M. Razzack – President

Dear All,

It is my honour and privilege to take over the 52nd Presidentship of this illustrious Chamber. I thank all the members, for reposing confidence and faith in me. I have taken up the Presidentship in a very unique and unusual situation.

I have a duty towards the Chamber and by virtue of the post of the President of the Chamber, it is my duty to supplement, in whatever small measure, I can, the efforts of the Government for achieving vibrant economy.

Being an eternal optimist, I am very hopeful to achieve the same with the able guidance of the Seniors and the cooperation of all the Hon’ble Members. I sincerely believe in the dictum that “There is No Limit to what one can do if he does not care who gets the credit”

On assumption of the office of the President of our prestigious Chamber of Commerce, I have taken an oath, though not mandatory.

1. I shall uphold the Constitution and Bye Laws of the Chamber.
2. I shall discharge my duties and responsibilities to the best of my ability.
3. I shall preserve and promote the interest of Chamber and make its flag fly high in the community of trade and industry.
4. I shall always place the interest and glory of the Chamber above that of mine.
5. I shall seek and abide by the advice of my predecessors and seek and respect the views of my successors.
6. I shall diligently work for creating and maintaining harmonious atmosphere for the all the stakeholders of the Chamber.

As far as the programme of work, plan of action and roadmap to achieve the same is concerned, I shall go by the golden words of our Late Lamented People’s President of India Dr.APJ Abdul Kalam who said “Do not tell and do but do and tell”.

Let’s have a look at a glance of the economy Nationally and Internationally.

The Union Finance Ministry has issued a notification expanding the adjudication powers of sales and excise tax officers to resolve old tax-related issues in an attempt to clear roadblocks and smoothen the rollout of the Goods and Services Tax (GST).

Most cases were lying unheard at the level of commissioner and the pendency was increasing and this will help reduce the backlog.

The Fiscal Responsibility and Budget Management (FRBM) committee, which has been tasked with suggesting a future fiscal roadmap, is likely to submit its report by November 12. The panel’s report is likely to have ‘excuse clauses’, which will absolve the government of meeting its fiscal commitments for any given year under certain conditions such as war or conflict, global economic meltdowns or natural disasters.

The recent World Bank annual ranking of countries on Ease of Doing Business used surveys in Delhi and Mumbai to rank India 130th of 190 countries.

India under the “exceptional leadership” of Hon’ble Prime Minister Shri Narendra Modiji, has emerged as the fastest growing economy. Economic experts, think tanks, multilateral institutions and reputed media have acknowledged India’s growth story and hailed various schemes and initiatives of the Government. Quote-“This is not just by chance, but due to extensive and persistent efforts by the Modi government and its prudent policies with the performance of Modi government, India’s GDPhad grown to 7.2 percent in the year 2014-15 and 7.6 percent in 2016. It is significant to note that last quarter witnessed GDP growth rate of 7.9 percent. Despite severe resource constraints, we could achieve fiscal deficit of 4.1 percent and 3.9 percent in the year 2014-15 and 2015-16 respectively. Effective supply management Visa Vi demand, and prudent control on fiscal deficit has resulted in control of inflation”. unquote (source : BJP national executive Mr. Rakesh & Anand Mishra- www.
Indiatoday.in)

The Central government on 31st Oct 2016 notified rules to implement the Real Estate (Regulation and Development) Act (RERA), which made it mandatory for builders to pay 10.9% interest to home-buyers for any delay in handing over apartments. The notification of rules will pave the way for setting up of a regulator for the sector, a much-needed relief for homebuyers. RERA will go a long way in addressing the hardship that the existing home-buyers are facing due to delay in possession, which in some cases is up to 10 years or more.

US-based Grameen Foundation, after assisting the government with its agenda of financial inclusion through Jan Dhan Yojana, now wants to help deliver services to India’s poor by improving agricultural incomes as part of its roadmap for the country, including educate people and integrate freedom from hunger with a focus on working with women’s savings groups to provide their members with financial services, health information and products.

India’s forex reserves rose by USD 1 billion to USD 367.14 billion for the week ended October 28th on the back of increase in the core currency assets, as per Reserve Bank’s publication.

International Economy
Canadian Prime Minister Justin Trudeau and European Union leaders finally signed a landmark trade deal which was in the making for seven years , after it was nearly torpedoed by Belgium.

Britain will aim to achieve tariff-free trade with Europe for the auto industry and other manufacturers after the country leaves the European Union, as per the statement given by Business Secretary Greg Clark on 30th Oct 2016.

This is the beginning and we have a long way to go and nothing is impossible to achieve if the intent and the efforts are sincere. We can and we will achieve the greater heights. In this endeavour, I solicit the cooperation of the Incoming Expert Committee Chairmen and their team to reach pinnacle of success.

With Regards,


M.Razzack
President