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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.

India’s exports contracted by 15.88 per cent to USD 32.25 billion in July this year from USD 38.34 billion in the same month last year, the government data showed on Monday. Imports during the month also declined by 17 per cent to USD 52.92 billion from USD 63.77 billion in July 2022.

During April-July this fiscal, the exports dipped by 14.5 per cent to USD 136.22 billion. Imports during the period also declined by 13.79 per cent to USD 213.2 billion. Commerce secretary Sunil Barthawal said that the global headwinds are still there. There is a decline in exports and imports from several countries.

The Reserve Bank of India (RBI) has announced the development of a Public Tech Platform for Frictionless Credit. The Platform is being developed by Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of RBI.

As per the RBI, the Public Tech Platform would enable delivery of frictionless credit by facilitating seamless flow of required digital information to lenders. The end-to-end digital platform will have an open architecture, open Application Programming Interfaces (APIs) and standards, to which all financial sector players can connect seamlessly in a ‘plug and play’ model.

The Platform is intended to be rolled out as a pilot project in a calibrated fashion, both in terms of access to information providers and use cases. The aim is to bring about efficiency in the lending process in terms of reduction of costs, quicker disbursement, and scalability.

During the pilot, the platform will focus on products such as Kisan Credit Card loans up to ₹1.6 lakh per borrower, Dairy Loans, MSME loans (without collateral), Personal loans and Home loans through participating banks. The platform will also enable linkage with services such as Aadhaar e-KYC, land records from onboarded State Governments (Madhya Pradesh, Tamil Nadu, Karnataka, Uttar Pradesh, and Maharashtra), Satellite data, PAN Validation, Transliteration, Aadhaar e-signing, account aggregation by Account Aggregators (AAs), milk pouring data from select dairy co-operatives, house/property search data etc.

Based on the learnings, the scope and coverage would be expanded to include more products, information providers and lenders during the pilot.

July 18, 2023, Mumbai: Speaking at the 187th AGM of Bombay Chamber of Commerce & Industry yesterday, Shri Piyush Goyal, Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, said that Atmanirbhar Bharat is India’s goal, but that does not mean that the country is closing its doors to the world. “It does not mean we are living in a cocoon or a shell. We are in fact opening our doors wider. We want to have greater international trade and want to be a part of global supply value chains. We recognise that different countries/geographies have comparative or competitive advantages which we should leverage on, but at the same time we want to open the doors of other markets for products where we have skills, capabilities and the competitive edge. Therefore, a focus on FTAs or comprehensive economic partnerships with world leaders and developed economies has been the core of our commerce agenda. We have had record exports, but, currently, as recession sets in, discretionary spending is lukewarm. Products which are our strength areas are currently under stress. In this situation it is incumbent on all of us to work as a team and make the India story the compulsive story of the world.”

He further spoke about the three ‘D’s that make India a great opportunity. “Democracy, Demographic dividend (young population expected to remain young for the next 3 or 4 decades and the Demand that aspirational India generates – these three Ds drive our economy making it the fastest growing one in the world today,” he said.

Speaking about the business climate in the run up to the 2024 elections, Guest of Honour, Sanjay Pugulia, CEO and Editor-in-chief, AMG Media Network, opined that he expects no dramatic change in the political scene. “Policy making has got completely delinked from electoral outcomes. Even with a coalition government, the policy trajectory is not going to change. We are one of the fastest growing economies of the world and that is not going to change.”
However he cautioned, “What is important is, have we created the enabling systems for big money to flow in? We have to work on that.”

In his opening notes, Sandeep Khosla, Director General, Bombay Chamber of Commerce & Industry said that the Chamber with a long and illustrious history is keeping with the times by initiating several modern concepts like the recent DEI Awards, one of its kind by a Chamber in India.

In his Presidential address, Nilesh Shah, outgoing President, Bombay Chamber of Commerce & Industry and Group President & MD, Kotak Mahindra AMC, outlined the Chamber’s various path breaking initiatives and said, “The Chamber’s USP is its intellectual capital. Nearly 60 per cent of our membership comes from the MSME sector and we play a pivotal role in acting as a bridge between them and the regulatory bodies.” Commenting on India’s emerging role as an investment destination, he added that clearly global investors are seeing the three Gs – Growth, Governance and Green – in India, resulting in an appropriate advantage for the Indian economy.

In his mission statement, Ritesh Tiwari, incoming President, Bombay Chamber of Commerce & Industry and CFO, Hindustan Unilever Ltd and Unilever South Asia, said, “My mission statement is an attempt to marry the rich legacy of our Chamber with the opportunities we can unleash in this new global world by working together as India Inc. As stakeholders of our society and community, it is important that we acknowledge the role we must play in enabling growth and development of our country. It is equally important to understand that we are not in a perpetual race – this is not a zero-sum game. The more we come together as leaders of India Inc and work with the government and regulators, higher will be the value we can unlock for all of us. I call it ‘Collaborative Development ‘. There will be four critical aspects of this mission (1) Embracing Digitalisation (2) Bringing sustainability at the heart of business (3) Fostering Diversity, Equity, and Inclusion (4) Enhancing Ease of Doing Business.”
Hitendra Dave, Sr. Vice President Designate, Bombay Chamber and CEO, HSBC India, delivered the Vote of Thanks.

July 13, 2023, Mumbai: The winners of the inaugural Bombay Chamber DEI Awards were announced at a glittering ceremony at Four Seasons Hotel Mumbai last night. With Ernst & Young as thought partners, the Awards saw a whopping 83 nominations from 51 companies across 5 categories: Disability Confidence and Inclusion Award, LGBTQ+ Inclusion Award, Gender Equality Champion Award, DEI Award for Program and DEI Champion Award. To encourage Micro, Small and Medium Enterprises (MSMEs) in creating inclusive workplaces, the Chamber instituted a Special MSME Award. The Chamber received a total of 12 MSME nominations across categories.

In his Welcome address, Nilesh Shah, President, Bombay Chamber of Commerce & Industry and Group President and MD, Kotak Mahindra AMC said, “Diversity, Equity, and Inclusion or DEI is important to company culture because it fosters creativity, fresh perspectives, and understanding. What’s more, Diverse and Inclusive workplaces allow employees to work together as equally valued contributors. In fact, workplaces that prioritise diversity and inclusion efforts have been statistically proven to be safer, happier and more productive work environments. From improving employee productivity and creativity to reducing turnover rates and boosting employee morale, strong DEI can be good for your bottomline. But it is prudent to remember here that the change must start with ourselves as people. When things change within you, things will change around you.”

While setting the theme for the Awards ceremony, Ritesh Tiwari, President Designate, Bombay Chamber of Commerce & Industry and CFO, Hindustan Unilever Ltd and Unilever South Asia said, “Equity, Diversity, and Inclusion are not just moral imperatives but essential drivers of business success. It is therefore important to understand and appreciate that driving DEI is not just an HR priority, it is a powerful business imperative. It is not a box to be checked or a token gesture; it is the very foundation on which our businesses are built. In essence for me, DEI is about two key elements – creating equal opportunities and secondly, an environment of psychology safety. As leaders of India Inc, it is important to recognise that it is really upon us to set the tone on this. The consumers we serve are diverse in gender, thoughts, ethnicity, abilities and so on and therefore our organisations catering to them cannot be any different.”

Moderating a panel discussion on Changing Dynamics of DEI in India Inc, Meenakshi Priyam, Chairperson of the Chamber’s D&I Committee and CHRO, Udaan said, “As a nation we have a rich tapestry of diversity in our heritage. The journey of Diversity, Equity and Inclusion – a vast area that includes gender balance across genders but even more – is critical for the growth of our nation and industry. We still have a journey ahead as an industry in this space. These Awards brought to fore such inspiring and world leading work that companies are doing to further this agenda and we feel privileged to enable it. We hope that this continues to be a platform to engage, dialogue and celebrate DEI across large corporates and MSMEs as we move ahead.”

The panelists included Dr. Indu Shahani, Founding President & Chancellor, ATLASSkillTech University; Ravindra Kumar, CHRO, Tata Motors; Sushant aka Rani Ko-He-Nur, Performing Artiste-Singer/Actor and Equal Rights Champion and Sachin Rajan, MD, Russell Reynolds Associates.

The Winners of the Bombay Chamber DEI Awards 2023:

Category: Disability Confidence & Inclusion Award

Winner: Future Generali India Insurance Company Limited

1st Runner Up: LTIMindtree

2nd Runner Up: Deutsche Bank Group India

Category: LGBTQIA+ Inclusion Award

Winner: Godrej Properties Limited

1st Runner Up: Axis Bank

2nd Runner Up: LTIMindtree

Category: Gender Equality Champion Award

Winner: Godrej Consumer Products Limited

1st Runner Up: Thermo Fisher Scientific India Pvt. Ltd.

2nd Runner Up: Standard Chartered Bank, India

Category: DEI Award for Program

Winner: Tata Motors Limited

1st Runner Up: Zomato Limited

2nd Runner Up: Indian Hotels Company Limited

Category: Special Award for MSMEs

Winner: NICHEM SOLUTIONS

1st Runner Up: AIRA Consulting Pvt. Ltd.

2nd Runner Up: HTMC Group

Category: DEI Champion Award

Winner: Tech Mahindra Limited

1st Runner Up: LTIMindtree

2nd Runner Up: Reliance Jio Infocomm Limited