PRESIDENTS LETTER
Dear Industry Members,
According to the provisional national income data released by National Statistical Office (NSO) India’s quarterly GDP growth accelerated to 6.1% in the first three months 2023 , lifting the economy’s expansion in 2022-23 to 7.2 % from 7 % estimated earlier.
IMF projections on India has overtaken the UK to become the world’s fifth-largest economy with a GDP of $3.74 trillion and is now behind only the US, China, Japan and Germany. A decade back, India was ranked 10th among the large economies while the UK was at the fifth position.
After slowing for four months in a row,retail inflation accelerated faster than expected to a three month high in June due to rising food prices from a 25-month low in May, potentially delaying the likelihood of monetary easing. Vegetable price shocks may result in inflation exceeding the RBI Monetary Policy Committee forecast of 5.2% for 2nd Quarter of FY’24. June retail inflation based on the Consumer Price Index had been expected at 4.3-4.6%.
Generative Artificial Intelligence platforms such as ChatGPT or Google’s Bard may not be able to process the personal data of Indian’s available in the public domain, as per the latest draft of the Digital Personal Data Protection (DBDB) Bill, 2023, which was approved by the cabinet earlier this month.
The farm and service sectors buoyed economic outcomes as just three of eight broad economic activity segments recorded higher GVA growth than in 2021-22. The agricultural GVA grew 4 % , up from 3.5 % in the previous year. The financial , real estate and professional service sectors saw their GVA grow 7.1 % , compared with 4.7 % in 2021-22.The GVA of the trade, hotels, transport, and communication sectors as well as services related to broadcasting grew 14 %, marginally faster than in the previous year.
India’s statistical system is getting ready to revamp the consumer price index (CPI), which is used to measure retail inflation, after over a decade. The ministry of statistics and programme implementation has conducting training of its officers for change in the CPI series. The training involves identification of markets and key shops for collecting statistics The ministry identifies the most frequented shop as a permanent shop in each market and two reserve shops.
The process also involves identifying items for which prices are to be collected and their specifications.
Coming to our home state Kerala, India’s first water metro has opened tremendous possibilities for Kerala and Kochi. The Water Metro is expected to boost the development and tourism sectors of Kochi while significantly alleviating traffic congestion. The metro’s route has been designed to provide domestic and foreign tourists with a comfortable journey through the scenic backwaters and various attractions of Kochi. The Kochi Water Metro project is envisioned as Asia’s largest water transport network. The Water Metro service system connects 38 terminals across 10 islands and operates 78 boats, allowing passengers to reach their destinations quickly and conveniently without the hassles of city traffic.
Cochin port has become the first export point for Karnataka Cooperative Milk Producers’ Federation’s (KMF) ‘Nandini’ milk dairy products and have successfully entered the UAE market. If Nandini exports via Mangaluru port, it will take 10 days to reach the destination. However, via Kochi, it will only take six days. The export via Kochi has been facilitated by East End Foods India Exports.
Moving on as part of the Chamber activities, the Chamber’s 09th edition of India Forward Talk series held on 15th June 2023 through online platform. H. E. Abdulla Bin Damithan, CEO & Managing Director of DP World & JAFZA was the guest speaker, Addressing the audience H.E highlighted the trade between India & UAE which has increased to $84 billion compared to last year figures.
Chamber’s June edition of the CEO Forum held on 16th June 2023, and the Guest Speaker was Mr. Sujith Kumar J, Key Accounts Manager of Tally Solutions who lectured on the topic : Easy Ways of Tax Compliance for Enterprises. There were more than 30 participants attended the session.
A Session on Intelligent Decision Making for Futuristic Enterprises held on 23rd June 2023 at Cochin, as part of the session a panel discussion held on the topic “Digital Foundation for Data-Driven Smart Decision – Making” wherein the Chamber Vice President Shri. Venkitraman Anand moderated the discussion, the other speakers who were present includes the Chamber Executive Committee Members; Shri. Praveen Joseph, CEO, DP World (Cochin), Shri. S. P. Kamath, Executive Director, Amalgam Foods Ltd and the other speaker was Ms. Sushma Srikandath, Managing Director, AVT McCormick Ingredients Pvt Ltd. There were close to 60 delegates attended the session,and the event sponsors was Ramco Systems Pvt Ltd and Amity Soft Technologies.
Cochin Chamber’s July edition of the CEO Forum meeting held on 14th July at Hotel Le Meridien, Cochin. Shri. N. Sreevatsan, Zonal General Manager of National Small Industries Corporation Ltd (NSIC) was the Guest Speaker who lectured on the topic “NSIC – A Catalyst in your Business Growth”.
Chamber as part of the Logistics Ease Across Different States (LEADS) an initiative of the DPIIT (Department for Promotion of Industry and Internal Trade under the Ministry of Commerce and Industry) conducted a Stakeholder Meet on 28th June 2023 through an online platform. Mr. Shaji V K, LEADS 2023 Project MOCI – EY Team, Logistics Division of Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry moderated the session. There were close to 15 participants attended.
Chamber had an exclusive interaction with Shri. Shambhulingappa Hakki, IFS, Hon. Consul General of India in Guangzhou, China on 20.07.2023. The meeting is intended to discuss the possibilities of exports from the state and also bringing in investment to the State and other linkages thereon.
As always, I wish you all the very best and exhort you all to stay safe.
P. M. Veeramani
Recent Union Cabinet Decisions
June 2023
- Cabinet approves Metro Connectivity from HUDA City Centre to Cyber City, Gurugram with Spur to Dwarka Expressway
- Union Cabinet approves allotment of 4G/5G Spectrum to BSNL
- Union Cabinet approves continuation of Central Sector Scheme of ‘Exploration of Coal and Lignite Scheme’
- Union Cabinet approves Minimum Support Prices (MSP) for Kharif Crops for Marketing Season 2023-24
July 2023
- Cabinet approves Ratification of the Headquarters Agreement (HQA) between India and Coalition for Disaster Resilient Infrastructure (CDRI)
- Cabinet approves Introduction of National Research Foundation Bill, 2023 in Parliament to strengthen research eco-system in the country
- Government approves Fair and Remunerative Price of sugarcane payable by Sugar Mills to sugarcane farmers for sugar season 2023-24
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Recent Events
India Forward Talk : 15th June 2023 : Virtual Mode
The India Forward Talk with H.E Abdulla Bin Damithan, CEO and Managing Director of DP World & Jafza held on Thursday, the 15th of June 2023 on a virtual platform.
During the lecture Mr Abdulla highlighted the trade ties between Indian and UAE which has become stronger year after year and also appreciated India’s faster economic growth.
Shri. P. M. Veeramani, President of the Chamber delivered the welcome address whereas Shri. Venkitraman Anand, Vice President of the Chamber delivered the vote of thanks.
CEO Forum Breakfast Meeting – “Easy Ways of Tax Compliance for Enterprises ” : 16th June 2023 : Hotel Taj Gateway, Marine Drive, Kochi
The Eighth edition of CEO Forum meeting for the month of June 2023 held on Friday, 16th June at Hotel Taj Gateway (Marine Drive), Cochin.
The Speaker for the day was Shri. Sujith Kumar, Key Accounts Manager of Tally Solutions Pvt. Ltd who delivered the lecture on “Easy Ways of Tax Compliance for Enterprises”.
Session on “Intelligent Decision Making for Futuristic Enterprises”: 23rd June 2023: Hotel taj Gateway, Marine Drive, Kochi
The Chamber conducted a session on “Intelligent Decision Making for Futuristic Enterprises” on Friday, 23rd June 2023 at Hotel Taj Gateway, Marine Drive, Cochin.
There was a Panel discussion on “Digital Foundation for Data Driven Smart Decision Making” wherein our Vice President Shri. Venkitraman Anand moderated the session and the other panelists speakers who were present includes our Committee Members; Shri. Praveen Joseph & Shri. S. P. Kamath; Smt. Sushama Srikandath, Managing Director of AVT McCormick Ingredients Pvt Ltd were also present during the discussion.
Our Past President Shri. V. Venugopal delivered the Welcome Address and Shri. Jayakumar, Director , Amitysoft delivered the vote of thanks.
LEADS 2023 Stakeholders Meet of DPIIT under the Ministry of Commerce and Industry, Government of India : 28th June 2023 : Virtual Mode
The Chamber Conducted a virtual session with DPIIT to understand performance drivers for logistics efficiency across identified pillars Stakeholders specific insight – Industry, LSPs, FTOs, Transporters, State specific insights on logistics efficiency and related activities; Focused insights on EXIM Trade; Specific insights on logistics efficiency from select industries and Specific inputs for select industrial zones / towns of export excellence. Mr. Shaji V K, LEADS 2023 Project MOCI – EY Team, Logistics Division of Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry moderated the session.
CEO Forum Breakfast Meeting – “ NSIC – A Catalyst in your Business Growth ” : 16th June 2023 : Hotel Le Meridien, Cochin
The Cochin Chamber conducted a Session with National Small Industries Corporation as part of the CEO Forum Meeting today at Hotel Le Meridien, Cochin.
Shri. M. Sreevatsan, Zonal General Manager of NSIC lectured on the topic – ” NSIC : A Catalyst for Business Growth”.
Recent Press/Media Coverage
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).
