The Government of India is bullish all sectors would be flourished thanks to tax rationalisation called GST, infrastructure development and a conducive business environment that accelerates ease of doing business. According to Prime Minister Narendra Modi, more formal the system becomes through structural reforms and financial mechanisms like GST, the more it will benefit the people of India, especially the MSME sector. While addressing captains of trade and industry while inaugurating the 90th Annual General Meeting (AGM) of the Federation of Indian Chambers of Commerce and Industry (FICCI) on December 13 in New Delhi the Prime Minister said orgainsations like FICCI have a key role to play in MSME sectors such as food processing, start-ups, artificial intelligence, solar power, healthcare, etc.
Later, at the FICCI AGM, Union Finance and Corporate Affairs Minister, Arun Jaitley outlined the imperative need to complete the task of strengthening the banks through capitalization to enable them to lend to the MSME sector and trade that is now moving into the formal economy. “The lending capacity of the bank has hitherto been constrained due to capital inadequacy and the task before the government is to fix the banks so that they were no longer averse to lending to small borrowers,” he said. Mr Jaitley also emphasised on keeping the momentum of development of urban and rural infrastructure. “Infrastructure development was at the core of India’s growth story. While highways, ports and aviation were growing well, the railways need to speed up its infrastructure development schemes,” he added.
“We expect India’s growth to cross 7 per cent soon but the need of the hour is to grow 9-10 per cent per annum for the next 30 years. This is the imperative if we have to engage the poor in development, reduce inequality and most importantly to generate direct and indirect employment at the speed of 20 million jobs per year. To go from 7 per cent to 9 per cent plus growth, we need a booming export growth of over 25 per cent annually,” viewed Mr. Pankaj Patel, the then President of FICCI, in his welcome address.
According to Mr. Rashesh Shah, the then President-elect, FICCI, the Prime Minister’s vision of ‘New India’ energised, galvanised and inspired the industry. He assured that FICCI would steadfastly work towards making Prime Minister’s vision of ‘New India’ a reality and would redouble to promote its efforts in sectors such as MSME, start-ups and women entrepreneurship.
Mr. Rashesh Shah takes over as the President of FICCI for 2017-18
At the conclusion of FICCI’s 90th Annual General Meeting on December 14 Mr. Rashesh Shah took over as the President of FICCI for 2017-18. Mr. Sandip Somany was elected Senior Vice-President and Ms. Sangita Reddy, Vice President.
Mr. Rashesh Shah who has spent over 25 years in the corporate and financial markets sector, is the Chairman & CEO of Edelweiss Group. Edelweiss started in 1996 that has since grown into one of India’s leading diversified financial services conglomerates. The Rs. 270 billion Edelweiss Group is present across all significant areas of financial services including Credit, Housing Finance, Financial Markets, Commodities, Asset Management and Life Insurance.
Mr. Sandip Somany is a pioneer of the Indian ceramic industry in India. Mr. Somany is the Vice Chairman & Managing Director of HSIL Limited, the leading building materials company in India. An entrepreneur at heart, he joined the family business in the year 1982 and is the driving force behind the company today.
Ms. Sangita Reddy is the Joint Managing Director of the Apollo Hospitals Group. Ms. Reddy has steered Apollo Hospitals to harness technological advancements in accelerating positive transformation and using Telemedicine. She chairs the CSR activities of Apollo Hospitals Group.