Union Minister Nitin Gadkari Attends 2020 Horasis Asia Meeting Co-hosted by IMC Chamber of Commerce and Industry

·4-min read

'In the coming years, India will become top automobile manufacturing hub in the world' Nitin Gadkari at 2020 Horasis Asia Meeting New Delhi, Delhi, India(NewsVoir) Today, the global visions community, Horasis in association with IMC Chamber of Commerce and Industry, Mumbai organized the first-ever Virtual Horasis Asia Meeting 2020. Minister of Road Transport & Highways, Shipping and of Micro, Small and Medium Enterprises, Nitin Gadkari graced the meeting with many other prominent political leaders of Asia and business delegates across the globe. His session was focused on Reboot, Reform and Resurge the Indian Economy where Dinesh Joshi, Chairman and Managing Director, SatyaGiri Ventures, India, Rajiv Podar, Managing Director, Podar Enterprise, India, Bindu Dalmia, National Chairperson, Committee for Financial Inclusion, NITI Aayog and Anant Singhania, CEO JK Enterprises were also present.

Speaking at the meet, Nitin Gadkari, Minister of Road Transport & Highways, Shipping and of Micro, Small and Medium Enterprises, said, “Compared to China, India has got huge potential. The availability of young talented manpower, raw material and favorable Policy of Central and State Government is making India a favorite destination for investors.” “Our target is to take the MSME contribution to the economic growth from 30% to 40% and also increase the MSME export from 48% to 60%. Govt is also planning to create 5 crore more jobs from MSME sectors only,” he added.

“Horasis hosted the Horasis Asia Meeting at a pivotal time for Asia and the world. The meeting was a great success - 400 speakers including Ministers from India, Philippines, Indonesia, Vietnam, Thailand and Hong Kong as well as many leading captains of industry attended. Participants agreed to join hands and to cooperate – in the spirit of true multilateralism and public-private partnership. Asia as a region is making impressive progress in containing COVID-19, and at the same time is using the pandemic as a means for transformation – to make their respective economies more resilient and sustainable,” said Frank Jürgen Richter, Chairman of Horasis.

Attending the session, Dinesh Joshi, Chairman and Managing Director, SatyaGiri Ventures, India said, “India has transformed from an import-based economy to a global manufacturing hub which has grown its export share. The best example is the defense sector. This sector was fully dependent on import but now we export defense equipment’s to 42 countries. Our exports grew by 700% from 1521 Cr. in 2016-17 to 10745 Cr. in 18-19. The same is in other sectors like solar panel and PPE kits. India should look at the ASEAN region to expand its trade which can reach $300 billion soon. We are the only major Asian economy that grew its export share from 1.58% in 4th quarter 2017 to 1.71% in first quarter of 2019.” “Policy interventions triggered under the Atmanirbhar Bharat Abhiyan have been complemented by other announcements by associated policymakers encompassing the four Ls, viz. Land, Labour, Liquidity, and Legal Framework. While economic signals are encouraging, we do need to acknowledge the unknown risks from a potential second wave of COVID infection, as seen in most countries in Europe, and also the impact from dislocations in supply chains, labour market, as well as consumer behaviour on account of the lockdown impact,” Rajiv Podar, Managing Director, Podar Enterprise, India.

“As countries compete for investment and jobs, taxation is one of the competitive levers to attract industry. But most likely, new taxes on the “super- profits” of internet companies will be the key avenue for raising revenue. We therefore must think of applying a higher corporate tax rate on large corporations in oligopolies sectors with excess rates of return. Though GOI abolished Wealth Tax in 2015-16, the scope for raising just one-time revenues through this avenue cannot be underestimated in post-Covid times. We must not revert to the days of Wealth tax and Estate duty, as it amounts to unfair and double taxation,” Bindu Dalmia, National Chairperson, Committee for Financial Inclusion, NITI Aayog.

'India is gearing up to grow at more than 10% pa. She shall need mindsets of ABUNDANCE, longevity, exponential thinking, ready to take moonshots, have massively transformational purpose and gratitude to embrace the ESG framework, subsume the SDGs, and report using Integrated Reporting. Let’s all put our might together,' Shailesh Haribhakti, ESG and Exponential Technology Evangelist and Chairperson of several Boards.

'The MSME sector is in need of funds both for investment capital and for growth capital. Skill development for potential 50 Mn new jobs in next 5 years is the need of the hour. Government spending is essential to stimulate the economy, increase jobs & shall lead to increased demand of goods and services. These timely steps will be required to Reboot, Reform & Resurge the Indian economy,' Anant Singhania, CEO JK Enterprises.

Launched in 2016, the annual Horasis Asia Meeting is one of the world's preeminent discussion forums, offering an ideal platform to explore and foster cooperation, as well as promote investment and sustainable growth across Asia. Taking place amid the COVID-19 pandemic, the event was entirely virtual for the first time in its history.

Image: Virtual Horasis Asia Meeting 2020 PWR PWR