October & November 2021

President’s Letter:

Dear Industry Members,

India’s economic recovery gathered steam in the festive season, recording a decade high Diwali sale of Rs 1.3 lakh crore. Improving COVID-19 situation amid high business and consumer spirits delivered sustained economic recovery in October 2021 as well.

A recent survey, released in January this year, had projected GDP growth of 11 per cent during the current financial year ending March 2022. The growth will be supported by supply-side push from reforms and easing of regulations, push for infrastructural investments, boost to manufacturing sector through Production-Linked Incentive (PLI) schemes, recovery of pent-up demand, rise in discretionary consumption subsequent to rollout of vaccines and pick-up in credit given adequate liquidity and low interest rates.

IMF in its October 2021 update foresees improved global growth prospects at 5.8 per cent in 2021 and 4.9 per cent in 2022 triggering a concurrent global trade growth, by volume, at 9.7 per cent and 6.7 per cent, respectively.

This augurs well for India’s export performance in the near future lending credence to IMF projecting India becoming the fastest growing economy, among major countries, in the current and the following year.

Agricultural sector continues its strong presence in economic recovery with higher acreage of Rabi sowing, improved reservoir levels, and adequate availability of fertilisers and seeds ensured by the government.

A more deliberate effort to reduce cost of borrowing is seen incomplete pass-through of policy repo cuts as weighted average lending rate on fresh rupee loans decline by 130 basis points between February 2020 and September 2021.

Understandably, RBI’s Monetary Policy Committee in its 33rd meeting during October 6-8 resolved to continue with the extant configuration on the policy rates and its accommodative stance, while deciding to prioritise growth.

Despite the uncertainty due to the Omicron variant, the economy remains on a recovery path and inflationary pressures are building up. It, however, expressed concern about the extent of the fully vaccinated population in India and its impact on contact intensive sector recovery.

The Union Finance Ministry in a recent statement was told that they will introduce the bill on crypto currencies in the Parliament after Cabinet’s approval. The ministry officials informed that regulations of non-fungible tokens (NFTs) are also being considered. Government will soon bring a bill after the Cabinet clears it. It was not brought in last time as there were some other dimensions that had to be looked into by the officials informed. Rapidly a lot of things had come into play, the intent was to improve the bill.

Coming to our home state, The Kerala assembly passed the Micro Small and Medium Enterprises Facilitation (Amendment) Bill, 2021 enabling industries with an investment above ₹50 crore to get licence within 7 days of application. This new law will allow non-red category industries listed by the pollution control board to fast track their application. This law will bring historic changes in the industrial climate of the state and will attract more investments, this will also fast track industrial disputes and solutions will be found in 30 days.

The State Government has been trying its best to establish an investor-friendly climate, Situation is changing rapidly and with the good infrastructure and human resources will be able to tap them properly.

We welcome the Micro Small and Medium Enterprises Facilitation (Amendment) Bill, 2021 passed by the state government on 27 October 2021.

Industries Minister Shri P Rajeev announced the Kerala Government’s plan to start 1 Lakh MSMEs in Kerala in the 2022-23 financial year. He was addressing the training session for General Managers of District Industries Centre at Institute of Management in Government (IMG) Thiruvananthapuram. This is a welcome initiative and we hope to support and supplement the government in their efforts to improve Ease of Doing Business.

Kerala Tourism launches STREET project for experiential tourism. In a pioneering initiative to take tourism deep into the state’s interiors and rural hinterland, Kerala Tourism will launch the ‘STREET’ project in seven districts, which would help visitors experience the diversity in these locales. This project is conceived by the Responsible Tourism Mission, inspired by ‘Tourism for Inclusive Growth’ of The United Nations World Tourism Organisation.

These streets will be in tune with the peculiarities of each of these locations and would focus on experiential tourism, it aims to present the unique identity of our state before travellers. The STREET project would be implemented in the Public Private Partnership (PPP) model and would have local bodies and residents of the locations as stakeholders.

Moving on, as part of the “The People First”, the CSR initiative of the Cochin Chamber, I am glad to inform you that Shri. P. Rajeeve, Hon’ble Minister of Industries, Law & Coir, accepting the Chamber’s request, handed over the medical equipment ‘Horizontal Cylindrical Autoclave’ to the authorities of the Government Women & Children Hospital, Mattancherry on 13th November 2021, Shri. K.J. Maxi, MLA was also present during the function.

Chamber’s “India Forward Series” talk series, launched in September, hosted Shri. S. Gurumurthy, Veteran Writer & Journalist on 23rd October 2021 and Shri. Yashwant Sinha, Politician and former Finance Minister, on 20th November 2021, both on a virtual platform. A detailed report of these sessions and photographs is added in this newsletter. The video recording of these sessions are available on Chamber’s YouTube Channel.

The next session of the India Forward Series will again be hosted on Zoom platform and the Guest Speaker for the session will be Shri. Montek Singh Ahluwalia, Indian Economist and the former Deputy Chairman, Planning Commission of India.  His talk will be based on his recent book, “Backstage: The story behind India’s High Growth Years” where he shared his personal reflections, the national economic history along with his ideas on issues of contemporary significance including education, rural development and energy. This meeting is scheduled on Thursday, 16th of December 2021 from 06.00 pm to 07.30 pm through the zoom platform.

The fifth meeting of the CEO Forum’s 6th edition was held on 09th October 2021, Prof. Krish Pillai, former Information Technology & Management Consultant – USA was the Speaker, he spoke on the topic “Emerging Technologies and the Role of Cryptocurrencies Globally”, where he explained about transforming the world finance to Centralised financial system to a De-centralised financial system.

The sixth meeting of the CEO Forum was held on 06th November 2021. Mr. Dinesh Sadasivan, President, ION Exchange India Ltd was the speaker. He spoke on the topic “Sustainability – Significance of Water Usage & Waste Management”. He highlighted the Water crisis globally stating that almost 1.1 billion people worldwide lack safe drinking water today and the number is expected to double by 2025.  He also emphasised on the fact that  India’s annual environmental damage is $9.7 billion out of which $7 billion is due to air and water pollution.

I would also like to inform you that the Chamber is organising a Workshop on Personal Branding. The session is scheduled on Saturday, 18th of December 2021 from 10.00 am to 01.00 pm on a virtual platform. The speaker for the workshop is Ms. Jessica Mundroina, Life Coach, International Cognitive Skill Trainer & Image Consultant. For registration, you may please contact the Chamber secretariat or visit our website www.cochinchamber.org

Thank you and wishing you all the very best

Recent Union Cabinet Decisions

October 2021

November 2021

Forthcoming Events:

CEO FORUM 2021 – Virtual Meeting : Privatisation of Government Banks & allowing higher promoter stake- 11.12.2021

 

India Forward Talk Series – A Socio Economic perspective with Mr. Montek Singh Ahluwalia – 16.12.2021

6th Annual Dr. A P J Abdul Kalam Memorial Lecture – 08.01.2022 : Speaker Dr. Madhav Gadgil

Workshop on Personnel Branding – 12.01.2022

The Virtual Meeting of the CEO FORUM- November 2021 was held on Saturday, 06 November 2021 from 08.00 am to 09.30 am on the Zoom Platform.

Mr. Dinesh Sadasivan, President, ION Exchange India Ltd was the speaker. He spoke on the topic:“ Sustainability – Significance of Water Usage & Waste Management.”

Mr. K. Harikumar, President of the Chamber welcomed the participants and gave a quick introduction of the Guest Speaker.

In his opening remarks, Mr. Dinesh said that India is committed to becoming a Carbon Neutral country through a Net Zero goal by 2070 the first time such a goal has been set for the country, along with major targets on renewable and reductions in green house gases by 2030.

He highlighted the importance of Solid waste management, Technologies for collection and disposal, Sustainable agri-practices and soil remediation for curtailing the land pollution.

Mr. Dinesh also highlighted the importance of water conservation and requires urgent interventions to reduce water pollutions by ways of waste water treatment & recycle, zero discharge and drinking water projects.

Mr. Dinesh then interacted with the participants and answered their queries.

Mr. P. M. Veeramani, the Vice President of the Chamber delivered the Vote of Thanks.

The Virtual Meeting of the CEO FORUM – October 2021 was held on Saturday, 09 October 2021 from 08.00 am to 09.30 am on the Zoom Platform.

Prof. Krish Pillai, former Information Technology & Management Consultant (USA) was the speaker. He spoke on the topic: “Emerging Technologies & the Role of Cryptocurrencies Globally”.

Mr. K. Harikumar, President of the Chamber welcomed the participants and gave a quick introduction of the Guest Speaker.

Prof. Krish Pillai mentioned in his speech that the Emerging Technologies is transforming the World finance from a Centralised Finance System to a Decentralised Finance System. He also mentioned that Crypto or digital Currencies are the product of Information Technology and Innovations in the world of decentralized finance.

Mr. Pillai said that the process of transaction in Cryptocurrency is transparent and decreased transaction fraud, since its is controlled, legalized system and highly secured. While talking about the Blockchain technology Mr. Pillai mentioned that the only disadvantage of the blockchain technologies is its high energy consumption, he told that it has high scope in future academic and skill development programme.

Mr. Pillai during his interaction with the participants mentioned that the cryptocurrencies will have minimal regulations in the capitalist economies compared with the democratic economies.

Mr. P. M. Veeramani, the Vice President of the Chamber delivered the Vote of Thanks

 

As part of the “People First” initiative of the Cochin Chamber of Commerce & Industry, Shri. P. Rajeeve, Hon’ble Minister of Industries, Law & Coir, accepting the Chamber’s request, handed over the medical equipment ‘Horizontal Cylindrical Autoclave’ to the authorities of the Government Women & Children Hospital, Mattancherry on 13th November 2021, Shri. K.J. Maxi, MLA was also present during the function.

Mr. K. Harikumar, President of the Chamber delivered the Welcome address and the Chamber was also represented by Mr. P.M. Veeramani, Vice- President; Mr. Venkitraman Anand, Committee Member; Mr. P.S. Menon, Committee Member and Mr. Bibu Punnooran, Committee Member. Dr Smiji George Chiramel, Superintendent of the Government Women and Children Hospital, Mattancherry delivered the vote of thanks.

We had close to 40 people following all the Covid Protocol attended the programme.

India Forward Talk Series

  • A Socio Economic Perspective with Mr. Swaminathan Gurumurthy | 23.10.2021

The Cochin Chamber of Commerce & Industry as part of the “India Forward – Talk Series” had an exclusive interaction with Shri. Swaminathan Gurumurthy, Investigative Journalist and Economist on Saturday, the 23rd of October 2021 on a virtual platform.

Shri. Swaminathan Gurumurthy in his address urged the necessity of focusing on local production rather than driving consumption by money remitted from Abroad.  He urged that it is not a sustainable model and Kerala needs to generate activities which generate income.

Shri Gurumurthy told that the pandemic has re written economic theories and proven that no functional theories are applicable across countries and the world order is going to change and India which has a thought, a theory and a way of life can expound the world.

Ms. Vinodini Issac, Committee Member of the Chamber did the Introductory remarks; Mr. K. Harikumar, President of the Chamber delivered the Welcome remarks and introduced the speaker; and Mr. P.M. Veeramani, Vice-President of the Chamber delivered the vote of thanks.

  • A Socio Economic Perspective with Mr. Yaswant Sinha | 20.11.2021

The Cochin Chamber of Commerce & Industry as part of the “India Forward – Talk Series” organized an exclusive interaction with Shri. Yaswant Sinha, Politician and former Union Minister on 20th November 2021 on a virtual platform.

In his speech he said that the Indian Industry will be able to compete with the international market if we simplify the procedures aiding in the ease of doing business. Large scale projects should be prioritized by the Government he added.

Ms. Vinodini Issac, Committee Member of the Chamber did the Introductory remarks; Mr. K. Harikumar, President of the Chamber delivered the Welcome remarks and introduced the speaker; and Mr. P.M. Veeramani, Vice-President of the Chamber delivered the vote of thanks.

Chamber’s Research Wing:

 

  1. The Chamber submitted a representation to the Ministry of Law and Justice, Government of India seeking extension of the deadline for submission of comments on the Draft Mediation Bill,2021.
  2. The Chamber is seeking ideas and inputs from the members of the Union Budget 2022-23. We request the members to contribute their ideas and inputs to [email protected] before 9th December 2021 to enable the Research Team to compile the recommendations in the form of a Pre-Budget Memorandum.
  3. The Chamber is seeking ideas and inputs from the members of the Kerala State Budget 2022-23. We request the members to contribute their ideas and inputs to [email protected] before 30th December 2021 to enable the Research Team to compile the recommendations in the form of a Pre-Budget Memorandum.

Policy developments corner:

  1. The Kerala Micro Small and Medium Enterprises Facilitation (Amendment) Bill, 2021 was approved by the Kerala Legislative Assembly on 25th October 2021. The Kerala Micro Small and Medium Enterprises Facilitation (Amendment) Act, 2021 was notified on 14th November, 2021. Click here to read the copy of the Act.
  2. The Kerala Industrial Single Window Clearance Boards and Industrial Township Area Development (Amendment) Ordinance, 2021 was promulgated on 14th November, 2021. Click here to read the copy of the ordinance.
  3. Important bills listed for introduction, consideration and passing in the Winter Session of Parliament.

 

S. No Bill Purpose
1 The Insolvency and Bankruptcy (Second Amendment) Bill, 2021 To further strengthen and streamline the Insolvency and Bankruptcy Code, 2016.
2 The Emigration Bill,2021 To replace the Emigration Act, 1983 so as to establish a robust, transparent and comprehensive emigration management framework that facilitates safe and orderly migration.
3 The Cryptocurrency and Regulation of Official Digital Currency Bill,2021 Government of India yet to issue clarification on the purpose
4 The Banking Laws (Amendment) Bill, 2021 To effect amendments in Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980 and incidental amendments to Banking Regulation Act, 1949 in the context of Union Budget Announcement

2021 regarding privatisation of two Public Sector Banks.
5 The Indian Maritime Fisheries Bill, 2021 To repeal the Maritime Zones of India

(Regulation of Fishing by Foreign Vessels) Act, 1981; provide for the sustainable development of fisheries resources in the exclusive Economic Zone of India; the responsible harnessing of fisheries in the High

Seas by the Indian Fishing Vessel; promotion of livelihoods of small-scale and artisanal fishers and related matters.
6 The Metro Rail (Construction, Operation and Maintenance) Bill, 2021 To replace the Metro Railways (Operation and Maintenance) Act, 2002 and the Metro Railways (Construction of Works) Act, 1978 and to provide a legal framework for construction, operation and maintenance of metro rail projects including those under Public Private Partnership (PPP) mode.
7 The Electricity(Amendment) Bill, 2021 The proposed amendments entail de-licensing other distribution business and bring in completion, appointment of Member from law background in Regulatory Commissions. Strengthening of Appellate Tribunal for Electricity (APTEL) penalty for non compliance of Renewable Purchase Obligation (RPO), prescribing Rights and Duties of Consumers etc.
8 The Energy Conservation (Amendment) Bill, 2021 To provide for enhanced new and additional financial, technological and capacity building support so as to meet Paris commitments and fully implement our Nationally Determined Contributions (NDCs) in a timely manner.
9 The Mediation Bill, 2021 The Bill proposes for pre-litigation mediation and at the same time safeguards in the interest of the litigants to approach the competent adjudicatory forums/courts in case an urgent relief is sought.

Exim Statistics:

COCHIN CHAMBER OF COMMERCE AND INDUSTRY

CONTAINER MOVEMENT-EXPORT-
01-OCTOBER-2021 TO 31-OCTOBER-2021
CIN U91110KL1938NPL001413
Sector
20′
40′
TEUS
QTY.(KGS)
AFRICA 76 114 304 3328475
AFRICA EAST 42 36 114 1163476
AFRICA SOUTH 30 85 200 1570815
AFRICA WEST 42 126 294 3623549
AUSTRALIA/NEW ZEALAND 137 76 289 2985579
C.I.S 13 144 301 3200962
CANADA/GREAT LAKE 21 52 125 1215524
FAR EAST/JAPAN 537 924 2385 28711912
MEDITERRANEAN 224 508 1240 13823464
NORTH CONTINENT/SCANDINAVIAN 356 674 1704 14784808
PERSIAN GULF 1611 924 3459 40680851
U.K. & IRELAND 118 233 584 6489368
U.S.A ATLANTIC 23 170 363 3169085
U.S.A. SOUTH 20 67 154 1419256
U.S.A. CENTRAL 2 12 26 287518
U.S.A. EAST COAST 137 697 1531 13772323
U.S.A. INLAND PORTS 16 79 174 1773206
U.S.A. NORTH 0 2 4 13500
U.S.A. WEST COAST 18 138 294 2184243
GRAND TOTAL 3423 5061 13545 144197914

COCHIN CHAMBER OF COMMERCE AND INDUSTRY

CONTAINER MOVEMENT-IMPORT-
01-OCTOBER-2021 TO 31-OCTOBER-2021
CIN U91110KL1938NPL001413
Sector
20′
40′
TEUS
QTY.(KGS)
AFRICA 198 183 564 28300838
AUSTRALIA/NEW ZEALAND 0 13 26 323340
C.I.S. 56 92 240 7694425
CANADA/GREAT LAKE 2 96 194 2384368
FAR EAST/JAPAN 1040 779 2598 36034018
MEDITERRANEAN 64 43 150 2061230
NORTH CONTINENT/SCAN 102 186 474 6258574
PERSIAN GULF 1419 427 2273 86528563
U.K. & IRELAND 12 16 44 637286
U.S.A ATLANTIC 81 50 181 18594881
GRAND TOTAL 2974 1885 6744 188817523

SUMMARY REPORT
COMMODITY
CONT20
CONT40
TEUS
QUANTITY
CASHEW 126 20 166 2402635
COFFEE 339 17 373 6723212
COIR PRODUCT OTHERS 1 266 533 5867233
COIR PRODUCTS 200 650 1500 13242363
COIR YARN 1 8 17 108987
COTTON GOODS 248 423 1094 4955889
COTTON YARN 33 138 309 3085873
JUTE PRODUCTS 3 47 97 751027
MISCELLANEOUS 2019 1927 5873 67208532
OLEORESINS 64 21 106 836454
SEA FOOD 14 966 1946 23453357
SPICES 305 283 871 9287631
TEA 70 295 660 6272350
TOTAL: 3423 5061 13545 144195543

COCHIN CHAMBER OF COMMERCE AND INDUSTRY

CONTAINER MOVEMENT-EXPORT
01-OCTOBER-2021 TO 31-OCTOBER-20219(TOP TEN PERFORMERS)
CIN U91110KL1938NPL001413
20′ 40′ TEUS QTY.(KGS)
Exporter
158 54 266 4088586
TAMILNADU NEWSPRINT & PAPERS LTD.
156 0 156 3591975
COCHIN MINERALS AND RUTILE LTD.
161 0 161 3118519
EMIL TRADERS P.LTD.
1 222 445 2286239
APOLLO TYRES LTD.
33 73 179 2040628
AVT MCCORMICK INGREDIENTS LTD.
0 78 156 1747310
HARISH COCONUT PRODUCTS
1 98 197 1740862
MRF LTD.
4 77 158 1538063
KERAFIBERTEX INTERNATIONAL P.LTD.
0 54 108 1364064
PROFAND VAYALAT MARINE EXPORTS
23 56 135 1278479
SAINT GOBAIN INDIA P.LTD.