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Related party transaction isn’t dirty, its abuse is

Bombay Chamber, Mumbai: Related Party Transactions (RPTs) are not inherently unethical business practices. Listed entities across industries engage in legitimate business transactions while adhering to the Listing Obligations and Disclosure Requirements (LODR) prescribed by the Securities and Exchange Board of India (SEBI). However, not all companies comply with both the letter and spirit of the law, and some have been misusing or abusing RPTs to benefit certain executives, individuals, or entities connected to the promoter group.

“One listed entity, which I will not name, engaged in numerous abusive related party transactions (RPTs) at the subsidiary level. This called for scrutiny and corrective measures by SEBI. During the process, the regulator discovered that some transactions, while not involving a related party as the counterparty, ultimately aimed to benefit a related party. Consequently, SEBI introduced a purpose and effect test from April 1, 2023, in the RPT regulatory architecture, particularly for listed companies,” said Bharat Vasani, Chairperson, Legal Affairs & IPR Committee, Bombay Chamber of Commerce & Industry and Senior Advisor – Corporate Laws at Cyril Amarchand Mangaldas. Vasani was speaking at a Related Party Transaction (RPT) seminar held recently by the Bombay Chamber of Commerce & Industry in Mumbai.

In December 2024, a listed company transferred its business-to-consumer (B2C) business to its chief executive officer, who was also the promoter’s son. This was seen as a related party transaction, prioritising personal gain over shareholder interests and raising concerns about governance and transparency. Eventually, the son had to fund the new venture on his own, with the listed entity retaining a minority stake in the new B2C venture.

Legal industry experts cited another incident of gross violation of RPT regulatory architecture by a listed company (name withheld). When the regulator summoned one of the independent directors in question, the person pleaded ignorance of the Companies Act and the LODR, claiming to be just a physiotherapist of the promoter.

There have been numerous instances of gross violations in the past, including one involving one of the country’s largest airlines, which is no longer in existence. The airline had inducted a famous Bollywood lyricist as a board member who had no understanding of corporate business practices. While one might believe there is a difference between a habitual defaulter and a one-time defaulter, it is an open secret that there is none.

Corporate counsels believe that SEBI’s definition of related party transactions is very fluid and has been complicated by merging the concepts of ‘related party’ and ‘conflict of interest.’ As a result, they no longer understand the difference between the two concepts.

“Related party is not a bad term but is perceived as such. I think it’s just the conflict of interest aspect that should be dealt with carefully and hence needs to be regulated,” said Rajendra Chopra, Company Secretary/Compliance Officer at Cipla. “If you look at the entire Tata Group, their various business verticals work with other group companies, and it’s actually seen as a strength of the organisation,” he added.

Chopra pointed out that the regulator (SEBI) looks at RPTs in isolation. For example, a subsidiary was misused by IL&FS, DHFL, or other listed entities, hence the need to cover subsidiaries. The regulator needs to understand that it was not the regulation but the enforcement that was the problem in most cases.

“The regulator isn’t addressing the fundamental issue. So rather than strengthening their enforcement, they strengthen the regulation, thus laying down further regulations. Now they have introduced the purpose and effect test, thereby expanding the definition of a related party transaction,” said Chopra, adding that despite such measures, the regulator will not be able to control the fraud that can happen tomorrow.

Legal industry experts are also of the view that the LODR has not been aptly drafted. It leaves a lot of ambiguities in interpreting everything. As per a senior corporate lawyer, despite persistent requests from trade bodies, SEBI has not yet released frequently asked questions for LODR, unlike for Prohibition of Insider Trading (PIT) Regulations. “FAQs for LODR would have resolved various interpretative issues,” the lawyer said.

(Write to us at legalipr@bombaychamber.com)

MSME Conclave 2025: Unlocking Global Opportunities for India’s MSMEs

January 15, 2025

The Bombay Chamber of Commerce and Industry (BCCI) hosted the MSME Conclave 2025: Global Opportunities for MSMEs on January 15, 2025, bringing together industry experts, policymakers, and international representatives to discuss strategies for empowering micro, small, and medium enterprises (MSMEs) through global market integration and export facilitation.

Setting the theme of the event, R. Srinivasan, Co-Chairperson of the MSME Forum and Director of AIRA Consulting Private, underscored the pivotal role of MSMEs in contributing 30% to India’s GDP and 40% to its exports. He highlighted the critical need to align MSMEs with the government’s ambitious vision of Viksit Bharat by 2047, emphasising on the importance of global market integration for sustained high growth.

The conclave featured three key sessions. The session on finance for exports featured presentations by prominent financial institutions. C. S. Arya, General Manager at IDBI Bank; Shirish Mathur, Head of SME Products & Digital Platforms at Aditya Birla Finance and Dhrubashish Bhattacharya, Head of MSME & Co-Lending at Bank of Baroda, elaborated on the services their banks were offering to MSMEs. Ratul Mukhopadhyay, Business Head of SEG Assets at Axis Bank and Vikas Kumar, Chief Manager at SBI SME Sakinaka Branch also highlighted customised banking solutions for exporters.

Addressing the session on Bilateral Growth: Advancing US-India Trade & Investment Potential, Joe Yang from U.S. Commercial Service, United States Consulate, Mumbai, detailed strategies for advancing US-India trade and investment ties, emphasising the potential of MSMEs in strengthening bilateral relations.

The session on bilateral trade opportunities included engaging presentations by consular experts. H. E. Adolfo Garcia Estrada, Consul General of Mexico, Eva Nilsson, Deputy Consul General of Finland, Dina Albahey, Vice Consul of Egypt and Viraj Kulkarni, Honorary Consul of the Republic of Cyprus.

The Conclave ended with a vote of thanks by Rajan Raje, Chairperson of the MSME Forum and CEO of Nichem Solutions. The event was supported by Aditya Birla Capital Ltd, Bank Of Baroda, Ashwin Sheth Group, Axis Mutual Fund and SBI Mutual Fund.

Bombay Chamber seminar discusses recent amendments to LODR and issues
with Related Party Transaction regime

Mumbai

Corporate India has been faltering on Related Party Transaction (RPT) despite numerous amendments to the Listing Obligations and Disclosure Requirements (LODR) by the Securities and Exchange Board of India (SEBI). While the entire architecture of the LODR has been significantly revamped and tightened further over the past decade, amendments are being made continuously with the recent one being announced on December 12, 2024.

To discuss and understand these changes, the Bombay Chamber of Commerce & Industry (BCCI) held a seminar on January 15, 2025, which saw participation from corporate law professionals and legal/compliance officers from across industries.

Addressing the gathering, Bharat Vasani, Chairperson Legal Affairs & IPR Committee, Bombay Chamber of Commerce & Industry and Senior Advisor – Corporate Laws, Cyril Amarchand Mangaldas, said the corporate sector will see further tightening of LODR in 2025. “SEBI is working on this aggressively. Significant changes will be announced very soon and the reasons (for these changes) are not far to seek,” said Vasani.

While there are companies that are legally compliant with the letter of the law and spirit, there are exceptions as well, and SEBI goes by legislating for the exception. “If they (SEBI) find a very abusive RPT, they immediately try to identify the loophole being missed and corrective actions are taken. As a result, the entire regulatory architecture, after comparing it internationally with other jurisdictions, I’d say that our regime is the toughest and most comprehensive in terms of disclosures and approvals,” said Vasani adding that the regime has been tightened from April 2023 leaving no loopholes.

Experts from the legal fraternity are of the view that a significant widening of the definition of Related Party Transactions (RPTs) back in 2022, in a manner far beyond what was in Section 2(76) in the Companies Act, 2013, has at times made it very challenging for legal and compliance officials across listed entities to conduct day-to-day operations in their respective businesses. And SEBI has its reasons to do so because public money is at play and hence the need to be tightly regulated.

Highlighting the key amendments (SEBI notification, effective December 12, 2024) to the provisions concerning RPTs Geetika Anand, Joint President, Company Secretary and Compliance Officer, Hindalco Industries (Aditya Birla Group), said there are five areas primarily that need to be looked at in particular. “Specific exclusions from the definition of RPT, current/saving account approval for RPTs for remuneration and sitting fees, ratification of RPTs, omnibus approval for subsidiary’s RPTs and finally exemption from approval requirements, these are quick five major RPT amendments,” said Anand while also explaining the rationale behind each of the amendments.

This was followed by an engaging discussion between the panel members and legal industry professionals in the audience.

Majority of the queries revolved around 2024 amendments made in December 2024, particularly on the ratification of transactions by the audit committee, concerning missing approvals for transactions above Rs 1 crore and refusal by the audit committee to ratify it. Responding to the queries Rajendra Chopra, Company Secretary/Compliance Officer, Cipla, said, the provision of Section 22F regarding ratification, says that the audit committee may ratify the transaction.

Explaining further, Chopra talked about two scenarios viz. transaction being executed with approval and a second transaction is approved by the audit committee but the amount of transaction was more than what was being approved.

“Can we call both transactions as ratification or just the transaction that wasn’t approved at all, as ratification? In my opinion, as long as the transaction is approved by the audit committee but the amount has incidentally exceeded, I will not qualify that as ratification. However, if the transaction was not approved at all, I will consider that as ratification. That’s my personal view / interpretation of the scenario,” said Chopra.

On possible violations in the aforesaid scenario, Chopra said it’s not a ratification if the audit committee has already approved the transaction and the company executes it despite transaction exceeding the approved amount. “In my opinion, the transaction is already got comprehensive approval from the audit committee and it’s only the amount (just one of the components) that’s changed. So I’ll not categorise it as ratification. Having said that, the audit committee enjoys all inherent power and is free to reject the transaction and levy a penalty as per internal guidelines,” said Chopra.

In her closing remarks, Attreyi Mukherjee, Co-Chair of Legal Affairs and IPR Committee at the Bombay Chamber of Commerce and Industry and General Counsel, Tata Industries Ltd, said it was a very interactive and engaging session. “For the various nuances this subject has, especially given the recent amendments whether it was the topic of ratification or calculation of royalty payments, which I think sparked a very lively debate and deliberation,” said Mukherjee.

Banking Conclave 2025 Shines Spotlight on Role of Credit for a USD 5 Trillion Economy

January 15, 2025

The Banking Conclave 2025, organised by the Bombay Chamber, brought together industry leaders, policymakers, and experts to discuss the transformative role of credit in achieving India’s ambitious $5 trillion economy goal. The Conclave featured thought-provoking discussions, keynote addresses, and insightful panels, focusing on pressing issues in the banking and financial sectors.

In her welcome address, Pinky Mehta, President of the Bombay Chamber and CFO of Aditya Birla Capital Ltd, emphasised the importance of fostering financial literacy, developing innovative products such as green bonds and social impact bonds, and maintaining a conducive regulatory environment. “By addressing these challenges, we can ensure that credit plays a transformative role in shaping India’s economic growth. This will create a more inclusive, resilient, and sustainable economy capable of achieving the $5 trillion milestone and beyond,” she stated.

Delivering the Theme Setting note, Rajiv Anand, Senior Vice President of the Bombay Chamber and Deputy Managing Director of Axis Bank, highlighted the integral role of credit in India’s growth journey.

He stressed the need to balance financial innovation with regulatory prudence to ensure sustainable economic development. As the world grapples with geopolitical uncertainties, Anand underscored the importance of maintaining a resilient banking system capable of absorbing global shocks. He also called for a renewed focus on digitisation and financial inclusion, describing them as pivotal in democratising access to credit and fueling the aspirations of India’s burgeoning entrepreneurial ecosystem.

N. S. Vishwanathan, Former Deputy Governor of the Reserve Bank of India and current Independent Director & Non-Executive (Part-time) Chairman of Axis Bank, delivered the Keynote Address. He spoke about the critical role of regulatory frameworks and financial innovation in fostering economic growth. Discussing India’s economic trajectory, Vishwanathan noted that the GDP for FY 2024-25 is estimated at $4.27 trillion, leaving a $730 billion gap to achieve the $5 trillion milestone by 2027-28. “This journey requires more than just ambition; it demands strategic investments and a resilient financial system,” he remarked.

Vishwanathan highlighted the financial health of India’s banking sector, citing strong indicators like a 26% Capital to Risk-weighted Assets Ratio (CRAR) and a Net Interest Margin (NIM) of 5.1%. However, he acknowledged challenges such as rising costs of funds, narrowing gaps between deposit and loan growth, and increasing reliance on high-cost funding. He emphasised the need for innovative financing in agriculture to boost productivity and inclusion, as well as renewed private-sector capital expenditure with a focus on sustainability. “Banks must embrace watchful risk-taking to ensure credit growth does not compromise asset quality. Lessons from past episodes of high NPAs remind us that unbridled credit growth can strain the system, but with a disciplined approach, we can foster a robust credit culture,” he stated.

The event also featured a presentation on Global Trends in Banking by Joydeep Sengupta, Senior Partner and Leader of the McKinsey Center for CEO Excellence at McKinsey & Company. Drawing on McKinsey’s extensive research, Sen Gupta highlighted the pivotal role of the banking industry, which generated $1.15 trillion in net income in 2023—equal to the combined net income of the next two largest industries. He discussed the sector’s resilience, evidenced by sustained growth in return on tangible equity and healthy capital levels, while cautioning against rising regulatory pressures and evolving customer expectations.

Sengupta described the transformation underway in the banking sector, fueled by digitisation, artificial intelligence, and shifting customer behavior. “The global financial system intermediated $410 trillion in assets last year, underscoring its immense scale and responsibility,” he stated. However, he noted that despite strong financial performance, the banking industry remains undervalued, with skepticism about its long-term ability to innovate and create value.

Two panel discussions explored critical topics. The first, on Managing Balance Sheets in a Changing Geopolitical Environment, was moderated by Latha Venkatesh, Executive Editor of CNBC TV18. It featured panelists Rajiv Anand, Senior Vice President, Bombay Chamber & Deputy Managing Director, Axis Bank; R. Govindan, Senior Vice President Corporate Finance & Chief Risk Officer, L&T; Amit Agarwal, President & Head – Private Credit, Edelweiss Alternatives; Rakesh Singh, MD & CEO, Aditya Birla Finance; and Rajiv Sabharwal, MD & CEO, Tata Capital. The discussion delved into the multifaceted impact of geopolitics on growth and financial stability. Panelists discussed the rupee’s depreciation and its effect on credit quality, corporate margins, and the challenges of raising dollar funds in a volatile global landscape.

The second panel, on Climate Finance, was moderated by Lavanya Ashok, Partner – Growth Equity at Trifecta Capital. Panelists included Namrata Rana, Partner and National Head ESG, KPMG; Neville Dumasia, Leader – Industrials & Energy, EY India; and Dhanpal Jhaveri, Vice Chairman – Everstone Group & CEO – Eversource Capital. This panel explored the role of innovative financing models, such as blended finance, in scaling climate technologies, and highlighted opportunities in emerging sectors like sustainable agriculture and battery storage.

The conclave concluded with a Vote of Thanks by Abizer Diwanji, Founder of NeoStrat Advisors LLP. Aditya Birla Capital Ltd, Bank Of Baroda & Ashwin Sheth Group were the co-sponsors of the Conclave, while the Associate Sponsor was Axis Mutual Fund.

2025 Select USA Investment Summit

SelectUSA is the U.S. federal government program dedicated to attracting and retaining investment in the U.S. economy. This program is dedicated to facilitating and promoting impactful business investment into the United States to create jobs, spur economic growth, and promote U.S. competitiveness.

Since its inception, SelectUSA has assisted thousands of clients, including economic development organizations (EDOs), domestic firms, and international companies, facilitating over $200 billion in client-verified investment, supporting more than 200,000 jobs across the United States and its territories.

Every year, the U.S. Department of Commerce hosts its Annual Investment Summit. The 2025 SelectUSA Investment Summit will take place May 11-14, at the Gaylord National Resort and Convention Center in National Harbor, MD.

The SelectUSA Investment Summit is the premier event in the United States for FDI promotion. Investment Summit attendees can expect to:

• Forge partnerships and connect with economic developers from 50+ states and territories, companies from 90+ markets, speakers, government officials and more; set up one-on-one or group meetings and make your investment deals happen.
• Gain advice and information from policy and industry experts in more than 50 sessions providing you with actionable instruction on everything from developing a workforce to understanding incentives.
• Explore the Exhibition Hall featuring economic development organizations, service providers, industry experts, and international tech startups.

The SelectUSA Investment Summit draws more than 5,000 attendees! You can expect to meet EDOs representing the U.S. states and territories, more than 2,500 business investors with representation from 90+ international markets, and industry experts who will provide insight and advice on how to make your move to the U.S.!

We hope you will consider joining the 2025 Investment Summit and take advantage of year’s event the best yet!

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Sustainability Conclave: Green Growth for a Viksit Bharat

As India moves toward its vision of Viksit Bharat by 2047, Green Growth has become essential to achieving sustainable and inclusive development. It promotes economic progress while safeguarding the environment, emphasising clean energy, resource efficiency, and innovation. Green growth not only addresses climate change but also fosters job creation, sustainable industries, and resilient ecosystems. By embracing this approach, India can ensure that its journey toward becoming a developed nation is both environmentally responsible and future-ready.

Keeping this context in mind, Bombay Chamber, under the aegis of its Sustainability Committee, organised its Annual Sustainability Conclave themed Green Growth for a Viksit Bharat on December 13th, 2024, at the St. Regis Hotel, Mumbai. Over 85 delegates attended the Sustainability Conclave, including a dynamic lineup of Directors, CXOs, CSOs, Managing Directors, and CEOs, making it a power-packed gathering of industry leaders.

The conclave opened with remarks by Pinky Mehta, President of the Bombay Chamber and CFO of Aditya Birla Capital Ltd., followed  by a keynote address by Lt. Gen. Pawan Chadha, VSM, General Officer Commanding (Maharashtra, Gujarat & Goa Area), who provided valuable insights into India’s sustainable development journey and how the armed forces is working towards a sustainable army.

The first panel discussion, moderated by Sachin Jain, CEO India and Southeast Asia of Cleantech Renewable Assets, explored business opportunities for green growth. The panel included distinguished speakers such as Anjali Bansal, Founder of Avaana Capital; Amit Kumar Sinha, MD & CEO of Mahindra Lifespace Developers; Vineet Rai, Founder of Aavishkaar Group; and Deepesh Nanda, President of Renewables at Tata Power and MD & CEO of Tata Power Renewable Energy Limited.

A fireside chat on the topic Carbon Credits: The India Story featured Anirban Ghosh, Chairperson of the Sustainability Committee of the Bombay Chamber and Head of the Centre for Sustainability at Mahindra University, in conversation with Dr. Rambabu Paravastu, Advisor to Greenko Group and the World Bank Group, and GC Advisory Chairperson of the Forum for Sustainable Enterprises.

The second panel discussion focused on navigating an evolving BRSR landscape. Moderated by Smitha Hari, President (India) of auctusESG, the session featured prominent panelists including Anirban Ghosh, Chairperson of the Sustainability Committee of the Bombay Chamber and Head of the Centre for Sustainability at Mahindra University; S Lakshminarayanan, Executive Director (Sustainable Development) of Indian Oil Corporation; and Santosh Kumar Singh, Chief Sustainability Officer of Larsen & Toubro.

The conclave concluded with a vote of thanks delivered by Sandeep Khosla, Director General of the Bombay Chamber.

Lothal to become Global Hub for Maritime Heritage with National Maritime Heritage Complex”: Sarbananda Sonowal

The Union Minister of Ports, Shipping and Waterways, Shri Sarbananda Sonowal along with the Minister of Labour & Employment and Youth Affairs, Dr Mansukh Mandaviya and the Chief Minister of Gujarat, Shri Bhupendra Patel made a joint review to assess the progress of the National Maritime Heritage Complex (NMHC) in Lothal, Gujarat, on Saturday.

The Ministry of Ports, Shipping, and Waterways, under Sagarmala Programme is developing the National Maritime Heritage Complex, a world-class facility which will showcase India’s maritime heritage from ancient to modern times, adopting an innovative “edutainment” approach using cutting-edge technology to spread awareness and attract international tourists.

Lothal, a prominent city of the ancient Indus Valley Civilisation dating back to 2400 BCE, holds historical significance for its advanced dockyard, thriving trade, and renowned bead-making industry. Artifacts such as seals, tools, and pottery unearthed by archaeologists reveal a rich cultural and economic history, making it a pivotal site of the Harappan civilisation.

The Ministers toured key project landmarks, including INS Nishank, the Lothal Jetty Walkway, and the Museum Block. They also interacted with onsite workers to understand their challenges being faced and progress made so far. Shri Sonowal expressed satisfaction with the significant milestones achieved in civil infrastructure development, noting that the project is advancing on schedule.

Boosting Local Involvement and National Heritage
A key focus of the review was the integration of local communities into the project’s development. Speaking on the occasion, Shri Sarbananda Sonowal said, “We are committed to ensuring that the NMHC is completed on time and to the highest standards. This project will boost tourism, provide a platform for maritime education, and foster collaboration between India’s maritime community and the global industry. It is a crucial step toward making India a leading maritime nation.”

Highlighting the socio-economic impact of the project, Shri Sarbananda Sonowal said, “This project will create employment, foster skill development, and empower the youth of Gujarat. The NMHC is a project of national importance, offering tremendous opportunities for growth and learning in the maritime sector. The visionary leadership of PM Shri Narendra Modi ji has ensured that India remains on course towards all round development of the country and that the people reap the fruit of India’s developmental story.”

The NMHC is poised to become a cornerstone of India’s maritime legacy, harmonising cultural and historical significance with economic and educational development. With 65 per cent of Phase 1A already completed, the project is on track to meet its timeline and establish itself as a global beacon of maritime heritage.

“Under the dynamic leadership of Prime Minister Shri Narendra Modi ji, the government is committed to ensuring the National Maritime Heritage Complex (NMHC) is completed on time and to the highest standards,” said Sarbananda Sonowal. “The project will boost tourism, provide a platform for maritime education, and foster greater collaboration between India’s maritime community and the global maritime industry. This is a crucial step toward realising the vision of making India a leading maritime nation – boosting the effort led by Shri Modi ji towards transforming India into becoming an Atmanirbhar Bharat by 2047,” the Union Minister added.

The Government of India remains steadfast in its commitment to the success of the NMHC, which is expected to boost Gujarat’s tourism economy and solidify India’s position as a maritime leader on the world stage.

The National Maritime Heritage Complex (NMHC) in Lothal, Gujarat, is set to become an international tourist hotspot, celebrating India’s rich maritime legacy. Spanning from ancient civilisations to modern times, the complex will use a unique blend of education and entertainment, incorporating the latest technology to immerse visitors in the country’s maritime history.

Designed as a world-class destination under the Sagarmala Programme, NMHC aims to showcase India’s naval achievements and cultural connections through interactive exhibits, state-of-the-art displays, and engaging storytelling. This initiative is poised to not only preserve India’s maritime heritage but also to attract global tourists and foster a deeper appreciation of its historical significance.
Senior officials of the Ministry of Ports, Shipping, and Waterways, the Ministry of Defence (Navy and Coast Guard), the Government of Gujarat, renowned architect Hafeez Contractor, and Tata Projects Ltd have participated in the review.

Bombay Chamber’s 15th AgriCorp focuses on FPOs as pathways to link farmers to the value chain

Pune:

Bombay Chamber recently organised its 15th AgriCorp Conference themed ‘Enriching FPOs’ in Pune. The event was held over two days and was held in partnership with KISAN and was supported by State Bank of India, Axis Bank, Rallis India, MTS S.r.l, IDBI Bank, Nichem Solutions, Union Bank of India, KETO Pharma, AGRIBAZAAR and NABARD.

Dr. P K Chakrabarty, PhD, FNAAS, Chief Scientific Advisor, Dhanuka Agritech and former Member – ASRB, DARE, MoA & FW, ADG (PP&B), ICAR and Krishi Bhawan was the guest of honor. In his presentation, Dr Chakrabarty said that Agricultural prosperity was a game changer to national prosperity. While comparing India and China, he said that India’s inherent rich geographical advantages support its potential to become the global food and manufacturing hub. However, he pointed out that despite having 30% more arable land and 67% more rainfall, India’s agricultural GDP is only about 1/3rd of that of China. Nonetheless, there is a considerable disparity between the two countries in the usage of fertilisers and pesticides, two crucial components for optimum production and protection.

He listed some of the challenges that India faces and which need intervention both form government and the private sector. The challenges include less expenditure on research in India vs developed nations; crop losses which threaten our food and nutritional security; illicit/counterfeit fertiliser products; regulatory challenges; Pesticide Management Bill; lack of awareness regarding spread of technology. Dr Chakrabarty also questioned whether the Indian cropping system is ready to embrace organic cultivation without compromising on food security.

The first day saw several knowledge sessions including a panel discussion on Current & Upcoming Govt Schemes for FPOs moderated by Dr. Sudhir Kumar Goel, IAS, Former Additional Chief Secretary (Agriculture and Marketing), Government of Maharashtra & Mentor, Agriculture & Food Processing Committee, Bombay Chamber. Speakers included Shri Uday Deshmukh, Additional Project Director, SMART – Government of Maharashtra; Dr Amol M. Yadav, Additional Project Director, MAGNET and Dr Prashant Waghmare, Deputy General Manager & Regional Head Mumbai, APEDA.

The second panel discussion on the same day was on FPO Start-Ups (Success Stories). The session was moderated by Prasad More, Product Head Organic And Lead Auditor, Cert ID India and the panelists were Vikram Deshmukh, Director, Rui Farmer Produce Company; Jaysing P. Hulawle, Production Head, Pawna Sanskruti Farmers Producer Company and Mithilesh Desai, Managing Director, Jackfruitking Agro Producer Company.

The second day started with a session on Digitalisation in Agriculture (Climate Stack, Agri Stack, Mandi Stack). The moderator was Rajesh Urkude, Digital Food Initiative – Operations, Tata Consultancy Services and the speakers were Dr Rahul Mirchandani, Managing Director, Aries Agro; Sachin Nandwana, Co-Founder and Director, BigHaat Agro and Saurabh Khanna, MD & CEO, NeRL.

Another session on Export Success Stories was moderated by Azhar Tambuwala, Executive Director Sahyadri Farmers Post Harvest Care (Sahyadri Farms) & Expert Committee Member, Agriculture & Food Processing Committee, Bombay Chamber. The speakers included Anant More, President, Fratelli Fruits Farmer Producer Company; Narendra Patil, Vice-President, Soex Flora and Kapil Sawant, Senior Manager, Farmonaut.

This was followed by a presentation on MTS Sandei, Tomato Harvesters for Industrial Tomatoes by Matteo ​Migliorini, Export Manager, MTS S.r.l., Italy.

The session on Understanding Quality Control under Fresh Produce was moderated by Rajesh Sinha, Angel Investor, Consultant & Expert Committee Member, Agriculture & Food Processing Committee, Bombay Chamber. The speakers included Smita Murty, India Representative for FSSC; Anupama Patil, Assistant Commissioner of Food, Food and Drug’s Administration (FDA) Maharashtra and Dr Chun Mei Chang, COO, Envirocare Labs.

The final session of AgriCorp was on Finance (PSU, Banks, NBFCs). The moderator was Dr Sudhir Kumar Goel, IAS, Former Additional Chief Secretary (Agriculture and Marketing), Government of Maharashtra & Mentor, Agriculture & Food Processing Committee, Bombay Chamber and the speakers included Yogendra Shelkey, DGM – Agri Business Unit, SBI; Saleem Kamaal, Head, Bharat Enterprises, Axis Bank; Ghazi Islam, GM, IDBI Bank and Dr Pradeep Parate, GM, NABARD, Pune.

Bombay Chamber celebrates 189th Foundation Day, Kumar Mangalam Birla shares his vision of roadmap to Viksit Bharat

Mumbai, December 13, 2024: Bombay Chamber of Commerce & Industry, India’s oldest industry Chamber celebrated its 189th Foundation Day recently. Industrialist Kumar Mangalam Birla, Chairman of the Aditya Birla Group who was the Chief Guest on the occasion shared his vision on India’s Viksit Bharat journey and stated that there are four fundamental aspects that will drive India’s Viksit Bharat journey: Business, Innovation, Talent and Sustainability (BITS).

Speaking at the Chamber’s 189th Foundation Day, he said, “These four pillars will shape India’s future as a global leader. For Business, the government has done its bit by creating the enabling ecosystem and it is now for the businesses to drive growth forward. The large Indian companies of tomorrow will emerge from the entrepreneurs of today. In Innovation, India has demonstrated the power of public digital goods like Anna Yojana Scheme, Housing for All, etc. The need of the hour is to leverage tech across all sectors. As for Talent, globally Indians are creating or leading the biggest companies. India’s workforce is shifting from agriculture to more productive sectors. Industry 4.0 needs to adopt AI, ML, IoT and needs concerted efforts in education and skilling. In Sustainability, economic growth and social equity need to advance in sync.”

He commended the vast history of the Chamber in promoting the Mumbai region and serving as an effective vehicle between industry and the government. He added, “Viksit Bharat by 2047 is an inspiring vision and the Chamber’s mission statement captures this vision. Ten years ago, India was the 11th largest economy in the world. Today, we are the fifth and on the way to beating Japan to become the fourth largest economy. By 2030, 80% of households in India will enter the middle income group, up from the current 50%. This is the largest national development effort any economy has made. Initiatives like Aadhaar, Jan Dhaan, UPI have brought in financial inclusion. Urbanisation is on the rise, every minute 30 people are moving from the villages to the cities. By the next decade, 25% of the incremental global workforce will come from India – this will power Viksit Bharat.” He said 18-year-old chess grandmaster D Gukesh’s recent historic win is emblematic of the rise of a new India, which is young and self-assured.

On the same occasion, Bombay Chamber of Commerce & Industry unveiled its much-anticipated report on Viksit Bharat @ 2047 setting the stage for India’s vision of development over the next two decades.

The report which was commissioned to Artha India Research Advisors, was unveiled by Pinky Mehta, President of Bombay Chamber & CFO, Aditya Birla Capital Ltd., alongwith key industry leaders including Sudhanshu Vats, Vice President, Bombay Chamber & Managing Director Designate, Pidilite Industries Ltd.; Sudhir Kapadia, Senior Advisor, EY India; Dr. Sachchidanand Shukla, Chairman, EPR&D Committee, Bombay Chamber & Group Chief Economist, L&T, Dr. Niranjan Rajyadhyaksha, Executive Director – Research & Strategy, Artha Global and Sandeep Khosla, Director General, Bombay Chamber.

Sudhir Kapadia, Senior Advisor at EY India, set the context for the report launch, providing deep insights into India’s economic journey and the strategic steps needed to achieve the vision of Viksit Bharat. His expert perspective framed the conversation, emphasising the importance of sustainable growth, innovation, and inclusive development for India to emerge as a global leader. Citing examples of Germany and Japan where the national resolve to rebuild post WW2 was palpable, he said that there need for a similar national resolve to achieve a Viksit Bharat.

The evening also saw an interesting Fireside Chat between A. Balasubramanian, Managing Director & CEO of Aditya Birla Sun Life AMC Ltd and Dinesh Kumar Khara, former Chairman, State Bank of India. The speakers discussed the change in growth dynamics, with India’s GDP growing by $1 trillion every three years, and explored the levers of growth such as the startup economy, AI, renewables, and the transformation of traditional industries. Looking ahead to 2047, they delved into how India’s economy and industries will evolve in the vision of Viksit Bharat and the need to effectively leverage AI for sustainable growth.

They also highlighted three key areas for focus: efficiency of capital, investment in talent and capacity building, and energy efficiency as critical to achieving long-term progress.

This was followed by a panel discussion on Viksit Bharat@2047: Blueprint for a Developed India. Moderated by Dr. Sachchidanand Shukla and including speakers like Sudhanshu Vats; Neelkanth Mishra, Chief Economist, Axis Bank; Dharmakirti Joshi, Chief Economist, CRISIL and Dr. Niranjan Rajyadhyaksha, it explored India’s path to becoming a developed nation by 2047.

Earlier in the day, Bombay Chamber hosted two events – the annual Sustainability Conclave themed Green Growth for a Viksit Bharat and the Smart City Leaders’ Conclave with industry experts deliberating on the topics.

Bombay Chamber Workplace Summit focuses on Building Adaptive Organisations

Bombay Chamber of Commerce and Industry, India’s oldest Chamber, organised a Workplace Summit 2024 themed Building Adaptive Organisations, at its Conference Hall in The Ruby, Dadar yesterday.

The Summit covered several aspects such as the Hybrid Model of Work, the POSH Act: Its effectiveness and Mental Well Being at Work.

In her Welcome Address, Pinky Mehta, President, Bombay Chamber said, “As India’s oldest Chamber of Commerce & Industry, we have always offered knowledge forums in our conclaves and conferences to deliberate upon topical issues and the theme of today’s Workplace Summit is proof of that.”

This was followed by a very interesting and interactive Masterclass on Inclusion Intelligence by Keynote Speaker, Kanika Tewari, Founder, GoDiverse. Tewari explained how inclusion intelligence fosters a sense of uniqueness and belonging in the workplace. With actionable strategies, frameworks, and case studies, the Masterclass delved into DEI with a focus on allyship. “Inclusion intelligence is when people feel individually unique and also included in the workplace. Learn from various frameworks and case studies on how to foster DEI in organisations with an emphasis on allyship and actionable strategies,” she said.

The first panel discussion was on Hybrid Model: The Future of Work. Moderated by Pallavi Pareek, Founder, Ungender, the panel included Ritesh Bhardwaj, CHRO, National Bulk Handling Corporation; Prasanth Nair, CHRO, Crompton Consumer and Riya Dalvi, Chairperson, Diversity Equity & Inclusion, RPG Group. The panel covered the aspects of data, technology and diversity and how the pandemic changed the work ecosystem and how today’s millennials have different needs and work requirements.

The Fireside chat on Gender Sensitisation in the Workplace was moderated by Sahil Nayar, an HR influencer and the guest was Harish Iyer, SVP and Head DE&I, Axis Bank. The Chat was held in a unique Q&A format between Nayar and Iyer.

Numbers do speak therefore internally there should be a check for inclusion. Sensitivity is inherent. If you give people the time to reflect on the goodness they could be sensitive. Build good pressure systems, set up a board of people who are advocates of Diversity. Organisations need to run on practice, not policies. These were some of the key takeaways from the conversation.

The second panel discussion was on A decade of the POSH Act: Is it Effective Enough? The panel was moderated again by Pallavi Pareek and the panelists included Shivangi Prasad, Author, Founder, The Legal Swan and POSH, Work & Respekt and Dr. Raina Khatri Tandon, CEO, RIGHT2RISE(R). Overall the environment has changed to a great extent and the Act has helped. It is gradual and slow, but the needle is definitely moving.

The third panel discussion on Health and Mental Well Being at Work was moderated by Dr. Laxmi Todiwan, Corporate Trainer, Author and Founder Indian Women in Hospitality and the panelists included Rajeshree Sabnavis, Senior Advisor – Tax, Regulatory, Finance Ecosystems, Grant Thornton Bharat LLP and Sanjeeb Lahiri, CHRO, GRP. The panel pointed out that if you have people who are motivated, companies will be able to achieve their bottom lines. Well being impacts work and companies will need to prioritise it.