Category: Press Release

By Adv. P. M. Mishra

Despite an ongoing global pandemic, the direct selling industry all across the globe has been fructifying. Business entities involved in direct sales embraced the “new normal” and moved towards a digital course of action to promote their products and reach their customer bases.

Direct Selling in India

The Indian Direct Selling Association (IDSA) regulates direct Selling in India. IDSA connects the industry and policy-making bodies of the Government in order to facilitate direct Selling in India. The Model Framework for Guidelines on Direct Selling, which was notified on October 26, 2016, provided the basis for the direct selling industry’s regulatory framework. However, the Model Framework for Guidelines on Direct Selling 2016 was advisory based on which states were expected to frame their policies and implement their own mechanisms to keep an eye on the direct selling activities within their states. Only a couple of states notified their guidelines throughout a four-year-long period, while no other state adopted or formulated under any state or central legislation.

Therefore, the Consumer Affairs Ministry has introduced the Consumer Protection (Direct Selling) Draft Rules, 2021.

Consumer Protection (Direct Selling) Draft Rules, 2021- A boon to the Direct Selling Industry 

In the case of Amazon Seller Services Pvt. Ltd. and Ors. v. Amway India Enterprises Pvt. Ltd. and Ors, the Supreme Court passed a landmark judgment wherein the Delhi High Court allowed E-commerce entities to advertise and sell products of Amway without their consent. This judgment, in a way, highlighted the failure of the Model Framework for Guidelines on Direct Selling 2016 and indicated a pressing need for new regulations for Direct Selling, which led to the formation of Consumer Protection (Direct Selling) Draft Rules 2021.

The Consumer Protection (Direct Selling) Draft Rules, 2021 lays down a proper mechanism that has increased the revenue generated in the direct selling industry. It has also been promoting entrepreneurship, job creation, women’s empowerment, skill development, and projects that address crucial social concerns. The direct selling industry in India is currently pegged at around Rs. 17,000 crores and is expected to touch Rs. 64,500 crores by 2025.

According to industry projections, by 2025, the sector will employ nearly 18 million people. Therefore, due to its growth potential, it would be pivotal for the direct selling industry to be recognized and governed by Indian laws. These draft rules are intended to protect and promote the interests of India’s more than 7 million direct sellers and their clientele and help the Indian direct selling industry grow. Apart from that, it aims to protect ethical business models.

According to a recent IDSA survey, millennials account for about 40% of direct sellers in India. These numbers are anticipated to expand as the millennial population grows and conducts business efficiently. With over 3.6 million female entrepreneurs, the industry also significantly encourages women’s entrepreneurship.

As customer satisfaction and corporate success go hand-in-hand, businesses need to design effective ways to defend their customers’ interests. The direct selling industry is not immune from the same. According to the proposed direct selling guidelines, every direct selling entity must have dedicated executives to resolve issues and comply with government regulations. Such businesses would also be obliged to have a customer service line available 24 hours a day and seven days a week to address any difficulties. Direct Selling will be prohibited from charging distributors any admission or registration fees and will also be banned from charging distributors for the cost of equipment and materials used in sales demonstrations. Furthermore, all direct selling companies must have a product return and refund policy in place so that any client may return the products purchased if necessary.

Considering India’s enormous market size and economy, the direct sales industry is expected to increase threefold in the near future. Streamlining direct selling regulatory procedures will aid enterprises in exceeding their growth thresholds, resulting in the creation of millions of new entrepreneurs across the country. As a result, the publication of the Draft Rules has been warmly welcomed by all stakeholders involved. These laws, once enacted, would close the regulatory vacuum in India’s direct selling business and aid to its growth, benefitting all stakeholders, including direct selling companies, direct sellers, and consumers in general.

About the Author – 

Adv. P. M. Mishra is a lawyer working as Managing Partner of Finlaw Associate, Director at Finlaw Consultancy Pvt. Ltd., India, Finjuris Counsels LLC, UAE & BCH Consulting, Estonia, and Europe.

You can check about them on these websites

www.finlaw.in

www.finjuris.ae

www.bchconsulting.eu

Bidita Bag, Rajneish Duggall, Pawan KK Nagpal, Govind Namdev, Deepak Mukut, Vindu Dara Singh

Mumbai, December 8: After backing some of the content-driven powerful stories like ‘Mulk’, upcoming Kangana Ranaut starrer ‘Dhaakad’, and Vikrant Massey, Radhika Apte starrer ‘Forensic’, film producer Deepak Mukut is gearing up to back a film titled ‘Bal Naren’ inspired by the concept of Swachh Bharat Abhiyan, written and directed by Pawan KK Nagpal.

When Deepak Mukut, Founder, Chairman & Managing Director of Soham Rockstar Entertainment Pvt Ltd., heard the story, he really liked the story and decided to back the high on the content film.

Deepak Mukut says, “Be it Mulk, Dhaakad or Forensic, the story was the first thing that got me excited. Bal Naren’s story is inspiring and an eye-opener, Imagine face lifting the whole society just by keeping the surroundings clean. The film is especially relevant in these difficult times when we are going through a pandemic.”

The story of the film revolves around a young boy Naren, who loses his father at a very young age because of dengue and how he gets motivated by Swachh Bharat Abhiyan to get the whole village together to make positive changes through a cleanliness drive. The film also touches upon the impact Coronavirus had on our country, in phases 1 and 2.

The film starring Rajneish Duggall, Bidita Bag, Govind Namdev and Vindu Dara Singh is going on the floor this month and will be shot in a start to finish schedule in Uttar Pradesh.

Pune (Maharashtra) [India], December 5: Amjad Khan Boxing Foundation (AKBF) has announced their 8th edition Pro Fight Night in Pune. The list of new young boxers for the event are- Rahul Kumar Thapa, a Pro Record 7/4/1 amateur career national Medalist, Rahul Singh Khadku, a Pro Record 2/0/0  Amateur Career nine Time’s State Champion, eight Times National Medalist, Adil Rajesh Kumar Singh Pro Record a 4/0/0 Amateur Career four Times National Medalist, Arun Sharma Pro Record 2/1/0 National Medalist, Akshay Kumar Amateur Career National Champion International bronze Medalist Pro Record 2/0/0, Rakesh Lohchab Battu Amateur Career International Boxer National Medalist, Pro Record 10/2/1, Amey Nitin Pro Record 5/4/0 Amateur Career National Medalist, has been included.

Amjad Khan is a well known Boxing Promoter and is known worldwide in the professional boxing sports circle; he has helped numerous boxers from India even to get into international events. Amjad Khan also is an enthusiastic promoter of young budding sportspeople in other sports; he mentors, nurtures and actively promotes their career with his guidance and efforts.

Team Amjad is actively engaged in making this event on 8th December 2021 (at Arun Kumar Vaidya Stadium, Bhawani Peth, Pune) a grand success.) Amjad Khan said that this fight was getting postponed due to the Corona period and it was after constant efforts of him and his team that this is going to be a reality. The boxers are excited to have an event under the AKBF banner. This upcoming organized by Amjad Khan Boxing Foundation and is Sanctioned by Indian Boxing Council and Event Managed by Novozion Sports Pvt. Ltd. Truly boxers will get a good experience in this fight. Preparations are going in full swing. He says International Boxing Coach Chandan Singh as a Matchmaker and Vice President of AKBF Shabeer Hamza, will also contribute in the event. The sponsors for the event are emechmart, Globalexexim, AUHTEL, Red Maple Production Pvt. Ltd., ECRAFT MEDIA, AXG NEW GOAL, Palande World Wide Express and Syska LED. Saurabh Pal is the event manager for AKBF Pro Fight Night.

The event is also supported by Sahil Peerzada and Talemahmadkhan D Tunvar (Chairman of TNK Group of Companies) and Sanoj P Cheriyath (MD AUHTEL) supporting as a Hospitality Partner for the event. Golden Brother’s (Celebrity Guests-Nishikant & Aakash), Mahendra Rokade,  ACP Mumbai city (Special Guest), Sajid Noor, Ali Hussain M., Mr. Ashok H Malav, Managing Director of Malav Group, Redision-Hari EV Automotive Pvt. ltd, Overseas Hi-Tech Solution Pvt. Ltd, Ashokahari Food and Beverages Pvt. Ltd. Harivirtual Construction and real Estate Pvt. Ltd, Chairman Ramakant Parekar, Mr. Saif Khan of SARF Foundation, Ideal Sports Motors Pvt Ltd are being invited to grace the event as honourable guests. More about AKBF can be found on their website – www.akbf.in

Delhi-NCR (India), November 25: Boosting sports aspirations in India, Ramagya Sports Academy has come out with a unique model in sports training known as Run and Play (RAP) program. The RAP program aims to bridge the gap between aspirations and realisation of sports by providing the best of sports training and facilities to enhance the performance of students.

Ramagya Sports Academy’s RAP program also attempts to teach the importance of character and personality building through sports. The program has been designed to promote state and national level training to children belonging to impoverished sections and ensure that they showcase their talents in sports at all possible levels. More than 29,565 students have been already impacted through this program.

Being a pioneer in sports coaching in north India, Ramagya Sports Academy aims to develop a culture of sports and holistic health for all. The academy is committed to providing world-class training in sports backed by the best infrastructure as well as expert coaches who judge an individual’s potential for sports and nurture the right talent. These expert coaches also help the valuable members of the academy understand sports ethics and inculcate the habit of fair play. Their ceaseless passion for providing a holistic and value-based sports education has won the hearts of all. It’s no wonder that Ramagya Sports Academy is considered to be one of the best sports academies in India.

Mr. Utkarsh Gupta, Managing Director, Ramagya Group, said, “Sports are more than just a game, and the importance of sports and fitness in one’s life is invaluable. A fit and healthy individual leads to an equally healthy society and a strong nation. Ramagya Sports Academy envisions meeting the increasing demands of the changing sports scenario and earning a high reputation and utmost popularity for being one of the top sports academies in Noida. We believe that playing sports inculcates team spirit, develops strategic and analytical thinking, and skills for leadership, goal setting, and risk-taking.”

Ramagya Sports Academy offers top-notch training in 35+ sports under the guidance of professionals who have won over 36000 medals. Equipped with state-of-the-art equipment and international facilities in the most congenial atmosphere, it foresees itself as the frontrunner in sports arena. It envisions meeting the increasing demands of changing sports scenarios, riding on its high reputation as one of the pioneer sports academies in India.

Ramagya Sports Academy provides world-class sports training in collaboration with some of the best academies in India and overseas. Some of the academies that Ramagya Sports Academy shares a strong and long partnership with include: NBA school of basketball, a cricket academy by M.S. Dhoni, Badminton academy by Jwala Gutta, BBFS by Baichung Bhutia, Pilates by Namrata Purohit, Alight T.T academy, Sporty Beans supported by Yuvraj Singh and many more.

The academy has produced some of India’s promising young athletes aspiring to compete at the international level. They have graced the academy with numerous awards and accolades in various indoor and sports like athletics, badminton, basketball, chess, shooting, skating, squash, table tennis, taekwondo, swimming, lawn tennis, football, and cricket.

Winning hearts across the sports industry, in recent times, the academy was recognized and appreciated by some of India’s sports professionals like Bala Shetty and Abhinav Bindra. They admire the first-of-its-kind approach of the academy, with Ramagya School fostering sports education at the grassroots level, something missing in Indian schools to help students thrive as sportspersons at the international level.

About Ramagya Sports Academy

Established in 2009, Ramagya Sports Academy has already established itself as the best sports academy in Noida and is ranked amongst the top 10 sports academies in India. Today when the lifestyle of the people has become sedentary, we at Ramagya Sports Academy have something for everyone. We at Ramagya envisage developing Sports Culture among the people of the nation. For us, holistic health for all is equally essential as healthy citizens contribute not only to the development of GDP but also strive to bring name, laurels and glory for the nation.

Ramagya Sports Academy is a pioneer in the field of sports when it comes to providing the best sports activities with international collaborations, globally approved infrastructure, customised sports curriculum, sports physio programmes (from physios who are associated with the Indian team for various sports) for rehabilitation from sports injuries, dietary plans, and mentorship from renowned & legendary coaches.

Green financing in post-pandemic India takes precedence as players like ReNew Power, Adani and SBI look to explore new opportunities

Ahmedabad, November 5: A new form of financing has taken over in the post-pandemic world. Green financing has become the ‘next big thing’, attracting the attention of investors across the globe. The temporary disruption of the economy has revamped its outlook as terms like sustainability become more prevalent.

Data from the Economic Survey 2019-20 revealed India to be the second-largest emerging green market. Transactions worth $10.3 billion were recorded in the first half of 2019 alone, highlighting the fast pace at which companies are taking to green investment. This is evident in the way heavyweights like Reliance, Tata, Adani, SBI, ReNew Energy, etc., are adopting green financing as part of their business practices. The ensuing paradigm shift is expected to open new opportunities worth $3.1 trillion to investors and companies alike.

Green financing is not new to India. Numerous green bonds and similar fund raising strategies have been employed by both companies and banks in the past. The historic importance of banks in India’s economic growth has, however, put the onus on them to increase their contributions towards the country’s sustainable growth. Dinesh Khara, Chairman, State Bank of India (SBI), said that the banking sector needs to accelerate green lending. Emphasizing the need to sensitize India’s financial sector to the importance and benefits of green finance, Khara pushed for a formal definition of green finance which would help design effective policy regulations for the green sectors.

Green bonds have become a firm favourite for entities looking to finance their renewable projects and garnered a lot of traction in the recent past. ReNew Power, Adani, SBI, IDBI, Axis Bank and many more players have already issued green bonds worth millions. Adani, for example, raised a whopping USD750 million to finance the construction of its renewables projects. With over 11GW in its pipeline, Adani is one of the leading renewables company in India. The company has already overhauled its set target of 25GW renewables capacity this year even as it aims to become the world’s largest renewables company by 2030.

SBI was also one the many Indian banks that offered green bonds. It listed green bonds worth $100 million on India INX’s Global Securities Market Green Platform in April this year, having already listed its maiden green bond issuance of $650 million on the same platform earlier. Green bonds issued by financial institutions provide a valuable addition to the ones issued by companies like Adani. Loans are another way SBI is approaching the subject of green finance. The lender has already adopted new policies that will ensure borrowers are keeping up with the latest ESG practices. For example, loans exceeding Rs.50 crores would be issued to a borrower only after an evaluation on the basis of various ESG parameters.

Although the sudden thrust towards green financing is a huge positive, it is not without its own challenges. Studies show that while assets under ESG funds have grown by 27 per cent in Q1 2020, a massive funding gap still exists. Bridging this gap will be paramount to unlocking new avenues for growth. What remains to be seen is if stakeholders like Adani and SBI are willing to go all out and accelerate India’s transition to a truly green economy.

Noida: IMTS Institute Start Admission for Distance Learning Course. The Institute of Management and Technical Studies, also known as IMTS Institute, is a reputable and one of India’s most popular self-governing institutes. IMTS has been focusing on distance learning and online learning for a while now and has what it takes to boost the careers of its students, no matter their location.

Being a well-known institute in India, IMTS offers quality education to all of its students. IMTS Institute specializes in giving its 100% when it comes to providing quality education to students. The students at IMTS Institute can pursue their dreams by studying their desired subjects and courses – the sky’s the limit!

IMTS’s goal is to educate students and provide appropriate career counselling. It also works to set students straight on their paths. You can register at any time to avail any of IMTS’s state-of-the-art online education to obtain a certification. While choosing the online certificate of your choice, you don’t even have to worry about your location because IMTS is a reputable distance learning service provider.

Quality Distance Learning Offered by IMTS Institute

IMTS Institute is proud to announce the addition of distance learning and online education into its curriculum, and anyone from anywhere in the world can enrol to study here! Yes, the 2021 admissions also cover international students. The admission process for distance learning for international students is pretty simple, and they can do it easily from the comforts of their homes.

IMTS Institute is already a reputed institute and is now open for international admissions as well. If you’re a foreign student and want to enroll with IMTS, now’s the time!

IMTS Institute began educating people through distance learning modes back in 2005. Back then, obtaining an online education through distance learning almost seemed like a scam and too good to be true. However, amidst all the challenges, IMTS was able to prove to the world that it is a respectable, legitimate, and trustworthy Institute.

Reach Your Goals with IMTS Institute

If you’re an international student and want IMTS Institute to help boost your career, you can register yourself and live your dreams. As mentioned earlier, Students from all over the world can enroll in our Institute and enroll themselves in our distance learning program.

If you wish to get admission in IMTS, you can easily do so even if you’re in UAE, Oman, Kuwait, USA, UK, or anywhere else in the world – that’s the beauty of distance education.

You can also take a virtual tour of our Institute if you have any doubts and questions regarding our Institute or the international admission process. You can contact IMTS any time, and we’ll be more than happy to cater to your needs.

What IMTS Institute has in Store?

If you opt for its distance learning program, you can make use of the following attributes of the Institute:

• Studying in a noteworthy institute with the experience and skills necessary for effective distance learning. IMTS also offers Distance Education Counselling, in case you have any doubts or queries.
• Choose your desired course and get an international-level education. You’ll also be updated with its latest news, curriculums, and announcements. It will all be done through digital media.
• Once you’ve completed your diploma/degree, you can register yourself in the Institute’s placements hub and get the employment of your choice!

Register with IMTS Institute Now!

We pride ourselves in mentioning that more than 25,000 students have successfully graduated from IMTS and are employed with the employers of their choice. Our advanced distance education programs make great use of technology and other advancements to deliver quality education to all our international students.

The faculty here at IMTS Institute is highly qualified and experienced and has what it takes to develop a personal connection with the students while delivering quality education at the same time.

IMTS Institute Review

IMTS has also been bestowed with getting media coverage due to its high standards and education. IMTS has been featured in lots of news websites and newspapers. In addition to that, IMTS Institute also has a 99% positive Google rating.

So, don’t wait; opt for IMTS’s distance education program now and take the first step towards your successful career!

The Cricket Academy of Pathans (CAP) achieves another milestone: Yusuf Pathan inaugurates the 25^thcentre of CAP in Vrindavan (Mathura)

Mathura (Uttar Pradesh) [India], September 20: Yusuf Pathan, ace cricketer and two-time World Cup winner, accompanied by Harmeet Vasdev, Managing Director CAP, inaugurated their 4^th centre in UP at Vrindavan (Mathura), adding another jewel to the CAP crown. With a technology-enabled, strong on-ground curriculum and a team of experts providing high-level cricket coaching, this new CAP centre promises to fulfil the aspirations of budding cricketers in the Vrindavan region of Mathura district.

Yusuf Pathan plays the Role of Mentor

Yusuf Pathan, Director, Cricket Academy of Pathans, shared his experiences of playing cricket at the highest level while interacting with the students and encouraging them to follow their dreams. He stressed the importance of dedication and hard work for achieving their goals in the field of cricket. “We are very pleased by the overwhelming response to this new centre in terms of registration”, he said. Talking about the successful training strategy of CAP, he added, “Players from CAP Patna have been selected to play for the State Team, including six boys who have been named for the U-19 Bihar State Team for the Vinoo Mankad Trophy. One of our girl students has been named for the U-19 Bihar Team Squad. Across all our centres, we have had more than 70 of our students getting selected at district and state levels. These success stories are indeed an indication of our commitment to helping our students realise their potential”.

Managing Director Mr Harmeet Vasdev explained the training process and highlighted the strong points which have helped CAP become one of the leading cricket academies in the country. He said, “The CAP Team is working tirelessly towards achieving its goal of launching academies across the nation in order to increase its outreach and help as many cricket aspirants as possible. We aim to launch 20 more academies in Pune, Bhubaneswar, Cuttack, Bhopal, Jodhpur, Srinagar, Itanagar, Visakhapatnam, Coimbatore, Agra, Bijnor, Malihabad, Gulbarga, Berhampurand have pledged to invest INR 3 crores towards this goal. We hope to become the preferred academy for cricket coaching across the country, and we are committed to it.”

Giving Back to the Community

Despite the challenges of the pandemic over the last 18 months, CAP has continued to help local communities and society. The CAP Team provided food and rations in many villages across Bihar and assisted Covid wards at Mumbai. During the second wave, CAP provided free meals to thousands of affected people, thus contributing to the nation in more ways than one.

Enhancing Training Strategy using Technology

CAP uses state-of-the-art technology tools to help leverage the performances of all the students. Apart from the already in use PitchVision technology, a recent addition has been of CAP-StanceBeam, a smart cricket bat sensor that gives shot analysis in real-time and instant 360-degree batting performance data analytics to players and coaches. With real-time collaboration with the coaches, this tool keeps track of the practice sessions, enabling the coaches in providing instant correction to players. An in-house app, a tool developed recently, helps the management and coaches keep up-to-date with the daily activities at each centre.

As a leader in the field, the only way forward for CAP is towards more cricketing success stories of its students!

More than 320 players from 16 reputed teams of 5 Asian countries will participate in the VSL 2021. The tournament will be conducted under the guidance of Danish Parvez Khan, honoured with the title “Man of Today. Veterans Super League will set a platform for the football spirit assimilation among athletes of the 40+ age mark.

New Delhi [India], September 8: Valdona Sports Media & Entertainment has officially announced Veteran’s supper League 2021 to celebrate the spirit of Asian football veterans of 40+ age mark who have retired from the sport. More than 320 players from 16 reputed teams of 5 Asian countries, including India, Bangladesh, Maldives, Sri Lanka and Nepal, will participate in the grand tournament commencing at Dr. Ambedkar Stadium, New Delhi, from 12th Dec 2021 to 2nd Jan 2022.

DD Sports & Euro Sport will host the entire league, where the opening ceremony will be a gala event with a scintillating performance by Sunny Leone. Sahil Khan will grace the event with his presence along with Director, VSL, Nikita Jaiswal and Chief Executive Officer, VSL, Amit Chaudhary and other dignitaries from the sports industry.

MD & Chairman, Valdona Sports Media & Entertainment Pvt. Ltd, Danish Parvez Khan, said, “This league would usher in a new era of football in the country, and I look forward to sharing my undying love and passion for the sport and help grow its fan base in India.”

“This will provide an opportunity to athletes of 40+ age mark to show their mettle, their spirits and love for the sport under the guidance of great mentors.” He added further.

The tournament will be conducted under the guidance of Danish Parvez Khan. Veterans Super League will set a platform for the football spirit assimilation among Indian sports enthusiasts. The ever-young veterans will re-lift their spirit, backed by the best mentors, unleashing their potential like never before.

Mumbai (Maharashtra) [India], August 31: IDBI Intech Ltd., the technology-led business transformation organisation offering specialised solutions in the Banking, Financial Services and Insurance (BFSI) verticals, has successfully implemented their iAML (Anti Money Laundering) solution at India’s insurance giant, the Life Insurance Corporation of India (LIC).

IDBI Intech is a dominant FinTech products and services organisation – focusing on strategic niche digital transformations for its clients.

IDBI Intech has made steady investments in the latest industry solutions for the BFSI sector, with cutting-edge technology, customer satisfaction and market demand as top priorities. The next-generation technologies currently being leveraged include Blockchain, Cybersecurity, Artificial Intelligence and Machine Learning.

iAML will provide an Enterprise-Wide Single View of Risk & Compliance at transactions & customer level, harnessing Advanced Analytics, Workflow and Artificial Intelligence with a comprehensive set of pre-built rules and scenarios.

LIC Officials expressed their happiness to implement the software as it will help them upgrade their Anti Money Laundering reporting system. Acknowledging the trust and faith reposed by LIC in IDBI Intech Ltd., Mr. Surajit Roy, MD & CEO, IDBI Intech Ltd., said, “We are humbled at the opportunity to serve the nation’s oldest and most trusted insurance provider with our state-of-art Anti Money Laundering solution. It is an honour to be associated with LIC in their digital journey.”

With over 500 million policies and an overall asset base of over US$ 415 Bn (Rs. 31 trillion), LIC is one of the largest insurance companies in the world and has acknowledged Intech’s Digital Transformation solutions by implementing its cutting edge iAML solution.

Bengaluru (Karnataka) [India], August 20: Shri. Murugesh R Nirani, Honourable Minister for Large and Medium Industries, Government of Karnataka, on Thursday, August 19, 2021 evening said that there is a need for a real and one-time single-window clearance for businesses. He added he knows the pain of industry, which has to deal currently with multiple approvals for the start of operations even after obtaining a single-window clearance from authorities.

Shri Nirani, the Chief Guest at the 44th Annual General Meeting of the Bangalore Chamber of Industry and Commerce (BCIC), stated that he would soon meet industry bodies to seek suggestions to improve its functioning. He also complimented BCIC for acting as the brand ambassador of Karnataka and supporting the Government on various matters during the challenging Covid-19 pandemic times.  Further, the Honourable Minister responded positively to the request of BCIC’s Incoming President K.R.Sekar’s suggestion of partnering with BCIC on the proposed Global Investor Summit. The Minister welcomed the initiative of BCIC opening its office in Tokyo and expressed hope of its reach in other parts of Karnataka in the near future and its presence in Mysore and Dharwad.

The Minister also said he is aware of the high power tariff levied on industries that need to be addressed to compete with neighbouring countries.

He added that ‘Walk to Work’ is needed to reduce congestion in Bengaluru. Towards that end, going forward, 15% of space in industrial parks would be reserved for industrial, residential townships.

BCIC witnessed a change of guard on Thursday afternoon as Mr KR Sekar, Partner, Deloitte Haskins and Sells LLP, took over as President of the Chamber. Dr L Ravindran, who was Vice President of the Chamber in 2020-21, will now be the Senior Vice President for 2021-22.

Later, on Thursday, while addressing BCIC’s 44th AGM, the Chamber’s outgoing President Mr T R Parasuraman, President & Whole Time Director, Toyota Industries Engine India Pvt Ltd, said that the senior office bearers had set the theme for the year as “Namma Karnataka – The Gateway to Future India”. He added that this was done as the Chamber wants to make Karnataka the destination for global investors.

He also stated that BCIC had represented the industry’s voice to the Central and State governments and had received timely support, especially from Former Karnataka Chief Minister Shri B S Yediyurappa’s Government.

In his welcome address at the AGM, Mr K R Sekar said, “BCIC has been at the forefront of working with the Government of Karnataka and would continue co-operating with the State government in all its policies. Further, K.R.Sekar also requested the Honourable Minister to consider engaging BCIC as a partner for the proposed Global Investment Summit as BCIC has a strong team and has both Global Indian and MNCs as their members. K.R. Sekar also assured the Minister that BCIC would work with leading Industries and other chambers of commerce to support the Government of Karnataka on “Ease of doing business.”

Mr Jaishankar, Chairman and Managing Director, Brigade Enterprises Ltd., one of the Special Guests of Honour at the AGM, said that Karnataka is facing competition from neighbouring states, especially Telangana, to retain its ‘I.T. capital’ tag. He added that the infrastructure in Bengaluru also needs to be improved in the coming years to keep pace with the city’s growing population.

Mr Soumitra Bhattacharya, Managing Director, Bosch Limited and President of the Bosch Group in India, another Special Guest of Honour at the AGM, said Karnataka needs to retain its tag as ‘Silicon Valley of the world for start-ups. He pointed out that though the State is the third-largest recipient of FDI equity inflow into India, it has slipped alarmingly in the country’s ‘Ease of Doing Business’ rankings.

According to him, Karnataka should focus on:

1. a) Being in the top 5 states in ‘Ease of Doing Business’ rankings;

(b) Ensuring single-window clearance is just that and not multiple single windows;

(c) Clearances for existing companies should be time-bound and measurable,

(d) Focus on vocational training for youth.

The awardees and jury of BCIC Women Leadership and Entrepreneur Award 2021 and BCIC Expert Committee Leaders were also felicitated at the AGM.