Indo-American Chamber of Commerce Annual Convention DAY 2 Coverage Report

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1 Indo-American Chamber of Commerce Annual Convention 2016 DAY 2 Coverage Report

2 PRINT

3 Aaj Ka Anand Waterway Department should get 5% of Highway fund: Gadkari Date: 24/08/2016 Page no.: 16 Edition: Mumbai

4 The Free Press Journal Two Day convention to bolster Indo-US trade Date: 25/08/2016 Page no.: 18 Edition: Mumbai

5 Humara Mahanagar IACC Annual Convention Date: 25/08/2016 Page no.: 09 Edition: Mumbai

6 ONLINE

7 JNPT participates in IACC Annual Convention on "Unleashing India-US Economic Synergy" NAVI MUMBAI: JNPT participated in a two-day Convention on Unleashing Indo-US economic synergy involving top policy makers and business leaders. The Convention was held on Aug 22/23 at the Trident, Nariman Point organized by the Indo-American Chamber of Commerce. The two day convention provided the platform to JNPT to communicate with business leaders & policy makers on Infrastructural aspects related to the Port in the presence of Hon ble Shipping Minister Shri Nitin Gadkari. Shri Anil Diggikar, IAS, Chairman JNPT, participated in panel discussion on Infrastructure: Ports, Inland Water Ways, Roadways and Logistics. He shared his views on various initiatives undertaken by JNPT for providing world class infrastructure facilities to the Trade. He highlighted the ongoing and future expansion projects like the mega fourth container terminal, which will double the capacity by 2022 along with the overseas project like the Chabahar Port which will open up trade with Iran, Iraq & Afghanistan. He also mentioned about the steps taken by JNPT for improving rail & road connectivity for faster evacuation of cargo and being ready for the additional cargo which will be handled at the upcoming Fourth Container Terminal. URL:

8 Major ports posted Rs 6000cr profit in FY16: Gadkari Port modernization The achievement with our ports -- all our chairmen are here -- is for March ending, all ports are in profit, which totals to approximately Rs 6,000 crore. So, the mechanisation and modernisation of ports has already started. We improved systems, we always compare our ports with international successful ports on all the parameters. We are trying to build up our ports with international standards. One of our international consultants recommended 104 suggestions, out of which we have implemented 40. And Sagar Mala is now -- we have already formed a company and we are expecting investment of Rs 12 lakh crore in Sagar Mala, out of which Rs 4 lakh crore [has been tied up] -- Rs 2 lakh crore for port, road and rail connectivity, Rs 1 lakh crore to modernisation and mechanisation and Rs 1 lakh crore for new ports. And we are planning to invest Rs 8 lakh crore for industrial clusters. This a very important thing and this industrial cluster is going to increase employment potential in the country. Scrappage policy I am working on it. The presentation is with Finance Minister. My idea is presently our automobile sector turnover is Rs 4,50,000 crore, but idea is next 5 years we can take it up to the Rs 20 lakh crore, because April 1, 2020, we are accepting Euro-VI emission norms. At that time, if we have car scrappage policy, it will be easy for us particularly we will have automative industrial clusters near the ports and so aluminum scrap, copper scrap, plastic, steel -- we will reduce the cost of automobile parts and we will be more competitive in the world. So, there are a lot of things we are moving on this industrial clusters is very important. SEZ at JNPT In JNPT, we are making special economic zone (SEZ). The work has already started, in which we are expecting investment of Rs 4,000 crore. It will create jobs for more than 1 lakh people. So, these are the things, which are important for us. Port railway connectivity We also have port railway connectivity -- it is a big problem, so we have formed a port rail connectivity corporation, our head office is in Wadala, Mumbai. Here's an example: Coal India coal production is 60 million tonne but now we have taken a decision to making railway and waterways from Talcher to Paradeep by which Coal India is going to increase coal production from 60 million tonne to 300 million tonne. All that coal will come to Gujarat and Maharashtra and the transport cost will be reduced, probably it will be -- the power cost will be reduced by Rs per unit. URL: gadkari_ html

9 JNPT participates in IACC Annual Convention on "Unleashing India-US Economic Synergy" JNPT participated in a two-day Convention on "Unleashing Indo-US economic synergy" involving top policy makers and usiness leaders. The Convention was held on Aug 22/23 at the Trident, Nariman Point organized by the Indo-American Chamber of Commerce. The two day convention provided the platform to JNPT to communicate with business leaders & policy makers on Infrastructural aspects related to the Port in the presence of Honourable Shipping Minister Shri Nitin Gadkari. Shri Anil Diggikar, Chairman JNPT, participated in panel discussion on "Infrastructure: Ports, Inland Water Ways, Roadways and Logistics." He shared his views on various initiatives undertaken by JNPT for providing world class infrastructure facilities to the Trade. He highlighted the ongoing and future expansion projects like the mega fourth container terminal, which will double the capacity by 2022 along with the overseas project like the Chabahar Port which will open up trade with Iran, Iraq & Afghanistan. He also mentioned about the steps taken by JNPT for improving rail & road connectivity for faster evacuation of cargo and being ready for the additional cargo which will be handled at the upcoming Fourth Container Terminal. URL:

10 Major ports posted INR 6000 crore profit in FY16 - Mr Gadkari At an IACC Annual Convention, Mr Nitin Gadkari, Minister of Shipping and Road Transport, talked about his ministries policies and gave an update on key measures they plan to take going forward. Port modernization The achievement with our ports all our chairmen are here is for March ending, all ports are in profit, which totals to approximately INR 6,000 crore. So, the mechanisation and modernisation of ports has already started. We improved systems, we always compare our ports with international successful ports on all the parameters. We are trying to build up our ports with international standards. One of our international consultants recommended 104 suggestions, out of which we have implemented 40. And Sagar Mala is now we have already formed a company and we are expecting investment of INR 12 lakh crore in Sagar Mala, out of which Rs 4 lakh crore [has been tied up] INR 2 lakh crore for port, road and rail connectivity, Rs 1 lakh crore to modernisation and mechanisation and Rs 1 lakh crore for new ports. And we are planning to invest Rs 8 lakh crore for industrial clusters. This a very important thing and this industrial cluster is going to increase employment potential in the country. Scrappage policy I am working on it. The presentation is with Finance Minister. My idea is presently our automobile sector turnover is Rs 4,50,000 crore, but idea is next 5 years we can take it up to the Rs 20 lakh crore, because April 1, 2020, we are accepting Euro-VI emission norms. At that time, if we have car scrappage policy, it will be easy for us particularly we will have automative industrial clusters near the ports and so aluminum scrap, copper scrap, plastic, steel we will reduce the cost of automobile parts and we will be more competitive in the world. So, there are a lot of things we are moving on this industrial clusters is very important. SEZ at JNPT In JNPT, we are making special economic zone (SEZ). The work has already started, in which we are expecting investment of Rs 4,000 crore. It will create jobs for more than 1 lakh people. So, these are the things, which are important for us. Port railway connectivity We also have port railway connectivity it is a big problem, so we have formed a port rail connectivity corporation, our head office is in Wadala, Mumbai. Here s an example: Coal India coal production is 60 million tonne but now we have taken a decision to making railway and waterways from Talcher to Paradeep by which Coal India is going to increase coal production from 60 million tonne to 300 million tonne. All that coal will come to Gujarat and Maharashtra and the transport cost will be reduced, probably it will be the power cost will be reduced by Rs per unit. URL:

11 Gadkari asks major ports to form inland waterways subsidiaries To raise a part of large pool of resources needed to fund the ambitious inland waterways plan, Union Shipping Minister Nitin Gadkari on Tuesday said all major ports have been asked to start subsidiaries which will leverage dollar-denominated billing to raise low-cost money. His Ministry has also written to the Finance Ministry to allocate 5 per cent of the corpus coming from the cess on petrol and diesel for inland waterways, he said. "My Ministry's total budget is Rs 1,800 crore and it is not possible to undertake the inland waterways projects within that," Gadkari told reporters on the sidelines of the annual Indo-American Chamber of Commerce meeting here. Starting with the largest container port JNPT, the Ministry has asked major ports to start subsidiaries for the purpose, he said. JNPT will be developing waterways in seven to eight rivers in Maharashtra, Madhya Pradesh and Goa by raising cheaper forex credit against its annual foreign currency billing of over Rs 4,000 crore, Gadkari said. Nearly Rs 50,000 crore in low-cost borrowings can be raised by JNPT alone through the receivables, he said, adding the Ministry has decided to ask other ports to start similar subsidiaries. With resource mobilisation being a key worry, the Shipping Ministry has also asked the Finance Ministry to part with 5 per cent of the overall petrol-diesel cess for inland waterways, Gadkari said. At present, the cess is being utilised for railway and road development (both at Centre and state levels), he said, and stressed it should also be used for inland waterways being developed under the Jal Marg Vikas plan funded by the World Bank. The country has a vast network of rivers and canals stretching over 14,500 km. The Centre has been collecting Rs 2 each on a litre of petrol and diesel since 2000 to part fund national highways and the money is parked with Central Road Fund, which was set up through a Central legislation. The Rs 2 per litre cess on petrol and diesel contributes about Rs 8,000 crore a year. The Government has already approved developing 106 new inland water projects spread across 24 states as national waterways in addition to the five existing networks after the National Waterways Bill 2015 was approved by the Lok Sabha during last the winter session. Currently, cargo movement along the five existing national waterways totalling 4,434 km is not even 3 million tonne a year, or a paltry 3 per cent of all cargo movement in the country. The government is also looking at a hybrid model to develop inland waterway projects on a PPP model, wherein private parties will undertake development and will be allowed to charge a user fee, Gadkari said today.

12 Shipping Corporation Chairman and Managing Director B B Sinha said his company has already started a wholly-owned subsidiary to focus on inland waterways on the East Coast. The new company, to be headquartered in Kolkata, will be given a loan of around Rs 1 crore to buy or hire vessels to operate in the Kolkata-Varanasi/Kolkata-Guwahati routes, the minister said. Asked about his wishlist from new RBI Governor Urjit Patel, Gadkari said there is a need to reduce borrowing cost by at least 2 percentage points as the current cost of up to 12 per cent for infra loans makes a project unviable. Gadkari said he is meeting Finance Minister Arun Jaitley on August 26 to present a car scrapping policy as part of the port-led development initiatives. The policy is aimed at taking advantage of the mandate to switch to Euro VI emission norms by April 2020, which will result in large scale scrapping of vehicles, he said. The minister claimed the auto industry's revenue can zoom to Rs 20 trillion from the present Rs 4.5 trillion as a result of such a policy implementation. Gadkari said the government is very sensitive about the shipping sector which is passing through difficult times, and added the Centre is finalising orders of up to Rs 50,000 crore to be given to 27 ailing shipbuilding yards. The Ministry will also be introducing a Bill in the next session of Parliament to abolish the Tariff Authority for Major Ports (Tamp), Gadkari said. He said the Government has already formed a company to handle works of over Rs 12 trillion under the ambitious Sagarmala project, aimed at modernising ports. URL:

13 Govt to hire more inspectors to curb counterfeit drugs menace Mumbai : As part of efforts to strength pharma regulations, the government plans to step up vigilance on sale of spurious drugs by increasing the number of drug inspectors, a senior official said. Despite increased vigilance on counterfeit drugs, nearly 2 per cent of these drugs is sold in the market. Efforts are on to strengthen regulation and increase drug inspectors. Nearly 10,000 pharmaceutical manufacturing facilities across the country are monitored and inspected by national and state regulators, said Sudhansh Pant, Joint Secretary at Department of Pharmaceuticals in Ministry of Chemicals and Fertilisers here. There are six lakh pharmacies in the country, and in many cases one inspector takes care of 500-1,000 of these, he said, addressing the annual convention of the Indo-American Chamber of Commerce (IACC). We have both national as well as state regulations and with the expansion of industry size, we have also undertaken larger number of inspection. However, there is no linkage between the USFDA inspection and inspection done by our own regulators. Commenting on inspection of facilities of drugmakers in India by the US Food and Drug Administration (USFDA), Pant said the growth of pharma industry has made government proud. In the last four years, our pharma exports grew to USD 4.6 billion, whereas 26 warning letters were received by the industry from the USFDA. These warnings are insignificant, but we believe quality of drugs cannot be compromised, he said. The Modi Government has taken up this issue with the US Government and industry is talking with the American health regulator. We hope scenario will improve in the near future, the official added. Pant said investment in the sector has grown substantially in the last 4-5 years. However, lesser investment in greenfield units is cause of concern. An improvement in ease of doing business has also started yielding results and government s intention is to facilitate faster growth of the key industry, he said. URL:

14 Government to hire more inspectors to curb counterfeit drugs menace Mumbai As part of efforts to strength pharma regulations, the government plans to step up vigilance on sale of spurious drugs by increasing the number of drug inspectors, a senior official said. Despite increased vigilance on counterfeit drugs, nearly 2 per cent of these drugs is sold in the market. Efforts are on to strengthen regulation and increase drug inspectors. Nearly 10,000 pharmaceutical manufacturing facilities across the country are monitored and inspected by national and state regulators, said Sudhansh Pant, Joint Secretary at Department of Pharmaceuticals in Ministry of Chemicals and Fertilisers here. There are six lakh pharmacies in the country, and in many cases one inspector takes care of 500-1,000 of these, he said, addressing the annual convention of the Indo-American Chamber of Commerce (IACC). We have both national as well as state regulations and with the expansion of industry size, we have also undertaken larger number of inspection. However, there is no linkage between the USFDA inspection and inspection done by our own regulators. Commenting on inspection of facilities of drug makers in India by the US Food and Drug Administration (USFDA), Pant said the growth of pharma industry has made government proud. In the last four years, our pharma exports grew to USD 4.6 billion, whereas 26 warning letters were received by the industry from the USFDA. These warnings are insignificant, but we believe quality of drugs cannot be compromised, he said. The Modi Government has taken up this issue with the US Government and industry is talking with the American health regulator. We hope scenario will improve in the near future, the official added. Pant said investment in the sector has grown substantially in the last 4-5 years. However, lesser investment in green field units is cause of concern. An improvement in ease of doing business has also started yielding results and government s intention is to facilitate faster growth of the key industry, he said. URL:

15 Two-day convention to bolster Indo-US trade Mumbai : As the South Block gets ready to welcome its White House counterparts for the upcoming India-US strategic and commercial dialogue, Indian officials will already have a set of key takeaways presented to them by Indo-US deliberation. This deliberation is the outcome of the two-day convention organised by Indo-American Chambers of Commerce (IACC). IACC will give their recommendations that could be discussed on August 30. The recommendations cover sectors like Financial, Infrastructure, Infrastructure, Oil and Gas, Energy, Heavy Industries, Railways, Pharmaceuticals and Technology. In a report by PricewaterhouseCoopers (PWC), it has stated, India is well positioned as a major investment destination for the global community, particularly the US. Reiterating this view, E N Dwaraknath, Partner at PwC India s International Tax Practice added that the macroeconomic stability, resilience and ability to deal effectively with external shocks and the government s proactive initiatives are making India an attractive market. Sector-wise points of two-day convention: Banking/ financial sector: The sector has witnessed positive changes like down cycle in terms of inflation, stable currency and cleaning up of books. The stable macro situation allows focus on resolution of NPA situation and credit expansion. Fintechs could also been an opportunity to strengthen India-US relations. Apart from banking, non-banking finance companies will partake in the growth of the sector. Infrastructure: With the adoption of projects with hybrid and EPC model, the trust factor around the sector is all-time high. There has been improvement in time taken for approvals and clearances. Apart from roads, the government is looking at Inland water transport as the key focus area in the coming months. The growing number of roads projects would require contractors providing better quality and low priced construction. Credit guarantee schemes will improve further. Oil and gas: The fall in crude oil prices have led the government to adopt policy measures; and allowed retail businesses to go through a transformation. The low prices could make differentiated pricing across retail outlets a reality. The decline in prices can be translated differentially by various groups. However, net impact has been positive. This could be used to improve infrastructure in the sector. Energy: Despite energy efficiency, India would require two to three years to meet their demands. Power will help India achieve its growth but the concern for the country will be to keep its production of hydrogen under control. There is a lot happening in energy with schemes like UDAY making India s energy sector attractive for investments. Defence: This sector has attracted huge investment after India s Make in India initiative. Other policies such as ease of doing business and increase in FDI limits have further encouraged investment and

16 strategic partnership in the field. India and America have been using this as an opportunity for both countries. Technology: India and America should start a dialogue so that India can have access to technology that are available in the US. This will help both countries to grow. Key sectors that will benefit from this are healthcare, education and retail. Heavy Industries: India is keen to adapt to technology for better future. India needs products that are smarter and efficient. Technology like robotics and 3D printing will play a huge role in the sector. Here, US can contribute. Railways: In terms of funding, railway faces no problem but taking railways to next level in terms of efficiency and capacity is a problem. Clarity in regulation by the Indian Railways would play a critical role. This will open up inflow of next gen technology that is requirement. Pharmaceuticals: Compliance with FDA and change in Indian mindset is required in this sector. However, this is an opportunity for companies to set-up state-of-art technologies in India that meets the global requirement. It is also about building capacity and capability. This sector will grow further. URL:

17 THANK YOU

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