MCCI Annual Report 2021 - 2022 by Madraschamber

1836 - 2022

ANNUAL REPORT

MCCI

The Madras Chamber

2021-2022

The Madras Chamber of Commerce & Industry

President’s Report

Mr. Srivats Ram Dear Members, It is a matter of great honor and pride for me to present the 186th Annual Report of the Madras Chamber of Commerce and Industry (MCCI). Your Chamber did well in the year ended, despite the fact we have been in the second year of the pandemic and with the second and third wave causing more distress than the first. With the support of the help desk, the Chamber continuously interacted with the members and effectively communicated to the Government the needs and issues of the industry. As “a Chamber with a soul”, we did our part for the society by donating oxygen concentrators of 10L capacity worth almost one crore to the Omandurar General Hospital in the presence of Mr. Ma Subramanian, Minister for Health, Government of Tamil Nadu. We would like to express our deep gratitude and appreciation to the members who contributed generously to the Chamber to reach out to those in need at the crucial time. This year marked the change in leadership in Tamil Nadu. With a new government setting an ambitious target of achieving USD 1 Trillion economy by 2030, the Chamber is well set to extend all possible support to the industries and the government to move towards this goal. We are already part of many advisory committees to the Government like the Fintech Committee and GST Advisory committee. Regular interactions to convey our considered opinions and suggestions are happening frequently and the Chamber’s knowledge base is well recognized. Like Fintech, where the Chamber did lot of work in highlighting the huge potential for our State to emerge as a notable performer, the General Committee initiated discussions on making Chennai a R & D hub and organized a virtual conference on “R & D as an Engine for Growth of Tamil Nadu” which was the start of a dialogue between the stakeholders, the Industry,

Academia and the Government on how innovation and R & D can improve the competitiveness of the State.Dr. Palanivel ThiagaRajan, Hon’ble Minister for Finance, Planning, HR Management and Mr. Thangam Thennarasu, Hon’ble Minister for Industries were the Chief Guests. Mr. S. Krishnan IAS, Additional Chief Secretary, Department of Industries was the Special Guest. The presence of Dr Raghuram Rajan made the discussion more vibrant. A report has been submitted to the Government to move up the R&D space. Our 185th AGM was held on13th Sept 2021 and we had the privilege of having Mr. Thangam Thennarasu,Hon’ble Minister for Industries, GoTN & Mr. Sridhar Vembu, Founder and CEO, Zoho Corporation as the Chief Guest and Special Guest and this was followed by our Chamber Day which was on September 29th, wherein we had the honor of having Mr. Vijay Sankar, Deputy Chairman, The Sanmar Group as the Chief Guest. His address on how his organisation managed to not only stay afloat during these challenging times but even dared to go public at this point in time was an inspirational message to many. As for the other Flagship events, our workshop on union budget with our expert speakers was a success as the case always. As for the power conference, the focus this year was a way to a sustainable future. Mr. Rajesh Lakhoni, IAS Chairman cum MD, TANGEDCO, Govt. of TN was the Chief Guest. The Inaugural was followed by Technical Sessions on current status, demand and growth projections, financial viability of TN power sector and COP 26 outcomes and commitments. The Panel Discussion had high profile speakers like Mr.Vivek Hariharan IAS (Retd.), Managing Director, OPG Power Group, Mr.Eisenhowerlke Swaminathan, Managing Director, Saint Gobain India Private Ltd. and Mr.Narasinga Rao, Senior Director, Cognizant Technology Solutions debating and deliberating on short , medium, and long-term measures to ensure the sustained viability of the power sectorin the State. The recommendations based on these deliberations have been shared with the Government and are being followed up.

Annual Report 2021 - 2022

President’s Report As for the Expert Committees, they had their share of interactions with the Government representatives by organizing interactive sessions with the Commissioner of Income Tax, (ReAC), Commissioner- TDS to understand the ground level challenges and procedures of Faceless Income Tax Assessment Scheme. The Commissioner of GST and Central Excise, South Commissionerate Chennai was part of GST @ 4 to share the latest amendments for the benefit of the members. We were happy to have had Mr. Pranit Joshi, Regional Provident Commissioner-II, Chennai for an interactive session to brief the members about the changes brought in the EPF. Mr. Ramesh Kumar Deputy Director, ESI Corporation made a detailed presentation covering ESI Applicability, Coverage, contributions and medical benefits. We had eminent speakers from Central Crime Branch, Chennai City to address a Session on Safeguarding against Financial Frauds in Digital Space. Mr. Shankar Jiwal, IPS, Commissioner of Police and Ms. G. Nagajothi, Deputy Commissioner of Police elaborated on the initiatives taken by the Chennai police to overcome the cybercrime and they are keen to collaborate with the Chamber to create awareness on cybercrimes to the concerned stakeholders. To understand the Legal Metrology Act, Mr. Ch. Moulali, Consultant, Former Deputy Director, Legal Metrology, Govt. of India made a detailed presentation which was appreciated. HS Code 2022 where “HS” is a multipurpose international product nomenclature developed by the World Customs Organisation (WCO) for the uniform classification of goods traded internationally came in to force on January 1, 2022. The Chamber organised innumerable training sessions on HS Code for the members and for member companies to get updated with the latest classifications. While the pandemic was at its peak, the HR Committee had organised a timely program on “Mental Wellness” to create awareness on the importance of mental health. A new certification program on Digital HR was organised by the HR Committee to educate on the application of digital technologies in the work place and their impact on the workplace and HR roles. This being the current and need of the hour topic received positive feedback from the members. The Chamber through its Sustainable Chennai Forum is an Associate Partner of UN-Habitat’s World Urban Campaign and had the privilege to host the Urban Thinkers Campus which was the first of its kind in Chennai in the year 2017 with the theme “Chennai as a Global City”. In the ensuing years, the Chamber has held Conferences on “Roadmap to Zero Waste”,

Annual Report 2021 - 2022

“Making Chennai a Climate Smart City”, “City Climate Action – Building a Resilient Chennai” and even during the pandemic, the Chamber had virtual sessions with experts from all over the world. In the month of November 2022, coinciding with our 11th Anniversary of Sustainable Chennai Forum, we would be organising a conference on “Chennai: Planning for a Net Zero City”. Further, we had a special talk on Environment Day on “Eco Restoration and Climate Resilience”. The Women Business Council which was set up with the aim to promote gender acceleration and to build an inclusive culture in business environments had Coffee Connect Sessions with eminent leaders and Panel discussions on relevant topics throughout the year. The celebrations for the Women’s Day with three appropriate and continuous programs on three days on the themes, Managing the Unconscious Bias, Male Allyship and a fireside chat with leaders on their Journey to Breaking the Bias received great appreciation. MCCI Arbitration, Mediation and Conciliation Centre (MAMC) had organised continuous web series with eminent speakers addressing on varied topics to spread the knowledge on the importance and nuances of the Arbitration. The Chamber celebrated the first anniversary of the MAMC with Hon’ble Justice Mr. Senthilkumar Ramamoorthy being the Chief Guest addressing on “Arbitration in Construction Contracts: Claims and Challenges”. Apart from the programs mentioned above which is indicative and not exhaustive, the Chamber had organised many joint programs for MSMEs, business opportunities in USA, Thailand, road shows, Job Fairs among others for the benefit of the members. It has been a great privilege and pleasure for me to be the President of this organization for 2 years where I had the opportunity to meet virtually various leaders, industry heads, bureaucrats during my tenure. The various studies undertaken and the informative discussions with the GC and ECs made me more enlightened and richer in knowledge. I would like to personally thank everyone for the continued support and for a gratifying experience. Needless to say, that all these activities would not have been possible without the support of the committed and passionate members of the Chamber, General Committee, Expert Committee, Past Presidents and the Secretariat. I take this opportunity to sincerely thank each one of them for their efforts to support the Chamber to march forward. Wishing you all continued success and a great future! Srivats Ram President

MISSION It is our mission to proactively influence public policy and practice on issues which impact economy, trade, commerce and industry and also social processes such as education and health, infrastructure and environment. Reliability, timeliness, innovation and work ethic of a high order is our offer to support and serve our Members.

VALUES BELIEFS We 

will function with sincerity, dedication and commitment



will provide the best quality service to our members



will empower employees to fulfill our objectives



will maintain a working atmosphere conducive to building trust and developing team work



will be alive to competition and constantly upgrade our services to be a leader



will act as a responsible law abiding Chamber and will make effective contribution to the society



will jointly work with members continuously for improving the quality of work life

Annual Report 2021 - 2022

GENERAL COMMITTEE

2021-22

President: Mr. Srivats Ram Managing Director Wheels India Limited

Mr. Suresh Raman

VP & Head - Chennai Operations Tata Consultancy Services

Mr. Tuncay Deriner Managing Director Stahl India Pvt. Ltd.

Vice-President:

Mr. S. Varadarajan

Mr. T. R. Kesavan

Mr. A. Viswanathan

Group President (Corporate Relations & Alliances) TAFE Ltd.

Members (Elected): Mr Anand Gopalan Partner T. S. Gopalan & Co.,

Mr. Arjun Nagarajan

Chief Economist & Communications Manager – Investment Sundaram Asset Management Co. Ltd.

Mr. A. V. Dharmakrishnan Chief Executive Officer The Ramco Cements Ltd.

Dr. N. Kamakodi

Managing Director & Chief Executive Officer City Union Bank Ltd.

Mr. Murali Vaidyanathan

Managing Director – India Hanon Automotive Systems India Private Ltd.

Mr. S. Padmanabhan Director Sattva Logistics Pvt. Ltd.

Director & Chief Growth Officer VA Tech Wabag Limited President Delphi TVS Technologies Ltd.

Ex-Officio Mr. Ramkumar Ramamoorthy Pro Vice Chancellor KREA University

Members (Co-opted) Mr. P. Kaniappan Managing Director WABCO India Ltd.

Mr. J. Krishnan

Partner S Natesa Iyer Logistics LLP

Dr. S. Manivannan

Founder & Managing Director Sri Kauvery Medical Care (India) Limited

Mr. R. Raghuttama Rao

CEO Gopalakrishnan Deshpande Centre for Innovation and Entrepreneurship (GDC)

Mr. G. Parthipan

Mr. K. Ramakrishnan

Mr. N. K. Ranganath

Mr. Ramkumar Shankar

Mr. P. V. Raju

Mr. V. Ranganathan

Dr. B. Ravi

Mr. Ravichandran Purushothaman

Mr. S. Ravishankar

Dr Ravindra Gettu

Chief Executive Officer Rane TRW Steering Systems Ltd. Ambassador Grundfos Pumps India Pvt. Ltd. Chief Executive Officer Yazaki India Private Limited Managing Partner B Ravi & Associates

Senior Managing Director – Strategic Relationships Spark Capital Advisors (India) Pvt. Ltd. Managing Director Chemplast Sanmar Ltd. Ex Senior Advisor Ernst & Young Pvt Ltd

President Danfoss Industries Pvt. Ltd.

Mr. R. Shankar

Dean, Industrial Consultancy & Sponsored Research and V. S. Raju Chair Professor Department of Civil Engineering Indian Institute of Technology Madras

Mr. V. Sridhar

Managing Director Salcomp Manufacturing India Pvt. Ltd.

Mr. Sriram Seshadri

Chief General Manager State Bank of India – Chennai Circle (Upto June 2021)

Joint Managing Director Super Auto Forge Limited Chief Executive Officer - India TVS Supply Chain Solutions Ltd. Partner, Advisory Grant Thornton India LLP Partner Price Waterhouse & Co. LLP

Annual 2021 - 2022 AnnualReport Report 2021 - 2022

Mr Sasikumar Gendham Mr. B. Sankar

Mr. K. Vaitheeswaran Advocate & Tax Consultant

Mr. R. Velusamy

Ms. Mallika Srinivasan

Chairman & MD Tractors & Farm Equipment Ltd.

Chief of Global Product DevelopmentAutomotive Division Mahindra & Mahindra

Mr. N. Ramachandran

Mr. K. Vidyashankar

Mr. Ram Venkataramani

Mr. P. Viswanathan

Mr. T. Shivaraman

Managing Director M M Forgings Limited

Secretary & Compliance Officer Sundaram Finance Ltd.

Special Invitees (Past Presidents) Mr. V. Balaraman

Former Chairman CAMS

Mr. Hari Eswaran Chairman Easun Group

Chairman Results Investments Pvt Ltd. Managing Director IP Rings Ltd.

Managing Director & CEO Shriram EPC Ltd.

Mr. N. Srinivasan

Senior Partner (Retd. ) F & R

Mr. N. Srinivasan

Vice-Chairman & Managing Director The India Cements Ltd.

Mr. Srinivasan K Swamy Chairman & Managing Director R K Swamy BBDO Pvt. Ltd.

Mr. T. T. Srinivasaraghavan Managing Director Sundaram Finance Ltd

Programs at a Glance 2021-2022 1. Statutory 2. Chamber Day 3. Flagship Activity 4. Sustainable Chennai Forum 5. MAMC Arbitration Series 6. Together we grow (Joint Programs) 7. Other Programs 8. Government Interaction 9. Expert Committee (Seminar, Workshop Training Programs) 10. General Committee Meetings 11. Expert Committee Meetings 12. Special Programs 13. Women Business Council Programs 14. Special Initiative during Pandemic

2 1 2 2 8 6 7 6 40 12 25 2 6 1

Annual Report 2021 - 2022

MCCI Programs

apr - 2021

For the year

Arbitration Series “Delay related claims in Construction Projects” Business Opportunities between U.S.A and India & USA Visa New Policy and Procedure” under CCCCC Virtual Presentation on “ An Analysis of SEBI circulars, Notifications and Proposals” issued in the month of March 2021

Session on New Labour Codes- Wages & Industrial Relations Meeting with MCCI Members Assessment Scheme – Chennai

Faceless

Interactive meeting on “ Finance ACT & New TDS Provisions

jun - 2021

MCCI Programs Talk on Ecorestoration and Climate Resilience Session on “Know the latest in GST” 10th Arbitration series “Guerilla Tactics in International Arbitration” WBC Panel discussion on “Inclusive Leadership in Challenging Times”

Key Developments in IBC during COVID Pandemic with special emphasis in Pre Pack insolvency & Personal Guarantor insolvency Extra Ordinary General Meeting New Benefits for Families of EPF & ESI Subscribers - Presentation by Officials of EPFO & ESIC, Chennai In house Training to M/s Rhurpumpen India Pvt. Ltd on : Training in workplace Ergonomics Training on Equipment Safety Employee Health Resources Training on Safe Handling of Waste Training on Environment Safety Training on Electrical Safety Training on Online Safety

GST @ 4

Session on New Labour Codes-OSH & Social Security Session on “ Understanding Section 80G and 12AB (Income tax Act) Validation and their impact on CSR ” Presentation on MSME Policy 2021 Arbitration Series "Maritime 9th Arbitrations with Illustrations from the Suez Canal MV Ever given” Panel Discussion on the "IT Intermediary Rules"

jul - 2021

may - 2021

Exclusive offer to MSME Companies to participate in the Virtual Job Fair for Women

“Stress Management” for the faculty members in educational institutions Panel Discussion on New Rules under TDS,TCS and the Technical Challenges 11th Arbitration series “Discovery in international arbitrations” Translating the INDIA-EU Trade enhancement and Connectivity plan in to action. Joint program with Antwerp Port Authority

Webinar on “ Dispelling the Myths about Rooftop Solar” Presentation on “Securities and Exchange Board of India (Delisting of Equity Shares) Regulations 2021” Training session on “Enhancing Energy Efficiency in motors and motor systems for Industries” Coffee Connect with Women Leader - Ms. Padmaja Chunduru, MD, Indian Bank HSS Code 2022

Annual Report 2021 - 2022

MAMC Webinar Series 12th on “Investment Treaty Arbitration” Virtual knowledge sharing meeting on Sagarmala – Address by Ms.Prerna Soni, VP, Invest India Factory visit to Mando Automotive India Pvt. Ltd., (Anand Group)

Knowledge Sharing Session on “One Nation, One Grid, One Frequency, One Price”

dec - 2021

aug - 2021

Session on Charitable Trusts & NGOs Changes on Tax Laws and CSR Related Challenges

Job Fair jointly with Rotary club of Chennai

Interactive Meeting with officials of Ministry of Corporate Affairs, Chennai

jan - 2022

sep - 2021

“Best Practices for Safe Electrical Wiring and Selection of Cables in Residential, Commercial, Industrial and IT Applications”

In house training Session on HS Code 2022 - BDC

Session on HS Code 2022 for FIEO members

Session on HS Code 2022

Interactive Session on Doing Business in Thailand - Gateway to ASEAN

Session on Electronic Duty Credit Ledger Regulations 2021 & Duty Remission Schemes

Outreach Seminar on “Exim Bank’s News Initiatives for Indian Exporters” MCCI Jointly with Exim Bank

Presentation on the topic “ An insight into Securities And Exchange Board Of India (Prohibition Of Insider Trading) Regulations, 2015” Panel Discussion on Business in Ancient Madras and Modern Chennai (In commemoration of Madras Day)

Conference on R&D as an Engine for Growth of Tamil Nadu

Session on “Draft Mediation Bill “ Awareness Session on Legal Metrology and Compliances MAMC First Anniversary Panel Discussion on Managing the Unconscious Bias

185th Annual General Meeting Mental Wellness Conclave

Hot topics in International Arbitration: Virtual Hearings, Expedited Procedure and Emergency Arbitrator" In house Training - HS Code 2022 - Sanco Trans Ltd.

Conference on “City Climate Action Building a Resilient Chennai”. Session on Safeguarding against Financial Frauds in Digital Space

Workshop on Union Budget

feb - 2022

Condolence Meeting Dr Bala V Balachandran, founder of Great Lakes Institute of Management .

MAR - 2022

nov - 2021

oct - 2021

185th Chamber Day

Conference on “Tamil Nadu Energy – The way to a Sustainable future” Certificate Course on Digital HR – (Week 1 & 2)

Women Leadership Session

Coffee

Connect

Panel Discussion on “Male Allyship” Fireside Chat with leaders on their “Journey to Breaking the Bias “ Certificate Course on Digital HR (Week 3 & 4) MAMC Arbitration Series : 15th - Session on “Public Policy as a Ground to set aside & Resist enforcement of Arbitral Awards : A Comparative Perspective” Session on GST – A Few Recent Changes and E Invoicing

Annual Report 2021 - 2022

Indian Economy

INDIAN ECONOMY The post pandemic recovery of the global economy was punctuated by strong inflationary pressures and geopolitical developments and the Indian economy is no exception. However, the restrained cash hand-outs in India as opposed to liberal liquidity support by most of the Western economies, has to some extent moderated the inflation levels as compared to most of the other countries. The Indian economy recovered from an unprecedented contraction of 23.8% in gross domestic product (GDP) in Q1FY21 to positive territory by Q3FY21 aided by supportive financial conditions. As a result, GDP contraction was 6.6% in FY21. A calibrated policy stimulus beginning with direct assistance in cash and kind, credit guarantee for MSMEs was broadened into a comprehensive package (AatmaNirbhar Bharat) to provide support to the various sectors of the economy.

On the external front, due to strong rebound in trade volumes and prices, trade deficit as percent of GDP rose from 3.8% in FY21 to 6% in FY22 and was moderately higher than pre-pandemic level of 5.7% in FY20. India’s current account balance recorded a deficit of 1.2% in 9MFY22 compared with a surplus of 1.7% in 9MFY21. While net FDI remained robust in FY22, foreign portfolio investment (FPI) witnessed significant outflows. There was an accretion of USD 63.5 billion in FY22 to the foreign exchange reserves on a balance of payment (BoP) basis.

In order to reduce the impact of the shock caused by the COVID-19 second wave and support the recovering economy, the Government announced additional relief measures in FY22. These measures have been targeted towards providing economic relief to the vulnerable people and sectors, strengthening the health system, and providing impetus to growth and employment. The Productivity Linked Incentive (PLI) During FY2022, economic activity was progressively accretion of USD 63.5 billion in FY22 to the foreign exchange reserves on a balance of was announced in March 2020, as part of the less affected by second- and third- waves of the paymentscheme (BoP) basis. ‘Aatma Nirbha Bharat Abhiyan’ to promote domestic Covid-19 pandemic due to rapid stride towards The which second initially covered In ordermanufacturing. to reduce the impact of the shockscheme, caused by the COVID-19 wave and support universal vaccination, and supportive policies. the recovering economy,now the Government additionalThe relief Union measures Budget in FY22. 3 sectors covers announced 14 sectors. However, domestic and global recovery lost momentum These measures have been targeted towards providing economic relief to the vulnerable announced an outlay of Rs. 1.97 lakh crore from late 2021 attributable to resurgence of infections, people 2021-22 and sectors, strengthening the health system, and providing impetus to growth and for PLI schemes a period of 5was years starting from Incentive (PLI) scheme announced in March 2020, emerging supply disruptions and bottlenecks, post employment. The Productivity Linkedfor as part2021-22. of the ‘ to promote domestic manufacturing. The pandemic persistent inflationary pressures and shifts scheme, which initially covered 3 sectors now covers 14 sectors. The Union Budget 2021-22

in monetary policy. While inflation continues to rise, announced GVA Growth an outlay of Rs. 1.97 lakh crore for PLI schemes for a period of 5 years starting recent geopolitical events and global supply shocks are from 2021-22. India’s economic growth as measured by gross value unfolding and their impact on prices is widening. added (GVA) has increased by 8.1% in FY22. Growth in agriculture declined from 3.3% to 3%, while industry Real GDP rose by 8.7% in FY22 above its pre-pandemic India’s economic growth as measured by gross value added (GVA) has increased by 8.1% in rose in9.8% in FY22, following two years of contraction. (FY20) level of 3.7%. During FY2022, the base effect FY22. Growth agriculture declined from 3.3% to 3%, while industry rose 9.8% in FY22, Similarly growth wasgrowth 8.8% FY22, caused a 20.3% increase in GDP during Q1FY22. GDP following two years ofServices contraction. Similarly Services wasin 8.8% in FY22,following following a FY21. a 7.8%incontraction in FY21. growth declined to 8.4% in Q2FY22 due to waning of 7.8% contraction base effects. GDP growth fell to 5.4% in Q3FY22 and 160,000 10.0% 4.1% in Q4FY22. Economic activity lost momentum 147,355 145,160 150,000 8.0% from Q3FY22 due to slowdown in manufacturing and 139,929 135,585 140,000 6.0% 131,446 construction, exacerbated by the spread of the Omicron 130,000 4.0% 123,082 variant. Geopolitical developments in Q4FY22 have not 120,000 113,695 2.0% only affected inflation and aggregate demand but are 110,000 0.0% causing heightened risks to post pandemic recovery 100,000 -2.0% 90,000 -4.0% and economic growth. 80,000

-6.0%

70,000 -8.0% The gross fiscal deficit (GFD) fell from 9.2% in FY21 to 2016 2017 2018 2019 2020 2021 2022 6.7% in FY22, which was lower than 6.9% as per revised estimates or RE. In FY22, net tax revenue (provisional GDP at constant (2011-12) prices Growth estimates) of the Union government exceeded the revised estimates (BE) by Rs. 552.37 billion or 3.1%. ANNUAL GDP AND GROWTH IN CONSTANT Non-tax revenue was higher partly due to higher than (2011-12) PRICES budgeted surplus transfers by the Reserve Bank of ANNUAL GDP AND GROWTH IN CONSTANT (2011-12) PRICES India (RBI). Higher revenue receipts at 104.3% of FY22 GVA witnessed a secular decline in growth over the (RE) and expenditure matching FY22 (RE) resulted in GVA witnessed a secular in growthMining over the second of FY22. Mining and Quarrying second halfdecline of FY22. andhalf Quarrying rose 11.5% FY22 asas compared to a decline of FY21. However, growth lower provisional GFD-GDP of 6.7% being less than 6.9% rose 11.5% in inFY22 compared to8.5% a indecline of the 8.5% inwasFY21. in Q4FY22 on account of the disruptions caused by the Omicron variant. as per FY22 (RE). The Union Budget for 2022-23 has at 6.7%However, the growth was lower at 6.7% in Q4FY22 on Manufacturing growth saw a sharp uptick to 9.9% in FY22, compared with a decline of 0.6% in targeted a thrust to growth with a renewal of fiscal FY21. Inaccount of the caused theElectricity, Omicron line with the general trend disruptions the sector also contracted 0.6% inby Q4FY22. Gas consolidation. The GFD is targeted at 6.4% for FY23 variant. Manufacturing growth saw a sharp uptick to (BE) in a calibrated rollback of the large fiscal stimulus 9.9% in FY22, compared with a decline of 0.6% in FY21. provided to mitigate the impact of the pandemic. In line with the general trend the sector also contracted 0.6% in Q4FY22. Electricity, Gas & Water Supply also

10 Annual Report 2021 - 2022

saw a decline from 8.5% in Q2FY22 to 4.5% in Q4FY22. Transport Sector Construction which declined by 2.79% in Q3FY22, Following sharp decline from FY20, commercial vehicles witnessed a rebound in Q4FY22. In the Services sector, sales posted robust growth of 31% in FY22. Commercial Trade, Hotels and Communication experienced growth increased despite inflationary concerns & Water Supply also saw a decline from 8.5% in Q2FY22 to 4.5% in Q4FY22. Construction in Supply all thealso foursaw quarters of from FY22,8.5% though Financing, & Water a decline in Q2FY22 to 4.5% invehicle Q4FY22.sales Construction which declined by 2.79% in Q3FY22, witnessed a rebound in Q4FY22. In the Services sector, and there has been a pickup in replacement demand. Insurance, Real Estate & Business Services and whichTrade, declined 2.79% inexperienced Q3FY22, witnessed a rebound Q4FY22. In the Services sector, Hotels andby Communication growth in all the four quarters of FY22, in though The ofinthe was particularly on for performance of ITimpact companies the pandemic professional services sector continued.severe Credit growth Community, Social & Personal witnessed Real Estate & Business Services andServices Community, Social Personal Trade,Financing, HotelsInsurance, and Communication experienced growth in&all the four quarters of FY22, though this sector with freight and passenger movement being banks also exhibited a strong growth from 5.6% in FY21 to 9.6% in FY22. Services witnessed lowerfrom growth from second half half of FY22. lower growth thethesecond of FY22. Financing, Insurance, Real Estate & Business Services and Community, Social & Personal severely affected. Services witnessed lowerAgriculture growth from the second half of FY22. Total Other elements of transport sector like freight traffic 50%

Industry

Following sharp decline from FY20, commercial vehicles sales posted robust growth of 31% in by rail, water and air also contracted during FY21 but FY22. Commercial vehicle sales increased despite inflationary concerns and there has been a recovered in FY22. The Indian aviation sector also pickup in replacement demand. The impact of the pandemic was particularly severe on this to recover inbeing theseverely latteraffected. part of FY22. The sector withcontinued freight and passenger movement

Services

40%

Total

Agriculture

Industry

Services

50%30%

1.9% in FY21.

-21.4%

2.1%

5.7%

4.7% 3.9%

In line with the GDP figures, the Index of Industrial Production (IIP) also saw a slowdown in the 0%half of FY22. IIP increased 11.3% in FY22, as compared to a decline of 8.5% FY21. second 400% Q1Fwhich Q2Fforms Q3Fa significant Q4F Q1Fpart Q2F Q3F Q4F Q1F Q3F Q4F inQ1F Manufacturing of the IIP recorded an Q2F increase of 11.7% FY22Q2F Q3F Q4F Q1F Q2F 300% Y22 Y22 Y18a 9.6% Y18decline Y18 Y18 Y19 Y19 Y19 Y19 Y20 Y20 Y20 Y20 Y21 Y21 Y21 Y21 compared with in FY21. 200% 100%

9 2021

7 2021

2022

5 2021

2022

3 2021

1 2021

2019

2020

0% -100%

2019

-21.4% place due to low mortgage rates, stamp duty waivers in various states and stagnant prices.

Q3F Q4F Y22 Y22

2019

In line with the GDP figures, the Index of Industrial Production (IIP) also saw a slowdown in the second half -5.9% -10% of FY22. IIP increased 11.3% in FY22, as compared to aactivities decline of 8.5% FY21. which forms Service moderated in FY22 whereasManufacturing trade, hotels, transport and communication faced a slowdown. Construction rebounded in H1FY22 but was impacted in H2FY22 by a significant part of the IIP recorded an increase of Omicron and higher prices of steel and cement. Residential real estate segment has -20% variant 11.7% in FY22 compared with a 9.6% decline in FY21. been suffering from low demand and a large inventory overhang. From 2021, a recovery took

Railway Freight Air Cargo Major Ports Traffic

500%

5.3%

4.8% 4.5% 4.1% 3.3% 3.4% Quarterly Growth Rates of Gross Value Added

Cargo Transport Growth 8.3%

2020

5.0%

7.4%7.1% 6.1% 5.5% 7.0%

-30%

10%

2020

20% -20%

-10%

2020

30%

2020

40%10%

Government of India decided to resume scheduled

commercial international passenger Other elements of transport sector like freight traffic by rail, waterservices and air alsofrom contracted during FY21March but recovered in FY22.which The Indian aviation sector the also continued recover in the 27, 2022 could boost aviationto sector 8.3% 7.4%7.1% 6.1% 7.0% 5.7% 5.3%4.8% 4.5% 4.1% 5.0% 5.5% 4.7% 3.9% latter part of FY22. The Government of India decided to resume scheduled commercial 3.3% 3.4% in the upcoming months. During FY22, Indian Railways 2.1% international passenger services March 27, 2022freight which could boost the (IR) reported thefrom highest ever loading in aviation termssector of in Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F the upcoming months. During FY22, Indian Railways (IR) reported the highest ever freight Y18 Y18 Y18 Y18 Y19 Y19 Y19 Y19 Y20 Y20 Y20 Y20 Y21 Y21 Y21 Y21 Y22 Y22 Y22 Y22 growth as well as quantity. IR freight traffic rose 15% in -5.9% loading in terms of growth as well as quantity. IR freight traffic rose 15% in FY22 to 1,418 FY22 to 1,418 million tonnes, compared with growth of million tonnes, compared 18.1% with growth of 1.9% in FY21. 18.1%

20%

30% 10% -10%Q1FY19 Q3FY19 Q1FY20 Q3FY20 Q1FY21 Q3FY21 Q1FY22 Q3FY22 -30% -50%

2021

2020

2019

Service activities moderated in FY22 whereas trade, Construction -30%90% Trade, hotels, transport & communication hotels, transport andreal communication faced a slowdown. Financing, insurance, estate & bus. services Community social & personal services Construction rebounded in H1FY22 but was impacted 70% In constant terms, private final consumption in H2FY22 by Omicron variant and higher prices of 50% expenditure rose 7.9% in FY21 though growth was only steel30%and cement. Residential real estate segment has In constant1.8% terms,in private final consumption expenditure rose 7.9% inrose FY21 2.6% though in growth Q4FY22. expenditure Activity in trade, hotels and been suffering from low demand and a large inventory In line with10%the GDP figures, the Index of Industrial Production (IIP) also saw a slowdown inGovernment the in Q4FY22. Government expenditure rosein 2.6% in FY21,With lower than 3.6% growth transport rebounded was in only 1.8% FY21, lower than 3.6% growth FY21. contactFromIIP2021, a recovery place due tostrong low secondoverhang. half of FY22. increased 11.3%took in FY22, compared to With aintensive decline ofactivity 8.5%activity FY21. in FY21. contact-intensive yet to normalise in FY22, discretionary consumption FY22. asThe -10%Q1FY19 Q3FY19 Q1FY20 Q3FY20 Q1FY21 Q3FY21 Q1FY22 Q3FY22 yet to normalise in FY22, discretionary mortgage rates, stamp duty waivers in various states spending remainedof subdued and still remains affected by the Covid-19 pandemic. As far as Manufacturing which forms a significant part of the IIP recorded an increase 11.7% in FY22 -30% consumption spending remained subdued and still and stagnant prices. rural demand is concerned, the bumper food grains crop of 2021-22, prospects of normal compared-50% with a 9.6% decline in FY21. by inthe pandemic. As far as are monsoons remains in 2022, the affected recent increase foodCovid-19 prices, and the revival of economic activity Services Sector rural demand is concerned, the bumper food expected to improve the spending capacity and provide a boost to rural grains consumption crop 2021-22, prospects of onnormal monsoons However, urban demand which is dependent manufacturing and services is in moderated trade, hotels and transport rebounded in ServiceActivity activities in FY22 whereas trade, hotels, expenditure. transport andofcommunication in 2022, the recent increase in food prices, and therising expected to be dampened on account of a number of factors including high and The strong performance of IT companies faced FY22. a slowdown. Construction rebounded in H1FY22 in butthe was impacted in H2FY22 by inflation, rising interest rising unemployment, weak expected consumer confidence, uncertainty revival ofrates, economic activity are to improve professional services sector continued. Credit growth Omicron variant and higher prices of steel and cement. Residential real segment has andand about employment and income prospects, lower provide discretionaryaand non-essential spending. theestate spending capacity boost to rural for banks also exhibited a strong growth from 5.6% in been suffering from low demand and a large inventory overhang. From 2021, a recovery took consumption expenditure. However, urban demand FY21 to 9.6% in FY22. which dependent place due toislow mortgage on manufacturing and services is stamp expected be dampened on account of a number Construction rates, dutytowaivers Trade, hotels, transport & communication of factors including high and rising inflation, rising 90% in various states and Financing, insurance, real estate & bus. services interest rates, rising unemployment, weak consumer Community social & personal services stagnant prices. uncertainty about employment and income confidence, 70% prospects, and lower discretionary and non-essential 50% spending.

Annual Growth Rates of Index of

Industrial Production Activity in trade, hotels and transport rebounded in production rose 11.3% in FY22, The overall industrial FY22. The tostrong as compared a decline of 8.5% in FY21. In FY22 the growth was robust in the first half, but declined to 2.1% in Q3FY21 and 1.6% in FY22. The decline was due to decline in consumer goods and slowdown in production growth for primary and intermediate goods.

Annual Report 2021 - 2022 11

The overall industrial production rose 11.3% in FY22, as compared to a decline of 8.5% in FY21. In FY22 the growth was robust in the first half, but declined to 2.1% in Q3FY21 and 1.6% in FY22. The decline was due to decline in consumer goods and slowdown in production growth for primary and intermediate goods.

Performance of Eight Core Industries

Growth in IIP General

Mining

Manufacturing

The combined index of core industries stood at 157.3 in March 2022 indicating an increase of 4.3% over March 2021. On an annual basis, the index increased 10.4% in FY22, compared with 6.6% decline in FY21. Growth has been higher for coal, steel, cement, and electricity, natural gas, and petroleum products. Growth was lower for fertilisers. Crude oil production has continued to decline. The quarterly index witnessed slower growth in successive quarters after a sharp growth of from 26% in Q1FY22.

Electricity

15% 12.2% 10%

5.3%

4.3%

2.8%

2.3%

1.6%

0% 2014

2015-1.3% 2016

2017

2018

2019

2020

2021

2022

-5% -7.6%

-7.8%

-10%

GROWTH IN EIGHT CORE INFRASTRUCTURE INDUSTRIES

The combined index of core industries stood at 157.3 in March 2022 indicating an increase of 4.3% over March 2021. On an annual basis, the index increased 10.4% in FY22, compared with CrudeandOil Natural 6.6% decline in FY21. GrowthOverall has been higher forCoal coal, steel, cement, electricity, natural Gashas gas, and petroleum products. Growth was lower for fertilisers. Crude oil production continued to decline. The quarterly index witnessed slower growth in successive quarters after a sharp growth of from 26% in Q1FY22. Quarterly

Q1FY20 Q2FY20 Q1FY20 Q3FY20 Q2FY20 Q3FY20 Q4FY20 Q4FY20 Q1FY21 Q2FY21 Q1FY21 Q3FY21

Q2FY21

3.4% -0.9% 2.6% -6.8% -10.3%-0.6% -5.1% -4.7% -6.2% 7.4%-0.4% -5.7% -15.0% -6.5% 5.4% -5.7% -23.8% 5.2% -4.9%

-4.8%

2.6% -10.3% -1.0% -2.4% -4.7% -3.1% -1.6% -7.1% 2.1% 7.4%2.8% -11.3% -16.2% -18.2% -10.1% -14.3% -15.0% -8.4% -8.3%

5.4%

-6.8%

-1.0%

-5.1%

-3.1%

-1.1% 12.4% -6.2% 3.3% 3.5% 11.8% 5.1% -5.7% -6.5% -3.1% 2.8% -48.6% 4.6% -0.1% -6.5% 1.6% 3.3%

-5.7%

1.0% -7.1% 0.2% 0.6% -11.3% -5.0% -38.3% -10.6% -16.2% -4.0%

-10.1%

Refinery Prod.

Fertilisers

Steel

Cement

Electricity

-2.4%

-1.1%

12.4%

1.0%

7.3%

-1.6%

3.3%

3.5%

0.2%

0.6%

11.8%

5.1%

0.6%

-5.9%

-3.1%

-6.5%

-5.0%

1.7%

2.8%

-48.6%

-38.3%

-15.8%

-14.3%

4.6%

-0.1%

-10.6%

0.1%

7.3% 0.6% 2.1% -5.9% 1.7% 2.8% -15.8% 0.1% -18.2% 6.7%

Q3FY21

-0.4%

5.2%

-4.9%

-8.4%

-8.3%

1.6%

3.3%

-4.0%

6.7%

Q4FY21

3.5%

-1.8%

-3.6%

3.0%

-4.6%

-2.5%

13.1%

9.6%

9.2%

Q1FY22

26.0%

7.9%

-3.4%

21.8%

15.4%

-1.7%

88.4%

57.8%

16.8%

Q2FY22

9.2%

15.6%

-2.4%

22.3%

7.2%

-0.9%

7.8%

22.5%

9.3%

Q3FY22

5.3%

9.0%

-2.1%

23.0%

7.9%

2.0%

8.7%

2.7%

Q4FY22

4.7%

4.5%

-2.7%

10.5%

6.1%

3.3%

4.3%

9.3%

3.4%

FY20

0.6%

-0.5%

-5.9%

-5.7%

0.2%

2.7%

4.2%

-0.8%

1.0%

FY21

-6.6%

-1.8%

-5.2%

-8.2%

-11.2%

1.7%

-9.4%

-10.8%

-0.6%

FY22

10.4%

8.5%

-2.6%

19.2%

8.9%

0.7%

16.9%

20.8%

7.8%

Annual (FY)

Inflation The wholesale price index (WPI) started increasing from February 2021 and remained persistently above 10% in all the months of FY22 with an increasing trend from October 2021. Headline inflation (as measured by consumer price index or CPI) breached RBI’s upper tolerance band of 6% during May-June 2021. Following a decline till November 2021, headline inflation has been breaching the upper band since January 2022. Even prior to the Russia-Ukraine conflict, inflation had surged in many economies because of soaring commodity prices and pandemic-induced supply-

12 Annual Report 2021 - 2022

demand imbalances. The conflict has led to export restrictions in several countries. Given that Russia is a major supplier of oil, gas, and metals, and, together with Ukraine, of wheat and corn, the current conflict has led to a decline in the supply of these commodities and has driven their prices up sharply. Inflation has surged to multi-decadal highs for most economies. In its April 2022 edition of the World Economic Outlook (WEO), the IMF has revised up inflation projections for most economies. Although bottlenecks are expected to eventually ease as production elsewhere responds to higher prices, inflation is now projected to remain elevated for much longer in both advanced economies

4 2022

8 2021

2021

4 2021

8 2020

2020

4 2020

8 2019

2019

8 2018

2018

12 2017

2018

ex (WPI) started increasing from February 2021 and remained all the months of FY22 with an increasing trend from October 2021. asured by consumer price index or CPI) breached RBI’s upper g May-June 2021. Following a decline till November 2021, headline hing the upper band since January 2022. Even prior to the nflation had surged in many economies because of soaring demic-induced supply-demand imbalances. The conflict has led to al countries. Given that Russia is a major supplier of oil, gas, and (AE) and emerging market and developing economies Ukraine, of wheat and corn, the current conflict has led to a decline (EMDEs). modities and has driven their prices up sharply. Inflation has surged r most WPI 20% CPI 2022 onomic 15% F has ections 10% though ed to 5% duction 0% higher ojected -5% much vanced merging In India, the wholesale price index (WPI) surged from nomies (EMDEs). 1.3% in FY21 to 13% in FY22. While prices of almost all major commodities increased, the increase was ce index (WPI) surged from in FY21 to 13% inbasis, FY22.inflation While higher for fuel and1.3% power. On a quarterly rose from 12% Q1FY22 13.9%forinfuel Q4FY22. While commodities increased, the in increase wastohigher and power. price growth of primary food articles increased from tion rose from 12% in Q1FY22 to 13.9% in Q4FY22. While price 3.2% in FY21 to 4.1% in FY22, it rose from 1.3% to cles increased from 3.2% in FY21 to 4.1% in FY22, it rose from 1.3% 21.2% for primary non-food articles. Prices of food food articles. Prices increased of food products in FY22, products 11.6% increased in FY22, 11.6% compared with 22. Inflation5.6% in fuelinand power was 32.8% in FY22, compared an in FY22. Inflation in fuel and power was with 32.8% FY22, compared with an 8% decline in FY21. Prices of of manufactured products increased by 11% in FY22 as compared manufactured products increased by 11% in FY22 as compared to 2.8% in FY21.

Retail inflation, as measured by consumer price index (CPI) was lower than WPI at 5.5% in FY22 though CPI increase was higher at 6.3% in Q4FY22, compared with 5% in Q3FY22. The fall in manufacturing and mining activities in Q4FY22 driven by supply side constraints arising from the Russia – Ukraine conflict also fuelled inflation. The growth of food & beverages group declined from 7.3% in FY21 to 4.2% in FY22, while the clothing moved upwards from 4.1% in FY21 to 7.4% in FY22. Among non-food items, significantly higher inflation was primarily recorded for fuel and light, transport and communication, and health. The food inflation based on Consumer Food Price Index (CFPI) fell from 7.6% in FY21 to 3.9% in FY22. It reached a low of 2.2% in Q3FY22 but rose to 6.3% in Q4FY22 due to increase for cereals and vegetables, alongwith persistently high inflation for oils and fats. CPI rose from 7% in March 2022 to 7.8% in April 2022 on account of an acceleration across all major groups. Food and beverages inflation rose from 7.7% in March 2022 to 8.3% in April 2022. After moderating for the past five months, fuel inflation increased sharply from 7.5% in March 2022 to 10.8% in April 2022 due to an increase in kerosene (PDS) and LPG inflation.

The External Sector Due to sharp increase in trade, coming at the back of the trade flows restoring after the pandemic, merchandise trade deficit nearly doubled from Rs. 7,569 billion (USD 102.6 billion) in FY21 to Rs. 14,190 billion (USD 190.2 billion). Trade deficit as percent of GDP rose from 3.8%

primarily recorded for fuel and light, transport and communication, and hea

The food inflation based on Consumer Food Price Index (CFPI) fell from 7 in FY22. It reached a low of 2.2% in Q3FY22 but rose to 6.3% in Q4FY22 cereals and vegetables, alongwith persistently high inflation for oils and fa

CPI rose from 7% in March 2022 to 7.8% in April 2022 on account of an acc major groups. Food and beverages inflation rosehigher from 7.7% in FY21 to 6% in FY22 and was moderately than in March 20 2022. After moderating for the past five months, fuel inflation 5.7% in FY20. Net receipts from invisibles displayed increased s resilience duringin April 9MFY22. Demand for software March 2022 to 10.8% 2022 due to an increase in kerosene (PDS) an services exports surged sequentially since Q2FY21, with exports rising 22% in 9MFY22 to USD 89.3 billion. Remittances to India recovered to pre-pandemic levels Dueand to sharp increase in trade,increased coming at the in back of the trade flows net private transfers 8.2% 9MFY22. India’s merchandise current account recorded a deficit of 7,569 billion pandemic, tradebalance deficit nearly doubled from Rs. 1.2% to in Rs. 9MFY22 with a surplus 1.7% in as percen in FY21 14,190compared billion (USD 190.2 billion). of Trade deficit 9MFY21. Among the major components of capital 3.8% in FY21 to 6% in FY22 and was moderately higher than 5.7% in FY2 flows, net FDI remained robust, while foreign portfolio invisibles displayed during 9MFY22.outflows. Demand After for software serv investment (FPI)resilience witnessed significant sequentially since Q2FY21, with exports rising 22% in 9MFY22 to making net purchases during H1FY22, FPIs withdrew in H2FY22. of robust capital inflows, Remittances toBecause India recovered to net pre-pandemic levelsthere and net private was accretion of USD 63.5 billionbalance in FY22recorded to the a deficit o 8.2% in an 9MFY22. India’s current account foreign exchange reserves on a balance of payment compared with a surplus of 1.7% in 9MFY21. Among the major compone (BoP) basis. net FDI remained robust, while foreign portfolio investment (FPI) wi Balance of Payment outflows. After making netIndicators purchases during H1FY22, FPIs withdrew in H Global in the Indian appeared robust net confidence capital inflows, there was economy an accretion of USD to 63.5 billion in continue to be positive with India’s foreign exchange exchange reserves on a balance of payment (BoP) basis. reserves US$ 617.65 billion as on March 25, 2022, compared with US$ 579.29 billion on March 26, 2021. The hardening oil import cost and portfolio outflows continued to mount pressure on the Indian rupee (INR), which depreciated against theeconomy US dollarappeared by 1.6% (Month Global confidence in the Indian to continue to be p on Month or MoM) in March 2022. foreign exchange reserves US$ 617.65 billion as on March 25, 2022, c 579.29 bil Trade Deficit CAD Capital Account 6% 2021. The h cost and 4% continued 2% on the In 0% which depr Q1FY19 Q3FY19 Q1FY20 Q3FY20 Q1FY21 Q3FY21 Q1FY22 Q3FY22 US dollar b -2% Month or M -4% -6% -8% Foreign exchange reserves at at US$ 596 billion asas onon May 6, 6, 2022 was equivalent toto about 1010 Foreign exchange reserves US$ 596 billion May 2022 was equivalent about months ofof imports projected forfor 2022-23. In In thethe foreign exchange market, thethe INR appreciated Foreign exchange reserves at US$ 596 billion as on months imports projected 2022-23. foreign exchange market, INR appreciated byby 0.1% MoM vis-à-vis thethe USUS dollar in in April 2022. 0.1% MoM vis-à-vis dollar April 2022.

May 6, 2022 was equivalent to about 10 months of

imports projected for 2022-23. Inhigh the foreign exchange India’s merchandise exports reached a monthly historic level ofof US$42.2 billion in in March India’s merchandise exports reached a monthly historic high level US$42.2 billion March 2022. ForFor FY22, exports US$421.8 billion FY22 as against thethe target ofof US$400 market, the INRreached appreciated byfor0.1% MoM vis-à-vis the 2022. FY22, exports reached US$421.8 billion for FY22 as against target US$400 billion. Alongwith export prices, billion. Alongwith higher export prices,export exportvalues valueswere wereboosted boostedbybymultiple multipleinitiatives initiatives US dollar inhigher April 2022. including product diversification, rollroll outout of of export incentives schemes such asas Remission ofof Duties including product diversification, export incentives schemes such Remission Duties USD BnBn USD 450450

44.6 44.6 %%

FY21 FY21 FY22 FY22

421.8 421.8

400400

FY21 FY21 FY22 FY22

612.0 612.0

500500

291.8 291.8

31.4 315.3 31.4 315.3 %%

450450 400400

394.4 394.4

43.7 43.7 %%

368.8 368.8

350350 240.0 240.0

250250 200200

55.2 600600 55.2 % 550550

350350 300300

USD BnBn USD

650650

300300

256.6 256.6

250250 Exports Exports

Exports exclexcl Petroleum Exports Petroleum andand Gems andand Jewellery Gems Jewellery

200200

Imports Imports

Imports exclexcl Petroleum Imports Petroleum andand Gems andand Jewellery Gems Jewellery

India’s merchandise exports reached a monthly

historic high level(RoDTEP) of US$42.2 billion inCentral March 2022. and Taxes onon Export Products and Rebate ofof State and Taxes and Levies and Taxes Export Products (RoDTEP) and Rebate State and Central Taxes and Levies (RoSCTL). For FY22, exports reached US$421.8 billion for FY22 as (RoSCTL). Imports also continued to increase in FY22 reflecting recovery in demand and sharp increase Imports alsothe continued to increase in FY22 reflecting recoveryAlongwith in demand and sharp increase against target of US$400 billion. higher in in commodity prices. Imports reached a historic high ofof US$ 60.74 billion in in March 2022. India’ commodity prices. Imports reached a historic high US$ 60.74 billion March 2022. India’ s merchandise import in in FY22 was US$ 610.22 billion, anan increase ofof 54.7% over USD 394.44 s merchandise import FY22 was US$ 610.22 billion, increase 54.7% over USD 394.44 billion in in FY22. The trade deficit in in March 2022 was USD 18.69 billion, while it was USD 192.41 billion FY22. The trade deficit March 2022 was USD 18.69 billion, while it was USD 192.41 billion FY22. billion FY22.

Annual Report 2021 - 2022 13

The cumulative value ofof non-petroleum exports in in FY22 was USD 352.76 billion, anan increase ofof The cumulative value non-petroleum exports FY22 was USD 352.76 billion, increase 32.6% over 266.00 billion in in FY21. The cumulative value ofof non-petroleum imports in in 32.6% overUSD USD 266.00 billion FY21. The cumulative value non-petroleum imports FY22 was USD 449.54 billion, showing anan increase ofof 44.2% compared toto non-oil imports ofof FY22 was USD 449.54 billion, showing increase 44.2% compared non-oil imports

export prices, export values were boosted by multiple initiatives including product diversification, roll out of export incentives schemes such as Remission of Duties and Taxes on Export Products (RoDTEP) and Rebate of State and Central Taxes and Levies (RoSCTL). Imports also continued to increase in FY22 reflecting recovery in demand and sharp increase in commodity prices. Imports reached a historic high of US$ 60.74 billion in March 2022. India’s merchandise import in FY22 was US$ 610.22 billion, an increase of 54.7% over USD 394.44 billion in FY22. The trade deficit in March 2022 was USD 18.69 billion, while it was USD 192.41 billion FY22. The cumulative value of non-petroleum exports in FY22 was USD 352.76 billion, an increase of 32.6% over USD 266.00 billion in FY21. The cumulative value of nonpetroleum imports in FY22 was USD 449.54 billion, showing an increase of 44.2% compared to non-oil imports of USD 311.75 billion in FY21. The cumulative value of non-petroleum and non-gems and jewellery exports in FY22 was USD 313.82 billion, an increase of 30.8% over cumulative value of non-petroleum and non-gems and jewellery exports of USD 239.98 billion in FY21. Non-oil, non-GJ (Gold, Silver & Precious Metals) imports was USD 369.19 billion in FY22, recording a positive growth of 43.4%, as compared to non-oil and non-GJ imports of USD 257.47 billion in FY21.

Fiscal Health The fiscal deficit and revenue deficit for FY21 increased significantly on account of the Covid-19 pandemic. In the wake of the pandemic, the Union Government announced a series of economic reform measures which cumulatively amounted to Rs. 17.2 trillion. In addition, there are below the line items like liquidity support measures as well. The Union Government also undertook expenditure rationalisation measures in order to cutdeficit down expenses. deficit and revenue foravoidable FY21 increased significantly on account of the

The fiscal Covid-19 pandemic. In the wake of the pandemic, the Union Government announced a series Themeasures gross which fiscalcumulatively deficit (GFD) fellto from 9.2% of economic reform amounted Rs. 17.2 trillion.inInFY21 addition,to 6.7% FY22, whichsupport was measures lower than 6.9% as per revised there are below the line in items like liquidity as well. The Union Government estimates or RE. measures Revenue deficit alsoavoidable declined from also undertook expenditure rationalisation in order to cut down expenses.

4.7% in FY21 to 4.4% in FY22. in FY22, net tax revenue The gross fiscal(provisional deficit (GFD) fell from 9.2% in FY21 to in FY22, which was lower than estimates) of6.7% the Union government 6.9% as per revised estimates orthe RE. Revenue deficit also declined(BE) from 4.7% FY21552.37 to 4.4% exceeded revised estimates by inRs. in FY22. in FY22, net tax revenue (provisional estimates) of the Union government exceeded billion or 3.1%. Non-tax revenue was higher partly the revised estimates (BE) by Rs. 552.37 billion or 3.1%. Non-tax revenue was higher partly due due tosurplus higher thanby budgeted surplus by the to higher than budgeted transfers the Reserve Bank of India transfers (RBI). Higher revenue Reserve Bank India (RBI). Higher revenue receipts receipts at 104.3% of FY22 (RE) andof expenditure matching FY22 (RE) resulted in provisionalat and GFD-GDP of 6.7%104.3% being less of thanFY22 6.9% as(RE) per FY22 (RE).expenditure matching FY22 (RE) resulted in provisional GFD-GDP of 6.7% being less than 6.9% as per FY22 (RE). Gross Fiscal Deficit10 %

The Union Budget for 2022-23 has targeted a thrust to growth with a renewal of fiscal consolidation. In FY23, gross tax revenue is budgeted to increase 9.6% to Rs. 27.58 trillion. In FY23, the government has budgeted gross tax revenue buoyancy at 0.9 as against the average of 1.4 in the years of economic recovery. Buoyancies in 2022-23 are based on a nominal GDP growth assumption of 11.1%. In FY22 (RE), disinvestment receipts are placed at Rs. 780 billion, compared with Rs. 1.75 trillion in BE. In FY23, disinvestment target is Rs. 650 billion. Total expenditure is budgeted to increase 4.6% in FY23 to Rs. 16.61 trillion, as against 7.4% in FY22 (RE). While revenue expenditure is budgeted to grow by only 0.9%, growth in capital expenditure is budgeted at 24.5%. Under capital expenditure, an amount of Rs. 1 trillion has been earmarked to provide 50-year interest-free loans to States for carrying out PM Gati Shakti related capital investment, supplemental funding for priority segments of PM Gram Sadak Yojana, including support for the States’ share, digitisation of the economy and other productive capital investment. Government’s approach to economic/ fiscal management in FY23 includes three strategies; a judicious mix of demand/ supply side measures; timely, targeted and impact-oriented development/ welfare policy actions; and balancing growth-inflation dynamics to boost and sustain growth. FY23 will see an unprecedented thrust on capex public spending which is crucial for economic growth and generation of productive employment.

Foreign Direct Investment

Government’s approach to economic/ fiscal management in FY23 includes three strategies; a judicious mix of demand/ supply side measures; timely, targeted and impact-oriented India has attracted highest ever total Foreign Direct development/ welfare policy actions; and balancing growth-inflation dynamics to boost and Investment (FDI) inflow of USD 83.57 billion during sustain growth. FY23 will see an unprecedented thrust on capex public spending which is as compared to USD 81.97 billion in FY21. FDI crucialFY22 for economic growth and generation of productive employment.

equity inflows into India has declined by 1% from Rs. 4,426 billion (USD 59.64 billion) in FY21 to Rs. 4,372 has attracted highest ever billion) total Foreign Direct Investment (FDI) inflow of USD 83.57 billion (USD 58.77 in FY22.

India billion during FY22 as compared to USD 81.97 billion in FY21. FDI equity inflows into India has Singapore led4,426 thebillion FDI(USD equity intoto India with declined by 1% from Rs. 59.64 inflows billion) in FY21 Rs. 4,372 billion (USD 58.77 USD billion) 15.88 in FY22. billion, followed by USA (USD 10.55 billion),

Mauritius (USD 9.39 billion), Netherlands (USD 4.62

Singapore led the and FDI equity inflows into India with USD 15.88 followed by USA (USD 10. billion), Cayman Islands (USD 3.82billion, billion). 55 billion), Mauritius (USD 9.39 billion), Netherlands (USD 4.62 billion), and Cayman Islands Topbillion). states in India that attracted the highest FDI equity (USD 3.82

inflows for FY22 were Karmataka (USD 22.07 billion),

Top states in India that attracted equity inflows for FY22 were Karmataka Maharashtra (USDthe highest 15.44FDIbillion), Delhi (USD 8.19 (USD 22.07 billion), billion), Maharashtra (USD 15.44 billion), Delhi (USD 8.19 billion), Tamil Nadu (USD 3.00 Tamil Nadu (USD 3.00 billion), and Haryana billion), and Haryana (USD 2.80 billion.

(USD 2.80 billion.

FDI

7.13 14.46 0.67

Revenue Deficit %

4.54 58.77

6.99

6 4

3.25 2.27

2 0

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Services

19.46 Computer Software/Hardware

Telecom

Trading

Gross Fiscal Deficit %

4.9

4.5

4.1

3.9

3.5

3.4

4.6

9.2

6.9

6.4

Automobile

Construction

Revenue Deficit %

3.7

3.2

2.9

2.5

2.1

2.6

2.4

3.3

7.3

4.7

3.8

Metallurgical

Others

14 Annual Report 2021 - 2022

Key Indicators: Data categories 1.GVA and Related Indicators GVA (current market prices) Growth Rate GVA (factor cost 2011-12 prices) Growth Rate Per Capita Income

Unit

FY20

FY21

FY22

Rs Crore

18,355,109

18,057,810

21,349,399

6.9%

-1.6%

18.2%

13,219,476

12,585,073

13,605,474

% Rs Crore % Rs.

3.8%

-4.8%

8.1%

132,115

126,855

150,007

Million tonnes

297.5

308.7

314.5

2.Production Food grains Index of Industrial Production (growth)

Index of Eight Core Industries (growth)

Electricity Generation (growth)

-0.8%

-8.5%

11.3%

-0.8% 0.9%

-8.5% -0.5%

11.3% 8.0%%

Inflation (WPI) (average)

1.7%

1.3%

13.0%

Inflation CPI (average)

4.8%

6.2%

5.5%

Export (in US$ terms)

% change

-5.0%

-7.5%

51.8%

Import (in US$ terms)

% change

-7.6%

-16.6%

68.3%

-0.9%

0.9%

-1.2% (9M)

3.Prices

4.External Sector

Current Account Balance (CAB/GDP) Average Exchange Rate

Re/US$

75.39

73.50

73.45

Foreign Exchange Reserves

$ billion

477.81

576.99

607.31

% change

8.9%

12.2%

8.7%

% change % change

7.9% 6.1%

11.4% 5.6%

8.9% 9.6%

Gross Fiscal Deficit

% of GDP

4.7%

9.2%

6.7%

Revenue Deficit

% of GDP

7.3%

4.7%

4.4%

Gross Fiscal Deficit

% of GDP

2.6%

4.2%

3.5% (BE)

Revenue Deficit

% of GDP

0.6%

1.7%

0.5% (BE)

Million

1,327

1,341

1,355

5.Money and Credit Broad Money (M3) (annual) Aggregate Deposits (annual) Scheduled Commercial Bank – Bank Credit 6.Fiscal Indicators (Centre)

6.Fiscal Indicators (States)

7.Population

Conclusion The prospects for growth for FY23 look reasonable with forecast normal monsoon, expected good Kharif harvest, higher food prices for FY23, increasing rural demand, recovery in exports, and investment demand. However, recent unfavourable geopolitical developments threaten the post-pandemic economic recovery, with affects already being felt in global financial and commodity markets. Surging food and fuel prices alongwith tightening financial conditions could result in a significant loss of momentum in FY23. The RBI has forecast real GDP growth at 7.2% in FY23. Monetary policy remains accommodative but focused on withdrawal of accommodation. Priority has been assigned to containing inflation within the target going forward, while supporting growth. Interest rates are expected to harden further with RBI’s focus on bringing down inflation within the target of 4% with a tolerance band of +/- 2%. It is likely that RBI will hike the repo

rates by a further 74 to 100 bps in two tranches. While the interest rate hikes may temper the increase in inflation, it has to be borne in mind that the inflationary pressures are also on account of global supply side issues, much of which is beyond the control of the government and RBI. The world economic recovery has lost momentum. In its April 2022 World Economic Outlook (WEO), the IMF has forecast global economic growth to decline from 6.1% in 2021 to 3.6% in 2022. While growth in advanced economies (AEs) may decline from 5.2% in 2021 to 3.3% in 2022, growth in emerging market and developing economies (EMDEs) could decline from 5.2% to 3.3%. War-induced commodity price increases and broadening price pressures have led IMF to forecast inflation of 5.7% in AEs and 8.7% in EMDEs. Downside risks dominate and include escalation of geopolitical conflict, high inflation, and slowdown in China. Courtesy: Sammati Consulting and Analytics LLP

Annual Report 2021 - 2022 15

Tamil Nadu Economy

Tamil Nadu has emerged largely unscathed from the effects of the pandemic in terms of economic growth. While the state posted a positive GSDP growth in 202021, in the backdrop of the country’s negative GDP growth, the GSDP for 2021-22 at constant prices is estimated at 7.85% as against the national growth rate of 8.7%. It is one of those rare years that the state’s GSDP growth ely unscathedhas from thelower effects of the in termsGDP. of economic been than thatpandemic of the country’s The state d a positive GSDP growthtoinrank 2020-21, in the Maharashtra) backdrop of theincountry’s continues 2nd (after terms of contribution India’s GDP. Theatstate’s 5-year growth DP for 2021-22 at constant to prices is estimated 7.85% as against the has been resilient and exceeded the national average, It is one of those rare years that the state’s GSDP growth has been the state’s GSDP grew at a CAGR of 10.8% between ’s GDP. The state toattaining rank 2nd (after Maharashtra) in terms of FY18continues and FY22, around Rs. 21,797 billion (USD he state’s 5-year been resilient and exceeded the national 293 growth billion) has in 2021-22. w at a CAGR of 10.8% between FY18 and FY22, attaining around Rs. The state has continues to exploit its rich talent base ) in 2021-22. and a highly qualified and productive workforce. The

Given its strong economic and industrial base, the state has embarked on a mission to achieve a GSDP of USD1 trillion and Exports of USD 300 billion by 2030. To this end, the state has been implementing a number of schemes targeting the entire spectrum of industrial investments covering Start-ups, Fintechs and large industry. The state has setup the first AMHUB (Advanced Manufacturing Hub) in the country in partnership with the World Economic Forum that will focus on innovation, new technologies and Industry 4.0.

While the state has maintained its second rank in GSDP, its position in per capita income has been consistently slipping in the 2010’s. From second position the state has slipped to the fifth position among the larger states over the last decade. The population growth has declined from 0.47% during FY2018-21 to 0.37% in FY22, resulting in an uptick in the per capita income. This could be on account of the fall in migrant labour inflow as a result of the pandemic. Over the longer state produces the highest number of technically term, there is need for the state to focus on higher value qualified and exploit its rich talent students base and a(from highlyengineering qualified andcolleges productive adding industries/jobs. It is also imperative to identify polytechnics). While the number of new enrolments to highrank value jobs its to position ensureinthat the large numbers ces the highest number of technically qualified students (from While the state maintained in GSDP, per capita income has beenof payroll (based on EPFC data) declined in has FY21 the sameits second educated youth (higher education enrolment of 50%) technics). While the number of new enrolments to slipping payroll (based on consistently the 2010’s. From second position the state has slipped to the fifth position registered a robust increase from July 2021in onwards are provided with suitable opportunities. he same registered a robust increasehigh fromamong 2021 onwards reaching the million larger states over the last decade. The population growth has declined from 0.47% during reaching an all-time ofJuly 1.285 new payroll population growth estimated n new payrollenrolments enrolmentsin in FY22. FY22. FY2018-21 to 0.37% in FY22, resulting inThe an uptick in the per capitaduring income.FY18-22 This couldisbe on accountat 0.45% per annum resulting in an estimated population of the fall in migrant labour inflow as a result of the pandemic. Over the longer term, there is needof The state continued to be a premier destination for 76.54 million in FY22. This has ensued in a Compounded remier destination for industrial investments attracting for the state to investors focusfrom on from higher adding industries/jobs. It is also imperative to identify high industrial investments attracting investors both value Annual Growth Rate (CAGR) of 10.4% over the last 5 value During jobs ensure that2019 theFDI large (higher education of FY22. 50%) utside. During October 2019 toand March 2022, the to state attracted with the country outside. October to numbers yearsof- educated from Rs. youth 174,054 in FY17 to Rs.enrolment 284,788 in March 2022, the state attracted FDI equity inflows of are provided with suitable opportunities. billion (INR 468.39 billion), out of total India inflows of USD 142,290 USD 6,333 billion (INR 468.39 billion), out of total India 306,000 284,788 16% Per Capita GDP at Current Prices. The state continues to stand first in the industrial sector with the inflows of USD 142,290 billion (INR 10,513.16 billion). Rs.(LS) The population growth during FY1814% 249,517 and industrialThe workers. The state to is stand the third largest exporting sector state state continues in the industrial 236,783 22 first is estimated at 0.45% per annum 256,000 215,785 12% dia’s net exports. with the highest number of factories and industrial resulting in an estimated population 206,000 194,834 workers. The state is the third largest exporting state 10% 174,054 of 76.54 million in FY22. This has 158,072 contributing to nearly of India’s net exports. 145,094 d a strong social infrastructure with 9% robust public health and primary 8% ensued in a Compounded Annual 156,000 131,893 ient public 24,000 Growth Rate (CAGR) of 10.4% over 6% 16% GDP at Current Prices-Rs. Billion (LS) the last 5 years - from Rs. 174,054 in 106,000 21,797 state in Growth (RS) 4% 22,000 FY17 to Rs. 284,788 in FY22. 14% ntly. 56,000 20,000

19,027 17,972

12%

Share of Gross State Value Added

2% 0%

6,000

d industrial 18,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 16,302 10% rked on a 16,000 14,651 The strong industrial base has 8% helped the state in ensuring that the distribution of GSDP has been Shareservices of Gross State Value Added P of USD1 14,000 13,026balanced across sectors. IN spite of a strong sector the contribution of the tertiary sector to 6% 11,765 0 billion by 12,000 the Gross State Value Added (GSVA) atThe strong industrial has helped the state in Tertiary baseSecondary Primary 10,727 current prices is 54.5%. The4% secondaryensuring that the distribution of GSDP has been e has been 9,685 10,000 120% sector contributed 32.8% and primarybalanced across sectors. In spite of a strong services f schemes 2% 100% the contribution of the tertiary sector to the 8,000 sector 12.7%. Within the secondary sector ectrum of sector, manufacturing is substantial andGross 80% State Value Added (GSVA) at current prices is 0% g Start-ups, 6,000 of GSVA. The54.5%. The secondary sector contributed 32.8% and 2014 2015 2016 2017 accounts 2018 2019 for 2020 20.2% 2021 2022 60% he state has tertiary sector grew at an average rateprimary sector 12.7%. Within the secondary sector, The state traditionally had a with strong social 40% nced Manufacturing Hub) inhas the country in the World is substantial and accounts for 20.2% of partnership 11.3% between FY18 and FY22,manufacturing infrastructure with robust public health and primary of GSVA. The tertiary sector grew at an average rate s on innovation, new technologies and Industry 4.0. driven by financial services; trade, 20% education systems. The resilient public health system of 11.3% between FY18 and FY22, driven by financial repair, hotels and restaurants; 0% helped the state in handling the pandemic efficiently. and realservices; trade, repair, hotels and restaurants; and 2015 2016 2017 2018 2019 2020 2021 2022 estate, ownership of dwelling and

16 Annual Report

professional services. The secondary sector saw a growth 9.7% between FY18 and FY22 while manufacturing grew 9.9%, Electricity, gas, water supply & other utility services 9.9%, and construction at 9.4%. The primary sector grew 2021 - 2022 12.1%.

of at at at

5-year CAGR: Primary (12.1%), Secondary (9.7%), Tertiary (11.38%)

74,054 in

dded

106,000

56,000 6,000

2% 2014 2015 2016 2017 2018 2019 2020 2021 2022

as helped the state in ensuring that the distribution of GSDP has been pite of a strong services sector the contribution of the tertiary sector to (GSVA) at Tertiary Secondary Primary secondary nd primary 120% secondary 100% tantial and 80% SVA. The 60% erage rate and FY22, 40% es; trade, 20% s; and real 0% 2015 2016 2017 2018 2019 2020 2021 2022 elling and econdary sector saw a growth of 5-year CAGR: Primary (12.1%), 22 while manufacturing grew at Secondary (9.7%), Tertiary (11.38%) supply & other utility services at .4%. The primary sector grew at

real estate, ownership of dwelling and professional services. The secondary sector saw a growth of 9.7% between FY18 and FY22 while manufacturing grew at 9.9%, Electricity, gas, water supply & other utility cumulative services FDI of USD billion from 2001 to at 37.53 9.9%, and construction at 2022. 9.4%. The Theaverage primary bout USD 3 sector billion over 10 years. It is notable that the state has grewthe at last 12.1%. FDI. During FY21, the state attracted FDI equity inflows of USD 2,323 Inflows & Investments 003 million FDI in FY22. In continuation of the two Global Investors’ Meet, stment Conclave’ in November 2021 and signed MoUs for 59 projects Tamil Nadu has received a cumulative FDI of USD 37.53 are expected to generate about jobs.average annual FDI inflow billion from 2001 to 77,000 2022. The

oved its in terms from 6th 0 to 5th April the state e total FDI ntry, with (26%), Gujarat 3%) being

has been about USD 3 billion over the last 10 years. It is notable that the state has been consistent in attracting FDI. During FY21, the state attracted FDI equity inflows of USD 2,323 million which rose to USD 3,003 million in FY22. In continuation of the two Global Investors’ Meet, the state conducted an ‘Investment Conclave’ in November 2021 and signed MoUs for 59 projects worth Rs. 35,000 crore which are expected to generate about 77,000 jobs. The state improved its position marginally in terms of attracting FDI from 6th position in FY20 to 5th position. During April - December 2021 the state attracted 5% of the total FDI inflow into the country, with Maharashtra (26%), Karnataka (23%), Gujarat (21%) and Delhi (13%) being ahead of the state.

37.53

$ billion

35 30 25 20 15 10 5

6.85 1.42

2.81 2.12

3.82 4.53

3.48 2.61 2.35 2.32 3.00 2.22

Nadu State Budget for 2022-23, the Gross State Domestic Product (GSDP) of 2-23 is projected to be Rs 24,848 billion (at current prices), a growth of 14% over e (RE) of GSDP for 2021-22 (Rs 21,797 billion). In FY22, GSDP (at current prices) is

State Finances According to Tamil Nadu State Budget for 2022-23, the Gross State Domestic Product (GSDP) of Tamil Nadu for 2022-23 is projected to be Rs 24,848 billion (at current prices), a growth of 14% over the revised estimate (RE) of GSDP for 2021-22 (Rs 21,797 billion). In FY22, GSDP (at current prices) is estimated to grow by 14.6% over the previous year. Expenditure (excluding debt repayment) in 2022-23 is estimated to be Rs 3,332.51 billion, an increase of 11% over the FY22 (RE). In addition, debt of Rs 271.28 billion was repaid by the state in 2022-23. Receipts (excluding borrowings) for FY23 are expected to increase to Rs 2,366.38 billion, an increase of 13% over Rs. 2,098.24 billion in FY22 (RE). Fiscal deficit for FY23 is targeted at Rs 901.14 billion (3.63% of GSDP). In FY22 (RE), fiscal deficit is expected to be 3.80% of GSDP, lower than the budget estimate of 4.33% of GSDP. Revenue deficit in FY23 is estimated to be Rs 527.81 crore (2.12% of the GSDP). In FY22, revenue deficit is estimated to be 2.54% of GSDP, lower than the budget estimate of 2.75% of GSDP. Total own tax revenue of Tamil Nadu is estimated to be Rs 1,428.00 bn in FY23, an increase of 17% over FY22 (RE). Tamil Nadu’s own tax revenue as a percentage of GSDP is estimated to rise from 5.6% of GSDP in FY21 (as per actuals) to 5.7% of GSDP in FY23 (as per budget estimate). In 2022-23, the state is estimated to earn Rs 155.37 billion from state’s own non-tax revenue, an increase of 31% over the revised estimates of FY22. The state witnessed a growth of about 14% in GST collections in 2021-22 as compared to 2020-21. The GST growth at the national level was about 23% (including cess). The state needs to take note of the lower than national growth rate and identify the areas for improvement. Given that GST being consumption based tax, the lower growth in per capita income is also resulting in lesser consumption and therefore lower GST collections. As observed earlier there is a need to focus on higher technology in manufacturing and provide high paying jobs to push higher consumption and consequently higher tax revenue. The Tamil Nadu Fiscal Responsibility Act, 2003 was further amended in 2021 to set the target of eliminating revenue deficit by 2023-24. In 2022-23, the state is estimated to have a revenue deficit of 2.12% of its GSDP, lower than revenue deficit of 2.54% of GSDP in 2021-22 (as per the revised estimates). As per the medium-term fiscal plan, the revenue deficit is expected to reduce to 0.42% of GSDP in 2024-25. The outstanding debt of Tamil Nadu at the end of March 2023 is estimated to be 26.29% of GSDP. Outstanding debt is estimated to decline to 25.93% of GSDP at the end of March 2025. Outstanding debt as percent of GDP rose from 22.9% in FY20 to 25.24% in FY21 and 25.84%

Annual Report 2021 - 2022 17

in FY22 (RE). Outstanding debt does not include a few in the country, the state needs to take cognizance of other liabilities that are contingent in nature. At the end the requirements of the exporters who will have green of 2020-21, outstanding government guarantees were energy obligations. The state should strive to ensure 2.79% of GSDP or 31.08% of revenue receipts of the that 50% of the energy is generated from renewable preceding year. The Tamil Nadu Fiscal Responsibility sources in order that the industries in the state are able Act specifies that the outstanding guarantee should be to meet their clean energy needs. lower than: (i) 10% of GSDP, or (ii) 100% of the revenue The state of finances of the generation and distribution receipts of the preceding year, whichever is lower. is also cause for concern, at the of 2020TheOutstanding outstanding government debt of Tamilguarantee Nadu at the endend of March 2023 is utility estimated toabe 26.29% of GSDP.With high accumulated losses and an unsustainable debt burden, the state 21 was lower these limits. Outstanding debt than is estimated to decline to 25.93% of GSDP at the end of March 2025. Outstanding utility may not be able to effectively invest in new debt as percent of GDP rose from 22.9% in FY20 to 25.24% inprojects FY21 and 25.84% in FY22 (RE).distribution assets. As or even replace existing Infrastructure Outstanding debt does not include a few other liabilities that are contingent in nature. At the end ofin its budget for 2022a first step, the State government Power:outstanding Energy isgovernment a key toguarantees industrialwere and2.79% social promised to absorb 100% 2020-21, of GSDP23orhas 31.08% of revenue receipts of of the TANGEDCO’s and the stateNadu has made significant strides losses andguarantee allocated Rs 131.08 billion to the development preceding year. The Tamil Fiscal Responsibility Act specifies that for the 2021-22 outstanding in ensuring energy security. Over the last decade the TANGEDCO. comprehensive restructuring of should be lower than: (i) 10% of GSDP, or (ii) 100% of the revenue receipts ofHowever, the preceding year, state has diversified its energy sources and obtains the utility is imperative if the state has to maintain its whichever lower.of Outstanding guarantee at the of 2020-21 was lower than these about aisfourth its energy government from renewable sources – endprimacy in the energy sector and facilitate a competitive limits. hydel, wind and solar. The state is a pioneer in wind industrial environment. energy and has ambitious plan to install 20GW of solar Ports: The state has 3 major ports and 15 minor capacity in the next few years. ports. Tamil Nadu is the only state to have 3 major Infrastructure The state had a total installed capacity of 35.14 GW as ports. Another private port at Katupalli is also being Power: Energy is a key to industrial and social development and the state has made significant of 31st March 2022. Of this the private sector accounts developed as one of India’s largest ports. While the strides in ensuring energy security. Over the last at decade the statenorthern has diversified energy for 21.77 GW, followed by the central sector 6.22 GW, part ofitsthe statesources is serviced by 3 large ports andand obtains about a fourth of its energy from renewable sources – hydel, wind and solar. Theport) stateand is has another major state sector of 7.15 GW. Renewable power accounts (including the Kattupali for more than energy 50% of and the installed capacity wind,20GWport, a pioneer in wind has ambitious planwith to install of solar capacity in the next few Krishnapatnam in Andhra Pradesh which is close solar and biomass contributing 16.15 GW, 2.19 GW of proximity. The Southern part of the state is connected years. hydro power and 1.45 GW of nuclear capacities. to the Tuticorin port. However, the central districts are not adequately connected to the ports. There is a need st TheInstalled state hadPower a total Capacity installed capacity 2022. Of this the private sector (GW) of 35.14 GW as of 31 March to develop a port to address the requirements of the accounts for 21.77 GW, followed by the central sector at 6.22 GW, and state sectorinofcentral 7.15 GW. hinterland districts Tamil Nadu. The Chennai Power generation in FY22 was than 106,081 million units capacity with wind, solar and biomass Renewable power accounts for more 50% of the installed major port handles container cargo, while the Ennore & (MU), representing an increase of 15.6% over FY21. Of contributing 16.15 GW, 2.19 GW of hydro power and 1.45 GW of nuclear capacities. V.O. Chidambaranar major ports deal in coal, ores and this, conventional sources accounted for 82,020 MU other bulk minerals. The total cargo traffic in the major increasing at the rate of 17% over the previous year ports has increased 20% in FY22, from 101.26 million Installed Capacity (GW) increased at 11.1% to reach whilePower renewable generation tonnes in FY20 to 121.42 million tonnes in FY22. Traffic 24,061 MU. at minor ports declined from 9.12 million tonnes in Power generation in FY22 was 106,081 million units (MU), representing increase 15.6% in over FY21 toan 7.82 millionoftonnes FY22. FY21. Of this, conventional sources 40 GW 35.14 32.84 34.25 Cargo traffic at major ports in Tamil Nadu (million 35 accounted for 82,020 MU increasing 31.06 29.90 29.11 tonnes) 30 at the rate of 17% over the previous 25.39 22.88 25 21.19 year while renewable generation 19.43 Port 2019-20 2020-21 2021-22 20 17.60 increased at 11.1% to reach 24,061 Kamarajar 15 MU.

(Ennore) 31.75 25.89 38.74 Chennai 46.76 43.55 48.56 5 The state is a pioneer in renewable 0 VO energy. However, over the last few FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Chidambaranar years, incremental investments (Thootukudi) 36.08in 31.79 34.12 state is a pioneer in be renewable energy. However, the The renewable sector seem to slowing. With increased focus onTotal sustainability and climate issues, 101.23 114.59 121.42 over lasttofew years,the incremental investments the of renewables. Being the third largest there is athe need double efforts in increasing theinshare renewable sector seem to be slowing. With increased Roads: state has a good logistics infrastructure exporting state in the country, the state needs to take cognizance of The the requirements of the focus on sustainability and climate issues, there is with 6,606 Kms of National Highways It has 28 national exporters who will have green energy obligations. The state should strive to ensure that 50% of the a need to double the efforts in increasing the share highways, which is an important terminus in the golden energy is generatedBeing from the renewable sources in order state that the industries in the state able to of renewables. third largest exporting quadrilateral road linkare of NHAI. meet their clean energy needs. 10

The state of finances of the generation and distribution utility is also a cause for concern, With high accumulated losses and an unsustainable debt burden, the state utility may not be able to effectively invest in new projects or even replace existing distribution assets. As a first step, the State 18 Annual Report 2021 - 2022 government in its budget for 2022-23 has promised to absorb 100% of the TANGEDCO’s losses for 2021-22 and allocated Rs 131.08 billion to TANGEDCO. However, comprehensive restructuring of the

Classification National State NH Highways Managed by NHAI Total State Highways Major District Roads Other District Roads Length of roads other than NH Total

Length (Kms) 1,511 5,095 6,606 11,279 11,625 41,052 63,956 70,562

The Government is committed to revive and implement the Maduravoyal - Chennai Port Elevated Corridor Project, which is vital to the commercial development of Chennai and facilitating smooth access to the port. A 20.6 km long double-decker elevated corridor at an estimated cost of Rs.5,770 crore will be constructed. The Chief Minister’s Road Development Programme (CMRDP) involves upgradation of State Highways to four lanes for a length of 2,200 kms in 10 years. In FY22, 255.02 km length of roads were taken up under CRIDP. In the Budget for FY23, Rs. 182.19 billion has been allocated to the Highways and Minor Ports Department. Rs 163.11 billion crore has been allocated towards capital outlay on roads and bridges. Railways: The rail network is also well spread out with over 5,000 Kms of railway lines and about 530 railway stations. While the trunk routes and major cities are well covered by the rail network, there are a number of projects in various stages of planning and implementation to connect the larger cities and towns with the hinterland. The Chennai Metro Phase I has been completed and is receiving a good patronage. Work on Phase II of Chennai metro is with a network length of 118.9 km with 128 stations (80 elevated stations and 48 Underground stations) spanning over three corridors viz. corridor 3, 4 and 5 with an estimated project completion cost of Rs. 632.46 billion has commenced and is expected to be completed by 2025. Airports: Tamil Nadu is the only state in India to have 4 international airports. Due to Covid-19, Chennai Airport recorded a sharp decline in passenger and freight traffic in FY21. During FY22, while passenger traffic rose from 5.50 million in FY21 to 9.53 million in FY22, cargo traffic rose from 0.29 million tonnes to 0.35 million tonnes. Chennai airport is expected to add a new terminal building at the airport in Chennai at a cost of Rs. 24.67 billion. The new terminal building could have a capacity of 35 million passengers per annum, and take care of growth requirements till 2027. The Chennai airport’s phase II modernisation project has been delayed due to the pandemic and the lockdown.

A new integrated terminal and the parking complexes will be completed and ready by before the end of 2022. The site for a second airport in the outskirts of the city is being shortlisted and the approval for the same is expected shortly.

Health and Education The strong health infrastructure in the state came in handy in handling the pandemic. The state has some of the best health indicators in terms of maternal and child health. The three tier health infrastructure in the state comprising of Government hospitals, hospitals attached to medical colleges (101), district and taluk hospitals (290) and Primary health centres and sub centres (10.980). In addition, there are 10 ESIC hospitals and 225 ESIC dispensaries and 1,542 Indian medicine hospitals and dispensaries. The state has 36 Government medical colleges and 18 private medical colleges and one ESIC college. A sum of Rs.17,902 crore has been allocated to the Health and Family Welfare Department in this Budget for 2022-23. The state has been recording steady improvement in maternal and child health. The state has achieved a Total Fertility Rate (TFR) of 1.8. The Higher order Birth (third and above child) has be reduced from 24.2 in 2000 to 7.5 in 2020 and steps are taken to reduce it further. The state has a robust school and higher education infrastructure which is complemented by skill development initiatives. An early adopter of skill development initiatives, the Tamil Nadu Skill Development Mission has been focusing on building Apex skill development centres in areas where the state is strong. Five sectors namely, health, logistics, construction and infrastructure, automotive and banking, financial services and insurance and automobiles have been identified for setting up Apex skill development centres. Four centres have been set up in collaboration with private sector players and the automotive apex skill development centre is under formation. The state has over 37,000 schools and over 8,400 aided schools in addition to private schools. The Gross Enrolment Ratio (GER) is 99.9% at the Primary level, 99.4% at Upper Primary Level, 78.4% at Secondary Level and 65.76% at Higher Secondary Level. There has been a decline in the secondary and higher secondary enrolment in 2021-22 possibly due to the pandemic driven disruption. The Gross Enrolment Ratio for higher education stands at 51.4% as opposed to the national average of 27.1%. The pupil-teacher ratio at the Primary level is 19 students per teacher and at the Upper primary levels 22.90 students per teacher. The same is 22 students per teacher for Secondary and 30 for Higher Secondary classes.

Annual Report 2021 - 2022 19

An allocation of Rs.36,896 crore has been made to the School Education Department in the FY23 budget. An allocation of Rs.5,668.89 crore has also been made to the Higher Education Department in the Budget.

Socio Economic Indicators of Tamil Nadu and India Unemployment Rate 2019-20 (15 years and above) Rural (%) Urban (%) Total (%) Health related Birth Rate (2019) Death Rate (2019) Infant Mortality Rates (2019) Life Expectancy (2018) Education related Primary Drop-out Rate 2019-20 Upper Primary Drop-out Rate 2019-20 Secondary Drop-out Rate 2019-20 Primary to Upper Primary Transition Rate 2019-20 Elementary to Secondary Transition Rate 2019-20 Secondary to Higher Secondary Transition Rate 2019-20

Tamil Nadu

India

5 5.8 5.3

3.9 6.9 4.8

14.2 6.1

19.7 6

15 72.1

30 69.4

1.10

1.50

0.40

2.60

9.60

16.10

98.5

92.8

99.5

91.4

85.9

71.6

Exports India’s merchandise exports reached a monthly historic high of US$42.2 billion in March 2022, reaching US$421.8 billion for FY22 as against the target of US$400 billion set for 2021-22. India’s merchandise import in FY22 was USD610.22 billion, an increase of 54.7% over USD394.44 billion in FY22. Tamil Nadu ranked third in state-wise exports during FY22 accounting for 8.34% of India’s merchandise exports. Exports rose from Rs. 193,295 crores in FY21 to Rs. 262,323 crores in FY22, an increase of 35.7%. By comparison, exports had declined 9.1% in FY21. The share of Tamil Nadu in India’s total exports declined from 8.95% in FY21 to 8.34% in FY22.

Conclusion Tamil Nadu continues to build on its strong economic, and industrial and social foundations. The state continues to be an important economic engine of India and has maintained a balanced focus on Agriculture, Industry and Services. Being an manufacturing state, the state obviously has some disadvantages on the GST front, given that the tax is based on consumption. While the state has maintained its position in overall GDP contribution, the fall in per capita income and the states position in GST collections, point to the consumption nit growing in tandem with the GDP with states like Gujarat, Karnataka and Telangana have registered higher per capita income. With the GST compensation slated to end this year, the state will have to look at ways of improving the per capita income which can spur consumption and consequently the GST collections. The state needs to focus on its strengths and attract investments in advanced areas that are technology driven and would also provide employment opportunities to the large number of educated youth. Building on the existing strengths in sectors such as automotive, electronics, textiles and engineering, the state needs to focus on attracting investments in hi-tech areas in these industries. Courtesy: Sammati Consulting and Analytics LLP

20 Annual Report 2021 - 2022

gc meetings

GC Meetings Special Initiatives The General Committee have had their regular meetings and also meetings as and when required to discuss about the impact of Covid 19 (second and third wave) and to submit necessary representations/suggestion to the Government on behalf of the industries.

Helpdesk for Covid 19 The Chamber continued to extend its support to the members through the helpdesk by disseminating notifications / guidelines from the Government to the Industries through our website and mails. The Expert Committees continued to guide and advise the member industries on issues confronted by them during this challenging period.

Special Initiatives during the Pandemic The Chamber, with the support from some of its members, donated 72 oxygen concentrators of 10L capacity worth almost Rs 1 crore to the Omandurar General Hospital as per their requirements. The contribution was acknowledged and appreciated in a meeting at the Secretariat in the presence of Honourable Health Minister of Tamil Nadu, Mr. Ma Subramanian. A few representatives from the member companies who contributed joined the meeting along with Mr. S.Sankaranarayanan, Deputy Secretary of the Chamber. The member companies who made the generous contribution were Stahl India Pvt. Ltd., City Union Bank, Cognizant Foundation, Paramount Shipping Services Pvt. Ltd., Easun MR Changers, MB Metallic Bellows. Dr. Ravi, Chairman of the Company Law Committee and GC member mooted the idea and was the first contributor.

National Manufacturing Innovation Survey 2021 The Chamber had an interesting assignment to support the United Nations Industrial Development Organization (UNIDO) in conducting the National Manufacturing Innovation Survey (NMIS) 2021 for Tamil Nadu and Puduchery. The assignment covered around 800 samples with a four member team working on the same from the Chamber. This included not just the surveys but one on one interviews as well . The project was

completed in around 6 months time despite certain challenges, such as the third wave of the pandemic, floods in Chennai and database hassles. We will be having a workshop shortly along with the UNIDO team to disseminate and discuss the findings and also we would work on similar interesting projects in TN as we move forward.

Annual Report 2021 - 2022 21

Extraordinary General Meeting

21st june 2021

Under Rule 23 of the Rules of the Chamber, an Extraordinary General Body Meeting (EGM) was organized on Monday, 21st June 2021 through Cisco Webex virtual mode. Due to the sudden outbreak of the pandemic in the year 2020, and continuous lockdowns, no physical meetings could be held. As the permission from the Government for the virtual AGM could be obtained only in November, the Chamber had to delay the AGM and organized it on 27th November 2020. Taking cognizance that the new committee had been there for less than a year and considering the fact that the pandemic which still posed challenges to businesses, the General Committee after due deliberations felt that it would be better to continue with the same committee members for one more year (2021-2022) till the next scheduled during the year 2022. The Chamber has consulted with the concerned authorities and clarified that an Extraordinary General Body Meeting (EGM) would be sufficient for the existing members to continue for the current year as well, through a suitable resolution. The President proposed that the present Members of the General Committee (20 Elected Members including President, Vice President & Members of the General Committee) would continue for one more term (2021-2022) up to the AGM to be held in the year 2022. Mr. Udayabhaskar Reddy, Whole time Director, Sanco Trans Ltd and Chairman Logistics Expert Committee seconded the proposal. The President requested the Secretary General to announce the names of the GC members. The Secretary General read out the names of the GC members for the year 2021-22. Since there were no other issues for discussion, the President thanked the members. Mr. T. R. Kesavan, Vice President proposed the formal vote of thanks

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Statutory

185th Annual General Meeting (Virtual AGM)

13th

https://www.youtube.com/watch?v=rGLrzIR-vEk

sep 2021

The 185th AGM of the Chamber was held virtually. In the Public Session, Chief Guest and Special Guests were Mr. Thangam Thennarasu, Hon’ble Minister for Industries, GoTN & Mr. Sridhar Vembu, Founder and CEO, Zoho Corporation. The Business Session was attended by 180+ participants.

Business Session Mr. Srivats Ram, President of the Chamber chaired the meeting and conducted the proceedings. He made a brief presentation of Chambers activities of the last financial year for the benefit of the members. The following resolutions were passed in the Business Session. •

Annual Report of the year 2020-2021

•

Audited Statement of accounts of the year 2020-2021.

•

Rates of subscription payable by different classes of members for the year 2021-2022. There is no revision and the existing rates would continue as well as the voting rights.

•

Appointment of the Auditors for the year 2021-2022. M/s RGN Price & Co. would continue as auditors for the current year 2021-2022.

•

The Members of the General Committee for the year 2021-2022 and the Expert Committees Chair and Co-Chair were announced.

Public Session Mr Srivats Ram, gave the welcome address and made a brief presentation of the activities of MCCI. The Presentation covered the genesis of MCCI, some past milestones, unique initiatives such as MCCI Arbitration Mediation and Conciliation centre (MAMC), Women Business Council (WBC) and some important studies the Chamber had embarked in the last few years. He summed up all the Chamber’s

flagship activities and other key activities completed during pandemic and informed that the Chamber had organised more than 150 Webinars and Meetings virtually, besides conducting studies and bringing out policy papers for the benefit of the members. At the outbreak of the pandemic, the Chamber set up a Help Desk to provide real time support, updating the members on various Government Notifications. During the Second Wave, with the overwhelming support of a few members, donated 72 Oxygen Concentrators to Omandurar Hospital and was acknowledged by the Hon’ble Minister for Health, Government of Tamil Nadu. Ms K Saraswathi Secretary General introduced the Chief Guest Mr. Thangam Thennarasu, Hon’ble Minister for Industries, GoTN & Special Guest Mr. Sridhar Vembu, Founder and CEO, Zoho Corporation Mr. Sridhar Vembu, Founder and CEO, Zoho Corporation made a brief presentation highlighting the need to building R&D ecosystem. He said most of the technology know-how needed for industries is imported from foreign countries, and this needed to change for India to move to the next level and focus should be on developing R&D. He stated that Tamil Nadu can take pride for being one among the many most industrialized states in India. TN has a per capita GDP of around $3000 and a country like Taiwan is at $30,000. We have to move from only having factories to having the know-how behind those factories. He stated that we have to build our R&D capability for this and

Annual Report 2021 - 2022 23

Statutory emphasized that we need our products to aspire to be the “greatest on the planet”. He requested the State Government to think about having particular R&D linked engineering awards to honour our chemical, mechanical engineers to motivate and encourage them. Mr. Thangam Thennarasu, Hon’ble Minister for Industries, GoTN congratulated Chamber for its long history and appreciated the gamut of activities the Chamber is doing for the interest of members and the State economy. In his address, he informed that Tamil Nadu is a State with tremendous potential and aspiration levels are high. While we have all the positive factors in abundance, the State is yet to use its full potential to become a model State. In the first 100 days, on a single-minded focus, the virus has been contained and the vaccination drive has been a success. They have unveiled an upgraded website 2.0 for single window clearance that has inculcated 100 more services across 24 departments. They will add another 210 services under it by next March and ensure that single window is not just on paper but in delivery. This is a major breakthrough to ensure ease of doing business. He further informed that the state will soon come out with policies for exports, pharma and R & D to encourage growth in these segments.

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He added that within the first sequence of investments introduced in by the new state authorities, 35 new MoUs have been signed to entice greater than Rs 17,141 crores in new investments. They have set the platform to obtain the goal to make Tamil Nadu a $1 trillion financial system by 2030, he stated. He added “Our immediate priority is to improve the investment scenario in the State. There is a need to get more investments. More factories are needed to spur industrial activity across the State to generate more employment opportunities for the people. We are interested in balanced and equitable industrial development across the State. We will concentrate on industrially backward districts. We plan to develop Naguneri into an Industrial hub, as it will be beneficial to districts such as Kanniyakumari, Tirunelveli, Nagercoil and Thoothukudi” He requested the Chamber to work closely with the government and to provide the support in the endeavor to make Tamil Nadu, one of the best States in South Asia. Followed by the Guests address we had a Q&A session. Mr. T.R.Kesavan, Vice President of the Chamber proposed the formal vote of thanks

CHAMBER DAY

185th chamber day

https://www.youtube.com/watch?v=QmUPlS2liYk

Mr. Srivats Ram, President, of the Chamber gave the welcome remarks and thanked all the dignitaries who joined the meeting virtually and introduced the Chief Guest Mr. Vijay Sankar, Deputy Chairman, The Sanmar Group. Mr. Vijay Sankar, Deputy Chairman, The Sanmar Group in his address covered Sanmar group’s challenging times, his experience and the learning he had in last decade. He stated today the Sanmar Group has a revenue of around USD 1 Billion and an asset base over USD 1.5 Billion. As Deputy Chairman, he is responsible for the Group’s operational management. He highlighted the chemicals business of this group has gone through some rough times, so much so that its flagship, Chemplast Sanmar, a producer of PVC and piping systems from the period 2008 to 2021 suffered the most. The group went through to the heavy investment phase for the company chiefly involving the setting up of a greenfield PVC plant at Cuddalore, Tamil Nadu. One of the main reasons for the losses was the huge capital cost on new plants. He stated that all the plants are running full now, but margins (of commodity PVC) are still under pressure. Mr. Vijay Sankar pointed out that in a large commodities business, once the heavy investment phase is over then the cash flows would improve. The main learning, he emphasized was keeping up the integrity, being fair and convincing the Government that made Sanmar being happy to be in Tamil Nadu. The next big expansion slated is in Egypt. This plant has been put up by group company, TCI Sanmar Chemicals. After spending nearly $1 billion, a part of the integrated facility was started in 2010. Caught up in Egypt’s Arab spring, the plant was damaged and remained shut for several months. Production resumed and the plant is fully operational now. Mr. Vijay Sankar said this plant services the high-demand Egyptian and Turkish markets. Elaborating on the industry, Mr. Vijay Sankar said the margins in the PVC business are an issue, but they need to meet them. Larger capacities will allow them to absorb overheads better. He added that they need to source better and produce efficiently. Mr. Vijay Sankar, the fourth-gen scion of one of Tamil Nadu’s older business families stated in all during their tough times, people were their strength and they ensured to keep the reputation intact and live up to the principles, value systems and motto to think long term invest and innovate. He further added being a responsible company they have put up a zero liquid discharge before Government could bring it as a mandate and that they ensure to follow all required sustainability reports.

29th sep 2021

He added that recently the group has gone for IPO and they have received an overwhelming response because of the sign of trust and confidence in the group’s businesses and integrity. Ms. K. Saraswathi moderated the Q&A Session. There were questions related to licensing, Hiring, Sustainable goals and Financial Management. There were more than 146+ participants who attended the Chamber Day and the feedback was positive.

Annual Report 2021 - 2022 25

flagship activities

Workshop on Union Budget The Flagship activity of the Chamber, the Workshop on Union Budget 2022-23 was organized virtually following the release of the Union Budget on 1st February 2022 by the Finance Minister, Government of India Mr. Srivats Ram, President MCCI welcomed the delegates and highlighted the key features of the budget. Mr. K. Vaitheeswaran Chairman, MCCI Expert Committee on GST & Advocate and Tax Consultant made a very detailed presentation on the Budget Analysis on Indirect Taxes and GST. Mr. Vikram Vijayaraghavan, Co Chairman, MCCI Expert Committee on Direct Taxes & Advocate Subbaraya Aiyar Padmanabhan &Ramamani (SAPR) Advocates made a detailed presentation on Budget Analysis on Direct Tax. Mr. Sriram Seshadri, GC Member, Partner, Price Waterhouse & Co.LLP summed up the tax provisions. Dr. M.R. Venkatesh, Designated Partner, Agastya Legal LLP, gave a brief overview of the economic impact of the budget. Mr. T.R. Kesavan,Vice President, MCCI, Group President (Corporate Relations & Alliances) TAFE Ltd. proposed the formal vote of thanks The Program was well attended by more than 100 delegates across industries and the feedback received was excellent.

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4th feb 2022

https://youtu.be/hZJSiptPQug

Conference on Tamil Nadu Energy – The Way to a Sustainable Future The Chamber conducted its annual Flagship Conference on Tamil Nadu Energy - The way to a Sustainable Future on 8th February 2022. This was the 9th Power Conference. The conference proposed to look in to the current status of power in the context of growing demand and provide a platform to discuss the possible reforms needed for the sector towards improving the financial viability and sustainability. The presentations in the Technical sessions were elaborate and the discussions in the panel were focussed on providing the necessary recommendations to the Government. Mr. Srivats Ram, President of the Chamber gave the welcome address and set the context for the conference. Mr. V. Sriram, Co Founder and Partner, Sammati Consulting and Analytics LLP made a presentation on the overview of the power situation in TN. Mr Shaji John, Director (Power), NLC India Ltd., the Special Guest addresses the participants about the measures taken by NLC for a way to a sustainable future, particularly highlighting the thrust on solar power generation and sizable investments proposed by NLC for this purpose. Mr. Rajesh Lakhoni, IAS, Chairman cum Managing Director, TANGEDCO, Govt. of Tamil Nadu was the Chief Guest. In his address, he assured that the State need not have any fear of energy shortage for the next 10 years at least as the power generation through various means is

8th feb 2022

self-sufficient. He further addressed on the operational efficiency and how the cost saving measures adopted in TANGEDCO would help in cutting down the losses. In the Technical Session, Mr. Ankit Piplani, Vice President, EY made a detailed presentation on the Future of power in TN (Current Status, Demand and Growth projections) Mr.Sabyasachi Majumdar, Head- Energy Sector, ICRA made a presentation on Financial viability of TN power sector (Key Issues & Findings) Mr. Umashankar Gantayat,Independent Advisor (Energy) made a presentation on Sustainable Power- How to get there ? (COP 26 and outcomes/ commitments) In the panel discussion, moderated by Mr.T.Shivaraman, Managing Director, SEPC Ltd., the speakers were Mr Vivek Harinarain IAS (Retd.) Managing Director, OPG Power Group Mr.Eisenhower lke Swaminathan, Managing Director, Saint-Gobain India Private Ltd., Mr.Narasinga Rao, Senior Director, Cognizant Technology Solutions. participated and covered a gamut of topics like,what the expectations of the industry, what the views and issues of the power generators in the private , etc. The deliberations during this conference identified the short term, medium and long term initiatives that TANGEDCO can possibly take up to ensure the sustained viability of the power sector. The summary of recommendations has been submitted to the Government for their necessary consideration. Mr. Balachandran Dharman, Co-Chair, MCCI Energy Committee proposed the formal vote of thanks.

Annual Report 2021 - 2022 27

Special program Talk on “Businesses in Ancient Madras and Modern Chennai”

25th aug 2021

https://www.youtube.com/watch?v=pOy3TcX2qBo

Mr. Srivats Ram, President of the Chamber welcomed the speakers and the participants. He briefed about MCCI’s history and how the same is connected to the history of the City.He stated that like how the Chamber was keen on the development of the Madras City in the past, the Chamber’s special bonding with the city continues and our new initiative “Chennai as a Next Financial Hub”, takes a lead on making Chennai a next generation financial hub. Mr. Pradeep Chakravarthy, Historian, Chennai moderated the session and the Panelists were: • Mr. Venkatesh Ramakrishnan, Bilingual Novelist & Historian • Ms. Suhsila Ravindranath, Senior Journalist Mr. Pradeep set the context and briefed about the core business in Madras through the ages. Mr. Venkatesh Ramakrishnan, presented on the key businesses in the colonial times and how they were conducted. Ms. Sushila Ravindranath talked about the growth of business during post-independence, industrial growth and how the city emerged as a manufacturing hub, financial and retail centres. Mr. J. Krishnan, GC member proposed the formal vote of thanks. The session was attended by more than 62 participants.

Conference on ”R & D as an Engine for Growth of Tamil Nadu” The Chamber organized a Conference on ”R & D as an Engine for Growth of Tamil Nadu” on 15th December 2021. Mr.Srivats Ram, President, MCCI & Managing Director, Wheels India Ltd. gave the welcome Address. Mr. Naveen Unni, Managing Partner, McKinsey & Co., in his presentation made a brief description of R & D, shared the facts about TN as an R & D Hub, and best practices in the countries and gave potential ideas to scale up the innovation, value added activities in R & D in the State.

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15th dec 2021

Dr. Palanivel Rajan, Hon’ble Minister for Finance shared a few thoughts about the changes that has taken place from the ‘90s till date in other countries which has accelerated the growth of the nation. He pointed out that to make the startups comfortable, a creation of ecosystem of excellence is essential that would separate innovation and scalable activities from the mundane. He added that there is a move to register the innovations available in a portal to showcase for adoption by the Government agencies which will help to scale up startups.

Mr. Thangam Thennarasu Hon’ble Minister for Industries stated that if the State has to reach the target of $1 trillion economy by 2030, and $100 billion in exports, the State has to scale up its efforts and not be complacent with the current level of R & D. He added that we need to create high value employment and export worthy and environmentally sustainable products. Mr. S. Krishnan IAS, in his address stated that the State has a huge turnout of graduates from professional colleges and arts and science colleges in the job market, and though quality is still an issue, there are jobs in other states and other countries. There is a need to create more value-added jobs in the State and one of the most potent areas where this could happen is R& D. Panel discussion In the Panel discussion moderated by Mr. Raghuttama Rao, CEO, Gopalakrishnan-Deshpande Centre for Innovation and Entrepreneurship, IITM, the following points emerged. Mr.P. Kaniappan, Managing Director, WABCO India Ltd. shared the perspective of what WABCO does in R & D and how Chennai plays an important role in the ecosystem. He added that though Chennai has a digital engineering centre, there is a gap in finding the right talent and this can be addressed and skilling of Engineers and building a talent pool is essential Mr. R. Velusamy, Chief of Global Product Development– Automotive Division, Mahindra & Mahindra gave examples of how they could successfully launch their recent innovations such as XUV700 in the Mahindra Research Valley in Chennai. As for the move they have made to shift their R & D base to Chennai from Nasik and Mumbai, he elaborated on the advantages of having the center in Chennai. He added that collaboration between Industry and academia and building the science faculty would be the right step towards developing R and D.

Mr. Raghuttama Rao summed up by stating our country encourages research parks and TN has more than 75 companies working with academia in R & D. To be globally competitive, TN can focus on Aero space, defence, medical and technology , renewable energy and cleantech, agritech, water and sanitation, besides mobility. This would lead to regain the numero uno position in Asia. Dr. Raghuram Rajan, Member, Economic Advisory Council, GoTN in his special address stated that the State Governments can foster an ecosystem of research and development and reduce the amount of Indian talent migrating abroad by opening up space for foreign universities. Apart from enhancing the local talent, to keep the home-grown talent, it would be ideal for the State to consider bringing foreign universities, their R & D resources, and their upgradation of talent. He added that opening a license or attracting Stanford, MIT or a Cal Tech would be a value add. Further, he stated that the State should not limit itself to the focus areas of R & D and should be open to a variety of possibilities. The scope for R & D need not be only manufacturing, it can be deep learning, AI and those areas that may not require that much upgrading. As mentioned in the panel, it could be agritech, medtech that could benefit from R & D and it is important for the States to keep an open mind. He concluded by saying that the Tamil Nadu can think of how to get back the diaspora. Mr. T.R. Kesavan, Vice President, MCCI thanked the Chief Guests, Special Guests and the panelists and assured to collaborate with the Government for strengthening of R & D which is critical for the growth of the economy of the State. The session was well attended by more than 600 participants. https://www.youtube.com/watch?v=Oa4wp9ysc9g

Mr. Mahendra Singhi, MD & CEO, Dalmia Cement (Bharat) Ltd.expressed his appreciation for the TN Climate green company formed by the State Government. As for Dalmia cements, they identified that “Clean and Green” is profitable and sustainable in the long run. By generating power from the waste of other sectors, they could bring down the cost and conserve energy. Dr.Satya Chakravarthy, Professor, Dept. of Aerospace Engineering, IIT Madras spoke about the scope for setting up an Aerospace hub in Tamil Nadu. He listed all the ingredients that are present in Tamil Nadu for having solid and liquid rockets. Tamil Nadu has the wherewithal and the potential and necessary eco system for space launches and this is an area of high value which could reap the benefits for the State.

Annual Report 2021 - 2022 29

Sustainable Chennai Forum The programs organized under the banner of SCF are as follows: -

Talk on “Eco Restoration and Climate Resilience” On the Occasion of World Environment Day, the Chamber under Sustainable Chennai Forum organized a virtual Talk on “Eco Restoration and Climate Resilience” on 5th June 2021. Mr. Srivats Ram, President, MCCI gave the brief introduction about Chamber and SCF initiatives and highlighted that the Tamil Nadu State Action Plan on Climate Change (TNSAPCC) recently released a draft of a revamped plan on climate change. He emphasized that building climate resilience cannot happen without climate adaptation and suggested that without the eco restoration, communities and countries might not be able to withstand climate risks. Ms.K. Saraswathi, Secretary General, MCCI introduced the speaker Dr. Nambi Appadurai, Director & Strategy Head , Climate Resilience Practice of World Resources Institute (WRI) India . Dr. A. Nambi Appadurai made a detailed presentation covering the impacts / challenges, opportunities, and

5th jun 2021

how it could be linked to resilience. He reiterated on the point that the eco system need to be restored. His address broadly covered the rivers &lake ecosystems, forest degradation and climate change. The process of conservation to restoration and then to resilience was explained in detail. Real time case studies and projects were shared to demonstrate the restoration process and its benefits. His final remarks covered the need for scientific assessment, harnessing and promoting citizen science, building a business model and building a robust database / base line data. Mr. S. Venkatachalam, Managing Director, Orient Green Power Co. Ltd.& Chairman Energy Committee ,MCCI moderated the Q&A session. Mr. S. Venkatachalam proposed the formal vote of thanks. The Program was attended by more than 116 participants and there were a diversified mix of participants who took part in the interactive session and the feedback was positive.

https://www.youtube.com/watch?v=hwqYoZxoZA0

30 Annual Report 2021 - 2022

UTC Conference “City Climate Action- Building a Resilient Chennai”

In the last four years, the Chamber has been privileged to partner with UNHABITAT and host the Urban Thinkers Campus, the first of its kind in Chennai, under the World Urban Campaign, namely “Chennai as a Global City” in 2017, followed by “Roadmap to Zero waste in Chennai” in the year 2018 and “Making Chennai Water Positive” in the year 2019 and “Making Chennai a Climate Smart City” in the year 2020. Our knowledge Partner was National Institute of Urban Affairs (NIUA) for all the four Conferences. Further, during the current pandemic, the Chamber took part in the #COVID-19 Urban Thinkers Campus Series 2 and had a Session on “Housing for All to Create Sustainable and Inclusive Cities” with NIUA and other partner organisations. The Chamber organized the fifth (virtual) Conference under UTC, on the theme “City Climate Action- Building a Resilient Chennai”. The Conference spread across for 2 days on 9th and 10th November 2021 coinciding with

Day 1: - Urban Thinkers Session 1: Policy and Planning for a Resilient Chennai Dr. Uma Maheshwaran Rajasekar, Chair Urban Resilience – Global Resilience Cities Network National Institute of Urban Affairs(NIUA), New Delhi moderated the Session. The topics in this session and the speakers were Dr.Laveesh Bhandari, Economist & President, Indicus Foundation addressed on the Impact of Climate Changes on Cities and the Need for Climate Proofing. Dr Sugato Dutt IFS,former Member Secretary, State Planning Commission addressed on Criticality of Land Use and Land Cover in resilience planning Mr.S.Rajendran, Chief Engineer – General, Greater Chennai Corporation made a presentation on Chennai’s preparedness to cope and recover from climate disasters - Learnings from the Past Ms.Eveline Bronsdijk, Sustainability Advisor, Urban Development Dept., Municipality of Rotterdam made a presentation on Case Study & Experience sharing

nov 2021

the 10th Anniversary of Sustainable Chennai Forum. In the Inaugural Session, Mr.Srivats Ram, President MCCI gave the welcome address and briefed about the activities of the Sustainable Chennai Forum. Ms Christine Auclair, Head of Advocacy and Campaigns Unit External Relations, Strategy, Knowledge and Innovation ,UN-Habitat, Nairobi, Kenya spoke on the UN Habitat initiatives and set the context of UTC for discussing the action taken by India towards climate action, Tamil Nadu’s strategies and Chennai’s vulnerability. Mr. Karthik Ganesan, Fellow and Director – Research Coordination, Council for Energy, Environment & Water (CEEW) gave the Special Address. He stated that the climate vulnerability index of CEEW estimated that Chennai is the 11th most vulnerable to climate change. He elaborated on Spatial Data Analytics Explorer (SPADE) to understand development patterns and to enhance resilience of cities. He added that Urban Local bodies should be more accountable and capacitated for implementing climate action. Ms.K.Saraswathi, Secretary General proposed the formal vote of thanks

https://www.youtube.com/watch?v=06ySkDrHaoc

The Chamber launched the Sustainable Chennai Forum (SCF) on November 9, 2011, during our 175th year and through this forum we focus on areas like Energy, Water, Waste Management, Transport and Urban Greening and have conducted Conferences, Seminars and awareness programs on a regular basis.

9th & 10th

Annual Report 2021 - 2022 31

sustainable chennai forum

Day 2 : Urban Thinkers Session 2: Critical Physical Infrastructure for Building Resilience

https://www.youtube.com/watch?v=I2VVJ02eH0I

Mr.Rajivan Krishnaswamy, IAS ( R ) & Former Senior Urban Finance Specialist, World Bank moderated the Session. He briefed on the theme Critical Physical Infrastructure for Building Resilience. Ms. Aishwarya Raman Associate Director and Head of Research, Ola Mobility Institute (OMI) made a presentation on The Promise of Shared, Connected, Electric and Autonomous Mobility for India. She commented that the future of EVs in India looks promising, as there’s growing demand, policy support, opportunities and rising investment as well. Dr Jayashree Vencatesan, Managing Trustee, Care Earth Trust made a presentation on Chennai Resilience – Blue Green Infrastructure. She informed that coastal cities like Chennai are a double-edged sword and the ratio of water bodies, wetlands and green cover to the built-up area of the city has been dwindling over the last 3 decades. She stated that resilience should include the spatial, social and temporal dimensions as well . Mr.Benjamin John, City Advisor Bengaluru & Chennai, C 40 cities made a presentation on Critical Grey Infrastructure for Building Resilience. C40 suggests a stepwise approach to developing a long-term resilience plan for cities which includes 8 steps right from avoiding development on eco-sensitive zones like wetlands to protecting flood prone areas etc.

Urban Thinkers Session 3: https://www.youtube.com/watch?v=I2VVJ02eH0I Strengthening Social Infrastructure for Resilience Dr.Nambi Appadurai, Director of the Climate Resilience Practice of World Resources Institute (WRI) India moderated the Session Dr. R. Jayanthi, Dean,Omandurar Government Medical College, Chennai addressed on the Enhancing Health care Infrastructure: Lessons learnt from the Pandemic. She elaborated on how the State and district level war rooms and Task forces were established to monitor and control the active cases. Dr. Abdul Razak Mohamed, Professor and Head, Department of Planning, School of Planning and Architecture, Vijayawada, Andhra Pradesh made a presentation on “Including the Excluded Urban Community Towards Building Social Resilience. A case study of Vijayawada was presented by him where research was conducted on the spatial and social exclusion of informal settlements. Dr. Ajith Kaliyath, Urban Chair/Professor, Kerala Institute of Local Administration made a presentation on Community Resilience – Criticality of Social Infrastructure. He stated that in the absence of social networks, community relationships, disasters can impact people more. Community social capital models which consist of bridging, bonding and linking networks is key in enhancing engagement, trust and efficacy amongst social groups . The concept of 15-minute city championed by the Paris administration was explained. a. The Valedictory Session was addressed by Dr. Jayanthi. M, IFS, Special Secretary (Environment & Climate Change) Department of Environment & Climate Change & Forests, Government of Tamil Nadu. Dr. Jayanthi elaborated on the TN SAPCC which focuses on coastal area management, sustainable habitats, strategic knowledge on climate change, etc. These are areas important to climate mitigation and adaptation actions within the state. The government has also announced three major missions

on green TN, wetlands and climate change, TN Green climate company (to facilitate a state level green climate fund), climate studio, as part of the latest budget session and bilateral cooperation The program was attended by 100+ participants who lauded the program. .

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WBC PROGRAMS WOMEN BUSINESS COUNCIL The Women Business Council was set up in March 2021 with an aim to promote general accelera�on and to build an inclusive culture in business environments. The primary objec�ve is to enable women to reach their highest poten�al, through learning and awareness and to create opportuni�es for gender.

Panel discussion on Inclusive Leadership in Challenging Times The Chamber organized a Virtual Panel discussion on the topic “Inclusive Leadership in Challenging Times" on 15th June 2021. Ms. K. Saraswathi, Secretary General of the Chamber welcomed the speakers and the par�cipants. Ms. Bhavani Balasubramanian, Chairperson, Women Business Council & Chief Strategist - Diversity Evalua�on, AVTAR set the context for the panel discussion. Ms. Bhavani Balasubramanian moderated the panel discussion and posted the structured ques�ons rela�ng to the inclusivity to the panelists such as how to sustain and priori�ze inclusive leadership, culture of cohesiveness, belongingness in the current virtual era and focus on returning to work in the post pandemic era as a leader to promote be�erment of our workforce? Ms. Jayanthi Vaidyanathan, Senior Director HR, Paypal India shared the diﬀerent measures adopted during the pandemic in their organiza�on and elaborated on a few exclusive employee support programs. Ms. Ritu Singh IT Global Service Delivery & IT Governance Adani Group informed they had to think beyond the conven�on and it demanded the change in their cultural mindset during the pandemic. The prime mantra was courage, trust and values which enabled them to foresee the problem and redeﬁne the solu�on and to make it possible. Ms. Gowri Kailasam, President of Rane (Madras) Ltd., Steering & Linkage Division, Chennai informed WFH concept was totally new to manufacturing units. Employees, vendors and customers adapted to new changes and were also suppor�ve in the new phase of work. She added that empathy played a vital role in understanding the problem. A�er the structured Q&A there was an open Q&A Session. Many ques�ons rela�ng to new paradigm learning’s, WFH strategy, going forward new norms, etc. were raised to panelists. Mr. T R Kesavan, Vice President, MCCI proposed the formal vote of thanks.

ne Ju

15 t

Youtube link : https://youtu.be/AtGVL3k9cwI

The Program was well a�ended by more than 113 par�cipants and the feedback was posi�ve.

Annual Report 2021 - 2022 33

WBC PROGRAMS Virtual Session on Women Leadership Coffee Connect The Chamber organized the first Virtual Women Leadership Coffee Connect Session on 23rd July 2021. The primary aim was to connect with women leaders across different fields, learn from their stories, ideas and insights as to how they broke the glass ceiling and climbed the ladder of success. Ms. Bhavani Balasubramanian Chairperson, Women Business Council & Chief Strategist -Diversity Evalua�on, AVTAR gave the welcome address. Mr.K. Ramakrishnan CEO, Senior Managing Director - Strategic Rela�onships, Spark Capital Advisors (India) P Ltd. introduced the Speaker and ini�ated the conversa�on with the guest. Ms. Padmaja Chunduru, MD & CEO, Indian Bank, Chennai was the first speaker for the Women Leadership Coffee Connect series. She shared her experiences par�cularly in the context of her industry, how she reached her career milestones and stated that she never no�ced a glass ceiling either at SBI or in Indian Bank and was busy doing her own things and when an opportunity came, she was willing to risk it and did not let the work encroach on her home. She emphasized the need to have women in visible and cri�cal func�ons and to be entrepreneurial.

We had more than 100 par�cipants for the session and we had received excellent feedback from par�cipants. There was a wide coverage in the media.

Ms. MadhriGuruswamy, Co-Chair, Women Business Council &Advocate, T.S. Gopalan & Co., proposed the formal vote of thanks .

Youtube link : https://youtu.be/t0oHyZDSy3E

Panel Discussion on Managing the Unconscious Bias The Chamber organized a virtual panel discussion on “Managing Unconscious Bias” on 28th January 2022.

the

Ms. K. Saraswathi, Secretary General of the Chamber welcomed the panelists and the par�cipants. Ms. Madhumathi.C, Deputy Secretary of the Chamber introduced the speakers. Ms. Bhavani Balasubramanian, Chairperson, WBC set the context and put forward the following ques�ons to the panelists :Un conscious bias is ever changing and acquires defini�ons with different scenarios. How do you view and define it? What are the common types of biases that manifest at the work place and how does it manifest in the work place in the career life cycle gender biases and micro aggressions? What are the experiences of Women in public sector who are affected due to biases which you have seen? How do you find recent bias trends? Are we in a be�er place now? Are there certain organiza�onal best prac�ces against biases you have come across that you would like to share? The Panelists, Ms. Charushree IAS., Commissioner, Corpora�on, Tu�corin shared her experiences in the Public Sector and described the various ini�a�ves taken by her with the support of the Government to bring an awareness among people. She shared a few incidents in her personal life where she has experienced unconscious bias. Ms. Gayathri Swaminathan, Director, Ford Credit shared her perspec�ves from the Corporate sector.

34 Annual Report 2021 - 2022

J 20 anu 22 ar

Youtube link : https://youtu.be/2Yz66Yo6WQI

The program was well received by the par�cipants.

Mr. Kannan Hariharan, Chief Strategist- Diversity and Belongingness, AVTAR shared his inputs from his experiences overseas and elaborated on the organiza�onal best prac�ces against biases.

WBC PROGRAMS Women Leadership Coffee Connect Session The Chamber organised 3 programs from 8th March 2022 to 10th March 2022 to commemorate the Women’s Day on 8th March 2022. The First in the series was the Women Leadership Coﬀee Connect Session on 8th March 2022. Ms. R. M. Vishaka, MD & CEO, India First Life Insurance Company Ltd., was the Chief Guest and the session was moderated by Ms. Sangeetha Sumesh, Business & Leadership Coach.

Ms. Sangeetha’s ques�ons focussed on the corporate journey, facing bias in career, how should organisa�ons promote diversity, work life balance, WFH pros and cons and challenging �mes faced in her career. Ms. Vishaka related her personal experiences and showed how resilient one should be to overcome challenges to be a leader and her simplicity in answering the queries was appreciated by the par�cipants.

The program was a�ended by 105 par�cipants.

8 th M

Youtube Link : https://youtu.be/KGPJlshrbCs

Panel Discussion on Male Allyship On the second day of the Series to celebrate the Women’s day, the Chamber organised a panel discussion on “Male Allyship” on 9th March 2022. The session was moderated by Ms.Uma Rao, Vice President – HR & Head HR, Interna�onal Opera�ons, Ashok Leyland Ltd. and the speakers were Ms. Kalpana Jain, Partner, Deloi�e Touche Tohmatsu India LLP, Mr.Suresh Raman, VP & Head, Chennai Opera�ons, Tata Consultancy Services, Ms Asha Pillai, Global Partner, Informa�on and Technology, SHELL.

The inputs and experiences shared by the panellists received posi�ve feedback from 100+ par�cipants.

The ques�ons put forth to the experts were why is male allyship important? How can men be be�er allies? What can organisa�ons do to promote male allyship? A few examples of male allyship in the organisa�on.

9 th M

Youtube Link : h􀆩ps://youtu.be/kpzLKg_RGpw

Fireside Chat with Leaders on their Journey to Breaking the Bias On the third and ﬁnal day of the Women’s Day celebra�ons on 10th March 2022, Ms.Rajashree Natarajan, Chief Execu�ve Oﬃcer, Cognizant Founda�on was the Moderator and the speakers were Ms. Madhavi Latha, Former Na�onal Para Swimming Champion, Founder President of Wheelchair Basketball Federa�on of India, Author & AVP in a MNC Bank Group and Ms.Zainab Patel, AGM L&D, Pernod Richard India Ltd.

The personal experiences narrated by Ms. Madhavi and Ms. Zainab which included the challenges they have faced to reach success in their respec�ve careers was inspiring and the par�cipants expressed their apprecia�on.

ar M

10 t

Youtube Link : h􀆩ps://youtu.be/Uh8MewFqz5c

Around 70 par�cipants took part in this program.

Annual Report 2021 - 2022 35

https://youtu.be/GisUPtj-DJU https://youtu.be/5Lhh_4720s4

https://youtu.be/AIwEuQMSkkQ

https://youtu.be/-f8EDnXS7Iw

ARBITRATION SERIES https://youtu.be/HTHO3YHD_Cg https://youtu.be/HXg_BGE6_aY

https://youtu.be/yL8fxKreBTo https://youtu.be/5vm6aUGkJ2o

36 Annual Report 2021 - 2022

JOINT PROGRAMS Webinar on Business Opportunities between USA and India The Consulta�ve Commi�ee of City Chambers of Commerce (CCCCC), currently having secretariat under the Tamil Chamber of Commerce scheduled a virtual webinar on Business Opportuni�es between USA and India on April 7, 2021. Ms. Judith Ravin, Consul General of US, Chennai Mr. Manoj S Desai, Principal Commissioner Oﬃcer, US Consulate, Chennai Ms. Kathrun Flachsbart, Chief of the Consular Sec�on, US Consulate, Chennai addressed the session and made presenta�ons on possible business opportuni�es between USA and India.

20 ril 7 th Ap

The webinar was open to all members of the CCCCC and it was well a�ended.

Mr. Srivats Ram, President, MCCI introduced the speaker Mr.Manoj S.Desai, Principal Commercial Oﬃcer, US Consulate, Chennai.

Exclusive offer to MSME Companies to participate in the Virtual Job Fair for Women

Many of the members were a part of the virtual job fair and more than 1000 par�cipants enrolled for the event and par�cipated.

This unique event provided the much-needed opportunity of networking and hiring freshers, early and mid-career women professionals.

The Chamber under the auspices of Women Business Council (WBC) joined hands with Avtar Group, an innova�ve and transforma�onal Diversity and Inclusion solu�ons ﬁrm in a major job fair exclusively for women on 26th June 2021. The Chamber was the Outreach Partner for this Job Fair which had an exclusive oﬀer for MSMEs.

Virtual Interaction on Translating the INDIA-EU Trade enhancement and Connectivity plan in to action The Antwerp Port Authority in partnership with the Chamber organized a virtual interac�on on “Transla�ng the INDIA-EU Trade enhancement and Connec�vity plan in to ac�on” on Friday, 9th July 2021. The bilateral rela�onship between MCCI and Antwerp Port Authority is over a decade old which was highlighted by Mr. Srivats Ram, President, MCCI in his opening remarks. Mr. Luc Arnouts, Vice President Interna�onal Rela�ons, Antwerp Port Authority speciﬁcally highlighted how Antwerp Port can present itself as the nearshoring venue for centralized stocking & distribu�on point for Indian mari�me cargo exported across Europe and the UK, against the background of its excellent connec�vity to markets and ample warehousing at a�rac�ve rates. Ms. Elena Suarez, Adviser Interna�onal Rela�ons, Business Europe shared details of the importance of the business importance of India for the EU, discussion points of the India-EU leaders mee�ng and the latest update on the trade & investment agreements to follow.

20 9 th Ju

We had more than 55+ par�cipants and the feedback was posi�ve.

Mr. J.Krishnan, Partner, S.Natesa Iyer Logis�cs LLP & General Commi�ee Member, MCCI summarized the discussion in his closing remarks.

Ms. Prerna Soni, Vice President, Invest India highlighted the various Indian government ini�a�ves to strengthen trade, investment and streamline logis�cs to make Indian exports globally compe��ve and a�ract FDI ﬂows.

Annual Report 2021 - 2022 37

JOINT PROGRAMS Job Fair The pandemic had caused a major disrup�on in various aspects of life and the most important one in the world is that of sustained employment for those who had one and crea�ng some for those who have lost or do not have. Hence the Rotary Club of Chennai Mambalam and Rotary Club of Chennai, Spotlight from the Rotary Interna�onal District 3232, Chennai, India joined hands with the Govt of Tamil Nadu to conduct a Job Fair on 7th August 2021 at the YMCA Ground, Royape�ah, Chennai 600014 , with a clear guided principles of the State Government’s SOP for the pandemic all through the pre & post event.

7 th Au gu

More than 120 companies par�cipated and 3500 candidates had taken part and about 700 candidates had been selected and issued appointment orders.

The Madras Chamber supported the organizers in ge�ng the right companies / employers to par�cipate in the fair.

Uganda Hybrid Road Show Programme The Chamber extended its support for the "Uganda Hybrid Road Show Programme”, organized from 12th August to 14th August 2021 at ITC Grand Chola, Chennai by the High Commissioner of Uganda, New Delhi along with PHD Chamber of Commerce and Industry, one of the co-promoter Chambers of ASSOCHAM.

Many of our members ac�vely par�cipated in the Three-Day Road Show both Physically and Virtually and found it useful for their business.

12 t h Au - 1 2 0 g u 4 th 21 st

Themes for 3 days were Reaching for lucra�ve investment opportuni�es in the Pearl of Africa Reaching for lucra�ve tourism and culture investment opportuni�es in the Pearl of Africa and Reaching for lucra�ve trade opportuni�es in the Pearl of Africa.

Interactive Session on Doing Business in Thailand - Gateway to ASEAN The Madras Chamber jointly with Thailand Board of Investment organized an Interac�ve Session on Doing Business in Thailand - Gateway to ASEAN" on Tuesday, 7th September 2021 . The objec�ve of this session was to provide knowledge on the exis�ng & emerging business, investment and partnership opportuni�es, schemes and incen�ves and a roadmap for bilateral rela�ons. Mr. Srivats Ram , President MCCI delivered the welcome address.

Mr. Ni�rooge Phoneprasert (Consulate General at The Royal Thai Consulate, Chennai) presented the Investment Opportuni�es in Thailand. We had around 30 par�cipants in the session.

38 Annual Report 2021 - 2022

7 th Se p 20 tem 21 be r

Mr. Nanthapol Sudbanthad (Director Consul at The Thailand Board of Investment - The Royal Thai Consulate General, Mumbai)

OTHER PROGRAMS In house Training for M/s. Ruhrpumpen India Pvt. Ltd. An exclusive virtual in-house training was conducted for one of our esteemed members, M/s Ruhrpumpen India Ltd, on the below topics on EHS for their employees. Resource Person Mr. C S Kamesh, Sr. Principal Consultant – Management Systems, CSR & Sustainability

24 t

Training in Workplace Ergonomics on 24th June 2021 Training on Equipment Safety on 24th June 2021 Training on Employee Health Resources on 25th June 2021 Training on Safe Handling of Waste on 25th June 2021 Training on Environment Safety on 29th June 2021 Training on Electrical Safety on 29th June 2021 Training on Online Safety on 30th June 2021

J -3 2 0 u n e 0 th 21

Dura�on of each session – 2 hours. Number of Par�cipants – 50

Meeting with UNIDO

18 t

20 nu 22 ar y

A few members of the manufacturing commi�ee and the IT Commi�ee had an interac�on with representa�ves from UNIDO on the Industry 4.0 (I4.0) opportuni�es for manufacturing excellence in the state of Tamil Nadu. This was a preliminary mee�ng wherein Dr. Rene Ven Berkel, Regional Representa�ve of UNIDO Regional Oﬃce in India made a presenta�on on "Opportuni�es for Advanced Digital Produc�on in the manufacturing sector in India " and sought inputs from the members of the Chamber. Further discussions will be held and the possibility of UNIDO and the Chamber collabora�ng on this UNIDO project will be explored.

Telecast cum discussion on Union Budget

1 st Fe 20 bru 22 ar y

The members of the General Commi�ee and a few select members watched the session individually and shared their sugges�ons. A press release was issued and there was a wide coverage in the media.

Annual Report 2021 - 2022 39

rs,

GOVERNMENT INTERACTIONS

9th May 2021

Mr. Srivats Ram, President a�ended the mee�ng for select Industrial associa�ons to discuss about the lockdown and Covid relief measures organised under the leadership of Mr. M.K. Stalin, Honorable Chief Minister of TN on 9th May 2021.

19th May 2021

Mr. Srivats Ram, President a�ended the virtual mee�ng organised under the leadership of Mr. M.K Stalin, Honorable Chief Minister of TN on 19th May 2021 for select industrial associa�ons and industries to share their Covid contribu�on and other support extended to TN Government.

21st May 2021

Interac�ve virtual Mee�ng with Dr.G Kumar, Omandurar Medical College & hospital to understand the requirement of Omandurar Hospital for procuring medical oxygen concentrators on 21st May 2021

26th July 2021

State pre budget discussion at Guidance Bureau on 26th July 2021: Chamber presented the state pre budget points.

30th July 2021

Presenta�on on Fintech Dra� policy at State development council on 30th July 2021: Mr. Ramkumar Ramamoorthy, Past President MCCI presented the dra� Fintech policy

Mr. Srivats Ram, President, Mr Ramkumar, Past President, Mr. T. R. Kesavan, Vice President, Ms. Saraswathi, Secretary General and Mr.Sriram, Samma� Consul�ng had a mee�ng with Ms. Pooja Kulkarni, IAS, MD, Guidance Tamil Nadu on 6th August 6th August 2021 2021. This mee�ng was to update on the ac�vi�es undertaken by the Chamber to support the ac�vi�es of the Guidance Tamil Nadu to enhance the investments in the State.

40 Annual Report 2021 - 2022

expert committees 2021-22

for the year 2021-22 Name of the Committee

Chairmen

Co-Chairman

Company Law/ Corporate Matters

Mr.C.P.Sounderarajan Vice President – Corp.Affairs Tractors & Farm Equipment Ltd.

Ms.B.Chandra Partner B Chandra Associates

Corporate Social Responsibility (CSR)

Ms.Rajashree Natarajan Chief Executive Officer Cognizant Foundation

Dr.Vidya Durai Director – Philanthropy & CSR BNY Mellon Technology India Pvt.Ltd.

Direct Taxes

Mr.Aravind Srivatsan Partner Nangia Andersen Co.LLP

Mr.Vikram Vijayraghavan Partner Subbaraya Aiyar Padmanabhan & Ramamani Advocates (SAPR)

Education & Skill

Mr.R.M.Kishore Vice Chairman RMK Group of Engineering Colleges

Dr. S. Ramanathan Principal Asan Memorial College of Arts & Science

Energy including Renewable Energy

Mr.Suriyanarayana Rao Director – Industry & Eng. Corporate Consulting Group

Mr.Balachandran Dharman Director R R Kabel Ltd.

GST

Mr. K. Vaitheeswaran Advocate &Tax Consultant

Mr.R.Gopakumar Associate Director Cognizant Technology Solutions Pvt.Ltd.

HR & IR

Mr.S.Shyam Sundar Vice President – HR Brakes India Pvt.Ltd.

Mr. Anand Gopalan Partner TS Gopalan & Co.,

IT/ITES

Mr.L.Ashok Managing Director Futurenet Technologies India Pvt.Ltd.

Mr.V.Srinivas President -IT Chemplast Sanmar Ltd.

Legal Affairs

Mr. Anand Gopalan Partner TS Gopalan & Co.,

Ms.Savitha Kesav Jagadeesan Partner Kochhar & Co.,

Logistics

Mr. U. Udayabhaskar Reddy Wholetime Director Sanco Trans Ltd.

Mr.Ashwin Vijayakumar Head Supply Chain Paramount Shipping Services P Ltd.

Manufacturing

Mr.S.Sarathi Joint Managing Director Mando Automotive India Pvt.Ltd. – Anand Group

Mr.M.S.Ravikumar Head – Mfg & Supply chain Country Leader – Integrated Supply Chain WABCO India Ltd.

Annual Report 2021 - 2022 41

COMPANY LAW & CORPORATE MATTERS

Expert Committee Meetings

Company Law Virtual Presentation on “An Analysis of SEBI Circulars, Notifications and Proposals” issued in the month of March 2021 The Chamber organized a Virtual Presentation on “An Analysis of SEBI Circulars, Notifications and Proposals” issued in the month of March 2021 on 8th April 2021 to understand the notifications and circulars issued by SEBI.

Dr. B Ravi, Chairman, Company Law Committee introduced the speaker Ms. Anuradha, Partner, B Chandra Associates and set the context for the meeting and moderated the session. Ms. Anuradha, Partner, B Chandra Associates made a detailed presentation on the following:1.

Consultative paper provisions Independent Directors,

SEBI (Annual Report) Rules, 2021

relating

Ms. Bhavani Balasubramanian, Chief Strategist -Diversity Evaluation, AVTAR made a detailed presentation covering changes in the disclosures by way of additional information to stake holders, format changes –line items and auditors report.

42 Annual Report 2021 - 2022

apr 2021

Amendment to SEBI (Alternative Investment Funds) Regulations, 2012,

Regulatory framework for reclassification of promoter/ promoter group entities

Review of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

Review of SEBI (Delisting of Equity Shares) Regulations, 2009

Mr. V. V. Naresh, Vice President - Company Secretary & Compliance Officer, Intellect Design Arena Limited, Co-Chair of the Committee proposed the vote of thanks. The Program was attended by 28 members of the Company Law Committee and the feedback was positive.

Presentation on Recent Schedule III disclosures and other amendments to the Companies (Accounts Rules) 2014 A “Presentation on Recent Schedule III disclosures and other amendments to the Companies (Accounts Rules) 2014 was organized on 15th April 2021 to understand the disclosures and amendments.

8TH

15TH apr 2021

Many queries related to share capital disclosure, ageing profile, unbilled dues disclosure, section 123 interpretation challenges and MSME reporting were discussed. Based on the detailed deliberation, a representation has been submitted to the Ministry of Commerce. The Program was well attended by 48 members of the Company Law Committee and the feedback was positive.

Presentation on Key Developments in IBC during COVID Pandemic with special emphasis in Pre-Pack insolvency & Personal Guarantor insolvency

17TH jun 2021

Ms. Saraswathi, Secretary General welcomed the members.

Closure of Process and law mark case laws -The Case Laws-Evolution of IBC 2016.

Dr B Ravi, Chairman of the Company law committee set the context and introduced the speaker Mr. Anant Merathia, Managing Partner, Anant Merathia & Associates.

Dr B Ravi moderated the Q&A session.

Mr. Anant Merathia made a detailed presentation. He stated that law is significantly evolving from 2019 and many amendments had been witnessed during covid in Insolvency and Bankruptcy Code, 2016. His presentation covered the major amendments in light of Covid-19 developments and in terms of increase in threshold Limit Under IBC 2016, Pre- Admission Process, The Process for Bankruptcy, Prepack Insolvency Process,

Queries related to personal guarantor, new dimensions in law, family held companies, contingent liabilities, etc were posted and the queries were clarified by Mr. Anant Merathia Ms B Chandra, Partner, B Chandra & Associates and CoChairperson of the Company Law committee proposed the formal vote of thanks. The Program was attended by 40 participants and the presentation was appreciated.

Presentation on “Securities and Exchange Board of India (Delisting of Equity Shares) Regulations 2021

15TH jul 2021

Ms. Saraswathi, Secretary General welcomed the members.

highlights in new delisting regulation were also covered for the benefit of the members.

Dr B Ravi, Chairman of the Company law committee set the context and introduced the speaker Ms. V. Vasumathy, V. Vasumathy & Associates, practicing Company Secretary.

Dr B Ravi moderated the Q&A session and the queries were clarified by Ms. V Vasumathy

Ms. V. Vasumathy made a detailed presentation covering probable reasons for Delisting, Scope of Delisting Regulations, conditions and types of Delisting and the procedures for Delisting. Lastly, the key

Ms B Chandra, Partner, B Chandra & Associates and CoChairperson of the Company Law committee proposed the formal vote of thanks The Program was attended by 33 members of Company law committee.

Annual Report 2021 - 2022 43

Corporate Social Responsibility

Presentation on the topic “An insight into Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015

19TH aug 2021

A presentation on the topic “An insight into Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations 2015” to create the awareness on the new Insider Trading regulations was organized.

Ms. Shailashri Bhaskar made a detailed presentation covering the Prohibition of Insider Trading Regulations, Code of Fair Disclosure, Code of Conduct for the Prevention of Insider Trading and Whistle blower mechanism.

Ms. Saraswathi, Secretary General welcomed the members.

Dr B Ravi moderated the Q&A session and the queries were clarified by Ms. Shailashri Bhaskar.

Dr B Ravi, Chairman of the Company Law Committee set the context and introduced the speaker, Ms. Shailashri Bhaskar, Practising Company Secretary.

Ms B Chandra, Co-Chairperson of the Company Law committee proposed the formal vote of thanks. The Program was attended by 31 members who gave a positive feedback.

Interactive Meeting with the Officials of Ministry of Corporate Affairs, Chennai The Chamber organized an exclusive interactive meeting with the senior officials of the Ministry of Corporate Affairs, Chennai on 5th January 2022 at the MCCI Conference room. Dr. K. Thirumalaimuthu, – Regional Director, Southern Region and Mr. K G Joseph Jackson – Registrar of Companies – Ministry of Corporate Affairs, Chennai addressed the gathering.

44 Annual Report 2021 - 2022

5TH jan 2022

The attendees included representatives from Corporates and Professionals such as Company Secretaries, Chartered Accountants and Advocates. The officials of Ministry of Corporate Affairs clarified many queries raised by the participants. Challenges faced by the professionals were discussed. The officials briefed about various activities being carried on by the Ministry. It was a very useful and informative session.

Interactive meeting on “Faceless Income Tax Assessment Scheme”

Ms K Saraswathi, Secretary General of the Chamber anchored the session. Mr. Srivats Ram, President, of the Chamber welcomed the speaker and gave a brief introduction about MCCI and its activities, especially under the Tax committees. Mr.Aravind Srivatsan, Partner, Nangia Andersen Co LLP and Chairman Direct Taxes Committee, gave the opening remarks and introduced the speaker Ms. Jahanzeb Akhtar IRS, Principal Commissioner of Income Tax (ReAC)(AU)-3,Income Tax Department, Chennai . He also informed that MCCI will be submitting the memorandum related to faceless assessment after the interactive meeting. Ms. Jahanzeb Akhtar IRS, Principal Commissioner of Income Tax (ReAC)(AU)-3, Income Tax Department, Chennai made a detailed address at the interactive session and informed that India’s Income Tax

apr 2021

Department has been dependent on human tax assessment officers to assess tax returns filed by individuals. The Faceless Assessment scheme lays down the procedure to carry out a faceless assessment through electronic mode. From 13th August 2020, the e-assessment scheme of 2019 stands amended and hence known as the Faceless Assessment scheme. This is a game changer and a new paradigm and the role of assessing officer has been disaggregated. The main aim is to bring in Transparency (T), Efficiency (E) and Accountability (A). The platform will use data analytics, artificial intelligence and machine learning (AI/ML) against tax fraud and tax evaders. She reiterated that the aim is to reduce the litigation and focus on simplification that will also make it easier for the taxpayer to respond to any income tax notice. In the Q & A session Mr. Aravind Srivatsan, Chairman Direct Taxes Committee & Mr. Vikram Vijayaraghavan, Advocate, Subbaraya Aiyar Padmanabhan & Ramamani Advocates and Co Chairman, Direct Taxes Committee moderated the session. The structured questions pertaining to rectification, time frame, video conferencing among others were put forth and the queries were clarified by Ms. Jahanzeb Akhtar. Mr. T R Kesavan, Vice President, MCCI proposed the formal vote of thanks. The Interactive meeting was well attended by more than 105 participants and the feedback was positive.

Interactive Meeting on New TDS Provisions in Finance Act 2021

28TH apr 2022

The Finance Act 2021 has a “Special provisions in the form of Section 206AB and 206CCA for providing for a higher rate of TDS and TCS for non-filers of income tax return.

Mr. Srivats Ram, President of the Chamber gave the welcome address and while introducing the Chamber, highlighted flagship activities under Direct Taxes Committee.

The Chamber organized a Virtual Interactive Meeting on “New TDS Provisions in Finance Act 2021” on 28th April 2021.

Mr.Aravind Srivatsan, Chairman, Direct Taxes Committee, gave the opening remarks and introduced the speaker Ms. Swapna Nanu Ambatt IRS, Commissioner of Income Tax -TDS, Income Tax Department, Chennai. He stated that the queries will be

Annual Report 2021 - 2022 45

direct tax

In the Union Budget 2019, the Finance Minister proposed the introduction of a scheme of faceless e-assessment and the department rolled out the pan India Faceless assessment facilitates for all tax payers from August 13, 2020. In order to have the clear understanding of the process and to understand the ground level challenges and procedures, the Chamber organized an Interactive meeting on “Faceless Income Tax Assessment Scheme on Wednesday, 23rd April 2021 through Cisco Webex Platform.

23rd

compiled and it will be submitted as a memorandum from the Chamber. Ms.Swapna Nanu Ambatt IRS, Commissioner of Income Tax -TDS, Income Tax Department, Chennai made a very detailed presentation covering Finance Act 2021 & TDS Provisions. In the Q & A session Mr. Aravind Srivatsan, Chairman Direct Taxes Committee & Mr. Vikram Vijayaraghavan, Co Chairman, Direct Taxes Committee moderated the session.

Apart from the structured Q&A, we had an open Q&A wherein Mr. Vikram Vijayaraghavan compiled the queries posted by the participants and Ms. Swapna Ambatt answered the same. Ms K Saraswathi, Secretary General of the Chamber proposed the formal vote of thanks. The Interactive meeting was well attended by more than 89 participants and the feedback was positive.

Panel Discussion on New Rules under TDS, TCS and the Technical Challenges The Finance Act 2021 had brought the following changes with effect from 1st July 2021 in respect of TDS/TCS Provisions. 1.

Sec 194Q - Deduction of tax at source on payment of certain sum for purchase of goods

Sec 206AB - Deduction of tax at source for non-filers of Income tax return

Sec 206CCA - Collection of tax at source for non-filers of Income tax return

To understand the above provisions, compliance, procedural & technical issues, the Chamber organized the panel discussion. Ms. K. Saraswathi, Secretary General gave the welcome address and introduced the panelists. Mr. Aravind Srivatsan, Chairman Direct Taxes Expert committee set the context for the panel discussion.

46 Annual Report 2021 - 2022

7th jul 2021

The Panelists were • Mr. Ganapathy Subramanian, Director Tax for India and Asia Pacific, Danfoss India. • Mr. Venkatesh, DGM Taxation, Sundaram Finance Ltd • Mr. K Srinivasan, DGM Corporate Taxation, Ashok Leyland Ltd. • Mr. C. Sathia Jeeva Krishnan, Advisor - Direct Taxation, Mumbai Mr. C. Sathia Jeeva Krishnan, Advisor - Direct Taxation, Mumbai made a brief presentation highlighting the key changes and impacts. This was followed by a structured Q&A session. Queries from our members were collated related to TDS, TCS and other section implications and same were posted to the panelists. Mr. Aravind Srivatsan and Mr. Vikram Vijayaraghavan moderated the Q&A Session and the queries were answered by the panelists. The program was attended by more than 115 members and the feedback was positive.

The pandemic had affected most of the industries and especially the educational sector. Faculty, like educators everywhere, expressed concerns about their ability to provide instructional, academic, and emotional support to students, adapt to online teaching environments, maintain research, grant and publication activity while managing personal, child, and sometimes extended familial care. Though institutions were responding to faculty concerns, there were several overarching concerns. In this background, the Chamber organized a session on stress management for the faculty members in educational institutions on July 7, 2021. Ms. K. Saraswathi, Secretary General, anchored the session. Mr. R.M. Kishore, Chairman, Education Committee, MCCI & Vice Chairman, RMK Group of Institutions gave the welcome address. He highlighted the changing dynamism in education sector and informed going forward, the norms of education would be a blended model and urged all education institutions to adapt to the changes. Dr. M. Jaya Assistant Professor & Head, ASAN Memorial College of Arts and Science, introduced the Speaker Dr. Hema Tharoor, Senior Consultant & Psychiatrist, Apollo Spectra, Alwarpet, Chennai.

As a mark of respect to Dr. Bala Balachandran’s unique contribution to the management education and business studies, the Chamber, organized a virtual Remembrance Meeting on 6th October 2021 . The following persons who were associated with him in various capacities, shared their fond memories about him and paid their tributes. • Mr. S. Krishnan IAS, Additional Chief Secretary to Government, Finance Department, Govt. of Tamil Nadu

jul 2021

Dr Hema Tharoor emphasized on the point being mindfulness of what we do and not to be judgmental. She elaborated on the changing teaching methods and how it creates anxiety in the minds of teachers. She explained about the virtual engagement tactics such as active learning, virtual collaboration and gamification and added these tactics will aid new learning norms. Blended learning approach to education that combines online educational materials and opportunities for interaction online with traditional placebased classroom methods will continue to exist and teachers have to adapt to the new ways of teaching. Tips for success in online classes and health tips for teachers were explained in detail and emphasized to reimagine education and build a system that is Equitable, Effective and Resilient. She concluded with the point highlighting the need for self-care and ways to deal with burnout issues. In the Q and A Session, questions related to online teaching gaps, collaborative participation and interaction and counselling were raised and queries were answered by Dr Hema Tharoor. Vote of thanks was rendered by Dr Uthira , Vice Principal, MOP Vaishnav College for Women. More than 200+ faculties across institutions participated and the feedback was very positive.

Virtual Remembrance Meeting for Dr Bala Balachandran’s The Great Lakes Institute of Management is an esteemed member of the Chamber. The Chamber collaborated with the Great Lakes for the She Leads Project.

7th

6TH oct 2021

•

Mr. Lakshmi Narayanan, Ex-VC & CEO of Cognizant & Chairman of ICT Academy • Dr. Suresh Ramanathan, Dean & Principal, Great Lakes Institute of Management • Mr. Vinod K. Dasari, Ex. CEO & MD, Ashok Leyland & Chairman, Vinitha Health • Mr. Sunil Kumar, Center Head, World Bank Group • Dr Lalitha Balakrishnan, Principal, MOP Vaishnav College for women Dr. Sudhakar Balachandran, Professor, University of Illinois, Chicago, son of Dr. Bala joined the event and acknowledged the tributes and shared his memories of his beloved father. We had more than 118+ participants who took part in the remembrance meeting.

Annual Report 2021 - 2022 47

education

Session on “Stress Management” for the faculty members in Educational Institutions

ENERGY

Webinar on “Dispelling the Myths about Rooftop Solar”

14TH

https://www.youtube.com/watch?v=KdIz-Bu2hBc

JUL 2021

Tamil Nadu has already emerged as a leader in renewable energy through its highest wind power capacity among all States. It has the potential to become the highest installed rooftop solar energy generation capacity in India with a vision to install 9000 MW by 2023. Rooftop solar systems became a popular source of electric power because it is a renewable energy source and it is abundantly available during the day. However, there were many myths in the understanding and in order to understand the policy and to create an awareness the Chamber in partnership with Auroville Consulting, organized a webinar on “ Dispelling the Myths about Rooftop Solar” on 14th July 2021 . Ms. K. Saraswathi, Secretary General, MCCI gave the welcome address and introduced the speakers. Mr. S. Venkatachalam, Chairman, MCCI Energy Committee & Managing Director, Orient Green Power Co. Ltd. gave the overview about Rooftop Solar in Tamil Nādu and in India and gave the global perspective.

Mr. Martin Scherfler, Co Founder, Auroville Consulting made a detailed presentation covering the current rooftop solar policy and options available for the customers. Ms. Sadhana Mankad, Dy. General Manager, State Bank of India, Credit Policy & Procedures Department made a detailed presentation on the Suprabha scheme – Credit lines for rooftop solar. Mr.Hari Subbish Kumar Subramanian, Auroville Consulting made a detailed presentation on case studies - financial viability of rooftop solar for C&I consumers. He further informed that 20 Pro bono financial feasibility report for rooftop solar PV for C&I consumer in Tamil Nadu can be offered to MCCI members and it will be on first come first serve basis. Q&A session was moderated by Mr. S. Venkatachalam and the queries of the participants were clarified by the panelists. The Program was well attended by more than 70 participants and the feedback was positive.

Virtual Training Session on “Enhancing Energy Efficiency in Motors and Motor Systems for Industries” The Chamber organized the virtual training Session on “Enhancing Energy Efficiency in Motors and Motor Systems for Industries” on 16th July 2021. Ms. K. Saraswathi, Secretary General of the Chamber gave the welcome address. Mr. Suryanarayana Rao, Co-Chairman, MCCI Energy Committee & Director-Industry & Engineering, Corporate Consulting Group set the context and introduced the speaker for the training session Mr. J. Srinivasan, Partner of M/s Ace Enablers LLP. The key objective of the training session was to make the participants understand the standards for various categories of motors and the benefits, motor efficiency management system, and to improve reliability through latest technological advancements.

48 Annual Report 2021 - 2022

16TH jul 2021

The training session broadly covered the following topics: • Motors and Motor system components, Installations and scope • Standards (International & Indian) • Approach to replacement strategies of induction motors. The training session immensely helped the operation and maintenance team to understand the techniques of improving the efficiencies and bringing down the cost of maintenance. We had 37 participants in the training session. We had Electrical, Mechanical and the Production process engineers from our member organizations and the feedback was very positive.

Knowledge Sharing Session “One Nation, One Grid, One Frequency, One Price The energy sector plays a crucial role in the progress of the country and influences both ease of living and ease of doing business. The Government of India is working on uniform electricity pricing across India and this may need synchronizing all regional grids and ensuring seamless connectivity in order to achieve substantial annual savings. For this purpose, the Govt has recently come out with a discussion paper on One Nation, One Grid, One Frequency, One Price. In order to know more about the proposed concept, the Chamber organized the knowledge sharing session.

18TH aug 2021

The session was divided into technical and commercial wherein the Technical Aspects was covered by Mr. A Kalyanasundaram, Head - Engineering Competency Development, PT&D, L&T Construction and the Economic and Commercial Aspects were covered by Mr. Piyush Bhatnagar Manager - Business Development PT&D, L&T Construction and Mr. Rajesh Gupta, Head - Business Development (Domestic) PT&D, L&T Construction. Followed by the presentations, we had the Q & A Session.

Mr. S Venkatachalam, Chairman Energy Expert committee gave the welcome address.

Vote of thanks was delivered by Mr. Suryanarayana Rao, Director, Industry & Engg, Corporate Consulting Group and Co-Chairman, MCCI Energy Committee.

Ms K. Saraswathi, Secretary General introduced the speakers.

We had more than 40 participants and it was a diversified mix of participants and the feedback was good.

Best Practices for Safe Electrical Wiring and Selection of Cables The Chamber organized a Presentation on “Best Practices for Safe Electrical Wiring and Selection of Cables” on 8th September 2021. Mr. Balachandran Dharman, Director, R R Kabel Ltd. gave the welcome address and introduced the speaker Mr. Gopal Rao, Advisor to RSP Design Consultants (India) Pvt Ltd. The session covered the safe practices in wiring, selection criteria for cables & containment, good engineering and cable installation practices, D.C. cabling

8TH Sep 2021

and associated earthing in Residential, Commercial, Industrial and IT Applications. The presentation covered in depth the details relating to the Code and Standards, Safety Requirements, Causes of Failures, Steps for Safe, Selection criteria for Cables, Installation of Cables, Testing & Commissioning and Wiring and cabling for different load categories We had more than 43 Participants who attended the session and they were from manufacturing and IT domains.

Annual Report 2021 - 2022 49

Know the latest in GST

7TH

gst

JUn 2021 The Chamber had organised an exclusive session on Know the latest in GST on Monday 7th June, 2021. This session was organised to update the members on the latest amendments, judgements that would have an impact and what transpired in the 43rd GST council meeting.

Council meeting, amendments made to CGST Act and IGST Act and its implications pending HC and SC decisions on GST related matters. He added that going forward, norms would be Compensation to States, Covid Cess, Compensation Cess, Delinking of Returns and Payment of Tax and Place of Supply Issues, etc.

Mr. Srivats Ram, President of the Chamber gave the opening remarks.

Mr. R. Gopakumar, Associate Director, Cognizant Technology Solutions Pvt. Ltd and Co-Chair, MCCI GST Committee moderated the Q&A session.

Ms K Saraswathi, Secretary General introduced the speaker Mr. K. Vaitheeswaran, Advocate & Tax Consultant and Chairman, MCCI GST Committee.

There was an overwhelming response from the members and more than 200 participants took part in the program. The feedback was positive.

Mr. K. Vaitheeswaran made a detailed presentation on the decisions which were made during the 43rd GST

GST @ 4

2nd jul 2021

The Goods and Service Tax was rolled out in India on 1st July 2017 subsuming a plethora of taxes into a single tax and it was referred to as the “Good and Simple Tax”. It has been considered as a path breaking reform in the tax structure. As we entered the 5th year of GST, the Chamber organized the Session on “GST @ 4” on 2nd July, 2021 to understand the road we had travelled so far and the road ahead. . Mr. Srivatas Ram, President of the Chamber welcomed the speakers and participants and stated that ever since GST was introduced, there have been continuous flow of amendments and changes, keeping every stakeholder including the Government on their toes. This interactive session was organized with the GST Commissionerate to understand the road travelled and what is ahead for us with an exclusive focus on interaction between the participants and the officials

50 Annual Report 2021 - 2022

Mr. K. Vaitheeswaran, Advocate & Tax Consultant and Chairman, MCCI GST Committee set the context for the session and introduced the Chief Guest. He highlighted the issues faced by the industry and the customers. Mr. K. M. Ravichandran, IRS, Commissioner of GST & Central Excise, South Commissionerate, Chennai briefly addressed and introduced his team. Dr K Manoharan, Superintendent, Chennai South Commissionerate made a detailed presentation covering the important motives behind GST reform and elaborated on one nation one tax. GST Filing, returns, refund and Seamless flow of credit to eliminate the cascading effect of the taxes was explained and he shared the GST Seva Kendra, Chennai contact details and requested members to approach him for any GST related issues . Mr. K. M. Ravichandran, IRS, Commissioner of GST & Central Excise, South Commissionerate, Chennai elaborated on the journey of GST. He further

highlighted important reforms made in terms of Trade Facilitation measures like increase in turn over limits, cross utilization IGST, CGST and ITC, cutting cost of compliance in terms of QRMP. He also briefed about the launch of provision for paying nil returns through SMS facility and elaborated the other measures namely waiver of late fee, rationalization of cash ledger, enforcement e way bill system, HSS code mandatory and e Invoicing.

Followed by the address and presentation we had the Q&A session Mr. R. Gopakumar Associate Director, Cognizant Technology Solutions Pvt. Ltd and Co-Chair, MCCI GST Committee moderated the session wherein the participants raised the queries related to refund, HSS code, non-filing and the queries were clarified jointly by Commissioner and the Superintendent. More than 85 participants took part in the interactive session and the feedback was positive

Program on “GST - A Few Recent Changes and E Invoicing” The Chamber organised a program on “GST - A Few Recent Changes and E Invoicing” on 28th March 2022 at Hotel Regenta, Chennai. This was a joint program with NACIN. Mr. K. Vaitheeswaran, Advocate & Tax Consultant and Chairman, MCCI GST Committee made a detailed

28TH mar 2022

presentation on the GST – Recent Changes to the participants followed by the presentation on e-invoicing by Mr. R. Srivatsan, Additional Assistant Director, NACIN. The program was attended by 40 participants and the feedback was positive.

Annual Report 2021 - 2022 51

expert committees

hr & IR

MCCI Certificate Program on New Labour Codes The Chamber organized a certificate course on New Labour Codes in the month of April & May 2021 to understand and to provide an overview of various labour legislations with background and constitutional provisions. The Union Government converted 44 Labour laws into 4 Labour Codes. The objective of the Certificate course program was to discuss the key features of the 4 labour codes, understand the implications of these Codes and the Draft Central Rules, compliance & regulatory and provisions under these codes among others. Ms K Saraswathi, Secretary General of the Chamber proposed the welcome address on the Inaugural day. Mr. Shyam Sundar, Chairman, MCCI HR & IR Committee briefed and highlighted about the course and introduced the speakers.

•

Occupational Health, Safety & Working Conditions was handled by Mr. Srinageshwar, Vice President, (Group Industrial Relations), Simpson Group & Ms Savitha Kesav Jagadeesan, Senior Resident Partner, Kochhar & Co.,

52 Annual Report 2021 - 2022

apr 2021

24th apr 2021

Leading experts from the legal and HR fraternity handled the first 2 sessions held in the month of April 2021. Topic and Resource persons were as follows: •

Code on Wages - Mr Aditya Joshi, Advocate Pune and Mr F. Israel Inbaraj, General Manager, HR, Tata Consultancy Services Ltd.

•

Code on Industrial Relations - Dr. R. Krishnamurthy, Director, Industrial Relations Institute of India, Mumbai & Mr K Vittala Rao, Management Consultant, Bangalore.

The course was well attended by more than 90+ participants and participants were from across industries in India. The feedback was positive and there are requests to conduct these courses on a regular basis with the necessary updates.

MCCI Certificate Program on New Labour Codes The Chamber has completed two virtual sessions on 17th and 24th April on Code on Wages & Code on Industrial Relations. The sessions on Occupational Safety and Health code and Social Security code were covered during the month of May 2021

17th

•

8th, 15th, 22nd may 2021 Code on Social security was handled by Mr. P. Senthilkumar, PF Commissioner-Tambaram, Ms. K Sribhoomi Yesaswini, Kasturi Associates, Bangalore and

Mr. K. Varadan, Chief Consultation Officer, Aparajitha Corporate Services After the completion of the Course, there was an online assessment for the participants. The course was well attended by more 99 participants and participants were from across Industries in India. The feedback was positive and there are requests to conduct these courses on a regular basis with the necessary updates.

New Benefits for Families of EPF & ESI Subscribers Presentation by Officials of EPFO & ESIC, Chennai The Ministry of Labour & Employment, Govt. of India had recently announced additional benefits for families of insured persons covered under the ESI & EPFOs EDLI schemes. The Chamber organised an interactive session with PF & ESI organisations in Chennai on 22nd June 2021 to understand the schemes, benefits for employees and other connected issues. Ms. K. Saraswathi, Secretary General of the Chamber anchored the session. Mr. Srivats Ram, President, MCCI gave the welcome remarks. He gave a brief introduction about Chamber and activities done under aegis of HR & IR Committee. Mr. Shyam Sundar, Chairman of HR/IR Committee introduced the Speakers for the session. Mr. Pranit Joshi, Regional Provident Commissioner-II, Chennai thanked MCCI for inviting him for the second time to brief the members about the changes brought in the EPF. He made a detailed presentation explaining the new features and schemes introduced during the

22nd june 2021

pandemic in EPFO and stated that pandemic mooted the innovation in all walks of Government department works which would not have been implemented, so fast if not for the pandemic. Starting from online facility schemes for members which had been the citizen centric movement, composition claim form, auto claim settlement, new advance claim under para 68HH of EPF scheme, Prayaas, an Initiative to release pension on the date of superannuation, Umang (Unified Mobile Application For New-Age Governance) schemes were dealt in detail. Mr. Ramesh Kumar Deputy Director, ESI Corporation made a detailed presentation covering ESI Applicability, Coverage, contributions and medical benefits. The eligibility criteria were explained in detail for the benefit of the members. His presentation also covered Modified ABVKY Scheme and urged members to make use of the benefit. And lastly, all COVID-19 Relief Schemes were explained. After the presentation there was an open Q&A Session. As it was a need of the hour topic, members participated in large numbers and more than 200 participants were present for this interactive session.

Session on “MENTAL WELLNESS CONCLAVE” Working from home throughout the pandemic created a physical distance for many of us, but also brought us closer together through technology. With the uncertainty and constantly changing impact of Covid-19 on employees, the role of the human resources professional requires expansion into an even broader collection of responsibilities, including an increased focus on behavioral health. In order to understand the new dynamism, the Chamber organized a “MENTAL WELLNESS CONCLAVE” on 18th September 2021

18th sep 2021

Ms. K Saraswathi, Secretary General of the Chamber gave the welcome address. Mr. Shyam Sundar, Chairman HR&IR Committee set the context and introduced the speakers. Speakers for the conclave were •

Ms. Diana, in-house counsellor, Silver Oak Health

•

Ms. Titir Dewan , Counselling Psychologist , Silver Oak Health

•

Ms. Joana Ann Mathews, Wellness Coach, Silver Oak Health

Annual Report 2021 - 2022 53

expert committees The conclave covered the below topics: •

Strategies to cope with stress and Self-care

•

Overview on DASS-21 & Scoring

•

Tranquil Mindfulness

•

Awareness on Mental health and addressing stigma

•

Understanding sources, symptoms and signs of stress

•

How to be an effective First Responder to employees

After the presentation by speakers, there was a Q and A Session.

•

Practice of mindfulness and how to implement it in everyday situations

We had more than 40 participants for the conclave and the feedback was good.

Virtual Certificate Course on Digital HR The Chamber formed a core committee from the HR and IR Committee, to curate the Certificate Course on Digital HR under the guidance of Mr. Shyam Sundar, Chair, HR Committee. Based on the discussions, the certificate course was designed for 6 days for 3 months on alternate Saturdays. The objective of the course was to explore the application of digital technologies in the work place and to review how these technologies can have an impact on the workplace and HR roles.

Certificate Course on Digital HR The Certificate Course on Digital HR which is an ongoing course was conducted on 12th March 2022 and 26th March 2022 Mr. Durai Babu Selvaraj, AGM, CoE-Learning & Development, KONE Elevators India Ltd. Addressed on the topic “Learning & Development Digitization & Automation Process” in the first technical session and Mr. Jaswant Sharanarthy, Head -L&OD, PMS, Cavinkare Ltd. made a presentation on the topic “Performance Management Digital Process” in the second technical session on 12th March 2022.

54 Annual Report 2021 - 2022

Feb-apr 2022

Mr. S. V. Nathan, Partner & Chief Talent Officer, Deloitte South Asia was the Chief Guest on the day the course which commenced with 29 participants. In the first session, Mr. Anantha Sayana, Former Chief Digital Officer, L&T Ltd. dealt with why Digital HR and explained the nuances of Digital HR followed by the recruitment process by Mr. Rajeev Menon, VP & Global Head - Talent Acquisition, WIPRO.

12th & 26th mar 2021 On 26th March 2022, Mr. Subhrakanti Namhata, Head, Leadership & Assessment – Special Talent Initiatives & Team, Larsen & Toubro Ltd and his team made the presentation on Talent Management & Development Initiatives in the first technical session followed by Mr Prashanth Srivatsava, CEO, W.E.Matter addressing on the topic Employee Engagement Experiences (EEE) in the second technical session. 25 participants attend the course regularly and the full sess.

Panel Discussion on the “IT Intermediary Rules”

22nd may 2021

The Chamber under the auspices of IT/ITES and Legal Expert committee organized a Panel discussion on the “IT Intermediary Rules” on 22nd May 2021. The Ministry of Electronics and Information Technology vide its Notification dated 25.02.2021 enacted the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. This new rule has received mixed response from the industry. While these rules are trying to regulate some of the features of social media and OTT platforms, the real challenge lies in its implementation. We had experts from legal, IT and policy to discuss the impact of these rules on the different stakeholders. Ms K Saraswathi, Secretary general anchored the session. Mr. L Ashok, Chairman, IT/ITES Expert Committee gave an overview of the theme. He informed that this is very important topic to discuss because today we could see intermediaries are influencing the society and corporate are becoming stronger and stronger. He cited that every country wants to have a regulation and developing country like India is making the new paradigm shift by these laws. He raised the question as to how are we going to implement and manage all the intermediates within a same spectrum of regularly framework? Ms. Savitha K. Jagadessan, Co-Chair, Legal Committee Introduced the Speakers for the panel discussion. Mr. K. Vaitheeswaran, Advocate & Tax Consultant and moderator set the context for the panel discussion. He stated that the enactment of Data Protection Bill, 2019 is yet to happen but there is a deluge of information and one cannot deny the fact that what appears true could be false and what appears false could be true and the web space has truly become ‘maya’. The new

rules to a large extent have resemblance to the General Data Protection Regulation and EU Code of Practice on Disinformation. The measures also seem to extract a few ideas from the Data Protection Bill, 2019. Borrowed from many, the rules are quite comprehensive in nature. Ms. N. S. Nappinai, Advocate, Supreme Court of India, & Founder of Cyber Saathi dealt with the legal perspective of the law. Mr. K. Vaitheeswaran, posted questions broadly related to legal aspects covering the scope and ambit of the new intermediary guidelines, enforceability and impact of implementing these regulations without the enactment of the Data Protection Law. These questions helped the participants to understand about the law and its framework. Mr. Pranesh Prakash, Policy Director, The Centre for Internet and Society, Bengaluru covered the policy perspective. Mr. K. Vaitheeswaran, posted questions broadly related to the new regulations on the privacy of subscribers, global practices and similar guidelines and improved self-regulation. Mr Rajendran Dhanapani, Director of Engineering, Zoho Corporation covered the industry perceptive. Mr. K. Vaitheeswaran, posted questions like how industry perceive these new rules?, how practical is regulation of code of ethics, code of practices and steps companies would generally take in implementing these rules. Ms K Saraswathi proposed the formal vote of thanks. The Program was well attended by more than 73 participants and many members from IT and Legal companies participated in the panel discussion and the feedback was positive.

Annual Report 2021 - 2022 55

it & ITES

https://www.youtube.com/watch?v=id0V6b3jfOY

Session on Safeguarding against Financial Frauds in Digital Space:

17th nov 2021

https://www.youtube.com/watch?v=sF1FYcB0ILY

The Chamber organised an exclusive virtual session on how to safeguard against financial frauds in Digital Space on 17th November 2021 under the auspices of the IT & ITes Committee. Ms. Saraswathi welcomed the speakers. Mr. L. Ashok, Chairman, MCCI IT & ITES Committee gave the opening remarks and set the context for the session. He introduced the Chief Guest, Mr. Shankar Jiwal, IPS, Commissioner of Police. Mr. Shankar Jiwal IPS in his address elaborated on the initiatives taken by the Chennai police to overcome the cybercrime as follows: CCT’s (Cyber Cell Teams) are placed in all the 12 districts in the Chennai City who happens to be the first responders. And this is headed by the SubInspectors & few other people. Their job is to escalate the seriousness and will flag it to the NCRP (National Cyber Crime Reporting Portal). There is also a helpline 155260 for flagging in this. Then the Chennai Crime Branch Team will take it forward. He added that as of now there is one Police station another 4 more are likely to come in future in the Chennai City. They are now insisting on IEC (Information-EducationCommunication) to the target population and to educate the public. This has to be a continuous mechanism and interaction is necessary with the Public, He requested the Chamber to join hands to make this possible. He also suggested they can have a “Cyber Arangam” where

56 Annual Report 2021 - 2022

there can be a meeting with the industry people on a regular basis to address their problems. Some apps or tools can be made for the same. He said, initially this interaction can be commenced with a Newsletter or an internal publication among us to know the volume of transactions to be addressed. Mr. V. Srinivas, Co-Chairman, MCCI IT/ITES Committee proposed the formal vote of thanks In the technical session, Mr. Vittal Raj, Partner, Kumar & Raj moderated the session. Ms. G. Nagajothi, Deputy Commissioner of Police, Central Crime Branch, Chennai City briefed on the theme, Untold Stories and Advice and Actions from the Police Department followed by a presentation on Cyber Crime and Security by Ms. B. H. Shajitha, Additional Deputy Commissioner of Police, Cyber Crime Wing, Chennai City Mr. Ramesh Vijayakumar, Vice President & Head, Digital Banking, DBS Bank India Ltd. made a presentation on Digital payments, managing risks, protecting the transactions Mr. Tarun Wig, Founder, Innefu Labs made a detailed presentation on Technology to your defence for identifying and acting against financial frauds. In the Q and A Session, moderated by Mr. Vittal Raj, all the queries were answered and the 200 + participants gave a positive feedback.

Awareness Session on Legal Metrology Act & Compliances

Ms. K. Saraswathi, Secretary General welcomed the members. Ms. Savitha Kesav Jagadeesan, Partner, Kochhar & Company, Co-Chair, MCCI Legal Affairs Committee set the context and introduced the speakers. Mr. Ch. Moulali, Consultant, Former Deputy Director, Legal Metrology, Govt. of India made an elaborate

jan 2022

presentation on the various sections of the Legal Metrology Act. Mr. Gagan Verma, Partner, Kochhar & Co., in his address supplemented the presentation made by Mr. Moulali. The queries raised by 50+ participants were answered by the resource persons. Ms. Saraswathi proposed the formal vote of thanks. The feedback was positive.

MAMC Day https://youtu.be/3awfmPF29SU

25th jan 2022

The Chamber celebrated the first anniversary of the MAMC on 25th January 2022. On this special occasion, Hon’ble Justice Mr. Senthilkumar Ramamoorthy addressed on “Arbitration in Construction Contracts: Claims and Challenges” Mr. Srivats Ram, President, MCCI and Chairman, MAMC welcomed the Hon’ble Justice, members of the board and the attendees to the virtual gathering. Mr. Anand Gopalan Member, Governing Council, MAMC and Chairperson, Legal Committee, gave a brief note on the various activities of the Chamber and introduced Hon’ble Justice to the audience.

will be opted. Hon’ble Justice had also supported his points with various illustrations and cases on the issue. He then briefed the audience about the price variation claims, disruption claims, prolongation claims and claims towards loss of profits from the contractor’s point of view. He also covered the challenges to arbitral awards in evidentiary perspective.

Hon’ble Justice Mr. Senthilkumar Ramamoorthy in his address began with the first issue which is “Why courts are reluctant to interfere with arbitral process?”. He then addressed on the different types of construction contracts, and on which circumstances each of them

Mr. Anirudh Krishnan, Member Governing Council, MAMC moderated the Q & A Session. Mr. K. Vaitheeswaran, Member Governing Council, MAMC proposed the formal vote of thanks.

Annual Report 2021 - 2022 57

legal

The Chamber organized the Awareness Session on Legal Metrology Act and Compliances on 11th January 2022

11th

LOGISTICS

Virtual Session on HS Code 2022 “HS” is a multipurpose international product nomenclature developed by the World Customs Organization (WCO). HS 2022, which is the seventh edition of the Harmonized System (HS) nomenclature used for the uniform classification of goods come into effect from 01 January 2022 and will be implemented by all Contracting Parties to the Harmonized System Convention. The Chamber organized a comprehensive session covering all the changes in HS Code 2022 on 30th and 31st July 2021.

30TH - 31ST JUL 2021 Mr. J. Krishnan, Partner, S. Natesa Iyer Logistics & LLP & General Committee Member, who has 3 decades of experience in the Logistics Sector was the speaker for the session. He made a detailed presentation covering all changes in HS code 2022. We had a good participation for the session as it is essential for the exporters to familiarize with the changes and companies are legally bound to classify the goods correctly and enter the correct/revised HS code in the shipping/regulatory documents. We had around 60 participants who attended the session. They found it useful and shared the feedback that it is the first of its kind session which dealt in-depth on all the changes.

“SAGARMALA – The Catalyst for India’s Logistics boom”, a Virtual Interactive session with Invest India

12TH AUG 2021

https://www.youtube.com/watch?v=IU6lxVZmBA8

The Chamber organized the SAGARMALA The Catalyst for India’s Logistics boom”, a virtual interactive session with Invest India on 12th August 2021. This Interactive session was organised to understand the Government of India’s logistics plans with special reference to Sagarmala. Mr. J, Krishnan, Partner, S. Natesa Iyer Logistics & LLP delivered the welcome address and set the context. He highlighted the need for creating infrastructure for ports. Further he added that ports help in creation of cities and mega cities as well. In order to achieve the USD 5 trillion economy, the ports play a pivotal role. He, then introduced the Speaker Ms. Prerna Soni, Vice President, Invest India. Ms. Prerna Soni, Vice President, Invest India, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India made a detailed presentation on the Invest

58 Annual Report 2021 - 2022

India (National Investment Promotion and Facilitation Agency) initiatives and the project spearheaded under Invest India. Further, a walk through of what is happening worldwide and how India is doing to tap the other markets were explained in detail. She elaborated the project Sagarmala and emphasized that these projects were done mainly to reduce logistics cost and to be part of the global supply chain. With regard to freight corridors extensions and other railway projects, measures are taken to ensure the last mail connectivity. Mr. U. Udayabhaskar Reddy and Chairman, Logistics Expert Committee posted a few structured questions related to EXIM issues, ship building and request for extension of freight corridor to South India were suggested. There was an open house after the structured Q&A. Ms. K. Saraswathi Secretary General, MCCI proposed the formal vote of thanks. We had over 44 participants and feedback were positive.

Virtual Session on HS Code 2022 The Chamber organized a comprehensive session covering all the changes in HS Code 2022 on 20th and 21st August 2021. This was a repeat session based on the requests of the members.

20TH - 21ST AUG 2021 Mr. J. Krishnan, Partner, S Natesa Iyer Logistics LLP and General Committee Member was the speaker for the session. He made a detailed presentation covering all changes in HS code 2022. We had more than 24 participants for the session and they found it useful.

Hybrid Session on HS Code 2022 for M/s Sanco Trans Ltd The Chamber organized an exclusive inhouse session covering all the changes in HS Code 2022 related to exports to Sanco Trans Ltd. on 19th October 2021. Mr. J. Krishnan, Partner, S Natesa Iyer Logistics LLP and General Committee Member

19TH oCT 2021

was the speaker for the session. He made a detailed presentation covering all the changes in HS code 2022. We had attendees from Chennai, Bangalore, Airport and Customs locations as it was a hybrid model of training and they found it useful.

Electronic Duty Credit Ledger Regulations 2021 & Duty Remission Schemes” The Chamber organized for a Session on Electronic Duty Credit Ledger Regulations 2021 & Duty Remission Schemes” on 21st December 2021. Mr. U.Udayabhaskar Reddy and Chairman, MCCI Logistics committee gave the Welcome Address. Mr. R. Srivatsan, Additional Asst. Director, NACIN set the context and introduced the Chief Guest. The Chief Guest Mr. K.S.V.V. Prasad, IRS., Additional Director General, National Academy of Customs Indirect Taxes & Narcotics (NACIN) addressed the participants on the importance of these regulations and the schemes.

21st dec 2021 After the Chief Guest’s Address Mr. Venugopalan Nair, IRS., Assistant Director – Training, National Academy of Customs Indirect Taxes & Narcotics (NACIN) made an elaborate presentation for the benefit of the members. The presentation was followed by a Q and A Session and the queries were addressed. Ms. K. Saraswathi, Secretary General, MCCI proposed the formal vote of thanks. Around 50 participants attended the session.

Annual Report 2021 - 2022 59

expert committees

Inhouse training Session on HS Code 2022

21st dec 2021

The Chamber organized an exclusive Inhouse training session on HS Code 2022 for Bector Dickinson Pvt. Ltd., Gurgeon on 21st December, 2021. Mr. J. Krishan, Partner, S. Natesa Iyer Logistics LLP and General Committee member of the Chamber was the resource person. Around 15 participants joined the session and the feedback was positive.

EXIM Bank’s New Initiatives for Indian Exporters jointly with EXIM Bank The Chamber organized an Outreach Seminar on the “EXIM Bank’s New Initiatives for Indian Exporters” on 28th December 2021 jointly with EXIM Bank. Ms. K. Saraswathi, Secretary General, MCCI welcomed the participants. Mr. J. Krishnan, Member, MCCI General Committee & Partner, S Natesa Iyer Logistics LLP set the context by delivering the opening remarks. Mr. B. Karthikeyan, Assistant General Manager & Regional Head, Export-Import Bank of India (India Exim Bank) made a detailed presentation on the various export Initiatives offered by EXIM Bank.

Mr. T. R. Kesavan, Vice President, MCCI & Group President, TAFE Ltd. formally welcomed the gathering. Mr. S. P. Somashekar, Regional Officer (Chennai), National Highways Authority of India made a detailed presentation on Gati Shakti and other Initiatives overview followed by a presentation on the operational performance by Mr. S. Balaji Arunkumar, IRTS., Deputy Chairman, Chennai Port Authority Mr. Sunil Paliwal, IAS., Chairman, Chennai Port Authority & CMD, Kamarajar Port Ltd., in his address covered the aspects relating to Gati Shakti Initiatives of CHPA & KPL. Mr. S. Krishnan, IAS., Additional Chief Secretary, Industries Department, Govt. of Tamil Nadu was the Special Guest who reiterated the importance of these initiatives in his address to the participants.

60 Annual Report 2021 - 2022

dec 2021

After the Presentation, there was a Special Address by Ms. F.D. Initha, Joint Director General of Foreign Trade, Directorate General of Foreign Trade, Ministry of Commerce, Govt. of India. In the Q and A session, the queries raised by the participants was clarified by Mr. Karthikeyan and his team. Mr. U. Udayabhaskara Reddy, Wholetime Director, Sanco Trans Ltd and Chairman, MCCI Logistics Committee proposed the vote of thanks. The session was attended by 50 participants.

PM GATI SHAKTI INITIATIVES: OUTREACH PROGRAMME The Chamber organised the seminar on PM Gati Shakti Initiatives joining hands with Chennai Port Authority and Kamarajar Port Limited. This was a physical meeting held at Hotel Raintree, Chennai.

28th

16th mar 2022

Mr. U. Udayabhaskar Reddy and Chairman, MCCI Logistics Committee proposed the formal vote of thanks. 50 participants took part and clarified their queries.

Presentation on MSME Policy 2021

12th

The Chamber organized a Virtual Presentation on MSME Policy 2021 for the benefit of the members. Mr. Sarathi, Joint Managing Director, Mando Automotive India Pvt. Ltd and Chairman, Manufacturing Committee introduced the speaker Mr. V. Sriram, Partner, Sammati Consulting and Analytics LLP and set the context for the meeting. Mr. V. Sriram made a detailed presentation covering the policy targets and strategies and the incentive schemes for start-ups were also discussed in detail. He further highlighted few areas which were not covered in the policy like how initiatives like Industry 4.0 will be provided assistance/incentives, no specific stress on

‘Athmanirbar’ to take advantage of central policies and as to how to bring in those micro units which have never been able to access formal funding sources. He urged the Chamber to represent those areas which have not been covered to the new government. In the Q & A session, Ms K Saraswathi, moderated the session and the queries of the participants were clarified by Mr. V. Sriram. Queries related to subsidy, TIIC role, delay in payments, maintenance related to Industrial estates and suggestions in terms of plug and play model requirements were posted. The program was attended by more than 40 members.

Factory visit to Mando Automotive India Pvt.Ltd Mr.S Sarathi, Joint Managing Director, Mando Automotive India Pvt. Ltd and Chairman of the Manufacturing Committee had extended an invitation for a factory visit to Mando Automotive India Pvt. Ltd. (Anand Groups for

13th aug 2021

understanding the Operating Engineers (OE) model which is considered as an Industry benchmark. We had 11 members from the manufacturing committee who visited the factory and found the visit very useful and informative.

Awareness Session on Production Linked Incentive (PLI) Scheme (Automobile and Advanced Chemistry Cell – Battery) The Chamber organized an Awareness Session on ”Production Linked Incentive (PLI) Scheme” (Automobile and Advanced Chemistry Cell – Battery) on 22nd December 2021. Ms. K. Saraswathi, Secretary General of the Chamber gave the welcome address and introduced the Speakers. • Mr Krishnan Arora, Partner – Indirect Taxes, Grand Thornton Bharat LLP • Mr PS Krishnan, Partner – Indirect Taxes, Grand Thornton Bharat LLP

•

22nd dec 2021

Mr Mallikarjun N, Director – GST & Customs, Grand Thornton Bharat LLP

The resource persons made a presentation on the production linked incentive scheme with a specific focus on automobile and advanced chemistry cell – Battery. The presentation and addresses were followed by an interactive Q and A Session. Ms. K. Saraswathi, Secretary General, MCCI proposed the formal vote of thanks. The session was attended by 40 participants and the feedback was positive.

Annual Report 2021 - 2022 61

manufactuiring

MAY 2021

Trade Services

Trade Information and Library

Trade enquiries received by the Chamber during the year related to imports, exports, joint venture possibilities, foreign collaborations and they have been replied accordingly The Chamber has a compact library. The Chamber issues certificate of origins for goods being exported to other countries, attests export documents, invoices, agreements, sales contracts, etc., The Chamber also issues letters to the various Embassies, Consulates recommending grant of visa for business travel. This service is provided only to members.

OTHER MEMBERSHIP FICCI

The Chamber is also a member of the Federation of Indian Chambers of Commerce & Industry, New Delhi

Consultative Committee of City Chambers of Commerce (CCCCC)

The Madras Chamber of Commerce of Commerce & Industry is a member of CCCCC. Consultative Committee of City Chambers of Commerce (CCCCC) was formed to act as a collective forum for taking up common issues of Industry and Trade with the State and Central Government. It comprises of 6 Chambers namely, Andhra Chamber of Commerce, Hindustan Chamber of Commerce, National Chamber of Commerce, Southern India Chamber of Commerce & Industry Tamil Chamber of Commerce and The Madras Chamber of Commerce of Commerce & Industry. The Chairmanship of the CCCCC is given on rotation basis to the Chambers to take up activities as a collective forum as and when required.

Contribution to Government School Library The Chamber under its educational Trust made a contribution of Rs.1.4 lakhs to Government Hobart Higher Secondary School for Muslim Girls to enhance the infrastructure of the existing library by increasing the books collection and purchase of furniture for students.

MEMBERS SPEAK MAMC Webinar Series 12 on “Investment Treaty Arbitration”

19th August 2021 Today’s topic was good and the speech was highly informative. Congratulations to MCCI. SSP Darwesh Advocate

185th Annual General Meeting

13th Sep’21 It was a wonderful session yesterday. During the 185th AGM of MCCI, the address given by Mr.Vembu was thought provoking. I congratulate you in organizing this program successfully. Ilan President & CEO Product Business Division BGR Energy Systems Ltd

Conference on “City Climate Action – Building a Resilient Chennai” under Urban Thinker’s Campus

10th November, 2021 It was really a great opportunity to be part of your program with a lot of intellectual interaction Looking forward to do useful and good program to benefit the professionals, students, and society at large. Dr Abdul Razak M

62 Annual Report 2021 - 2022

Panel discussion on “Managing the Unconscious Bias"

28th January 2022 Thank you Saraswathi for the opportunity the Chamber has given me. I too enjoyed the discussion and the candid conversation with all the panelists. Best Wishes. Kannan Hariharan AVTAR

Workshop on Union Budget 2022-23

4th February 2022 Thanks for arranging a wonderful session on Budget 2022-23. K.K.Srinivasan TAFE LTD

Program on "GST - A Few Recent Changes and E Invoicing"

28th March 2022 First would like to thank both the MCCI & the faculty team members. Indeed, it was highly informative & useful session you had organized with GST Officials & Consultants/Legal teams for the benefit of Industry. Rajendra Prasad. V. Tata Consultancy Services Limited

PM Gati Shakti Initiatives - Outreach Program

16th March 2022 Thanks for arranging this session. It was highly informative Gangadhar Danfoss Industries

CHAMBER IN NEWS

Annual Report 2021 - 2022 63

TANGEDCO will cut down losses by Rs 1,000 cr a year: CMD Lakhoni

G Balachandar | Chennai, February 8 | Updated on: Feb 08, 2022

Also in talks with pit-head coal-based plants for procuring power at a cheaper cost

Tamil Nadu state’s power generating and distributing utility TANGEDCO (Tamil Nadu Generation and Distribution Corporation Ltd) has undertaken several measures to cut the losses by about ₹ 1,000 crore a year, said Rajesh Lakhoni, Chairman & Managing Director of TANGEDCO. In 2020-21, the power utility incurred a loss of ₹32,553 crore. “Earlier, our losses were increasing at the rate of ₹1,500-2,000 crore per annum. However, from this year the losses will be reduced by ₹1,000 crore. Without even increasing the tariff, there is about ₹3,000 crore of benefits by improving operational efficiency, optimising the use of various coal sources. Also, optimising the use of high-cost power (vs our own power) and some cost-cutting measures also helped,” he said while virtually addressing a conference on Tamil Nadu Energy – the way to a sustainable future – organised by the Madras Chamber of Commerce & Industry (MCCI). How India defies gravity in global equity sell-off He was trying to drive home the point that TANGEDCO was moving in a positive direction in many areas in order to ensure stability. “Let me assure you that people don’t have to worry about energy availability in the State. TANGEDCO is preparing to meet the emerging energy demand and it has already planned 5,600 MW of power plants that are under construction and will come up over 2-3 years,” he added.

Focus on solar power

TANGEDCO is also talking to some of the pit-head coal-based plants for procuring power at a cheaper cost. “Apart from that, we have a stronger focus on the solar power segment. Tamil Nadu has also allowed the highest number of open access to people and the State is hand-holding private people and letting them grow,” said Lakhoni. He also pointed out that the spinning mill cluster has grown in Tamil Nadu because of the State’s banking policy and wind power availability. Since energy costs for spinning mills are 55-60 per cent, the banking system has really helped bring down the energy costs significantly. “Our policies have always been sustainable and we are aware of the needs of the industry. Now, we are working on many innovative things in the solar segment,” he said. Srivats Ram, President, MCCI pointed out that Tamil Nadu should hold on to its title of having a fairly large renewable mix in power generation. And it’s also important to ensure that the State is able to meet its export customers’ requirements and also align with the Prime Minister’s vision for the country moving forward, Ram said. “Export customers are asking for visibility towards having 100 per cent sustainable power for people who are supplying it to them. This is a challenge. And lastly, we also need sustainability of the power source in Tamil Nadu to be there. Not just environmental sustainability but also financial sustainability. It needs to be a win-win situation for all, he added.

64 Annual Report 2021 - 2022

Representations to Government - 2021-22

The Chamber sent the following Representations to various bodies: Date

Representation

Addressed to

21st May 2021

Request to waive the Shri.Sunil Palliwal, I.A.S, mandatory use of Mobile Chairman (i/c), Harbour Cranes Chennai Port Trust, Chennai.

2nd June 2021

MCCI Representation MSME Revival

for Mr.Shaktikanta Das Governor Reserve Bank of India Central Office Building Mumbai Hon’ble Smt Nirmala Sitharaman Hon’ble Finance Minister Ministry of Finance Government of India

22nd December 2021 Pre Budget Memorandum 2022-23

31st January 2022

MCCI Representation Regulation 17(1B) of LODR.

Hon’ble Smt Nirmala Sitharaman Minister of Finance; and Minister of Corporate Affairs. Ministry of Corporate Affairs Government of India for Shri.Ajay Tyagi the Chairman Securities and Exchange Board of India (SEBI) Mumbai Shri Rajesh Verma Secretary Ministry of Corporate Affairs Government of India, New Delhi

7th March 2022

MCCI Summary of Dr. V. Irai Anbu IAS Recommendations for the TN Chief Secretary to Government of Tamil Nadu Power Sector Mr. Ramesh Chand Meena IAS Additional Chief Secretary to Government Department of Energy, GoTN Mr. T. Udayachandran IAS Principal Secretary to Government (FAC) Special Programme Implementation Government of Tamil Nadu

30th March 2022

Filing of E form CSR 2 with Shri Rajesh Verma the Ministry Portal Secretary Ministry of Corporate Affairs Government of India New Delhi

Annual Report 2021 - 2022 65

THE ORGANISATION PRESIDENT VICE PRESIDENT GENERAL COMMITTEE SECRETARY GENERAL

Specialized Committees

Support Services

- Company Law/Corporate Matters - Corporate Social Responsibility (CSR) - Direct Taxes - Economic Affairs - Education & Skill - Energy including Renewable Energy - GST

- Commercial Arbitration

- HR & IR

- Visa Recommendation

- Industrial Development Infrastructure - IT & ITES

- Issue of Certificate of Origin

- Legal Affairs - Logistics & Supply Chain - Manufacturing including SME trade information - Publications

- Membership

- Members’ database

- Accounts

- Information database

- Establishment

- Website

Auditors: Messrs. RGN Price & Co., were re-appointed as Auditors of the Chamber for the year 2021-2022 Madras chamber secretariat Ms. K Saraswathi

Secretary General

Mr. S. Sankaranarayanan

Deputy Secretary

Ms. Madhumathi C

Deputy Secretary & Registrar, MAMC

Ms. D. Vasumathi

Manager - Admin & Programs

Ms. R.Jayalakshmi

Manager - Member Services

Ms. N. Swarna Sumitha (Up to October 2021)

Executive - Admin & Programs

Mr. Sakthivel.E

Executive - Accounts

Mr. R. Suresh

Coordinator - Data Management & Programs

Support Staff

Mr. A. Elumalai

66 Annual Report 2021 - 2022

CORPORATE/AFFILIATE MEMBERS 1.

360 Degree Global Equipments Pvt. Ltd

43.

Apollo Tyres Ltd

360 Legal

44.

APT Tools & Machinery India Private Limited

4 I Apps Solutions Pvt.Ltd.

45.

A J Trust Educational Consultancy

Aquatherm Engineering Consultants (India) Pvt.Ltd.

A R Krishnan & Associates

46.

Arjun Chemicals Private Ltd.

A S Shipping Agencies Pvt. Ltd.

47.

Arkema Peroxides India Private Ltd.

A V Thomas & Co Ltd

48.

Armstrong International Private Limited

Aapt Distribution Pvt.Ltd.

49.

Army Welfare Placement Node

Abirami Soap Works LLP

50.

ASA & Associates LLP

10.

Academy of Maritime Education and Training

51.

Asan Memorial College of Arts & Science

11.

Adaikalam Trust

52.

Ashok Leyland Limited

12.

Adani Kattupali Port Limited

53.

Aspiration Energy Pvt Ltd.

13.

Adayar Gate Hotel Ltd.

54.

Aspire Systems (India) Pvt. Ltd

14.

Addison & Company Ltd.

55.

ASSIST

15.

Adrenalin eSystems Ltd.

56.

Asthagiri Herbal Research Foundation

16.

Agaram Infotech Private Limited

57.

Astra Innovations India Pvt. Ltd

17.

AGP International Services

58.

Athena Infonomics India Pvt. Ltd

18.

AGXIndia Logistics Pvt. Ltd.

59.

Aumund Engineering Pvt. Ltd.

19.

AJR Ceramicks Pvt. Ltd

60.

Auroville Consulting

20.

Alfanar Engineering Services Pvt.Ltd.

61.

AVA Cholayil Health Care Private Ltd.

21.

All India Handloom Fabrics Cooperative Society Limited

62.

Avacend Solutions Private Limited

63.

Avalon Consulting

22.

Allison Transmission India Pvt.Ltd.

64.

Avant-Garde Systems and Controls (P) Ltd.

23.

Allsec Technologies Ltd.

65.

Awatec Container Line Pvt ltd.

24.

Alpha Water Technologies India Pvt. Ltd.

66.

Axles India Ltd

25.

Alpharithm Technologies Private Limited

67.

Ayan Tech Solutions Pvt. Ltd.

26.

Altacit Global

68.

B Chandra And Associates

27.

Amac Engineering Services Pvt. Ltd.

69.

B Ravi & Associates

28.

Amalgamations Private Ltd.

70.

29.

Ambalsoft Infotech Private Ltd

Barrla Fets Pvt. Ltd ( Earlier T&B International Pvt. Ltd.)

30.

Ambattur Fashion India Ltd

71.

Barrla Systems Pvt Ltd

31.

Ambattur Industrial Association

72.

Basco India

73.

BCT Consulting Pvt. Ltd

32.

Amec Foster Wheeler India Private Limited

74.

Beardsell Ltd.

33.

Amman- Try Sponge And Power (P) Ltd

75.

Bentoli AgriNutrition India Pvt. Ltd

34.

Amrutanjan Health Care Ltd.

76.

Besmak Components Pvt. Ltd.

35.

Anand Automotive India P. Ltd. (S)

77.

Beva Silicones Private Ltd.,

36.

Anand Singapore International School

78.

Beyontec 2nABLE Solutions Pvt. Ltd.

37.

Anand, Samy & Dhruva

79.

BGR Energy Systems Ltd.

38.

Anant Merathia & Associates

80.

Bhaha Engineering Service

39.

Andritz Technologies Pvt.Ltd.

81.

Bharatha Human Value Foundation

40.

Apex Laboratories Pvt. Ltd.

82.

Bharti Airtel Ltd.

41.

APJ Cabs Private Ltd

83.

Blackstone Group Technologies Pvt. Ltd.

42.

APM Medical Billers Private Limited

84.

BNY Mellon Technology Private Ltd.

Estate

Marketing

Manufacturers

Annual Report 2021 - 2022 67

85.

Brakes India Private Limited. Padi

127.

Darts India Private Ltd.

86.

Britannia Industries Ltd.

128.

Deloitte Haskins & Sells

87.

British Business Group Chennai Trust

129.

DELPHI-TVS Diesel Systems Limited

88.

Broekman Logistics India Private Limtied

130.

Delta Engineers

89.

BS & B Technologies (P) Ltd.

131.

Deskmate Global Express India Pvt. Ltd

90.

BSD & Associates

132.

Detect Technologies Pvt Ltd

91.

BSH Household Appliances Mfg. P. Ltd.

133.

92.

BSR & Co. LLP

Dharmamurthi Rao Bahadur Calavala Cunnan Chetty’s Hindu College

93.

Buildcraft Interior Pvt. Ltd.

134.

Dharsan Dredging & Construction Pvt. Ltd.

94.

CADD Centre Training Services Pvt.Ltd.

135.

DHL Express (India) Private Limited

95.

Calibre Legal

136.

DHL Logistics Pvt. Ltd.

96.

Cameo Corporate Services Limited

137.

Dormakaba India Private Ltd.

97.

Caplin Point Laboratories Ltd

138.

Dr Agarwal’s Eye Hospital Limited

98.

Cargotec India Pvt.Ltd.

139.

DSR Healthcare Pvt. Ltd

99.

CavinKare Private Limited

140.

Ducont India Systems Pvt. Ltd

100.

Ceego Labs Pvt. Ltd.

141.

Durr India (P) Ltd.

101.

CEO TSG IR and Labour Compliance Services P. Ltd.

142.

Durv And Associates LLP

143.

DVS Advisors LLP

102.

CET Power Solutions India Pvt. Ltd

144.

103.

Chain-Sys India Pvt. Ltd.

DXC Technology India Private Limited ( Earlier CSC Technologies)

104.

Chakiat Agencies Pvt. Ltd

145.

Dynamic Netsoft Technologies Pvt.Ltd

105.

Chakra Venture Partners LLP

146.

Dyrocon Airtech Private Ltd.

106.

Chandramouli and Associates

147.

Earth Tekniks Private Limited

107.

Chemplast Sanmar Limited

148.

Eastman India Exports

108.

Chennai Institute of Technology

149.

Easun - MR Tap Changers (P) Ltd.

109.

Chennai Micro Print Pvt. Ltd

150.

Easy Jobs HR Solutions

110.

Chennai Petroleum Corporation Ltd.

151.

eBMS Solutions Pvt.Ltd.

111.

Chettinad Cement Corporation Ltd

152.

EcoHealth Products Pvt. Ltd

112.

Chevron Petroleum India Pvt Ltd

153.

EDS Technologies Pvt. Ltd

113.

Chidambaram Fishnets Pvt. Ltd.

154.

Elumalai Polytechnic College

114.

Chidambaram Shipcare Pvt. Ltd.

155.

Emrald Resilient Tyre Manufacturers Pvt Ltd

115.

Cholayil Pvt. Ltd.

156.

Energy & Fuel Users’ Association of India

116.

Clayfin Technologies Private Limited

157.

Engenius Erectors Pvt. Ltd.

117.

Cogent Innovations Private Limited

158.

Enmas EPC Power Projects Ltd

118.

Cognizant Technology Solutions India Pvt. Ltd.

159.

119.

Comodo Security Solutions Pvt. Ltd.

Enmas India Pvt.Ltd (Enams O & M Services Pvt. Ltd.)

120.

Computer Age Management Services Pvt.Ltd

160.

eNoah iSolution India Pvt. Ltd.

121.

Contemporary News Pvt. Ltd.

161.

Entvent Tools & Services

122.

Corporate Consulting Group

162.

Ernst & Young LLP

123.

CPC Diagnostics Pvt. Ltd

163.

ESAB India Ltd.

124.

CSS Corp Pvt. Ltd.

164.

ESeal Store

125.

Daimler India Commercial Vehicles Private Ltd.

165.

Ethiraj College for Women

126.

Damodar Tradelinks Pvt. Ltd.

166.

European Flavours & Fragrances Pvt. Ltd

167.

Eurotherm India Pvt. Ltd

68 Annual Report 2021 - 2022

168.

Excel Optics (P) Ltd.

211.

Hand in Hand India

169.

Express Infrastructure Pvt. Ltd.

212.

170.

Facilio Technology Solutions Pvt. Ltd

Hanon Automotive Systems India Private Limited

171.

Farm Implements (I) Pvt.Ltd.

213.

Hariharan Foundations Pvt. Ltd.

172.

Farwood Industries Limited

214.

Hauer Associates

173.

Federal Bank Ltd.

215.

Hi Tech Calibration Services

174.

Fichtner Consulting Engineers (India) Pvt. Ltd.

216.

175.

Fin Yes Consulting Pvt Ltd

Hill International Cost Consultancy India Pvt. Ltd

176.

First Engineering Plastics India Pvt. Ltd.

217.

Hindustan College of Arts & Science

177.

Flexi Careers India Pvt. Ltd

218.

Hindustan Unilever Ltd.

178.

Flinto Learning Solutions Pvt. Ltd

219.

Hirachand Chordia Eye Hospital

179.

FLSmidth Private Limited

220.

Housing Development Finance Corporation Ltd.

180.

Ford India Private Limited

221.

Husqvarna (India) Products Private Ltd

181.

Foress Impex Pvt. Ltd

222.

HVK Systems & Marketing Pvt. Ltd.

182.

Fox Mandal & Associates

223.

HyLoApp Technologies Pvt. Ltd

183.

Frost & Sullivan (India) Private Limited

224.

Hyundai Motor India Ltd.

184.

Fumigation Services Pvt. Ltd

225.

Ihita Engineering Services Pvt Ltd

185.

Futurenet Techologies (India) Pvt. Ltd.

226.

IIM Tiruchirappalli

186.

G Balu Associates LLP, Chartered Accounts

227.

ImageGrafix Engg. Services Pvt. Ltd.

187.

G G Organics Exports Pvt. Ltd.

228.

India Pistons Ltd.

188.

Gateway Distriparks Ltd.

229.

Indian Additives Ltd.

189.

GAVS Technologies Pvt. Ltd

230.

Indian Bank

190.

GE Power Conversion India Private Limited

231.

Indian Oil Corporation Ltd.

191.

GE T & D India Limited

232.

Indian Potash Ltd.

192.

Gemini Fertilizers

233.

Industrial Waste Management Association

193.

Gemini Iron & Steel Pvt. Ltd

234.

Info-Drive Analytics Private Ltd.

194.

Gemini Sea Air Freight Services

235.

Intaxx Associates

195.

Gencor Pacific Organics India (P) Ltd.

236.

196.

George Oakes Limited

Integrated Foods & Consumer Products (India) Pvt. Ltd.

197.

Globally Recruit Education Pvt. Ltd

237.

Intellect Design Arena Limited

198.

Globelink WW India Private Ltd.

238.

International Clearing & Shipping Agency (India) Pvt. Ltd.

199.

GMV Engineering Pvt. Ltd

239.

200.

Gnanamani Educational Services

International Flavours & Fragrances India (P) Ltd.

201.

GPVS And Associates

240.

International Services

202.

Graffitto Industrial Material Pvt. Ltd

241.

IP Rings Limited

203.

Grant Thornton Bharat LLP

242.

ITC Limited

204.

Great Lakes Institute of Management

243.

J Cynergy Global

205.

Green Embryo ProNature Initiatives

244.

J. K. FENNER (INDIA) LIMITED

206.

Greentech Recyclers

245.

Jet Inks Private Limited

207.

Group Fio India Private Limited

246.

Johnson & Johnson Private Limited

208.

Grundfos Pumps India Pvt. Ltd.

247.

Johnson Lifts Pvt. Ltd.

209.

Guardian Anti Corrosives (P) Ltd.

248.

Jumbo Bag Ltd.

210.

H P Valves & Fittings India Pvt. Ltd.

249.

Just Binary Private Limited

Annual Report 2021 - 2022 69

291.

Madras Engineering Industries Pvt Ltd

292.

Management Private Ltd.

K.Vaitheeswaran & Co

293.

Mark Softech Private Limited

253.

Kaleesuwari Refinery Private Limited

294.

Market Simplified India Ltd.

254.

Kamarajar Educational Trust

295.

Marwa Impex Private Limtied

255.

Kannan Fibre Industries

296.

Maveric Systems Limited

256.

Kardi Dryers (P) Ltd

297.

MB Metallic Bellows Pvt. Ltd.

257.

Karpagam College of Engineering

298.

Mediclone Health Care Pvt. Ltd

258.

Karpagam Krishnan And Natarajan

299.

Medopharm

259.

KCP Sugar & Industries Corporation Ltd.

300.

Megalo Food And Services Pvt. Ltd

260.

Keld Ellentoft (I) Pvt.Ltd.

301.

Metallic Bellows (I) Pvt.Ltd.

261.

Kemin Industries South Asia Private Limited

302.

Michelin India Pvt. Ltd

262.

Kenspire Advisors Private Limited

303.

Millennia Hi-tech Systems Pvt. Ltd

263.

Khaitan & Co LLP

304.

MOP Vaishnav College for Women

264.

Kilburn Electricals Ltd.

305.

Mr. P K Balamurugesh

265.

Kings Food Products LLP

306.

Mr.N.Venkataraman, Senior Advocate

266.

Kiran Global Chems Limited

307.

MRF Ltd.

267.

Klemmen Engineering Corporation

308.

MSKA & Associates

268.

Kochhar & Co.

309.

MTL instruments Pvt Ltd

269.

Kone Elevator India Pvt. Ltd.

310.

Mukesh Infoserve Pvt. Ltd

270.

Kothari Safe Deposits Ltd.

311.

Muthayammal Engineering College

271.

Krea University (earlier Institute for Financial Management and Research)

312.

N C Rajagopal & Co.

272.

Krebs Engineering Pvt. Ltd.

313.

N Gopaldas Gems & Jewellery Exports Pvt. Ltd

273.

Kriyaa Consultants & Engineers (P) Ltd.

314.

Nangia Andersen LLP

274.

Kumar & Raj

315.

Nani Palkhivala Arbitration Centre

275.

L & T Valves Ltd.

316.

Nathan And Associates

276.

LA Freightlift Pvt. Ltd

317.

Nav Indus Food Machines Pvt. Ltd.

277.

Lakshmi Machine Works Ltd.

318.

Neophyll Agrisciences Pvt. Ltd.

278.

Lakshmikumaran & Sridharan

319.

Neptune Financial Software Pvt. Ltd

279.

Larsen & Tubro Ltd. Chennai

320.

nice Neotech Medical Systems Pvt. Ltd.

280.

Laulagun Bearings India Private Limited

321.

Nile Marine Services

281.

Lead HR Services Pvt. Ltd

322.

Nippon Paint (India) Pvt. Ltd.

282.

LNV Technology Private Ltd.

323.

Noble Eco Systems Pvt. Ltd.

283.

Logic Information Systems (India) Pvt. Ltd.

324.

Novares India Automotive Private Limited

284.

Logistics Sector Skill Council

325.

NTC Logistics India Pvt. Ltd

285.

Logitrans Technology Private Limited

326.

Nubiola India (P) Ltd.

286.

Loyola - ICAM College of Engineering and Technology

327.

Ocrim International Technologies Pvt. Ltd.

328.

OfficeFrameWork Operations Center Pvt. Ltd

287.

Loyola Institute of Business Administration

329.

Ojus Power and Technologies Private Ltd.

288.

Lucas Indian Service Ltd.

330.

Olam Information Services Private Ltd.

289.

Lucas TVS Ltd.

331.

Omnex India Pvt.Ltd.

290.

M M Forgings Ltd

332.

Operational Energy Group India Ltd

250.

Justice Basheer Ahmed Sayeed College for Women

251.

K & S Partners

252.

70 Annual Report 2021 - 2022

and

Governance

Consulting

333.

Orbion Pharmaceuticals Pvt. Ltd.

375.

R K Swamy BBDO Private Ltd.

334.

Orchid Pharma Ltd.

376.

R M K Engineering College

335.

Oriens Global Marketing Pvt. Ltd.

377.

R R Kabel Limited

336.

Orient Green Power Company Ltd.

378.

R Subramanian & Co.

337.

Oriental Solutions Pvt. Ltd.

379.

R Sundararaman & Co.

338.

Origin ITFS Private Limited

380.

R V K & Co.,

339.

Oryana Ventures Pvt. Ltd.

381.

Raj Petro Specialities Pvt. Ltd.

340.

Paragon Polymer Products (P) Ltd.

382.

Ramesh and Ramachandran

341.

Paramount Shipping Services Pvt. Ltd.

383.

Rane (Madras) Ltd.

342.

Parry Agro Industries Ltd.

384.

Rane Brake Lining Ltd.

343.

Paterson Securities

385.

Rane Engine Valve Ltd.

344.

Payir Trust

386.

Raqmiyat Information Technology Pvt Ltd.

345.

PCA Automobiles India Pvt. Ltd

387.

Rathidevi & Associates

346.

PE - Aristi Projects And Engineering Pvt. Ltd

388.

Rattha Holding Company Pvt. Ltd

347.

Pentland India Trading Private Ltd.

389.

Raunaq Steels Trading Private Limited

348.

Petrofac Engineering Services India Pvt. Ltd.

390.

Redington (India) Limited

349.

Pioneer One Consulting LLP

391.

Regal Interiors Private Limited

350.

Piramal Pharma Limited

392.

351.

PKC Management Consulting Pvt. Ltd

Renewable Energy Harvesting Envrn. Network Assn

352.

PKF Sridhar & Santhanam

393.

REV Consulting

353.

Polaris Consulting & Services Limited

394.

Rhurpumpen India Pvt. Ltd

354.

Ponni Sugars (Erode) Limited

395.

RLT Instrumentation Pvt. Ltd

355.

Portman India Private Limited

396.

Rolux Innovative Products Private Limited

356.

Powerflow Engineers Pvt. Ltd

397.

Rotork Controls India Private Ltd.

357.

Prakash Foods & Feed Mills Private Ltd.

398.

Royal Cyber Pvt. Ltd

358.

Praxair India P Ltd.

399.

Royal Sundaram General Insurance Co Limited

359.

Precia Molen India Pvt Ltd.

400.

RR Donnelley India Outsource Pvt. Ltd.

360.

Precision Equipments (Chennai) Pvt. Ltd.

401.

Ruby Manoharan Property Developers Pvt. Ltd

361.

Price Waterhouse & Co LLP

402.

Ryan Logitech Private Limited

362.

Primefinity Software Pvt. Ltd.

403.

363.

Prince Shri Venkateshwara Arts and Science College

S Eshwar Consultants House of Coporate & IPR Laws

404.

S.Natesa Iyer Logistics LLP

364.

Print Plus

405.

Saint-Gobain India Private Limited

365.

Priti Suri & Associates

406.

Saipem India Projects Private Limited

366.

Prodapt Solutions Private Limited

407.

Same Deutz Fahr India Pvt. Ltd.

367.

Protech Consultants Pvt. Ltd.

408.

Samsung India Electronics Pvt.Ltd.

368.

Protechsoft Systems Pvt. Ltd.

409.

San Media Private Limited

369.

Protechsoft Technologies Pvt. Ltd.

410.

Sanco Trans Ltd.

370.

Protection Engineering Laboratories

411.

SAS Partners Corporate Advisors Pvt. Ltd.

412.

Sattva Logistics Private Ltd.

371.

PSL Ltd.

413.

SB SB and Associates

372.

PSNA College of Engineering & Technology

414.

Schneider Electric Systems India Pvt. Ltd.

373.

QH Talbros Pvt. Ltd

415.

Schwing Stetter (India) Pvt. Ltd.

374.

R G N Price & Co.

416.

Scope Specialities LLP

and

Research

Annual Report 2021 - 2022 71

417.

SDNB Vaishnav College for Women

456.

Sundaram Asset Management Co. Ltd.

418.

Semitech India Automation Pvt. Ltd

457.

Sundaram Clayton Ltd.

419.

Sengu and Paapu Associates

458.

Sundaram Finance Ltd.

420.

SFC Solutions (Cooper Standard Automotive India Pvt. Ltd)

459.

Sundaram Home Finance Ltd

421.

Shardlow India Limited

460.

Sundaram Industries Pvt. Ltd

422.

Sharp & Tannan

461.

Sundram Fasteners Ltd.

423.

Sheenlac Paints Limited

462.

Super Auto Forge Private Ltd.,

424.

Sheng Long Biotech India Pvt. Ltd.

463.

Supreme Petrochem Ltd.

425.

Shibaura Machine India Pvt. Ltd. (Toshiba Machines)

464.

Surana & Surana International Attorneys

465.

Swiss Garnier Life Sciences

426.

Shiloh Industries Pvt. Ltd

466.

Switzer Process Instruments Pvt Ltd

427.

Shilpa Stainless Pvt. Ltd.

467.

Symbiotic Infotech Pvt. Ltd.

428.

Shri Kailash Indsutrial and Logistics Parks

468.

Symrise Pvt. Ltd.

429.

Shri Shankarlal Sundarbai Shasun Jain College for Women

469.

T A Taylor Pvt Ltd

470.

T S Gopalan & Co.

430.

Shriram EPC Ltd.

471.

T. Stanes & Co. Ltd.

431.

Shriram Transport Finance Co. Ltd.

472.

TAFE Access Ltd.

432.

Sign of Life Productions

473.

Tagros Chemicals India Pvt. Ltd.

433.

Simpson & Co. Ltd.

474.

434.

Skanda IT Consulting Pvt. Ltd

Tamilnadu Small and Medium Industries Mutual Assn(TASMIA)

435.

Skylift Cargo (P) Ltd.

475.

TANFAC Industries Ltd.

436.

Softeon India Pvt. Ltd.

476.

Tata Consultancy Services Ltd

437.

Solverminds Solutions & Technologies Pvt. Ltd.

477.

Taufiq Manpower Consultants (P) Ltd

438.

Southern Agro Engine Pvt Ltd

478.

Technology Associates

439.

Spark Capital Advisors (I) Pvt. Ltd.

479.

Temenos India Private Ltd.

440.

Sree Raghavendra Electric Services Pvt.Ltd

480.

Tenova India Pvt. Ltd.

441.

Sree Shyam Sayee Corporation Private Limited

481.

The Cocanada Chamber of Commerce

442.

Sri City (P) Limited

482.

The India Cements Ltd.

443.

Sri Kanyaka Parameswari Arts & Science College for Women

483.

The Karur Textile Manufacturers Exporters’ Association

444.

Sri Kauvery Medical Care (India) Limited

484.

The Karur Vysya Bank Ltd.

445.

Srinidhi Finance Pvt. Ltd

485.

The Madras Electric Trades Assn.

446.

SRM University

486.

447.

St. Joseph’s College of Engineering

The Madras Association

448.

St. Joseph’s Institute of Technology

487.

The Malabar Chamber of Commerce

449.

Stahl India Pvt. Ltd.

488.

The Planters’ Association of Tamilnadu

450.

Stanadyne India Pvt. Ltd.

489.

The Quaide Milleth College for Men

451.

State Bank of India

490.

The Ramco Cements Ltd.

452.

Steinbach & Partner Executive Consultants India (P) Ltd

491.

The South Indian Sugar Mills’ Association

492.

The Traveler India Pvt. Ltd

453.

Stonecolour Exim Private Limited

493.

The United Nilgiri Tea Estates Co. Ltd.

454.

Subbaraya Aiyar Padmanabhan & Ramamani Advocates

494.

The United Planters’ Assn. of Southern India

495.

Thejo Engineering Ltd.

455.

Sundaram & Srinivasan

496.

THG Publishing Private Limited

72 Annual Report 2021 - 2022

Piecegoods

Merchants’

528.

VB Legal

529.

VCAJ & Associates LLP (VCMV & Associates LLP)

Tidal Wave Infotech Private Ltd.

530.

Vedanta Limited - Sterlite Copper

500.

Tide Water Oil Co. (I) Ltd.

531.

501.

Tirwin Management Services (P) Ltd.

Venkata Narayana Active Ingredients Private Limited

502.

Titanium Equipment and Anode Mfg.Co.Ltd.,

532.

Ventura Technologies Network Pvt. Ltd.

503.

ToCheungLee Stationery Mfg. Co. Ltd

533.

Ventureast Fund Advisors India

504.

Tonglit Autogistic Pvt.Ltd.

534.

Victor Grace & Co.

505.

TPI Composites India LLP

535.

Victoria Technical Institute

506.

Tractors & Farm Equipment Ltd.

536.

Vijayani Nutraceuticals Pvt. Ltd.

507.

Translink Logistics Pvt. Ltd.

537.

Virgo Polymers (I) Ltd.

508.

Treeline Business Solutions Private Limited

538.

Vistasoft India (P) Ltd

509.

Trivitron Healthcare Private Ltd.

539.

VIT University

510.

TT Logistics and Cargo Pvt. Ltd.

540.

Vivid Edge Software Solutions Private Ltd.

511.

TTK Healthcare Limited (Protective Devices Division).

541.

Voice Snap Services Pvt. Ltd

542.

Voltas Ltd.

512.

Turbo Energy Ltd.

543.

Vyosoft

513.

Tuticorin Chamber of Commerce & Industry

544.

WABCO India Limited

514.

TVS Logistics Services Ltd.

545.

Waterfalls Institute of Technology Transfer

515.

TVS Mobility Pvt. Ltd (T V Sundram Iyengar & Sons Ltd)

546.

We Entertainments

516.

TVS Motor Company Ltd.

547.

Wheels India Ltd.

517.

Uniphore Software Systems Pvt. Ltd

548.

Wil Car Wheels Limited

518.

United India Insurance Co. Ltd.

549.

William Hare (India) Private Limited

519.

Unity Forge Private Ltd.

550.

XS Real Properties Pvt. Ltd.

520.

Universal Legal

551.

Yalee Inc

521.

V Excel Educational Trust

552.

Yazaki India Pvt. Ltd.

522.

V Rajalakshmi & Co

553.

Zamil Steel Engineering India Pvt. Ltd.

523.

V Vasumathy & Associates

554.

Zen Online

524.

VA Tech Wabag Ltd.

555.

ZF Rane Automotive India Pvt Ltd (Rane TRW Steering Systems Ltd)

525.

Valiant Technologies Pvt. Ltd

556.

Zoho Corporation Pvt Ltd

526.

Valmet Technologies Pvt. Ltd

527.

Vanilla Holdings & Investments Pvt. Ltd.

497.

Thinkinfinity Technology and Consulting Pvt. Ltd

498.

Thomas VM & Co

499.

Annual Report 2021 - 2022 73

past chairmen/presidents PAST CHAIRMEN / PRESIDENTS

(From the year 1996 the designation of Chairman was changed to President)

1836

Mr John Alves Arbuthnot

1837

Mr John Alves Arbuthnot Mr John Williams Dare

1838

Mr John Williams Dare Mr William Scott Binny

1839

Mr William Scott Binny Mr John Line

1840

Mr John Line Mr James Scott

1841

Mr James Scott

1842

Mr James Scott Mr John Utley Ellis

1843

Mr John Utley Ellis Mr J Ouchterlony

1844

Mr J Ouchterlony

1845

Mr J Ouchterlony Mr James Thomson

1846

Mr James Thomson Mr John Binny Key

1847

Mr John Binny Key Mr George Arbuthnot

1848

Mr George Arbuthnot

1849

Mr Henry Nelson

1850

Mr William Mc Taggart Mr William Urquhart Arbuthnot

1851

Mr J Ouchterlony

1852

Mr Joseph Goolden

1853

Mr James Scott Mr J Ouchterlony

1854

Mr James Scott Mr Robert Orr Campbell

1855

Mr Robert Orr Campbell

74 Annual Report 2021 - 2022

1856

Mr J Ouchterlony Mr John Binny Key

1857

Mr William Hamilton Crake

1858

Mr John Vans Agnew

1859-60

Mr Henry Nelson

1861

Mr Alfred John Byard Mr William Reirson Arbuthnot

1862

Mr William Reirson Arbuthnot Mr Robert Orr Campbell

1863

Mr William Hamilton Crake

1864

Mr Alfred John Byard Mr Henry Tolputt

1865

Mr Henry Tolputt Mr John Young

1866-67

Mr Alexander Forrester Brown

1868

Mr Alexander Forrester Brown Mr William Reirson Arbuthnot

1869

Mr Alfred John Byard Mr John Charles Loch

1870-71

Mr Patrick Macfadyen

1872

Mr Robert Chillingworth Walker

1873

Mr Alexander Forrester Brown

1874

Mr Patrick Macfadyen

1875

Mr Clement Simpson

1876

Mr Patrick Macfadyen

1877

Mr Patrick Macfadyen Mr John Jones

1878

Mr Alexander Mackenzie

1879

Mr Alexander Mackenzie

1880

Mr Patrick Macfadyen

1881-82

Mr Clement Simpson

1883-84

Mr James Charles Shaw

1885

Mr John Alexander Boyson

1886

Mr George Gough Arbuthnot

1887

Mr S R Tumbull

1888

Mr S R Tumbull

1915-17

Mr Gordon Fraser Mr C E Wood

1918-19

Mr Gordon Fraser Mr C E Wood

Mr D Rasbotham

1920-21

Mr James Simson

1889-90

Mr J A Boyson

1922

Sir James Simson

1891-92

Mr S R Tumbull

1893-94

Mr J A Boyson

1895

Mr G G Arbuthnot

Mr W Alexander 1923

Sir Gordon Fraser Mr C E Wood

Mr G L Chambers

1924-25

Mr T M Ross

1896

Mr G L Chambers

1926-27

Mr C E Wood

1897

Mr G G Arbuthnot

1928

Mr K Kay

1898

Mr G G Arbuthnot

1929-30

Mr H F P Hearson

Mr S R Tumbull

1931

Mr F Birley

Mr S R Tumbull

1932

Mr K Kay

Mr E P Vans Agnew

1933

Mr W M Browning

1900

Mr G G Arbuthnot

1934

Mr W M Browning

1901

Sir George Arbuthnot

1935

Sir William Wright, O.B.E

Mr A J Yorke

1936

Mr F Birley

1902

Mr A J Yorke

1937

Mr G A Bambridge

1903

Sir George Arbuthnot

1938

Mr D M Reid, O.B.E

Mr H Scott

1939

Sir Gerald Hodgson

1904

Sir George Arbuthnot

1940

Sir Robert Denniston

1905

Mr A J Yorke

1941-43

Mr J Nuttal

1906

Mr A J Yorke

1944

Mr C Elphinston

Mr V G Lynn

1945-46

Mr H S Town

1907

Mr V G Lynn

1947

Mr W T Williams

1910-11

Mr Hugh Fraser

1948

Mr H I Wonfor, C.B.E.

1912

Mr A D Jackson

1949

Mr B W Batchelor

1913

Mr A D Jackson

1950

Mr H I Wonfor, C.B.E.

Mr W B Hunter

1951

Mr H S Macqueen

Mr A D Jackson

1952-53

Mr H I Wonfor, C.B.E.

Sir Hugh Fraser

1954

Mr R E Castell, C.B.E.

1899

1914

Annual Report 2021 - 2022 75

1955

Mr T Rogers

1981-82

Mr M K Kumar

1956

Mr J R Galloway

1983-84

Mr K V Sitaram

1957

Mr G N Noel – Tod, C.B.E.

1985-86

Mr N Sankar

1958

Mr E J M Leigh

1987

Mr M V Murugappan

1959

Mr P Hadfield

1988

Mr Hari Eswaran

1960

Mr E F G Hunter

1989-91

Mr V Chidambaram

1961

Mr R M King

1991-93

Mr N Venkataramani

1962

Mr B B Dod

1993-94

Mr N Srinivasan (F&R)

1963

Mr M J Edwards, O.B.E

1994-96

Mr L Lakshman

1964

Mr D M Law

1996-98

Mr N Srinivasan (ICL)

1965

Mr A M Murugappa Chettiar (till 31st October 1965)

1998-99

Ms Mallika Srinivasan

1999-2000

Mr G K Raman

2000-2001

Mr L Sabaretnam

2001-2002

Mr N Ramachandran

2002-2003

Mr K V Sheety

2003-2004

Mr B Natraj

2004-2005

Mr Murali Venkatraman

2005-2006

Mr V Balaraman

2006-2007

Mr A Sankarakrishnan

2007-2008

Mr Arun Bewoor

2008-2010

Mr Srinivasan K Swamy

2010-2012

Mr T T Srinivasaraghavan

2012-2014

Mr T Shivaraman

2014- 2016

Mr S G Prabhakharan

2016-2017

Mr.Ram Venkataramani

2018-2020

Mr Ramkumar Ramamoorthy

Mr A W Stansfeld 1966

Mr A W Stansfeld

1967

Mr John K John

1968

Mr E W D Jeffares, M.C

1969

Mr A M M Arunachalam

1970

Mr M E Bourcier

1971

Mr C P Featherstone

1972

Mr N S Bhat

1973

Mr A K Sivaramakrishnan

1974

Mr M M Muthiah

1975

Mr P D Whiteley

1976

Mr C D Gopinath

1977-78

Mr J K Clubwala

1979-80

Mr A Sivasailam

76 Annual Report 2021 - 2022

FINANCIALS 2021-22

R.G.N. Price & Co. Chartered Accountants

Phone : 28413633 I 28583494 E-Mail : price@rgnprice.com Offices at : Mumbai, Bangalore, Cochin, Quilon & Calicut

Simpson’s Buildings 861, Anna Salai, Chennai - 600002 18th June, 2022

To the Members of The Madras Chamber of Commerce and Industry Report on the Audit of Financial Statements We have audited the accompanying financial statements of The Madras Chamber of Commerce and Industry (“the Chamber”) which comprise the Balance Sheet as at March 31, 2022, and the Income and Expenditure Account for the year then ended, and a summary of significant accounting policies and other explanatory information.

Opinion In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Chamber as at March 31, 2022, and of its financial performance for the year then ended in accordance with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI).

Basis of Opinion We conducted our audit in accordance with Standards on Auditing (SAs) issued by ICAI. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Chamber in accordance with Code of Ethics issued by ICAI together with ethical requirements that are relevant to our audit of financial statements under the provisions of the act, and the rules thereunder,and we have fulfilled our ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of the Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the state of affairs, results of operations of the Chamber in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the entity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the entity’s financial reporting process.

Auditor’s Responsibility Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Annual Report 2021 - 2022 77

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: •

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

•

Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the entity to cease to continue as a going concern.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in i.

planning the scope of our audit work and in evaluating the results of our work; and

ii.

to evaluate the effect of any identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Place Chennai Date 18th June 2022

78 Annual Report 2021 - 2022

For RGN Price & Co Chartered Accountants (Firm Regn No.002785S) Mahesh Krishnan Partner M 206520 UDIN : 22206520ALFPFJ9527

FINANCIALS 2021-22

BALANCE SHEET

THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

as at 31st March 2022

Amount in Rs. Particulars

As at 31st March 2022

Note No.

Amount

As at 31st March 2021 Amount

Amount

SOURCE OF FUNDS General Fund

11,16,71,803

10,26,13,290

Non Current Liabilities

13,20,000

11,29,91,803

10,39,33,290

Total APPLICATION OF FUNDS Property, Plant and Equipment Gross Block

Less : Depreciation

3,63,51,015

3,61,51,188

1,26,32,775

1,17,11,943

Net Block Investments

2,37,18,240

2,44,39,245

75,00,000

Current Assets, Loans and Advances Sundry Debtors

6,07,273

79,447

Cash and Bank balances

7,86,43,802

6,88,31,070

Other Current Assets

41,70,238

50,87,063

Loans and Advances

6,35,278

4,65,500

8,40,56,591

7,44,63,080

22,83,028

24,69,035

22,83,028

24,69,035

Less : Current Liabilities and Provisions Liabilities

Total Net Current Assets Total

Notes on accounts

8,17,73,563

7,19,94,045

11,29,91,803

10,39,33,290

The Notes 1 to 8 and 12 referred to above form an integral part of the Balance Sheet President

Vice President

Secretary General

Chennai

18th June 2022

For R.G.N. PRICE & CO. Chartered Accountants Mahesh Krishnan Partner M.No. 206520 FR No. 002785S

This is the Balance Sheet referred to in our report of even date

Annual Report 2021 - 2022 79

FINANCIALS 2021-22

Income and Expenditure Account for the year ended 31st March 2022

THE MADRAS CHAMBER OF COMMERCE & INDUSTRY Amount in Rs.

Particulars

Note No.

Year ended 31st March 2022

Year ended 31st March 2021

Amount

INCOME Subscription

65,85,000

72,63,500

Entrance Fee

1,68,500

2,25,000

Fees for Certificate of Origin

75,61,661

35,29,840

Seminar Income

13,59,866

24,68,065

Interest on investments

43,78,932

47,29,285

Rental income

18,44,946

21,86,619

7,18,300

3,66,063

9,397

2,29,83,268

2,04,11,706

1,00,54,367

93,44,830

Seminar Expenses

3,81,505

3,06,433

Arbitration Expenses- MAMC

2,65,568

21,54,756

24,73,820

10,44,732

8,47,506

1,39,00,928

1,29,72,589

90,82,340

74,39,117

23,827

7,24,662

90,58,513

67,14,455

Arbitration Income - MAMC Other Income

Total EXPENDITURE Employee Costs

Other Expenses

Depreciation Total Excess of Income over Expenditure for the year (before taxes) Income Tax (Refer Notes on Accounts 2a(ii) Transfer to General Fund

Notes on accounts

The Notes 9 to 12 referred to above form an integral part of the Income and Expenditure account President

Vice President

Secretary General

Chennai

18th June 2022

For R.G.N. PRICE & CO. Chartered Accountants Mahesh Krishnan Partner M.No. 206520 FR No. 002785S

This is the Income and Exependiture Account referred to in our report of even date

80 Annual Report 2021 - 2022

NOTEs TO FINANCial STATEMENTS

THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

Note no. 1 GENERAL FUND

(in Rs.) Particulars

As per last Balance Sheet

Surplus from Income & Expenditure account transferred

As at 31st March 2022

As at 31st March 2021

Amount

10,26,13,290

9,58,98,835

90,58,513

67,14,455

11,16,71,803

10,26,13,290

Annual Report 2021 - 2022 81

82 Annual Report 2021 - 2022

5,96,417

5,96,755

13,93,600

3,61,51,188

Office equipment

Computers

Vehicles

3,27,54,243

3,23,727

22,54,315

Furniture and Fixtures

Previous Year

34,59,273

Electrical Installations

43,15,069

1,68,641

1,55,086

81,30,038

Freehold Buildings

Additions

1,97,20,790

Cost as on 01/04/2021

9,18,124

1,23,900

Deletions

Gross Block

Land & Development

Particulars

Property, Plant and Equipment

Note no. 2

Notes to Financial Statements

13,86,935

5,66,278

4,04,110

17,24,975

18,04,389

58,25,256

Acc. Depreciation as on 01/04/2021

3,61,51,188

1,17,82,561

3,63,51,015 1,17,11,943

13,93,600

7,65,396

6,27,603

22,54,315

34,59,273

81,30,038

1,97,20,790

Cost as on 31/03/2022

8,47,506

10,44,732

6,663

28,199

63,140

1,41,600

5,68,297

2,36,833

for the year

13,93,598

5,94,477

3,43,350

18,66,575

23,72,686

60,62,089

Acc. Depreciation as on 31/03/2022

9,18,124

1,17,11,943

1,23,900 1,26,32,775

1,23,900

Deletions

Depreciation

2,44,39,245

2,37,18,240

1,70,919

2,84,253

3,87,740

10,86,587

20,67,949

1,97,20,790

As on 31/03/2022

2,09,71,682

2,44,39,245

6,665

30,477

1,92,307

5,29,340

16,54,884

23,04,782

1,97,20,790

As on 31/03/2021

Net Block

(in Rs.)

THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

FINANCIALS 2021-22

NOTEs TO FINANCial STATEMENTS

THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

Note no. 3 (in Rs.)

Investments Particulars

Fixed Deposits with Sundaram BNP Paribas Home Finance Ltd

As at 31st March 2022

As at 31st March 2021

Amount

75,00,000

Note no. 4 (in Rs.)

Sundry Debtors - Unsecured Considered Good Particulars

Debts Outstanding for a period exceeding six months Other Debts

As at 31st March 2022

As at 31st March 2021

Amount

28,706

25,370

5,78,567

54,077

6,07,273

79,447

Note no. 5

(in Rs.)

Cash and Bank Balances Particulars

Cash & cheques on hand

As at 31st March 2022

As at 31st March 2021

Amount

55,238

21,298

16,65,907

16,70,383

7,69,22,657

6,71,39,389

7,86,43,802

6,88,31,070

Balance with Scheduled Banks -On Current Account Fixed Deposits with banks

Annual Report 2021 - 2022 83

FINANCIALS 2021-22

NOTEs TO FINANCial STATEMENTS

THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

Note no. 6

(in Rs.)

Other Current Assets - Unsecured Considered Good Particulars

Interest accrued on Investments Advance Tax & tax deducted at source(Net)

As at 31st March 2022

As at 31st March 2021

Amount

9,40,142

11,70,118

32,30,096

39,16,945

41,70,238

50,87,063

Note no. 7

(in Rs.)

Loans and Advances - Unsecured Considered Good Particulars

As at 31st March 2022

As at 31st March 2021

Amount

Deposits

3,09,169

Prepaid expenses

2,70,609

1,55,831

500

55,000

6,35,278

4,65,500

Advance Salary Advance

84 Annual Report 2021 - 2022

notes TO FINANCIAL STATEMENTS

THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

Note no. 8 (in Rs.)

Non Current Liabilities Particulars

Rent Deposit

As at 31st March 2022

As at 31st March 2021

Amount

13,20,000

(in Rs.)

Current Liabilities Particulars

Sundry Creditors

As at 31st March 2022

As at 31st March 2021

Amount

81,394

3,11,250

15,70,508

14,68,558

Statutory Dues

4,45,126

4,39,827

Subscription, Advertisement & Seminar Fees etc received in advance

1,86,000

2,49,400

22,83,028

24,69,035

Provision for employee benefits

Note no. 9 (in Rs.)

Other Income Particulars

Miscellaneous Income

Year ended 31st March 2022

Year ended 31st March 2021

Amount

2,50,000

9,397

Interest on incometax refund

83,063

Profit on sale of assets

33,000

3,66,063

9,397

Annual Report 2021 - 2022 85

FINANCIALS 2021-22

notes TO FINANCIAL STATEMENTS

THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

Note no. 10 (in Rs.)

Employee Cost Particulars

Establishment cost Contribution to Provident & other funds Staff Welfare

Year ended 31st March 2022

Year ended 31st March 2021

Amount

95,42,620

88,58,315

4,42,752

4,31,139

68,995

55,376

1,00,54,367

93,44,830

Note no. 11

(in Rs.)

Other Expenses Particulars

Subscription to Associations

Year ended 31st March 2022

Year ended 31st March 2021

Amount

15,000

2,61,250

Meeting expenses

3,20,821

2,61,262

Printing & Stationery

1,62,510

1,70,705

Electricity Charges

2,60,257

2,39,012

Telephone Charges

80,851

1,00,505

Travel Expenses

69,207

24,158

Rates and Taxes

3,09,901

1,75,559

Repairs and Maintenance

6,82,425

8,28,162

Postage and courier

19,950

28,067

Insurance

34,250

38,222

Audit Fee

65,000

50,000

Other services

38,000

Professional & Consultancy Expenses

50,200

2,15,400

Miscellaneous Expenses

46,384

43,518

21,54,756

24,73,820

Payment to Auditors

86 Annual Report 2021 - 2022

SCHEDULES FORMING PART OF ACCOUNTS

THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

Note no. 12

Investments :

Notes on Accounts

Investments are stated at cost.

1. Significant Accounting Policies :

Retirement benefits :

Accounting Convention : The financial statements are prepared under historical cost convention.

Liability towards gratuity is based on actuarial valuation by LIC. Contribution towards Superannuation fund is maintained by LIC. All contributions are charged to revenue when due.

Accrual basis of accounting is followed except for subscription income, which is accounted on receipt basis due to practical resons.

With regard to leave encashment, provision is made on the basis of encashment of leave upto a maximum of 180 days at the time of retirement or reaching the age of superannuation calculated at the last drawn salary rates.

Fixed Assets :

2. Notes

Fixed assets are stated at cost. Cost includes acquisition and installation expenses.

Revenue Recognition :

Depreciation : Depreciation is provided on straight line method on the basis of the estimated useful lives as determined by the Chamber. In respect of additions and deletions, depreciation is restricted to the period of use. Residual value of assets considered at Rs 1 and the rates of depreciation are as under. Building

10%

Electrical Installations

25%

Furniture & Fixtures

25%

Office Equipment

25%

Computers

33%

Vehicles

25%

Contingent Liability i.

Income Tax Rs. 19.41 lakhs ( Prepaid taxes Rs. 12.13 lakhs included in note # 6 Other Current Assets)

ii.

Income Tax Rs. 23,827/- represents net income tax receivable pertaining to earlier years written off.

Previous year’s figures have been regrouped/ reclassified wherever necessary to conform to the presentation of current year’s accounts.

Annual Report 2021 - 2022 87

THE MADRAS CHAMBER OF COMMERCE & INDUSTRY Information Dissemination v Updates the members on an on-going basis, the changes in rules, regulations, policies and legislations impacting businesses, market opportunities, emerging technologies and other relevant matters v Commissions studies on subjects of importance which affect the trade & industry as and when required v Publishes a Directory of Members once in two years for distribution v Circulates a bimonthly Bulletin “Chamber In Touch” with host of relevant information v Recommend annually to member companies Commercial Holidays and Charter Party Holidays to be observed. Networking Opportunities Provides a platform to network and promote one’s business, through the various meetings, workshops, round tables etc. periodically organised. Liaising , Lobbying & Advocacy v Liaise and maintain a good rapport with different government departments, institutions, Diplomatic Missions in Chennai. v Represent the issues of members to appropriate authorities for grievance redressal. v Facilitate periodical interactions with Government officials for sharing our inputs and drawing their attention to ground issues to lobby for policy changes. v Facilitates knowledge sharing between members and industry experts v Provides expert advice/ counseling to members through various expert committees.

88 Annual Report 2021 - 2022

THE MADRAS CHAMBER OF COMMERCE & INDUSTRY

Knowledge updation and capacity building v Organize seminars, workshops and conferences on topics of current interest for the benefit of members. v Conduct trainings and workshops on finance, managerial , taxation , HR topics for the executives and staff v Provide trainings for fresh recruits of member companies v Offer certificate / short duration courses for employees on various relevant topics like Industrial Engineering, Taxation , EXIM procedures etc Trade Facilitation v Issuing Certificate of Origin for export shipments and attesting various other documents for members. v Issuing visa recommendation letters for member companies for business visits abroad. v Organize meetings with visiting delegations to foster business collaborations. v Organize outbound delegations / exposure visits / participation in overseas trade fairs for member companies. Arbitration Offer professional assistance for Arbitration of commercial disputes between member companies and other companies.

1836 - 2022

In the words of

John Alves Arbuthnot the First Chairman of the Chamber ... " ... watch over and protect the interests of trade; receive and collect information on all matters of mercantile interest bearing upon the removal of grievances and promotion of the common good; receive references on matters of custom or usage in doubt or dispute, decide on the same and record the decisions made for further reference; and to form by that and other code of practices whereby the transaction of business by all companies engaged in it are simplified and facilitated”.

MCCI

The Madras Chamber

Karumuttu Centre, I floor, 634 Anna Salai, Nandanam,Chennai-600035 Tel: 24349871/24349720 Email:madraschamber@madraschamber.in www.madraschamber.in