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From Bricks to Blocks: Bombay Chamber Explores the Future of Real Estate Investments through REITs: Asset Tokenisation Conclave 2025

Mumbai, June 25, 2025 – The Bombay Chamber of Commerce and Industry hosted the REITS – Asset Tokenisation Conclave 2025: From Bricks to Blocks at ITC Grand Central, Mumbai, bringing together senior regulators, policy influencers, industry pioneers, and legal experts to discuss the shifting contours of real estate investment in India. As the sector moves towards greater digitisation, accessibility, and transparency, the Conclave served as a timely platform to spotlight how fractional ownership and tokenisation are reshaping the real estate investment landscape.

The event began with a welcome address by Sandeep Khosla, Director General of the Bombay Chamber, who underscored the Chamber’s role in taking forward critical conversations that influence industry thinking and regulatory evolution. He emphasised that the Chamber remains committed to being a forum that not only reflects business sentiment but also actively steers emerging discussions—especially those at the intersection of innovation, finance, and policy.

Setting the thematic foundation, Sanjay Dutt, Director at Bombay Chamber and MD & CEO of Tata Housing Development Company, traced the arc of India’s real estate sector from a modest 750 million square feet of office space in 2000 to its projected expansion to 1.3 billion square feet in the next few years. He called attention to the sector’s growing complexity and promise, with emerging segments such as data centers, logistics, warehousing, co-working spaces, and senior living. He described the sector as “a supernova”—brilliant and explosive in its growth—and highlighted how new investment tools like REITs, SM REITs, and tokenisation are unlocking access to a broader investor base and building a new category of mid-ticket capital.

In his keynote address, G.N. Bajpai, Former Chairman of LIC and SEBI, examined the global financial environment and its implications for Indian investors. Speaking to a room filled with institutional stakeholders, millennials, and professionals, he emphasised that in today’s inflation-prone and uncertain world, democratising investment through technology is no longer aspirational but essential. He argued that tokenisation, backed by strong regulatory support, has the power to transform real estate into an accessible and liquid asset class for the common investor—not just the ultra-wealthy.

Shri Pramod Rao, Executive Director at SEBI, delivered a special address focusing on the regulatory view of fractional ownership and tokenisation. He offered a nuanced distinction between regulated products like REITs and unregulated financial innovations like tokenised real estate. Highlighting SEBI’s openness to learning from sandbox approaches and pilot projects, he called for thoughtful differentiation between these instruments and urged industry players to prioritise investor protection. He also pointed to the significant monetisation potential in government and municipal assets and shared his optimism on how technology and regulatory engagement could bridge investment gaps.

The first panel, moderated by Neil Borate, Deputy Editor of LiveMint, brought together Shiv Parekh,  Founder & CEO, hBits, Vivek Mimani, Partner- Investment Funds Practice Group, Khaitan & Co; and Saurabh Rathi, Managing Director & Co-Head of Real Estate, Motilal Oswal, to explore the current state and future potential of fractional ownership and SM REITs. The discussion delved into key market triggers—from faster licensing and simplified processes to investor education and institutional viability. The panellists also addressed the importance of platform credibility, noting that investor confidence will grow when there are clear skin-in-the-game mechanisms and greater governance frameworks.

The second panel, moderated by Jyoti Tandon, Compliance Consultant and Co-Founder of FinCrimeExpert, featured Manish Kumar, Co- Founder & CEO, RealX; Anand Narayanan, Co- Founder & CEO, Alt DRX; Prasanth Kalangi, Founder & CEO, Zoniqx, and Anil Choudhary, Partner, Finsec Law Advisors. This panel navigated the layered dimensions of real estate tokenisation—touching upon the technology stack, financial implications, and legal frameworks. The panelists shared insights into how smart contracts, cybersecurity, and interoperable platforms are foundational to scaling tokenisation. 

As the event drew to a close, Sandeep Khosla delivered the vote of thanks, reiterating the Bombay Chamber’s commitment to providing a platform for forward-looking, inclusive, and solutions-oriented engagement at the intersection of industry, innovation, and regulation.

CEO NITI Aayog B.V.R Subrahmanyam delivers impactful message at Bombay Chamber’s
189th AGM; Rajiv Anand takes over as Chamber president

Mumbai, June 25, 2025: The Bombay Chamber of Commerce and Industry held its 189th Annual General Meeting in Mumbai, bringing together eminent business leaders, policymakers, and members of the Chamber for an evening of reflection, renewal, and forward-looking dialogue. Rajiv Anand, Deputy Managing Director, Axis Bank took over as the Bombay Chamber President while Sudhanshu Vats, Managing Director, Pidilite Industries, became Sr Vice President of the Chamber.

In his keynote address, B.V.R. Subrahmanyam, CEO of NITI Aayog, delivered an inspiring vision for India future, highlighting the nation remarkable transformation since independence. “In 1947, many doubted India’s ability to survive – today we have emerged as a potential economic powerhouse, projected to become the third-largest economy by 2027.”

Subrahmanyam emphasised the critical role of the Bombay Chamber in driving India growth, highlighting Mumbai potential as a global economic hub. While taking note of the vision shared by the incoming president, he appreciated the Chamber efforts and stressed on the need to frequently engage with the government to implement Mumbai’s economic plan, focus on micro, small and medium enterprises (MSMEs), and drive innovation and sustainability. Additionally, the Chamber should leverage Mumbai position as a hub of industry, finance, and talent to drive India leadership in frontier technologies like artificial intelligence (AI), quantum computing, and biotechnology.

The AGM started with Pinky Mehta, outgoing President Bombay Chamber and Director, Aditya Birla Sun Life Insurance Co Ltd. & CFO, Aditya Birla Capital Ltd. welcoming the members and sharing her reflections on the Chamber’s impactful journey over the past year. Under her leadership, the Chamber championed four key pillars—Digitalisation, ESG & Sustainability, Ease of Doing Business, and Diversity, Equity & Inclusion—hosting over 100 knowledge-led events that advanced innovation, sustainability, and inclusive growth. She highlighted global engagements such as the Indian delegation to Cyprus during Prime Minister Narendra Modi’s visit to the country, thought leadership at the International Agri Hackathon, the third edition of the Chamber’s DEI Forum and Awards, and dialogues with diplomats and regulators. She also reaffirmed the Chamber’s digital and green commitments through initiatives like the CSR in the Digital Era Conclave, the Green Growth Forum, and the Smart City Leaders’ Conclave.

Following this, Rajiv Anand, President Designate, Bombay Chamber and Deputy Managing Director, Axis Bank, shared his vision for the year ahead under the theme ‘Shaping the Future: Innovation, Inclusion, Impact.’ He outlined five strategic priorities for 2025–26: catalysing sustainable economic growth, driving technology and innovation through the launch of a Centre for Emerging Technologies, empowering human capital with a focus on women and youth  deepening public–private partnerships, and modernising the Chamber for the next generation. He stressed the Chamber’s mission to align closely with national priorities such as Atmanirbhar Bharat and Viksit Bharat@2047, and work in tandem with NITI Aayog on entrepreneurship, energy transition, and inclusive development.

In his keynote address, the NITI Aayog CEO also spoke about India ambitious goal to become a developed nation by 2047, with a targeted gross domestic product (GDP) of $30 trillion and a per capita income of $14,000. He said that this transformation isn’t just an economic target, but a national movement that requires participation from every citizen. He also stressed on India’s rise as a friendly, non-threatening power with relevance for developing regions worldwide.

Subrahmanyam shared critical viewpoints focusing on several strategic areas. He spoke extensively on human capital development covering aspects like leveraging India demographic dividend (median age of 29), expanding higher education to 9 crore students, increasing women workforce participation and comprehensive skilling programs.

On the economic transformation front he spoke about expanding manufacturing from half a trillion to $8-10 trillion, becoming a global services hub, developing agriculture beyond traditional cereal crops and creating global-standard financial and banking systems.

Urban development, Subrahmanyam said, needs special focus wherein cities have to be prepared to accommodate 50% of population by 2047, creation of economic growth hubs and developing comprehensive urban infrastructure.

Subrahmanyam called for business and industry leaders to be agents of change, working together to achieve a bold and inclusive vision for India’s future.

The evening also saw the launch of the “Dispute Resolution @ Bombay Chamber” website, an initiative focused on mediation as a structured and efficient tool for resolving commercial disputes. The launch was presented by Ashok Barat, Past President, Bombay Chamber and Mentor, Dispute Resolution @ Bombay Chamber & Director, Bata India, who emphasised the need for industry-led mechanisms to ease legal burdens and promote amicable solutions.

Concluding the evening, Sudhanshu Vats, Sr Vice President Designate, Bombay Chamber and Managing Director, Pidilite Industries, delivered the vote of thanks, expressing gratitude to the speakers, members, and stakeholders for their continued support and commitment. He reiterated the Chamber’s vision to serve as a forward-thinking, solutions-oriented platform for business leadership and policy engagement, dedicated to building an inclusive and prosperous future for Mumbai and India.

Corporate reorganisations take centre stage at Bombay Chamber seminar

Mumbai: The Bombay Chamber of Commerce and Industry, through its Direct Tax Committee, hosted a seminar on Recent Trends in Corporate Reorganisation, offering a comprehensive platform for dialogue and insight into evolving approaches to tax and corporate structuring.

The seminar featured two focused panel discussions — Strategic value unlocking and promoter shareholding realignment, and IPO and upside sharing — both moderated by Ravikant P Kamath, Chairperson of the Direct Tax Committee, Bombay Chamber and Partner at Ernst & Young LLP.

Expert speakers shared perspectives on key aspects of corporate reorganisation, including strategic value unlocking, realignment of promoter shareholding, upside sharing mechanisms, and fast-track mergers and demergers. Case studies based on recent trends offered attendees practical frameworks to navigate increasingly complex reorganisation scenarios.

In the first session, Navin Jain, Taxation Director – South Asia, Hindustan Unilever Ltd; K Mahesh, Vice President & Group Head – M&A and Divestments, Larsen & Toubro Ltd, and Archit M Shah, Tax Partner, EY India, shared their experiences on aligning reorganisation strategies with long-term business goals. Discussions focused on tax implications and value creation arising from promoter realignments and transaction structuring.

The second session, centered on initial public offerings and upside sharing, featured insights from Veenit Surana, FAAS Partner at EY India, Amish Dedhia, Principal at Chiratae Ventures, Tejas Mody, Tax Partner at EY India and Nikhil Naredi, Partner at Shardul Amarchand Mangaldas, and moderator Kamath. Their commentary addressed the shifting deal landscape — from private transactions to public offerings — alongside complexities such as lock-in restrictions and withholding tax during offer for sale (OFS) events.

Additional themes covered included advance tax obligations, cost of acquisition, accounting and disclosure frameworks, tax treaty compliance, evolving tax insurance practices, and valuation methodologies within earn-out structures and cross-border mergers or demergers.

The interactive format allowed participants to engage with EY M&A Tax Partners, who provided hands-on guidance for navigating structuring challenges across sectors. The seminar underscored the importance of multidisciplinary collaboration and regulatory clarity in executing successful reorganisations.

(Write to us at editorial@bombaychamber.com)

Roundtable Discussion on “Future of Insurance Distribution in India – Innovation, Access, and Accountability”

The Bombay Chamber of Commerce & Industry successfully hosted a high-level roundtable discussion on the Future of Insurance Distribution in India – Innovation, Access, and Accountability on June 19, 2025. The closed-door event brought together senior leaders, policy influencers, and stakeholders from the insurance ecosystem to deliberate on emerging trends and regulatory shifts shaping the distribution landscape.

Shri. Satyajit Tripathy, Member – Distribution, IRDAI, was the Chief Guest for the Roundtable Discussion. His insightful address set the tone for a meaningful exchange of ideas and perspectives around digital innovation, distribution accessibility, and the evolving accountability frameworks within the sector.

The session was inaugurated by Sandeep Khosla, Director General, Bombay Chamber, followed by an introductory overview by Ravi Reddy, Executive Director, Beacon Insurance Brokers Pvt. Ltd. & Member, BFSI Committee, Bombay Chamber.

The highlight of the event was a strategic dialogue with Shri. Tripathy, where participants explored collaborative approaches to navigate regulatory challenges and futureproof distribution strategies in a rapidly digitizing environment.

The event concluded with a vote of thanks by Sandeep Khosla, Director General, Bombay Chamber, followed by lunch and informal networking.

Empowering India’s Growth Engines: Bombay Chamber’s MSME Conclave Spotlights Jobs, Finance & Global Trade

“MSMEs are not just the backbone of Maharashtra’s economy—they are its growth engines, its job creators, and its promise for the future,” said Hon’ble Shri Uday Samant, Cabinet Minister, Ministry of Industries, Government of Maharashtra, during his special address at the Bombay Chamber of Commerce and Industry’s MSME Conclave 2025 – 1.0, held on June 18 at the Taj Santacruz in Mumbai.

Themed “New Business Opportunities for MSMEs,” the conclave brought together a distinguished gathering of policymakers, industry leaders, diplomats, and financial experts to chart new pathways for the growth and global integration of India’s MSMEs. A key highlight of the day was the unveiling of the Bombay Chamber’s new survey report titled “MSME Workforce Insights 2025.” The report was launched jointly by Sandeep Khosla, Director General of the Bombay Chamber; Pinky Mehta, President of the Bombay Chamber and CFO of Aditya Birla Capital Ltd; Shri Uday Samant; Rajan Raje, Chairperson of the MSME Forum; and R. Srinivasan, Co-Chairperson of the MSME Forum. The insights from the survey formed the foundation of Shri Samant’s address, shaping the context for several key announcements.

Based on inputs from over 100 MSMEs across the Mumbai Metropolitan Region, the report revealed pressing employment-related challenges in the sector. It found that MSMEs currently require 55,000 skilled workers, with the majority of demand for fitters, electricians, and welders. At the same time, unemployment remains high, particularly in the technology and creative sectors, where skill mismatches persist. The survey also highlighted that MSMEs prefer hiring candidates who have completed 12th grade, and that most recruitment happens informally, through personal networks. With 41 percent of Maharashtra’s MSMEs located in the MMR, the findings underscored the urgent need for targeted job creation strategies and formalised skilling pathways.

Building on this, Shri Samant announced that the MSME sector in the MMR alone has the potential to create 80,000 jobs. He emphasised the state government’s commitment to supporting this vision through a series of robust initiatives. These include the allocation of ₹300 crore towards MSME development, the establishment of Smart MSME Hubs across all 36 districts with 20 percent land reserved exclusively for MSMEs, and the development of dedicated industrial clusters. Among the new developments are a tribal business cluster on 75 acres in Nashik, a pital metal cluster in Chandrapur, a mega textile hub in Amravati, and a women-led business cluster to encourage female entrepreneurship. The Minister also announced plans to assign chemical labs to MSMEs for product testing and quality certification.

Citing the transformation of Gadchiroli from a naxalite-affected region to an emerging industrial township, Shri Samant described the far-reaching impact of government-industry collaboration. He referenced upcoming infrastructure projects such as Wadhwan Port and the Chhatrapati Sambhaji Nagar Industrial Corridor as major catalysts for MSME growth. He called on businesses to work alongside the government to ensure that benefits reach the grassroots, noting that ₹9,500 crore in incentives have already been disbursed in the last three years, with MSMEs receiving top priority.

In her welcome address, Mehta reflected on the Bombay Chamber’s 189-year legacy of supporting India’s industrial and economic progress. Srinivasan set the tone for the conclave by emphasising the importance of preparing MSMEs for global supply chains and export readiness.

A high-impact session on Trade Finance and Factoring featured presentations by Ranveer Singh, MLP Head for Mumbai South at Union Bank of India; Manish Sinha, CEO of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE); Harish G. Aldangadi, General Manager of Retail Credit and Retail SME Processing at SVC Co-Operative Bank and Arun Gopal, Assistant General Manager, along with Tania Das, Senior Manager at Bank of Baroda. These sessions explored practical financing solutions aimed at improving liquidity, supporting working capital, and scaling exports for MSMEs.

This was followed by a session on digitisation opportunities for MSMEs, led by Harish Narayanan, Chief Marketing and Digital Officer at HDFC Asset Management Company and Hareesh Tibrewala, CEO of Anhad Consultancy Services. The speakers discussed how digital tools and platforms can transform operational efficiency, customer outreach, and competitiveness for small and medium enterprises.

K. Ramesh, General Manager at New India Assurance delivered a presentation on comprehensive insurance solutions tailored to MSMEs under the Bima Sathi initiative, while Durgesh Srivastava, Vice President for Forex Settlement at CCIL, spoke on building secure, transparent, and efficient forex infrastructure for exporters.

The final segment of the conclave was a session on bilateral trade opportunities, featuring the diplomatic community. H.E. Mr. Gustavo González Zbinden, Consul General of Chile in Mumbai; Mary Overington, Trade and Investment Commissioner – South Asia at the Australian Trade and Investment Commission (Austrade); Tibor Kovács, Trade Attaché at the Consulate General of Hungary in Mumbai; and Eva Verstraelen, Trade and Investment Commissioner for Flanders (FIT) in Mumbai, each presented opportunities for MSMEs in their respective regions. The session explored areas such as sourcing, market representation, joint ventures, and strategic collaboration.

The event concluded with closing remarks and a vote of thanks by Rajan Raje, who reiterated the Bombay Chamber’s commitment to enabling access, information, and institutional support for MSMEs. He expressed confidence that the deliberations and insights shared during the conclave, especially those drawn from the Chamber’s survey, would spark actionable partnerships and policy alignment across Maharashtra and beyond.

Bombay Chamber DEI Awards 2025 winners announced; DEI Forum drives
dialogue on inclusive growth in Corporate India

The Bombay Chamber of Commerce and Industry successfully hosted the third edition of its flagship DEI Forum & Awards 2025 on June 18, 2025, in Mumbai, reinforcing its continued commitment to fostering a culture of diversity, equity, and inclusion within corporate India. The winners of the awards were announced at a glittering ceremony at the Taj Santacruz Mumbai. The awards ceremony, which recognised outstanding contributions to DEI across six categories, was underpinned by a transparent and unbiased evaluation process.The event brought together prominent industry leaders, DEI champions, and stakeholders for an engaging and reflective evening focused on inclusive growth and transformative practices.

In her Welcome Address, Pinky Mehta, President, Bombay Chamber and CFO, Aditya Birla Capital said, “As we stand in 2025, India finds itself at a pivotal juncture, where the ideals of inclusivity are not just aspirational but are actively shaping our institutions, workplaces, and communities. It is time now to operationalise DEI beyond policy and poster walls — embedding it into every function, decision and layer of leadership.”

One of the evening’s most engaging moments was a Fireside Chat on the theme “Inclusive Leadership: What Does It Really Look Like?” The panel featured four powerhouse leaders Arundhati Bhattacharya, President and CEO of Salesforce South Asia; Dr. Indu Shahani, Founding President and Chancellor of ATLAS SkillTech University; and Mansi Madan Tripathy, Chairperson of the Shell Group of Companies in India and Senior Vice President of Shell Lubricants, APAC and moderator Meenakshi Priyam, Chair, D&I Committee, Bombay Chamber and Sr VP & HR Head – Automotive Sector, Mahindra & Mahindra.

Welcoming delegates to the Bombay Chamber DEI Forum which was held prior to the Awards, Sandeep Khosla, Director General, Bombay Chamber focused on the Chamber’s rich 189 year history and how it is helping build bridges across industry.
Setting the theme for the Forum, Nikhil Kolur, Partner, Human Capital, Deloitte, said, “Inclusion isn’t policy, it’s muscle memory. Built in small moments, until it becomes who we are.” He spoke about how DEI spends in India’s corporate world have increased by 70%, but that is just 18% of the workspace.

A key segment of the Forum, titled “The Exchange – Part 1,” featured former DEI Award winners – Shell India, Tata Communications and NICHEM Solutions, who shared candid insights into their DEI journeys, outlining both achievements and ongoing challenges in creating inclusive workplaces. The presentations were followed by a participatory group activity where attendees discussed the core enablers of DEI success and the barriers that continue to persist.

The Forum also celebrated the participants of the Chamber’s Mentoring for Enrichment Program 2025, with certificates awarded to both mentors and mentees in recognition of their dedication to fostering inclusive leadership development.
Later in the evening, attendees experienced “Portraits of Progress”, an immersive DEI Gallery Walk that offered reflective installations, storytelling exhibits, and interactive displays designed to prompt dialogue on the evolving nature of work through a DEI lens.

In the session titled “The Exchange – Part 2,” participants came together once more to share their insights from the Gallery Walk and earlier discussions, culminating in the identification of one actionable idea to take back to their own organisations. This session also encouraged peer commitments for continued collaboration and knowledge exchange, ensuring that the day’s conversations would translate into tangible action.

Closing the Forum, Meenakshi Priyam, Chair of the Chamber’s D&I Committee and Head of HR – Automotive Sector, Mahindra & Mahindra, offered a powerful reflection: “One of our goals with the DEI Committee was to celebrate progress while also tapping into the collective energy of those driving change. We aimed to create a space where people passionate about DEI could connect and collaborate. Today, we need to reframe the conversation — this isn’t about the cost of DEI, but about the value of inclusive opportunity. While attention to DEI is waning in many parts of the world, Indian corporations are stepping up. Still, challenges remain — especially for MSMEs, who struggle with the resources to implement initiatives like extended maternity leave. We’re trying to build a community of committed individuals who will keep the conversation alive and move the needle in the right direction, because inclusive leadership is not a choice, it’s a necessity.”

The winners of the Bombay Chamber DEI Awards 2025 across the categories were:

Disability Confidence & Inclusion Award
Winner: Capgemini Technology Services India Limited
1st Runner up: Godrej Capital
2nd Runner up: Future Generali India Insurance Company Limited

LGBTQIA+ Inclusion Award
Winner: Godrej Properties Limited
1st Runner up: Deutsche Bank Group
1st Runner up: Axis Bank
Special Mention: Asian Paints Limited

Gender Equality Champion Award
Winner: Novo Nordisk India Pvt. Ltd.
1st Runner up: Godrej Properties Limited
2nd Runner up: Nestlé India Limited
Special Mention: GIA India Laboratory Pvt Ltd.

Impactful DEI Program Award
Winner: InterGlobe Aviation Limited (IndiGo)
1st Runner up: HDFC ERGO General Insurance Company Limited
2nd Runner up: Capgemini Technology Services India Limited

Special Award for MSME
Winner: HAB Pharmaceutical & Research Ltd.
1st Runner up: Harkesh Rubber LLP

DEI Champion Award
Winner: Godrej Properties Limited
1st Runner up: Capgemini Technology Services India Limited
2nd Runner up: HDFC Life Insurance Company Limited
2nd Runner up: Indian Hotels Company Limited

Union Commerce and Industry Minister Shri Piyush Goyal Advances India–Sweden Collaboration Through Comprehensive Government and Industry Dialogues

Union Minister of Commerce and Industry, Shri Piyush Goyal held a series of substantive engagements with senior members of the Swedish government and industry leaders on day one of his two-day official visit to Stockholm. The visit aimed at further deepening the bilateral economic relationship, enhancing trade and investment flows, and exploring new avenues of cooperation in emerging sectors.

In his official interactions, Shri Goyal met with H.E. Mr. Benjamin Dousa, Minister for International Development Cooperation and Foreign Trade, and H.E. Mr. Håkan Jevrell, State Secretary for Foreign Trade. Discussions focused on expanding the scope of India–Sweden trade and investment partnership, facilitating sustainable industrial collaboration, and identifying key areas for technology and innovation-driven growth.

The 21st session of the India–Sweden Joint Commission for Economic, Industrial and Scientific Cooperation was held during the visit. The session was co-chaired by H.E. Mr. Håkan Jevrell, State Secretary for Foreign Trade, Joint Secretary from the Department for Promotion of Industry and Internal Trade (DPIIT), Shri Sanjiv and Joint Secretary from the Department of Commerce, Shri Saket Kumar,. The agenda included strategic cooperation in innovation and research and a roundtable discussion on strengthening the India–Sweden economic partnership. The meeting witnessed participation from key Swedish institutions including LeadIT, Vinnova, the Swedish Energy Agency, the Swedish National Space Agency, the National Board of Trade, the Swedish Export Credit Agency, Business Sweden, and the Swedish Chamber of Commerce in India. Both sides underscored their shared commitment to advancing joint projects in green transition, advanced technologies, and resilient supply chains.

Shri Goyal also addressed the India–Sweden Business Leaders’ Roundtable, where he interacted with key members of Swedish industry. He invited companies to enhance their footprint in India by taking advantage of the country’s enabling regulatory environment, growing consumer base, skilled talent pool, and well-developed industrial infrastructure. The Roundtable served as a platform for strengthening private-sector collaboration in clean energy, smart manufacturing, mobility, life sciences, and digital technologies.

The Minister participated in the India–Sweden High-Level Trade and Investment Policy Forum at the Confederation of Swedish Enterprise. The Forum brought together business leaders and policy-makers from both sides to discuss the evolving trade architecture and opportunities under the proposed India–EU Free Trade Agreement. Presentations were made by CII and the Confederation of Swedish Enterprise. CEOs from leading companies shared their views on enhancing value-chain partnerships, technology transfers, and investment facilitation.

A number of one-on-one meetings were held with Swedish companies from sectors such as automation, renewable energy, sustainable food systems, maritime technology, and advanced materials. Several companies conveyed strong confidence in the Indian economy and expressed intent to scale their presence through new investments, capacity expansion, and deeper localisation. Areas of support discussed included facilitation in land access, skilling partnerships, and fast-track clearances.

The Embassy of India and the Sweden–India Business Council co-hosted a Roundtable Reception in the evening with business stakeholders, thought leaders, and government representatives. Shri Goyal reiterated India’s vision of becoming a global manufacturing and innovation hub and called for sustained partnership with Sweden in critical sectors such as green technologies, innovation-led growth, and digital public infrastructure.
The engagements in Stockholm reflect the continued momentum in the India–Sweden strategic partnership and reaffirm the shared ambition to collaborate on high-impact, future-oriented initiatives.

Maharashtra to transform farming with Rs 300 crore ‘Clean Plant’ projects guaranteeing disease-free crops

Union Minister for Agriculture and Farmers Welfare, Shri. Shivraj Singh Chouhan speaking at India’s first International Agri Hackathon in Pune. Image Courtesy: Press Information Bureau – pib.gov.in.

Mumbai: Maharashtra is set to witness a significant advancement in its horticulture sector with the launch of the Central Government’s ‘Clean Plant’ programme, an initiative designed to ensure disease-free cultivation and enhance agricultural productivity.

“In all 9 ‘Clean Plant’ projects will be started across the country, out of which three projects will be set up in Maharashtra,” said Union Minister for Agriculture and Farmers Welfare, Shri Shivraj Singh Chouhan. He also reaffirmed the Government’s commitment to strengthening India’s agricultural foundations and ensuring its global competitiveness.

Announced during the concluding session of India’s first International Agri Hackathon in Pune, the programme aims to transform the availability and quality of plants for farmers through advanced technology and strategic global partnerships.

With a total investment of Rs 300 crore, the three specialised ‘Clean Plant’ projects to be established in Maharashtra will come up in Pune for grapes, Nagpur for oranges, and Solapur for pomegranates. These centres will provide disease-free plants to farmers, addressing one of the most pressing concerns in horticulture.

Complementing these efforts, modern nurseries will also be established, offering technology-driven support to agricultural stakeholders. Large nurseries will receive Rs 3 crore in funding, while medium-sized ones will be allocated Rs 1.5 crore, with a target of supplying eight crore disease-free seedlings annually.

Shri Chouhan emphasised Maharashtra’s pivotal role in shaping India’s horticultural landscape, lauding its record production of grapes, pomegranates, oranges, chickpeas, and various vegetables. He expressed confidence that the state’s horticulture industry will soon compete on an international scale. He also highlighted that global expertise, including collaboration with Israel and the Netherlands, would be leveraged to implement the programme effectively.

Chief Minister of Maharashtra, Shri Devendra Fadnavis, underscored the need to integrate modern technology into agriculture, citing climate change-induced challenges. He stressed that initiatives such as the Pune Agri Hackathon will be instrumental in incubating viable solutions that can be directly transferred to farmers, ultimately boosting productivity.

The Union Minister further reiterated that a developed India hinges on prosperous farmers and a robust agricultural framework. He announced a concerted effort to bridge the gap between scientific research and its application, through the ‘Lab to Land’ programme. As part of this initiative, sixteen thousand scientists will collaborate directly with farmers to enhance yield, reduce costs, and optimise market linkages.

The event also recognised and awarded outstanding contributions from startups, agri-innovators, and enterprising farmers across several categories, including Artificial Intelligence in Agriculture, Soil and Irrigation Management, and Post-Harvest Technologies. As Maharashtra embarks on this transformative journey, the Clean Plant programme stands as a testament to the Government’s dedication to agricultural excellence and food security.

(Write to us at editorial@bombaychamber.com)

NITI Aayog unveils strategic roadmap to unlock the potential of medium enterprises

Mumbai: NITI Aayog in a recent report titled ‘Designing a Policy for Medium Enterprises’ outlined a strategic roadmap to harness the untapped potential of medium-sized businesses as key drivers of India’s economic growth. The report, launched by Shri Suman Bery, Vice Chairman of NITI Aayog, in the presence of Dr. V.K. Saraswat and Dr. Arvind Virmani, Members of NITI Aayog, underscores the significant yet underutilised role of medium enterprises in the country’s industrial landscape.

Despite contributing nearly 40% of micro, small and medium enterprises (MSME) exports, medium enterprises form only 0.3% of the registered MSME sector, which itself accounts for approximately 29% of India’s gross domestic product (GDP), 40% of exports, and more than 60% of employment. This structural imbalance, where 97% of MSMEs are micro enterprises and only 2.7% are small enterprises, has limited the ability of medium-sized businesses to scale, innovate, and compete globally.

The report identifies several critical challenges hindering the growth of medium enterprises, including restricted access to customised financial products, limited technological adoption, insufficient research and development (R&D) support, inadequate sector-specific testing infrastructure, and misalignment between training programmes and business needs. To overcome these barriers, NITI Aayog has proposed a comprehensive policy framework focusing on six priority areas.

Among its key recommendations is the introduction of tailored financial solutions, including a working capital financing scheme linked to enterprise turnover, a ₹5 crore credit card facility at market rates, and streamlined fund disbursal mechanisms through retail banks. Technology integration is also emphasised, with plans to upgrade existing Technology Centers into India SME 4.0 Competence Centers designed to accelerate the adoption of advanced industrial solutions. The report further calls for the establishment of a dedicated R&D cell within the Ministry of MSME, leveraging the Self-Reliant India Fund for cluster-based projects of national importance.

In addition, the framework advocates for the creation of sector-focused testing and certification facilities to ease compliance burdens and improve product quality. Recognising the need for specialised skill development, the report recommends aligning training programmes with enterprise-specific requirements and incorporating medium enterprise-centric modules into Entrepreneurship and Skill Development Programmes (ESDPs). To enhance accessibility, a dedicated sub-portal within the Udyam platform is proposed, offering scheme discovery tools, compliance guidance, and artificial intelligence-driven assistance.

NITI Aayog stresses that empowering medium enterprises through inclusive policy design and collaborative governance is essential to unlocking their full potential. With strategic interventions across finance, technology, infrastructure, skilling, and digital access, medium enterprises are poised to emerge as vital engines of innovation, employment generation, and export growth. This transformation is crucial for India’s long-term industrial competitiveness and aligns with the broader vision of Viksit Bharat @2047.

Key Highlights

• Medium enterprises are the future large enterprises and the drivers of Viksit Bharat @2047
• The MSME sector contributes 29% to India’s GDP and employs over 60% of the workforce
• Medium enterprises, though only 0.3% of MSMEs, contribute 40% of MSME exports, showcasing immense untapped potential
• Focus on tailored financial tools, Technology Integration and Industry 4.0, Cluster-Based Testing Facilities, R&D, Skill Development, and a Centralised Digital Portal

(Write to us at editorial@bombaychamber.com)

47 New National Waterways (NWs) to be operational by 2027; Cargo volume to rise up to 156 MTPA by 2026”: Sarbananda Sonowal

Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal, today chaired a meeting of the Consultative Committee on Inland Waterways Transport in Mumbai, where it was revealed that 76 waterways are targeted to be made operational by 2027, with cargo volume expected to surge by 156 million tonnes per annum (MTPA) by end of FY 2026. The Inland Waterways Authority of India (IWAI), the nodal agency under the Ministry, presented a comprehensive review of major projects, future projections, and the roadmap ahead. Members of Parliament attending the meeting acknowledged and appreciated the progress made and supported increased budgetary allocations to boost the sector’s growth.

The footprint of inland water transport is expected to expand significantly—from 11 states in FY 2024 to 23 states and 4 Union Territories by FY 2027. To support this growth, projects worth ₹1,400 crore were launched or announced during the Inland Waterways Development Council (IWDC) meeting held on January 10, 2025. Additionally, the Inland Waterways Authority of India (IWAI) is conducting 10,000 km of longitudinal survey each month to assess Least Available Depth (LAD) for improved navigability. Cargo Volume is likely to make an incremental growth up to 156 MTPA by March, 2026 inching closer towards the Maritime India Vision 2030 target of 200 MTPA.

Speaking on the occasion, the Union Minister Shri Sarbananda Sonowal said, “Inland waterways are emerging as the watershed moment in India’s logistics and transport ecosystem. Under the visionary leadership of Prime Minister Narendra Modi ji, we are witnessing a transformational shift with policy interventions like the National Waterways Act, 2016, the Inland Vessels Act, 2021 and supplemented by multiple programmes like Jal Marg Vikas Project, Arth Ganga, Jalvahak scheme, Jal Samriddhi scheme, Jalyan & Navic among others. Through Maritime India Vision 2030 and the Maritime Amrit Kaal Vision 2047. These roadmaps are not just policy documents—they are catalysts driving India toward becoming a global maritime powerhouse. Today’s meeting with esteemed Members of Parliament reflects a unified commitment to boost infrastructure and unlock the immense economic potential of our rivers and coasts. With enhanced budgetary support and cooperative federalism, we are building a greener, more efficient, and future-ready waterway network across the country.”

The Regional Waterways Grid aims to boost economic activity by ensuring seamless vessel movement from Varanasi to Dibrugarh, Karimganj, and Badarpur via the IBP route, creating a 4,067 km economic corridor. A traffic study and DPR for renovating the Jangipur navigation lock are underway. The project’s cargo potential is estimated at 32.2 MMTPA by 2033.

On NW 1 (Ganga), a dedicated waterway corridor spanning 1,390 km is being developed to enable seamless movement of vessels, enhancing the efficiency of inland transport. As part of this initiative, capacity augmentation of NW-1 is underway to support the navigation of 1,500–2,000 DWT vessels, alongside the creation of key cargo handling facilities at Varanasi (MMT), Kalughat (IMT), Sahibganj (MMT), and Haldia (MMT).

Inland Waterways has major projects in the Northeast. A ₹5,000 crore roadmap is planned over the next five years. On NW-2 (Brahmaputra), four permanent terminals—Dhubri, Jogighopa, Pandu, and Bogibeel—and 13 floating terminals are supported by fairway and navigation upgrades. A ₹208 crore ship repair facility at Pandu and a ₹180 crore alternative road are set for completion by 2026 and 2025, respectively. On NW-16 (Barak), terminals at Karimganj and Badarpur are active, while NW-31 (Dhansiri) is being developed to support NRL’s expansion.

Adding further, Shri Sarbananda Sonowal said, “In line with the Harit Nauka Guidelines, the Inland Waterways Authority is committed to green and sustainable transport solutions, including the procurement of electric catamarans and hydrogen fuel cell-powered vessels. By strengthening urban water transport through water metro projects and promoting eco-friendly cruise tourism, we are paving the way for a cleaner, greener future in inland waterways transportation. The Regional Waterways Grid aims to seamlessly connect Assam and the Northeast with the rest of India through an integrated network of inland waterways. This will boost regional trade, tourism, and connectivity while unlocking economic potential across the Brahmaputra and Barak River systems. Government is also working on a ₹5,000 crore roadmap for Inland Waterways Development in Northeast Over Next 5 Years.”

The committee also reviewed the ongoing works on NW -1 (river Ganga), NW 2 (Brahmaputra) among other states like Odisha, Jammu & Kashmir, Goa, Kerala, Maharashtra, Andhra Pradesh, Gujarat, Madhya Pradesh, Karnataka, and Tamil Nadu.
India’s river cruise tourism is witnessing robust growth, with 15 river cruise circuits now operational across 13 National Waterways (NWs) spanning nine states. The number of NWs supporting river cruises has risen from just three in 2013-14 to 13 in 2024-25, while luxury river cruise vessels have increased significantly from three to 25 during the same period. To further boost inland water-based tourism, 51 additional cruise circuits have been identified on 47 NWs for development by 2027. Three World class river cruise terminals are also planned, with construction underway at Kolkata. Feasibility studies for terminals at Varanasi and Guwahati are being conducted by IIT Madras, while four more terminals at Silghat, Bishwanath Ghat, Neamati, and Guijan are set to be developed by 2027.

Speaking on the occasion, Minister of State for Ports, Shipping and Waterways, Shri Shantanu Thakur said, “Special efforts are underway to advance river cruise tourism across India by developing modern cruise terminals and related infrastructure. Through strategic partnerships and MoUs with private enterprises, we are boosting luxury river cruises on the Ganga and Brahmaputra, while also expanding cruise tourism on the Yamuna, Narmada, and key rivers in Jammu & Kashmir. These initiatives not only promote tourism but also contribute to sustainable economic growth in the regions we serve.”

The Consultative Committee meeting was chaired by the Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal while Minister of State for Ports, Shipping & Waterways, Shri Shantanu Thakur was also present. The meeting was attended by Shatrughan Prasad Sinha, Lok Sabha MP (Asansol, West Bengal), Bibhu Prasad Tarai, Lok Sabha MP (Jagdispur, Odisha), Hibi Eden, Lok Sabha MP (Ernakulum, Kerala), M.K. Raghavan, Lok Sabha MP (Kozhikode, Kerala), Naba Charan Majhi, Lok Sabha MP (Mayurbhanj, Odisha), Abhimanyu Sethi, Lok Sabha MP (Odisha) and Seema Dwivedi (Rajya Sabha MP from Uttar Pradesh).