Indian Chamber of Commerce convened its 96th Annual General Meeting on Monday, 30th September 2024 at JW Marriott, Kolkata. The event featured exclusive interactive sessions with prominent figures such as Mr. Sudarshan Venu, MD, TVS Motor Company Limited; Ms Manasi Joshi, Former World Champion in Para Badminton; Ms. Bhumi Pednekar, Renowned Bollywood Actress; Mr. Sourav Ganguly, Former Captain, Indian Cricket Team. The AGM focused on key industry challenges and opportunities, fostering discussions around sustainability, innovation, and leadership in today’s rapidly evolving economic landscape. Distinguished dignitaries like Mr. Ameya Prabhu, President, Indian Chamber of Commerce; Mr Abhyuday Jindal, Senior Vice President, Indian Chamber of Commerce; Mr. Brij Bhushan Agarwal, Vice President, Indian Chamber of Commerce; and Dr Rajeev Singh, Director General, Indian Chamber of Commerce also graced the event, sharing valuable insights into the future trajectory of Indian business and trade.
The first session focused on the Indian Chamber of Commerce’s growth from a local to a global organisation. The following dignitaries stated:
Mr Abhyuday Jindal, Senior Vice President, Indian Chamber of Commerce, stated, “2024 has been a dynamic year, thanks to active and energetic leadership. As we approach ICC’s 100th year, we have ambitious plans and exciting opportunities, including international collaborations. I appreciate everyone’s support and will need your full cooperation to make this milestone a success. We’ll focus on creating a meaningful platform, gathering feedback to continuously improve. I’m honoured to serve as your upcoming president and look forward to working together for an exciting and impactful year ahead.”
Mr. Ameya Prabhu, President, Indian Chamber of Commerce, stated, “As we celebrate ICC’s Centennial, I reflect on our incredible journey from a national chamber to a global player, with new offices across India and internationally in places like South Korea and Mauritius. Over the past year, we’ve focused on sustainable growth, skill development and job creation, with initiatives like our MSME and startups committee. ICC’s role is vital in navigating challenges like AI and climate change, ensuring a bright future for India. I am deeply grateful to my colleagues and mentors for their unwavering support and I look forward to continuing this legacy for future generations. I move to adopt the auditor’s report and financial statements and I propose the necessary resolutions in accordance with our Articles of Association.”
Dr Rajeev Singh, Director General, Indian Chamber of Commerce, stated, “I encourage everyone to reflect on this year’s highlights, as they showcase the significant impact we’ve made together through dedication and collaboration. These achievements are a testament to our collective efforts, from strengthening partnerships with government agencies to expanding opportunities in trade and investment. As we move forward, it’s important to build on this momentum, continuing to foster growth and innovation for the benefit of our members and the broader community.”
The second session explored the Viksit Framework presented by PwC. The following dignitaries stated:
Mr. Brij Bhushan Agarwal, Vice President, Indian Chamber of Commerce, stated, “Hydrogen is a critical focus area with innovations emerging to address the challenge of cost-effective production. Integrating hydrogen and natural gas solutions is essential as we meet environmental goals, especially with new solar policies and carbon reduction targets for 2028. India is on track to become the third-largest global economy, driven by advancements in digitalisation, AI and 3D technology. MSMEs are vital to this growth, supporting larger corporations through innovation. Despite global competition, India’s export story remains strong with robust domestic demand and a competitive edge in services and manufacturing. Our abundant talent and resources position India as an attractive global manufacturing hub, creating immense opportunities for future growth.”
Mr. Ranen Banerjee, Representative, PwC, stated, “The VIKSIT program and the Big City Initiative are pivotal in driving India’s ambitious merchandise export targets. While global trade disruptions are not new, India’s stable economy post-Ukraine conflict positions us to capitalise on these challenges, especially in diversifying supply chains. Although matching China’s manufacturing scale is difficult, the perception of ‘Made in India’ has improved significantly. Focusing on product quality, innovation and sustainability is essential for competitiveness. The VIKSIT framework encourages companies to enhance production capabilities while aligning with stringent European standards and ESG principles. Mr. Agarwal underscores the importance of effective government spending and stable policies in creating a conducive business environment. With dedicated efforts, India can achieve its export goals and progress toward becoming a developed nation.”
Mr. Subhojeet Chakravarty, Represntative, PwC, stated, “I thank the Indian Chamber of Commerce for discussing the ‘VIKSIT Approach’ to help India achieve its one trillion-dollar export target. While this goal is vital, we must also tackle associated challenges. India’s status as the fifth-largest economy is driven by international trade, with over 1,400 commodities contributing more than 400 billion dollars in exports. We need to enhance export value addition, diversify markets and support the MSME sector, which contributes 28% of exports. PwC’s VIKSIT framework—focused on Value addition, Infrastructure, export facilitation, Efficiency and Networking—will guide us. Key sectors like Electronics, Automobiles and Food Processing have the potential to boost exports by 150 billion dollars. Lastly, let’s empower our youth, our greatest asset, to engage in sports and physical activity for a brighter future.”
The third session advocates for Women’s Empowerment, Climate Action and Ending Gender Violence in the Film Industry:
Ms. Bhumi Pednekar, Renowned Bollywood Actress, expressed, “I am profoundly grateful for the opportunities that have allowed me to pursue my passion for acting. From a young age, I was determined to enter this industry, despite my father’s concerns about its challenges. While luck plays a role in success, my focus has always been on telling impactful stories that celebrate real heroes, especially women. My greatest inspiration has been my mother, whose unwavering dedication as a single parent taught me resilience and the importance of giving back to my community. I aspire to inspire others by demonstrating that it is possible to rise from uncertainty to success. I firmly believe we need more films that honour women’s contributions to society, particularly those who have driven significant change. Since beginning my climate advocacy with Climate Warrior in 2018, I have emphasised our collective responsibility to restore environmental balance. The urgent threat of climate change affects us all and it is essential that we unite for a sustainable future. Regarding violence against women, addressing gender bias requires generations of change. It is alarming how normalised violence has become in society and we must work together to create a safe environment for future generations, ensuring respect for women is instilled from an early age. I am committed to nurturing empathy and accountability within our industry. Together, we can inspire transformative change.”
The fourth session highlights the Power of Resilience and Inclusion in Para Sports:
Ms Manasi Joshi, Former World Champion in Para Badminton, expressed, “My journey has not been easy; after a life-altering accident that left me hospitalised for 45 days and required six surgeries, it was sports that became my lifeline. Badminton was my rehabilitation tool, helping me regain my strength and ultimately leading me to compete at national and international levels. For over a decade, I have proudly represented my country and my first international tournament was particularly poignant. It was a powerful reminder of how far I had come from my time in the hospital. While I have faced setbacks, including disappointments at the Olympic Games, the progress in para-sports is encouraging, as evidenced by India winning 129 medals at the Paralympics. I believe organisations must ally with us to create inclusive environments. With a significant population living with disabilities in India, understanding that inclusion is essential is the first step. Companies should see accommodations as necessary for ensuring equal access, not just as facilities. To promote inclusion, we need to change perceptions of disability. It is part of my identity but does not define me. Beyond sports, I have diverse interests like gardening and embroidery. Initiatives like inclusive dolls representing people with disabilities are heartening and teach young people the value of embracing diversity. Thank you for this opportunity to share my story, and I welcome any questions from the audience.”
The fifth session reflects on Leadership, Resilience and the Evolving Landscape of Indian Sports:
Mr. Sourav Ganguly, Former Captain, Indian Cricket Team, expressed, “I grew up in an era when playing sports was driven by a pure love for the game, inspired by legends like Kapil Dev. Back then, we played not for financial security but for the honour of representing our country. Today, it’s heartening to see children viewing sports as a viable career path. When I took over as captain in 2000, my leadership philosophy was shaped by my experiences as a young player. I prioritised creating a supportive environment for new players to thrive, emphasising the importance of collective success over individual accolades. As a recent owner of the Kolkata Royal Tiger Racing team, I am excited about the potential of motorsport in India. Just like T20 cricket, I believe this sport can grow significantly in our unique market. Nurturing talent in sports is about recognising potential in real-time, especially under pressure. During my career, I saw young players like Sehwag and Yuvraj rise to the occasion. It’s vital to find individuals who contribute to the team’s success. Failures, such as the 2003 World Cup final, taught me resilience. It’s crucial to learn from setbacks and continuously push yourself, regardless of past achievements. The best players recover quickly from failures and this mindset is essential for success in any field.”
The sixth session outlines Strategic Vision for Growth and Innovation in a Competitive Market:
Mr. Sudarshan Venu, MD, TVS Motor Company Limited, stated, “Since taking the helm at TVS Motors, I have seen the company significantly grow its market cap and make key international acquisitions, including Norton in the UK and e-bike companies in Switzerland. Looking ahead, I shared my plans for TVS’s next phase, which includes establishing teams in various countries to develop region-specific products. My vision involves localized strategies that cater to diverse market segments, all while upholding our commitment to quality and technology. I also hope to inspire young entrepreneurs, sharing that taking over a family business comes with its own challenges and responsibilities. It’s essential to embrace foundational values while adapting to future opportunities. I highlighted the importance of team-building and nurturing talent for future challenges, recognising that the business landscape is constantly evolving. On work-life balance, I stressed the significance of pursuing work you enjoy and the necessity of discipline in both professional and personal realms. In addressing challenges, I underscored the importance of gathering customer feedback to inform decision-making, particularly in understanding why 80% of the market may not choose our products. Looking ahead, I see tremendous opportunities for TVS in the next 5-10 years, with plans to expand into new markets, introduce more premium products in India and grow our financial services segment, aiming to position TVS Financial Services as a leading non-banking financial company in the country.”
