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Biotechnology Research and Innovation Council (BRIC) Celebrated its First Foundation Day on November 9-10, 2024

The Department of Biotechnology (DBT), Ministry of Science and Technology, celebrated the First Foundation Day of the Biotechnology Research and Innovation Council (BRIC) on November 9-10, 2024. BRIC, created with Cabinet approval on November 10, 2023, has subsumed 14 Autonomous Institutions (AIs) under the visionary leadership of Dr. Jitendra Singh, Minister of State (IC) for Science & Technology, and is at the forefront of driving excellence and innovation in the biotech sector.

The event was held at BRIC-National Institute of Immunology (NII), marking a significant milestone in the organization’s journey. Shri Amitabh Kant, India’s G20 Sherpa, graced the occasion as the Guest of Honor and delivered the Foundation Day lecture. Dr. Anand Deshpande from Persistent Systems was the Special Guest, while Dr. Rajesh S Gokhale, Secretary, DBT and Director General of BRIC, along with Directors of iBRIC, officials from DBT and BIRAC, researchers, and students from various iBRIC institutions, actively participated in the celebration.

Key Events on Foundation Day
1. “Race from Science to Entrepreneurship (RaSE)” Competition:
On November 9, 2024, BRIC organized a competition titled “Race from Science to Entrepreneurship (RaSE)” to encourage young talent from iBRIC+ institutes. The competition aimed to develop entrepreneurial skills by exposing students to challenges in the commercialization of biosciences, with a focus on the thematic areas highlighted in the BioE3 (Biotechnology for Economy, Environment, and Employment) Policy. Students from all fifteen iBRIC+ institutes showcased their innovative ideas during the event.

2. Sports Meet and Get-Together:
On November 10, 2024, a sports meet and social gathering were organized for the iBRIC+ institutes and DBT members. The activities included cricket, badminton, table tennis, and chess, aimed at fostering team spirit, promoting physical fitness, and strengthening the bonds within the DBT-iBRIC+ family.

Leadership Remarks

During the event, Dr. Rajesh S Gokhale emphasized the significance of BRIC in the biotechnology sector. He stated, “BRIC is playing a pivotal role in enhancing the value and impact both in the context of bringing research synergy, enhancing, and transforming the power of Science, Technology, and Innovation.”

Guest of Honor, Shri Amitabh Kant, lauded the efforts of the Department of Biotechnology, remarking, “BRIC would be a landmark institution for the country,” highlighting its potential to drive India’s biotech sector forward.

About BRIC

The Biotechnology Research and Innovation Council (BRIC) was established to consolidate the efforts of 14 Autonomous Institutions under DBT, promoting synergy, innovation, and research excellence. BRIC is committed to advancing the biotechnology sector by facilitating collaboration among scientists and researchers, aligning with national policies like BioE3, and contributing to India’s vision of becoming a global biotechnology hub.

Workshop on How to Win back Unhappy Customers

The Young Bombay Forum of the Bombay Chamber organized an insightful workshop titled How to Win Back Unhappy Customers on October 23, 2024. Shruti Rathod from the Bombay Chamber welcomed the speaker and attendees, providing an introduction to the Bombay Chamber’s history and achievements, including milestones reached by the Young Bombay Forum. Nineteen delegates from various organizations participated in the event.

Dr. Lata Shetty, founder of Mainstream HRD Training Centre, served as the speaker for the workshop. Dr. Shetty is a distinguished professional, known for her expertise in HRD and customer relations. She previously authored a column for Lok Satta – Lok Mudra, and has served as a faculty member at Orchid Finishing School, Tata Institute of Social Sciences, and as visiting faculty at Somaiya Institute of Management.

The workshop opened with Dr. Shetty engaging participants to understand their specific challenges and expectations related to handling unhappy customers.

Workshop Objectives:
The session aimed to:

• • Sensitize participants to the importance of retaining unhappy customers and understanding the business implications of customer dissatisfaction.
  • Develop a positive attitude towards customer service, especially when handling grievances.
  • Enhance understanding of quality customer service benchmarks and sharpen participants’ skills for retaining customer loyalty.
  • Equip participants with strategies to address unhappy customers through various communication channels—face-to-face, over the phone, and in written communications.

Key Topics Covered:
Dr. Shetty addressed several important topics, including:

• Building a business-savvy approach towards unhappy customers.
• Analyzing common reasons for customer dissatisfaction.
• The financial and reputational benefits of regaining dissatisfied customers.
• Effective techniques for uncovering underlying reasons behind customer complaints.
• Developing communication plans aimed at winning back lost customers and rebuilding trust.
• Practical benchmarks for delivering high-quality customer service.
• Tailoring responses to unhappy customers based on the mode of communication (in-person, phone, email, or letter).
• Establishing long-lasting, positive relationships with customers.

Throughout the workshop, Dr. Shetty shared real-life case studies and interactive activities, allowing delegates to discuss specific challenges and receive practical, actionable feedback. The workshop’s highly interactive format received excellent feedback from participants, who appreciated the valuable insights and tools provided to improve their customer service practices.

Webinar on The Manager’s Toolkit

The Young Bombay forum of Bombay Chamber had organized Webinar on The Manager’s Toolkit held on 22nd Oct.’ 2024. Shruti Rathod, Bombay Chamber welcomed the speaker and delegates. She introduced and briefly spoke on historical milestones of Bombay Chamber and Young Bombay Forum. There were 35 delegates participated from different organisations.

Charu Sabnavis, Director, Delta Learning was the speaker for the webinar. She shared a thought-provoking and practical insights with the delegates.

Primarily, she introduced and explained the topic and connected with the delegates for the challenges and expectations about the Role of the Manager, Leadership Styles and managing remotely. She also asked delegates to share their experiences about the best managers they have worked with and What is it about them which they admire? Voluntarily everyone shared their experiences with the speaker.

She explained and elaborate on the below pointers.
Balancing the task and relationship, Empowering and developing people, Setting people up for success, Skill development, Delegation – a win-win!, Process of delegation, Pitfalls of delegation, Managing performance and delivering feedback, The performance pipeline, Framework for giving constructive feedback, Situational Leadership, Adapt your leadership style based on the situation and maturity of the individual.

She also explained The AID model – Action – describe the behavior – Impact – state the impact – Decision – Arrive at an action plan, Appreciation and positive feedback.

Charu stressed on best practices for managing a team remotely, communicating regularly, building trust, Empathizing, being organized and being positive.

She explained the concept and topics on manager’s toolkit with the help of various activities, tasks and case studies. Overall, the entire webinar was highly interactive where delegates discussed their challenges with the speakers and got practical meaningful responses on the subject. The webinar received excellent feedback.

Bombay Chamber and FTI Consulting organises Generative AI Session

The Bombay Chamber, in association with FTI Consulting as the knowledge partner, conducted a session on Generative AI.

Jon Chan, FTI Consulting’s eDiscovery Innovation and AI leader conducted a 90-minute session titled “Successfully Navigating the Adoption of Generative AI with Regulators and Enforcement Agencies.” This session included an optional 20-minute hands-on labs experience, where attendees utilized laptops and sample data to explore various prompts, models, and concepts, including hallucinations and prompt engineering in an investigative environment.

The session offered practical applications of Generative AI within disputes and investigations, equipping legal, compliance, and investigation leaders with insights on effectively incorporating this technology into their operations. Attendees gained actionable strategies for integrating AI to enhance efficiency and support organisational goals.

Designed for professionals focused on governance, risk, and compliance, the discussion addressed the unique challenges and opportunities posed by Generative AI in regulated environments. FTI’s extensive experiments with this emerging technology provided transparency around associated risks and considerations.

As AI rapidly evolved, organisations learned the importance of navigating uncharted territories, particularly in experimentation and result validation to mitigate risks and support new processes enabled by Generative AI. The session delivered expert perspectives on managing regulatory scrutiny, addressing potential risks, and responsibly leveraging AI to improve operational efficiency while fulfilling legal and compliance obligations.

Following the session, attendees had the opportunity to network during a lunch, fostering discussions around the insights shared and the future implications of Generative AI in their respective fields.

The 7th Annual Economic Outlook Survey 2024-25

Survey Content:

We are thrilled to announce the launch of the 7th Annual Economic Outlook Survey 2024-25, conducted by the Bombay Chamber of Commerce & Industry. This survey has become a vital platform for collecting insights and data from both member and non-member organisations, allowing us to deliver a comprehensive macroeconomic analysis of the Indian economy.

In keeping with our role as a bridge between the industry and the Government, we have shared findings from our previous Surveys with key authorities, including the RBI, Ministry of Finance, and Regulatory Bodies. These insights have contributed to a deeper understanding of the economic landscape and influenced policies aimed at fostering a conducive business environment in the country.

The Economic Outlook Survey plays a crucial role in understanding the pulse of the industry across the spectrum – from Large corporations to Micro, Small, and Medium Enterprises (MSMEs). By capturing the diverse challenges, opportunities, and trends experienced by businesses of all sizes, the Survey offers a balanced view of the economic landscape, providing invaluable insights that cater to both ends of the industry.

In this spirit of collaboration and nation-building, we invite you to participate in the 7th Economic Outlook Survey. By taking just a few minutes to share your perspectives, you can play an active role in shaping the future of our economy.

Your feedback is crucial and will help inform policy decisions that drive sustainable development.

For further queries, contact:

Priya Singh: 022 6120 0238; Utkarsha Joshi: 022 6120 0271

Email Id: priya.singh@bombaychamber.com ;Utkarsha.Joshi@bombaychamber.com

Bombay Chamber Mutual Fund Conclave says industry needs a North Star to guide towards long term financial security for all

Bombay Chamber organised its annual Mutual Fund Conclave yesterday at the St Regis Hotel, Mumbai. The theme of the Conclave was India’s growth funded by Indians.

In her welcome address, Pinky Mehta, President, Bombay Chamber and CFO, Aditya Birla Capital, said, “The Assets Under Management (AUM) of India’s mutual fund industry rose by an impressive 40.70% over the past year, climbing from ₹46.94 lakh crore in August 2023 to ₹66.04 lakh crore in August this year, as reported by the Association of Mutual Funds in India (AMFI). Recognising this expanding market, SEBI has introduced a simplified regulatory framework for launching passive mutual fund schemes, known as MF Lite. This initiative aims to reduce compliance burdens and encourage new entrants into the mutual fund space.”

Setting the theme for the Conclave, Nilesh Shah, Past President, Bombay Chamber & Group President and Managing Director, Kotak Mahindra AMC said, “The MF industry represents a sustainable model where distributors, manufacturers, and investors come together to drive economic freedom. It is unique in aligning the interests of all three stakeholders. The industry’s primary responsibility is to safeguard investor trust, which has remained strong thanks to regulatory oversight.”

He further added, “Currently, 93% of household savings in India go into instruments like bank savings and fixed deposits, which do not keep pace with inflation. The remaining 7%, invested in equities and mutual funds, offers inflation-beating returns. This imbalance means most Indians are not financially secure. A greater push, such as through initiatives like Jan Nivesh, is needed to direct savings toward real-return products. The younger generation must also be engaged – 18 crore Indians traded in cryptocurrencies and lost money, with many of these being young investors. The MF industry needs a North Star, to guide these efforts toward long-term financial security for all.”

The Keynote Speaker, Manoj Kumar, Executive Director, SEBI, said, “With 60 lakh crore AUM, the regulator should work fast too. There is no meaning to whatever has been built if trust is eroded. Our objective is to help everyone. We are making changes to MF to match the pace of growth of the industry. We actively consult with everyone for these changes – the industry, the distributors and gain a holistic view. The recent introduction of MF Lite was in keeping pace with the needs of the industry and investors. To reduce compliance burden and make it lighter, while also ensuring compliance standards are adhered to. Similarly, the new asset class for HNIs. With a lot of unauthorised activities that happen at the lower end of the market, we need to take action and adopt a development approach to the same. Since there is a need in the market, we address it by bringing it into the regulatory framework. The structure we are trying to create is that all PMS and AIF players should be facilitated in MF Lite and the new asset class. “

In a Fireside Chat on Guardrails for a Growing Mutual fund industry, between Navneet Munot, Board Member, Bombay Chamber and Chairman, AMFI and MD & CEO, HDFC AMC and Anil Singhvi, Managing Editor, Zee Business, the two speakers shared insights on reaching the 5 crore unique investors and cautioned that the industry still has a long way to go.

The Conclave also saw two panel discussions. The first which was on ‘The journey from 4 cr to 40 cr investors’ was moderated by Latha Venkatesh, Executive Editor, CNBC TV18 and the panelists included Nilesh Shah; Swarup Anand Mohanty, Vice-Chairman and CEO, Mirae Asset Investment Managers (India); Lalit Keshre, Co-Founder & CEO, Groww and D P Singh, DMD, SBI Mutual Fund.

The second panel moderated by Nisha Poddar, Managing Editor, Times Experiences included panelists Soumya Rajan, Founder & CEO, Waterfield Advisors; Karan Bhagat, Founder, MD & CEO, 360 ONE; Sudhir Variyar, Deputy CEO, Multiples Alternate Asset Management; Ashish Gupta, Chief Investment Officer, Axis Mutual Fund and Vishal Agarwal, Partner & National Leader – Transaction Tax and PE Channel, Grant Thornton Bharat LLP. The panel discussed about wealth creation through AIFs and PMS.

Webinar on LEADERSHIP ACCELERATOR

The Young Bombay Forum of the Bombay Chamber organized a six-part Leadership Accelerator webinar series in September 2024. Ms. Shruti Rathod, representing the Bombay Chamber, extended a warm welcome to the speaker and participants, highlighting the rich legacy and accomplishments of both the Bombay Chamber and the Young Bombay Forum. The event saw participation from professionals across various industries.

The webinar featured two expert coaches:

• Ms. Monica Divekar, Founder of The Mind Coaching Academy, Author, Behavior Specialist, ICF Certified Coach with expertise in Neuroscience and Emotional Intelligence (EI), Master NLP Practitioner, EI Certified Assessor, Facilitative Trainer, and Visiting Faculty at S.P. Jain Institute of Management & Research.
• Ms. Varsha Chitnis, Founder of The Mind Coaching Academy, Author, ICF Certified Coach specializing in Brain-Based Intuitive & Solution-Focused Coaching, Certified Behavior Trainer, Certified in Facilitation, Certified Assessor BAT 5, and Visiting Faculty at We School and Tata Institute of Social Sciences.

The webinar addressed key challenges faced by many talented leaders that often hinder their progression into senior positions or critical roles. Common hurdles discussed included confidence gaps, self-doubt, lack of self-awareness, and the need for proactive engagement and relationship-building. By identifying these challenges and offering actionable insights, the webinar aimed to help leaders unlock their full potential and advance in their careers, benefitting both individuals and their organizations.

The Leadership Accelerator initiative was designed to equip participants with the tools and strategies needed to overcome leadership obstacles. The series focused on various topics, including:

• Self-Awareness and Growth: Tools and techniques to foster self-awareness and overcome self-doubt.
• Confidence and Focus Building: Exercises aimed at boosting self-confidence and strengthening leadership presence.

The program’s structure included:

• Six online sessions, each lasting 60-90 minutes
• Four weeks of ongoing support via WhatsApp
• Focus group discussions (FGD) with participant sponsors
• Participant orientation and assessments, followed by group feedback sessions
• Interactive sessions for introducing tools and techniques, with continuous review and feedforward
• Certification upon completion

Participants also benefited from continuous support and practice exercises through WhatsApp, reinforcing the concepts learned during the sessions.

Key Takeaways:

• Improved self-awareness and recognition of gaps holding leaders back
• Greater belief in their ability to step into leadership roles
• Practical, actionable insights ready for immediate implementation

The feedback from attendees was overwhelmingly positive, with many highlighting the webinar’s relevance and effectiveness. The interactive format and practical focus made it a valuable and enriching experience for all involved.

Thought Leadership Session by Dr. VS Parthasarathy

The Young Bombay Forum of the Bombay Chamber organized a dynamic Thought Leadership Session on September 25, 2024, featuring Dr. VS Parthasarathy, a distinguished coach, mentor, and social entrepreneur. Dr. Parthasarathy, known for his roles with SEWA, LIC, NIIT, Cloud9, and other prominent organizations, delivered an enriching session at The Ruby, Mumbai, that attracted professionals eager to gain insights from his extensive leadership experience.

The session began with a warm welcome by Ms. Shruti Rathod from the Bombay Chamber, followed by introductory remarks by Mr. Ashith Kampani, Chairman of the Young Bombay Forum and Managing Director of CosmicMandala 15 Securities Pvt. Ltd. Mr. Kampani reflected on the historical milestones of both the Bombay Chamber and the Young Bombay Forum, setting the stage for an engaging discussion.

Dr. Parthasarathy captivated the audience with his insightful address on leadership, emphasizing both professional and personal development. His talk was inspiring, practical, and interactive, encouraging active participation from the attendees. He offered actionable advice on enhancing leadership skills, grounded in his philosophy of perseverance, passion, and purpose—the “three Ps” that he believes are essential for success.

He shared key mantras for excellence and leadership, focusing on empathy, understanding others, and the importance of consistent practice. Dr. Parthasarathy challenged the common belief that success is solely about strategy and execution. He argued that true success also requires perseverance. He illustrated this with a powerful metaphor: “When you plant a seed and water it, the results aren’t immediately visible. It takes time and perseverance for the plant to grow.”

Dr. Parthasarathy also spoke about the significance of creating a familial atmosphere in the workplace. Given the long hours professionals spend at work, he suggested treating colleagues like family to achieve better work-life balance. He emphasized that perseverance, once established as a habit, helps in balancing life effectively.

Looking to the future of business, he discussed the idea of “business movement,” where companies evolve beyond their original models—just as Amazon expanded from a bookstore to finance, insurance, and data centers. He highlighted the importance of adaptability, especially as the world grapples with climate change and the rise of experiential commerce. He stressed that only innovative companies that are willing to adapt will survive.

“Learning should never end,” Dr. Parthasarathy advised, encouraging continuous learning and adaptability. He introduced the concept of shifting from a 70:30 to a 30:70 ratio—where 70% of repetitive tasks should be automated through technologies like AI, allowing professionals to focus 70% of their time on future-oriented strategies.

In closing, Dr. Parthasarathy left the audience with memorable words: “Keep your eyes on the horizon but your feet firmly on the ground.” He urged everyone to remain grounded while aiming high, recounting his personal journey of perseverance and growth, starting alone and gradually building a strong network of like-minded individuals.

The session concluded with a lively Q&A segment, where participants had the opportunity to seek advice from Dr. Parthasarathy on their professional challenges. The feedback from attendees was overwhelmingly positive, reflecting the event’s success and the profound impact of Dr. Parthasarathy’s insights.

Seminar on new Capital Gains and Buyback tax regime

Pursuant to stakeholder representations, Finance (No.2) 2024 has transformed the tax treatment of capital gains and buy back of shares. The government has tried to reduce the categories of various asset classes and bring uniformity & consistency in holding period and long term/short term capital gains tax rates. Responding to post budget representations, the indexation benefit was also restored at the enactment stage in a limited manner to ensure that long term capital gains tax burden of land or building or both on resident individuals/HUFs is not increased for assets acquired prior to July 23, 2024. The taxation of buyback of shares is restored in the hands of shareholders as a combination of dividend and capital gains instead of buyback distribution tax in the hands of the company.

The transformative changes in capital gains and buyback taxation for both residents and non-residents requires an in-depth evaluation for both tax compliance and future tax planning. In view of the above, Bombay Chamber organised a half-day physical seminar where tax experts from Deloitte Haskins & Sells LLP, viz. Hiren Shah and Akhil Muchhala discussed the aspects with practical case studies on the new Capital Gains tax regime and new Buyback tax regime. The session was attended by good participation and it was very interactive and very informative.

The next three decades belong to India, says Dhiraj Relli at Envision 2024

In the first half of 2024, Indian companies raised an impressive $8.6 billion through Initial Public Offerings (IPOs), surpassing the combined figures from the previous two years. India now accounts for 25% of global IPO listings, positioning itself as a key player in the global capital markets. With upcoming billion-dollar IPOs from companies like Swiggy, LG Electronics, and Hyundai Motor, investor confidence in India’s economic growth continues to soar.

These developments were highlighted during the panel discussion, Envision 2024: India’s Growth Story With Capital Markets, organised by the Bombay Chamber in partnership with Kirtane & Pandit Consulting, the Knowledge Partner. The event focused on India’s burgeoning IPO market and its implications for future economic expansion.

In his keynote address, Dhiraj Relli, Managing Director and CEO of HDFC Securities, emphasised India’s long-term growth potential. “The next three decades belong to India, with the ‘Viksit Bharat’ theme driving our economic progress,” Relli stated. He also highlighted that India’s investor base has tripled in the last five years, now standing at 10 crore investors.

Relli pointed to a shift in investor behavior, noting that retail and High Net Worth Individuals (HNIs) are becoming more adept at navigating the markets. “For the first time in my three decades of experience, I’ve seen retail investors consistently making money in the markets,” he said. This marks a significant departure from past cycles, where retail investors often suffered losses during market downturns.

He further explained that India has seen a 12x increase in market participation over the last decade. “Equity premiums have surged 10x in the last five years, and IPO activity is booming with ₹61,000 crore raised this financial year, excluding SME IPOs, which have also gained momentum.”

Relli also warned of the risks of falling into the middle-income trap, stressing that India must grow rich before it grows old. Comparing India to China, he highlighted the country’s potential for greater penetration in consumer goods. “Our per capita income and affordability will increase, leading to a shift in consumerism. The economic structure is moving from a pyramid to a diamond shape, where more of the population will experience affluence.”

He projected that by 2029, India could become a $7 trillion economy, with the potential to reach $10 trillion by 2032, provided it sustains a growth rate of 11%.

The event also featured a panel discussion on IPO readiness, titled IPO Readiness- The Road to Going Public, moderated by CS Shweta Gokarn, Founder of Shweta Gokarn & Co. and STGY Global Consulting.

Panelists included Subhadeep Majumdar, Chief Manager at NSE, Atul Juvle, Senior GRC Advisor, Priyanka Jain, Partner at Vaish Associates Advocates, and Akshay Purandare, Partner at Kirtane & Pandit. They shared best practices and insights on navigating the IPO process, emphasising the need for thorough preparation and adherence to disclosure obligations. The session covered essential topics such as the role of the National Stock Exchange (NSE) in facilitating IPOs, economic factors driving India’s growth, and the legal and compliance challenges companies face when going public.