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Bombay Chamber’s Landmark Conclave on SM REITs: Ownership to Opportunity Focuses on Fostering Economic Growth & Investor Confidence

India’s real estate sector is undergoing a revolutionary transformation driven by proactive regulatory reforms. These changes are enhancing accessibility, transparency, and stability for investors. Landmark initiatives include the RERA Act of 2016, which boosts developer responsibility, and the introduction of GST, which streamlines taxation. The advent of Real Estate Investment Trusts (REITs) regulations in 2014 has also established a new asset class, with the first Indian REIT listed in 2019, offering retail investors a gateway into institutional real estate.

The latest regulatory advancement by SEBI, the introduction of Small and Medium Enterprises REITs (SM REITs), is set to democratise real estate investment further. This new framework lowers entry barriers and enhances regulatory oversight, providing benefits such as liquidity and investor protection mechanisms. The move is expected to bring the real estate market into the sachet economy, making high-quality real estate investments accessible to a broader audience.

It is with this background that the Bombay Chamber of Commerce and Industry hosted the Conclave on SM REITs: Ownership to Opportunity, a pioneering event addressing the recent regulatory advancements in the real estate sector. This conclave, held under the aegis of the PE&VC Committee, highlighted the transformative potential of Small and Medium Real Estate Investment Trusts (SM REITs), newly regulated by SEBI as of March 8, 2024.

In her welcome address, Pinky Mehta, President Designate of the Bombay Chamber and Director at Aditya Birla Sun Life Insurance, emphasised SEBI’s framework as a game changer. She highlighted the opportunity for investors to own fractions of rent-yielding real estate assets with a minimum investment of Rs 10 lakh. This move supports asset monetisation for developers and fosters growth in the sector.

Ashith Kampani, Chair of the PE&VC Committee and Chairman of CosmicMandala Group of Companies, spoke on SEBI’s regulations for SM REITs democratising access to real estate investments. He highlighted the expected tenfold growth in the fractional ownership market, projecting assets under management to reach $5 billion by 2030.Kampani noted that SEBI’s new regulations not only democratise access but also standardise investment practices, fostering a more inclusive and dynamic real estate market.

Delivering the keynote address, Shri Pramod Rao, Executive Director of SEBI, provided a compelling narrative on the historical context and transformative potential of SM REIT regulations. Rao recounted SEBI’s journey from banning unregistered Collective Investment Schemes in the 1990s to the establishment of SM REIT regulations in 2024, marking a significant milestone in regulatory evolution. He delved into the intricacies of the SM REITs regulations, sharing his expertise and painting a vivid picture of their transformative potential for the real estate sector and the broader economic landscape.

Sushri Kamala K, Chief Regulatory Officer of BSE, emphasised the importance of popularising SM REITs and leveraging existing distribution channels for rapid rollout. She reflected on the transformation of exchanges into transparent, governed entities and advocated for a strategic approach to maximise growth potential. Kamala highlighted how exchanges have evolved over the past 30 years, becoming listed entities governed by high standards of transparency and governance.

The conclave featured two engaging panel discussions, providing a comprehensive view of the regulatory and market dynamics surrounding SM REITs. The first panel, moderated by Gaurav Karnik, Head of Real Estate Tax Practice at EY, focused on the regulatory aspects of SM REITs. Panelists included Shiv Parekh, Founder and CEO of hBits, Sudarshan Lodha, Co-Founder of Strata, Sandeep Parekh, Managing Partner at Finsec Law Advisors, and Nikhil Agrawal, Chief of Staff at WiseX. They offered insights into compliance requirements and investor protection mechanisms.

The second panel discussion, moderated by Neil Borate, Deputy Editor at LiveMint, explored the market opportunities and competitive landscape of SM REITs. Panelists Manish Kumar, Co-Founder and CEO of RealX & GREX, and Member, PE&VC Committee, Bombay Chamber of Commerce, Rahul Rai, Head of Real Estate Investment Business at ICICI Prudential AMC Ltd, Varun Gupta, CEO of Groww Mutual Fund, and Monang Doshi, Senior Director, Capital Markets & Land, CBRE India, discussed future trends and growth prospects in real estate investment.

Maiden India Pavilion at World Hydrogen Summit 2024, Netherlands showcases National Green Hydrogen Mission

For the first time, India has set up its own pavilion, at the World Hydrogen Summit 2024, being held in Rotterdam, Netherlands, during May 13 – 15, 2024. The India Pavilion, set up by the Ministry of New & Renewable Energy, Government of India, is one of the largest pavilions at the Summit and has been inaugurated by Secretary, Ministry of New and Renewable Energy, Shri Bhupinder S. Bhalla on May 12, 2024

The World Hydrogen Summit is a prestigious event in the global green hydrogen ecosystem. Around 15,000 delegates from around the world are expected to attend the Summit. The India Pavilion at the conference provides India an opportunity to showcase to the world the progress made by the country in the field of Green Hydrogen.

The Indian delegation comprises nominees from Ministry of New & Renewable Energy, Department of Science and Technology, Ministry of Railways, Ministry of Petroleum and Natural Gas and from private sector companies as well. In addition to various G2G interactions, the Summit provides a platform for Indian industry to engage with companies from around the globe.

India launched its National Green Hydrogen Mission in January 2023 with an overall outlay of Rs. 19,744 crores. India has set an ambitious target to achieve a green hydrogen production capacity of 5 MMT (Million Metric Tonnes) by end of the year 2030. As on date, the Ministry of New & Renewable Energy has awarded tenders for setting up of 412,000 tonnes of Green Hydrogen production capacity and 1,500 MW of electrolyzer manufacturing capacity.

India has also notified scheme guidelines for use of Green Hydrogen in steel, transport / mobility and shipping sectors. The Department of Science and Technology has initiated Hydrogen Valley Innovation Clusters to foster innovation and promote Green Hydrogen ecosystem in India.

A dedicated portal for the National Green Hydrogen Mission has been launched recently, to serve as a one-stop location for information on the Mission and steps taken for the development of the green hydrogen ecosystem in India. The portal can be accessed here: https://nghm.mnre.gov.in/.

Combined Index of Eight Core Industries (ICI) increases by 5.2 per cent

The combined Index of Eight Core Industries (ICI) increased by 5.2 per cent (provisional) in March, 2024 as compared to the Index in March, 2023. The production of Cement, Coal, Electricity, Natural Gas, Steel and Crude Oil recorded positive growth in March 2024. The details of annual and monthly indices and growth rates are provided at Annex I and Annex II respectively.

The ICI measures the combined and individual performance of production of eight core industries viz. Cement, Coal, Crude Oil, Electricity, Fertilizers, Natural Gas, Refinery Products and Steel. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

The final growth rate of Index of Eight Core Industries for December 2023 is revised to 5.0per cent. The cumulative growth rate of ICI during 2023-24 reported 7.5 per cent (provisional) as compared to the corresponding period of last year.

The summary of the Index of Eight Core Industries is given below:

Cement – Cement production (weight: 5.37 per cent) increased by 10.6 per cent in March, 2024 over March, 2023. Its cumulative index increased by 9.1 per cent during 2023-24 over corresponding period of the previous year.

Coal – Coal production (weight: 10.33 per cent) increased by 8.7 per cent in March, 2024 over March, 2023. Its cumulative index increased by 11.7 per cent during 2023-24 over corresponding period of the previous year.

Crude Oil – Crude Oil production (weight: 8.98 per cent) increased by 2.0 per cent in March, 2024 over March, 2023. Its cumulative index increased by 0.6 per cent during 2023-24 over corresponding period of the previous year.

Electricity – Electricity generation (weight: 19.85 per cent) increased by 8.0 per cent in March, 2024 over March, 2023. Its cumulative index increased by 7.0 per cent during 2023-24 over corresponding period of the previous year.

Fertilizers – Fertilizer production (weight: 2.63 per cent) declined by 1.3 per cent in March 2024 over March, 2023. Its cumulative index increased by 3.7 per cent during 2023-24 over corresponding period of the previous year.

Natural Gas – Natural Gas production (weight: 6.88 per cent) increased by 6.3 per cent in March, 2024 over March, 2023. Its cumulative index increased by 6.1 per cent during 2023-24 over corresponding period of the previous year.

Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) declined by 0.3 per cent in March, 2024 over March, 2023. Its cumulative index increased by 3.4 per cent during 2023-24 over corresponding period of the previous year.

Steel – Steel production (weight: 17.92 per cent) increased by 5.5 per cent in March, 2024 over March, 2023. Its cumulative index increased by 12.3 per cent during 2023-24 over corresponding period of the previous year.

Note 1: Data for January, 2024, February, 2024 and March, 2024are provisional. Index numbers of Core Industries are revised/finalized as per updated data from source agencies.

Note 2: Since April 2014, Electricity generation data from Renewable sources are also included.

Note 3: The industry-wise weights indicated above are individual industry weights derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.

Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.

Note 5: Release of the index for April, 2024 will be on Friday31st May, 2024.

Annex I

Performance of Eight Core Industries

Yearly Index & Growth Rate

Base Year: 2011-12=100

Index

*Provisional

Growth Rates (on Y-o-Y basis in per cent)

*Provisional.

Y-o-Y is calculated over the corresponding financial year of previous year

Annex II

Performance of Eight Core Industries

Monthly Index & Growth Rate

Base Year: 2011-12=100

Index

*Provisional

Growth Rates (on Y-o-Y basis in per cent)

*Provisional.

Y-o-Y is calculated over the corresponding financial year of previous year

A Collective Focus to Achieve Net-Zero by 2070: PE&VC Conclave on “Financing India’s Green Future”

The Bombay Chamber, under the aegis of the PE&VC Committee, successfully convened a highly insightful Conclave on the

topic, “Financing India’s Green Future.” The event, which took place in a hybrid mode, brought together industry leaders, experts,

and thought pioneers to explore sustainable and responsible approaches to financing projects with significant environmental

benefits. The Conclave addressed the pressing need for substantial investment and financing to support India’s ambitious goal of

achieving net-zero emissions by 2070.

India, as one of the world’s largest emitters of greenhouse gases, is poised to make a transformative shift toward a cleaner,

greener economy. According to a recent Reserve Bank report, India’s green financing requirement is projected to be at least 2.5

percent of its GDP annually until 2030. This commitment entails substantial investment in renewable energy and a significant

reduction in the energy intensity of GDP, approximately 5 percent annually.

Sandeep Khosla, Director General of Bombay Chamber of Commerce & Industry, welcomed the audience and emphasised the

pivotal role that green finance will play in India’s journey toward achieving net-zero emissions by 2070.

Setting the tone for the Conclave, Akalpit Gupte, Managing Director & Head Compliance at Deutsche Bank India, highlighted the

need to mobilise funds and steer policy directives toward green initiatives. He emphasised the importance of accountability and

the efficient utilisation of funds in green projects. Gupte also stressed the necessity of active regulations and industry

participation in India’s sustainability efforts.

Delivering his Keynote Address, Shri Pramod Rao, Executive Director of SEBI, acknowledged the rapid changes happening in

India, with the Government and RBI leading the way. He emphasised the importance of diverse funding sources for India’s

corporate sector and the need to provide purpose-driven financing for sustainable initiatives. He discussed SEBI’s role in

enhancing green finance through revised definitions, third-party verification processes, and enhanced disclosure mechanisms,

such as mandating Business Responsibility and Sustainability Reporting (BRSR) BRSR Core Framework for assurance and ESG

disclosures for top 1000 companies.

Giving his presentation, Amit Kumar, Partner-Climate and Energy Leader at Grant Thornton Bharat, discussed India’s long and

short-term clean energy goals, emerging investment opportunities in clean energy sectors, and key green financing initiatives.

The first panel discussion, moderated by Saurabh Kamdar, Associate Partner at KPMG India, featured industry experts Govind

Sankaranarayanan, Co-Founder & COO, Ecofy, Raman Kalra, Vice President & Senior Partner, Communications Sector Leader

& Sustainability Consulting Leader, IBM , Padmanabh (Paddy) Sinha, Executive Director & CIO-Private Equity at National

Investment and Infrastructure Fund (NIIF) and Siddharth Mayur, Founder, Managing Director & CEO, H2E Power Systems

Private Ltd. & MD, HEXIS AG, discussing funding for India’s sustainability transition, renewable energy, mobility, infrastructure,

and supply chain development. The panel explored niche and targeted green finance products, technology’s role in

decarbonisation, and digital acceleration of the transition.

A presentation on GIFT IFSCA’s evolution and its role in financing India’s Green Future was delivered by Pavan Shah, General

Manager, IFSCA.

The second panel discussion, moderated by Prerana Langa, CEO of Aga Khan Agency for Habitat India, focused on navigating

the evolving regulatory landscape in green financing. Panellists, including Shailesh Haribhakti, Jigar Shah, Manu Maudgal, and

Dr. Rambabu Paravastu, discussed carbon pricing regulations, sustainability actions, data quality improvement, and the real

world impact of sustainability initiatives. .

The Conclave concluded with a Vote of Thanks by Ashith Kampani, Chairperson of the PE&VC Committee at Bombay Chamber,

who expressed gratitude to the speakers, participants, and the Chamber for their invaluable contributions to the event.

The Bombay Chamber’s “Financing India’s Green Future” Conclave served as a platform for in-depth discussions, knowledge

sharing, and collaborative efforts to support India’s journey towards a sustainable and environmentally responsible future

In his keynote address, Shri. Ananth Narayan Gopalkrishnan, Whole-time Member, SEBI shed light on the private equity space and SEBI’s outlook towards Alternative Investment Funds (AIFs). Shri. Gopalkrishnan highlighted the impressive growth of the private equity sector over the past few years. He mentioned that AIF investment commitments reached 8.3 Lakh crores as of March 2023, showing a compounded annual growth rate of 38%. Actual money invested in AIFs demonstrated a compounded annual growth rate of 40% over the last five years, totaling 3.4 Lakh crores.

Addressing the funding landscape, Shri. Gopalkrishnan noted that commitment in the AIF space has been rising by 2 lakh crores over the past two years, with 60% of the commitment coming from domestic participants and 40% from foreign investors. The number of AIFs has also increased to 1100, showcasing a 50% annual compounded growth rate and reflecting a thriving ecosystem. He emphasised that this early-stage capital contributes to wealth creation, investments, job creation, and GDP growth.

Shri. Gopalkrishnan underscored the three pillars of SEBI’s mandate: investor protection, market development, and market regulation. He emphasised that trust forms the foundation of the entire system, and SEBI’s role is to minimise errors and build trust within the capital formation process. He highlighted the substantial growth in equity investments made by regional funds, which rose from less than 4 lakh crores to over 24.5 Lakh crores. Shri. Gopalkrishnan also emphasised three key areas on SEBI’s radar: valuation, potential regulatory arbitrage, and misselling. He reassured companies that SEBI is open to receiving details of any wrongdoing in the market and encouraged them to build trust and credibility in the ecosystem. He acknowledged India’s immense potential for growth, highlighting its entrepreneurial spirit and strong work culture.

The conclave featured two insightful panels addressing crucial aspects of the private market. The first panel of the day, moderated by Nimesh Kampani, Founding Partner, 108 Capital saw Madhu Lunawat, – CIO, India Inflection Opportunities Fund, Satyam Kumar, CEO & Co-Founder, LoanTap Financial Technologies, Ashish Fafadia, Partner, Blume Venture Advisors, and Ritwick Ghoshal, Managing Partner & CEO, Bay Capital Investment Advisors give their insight into the topic Business Opportunities, Challenges & the Future: Driving Private Investments. The panel explored the current situation of the private market in India amidst the funding winter, examined the available exit options for companies, assessed the challenges and opportunities in raising debt or equity swiftly, discussed cost of equity vs cost of debt and envisioned ways to create a systematic platform for private markets. 

The second panel, on Creating a Conducive Tax and Regulatory Environment, moderated by Rahul Shah, Executive Vice President, Indian Venture Capital Association (IVCA) saw panelists Dr Archana Hingorani, Managing Partner, Siana Capital, Tejas Desai, Partner, Ernst & Young LLP (EY India), Vatsal Gaur, Partner, King Stubb & Kasiva, Advocates & Attorneys and Manish Kumar, Co-founder GREX & RealX share their expertise on the subject. The panel covered aspects including AIF regulations, the GIFT city and the need for enabling infrastructure,  onshoring of offshore fund structures, Angel Tax and the global competitiveness of the Indian PE&VC ecosystem. 

The Conclave concluded with a vote of thanks delivered by Ashith Kampani, Chair, PE&VC Committee, and Chairman, CosmicMandala15 Securities.

Record 125 Advance Pricing Agreements Signed by CBDT in FY 2023-24

The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) in FY 2023-24 with Indian taxpayers. This includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs). This marks the highest ever APA signings in any financial year since the launch of the APA programme. The number of APAs signed in FY 2023-24 also represents a 31% increase compared to the 95 APAs signed during the preceding financial year. With this, the total number of APAs since inception of the APA programme has gone up to 641, comprising 506 UAPAs and 135 BAPAs.

During FY 2023-24 CBDT also signed the maximum number of BAPAs in any financial year till date. The BAPAs were signed as a consequence of entering into Mutual Agreements with India’s treaty partners namely Australia, Canada, Denmark, Japan, Singapore, the UK and the US.

The APA Scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the arm’s length price of international transactions in advance for a maximum of five future years. Further, the taxpayer has the option to rollback the APA for four preceding years, as a result of which, tax certainty is provided for nine years. The signing of bilateral APAs additionally provides the taxpayers with protection from any anticipated or actual double taxation.

The APA programme has contributed significantly to the Government of India’s mission of promoting ease of doing business, especially for Multi National Enterprises () which have a large number of cross-border transactions within their group entities.

International Symposium on Health Governance in a Political Landscape

Centre for Trade and Investment Law (CTIL), Indian Institute of Foreign Trade established by Ministry of Commerce and Industry, Government of India, in collaboration with Centre for Justice, Law and Society (CJLS) at Jindal Global Law School (JGLS), recently organised the International Symposium on Health Governance in a Political Landscape: Interplay of Health Law, Society and Political Economy.

Dr. V.K. Paul, Member, NITI Aayog delivered the inaugural address highlighting the importance of access to medicine and right to health and shared his experiences for policy implementation during the COVID-19 pandemic. Dr. Paul emphasised the need for inspiring leadership in policymaking, particularly health policy, by citing the example of India’s leadership as a vaccine supplier to the developing countries during the COVID-19 pandemic. Dr. Paul also discussed how the deficiencies of India’s Epidemic Diseases Act, 1897 were addressed by invoking the Disaster Management Act, 2005 for implementing the health-related emergency measures during the COVID-19 pandemic. Prof. C. Raj Kumar, Vice Chancellor, O.P. Jindal Global University & Dean, JGLS delivered opening remarks along with the welcome address by Prof. James J. Nedumpara, Head & Professor, CTIL and Prof. Dipika Jain, Professor, JGLS & Director, CJLS respectively.

Hon’ble Mr. Justice Ravindra Bhat, Former Judge, Supreme Court of India chaired the plenary session 1 on the theme “Economic Policies, TRIPS and Healthcare: Building Bridges for Access”. Mr. Justice Bhat highlighted the importance of public interest as a ground for granting injunction in pharmaceutical patent disputes. Mr. Justice Bhat focussed on access to health and its intersection with the Intellectual property Right laws in broader parlance and interlinkages between health, trade, and access to medicines which balance economic and public rights. The panelists emphasised the need for innovative policy solutions and greater collaboration between governments, pharmaceutical companies, and international organizations to promote affordable access to medicines for all.

The second plenary session on the theme “Ink & Insight: Living the Scholarly Life Through Thought, Research & Publication” focused on the role of research and publication in shaping public health policy, particularly evidence-based policymaking. The panelists highlighted the influence of economic interests and conflicts of interest in health policy formulation and stressed on the importance of transparency in policymaking.

Dr. Sharmila Mary Joseph, Principal Secretary of Kerala’s Local Self-Government and Women & Child Development Department, delivered a special address that emphasised local bodies’ crucial role in addressing healthcare challenges and utilizing development funds effectively. Subsequently, thematic sessions explored diverse aspects of health governance, including intellectual property rights (IPRs), medicine accessibility, research ethics, and technology’s impact on health outcomes.

The first day of symposium concluded with a special address by Prof. Chantal Thomas, Vice Dean and Radice Family Professor of Law, Cornell Law School, United States of America highlighted India’s significant role in healthcare, emphasising its moral leadership during Covid-19 and in bringing out the Doha 2001 declaration. She called for an analytical shift in legal and political discourse, advocating for dynamic trade models that consider gender and promoting participatory politics in international trade law.

The thematic sessions on Day 2 featured esteemed speakers and participants delving into critical health governance issues, particularly in TWAIL and Health Equity, abortion rights, reproductive justice, and TRIPS and regional integration in health. Both days’ thematic sessions saw discussions among eminent academicians such as Prof. (Dr.) B.S. Chimni, Distinguished Professor of International Law, JGU; Professor (Dr.) S. G. Sreejith, Professor & Executive Dean, Jindal Global Law School & Executive Director, Centre for International Legal Studies, JGU; Prof. James J. Nedumpara, Head & Professor, CTIL; Dr. Sylvia Karpagam, Public Health Doctor and Researcher, Bengaluru; Prof. Leila Choukroune, Professor of International Economic Law & Director of the University of Portsmouth Thematic Initiative in Democratic Citizenship; Prof. Shailja Singh, Associate Professor, CTIL; Prof. Shiny Pradeep, Assistant Professor, CTIL; and the participants.

The symposium ended with a special address by Dr. Anup Wadhawan, former Commerce Secretary, Government of India and a distinguished lecture by Prof. Lorand Bartels on “International Economic Law and Right to Health”. Dr. Anup Wadhawan emphasised the complexities of ensuring access to medicines, urging conscious policy choices like reforming the IPR regime for public health goals. Prof. Bartels emphasized that health is reiterated a fundamental human right within international law. He also cited the Chilean alcohol tax case to underscore challenges in policy implementation. Prof. Ashita Dawer, Associate Professor of Economics, Jindal Global Law School, JGU delivered the concluding remarks. This session was moderated by Ms. Ronjini Ray, Consultant (Legal) Assistant Professor, CTIL.

The Symposium offered scholars and early-stage academicians, both domestic and international, a platform to present their research articles to expert commentators. Following feedback from the commentators, scholars will refine their articles for publication in a Special Issue of Jindal Global Law Review. Prof. James J. Nedumpara, Head & Professor, CTIL delivered the concluding observations of the Symposium.

The penetration of mutual funds in India and its growth has been remarkable. We have come a long way, but we still have huge potential, said Shri Amarjeet Singh, whole time member SEBI at the recent Mutual Fund Conclave organised by Bombay Chamber of Commerce & Industry, India’s oldest chamber of commerce and industry. At the same time he cautioned, that governance of AMCs is very important.

“Once Indian investors come in, they repose certain amount of interest or faith in the market and if that faith is disturbed, then they withdraw from that particular segment of the market and it’s very difficult to get them back. It is responsibility of all the stakeholders, including regulators, industry and investors to make sure that this trust and faith which is required is not disturbed and that is why we need good governance,” he said.

He further added that digitisation and the spread of information on social media has ensured that it does not take much time for negative news to spiral and reputations to be adversely affected. “Past experience has shown that once trust in the markets is lost, it takes a long time to rebuilt it. Since mutual funds have a very small ticket size, could be as low as INR 100 to 500, it is even more critical to maintain the trust and faith of investors. So, ensuring strong corporate governance practices and transparency within the mutual fund industry is crucial for future growth,” he stated.

Nilesh Shah, past President, Bombay Chamber and Group President and MD, Kotak Mahindra AMC set the theme for the event. The Conclave saw two insightful panel discussions. The first was on the topic Mutual Fund Maturity in India: Future Trends and Investor Preferences. The panelists were Nilesh Shah; Navneet Munot, MD & CEO, HDFC AMC; Nimesh Shah, MD & CEO, ICICI Prudential AMC Ltd and D. P. Singh, DMD & Jt CEO, SBI Mutual Fund. The session was moderated by Latha Venkatesh, Executive Editor, CNBC TV18.

The second panel discussion was on The Shifting Regulatory and Business Terrain. The panelists were Varun Sridhar, CEO, Paytm Money Ltd; Dhiraj Relli, MD & CEO, HDFC Securities Limited; Varun Gupta, CEO, Groww Mutual Fund; Kalpen Parekh, MD & CEO, DSP Mutual Fund. The moderator was Sourav Majumdar, Editor, Business Today.

The Vote of Thanks was presented by Rajiv Anand, board member, Bombay Chamber and Deputy Managing Director, Axis Bank.

October 4, Mumbai: The concept of CSR has witnessed a transformation frommere philanthropy to strategic business decision making in the corporate sector,said Shri Rao Inderjit Singh, Union Minister of State (Independent Charge) Ministry of Statistics and Programme Implementation; Union Minister of State (Independent Charge) Ministry of Planning and Union Minister of State, Ministry of Corporate Affairs (MCA). He was the Keynote Speaker at the annual CSR Conclave of Bombay Chamber of Commerce & Industry held in Mumbai today. Shri Singh added, “CSR is a Board driven process and the Board has the responsibility of ideation, planning and execution of CSR activities based on the recommendation of its CSR committee. And thus companies are able to form a deeper and meaningful connection with the stakeholders and the community that they operate in. CSR is no longer perceived as an act of charity or voluntary support to the needy. Today it forms an integral part of a company’s business philosophy. Since legislation mandated CSR since April 2014, companies have spent more than 1.5 lakh crore in different activities. Both the number of companies contributing to CSR as well as the annual CSR expenditure have increased from 2014-15 to 2021-22.”

He also shared that since 2021 a class of companies have been mandated to carry out impact assessment of their CSR practices. “This will encourage companies to take an informed decision before deploying their CSR funds. This will not only serve as feedback for companies to plan and allocate resources better but also deepen the impact of CSR. MCA has released an e-compendium of CSR which compiles the legal framework of CSR in one destination so as to enable stakeholders to gain a deeper understanding the CSR eco system in the country,” he informed.

In his opening remarks, Ritesh Tiwari, President, Bombay Chamber & CFO, Hindustan Unilever and Unilever South Asia stated that CSR is much more than short term philanthropic gestures; it’s about making systemic and sustained investments that create material positive impact on communities and society at large. He said, “CSR requires businesses to build a framework around responsibility to society and being accountable to all stakeholders including consumers, employees, investors, the public, and the environment. In order to reap the full benefits of CSR, organisations should consider three key aspects when designing their strategy. Firstly, organisations must adopt a strategy that is not limited to short term philanthropy but is instead a multi-year commitment to holistic community development, institution building and sustainability-related initiatives. Secondly, organisations should focus on their CSR areas of expertise where their contribution can be maximised creating sustained long term impact. While some of these areas may evolve over time, the CSR strategy will need to remain true to the company;s values and stakeholder’s interests. And thirdly, there is merit in pooling resources to amplify impact. CSR is not a zero-sum game. Companies with common CSR interests can create larger impacts by collaborating and amalgamating resources.”

Hemant Gupta, Head – BSE Social Stock Exchange who delivered the thematic address said, “ An impactful CSR strategy is important to create both a greater social and corporate impact; to build greater engagement with partners and focus on core business competencies. CSR is not about only your company; it is also about both downstream and upstream partners.”

The CSR Conclave was organised under the aegis of the Chamber’s CSR Committee chaired by Aloka Majumdar, Managing Director, Global Head of Philanthropy & Head of Sustainability, India, HSBC.

The conclave saw a panel discussion on SSE which was moderated by Anantha Narayan, Advisor, Sattva Consulting and the panelists included Dr R Balasubramaniam, Chairman, Social Stock Exchange Advisory Committee; Dhruvi Shah, ET & CEO, Axis Bank Foundation; Noshir Dadrawala, CEO, Centre for Advancement of Philanthropy and Namita Dandekar, COO, Raintree Foundation.

Dr. Subramanya Kusnur, Founder Chairman & CEO, AquaKraft Group Ventures,Treasurer – Governing Council of UN Global Compact Network India and Consultant – Ministry of Water Supply, Sri Lanka gave a presentation on Ten yearsof CSR in India: The learnings and way ahead.

A second panel discussion on Social Impact and Financial Reporting was moderated by Abhay Gupte, Partner, Deloitte India. The panel included Heena Khushalani, Partner, Climate Change and Sustainability Services, Ernst & Young Associates LLP; Vaneeta Gangwani, Director, PWC and Sandeep Kothawade, Associate Director, KPMG.

The last panel discussion on Inclusive & Sustainable CSR: Way Forward saw Aziz Fidai, Head – CSR, Metro Brands as moderator and the panel included Aloka Majumdar, Chairperson, CSR Committee, Bombay Chamber & Managing Director, Global Head of Philanthropy & Head of Sustainability, India, HSBC; Prasad Pradhan, Director Sustainable Business & Communications, South Asia, Unilever; Matilda Lobo, Senior Vice President – Head Corporate Social Responsibility,IndusInd Bank and Prerana Langa, CEO, Aga Khan Agency for Habitat India.

Bombay Chamber’s 14th AgriCorp Conference focuses on making our farmers market resilient

Mumbai, September 11, 2023: India has long become self sufficient in agriculture, but now it is time to pass on the fruits of self sufficiency to our farmers and make them market resilient, said Dasharath L Tambhale, Director – Agriculture (ATMA) Commissionerate of Agriculture cum Head, PIU Agriculture, SMART Project. He was speaking at the inauguration of the 14th AgriCorp Conference organised by Bombay Chamber being held on September 11 & 12, 2023 at the CIDCO Exhibition & Convention Centre, Vashi, Navi Mumbai. Tambhale added, “Agriculture Department’s SMART project was started to develop a comprehensive and inclusive agri value chain. Maharashtra is home to nearly one third of the FPOs in the country. We need to mobilise these FPOs to develop their value chains. The Department has initiated several projects which subsidises warehousing, transport, cold chain infra, etc. There is also the POCRA (Project for Climate Resilient Agriculture) in association with World Bank to develop climate resilience in agriculture.”

The AgriCorp Conference is themed Farm to Shelf: Enhancing Market Linkages.

In her Keynote address, Dr Usha B Zehr, Chairman & Executive Director, Grow Indigo spoke about Green Credits which is beyond just Carbon Credits. “We need to bring in sustainability in agriculture, improve farmer incomes without environmental impact and enhance market linkages. Carbon is the new cash crop in agriculture” she said. Speaking about how Indian agriculture has more of small holder farmers, Dr Zehr added that any regenerative farming initiatives should target these farmers.

Ritesh Tiwari, President, Bombay Chamber of Commerce & Industry and CFO, Hindustan Unilever & Unilever South Asia said, “Indian agriculture, contributing to 18%5 of GDP and 46%6 of employment, is complex. While the green revolution followed by the white revolution helped us achieve the status of food sufficiency, we now need to talk about an “income revolution”. Looking at the end-to-end value chain, the sector is ripe for disruption benefitting everyone in the value chain. Backed by regulatory support, there are 3 key drivers of disruption that are likely: efficient transportation and storage; digitalisation and farmer financing on the back of digitised transaction data; and innovations stemming from sustainability and productivity needs.”

Rajan Raje, CEO Nichem Solutions & Chairman – Agriculture and Food Processing Committee, Bombay Chamber and Sandeep Khosla, Director General, Bombay Chamber of Commerce & Industry, were also present at the inaugural ceremony. The conference saw the release of Analytique, a Bombay Chamber publication featuring expert insights on Financing Rural Bharat.

The AgriCorp Conference will have many interesting knowledge sessions over the two days like Retail Dynamics, Agri Startups (Seed to Shelf), the Global Marketplace, Shared value Creation, Agri Warehousing and Logistics, Leveraging Technology for Market Linkages, Compliances for taking Indian products Global, Funding & Govt Schemes.

The Conference is being organised in association with Kisan and supported by SBI, Rallis India, Celcius, BASF, Godrej Agrovet, Nabard, NICHEM, agribazaar, IDBI Bank and SatSure.

A Collective Focus to Achieve Net-Zero by 2070: PE&VC Conclave on “Financing India’s Green Future”

The Bombay Chamber, under the aegis of the PE&VC Committee, successfully convened a highly insightful Conclave on the topic, “Financing India’s Green Future.” The event, which took place in a hybrid mode, brought together industry leaders, experts, and thought pioneers to explore sustainable and responsible approaches to financing projects with significant environmental benefits. The Conclave addressed the pressing need for substantial investment and financing to support India’s ambitious goal of achieving net-zero emissions by 2070.

India, as one of the world’s largest emitters of greenhouse gases, is poised to make a transformative shift toward a cleaner, greener economy. According to a recent Reserve Bank report, India’s green financing requirement is projected to be at least 2.5 percent of its GDP annually until 2030. This commitment entails substantial investment in renewable energy and a significant reduction in the energy intensity of GDP, approximately 5 percent annually.

Sandeep Khosla, Director General of Bombay Chamber of Commerce & Industry, welcomed the audience and emphasised the pivotal role that green finance will play in India’s journey toward achieving net-zero emissions by 2070.

Setting the tone for the Conclave, Akalpit Gupte, Managing Director & Head Compliance at Deutsche Bank India, highlighted the need to mobilise funds and steer policy directives toward green initiatives. He emphasised the importance of accountability and the efficient utilisation of funds in green projects. Gupte also stressed the necessity of active regulations and industry participation in India’s sustainability efforts.

Delivering his Keynote Address, Shri Pramod Rao, Executive Director of SEBI, acknowledged the rapid changes happening in India, with the Government and RBI leading the way. He emphasised the importance of diverse funding sources for India’s corporate sector and the need to provide purpose-driven financing for sustainable initiatives. He discussed SEBI’s role in enhancing green finance through revised definitions, third-party verification processes, and enhanced disclosure mechanisms, such as mandating Business Responsibility and Sustainability Reporting (BRSR) BRSR Core Framework for assurance and ESG disclosures for top 1000 companies.

Giving his presentation, Amit Kumar, Partner-Climate and Energy Leader at Grant Thornton Bharat, discussed India’s long and short-term clean energy goals, emerging investment opportunities in clean energy sectors, and key green financing initiatives.

The first panel discussion, moderated by Saurabh Kamdar, Associate Partner at KPMG India, featured industry experts Govind Sankaranarayanan, Co-Founder & COO, Ecofy, Raman Kalra, Vice President & Senior Partner, Communications Sector Leader & Sustainability Consulting Leader, IBM , Padmanabh (Paddy) Sinha, Executive Director & CIO-Private Equity at National Investment and Infrastructure Fund (NIIF) and Siddharth Mayur, Founder, Managing Director & CEO, H2E Power Systems Private Ltd. & MD, HEXIS AG, discussing funding for India’s sustainability transition, renewable energy, mobility, infrastructure, and supply chain development. The panel explored niche and targeted green finance products, technology’s role in decarbonisation, and digital acceleration of the transition.

A presentation on GIFT IFSCA’s evolution and its role in financing India’s Green Future was delivered by Pavan Shah, General Manager, IFSCA.

The second panel discussion, moderated by Prerana Langa, CEO of Aga Khan Agency for Habitat India, focused on navigating the evolving regulatory landscape in green financing. Panellists, including Shailesh Haribhakti, Jigar Shah, Manu Maudgal, and Dr. Rambabu Paravastu, discussed carbon pricing regulations, sustainability actions, data quality improvement, and the real-world impact of sustainability initiatives.

The Conclave concluded with a Vote of Thanks by Ashith Kampani, Chairperson of the PE&VC Committee at Bombay Chamber, who expressed gratitude to the speakers, participants, and the Chamber for their invaluable contributions to the event.

The Bombay Chamber’s “Financing India’s Green Future” Conclave served as a platform for in-depth discussions, knowledge sharing, and collaborative efforts to support India’s journey towards a sustainable and environmentally responsible future.