of Cosmic Mandala 15 Group, in his welcome address, stated, “The potential market size for SM REITs in India is projected to exceed $60 billion by 2026. The regulation of fractional ownership of real estate assets is a commendable step that will encourage foreign direct investment from global retail investors.”

Sanjay Dutt, Board Member and MD & CEO of Tata Realty & Infrastructure, set the stage by emphasising India’s robust real estate demand, “India is witnessing unprecedented office space absorption. For the first time in the history of the country, for the 2024 calendar year, India will witness the highest office absorption in the country. By the end of 2024, net absorption is likely to touch 65 million sq. ft., with the gross figure approaching 80 million sq. ft. This growth extends beyond the top eight cities and opens up new opportunities for developers and investors nationwide.” Dutt praised SEBI’s regulations for transforming India’s unregulated real estate sector into an institutionalized market.

In his Keynote Address, Shri Pramod Rao, Executive Director of SEBI, highlighted the potential of SM REITs to unlock value from India’s real estate wealth, which comprises over half of the country’s total wealth. He noted, “A report computes the wealth of Indians, and states that wealth in the form of real estate exceeds half of the total wealth in the whole country, with gold coming second, at 15%, bank deposits at 13%, equities at 5.8 % and insurance and pension at 5.7%, each. To me this underlines the fact that the wealth of a lot of individuals is in real estate. Real estate is the largest asset class globally, yet it is often illiquid and difficult to manage for individual investors. SM REITs convert these physical assets into financial assets, offering liquidity and fractional ownership, making it a powerful tool for financial inclusion.”

The first panel discussion, moderated by Kailash Babar, Deputy Editor at ET, explored the regulatory framework and compliance landscape for SM REITs. Expert panellists, including Sudip Mullick, Advocate, Dr. Niranjan Hiranandani, Founder & Chairman of the Hiranandani Group, Ruchir Sinha, Managing Partner at Resolute Partners, and Sandip Bhagat, Partner, S&R Associates discussed key drivers for SM REIT growth, taxation challenges, and the sector’s role in democratising real estate investment.

The second panel, led by Neil Borate, Deputy Editor at LiveMint, provided an investor-centric view of SM REITs. Industry experts Shobhit Agarwal, MD & CEO, ANAROCK Capital; Divya Goyal, Executive Director and Head of Investment Risk Monitoring Services, Consulting, India, CBRE; Abhinav Maker, Partner, Trilegal; Shiv Parekh, Founder & CEO, hBits, and Raj Shah, Co-Founder, Invest in Pre-Leased discussed differentiators between SM REITs and mainstream REITs, the sectors showing the most promise, and key concerns for investors as the market evolves.

The event was supported by Embassy REIT, Trilegal, S&R Associates, Anarock, hBits and Invest in Preleased.