Dear Mem­ber,

Assocham Bulletin - - ASSOCHAM -

It's been more than a year I took over as Pres­i­dent ASSOCHAM and I am happy to say that'it was in­deed an hon­our to lead the Cham­ber, con­sid­ered as Knowl­edge ar­chi­tect of Cor­po­rate In­dia; it would be com­plet­ing its 100 years of es­tab­lish­ment in In­dia in 2020. While this is an emo­tional mo­ment for me to write this last mes­sage in ASSOCHAM BULLETIN as Pres­i­dent- ASSOCHAM, I must say that this jour­ney was truly en­rich­ing in terms of meet­ing many politi­cians, suc­cess­ful busi­ness lead­ers and opin­ion lead­ers of the civil so­ci­ety, and they all agree that only through co­op­er­a­tion be­tween the three main sec­tors of the so­ci­ety (govern­ment, busi­ness and civil so­ci­ety) we can cre­ate sus­tain­able so­lu­tions for any is­sue re­lated to growth of our na­tion. This is why ASSOCHAM will be the or­gan­i­sa­tion that unites all sec­tors of the so­ci­ety to cre­ate sus­tain­able im­pact.

The year 2017 is con­sid­ered as the year of eco­nomic re­forms. The year be­gan with reper­cus­sions of one of the bold move of de­mon­e­ti­za­tion, taken by our Hon'ble Prime Min­is­ter Mr. Naren­dra Modi, fol­lowed by roll out of GST from 1st July, 2017. More­over, im­ple­men­ta­tion of In­sol­vency & Bankruptcy Law 2016 & RERA were ef­fec­tively done dur­ing 2017, which has cre­ated an­other chal­leng­ing sce­nario for the In­dian econ­omy.

In spite of all chal­lenges, our econ­omy is grow­ing stronger to­wards achiev­ing dou­ble digit growth. ASSOCHAM keeps con­tribut­ing sig­nif­i­cantly, sup­port­ing govern­ment in for­mu­la­tion of po­lices and im­ple­men­ta­tion of im­por­tant eco­nomic de­ci­sion by be­ing the voice of the in­dus­try.

The in­creas­ing dom­i­nance of In­dia on global mar­ket is ev­i­dent as im­pressed with In­dia's ma­ture stock mar­ket; China is not only in­vest­ing but also will­ing to learn from it. There are calls in China to em­u­late the In­dian mar­ket stan­dards, Global Times wrote. In the past decade, In­dian stock mar­ket has out­per­formed that in the Chi­nese main­land. Since Oc­to­ber 2008, In­dian stocks have gained by 394 per cent, while the main in­dex in the Chi­nese main­land has only risen 70 per cent.

In­dus­trial pro­duc­tion in the coun­try ex­panded at a five-month high in June with all three ma­jor sec­tors - man­u­fac­tur­ing, min­ing and elec­tric­ity - con­tribut­ing to the re­cov­ery. Growth as mea­sured by the In­dex of In­dus­trial Pro­duc­tion (lIP) stood at 7% in June com­pared with 3.9% in May, ac­cord­ing to data re­leased by the sta­tis­tics of­fice re­cently. The data is line with an eco­nomic re­vival nar­ra­tive, al­though some ex­perts said more data was needed to con­firm a trend. The lIP num­ber ben­e­fited from the base ef­fect of 0.3% con­trac­tion in June last year.

While the 25 ba­sis points in­crease in the bench­mark lend­ing rates by the RBI in re­cently an­nounced mon­e­tary pol­icy is on the ex­pected lines, the 'neu­tral' stance taken by the cen­tral bank points more to­wards the risks of an­other hike in the cost of cap­i­tal and that is what wor­ries the most In­dia Inc. The RBI has clearly demon­strated that there are up­side risks with re­gard to in­fla­tion, em­a­nat­ing from the pos­si­ble im­pact of the ex­tra-or­di­nary in­crease in the Min­i­mum Sup­port Price, pres­sure on crude oil prices, trade war, widen­ing trade deficit and the re­sul­tant im­pact on fis­cal sit­u­a­tion. What needs to be en­sured, as the RBI Gov­er­nor Dr Ur­jit Pa­tel, stated, is that the pri­vate sec­tor should not be crowded out for rais­ing re­sources from the mar­ket.

The ASSOCHAM which has oc­cu­pied a lead­er­ship po­si­tion as an apex cham­ber, among the In­dian in­dus­try, trade and busi­ness since its in­cep­tion, al­most a cen­tury ago, has gone much be­yond the prism of the econ­omy and trade. Our founders al­ways had na­tion-build­ing as top of their agenda and we con­tinue to stand by that great mis­sion even today. It was with this mind set and en­deavor of cel­e­brat­ing the Lead­ers of the Coun­try, that we de­cided to ini­ti­ate the Dr A P J Ab­dul Kalam Me­mo­rial Lec­ture Se­ries. I am sure, right from the word go and in the years to come, the Lec­ture se­ries would in­stil in­spi­ra­tion into the lives of our peo­ple for a lead­er­ship role in their own en­deav­ors of life.

Above all, I would like to con­vey my sin­cere thanks to the min­is­ters, bu­reau­crats, my fel­low mem­bers & col­leagues at ASSOCHAM for their whole hearted sup­port to make my ten­ure a fruit­ful one.

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