April – May 2023


Dear Members,

Reserve Bank of India on Friday announced the decision to withdraw circulation of Rs 2,000 denomination notes by September 30, 2023.  Though the action was expected ever since the apex bank’s decision not to print fresh currency of the said denomination, it came without any advance notice.  Since the Government has already one experience few years before, it is expected that adequate precautions are taken to cause least hindrance to the business.  Further, being a high denomination currency, the general public are not likely to be affected very much.  The central bank, however, clarified that Rs 2,000 notes will continue to be a legal tender. The move may be a bit upsetting for the common man, but for banks, it is largely viewed as positive. the deposit accretion of banks could improve marginally in the near term. This will ease the pressure on deposit rate hikes and could also result in moderation in short-term interest rates. RBI said the public can deposit Rs 2,000 banknotes into their bank accounts or exchange them into banknotes of other denominations at any bank branch.

The Centre is readying a policy that will allow extension of port terminal contracts beyond 30 years lease period under certain conditions. The policy will govern major ports and allow them to offer a lease extension for existing terminal operators, subject to certain conditions according to shipping ministry. At present there are no rules for extension of these pacts signed in the late90s and early 2000s.

Markets regulator Securities and Exchange Board of India (SEBI) proposed to tighten the definition of unpublished price-sensitive information (UPSI) after it observed many listed companies were not following the law in spirit. UPSI is an insider event at the company that may have material impact on its stock price like news on mergers and acquisitions. Current rules say listed companies need to disclose any information that is price sensitive. But now SEBI has proposed to tweak the definition to say any material event needs to be disclosed. 

The government is considering a creditor-led insolvency resolution mechanism under the bankruptcy law to fast-track settlement and ease the burden on the National Company Law Tribunal. Under this mechanism, creditors and debtors can reach an informal agreement on the plan to resolve a bankruptcy case. The Insolvency and Bankruptcy Board of India (IBBI) has set up a panel under its whole -time member Sudhaker Shukla to firm up a “regulatory approach” for the new fast track resolution process under the IBS. The panel comprises senior bankers, a former central bank official ,and an insolvency  expert. The Corporate Insolvency Resolution Process (CIRP) mandates by the Insolvency and Bankruptcy code (IBC) has seen lengthening delays amid rising legal challenges and a shortage of NCLT (National Company Law Tribunal) benches

Car sales for fleet operations, including those to app- based cab aggregators such as Ola and Uber, nearly doubled last fiscal and are expected to significantly outpace overall industry growth to get closer the pre-pandemic peak this year. The industry estimate that 137,000 vehicles were sold to fleet operations in the last financial year, a growth of 95 % compared to FY 22.

Fleet sales are expected to grow by over 40% this financial year, though it will still be short of peak of 225,000 units sold to fleet operations in FY19.Overall sales of passenger vehicles are expected to grow by 5-7 % this fiscal. Fleet sales had fallen by 23 % and 69 % respectively, year on year in FY 20 and FY 21 as the outbreak of Covid -19 in early 2020 kept vehicular movement at a bare minimum. With the reopening of schools, colleges and offices, fleet sales grew 30% on year in FY22, followed by 95 % rise last year.

Coming to over home state Kerala. The State Industrial Policy-2023 has been introduced with revolutionary changes and schemes in the industrial sector for the financial year 2023-24 to make it an investment year. The policy aims to focus on modern industries to make Kerala the most developed industrial hub in the country. The Kerala Industrial Policy 2023 is a comprehensive plan that seeks to attract investments, foster innovative ideas, and create a sustainable business environment.

The policy aims to prioritize industrialization in specific sectors, including Aerospace and Defense, Artificial Intelligence, Robotics, and Other Breakthrough Technologies, Ayurveda, Biotechnology and Life Science, Design, Electric Vehicles, Electronics System Design and Manufacturing, Engineering Research and Development, Food Technologies, Graphene, High-Value Added Rubber Products, Hi-Tech Farming and value-added horticulture, logistics and packaging, maritime sector, medical devices, nanotechnology, pharmaceuticals, recycling and waste management, renewable energy, retail sector, tourism and hospitality, and 3-D printing. The policy seeks to enable the growth of industries in these 22 priority sectors through sub-strategies such as infrastructure development, technology and innovation, institutional efficiency, market development, export facilitation, research and development, skill development, and incentives. In collaboration with academic institutions, the policy intends to start industrial parks that prioritize the industrial production of products obtained as a result of research. Additionally, the policy will provide assistance for research in emerging areas of industry and economy, such as graphene.

The main goal of the new industrial policy is to create a robust entrepreneurial ecosystem in the state, promote responsible investments, and encourage sustainable industries. The policy aims to modernize traditional industries by utilizing advanced technology, provide innovative infrastructure for next-generation enterprises, and enable businesses to adapt to global standards in environmental, social, and governance factors. Additionally, the policy seeks to facilitate the marketing of products under the ‘Kerala brand’ label and help find foreign markets for these products.

The policy emphasizes the importance of modernization while preserving employment in traditional industries. By implementing the new industrial policy, it is possible to maintain the current industry-friendly change and establish a Kerala model in the industrial sector.

Moving on to the Chamber activities, on 12th April 2023, Chamber did a Session on Optimising Export Incentives in association with the Joint Directorate General of Foreign Trade, Cochin (JDGFT) and Customs House, Cochin. The officials from JDGFT & Customs House, Cochin interacted with the members and lectured on the various export promotion schemes which includes the RoDTEP, RoSCTL, Duty Drawback, Issues related to Duty Drawback etc. There were more than 60 plus participants attended the session.

The Inaugural Session of the 08th edition of CEO Forum monthly meeting held on 12th May 2023, the topic was on Family Governance, Succession Planning, ESOP Trust and FEMA Guidelines, the session speakers were from Barclays Private Bank. Ms. Poonam Mirchandani, Director, Barclays Private Bank & Mr. Adirsh Ghosh, India Sales Head, Barclays Private Clients were the Guest Speakers. The Session was attended by 35 participants from various member and non-member organisations.

The Chamber has been able to bring various dignitaries to address the members and this includes foreign dignitaries as well.  I am glad to share that Mr. Abdulla Bin Damithan, CEO & MD of D P World (Dubai) has agreed to join us for the upcoming India Forward Talk scheduled on 15th June 2023 on a virtual platform. I am sure all the members as well as those in logistics business would be keen to listen to him.  The details of the session will be communicated to you shortly by the Chamber Secretariat.

Wishing you all the very best and assuring you of the Chamber’s best services at all times.

P. M. Veeramani

Recent Union Cabinet Decision

APRIL 2023

MAY 2023

Forthcoming Events

India Forward Talk with Mr. Abdulla Bin Damithan, MD & CEO, D P World (Dubai & Jafza) : 15th June 2023: Virtual Mode

Session on Digital Transformation for Enterprises : 23th June 2023: Hotel Taj Gateway, Cochin

The Cochin Chamber of Commerce and Industry partnering with Ramco Systems Ltd will be conducting a Session on Digital Transformation for Enterprises on Friday, 23rd June 2023 at Hotel Taj Gateway (Marine Drive), Cochin. 

Recent Events

Session on Optimising Export Incentives : 12th April 2023 : Hotel Taj Gateway (Marine Drive), Cochin

The Chamber conducted a Session on “Optimising Export Incentives” on Wednesday, 12th April 2023 at Hotel Taj Gateway, Marine Drive, Cochin. The officials from the Joint Directorate of Foreign Trade (JDGFT, Cochin) & the Customs House, Cochin were the Guest Speakers. The Speakers lectured on various export promotion schemes and also discussed in details about the RoDTEP, RoSCLT, IGST Exemption, Duty Drawback etc.

Our President Shri. P. M. Veeramani delivered the Welcome Address, whereas Shri. S. P. Kamath Executive Committee Member of the Chamber moderated the session.

CEO Forum Breakfast Meeting : 12th April 2023 : Hotel Taj Gateway (Marine Drive), Cochin

The Inaugural session of the Eighth Edition of the Monthly   CEO Forum Breakfast meeting held on 12th May 2023 from 08:00 am to 09:30 am at Hotel Taj Gateway (Marine Drive), Cochin. The Guest Speakers were Ms. Poonam Mirchandani, Director, Barclays Private Bank, India and Mr. Adrish Ghosh, India Sales Head, Barclays Private Clients, India who lectured on the topic “Family Governance Succession Planning, ESOP Trust & FEMA guidelines around the same”.

Leadership Development Programme: 25th May 2023: Virtual Mode

An Online Session on Leadership Development Programme conducted by the Chamber on 25th May 2023. Mr. B. B. Singh former Member of Steel Authority of India (SAIL) was the Guest Speaker. Mr. Singh lectured on the topic “Leading effectively without undue stress and coming out stronger in face of stretched demands/ challenges. 

Exclusive Exim Statistics

Statistical Reports on Exports and Imports through the Cochin Port.

The Cochin Chamber of Commerce and Industry publishes statistical reports on Exports and Imports through the Cochin Port on a monthly basis followed by a Consolidated Annual Report at the end of each calendar year. The reports on exports are classified as commodity wise and pertain to the following commodities:

  • Coffee
  • Tea
  • Spices
  • Cashews
  • Cotton Goods
  • Seafood and
  • Coir and coir products

Details on all other commodities that do not fall under the above-mentioned heads are carried as the ‘Miscellaneous Report’. Customized reports will also be available according to customers requirement.

We have several members in the export/import fraternity subscribing to these reports on a monthly basis and from the feedback received they are immensely benefited by the same.

We are confident that our reports will be of help to your Company in staying one step ahead of your competitors in business. A sample of the report is attached herewith for your reference. Also attached is the ‘Subscription Form’ to enable you to subscribe to the report should you want to do so.

Should you have any queries please feel free to contact Mr. T.M. Padbhanabhan (8921695456).

For more details, visit Export-Import Statistics

Top Performers- Export

Container Movement – Export

Summary Report