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Advanced Certificate Course on International Trade and Custom Regulations

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

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

Day 1: Global Trade Fundamentals and Post-Clearance Audits

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

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

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

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

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

Feedback and Future Sessions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Copy of Press Release attached.

RBI Deputy Governor unveils product offerings for transforming ATM infrastructure at GFF 2024

At the Global Fintech Fest (GFF) 2024, the Reserve Bank of India (RBI) Deputy Governor Shri T. Rabi Sankar announced the launch of product offerings aimed at transforming the ATM infrastructure in the country. Unveiled in association with National Payments Corporation of India (NPCI), the initiatives include UPI Interoperable Cash Deposit (UPI-ICD) and banks showcasing Digital Banking Units (DBUs).

The introduction of UPI ICD allows customers to deposit cash at ATMs operated by banks and white label ATM operators (WLAOs) using UPI to their own bank account or any other bank account without the need for a physical card. These ATMs are cash recycler machines which are used for both cash deposits and withdrawals. Leveraging their mobile numbers linked to UPI, virtual payment addresses (VPA) and account IFSCs, customers can now make cash deposits, making the process more seamless, inclusive and accessible.

Consumers will be able to access these features as the banks gradually roll them out. ATM machines with open architecture can host bank apps positioning them as DBUs offering cash deposits, withdrawals and other banking services such as opening bank accounts, applying for credit cards, initiate fixed deposits, applying for safe deposit lockers, etc. Additionally, recently at the GFF 2024, Shri Vivek Deep, Executive Director, RBI announced rebranding of Bharat Bill Payment System (BBPS) to Bharat Connect. This is an important step to refresh and strengthen BBPS brand. Bharat Connect embodies NPCI Bharat BillPay’s (NBBL’s) values and vision for stakeholders and customers, going beyond a bill payment system to create an ecosystem that connects individuals and businesses, through an integrated platform. The launches took place in the presence of Shri Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, NPCI.

Department for Promotion of Industry and Internal Trade (DPIIT) prepares for Special Campaign 4.0

Department for Promotion of Industry and Internal Trade (DPIIT) is preparing for the implementation of Special Campaign 4.0 for institutionalising Swachhata and minimising pendency in the department and across 19 organisations under its administrative control. The Preparatory Phase of the Campaign will start from 16th to 30th September 2024 to identify targets in respect of Pendency’s of PMO, VIP, State Govt., MP, Cabinet References, and Record/Space Management. While the Implementation Phase will start from October 2, 2024 and will last up to October 31, 2023. During the Implementation Phase special focus will be on achieving the targets identified.

With the beginning of the preparatory phase of the Special campaign, approx. 70 field/outstation offices have been identified under its 19 Attached, Subordinate, and Autonomous Organisations spread across the country for conducting Special Campaign 4.0. Guidelines have been shared with all field functionaries to mobilise their efforts to prepare for the Special Campaign 4.0. Training on Record Management was conducted for ASO/SO/US/DS/Dir. level officers of DPIIT for efficient management of Record and Space.

In its earlier administrative efficiency spree, DPIIT successfully completed various activities under Special Campaign 3.0 for institutionalising Swachhata and minimising pendency in the Government. DPIIT and its 19 Attached, Subordinate and Autonomous Organisations spread across the country, participated in the Campaign and achieved overwhelming results in reducing the pendency.

Eid-e-Milad holiday in Mumbai district rescheduled from 16 September 2024 to 18 September 2024.

The Government of Maharashtra has issued a notification dated 13.9.24 rescheduling the public holiday of Eid-e-Milad to Wednesday, September 18, 2024 instead of Monday, September 16, 2024.

Copy of notification attached.

MSME Conclave 2024 Focuses on Funding the Backbones of India’s Economy

Mumbai – Micro, Small, and Medium Enterprises (MSMEs) are the backbone of India’s economy, comprising over 6 crore enterprises that contribute significantly to employment, innovation, and economic diversification. Despite their importance, MSMEs often face significant challenges in accessing adequate and timely finance, hindering their growth potential. The Bombay Chamber of Commerce & Industry hosted the 2024 MSME Conclave, focusing on the crucial theme of “Financing SME Growth.”

In her welcome address, Pinky Mehta, President of the Bombay Chamber, and Director, Aditya Birla Sun Life Insurance Ltd, highlighted the Chamber’s 188-year legacy in India’s development and its extensive representation of MSMEs. She underscored the Chamber’s commitment to supporting MSMEs in overcoming financial challenges and unlocking their growth potential.

Rajan Raje, Chairperson of the MSME Committee, Bombay Chamber and CEO of Nichem Solutions, set the theme for the Conclave. He emphasised that while the MSME sector is the largest employment generator, it often lacks professionalism and resources. He acknowledged the government’s initiatives, such as the New Credit Guarantee Scheme, increased Mudra Loan limits, and the expansion of the TReDS platform, which support the sector’s growth. “The SME sector must think big and explore the export market systematically,” Raje stated, adding that credit availability is largely determined by the “3 C’s” – Cash Flow, Character, and Collateral.

The keynote address was delivered by Nilesh Shah, Group President & MD of Kotak Mahindra AMC, who discussed the challenges and opportunities faced by MSMEs. He spoke about the need for resources in the form of equity, debt, and hybrid financing to enable faster growth. Shah highlighted three successful models that MSMEs could emulate: The Morbi Model: Post-flood rebuilding of Morbi into a ceramics hub, now accounting for 90% of India’s ceramics production with $2 billion in exports. The Tirupur Model: Textile manufacturers form a cooperative for efficient cost management and industry-scale benefits, including centralised purchasing, advertising, and pollution management and the Amul Model: The cooperative that transformed India into the world’s largest milk producer and aims to be the largest FMCG company by 2047. Shah also lauded the Reserve Bank of India’s new system for instant verification of SMEs and borrowers, which will significantly shorten the credit appraisal cycle.

The Conclave featured two insightful panel discussions. The first panel on “Export-Import Financing” for SMEs, moderated by Gopika Gopakumar, Senior Assistant Editor, Livemint, Mr. Sunil Kumar Sharma, General Manager & Zonal Head, Bank of Baroda, Shri Rudra Mishra, Assistant General Manager, SIDBI, N Srinivasan, General Manager Transaction Banking, IDBI Bank and Sheeba Chithajan, DGM (SME) SBI LHO Mumbai Metro. They discussed how their institutions are supporting SMEs in entering and thriving in the export market, including the range of financial products available for the MSME sector. They highlighted the hygiene factors that banks expect SMEs to meet before receiving export support. The panel also examined the challenges MSMEs face in accessing funding, especially for exports to developing countries, and shared success stories and their impacts on SME growth.

The second panel, titled “Financing Through NBFCs,” was moderated by Neil Borate, Deputy Editor at Livemint, and featured Shobha Iyer, Director Commercial at Olea; Shirish Mathur, Head of SME Products & Digital Platforms at Aditya Birla Finance Ltd.; Prakash Sankaran, Managing Director & CEO of Invoicemart; and Sandeep Varma, CEO of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). The discussion highlighted the crucial role of Non-Banking Financial Companies (NBFCs) in supporting SMEs through tailored financial products, flexible loan terms, and faster processing times compared to traditional banks. The panellists also explored potential solutions, including government subsidies, credit guarantees, and fostering a competitive lending environment to help reduce interest rates.

In a fireside chat titled “Catalysing SME Growth Through Innovative Financing Solutions,” Shri Deependra Singh Kushwah, I.A.S., Development Commissioner (Industries), Government of Maharashtra, discussed government initiatives to support MSMEs, including the MAITRI portal and the MIDC Plug and Play facility. He also requested members of the MSME sector to leverage these tools and initiatives and proactively approach the Government for any support or guidance.

The Conclave also featured a presentation by the Bank of Baroda on “Empowering MSME Growth: Leveraging Our Flagship Products & Trade Finance Offerings,” delivered by Sandeep Prakash, Assistant General Manager of MSME Sales, and Tania Das, Senior Manager of the Forex Department, Mumbai Zone. Additionally, Shirish Mathur presented the facilities and services available to MSMEs on the Aditya Birla Udyog Plus website.

Rajiv Anand, Senior Vice President of the Bombay Chamber and Deputy Managing Director of Axis Bank, delivered the Vote of Thanks . The event was supported by Bank of Baroda, Aditya Birla Finance Ltd., SIDBI, and SBI.

Bombay Chamber CSR Conclave focuses on leveraging Technology for Social Good

With the new CSR mandate, companies in India must look to integrate digitalisation into their CSR journeys. Keeping this in context, Bombay Chamber of Commerce & Industry organised its annual CSR Conclave in Mumbai yesterday. The theme of the Conclave was CSR in the Digital Era.

In her opening remarks, Pinky Mehta, President, Bombay Chamber & Chief Financial Officer, Aditya Birla Capital said, “In today’s world, with technology and digital platforms revolutionising the way we live, work, and connect, CSR strategies need to embrace technology for driving meaningful impact.

With AI and Blockchain, ChatGPT and Data Analytics, digitalisation emerges as a potent instrument for organisations to magnify their CSR endeavours, engage stakeholders, and foster a culture of transparency and good governance. Leveraging technology for Social Good is not just a choice anymore, it is an
imperative.”

This was followed by a presentation by Aloka Majumdar, Chairperson, CSR Committee, Bombay Chamber and Managing Director, Global Head of Philanthropy & Head of Sustainability, India, HSBC. She shared the practical application of CSR integration into a business, and how she effectively facilitates collaboration and knowledge sharing on this very important area in her organisation.

She pointed out that there is increasing expenditure on CSR – as per the latest Economic Survey, CSR spending has increased from ₹17,096 crore in FY 2017-18 to ₹26,278 crore in FY 2021-22. “There is a growing need for enhanced governance for CSR across the grant cycle; increasing compliance (internal and external); greater focus on measuring outcomes, impact assessment, reporting and communication including disclosures; process improvements and building institutional memory,” she stated.

She elaborated on the need for technology in CSR. “We need to bring in technology and governance to increase compliance, BSR, ESG and other reporting. Raise funds for non-profit organisations and capture the right data,” she added.

The first panel discussion on Technology and Social Entrepreneurship Funding was moderated by Hemant Gupta, MD & CEO, EQUIPPP Desi Investments. The panelists included Anuj Sharma, Founder Director, Alsisar Impact; Jignesh Thakkar, Partner & COO, ESG Advisory & Head, Social & CSR Consulting, KPMG India and Vineet Rai, Founder and Chairman, Aavishkaar Group.

The discussion observed that Technology assists us in multiple sectors, hence it is both an enabler and a solution and service to all. In the role that technology should play in social development, localising the solution is very important.

A Fireside Chat on AI for Social Good saw Rakesh Kaul Punjabi, Technology Consulting Partner, EY India and Dr. Sujata Seshadrinathan, Director – IT, Basiz Fund Services, Mumbai in discussion with Hardik Parikh, Senior Consultant, Sattva.

The discussion revolved around three main aspects – the potential of AI for social good, the Indian AI landscape and how to bolster AI and the CSR system.

The second panel discussion focused on Leveraging Digital Platforms to drive CSR. The session was moderated by Ashwath Bharath, Senior Director, Teach For India and the panelists included Abhejit Agarwal, Head – Sustainability & CSR, Axis Bank; Shrutika Jadhav, Head- Catalytic Philanthropy, Dasra; Gopal Kumar, Head, CSR, Aditya Birla Capital and Prerana Langa, CEO, Aga Khan Agency, Habitat India.

The discussion revolved around using technology to reach out to the community effectively and transparently. The panel also called upon the need to invest in non profit building systems that reduce the time spent on compliance issues and reusing data ethically to be able to make decisions at a meta level.

The event was supported by Excel Industries.

India is world-class cost-effective healthcare destination and global pharma leader: Jitin Prasada

Union Minister of State for Commerce & Industry Shri Jitin Prasada said that India has emerged as a world-class cost-effective healthcare destination and global pharma leader. The Minister stated this while inagurating the three day International Exhibition For Pharma And Healthcare Exhibition (IPHEX 2024) organised by Pharma Export Promotion Council of India (CAPEXIL) and Ministry of Commerce and Industry today at Greater Noida, Uttar Pradesh. He urged the Indian Pharmaceutical industry to work towards becoming the healthcare custodian of the world.

He urged the pharma industry to increase exports and seize emerging opportunities for growth. Shri Prasada said that India is already recognized as the ‘pharmacy of the world’. It’s extremely important that we focus not only on our strengths in the generic sector, but also ensure our backward and forward linkages, the Minister added. He further noted that its important that we try product development and break new grounds.

The Minister urged the industry to focus on innovation, quality and work with the world market. “International competitiveness will be very important. It is important to keep abreast of new developments and good manufacturing practices”, he said. He also noted that the Government has come up with many schemes like the PLI for APIs and for medical devices.

Shri Prasada said, “The three day pharma expo IPHEX will offer the domestic industry majors from India and all across the world a great platform to connect and do business. It will provide you with an opportunity to meet new and existing customers actively looking for new suppliers, or looking to assess the current progress of existing projects.”

Cabinet approves 12 industrial nodes/cities under National Industrial Corridor Development Programme

India will soon wear a grand necklace of Industrial Smart Cities as in a landmark decision made recently, the Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has approved 12 new project proposals under the National Industrial Corridor Development Programme (NICDP) with an estimated investment of Rs.28,602 crore. This move is set to transform the industrial landscape of the country creating a robust network of industrial nodes and cities that will significantly boost economic growth and global competitiveness.

Spanning across 10 states and strategically planned along 6 major corridors, these projects represent a significant leap forward in India’s quest to enhance its manufacturing capabilities and economic growth. These industrial areas will be located in Khurpia in Uttrakhand, Rajpura-Patiala in Punjab, Dighi in, Maharashtra, Palakkad in Kerela, Agra and Prayagraj in UP, Gaya in Bihar, Zaheerabad in Telangana, Orvakal and Kopparthy in AP and Jodhpur-Pali in Rajasthan.

Key Highlights:

Strategic Investments: NICDP is designed to foster a vibrant industrial ecosystem by facilitating investments from both large anchor industries and Micro, Small, and Medium Enterprises (MSMEs). These industrial nodes will act as catalysts for achieving $2 trillion in exports by 2030, reflecting the government’s vision of a self-reliant and globally competitive India.

Smart Cities and Modern Infrastructure: The new industrial cities will be developed as greenfield smart cities of global standards, built “ahead of demand” on the ‘plug-n-play’ and ‘walk-to-work’ concepts. This approach ensures that the cities are equipped with advanced infrastructure that supports sustainable and efficient industrial operations.

Area Approach on PM GatiShakti: Aligned with the PM GatiShakti National Master Plan, the projects will feature multi-modal connectivity infrastructure, ensuring seamless movement of people, goods, and services. The industrial cities are envisioned to be growth centers for transformation of whole region.

Vision for a ‘Viksit Bharat’:

The approval of these projects is a step forward in realizing the vision of ‘Viksit Bharat’ – a developed India. By positioning India as a strong player in the Global Value Chains (GVC), the NICDP will provide developed land parcels ready for immediate allotment, making it easier for domestic and international investors to set up manufacturing units in India. This aligns with the broader objective of creating an ‘Atmanirbhar Bharat’ or a self-reliant India, fostering economic growth through enhanced industrial output and employment.

Economic Impact and Employment Generation:

NICDP is expected to generate significant employment opportunities, with an estimated 1 million direct jobs and upto 3 million indirect jobs being created through planned industrialization. This will not only provide livelihood opportunities but also contribute to the socio-economic upliftment of the regions where these projects are being implemented.

Commitment to Sustainable Development:

The projects under the NICDP are designed with a focus on sustainability, incorporating ICT-enabled utilities and green technologies to minimize environmental impact. By providing quality, reliable, and sustainable infrastructure, the government aims to create industrial cities that are not just hubs of economic activity but also models of environmental stewardship.

The approval of 12 new industrial nodes under the NICDP marks a significant milestone in India’s journey towards becoming a global manufacturing powerhouse. With a strategic focus on integrated development, sustainable infrastructure, and seamless connectivity, these projects are set to redefine India’s industrial landscape and drive the nation’s economic growth for years to come.

In addition to these new sanctions, the NICDP has already seen the completion of four projects, with another four currently under implementation. This continued progress highlights the government’s commitment to transforming India’s industrial sector and fostering a vibrant, sustainable, and inclusive economic environment.