CHAMBER VOICE

PRESIDENT’S LETTER

Dear Members,

India’s Trade and Export Advancements; The textile exports of India observed a notable 11.2% increase in May. An infusion of ₹350 crores by a private enterprise was directed into BRFL Textiles Pvt Ltd. Moreover, India successfully dispatched 8.7 tons of pineapples to the UAE. The European market has exhibited a rising demand for Indian coffee in light of proposed EU regulations. India has also facilitated imports of sunflower oil, corn, milk powder, and rapeseed oil. Notably, in June 2024, India recorded substantial imports of crude oil, amounting to 5.33 million barrels per day, predominantly from Russia, Iraq, and Saudi Arabia.


India’s export outreach has extended to 115 countries, with the US, UAE, and China standing as prominent destinations. Service exports have notably surged to $341.1 billion in the fiscal year 2023-24 from $325.3 billion in 2022-23. Furthermore, financial institutions in the state of Kerala have reported a remarkable upturn in loans extended to Micro, Small, and Medium Enterprises (MSMEs) during the financial year 2023-24.

The Narendra Modi 3.0 government, sworn in on June 9, 2024, features key leaders like Rajnath Singh (Defense), Nitin Gadkari (Road Transport & Highways), Amit Shah (Home Affairs and Cooperation), JP Nadda (Health and Chemicals & Fertilizers), and Shivraj Singh Chouhan (Agriculture and Rural Development). The 72-member Cabinet includes senior leaders and members from NDA allies, maintaining continuity in major portfolios and strengthening the coalition’s governance​.

The Modi Cabinet in India has made several consequential determinations entailing a substantial financial outlay exceeding ₹2.88 lakh crore. These determinations encompass augmenting the minimum support price (MSP) for 14 Kharif crops, expanding Varanasi Airport, sanctioning a greenfield port at Wadhwan near Dahanu in Maharashtra, providing funding for offshore wind energy projects, and implementing an enhancement scheme for forensic infrastructure.

The central board of directors of the Reserve Bank of India has announced a historic surplus transfer of ₹2,10,874 crore for the fiscal year 2024 to the Central Government. This surplus is anticipated to have a favorable impact on government finances and is projected to result in reduced government borrowing costs. Subsequent to this announcement, the yield of the 10-year benchmark G-Sec closed below 7%, with economists at Bank of Baroda expecting further decrease, possibly reaching as low as 6.75%. The decision of the RBI to maintain the risk provisioning under the Contingent Risk Buffer (CRB) at 5.50% is designed to provide support for economic growth. While the record surplus transfer is estimated to have a substantial impact on government finances, its direct translation into fiscal deficit figures is not immediate.

In the banking sector, there has been a notable surge in the percentage of term deposits (TDs) offering an interest rate of 7% and above. Specifically, the proportion of deposits with an interest rate bracketed between 7% and 8% escalated to 58.9% by March 2024 from 30.3% in March 2023, indicating a discernible increase in higher-yield deposit alternatives.

The facilitation of partnerships among farmers, agricultural associations, technology providers, and financial institutions is imperative. The adoption of electric vehicles in agriculture holds the potential to bolster sustainability while concurrently reducing operational costs.

India’s victory in the 2024 ICC T20 World Cup was a landmark achievement, ending an 11-year wait for an ICC trophy. The final, held at Kensington Oval in Bridgetown, was a nail-biting contest where India triumphed over South Africa by a narrow margin of seven runs.

Coming over to home state Kerala, based on the 2024 Global Startup Ecosystem Report (GSER), Kerala’s startup ecosystem has been assessed at a valuation of $1.7 billion, significantly exceeding the global average by a factor of five. The report underscores Kerala’s notable growth, evidencing a 254% surge over an 18-month period, predominantly attributed to the substantial revenue generated from software exports.

The Cochin Port Authority is currently evaluating several project proposals aimed at developing green hydrogen pilots. The authority is planning to request expressions of interest to carry out a green hydrogen pilot project, with production expected to commence within a year. With its existing expertise in handling liquid cargo, the port stands in a favorable position to establish a bunkering facility for green hydrogen.

Vizhinjam community skill park; Equipping youth for global opportunities ASAP Community Skill Park Vizhinjam is operational with the aim of equipping the youth for employment opportunities in Vizhinjam port. Excellent and advanced vocational training will be provided here. The objective of the Skill Park is to make the development activities of Vizhinjam useful for the people of the coastal region, open the way for the people of the coastal region to access world-class skill courses, and provide high-quality job opportunities to the youth at the global level. The Department of Higher Education is trying to bridge the skill gap by bringing advanced skill courses to students through ASAP Kerala, which has received dual recognition from the National Council for Vocational Education and Training (NCVET).

Moving on to the Chamber activities, Meeting with Executive director & Consul (commercial) Thailand. Members of Cochin Chamber of Commerce and Industry interacted with Executive director & Consul (commercial) Thailand, Ms. Suchawee Pattanchak, on 09th May 2024 A major point of discussion was the Thailand Consul’s proposal to conduct a B2C (Business to Consumer) exhibition in Cochin. The primary objective of this exhibition would be to introduce Thai products to the local market, thereby increasing consumer awareness and demand for these products in Kerala. The Consul was keen to understand which industries in Kerala were currently booming and profitable to better align their offerings with local market needs.

Committee members and our member representatives welcomed the initiative, expressing their readiness to collaborate and provide full support for the exhibition. They acknowledged the potential benefits such an event would bring, enhancing consumer awareness of Thai products and fostering stronger economic ties between Thailand and Kerala.

Blood Donation Camp The Cochin Chamber of Commerce and Industry, in partnership with the Rotary Club of Cochin West and Indian Medical Association (IMA), organized its 3rd blood donation camp at the Cochin Port Hospital, Willingdon Island, Cochin. Shri. Shudharshan IPS, Deputy Commissioner Law, order and traffic, who graced the occasion as the Chief Guest, Shri. S P Kamath, Vice President of the Cochin Chamber of Commerce, along with Shri. Prakash Iyer, President of Rotary Club of Cochin West added their leadership and support to the cause. Dr. K. I. Muthukoya, Chief Medical Officer of Cochin Port Hospital, and Shri. Binu K S, President of Kerala Steamer Agents Association, lent their expertise and guidance to ensure the success of the camp.

Cochin Chamber’s monthly CEO Forum Breakfast Meeting held today with Mr. Sarathbabu Elumalai, an Entrepreneur, Social worker and Founder of Foodking as the guest speaker who addressed the Chamber members on the topic “New Trends in Business”. Mr. Sarathbabu Elumalai also shared his inspiring life story to our members.

Session On Policy & Programmes Of Ministry Of Msme, Govt. Of India: Overview of the latest MSME policies and schemes and Financial support and services provided by SIDBI. Shri G. S. Prakash IEDS, Joint Director & HOD at the MSME Development Institute, Ministry of MSME, Government of India, presented an in-depth overview of the latest MSME policies and schemes. He gave his insights into the government’s initiatives and support for MSMEs.

Following Shri Prakash, Smt. Alina George, Manager at SIDBI, Kochi BO, discussed the various financial support and services offered by SIDBI to MSMEs. Her presentation covered the comprehensive range of funding options, financial products, and advisory services that SIDBI provides to facilitate the growth and sustainability of MSMEs.

CEO Forum Breakfast Meeting: Sustainable Waste Management Challenges & Opportunities Cochin Chamber’s monthly CEO Forum Breakfast Meeting featured Shri. Aravind P S Managing Director Solwearth Ecotech, as the keynote speaker. He provided valuable insights on “Sustainable Waste Management Challenges & Opportunities” shedding light on the critical issues and potential solutions in the field.

India Forward Series Session with Shri. D Subbarao, Former Governor of the Reserve Bank of India, and Shri. M Ramachandran IAS (Retd) former Union Secretary for Urban Development. India Forward Talk hosted by Cochin Chamber of Commerce and Industry held on 29.06.2024 with former Reserve Bank of India Governor Dr. D Subbarao as the Chief Guest. He was accompanied by Dr. M Ramachandran IAS (Retd) former secretary of the Urban Development. Eminent persons like Madhu S Nair, Chairman and Managing Director, Cochin Shipyard, and T V Rao, General Manager, RBI Kochi, and S K Abdulla, Managing Director, Lakeshore Hospital and Research Centre, Kochi were also present. The theme was “India’s many transitions through the eyes of a civil servant”. During the speech, Subbarao spoke about various economic, social, technological, environmental and cultural changes in India. Dr. M Ramachandran presented to the public the book ‘Just a Mercenary’ written by D Subbarao. The book discussions informed the audience about various aspects of Subbarao’s professional life, his personal values, the ethical issues he faced and the lessons he learned during his illustrious career.

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

Anand Venkitraman

President

Recent Union Cabinet Decisions

JUNE 2024

Forthcoming Events

MSME Conclave: Building a Stronger Future Together : 11th July 2024 : Hotel Radisson Blu: Cochin

Cochin Chamber in association with Economic Times will be organising a MSME Conference “Building a Stronger Future Together” on Thursday, 11th July 2024 from 10:00 am to 01:00 pm at Hotel Radisson Blu, Cochin.

Blood Donation Camp : 17th July 2024 : Cochin Port Hospital, Willingdon Island, Ernakulam

Cochin Chamber of Commerce and Industry in association with Rotary Club of Cochin West, Kerala Steamer Agents Association and Cochin Port Hospital will be organising a Blood Donation Drive on 17th July 2024 at Cochin Port Hospital, Willingdon Island, Cochin.

CEO Forum Breakfast Meeting : 19th July 2024: Hotel Le Meridien, Cochin

“Analysis of the Union Budget 2024 and its Implications for the Business and Economic Landscape of our Country”: 24th July 2024 : Hotel Radisson Blu: Cochin

Cochin Chamber of Commerce and Industry (CCCI) and Kerala Management Association (KMA) will be jointly organising a Session on “Analysis of the Union Budget 2024 and its Implications for the Business and Economic Landscape of our Country” on Wednesday, the 24th of July 2024 between 05:00 pm to 07:15 pm in the Banquet Hall of Hotel Radisson Blu, Cochin. The Guest Speaker for the day will be Shri. T. K. Arun, Independent Columnist & Commentator, Former Editor of the Economic Times (New Delhi) and Shri. P. R Seshadri, Managing Director & CEO of South Indian Bank.

Webinar/Outreach programme on the Topic  “Recommendations of 53rd  GST Council Meeting – An Overview”

The Directorate General of Taxpayer Services (DGTS), CBIC, BZU in association with ATP Kerala, Cochin Chamber of Commerce and Industry, KMCC Kerala, KSCAA Karnataka, TDCCI Tumakuru and HADSSIA Hassan is organising a webinar on the Topic: RECOMMENDATIONS OF 53rd GST COUNCIL MEETING – An Overview on 24 July 2024.

The presentation will be made by Smt. RACHNA, I.R.S., Joint Director, DGTS, BZU.

Recent Events

CEO Forum Breakfast Meeting : 17th May: Hotel Le Meridien, Cochin

The Ninth Edition of CEO Forum Breakfast Meeting for the month of  May held on Friday, 17th of May 2024 at Hotel Le Meridien (Maradu), Cochin. Shri. Sarath Babu Elumalai , Founder and CEO of Foodking was the the guest speaker. Mr. Sarath Babu delivered a lecture on the topic : “New Age Business Trends” and shared his life story.

CEO Forum Breakfast Meeting : 21st June: Hotel Le Meridien, Cochin

The Ninth Edition of CEO Forum Breakfast Meeting for the month of  June held on Friday, 21st  of June 2024 at Hotel Le Meridien (Maradu), Cochin. Shri. Aravind P S, Managing Director Solwearth Ecotech. was the the guest speaker. Mr. Aravind , delivered a lecture on the topic : “Sustainable Waste Management”.

Session on Policy & Programmes of Ministry of MSME, Govt. of India : 20th June 2024: Conference Hall of Cochin Chamber, Willingdon Island, Ernakulam

The Chamber organised a Session on Policy & Programmes of Ministry of MSME, (GoI) on Thursday, the 20th of June 2024 in the Conference Hall of Cochin Chamber of Commerce and Industry. Shri. G. S. Prakash IEDS, Joint Director & HoD, MSME Development Institute, Thrissur addressed the audience on topic “Policy & Programmes of Ministry of MSME, GoI”. Additionally, Smt. Aleena George, Assistant Manager, SIDBI(Kochi) provided information about various financing schemes offered by SIDBI.

Shri. Venkitraman Anand, President of the Chamber delivered the Welcome Address.

Webinar on Registration and Maintenance of Records under GST : 26th  June 2024

The Directorate General of Tax Payers, CBIT & Customs (Bangalore Zonal Unit) in association with Cochin Chamber organised a webinar on “Registration and Maintenace of Records under GST on Friday 26th  June 2024. 

The Presentation did by Shri. R. Srivatsan , IRS Asst. Director, NACIN, Chennai. Shri. Prakash Iyer, Executive Committee Member of the Chamber addressed the audience on this occasion.

India Forward Talk : 29th June 2024: Radisson Blu Hotel, Cochin.

The Chambers India Forward Talk was graced by the presence of Dr. D. Subbarao, former Governor of Reserve Bank of India  (Retd.) on 29th June 2024 at the Radison Blu Hotel, Cochin.

The event focused on topic was “India’s many transition’s through the Eyes of a Civil Servant”. During his lecture, Dr. Subbarao highlighted India’s story of numerous transitions: from a closed economy to an open economy, from agriculture to the hub of digital innovations and services, and from glaring gender inequality to gender parity.

Dr. Subbarao engaged in a conversation with Shri M. Ramachandran, IAS (Retd.), former Union Secretary for Urban Development, discussing his career journey and the transitions he witnessed. Additionally, Dr. Subbarao released his latest book ‘Just a Mercenary’ during the event.”

Shri. Venkitraman Anand, President of the Chamber delivered the Welcome Address  whereas Shri. S.P.Kamath, Vice President of the Chamber delivered the vote of thanks.

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 (0484 2668349).

EXPORT : MARCH & APRIL 2024

IMPORT : MARCH & APRIL 2024