Breakfast Meeting on the ‘State of the Economy: An Industry Perspective’ 24th October 2019

American Chamber of Commerce in India
Apex Chamber of US Industry in India

Breakfast Meeting on the ‘State of the Economy: An Industry Perspective’ – 24th October 2019

AMCHAM’s Tamil Nadu Chapter organized a breakfast meeting on October 24th in Chennai with guest speaker Mr. A Viswanathan, President, Delphi TVS. The meeting commenced with a welcome by Mr. Rajan Aiyer, Chairman – Tamil Nadu Chapter, AMCHAM. Mr. Aiyer mentioned that there is something wrong with the economy and no one is coming up with the solutions to fix issues to set right matters. He mentioned that every sector of the economy feels the pinch and the ripple effect of government decisions and global affairs.

Mr. Viswanathan began his presentation by stating that today, when two or more people meet, the first thing discussed is no longer the weather but the economy. Everyone has an opinion of what’s happening and how it affects them. Mr. Viswanathan made a very insightful presentation starting with decoding the macro elements and said the growth engines for the economy included: investment, net exports, private consumption. He said that due to lack of confidence the consumer was holding back, leading to a rapid fall in rural consumption. The other factors influencing it included: erosion of demand generated by unaccounted income as the economy moves into an era of higher formalization; issues with accessing funding; uncertainty due to job losses and future business incomes; deceleration in growth of income levels; wealth effect; H1B visa tightening; falling interest rates and lower inflation trends.

The government has begun a journey of fiscal inclusion by formalizing the economy through: direct benefit transfer; tackling corruption; transaction reporting; tax intelligence strengthening; tax linkage and demonetization. Examining the other factors affecting the slowing of credit, Mr. Viswanathan opined that this is due to: the collapse of the non-banking finance sector; PSU banks not well geared to accelerate retail credit; introduction of accountability in banks; introduction of credit scoring system; and reduction in unorganized credit.

Explaining what is needed in the short term, Mr. Viswanathan said that, individuals should have more disposable income; rural incomes should rise; GST rates to be lowered selectively; government to increase infrastructure spending; re-introduce investment incentives; aggressively drive exports and provide confidence on policy stability. While long term course corrections should focus on privatization; position India for a China plus one strategy; promote tourism aggressively; encourage labour intensive exports; revamp education and organize overseas placement to countries such as middle Europe, Japan and SE Asia.

While speaking on the recovery path, Mr. Viswanathan stated that social sector reforms in employment generation; health care delivery; quality of education and social security are of great importance and no economy can grow without attention to this sector. He said that the government has taken many measures in this connection, some of which include: pumping liquidity into the lending mechanism; bank weddings; rollback of FII surcharge; DA increase for government employees; release of government payments; implement major infrastructure projects and rate cuts. He added that the long term fundamentals remain intact and is an advantage that India has.

Dwelling on what companies should do, Mr. Viswanathan said that businesses should remind ourselves on the long term fundamentals and stay positive; manage cash well; cut back on working capital; cut back on discretionary spend; improve internal efficiencies; be lean and agile; continue to focus on growth strategies; negotiate for better rates; talent acquisition and development and that MNC units in India should promote India as the next manufacturing hub. More importantly, he added that companies should not: cut back on product development; allow talent drain; let short term setbacks derail long term thinking; freeze long term capex plans; lose connect with customer and market and not pull out of the country.

In conclusion, he said that this slowdown is different from the earlier ones and that it is a mix of cyclical, structural and episodical factors. The impact he said is widespread with many key industries contracting, some decelerating and few still doing better. He went on to say that the economy can get back to over 6% growth in the next two quarters, but that is not enough for India. A range of short term and long term measures are needed to put the economy into a higher trajectory as the long term fundamentals are intact. Giving the last punch Mr. Viswanathan said that as companies, “We need to think simultaneously about surviving in the short term and thriving in the long term.” The meeting ended with a Q&A session and Mr. Rajan Aiyer thanking Mr. Viswanathan for this very detailed presentation on the state of the economy.

 Breakfast Meeting – ‘State of the Economy’ Chennai 24th Sept 2019

Membership

By joining AMCHAM India, you become part of an active and dynamic American business association with a membership base of more than 400 American companies in India. AMCHAM is an important voice for policy advocacy, a critical source for business intelligence, a vibrant platform for networking and expanding your business.

Meeting with Consul General Robert Burgess and Mr. Manoj Desai, Principal Commercial Officer, U.S. Consulate General Chennai 18th December 2019

American Chamber of Commerce in India
Apex Chamber of US Industry in India

Meeting with Consul General Robert Burgess and Mr. Manoj Desai, Principal Commercial Officer, U.S. Consulate General Chennai – 8th December 2019

AMCHAM’s Karnataka Chapter had a meeting with Consul General Robert Burgess and Mr. Manoj Desai, Principal Commercial Officer, U.S. Consulate General Chennai, on December 18th. The meeting covered the activities of the chapter in 2019 and potential areas of association in 2020. The meeting was attended by Mr. Iqbal Sait, National Executive Board Member, AMCHAM and Head EMEA & Managing Director, Saggezza India and Ms. Payal Satish, Regional Director – Karnataka Chapter, AMCHAM.

Membership

By joining AMCHAM India, you become part of an active and dynamic American business association with a membership base of more than 400 American companies in India. AMCHAM is an important voice for policy advocacy, a critical source for business intelligence, a vibrant platform for networking and expanding your business.

Defense Committee Meeting 12th December 2019

American Chamber of Commerce in India
Apex Chamber of US Industry in India

Defense Committee Meeting – 12 December 2019

AMCHAM’s Defense Committee met on December 12th, 2019 in New Delhi. The meeting was chaired by Mr. Michael Koch, Chairman – Defense Committee, AMCHAM and Vice President – India, Boeing Defense, Space & Security and co-chaired by Mr. Nik Khanna, Co-Chairman – Defense Committee, AMCHAM and Managing Director, India, BAE Systems and Mr. Gaurav Mehndiratta, Co-Chairman – Defense Committee, AMCHAM and Partner and Head – North India, Corporate & International Tax, KPMG India. From the U.S. Embassy, CAPT Daniel Fillion, Honorary USG Chair – Defense Committee, AMCHAM and Chief, Office of Defense Cooperation, U.S. Embassy, chaired the meeting. AMCHAM welcomed new members, Mr. Guruprasad Mysore, President – India, Honeywell Aerospace and Mr. Monal Shesh, Senior Director – Business Development, GE Aviation. The deliberations began with a brief on recent AMCHAM submissions to the Government of India, upcoming meetings with both governments and future AMCHAM events at DefExpo 2020.

DefCom Meeting 12.12.2019

Membership

By joining AMCHAM India, you become part of an active and dynamic American business association with a membership base of more than 400 American companies in India. AMCHAM is an important voice for policy advocacy, a critical source for business intelligence, a vibrant platform for networking and expanding your business.

Anti-Corruption & FCPA Compliance Committee Webinar on POCA (Prevention of Corruption Act) Guidelines and Enforcement 11th December 2019

American Chamber of Commerce in India
Apex Chamber of US Industry in India

Anti-Corruption & FCPA Compliance Committee Webinar on POCA (Prevention of Corruption Act) Guidelines and Enforcement – 11th December 2019

AMCHAM’s Anti-Corruption & FCPA Compliance Committee organized a webinar on ‘POCA (Prevention of Corruption Act) Guidelines and Enforcement’ on December 11th, 2019. Mr. Ashish Singh, Partner, Dua Associates, was the expert speaker. Ms. Bhawna A. Ranganadhan, Co-Chairperson, Anti-Corruption & FCPA Compliance Committee & Vice President, Legal and Compliance, Genpact, welcomed participants. The webinar was about the Prevention of Corruption Act, governing laws, recent amendments, its implications to MNC’s and case studies.

Mr. Ashish Singh explained the details about POCA that are applicable to business organizations. In his presentation, he covered the enforcement landscape, risks and preventions with the Act and instances of potential POCA cases faced by corporate houses. Around 75 participants attended the webinar. The webinar concluded with a vote of thanks by AMCHAM India.

Membership

By joining AMCHAM India, you become part of an active and dynamic American business association with a membership base of more than 400 American companies in India. AMCHAM is an important voice for policy advocacy, a critical source for business intelligence, a vibrant platform for networking and expanding your business.

Corporate TB Pledge Working Group Meeting 10th December 2019

American Chamber of Commerce in India
Apex Chamber of US Industry in India

Corporate TB Pledge Working Group Meeting – 10th December 2019

On December 10th, AMCHAM organized a meeting for members that have signed the Corporate TB Pledge, an initiative of USAID and the Government of India, that promotes workplace programs to create awareness and align CSR for TB activities and to invest in TB workplace programs. Ms. Ranjana Khanna, Director General CEO, AMCHAM, made opening remarks and mentioned that 32 AMCHAM members had already signed pledge. Mr. Ambrish Bakaya, Co-Chairman – Infrastructure and Smart Cities Committee, AMCHAM and Director Corporate Affairs, Hewlett Packard Enterprise India, spoke about why HPE decided to sign the pledge at the platinum tier and commit to screening 50,000 patients through their 130 e-health centers across 21 states

Dr. Reuben Swamickan, Division Head of the Tuberculosis and Infectious Diseases Team, USAID/India, said that TB is one of the top 10 causes of death globally and that India is a highest burden country. He emphasized that the TB Pledge was aligned with the GOI’s national strategic plan and U.S. government’s global TB strategy. Dr. Jamie Tonsing, Director-South East Asia, The Union (the organization that provides technical assistance for the TB Pledge) talked about the uniqueness of the pledge and how India is the first country to try something like it. In the seven months since the pledge was launched The Union has tracked that 100,000+ people have been reached every month with TB messages, around 15,000 symptomatic individuals have been referred for TB testing and more than 1,500 patients were diagnosed with TB referred for treatment.

Members were introduced to the resources and materials they would receive based on each tier of the pledge which included: email samples for HR to use while promoting the pledge, TB policy examples, posters, booklets, employee engagement ideas, a guide for CSR and a healthcare provider ready reckoner, among others. There was an interactive session in which companies shared about what their organizations were doing to carry out their pledge commitment and any challenges they faced. Ms. Kris Easter, USAID/India, gave the closing remarks and encouraged companies to discuss the pledge with other corporates. The meeting was hosted by Hewlett Packard Enterprise in Gurugram.

TB Pledge Meeting - December 10th 2                              TB Pledge Meeting - December 10th

Membership

By joining AMCHAM India, you become part of an active and dynamic American business association with a membership base of more than 400 American companies in India. AMCHAM is an important voice for policy advocacy, a critical source for business intelligence, a vibrant platform for networking and expanding your business.

AMCHAM – Saggezza 8th Annual Karnataka Chapter Golf Tournament 7th December 2019

American Chamber of Commerce in India
Apex Chamber of US Industry in India

AMCHAM – Saggezza 8th Annual Karnataka Chapter Golf Tournament – 7th December 2019

The AMCHAM – Saggezza 8th Annual Karnataka Chapter Golf Tournament was held on December 7th, 2019, at Prestige Golfshire in Bengaluru. There was a great turnout with 109 participants. The attendees comprised of Country Heads of U.S. companies, senior state government bureaucrats, senior management of Indian companies and sponsors of the tournament. Saggezza was the co-host and title sponsor of the event. Other sponsors included Indeed, 3M, WeWork, Citibank, Netapp, Wissen Infotech, Dayanand Sagar University, IMA, MOOG, Rolex Rings, Harsha Engineers, Ballantines (Pernod Ricard), KHT Motors, Etihad Airways and Marriott. The event partner was Tiger Sports Management. The tournament was followed by a luncheon and prize distribution with a wonderful band ‘Fernandes Fusion’ to entertain the audience.

 

Winners of the tournament included:

Straightest Drive : Mr. Jopinder Sherawat

Runner Up (0-12 Category) : Mr. Milesh Jumburao
Runner Up (12 & Above Category) : Mr. Sumit Dhar

Winner (0-12 Category) : Mr. Amitabh Poddar
Winner (12 & Above Category) : Mr. D G Raghavendra

Winner (0-12 Category): AMCHAM Category : Mr. Anil Sama
Winner (12 & Above Category) : AMCHAM Category: Mr. Ajay Vij

Overall Gross Winner : Mr. David D Souza

 

Blind Winning Team of 4 Members: Mr. Arun Murugappan, Mr. Jagadeesha KG, Mr. Ajay Vij, Mr. Ravi Vishwanath

 

 

Membership

By joining AMCHAM India, you become part of an active and dynamic American business association with a membership base of more than 400 American companies in India. AMCHAM is an important voice for policy advocacy, a critical source for business intelligence, a vibrant platform for networking and expanding your business.