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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.