Pres­i­dent Writes

Assocham Bulletin - - ASSOCHAM -

Dear Mem­ber,

My hearti­est con­grat­u­la­tions to ev­ery In­dian, who has wit­nessed & par­tic­i­pated in the most dy­namic & his­tor­i­cal tax re­form post-in­de­pen­dence in the form of GST un­der the dy­namic lead­er­ship of our Hon'ble Prime Min­is­ter Mr. Naren­dra Modi. It was a mat­ter of ex­treme pride for me to be amongst the gath­er­ing of all po­lit­i­cal stal­warts in the cen­tral hall of Par­lia­ment, rep­re­sent­ing ASSOCHAM, dur­ing launch­ing of GST at 12 mid night on 1st July, 2017. GST will lead In­dia's tran­si­tion to­wards a new resur­gent na­tion. The con­cept of One Na­tion- One tax will im­mensely ben­e­fit the eco­nomic growth of the coun­try and would cer­tainly el­e­vate In­dia's po­si­tion in the world econ­omy as well. We wel­come the GST whole-heart­edly and as­sure our full sup­port to the gov­ern­ment on be­half of the In­dus­try for smooth roll-out on pan In­dia ba­sis.

As com­mit­ted, ASSOCHAM is ac­tively pur­su­ing train­ing pro­gram on GST par­tic­u­larly for traders on pan In­dia ba­sis and we are proud to say that al­most 12000 traders have at­tended our train­ing pro­gram al­ready con­ducted at more than 60 cities on pan In­dia ba­sis. We are con­fi­dent that gov­ern­ment will keep sup­port­ing the in­dus­try to un­der­stand the sub­ject and it has al­ready given a two months win­dow to file first re­turn. Hope­fully, In­dus­try would be able to sort out or at least iden­tify the is­sues they face dur­ing ini­tial pe­riod and we as­sure our en­tire mem­bers that ASSOCHAM would take up those is­sues with Gov­ern­ment on top pri­or­ity to avoid any loss of busi­ness due to statu­tory is­sues.

Whole­sale in­fla­tion fell to 0.90 per cent in June -- the low­est in at least eight months -- as prices of food ar­ti­cles, in­clud­ing veg­eta­bles, de­clined.

In­fla­tion based on the whole­sale price in­dex (WPI) was 2.17 per cent in May 2017 and (-)0.09 per cent in June 2016.The slow­down in whole­sale in­fla­tion comes against the back­drop of re­tail in­fla­tion eas­ing to a record low of 1.54 per cent in June. The WPI fig­ure is at the low­est level in at least eight months -- since the avail­abil­ity of data for the new 2011-12 base year se­ries. It's been viewed as ma­jor par­a­digm shift in in­fla­tion tra­jec­tory.

Be­sides, in­dus­trial pro­duc­tion data showed that the growth in fac­tory out­put slumped to 1.7 per cent in May, 2017, from 8 per cent a year ago. We all know that In­dus­try is go­ing through an eco­nomic tran­si­tion and we are all look­ing for­ward to a ma­jor pos­i­tive turn­around in the times ahead. Ma­jor NPA ac­counts are be­ing now re­ferred to be dealt un­der In­dian Bank­ruptcy & In­sol­vency Code 2016 and we be­lieve that a prag­matic ap­proach would help the In­dus­try & the Banks to find an am­i­ca­ble res­o­lu­tion.

ASSOCHAM has planned some in­ter­est­ing events per­tain­ing to the cur­rent is­sues dur­ing July-Aug, 2017 which in­cludes sub­jects like Lo­gis­tics, Merger & Ac­qui­si­tions, Rail­ways, Woman em­pow­er­ment etc. Re­cently, ASSOCHAM con­ducted a Round Ta­ble dis­cus­sion on Hy­dro Power duly chaired by Mr. Piyush Goyal, Hon'ble Min­is­ter of Power, Re­new­able & New En­ergy, Coal & Min­ing. This round ta­ble meet­ing was at­tended by CEOs of ma­jor con­glom­er­ate in Hy­dro power in­dus­try and ef­forts of ASSOCHAM team were ap­plauded for this ini­tia­tive. I be­lieve, ASSOCHAM would be ar­rang­ing more such round ta­ble meet­ings with con­cerned stake hold­ers and pol­icy/de­ci­sion mak­ers.

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