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Mr. NAKAGAWA Koichi, Hon'ble Consul General of Japan in Kolkata will grace the occasion as Chief Guest.
Consul General of Japan Mr. Nakagawi Koichi expressed confidence that India's relationship with Japan will continue to strengthen under the new Prime Minister of Japan. He said that the bilateral relationship has grown significantly over the years.
Koichi emphasised the importance of infrastructure development in the India-Japan partnership, highlighting the high-speed railway project and identifying areas like artificial intelligence, electric vehicles, and green energy as key areas for future cooperation. He also mentioned that around 1,400 Japanese companies are currently operating in India, with approximately 25 headquartered in West Bengal and two each in Jharkhand and Odisha.
Koichi expressed Japan's interest in addressing the congestion at the Petrapole Land Customs Checkpost, which is the largest land trade and passenger border between India and Bangladesh. While no specific projects have been identified yet, he indicated that Japan is open to discussing potential solutions to streamline the border trade.
H.E. Ms. Ina H. Krisnamurthi, Ambassador of the Republic of Indonesia in India will grace the occasion as Chief Guest. Dadang Hidayat, Minister Counsellor, Indonesian Embassy, M. Iqbal Djamil, Trade Attache, Indonesian Embassy and Nugroho P. Pratomo, Director, Indonesian Trade Promotion Center, Chennai will be the Guests of Honour
H.E. Ina H. Krisnamurthi, Ambassador of the Republic of Indonesia in India stated that 'May peace be upon us all. It is a profound honor to be here in Kolkata, a city that embodies the spirit of entrepreneurship and innovation. With a trade relationship between Indonesia and West Bengal totaling $1.24 billion in 2023, our economic ties are strong, yet there remains vast untapped potential. Kolkata's strategic location and vibrant economy make it a vital nexus for international trade. As we celebrate 75 years of diplomatic relations, it's crucial to honor our shared history while focusing on the future. We must drive forward with development and progress, leveraging our Comprehensive Strategic Partnership to explore new avenues of collaboration, including more direct flights between our nations. This will require consistent and sustainable traffic, involving cargo and passengers, to ensure economic growth. Our shared enemy now is not colonial power but the challenges of development and progress. Let's work together to overcome these challenges and strengthen our bilateral ties for a prosperous future.'
Mr. Mahesh Kumar Saharia, Hony. Consul of the Republic of Indonesia in Kolkata and Past President of the Calcutta Chamber of Commerce also addressed the gathering, emphasizing the importance of synergizing efforts to expand maritime connectivity and economic opportunities in the region.
The session concluded with a discussion with Minister Counsellor, Trade Attache of Indonesian Embassy and Director, ITPC on the potential for deeper collaboration between India and Indonesia, focusing on public-private investments and new partnerships.
Shri Nilesh Shah, Group President and Managing Director, Kotak Mahindra Asset Management Co Ltd & Part-Time Member of Economic Advisory Council to the Prime Minister was Chief Guest and CA Vinod Kumar Goyal, National President, Association of National Exchanges Members of India was the Guest of Honour.
Mr. Nilesh Shah was optimistic about the country's growth trajectory, its immense potential and the opportunities, amid several challenges. He stated, 'India's economic journey in the Amrit Kaal era is a tale of remarkable progress and persistent challenges. Our GDP contribution has risen significantly, with states like Maharashtra now matching the economic output of the entire nation from just two decades ago. This growth trajectory suggests India could expand 5 to 10 times its current size. However, we must acknowledge the uneven nature of this growth, with just 13 districts generating half of our GDP. The COVID 19 pandemic has temporarily slowed our momentum, and the disparity between our thriving 1%, expanding middle class and the 72% still struggling for basic needs is stark.
As we move towards Viksit Bharat, our task is clear: to ensure inclusive growth that reaches every corner of our nation, bridging the gap between our economic achievements and the everyday realities of our citizens. This is the key to aligning our economic success with voter satisfaction and truly realizing our potential as a global economic power house'.
Mr. Shah, highlighted how long-term capital investment can create wealth for retail investors and Indian companies. "We should discourage (speculative) trading so that investment thrives. People lose money. If the government is considering higher taxation for futures and options or speculative trading, it is heading in the right direction,".
He was responding to a query about media speculations that the Ministry of Finance is planning to impose higher taxes on transactions for futures & options in the upcoming Union Budget. According to media speculations, proposed changes may include reclassifying these transactions as speculative income from non-speculative business income and potentially introducing TDS on them.
In his presentation, Shah equated futures and options with crypto currencies, online games, and Ponzi schemes. He pointed out that a section of people is "losing money for indulging in wrong money-growing ideas of playing online fantasy games and investing in Ponzi schemes. Additionally, 9 out of 10 traders in India lose money in the F&O segment." He also stated that many Indians remain poor because they generate returns lower than inflation due to poor investment decisions. This situation affects around 18 crore people in the country, he added.
CA Vinod Kumar Goyal added in today's market, stringent regulations have fostered an environment of trust and security, exemplified by SEBI's vigilant oversight. In his pre-budget memorandum to the Central Board of Direct Taxes, Mr. Goyal suggested treating the income/loss arising from transactions (non-delivery based) which are squared up on the same day at par with business income and not as speculative income
Business
Shah highlighted how long-term capital investment can create wealth for retail investors and Indian companies.
Nilesh ShahPhoto | EAC-PM
website - PTI
05 Jul 2024, 1:40 pm
KOLKATA: Steps are needed to curb speculative trading and develop a culture of investing for the long term, said Nilesh Shah, a part-time member of the Economic Advisory Council to the Prime Minister (EAC-PM) in an interactive session organised here by the Calcutta Chamber of Commerce on Thursday.
Shah, also the managing director of Kotak Mahindra Asset Management Company Ltd, highlighted how long-term capital investment can create wealth for retail investors and Indian companies.
"We should discourage (speculative) trading so that investment thrives. People lose money. If the government is considering higher taxation for futures and options or speculative trading, it is heading in the right direction," Shah told PTI.
He was responding to a query about media speculations that the Ministry of Finance is planning to impose higher taxes on transactions for futures & options in the upcoming Union Budget.
According to media speculations, proposed changes may include reclassifying these transactions as speculative income from non-speculative business income and potentially introducing TDS on them.
In his presentation, Shah equated futures and options with cryptocurrencies, online games, and Ponzi schemes.
He pointed out that a section of people is "losing money for indulging in wrong money-growing ideas of playing online fantasy games and investing in Ponzi schemes. Additionally, 9 out of 10 traders in India lose money in the F&O segment."
He also stated that many Indians remain poor because they generate returns lower than inflation due to poor investment decisions. This situation affects around 18 crore people in the country, he added.
Shah was optimistic about the country's growth trajectory, its immense potential and the opportunities, amid several challenges.
In his pre-budget memorandum to the Central Board of Direct Taxes, Association of National Exchanges Members of India (ANMI) president Vinod Kumar Goyal suggested treating the income/loss arising from transactions (non-delivery based) which are squared up on the same day at par with business income and not as speculative income.
Shri Debashis Sen, IAS (Retd.), Hon'ble Former Chairman, HIDCO, West Bengal was Chief Guest and the Guests of Honour were Shri Sandeep Sengupta, Director, Indian School of Anti Hacking (ISOAH) and Shri Sumesh Dugar, Founder and CEO, Webbies.
Shri Debashis Sen spoke on scope & opportunity of application of AI in improving wide spectrum business activities in every sector of industries and economy. Shri Sen mentioned AI is improving productivity and quality of services many fold. He said Kolkata's Charnak hospital is using AI to monitor patients and also mentioned about role of AI in improving treatment of patients, hospital management, service of tourism & hospitality industries, telecommunication, urban planning and development, education delivery mechanism as well as education as a whole. Shri Sen stressed need for developing rules and regulation on application of AI in collaboration with global stakeholders to avoid any misuse of AI that can cause human made disaster in life of single individual to entire humanity.
Shri Sumesh Dugar mentioned he and his team have developed AI technologies to understand emotions and expressions. Shri Dugar said adaptation of AI will increase creativity many times.
Shri Sengupta said application of AI tools is enhancing Cyber security, improving crime detection, individual crime analysis and more. Shri Sengupta also mentioned about prompt engineering. Shri Sengupta said AI is a tool & will benefit humanity when proper human ethics is used while deploying AI.
The Guest of Honour was Shri Debasis Barman, Asstt. Director, MSME-Development and Facilitation Office, Kolkata, Ministry of MSME, Government of India.
Shri Debasis Barman presented an overview of MSME sector in growth and development of West Bengal. MSMEs sector broadly classified into two categories i.e. manufacturing and service sector. Shri Barman said MSME Development and Facilitation office in Kolkata is involved in implementing Government of India's MSME policies to boost and expand MSME sector in West Bengal as well as trying to find solutions of various challenges faced by currently functioning MSMEs in the State within the framework of existing MSME policies.
Shri R.K. Chhajer, Chairman, Industry, MSME and Trade & Commerce Committee mentioned MSMEs are playing major role in livelihood creation not only in West Bengal but across India and empowering youth, women, families as well as boosting economic development.
The Guest of Honour was Dr. Paras Kochar, Distinguished Advocate, Author and Tax Consultant.
Dr. Kochar shared practical insights into handling search and seizure procedures. He highlighted the need for operational flexibility to minimize disruptions during searches. Key advice included removing sensitive documents and digital traces to reduce risks, as well as ensuring cash and jewellery were properly documented if seized. He also stressed the importance of accurate and truthful statements under Section 132(4) to avoid legal complications.
The session provided attendees with a comprehensive overview of the procedures and safeguards outlined in Section 132, emphasizing the necessity of transparency, witness presence, and proper documentation during search and seizure.
Eminent speakers were Dr. Shuvendu Sen, Eminent Physician, Alzheimer's Disease, Dr. Ramendu Homchaudhuri, Orthopaedician & Knee Replacement Expert & Thalassemia Rotary Ambassador and Dr. Bijay Patni, Senior Consultant Diabetologist.
Dr.Bijay Patni, Senior Consultant Diabetologist mentioned various types of diabetes are affecting large section of Indian population due to fast changing lifestyle of Indian population including youths and children.
Early diagnosis and treatment can help in better health management for any person. Causes of diabetes are damaged metabolism resulting in damage of vital organs. Dr. Patni indicated diabetes remission is not a cure because it isn't permanent. Damaged beta cells and underlying genetic factors contribute to the person's susceptibility to diabetes which remain intact. The disease process reasserts itself over period of time and continued destruction of the beta cells ensues. Diabetes is a progressive disease and it can worsen over time.
Weight reduction is the key behind both remission and reversal of diabetes. A very low-0calorie diet, carbohydrate restricted diet and exercise can help in diabetes remission and reversal. Patni suggested regular physical exercise, eating of normal home cooked traditional food in moderation.
Dr. Ramendu Homechaudhury, Orthopedician & Knee Replacement Expert & Thalassemia Rotary Ambassador spoke on osteoarthritis and thalassemia. Dr. Homchaudhury mentioned exposure to sunlight is good for bone health. He indicated there is need to spread awareness on various bone health issues as well as early diagnosis so that corrective measures can be initiated at early stage. Dr. Homechaudhury called for need to promote wide spread awareness on thalassemia. Thalassemia is an inherited blood disorder that affects the production of haemoglobin and red blood cells. It is passed down from one or both parents through their genes. Dr. Homchaudhury called for pre-marriage/pre-sex screening of both partners to identify whether any of the partner is thalassemia carrier. Dr. Homchaudhury suggested if both partners are thalassemia carrier then giving birth of child should be avoided.
Keynote speaker of the seminar was Dr. Shuvendu Sen, MD, Vice Chair, Professor of Medicine, Jersey Shore University Medical Center, USA who spoke on Alzheimer's disease affecting wide section of population across the planet Earth but no cure is available at this point in time. Dr. Sen stressed due care must be taken by caregivers so that Dignity of Alzheimer patients should not be undermined during management of the Alzheimer patients. Dr. Sen mentioned brain's response system is very complex. Dr. Sen's prescription to manage Alzheimer patients and fight Alzheimer : Music, Movement and Meditation. Dr. Sen suggested everyone should try to lead proactive lifestyle every day as well as sleep good amount of time to relax and rejuvenate biological body and spend in nature.
Dr. Sharmishtha Banerjee, Professor, Dept. of Business Management, University of Calcutta, Mrs. Kanta Chakraborty, Teacher, Dumdum, Ms. Satarupa Majumder, Founder & Secretary, Teacher, Swapnopuron Sundarbans, Tazkira Begum, Kantha Embroidery Artist, Birbhum and Ms. Dolly Gurung, Auto Driver were honoured by Calcutta Chamber of Commerce & Calcutta Chamber of Commerce Ladies Forum.
Dr. Sharmistha Banerjee, Professor at the Department of Business Management, University of Calcutta, said, "heartfelt thanks to Calcutta Chamber of Commerce and Calcutta Chamber of Ladies Forum. Encouraging entrepreneurship among students amidst rising global employment demands is vital. My role is to bridge academia and real-world business".
Tazkira Begum, Kantha Embroidery Artist from Birbhum said, "I invested Rs.1 for buying a needle an now I have 350 artisans working under me and I have been felicitated from across the world. I wish my workers get empowered and they also can stand on their feet".
Mrs. Kanta Chakraborlty, Teacher from Dumdum said, "I first started with 2 girls at Dumdum station. Now I have around 50 students. Most of them are orphans and consider me their mother. Apart from academics I train them with dancing, theatre and karate".
Ms. Satarupa Majumder, Founder & Secretary, Teacher, Swapnopuron-Sundarbans said, "I started this school in 2012 with 25 student and now we have around 800 students and till now around 1700 students have passed out from this school".
The Inaugural Session was addressed by Mr. Rudra Chatterjee, Managing Director, Luxmi Tea Co. Pvt. Ltd., Mr. Manish Jain, IAS, Principal Secretary Department of Higher Education & School Education, Govt. of West Bengal, Mr. Hari Mohan Bangur, Managing Director, Shree Cement Ltd., Mr. Sajjan Bhajanka, Chairman, Century Plyboards (India) Ltd., Prof. Saibal Chattopadhlyay, Director-in-Charge, Indian Institute of Management, Calcutta.
Prof. Dhrubajyoti Chattopadhyay, Vice Chancellor, Sister Nivedita University, Prof. (Dr.) Siddhartha Das, Dept. of Metallurgical & Materials Engineering, IIT, Kharagpur, Dr. Sivaji Chakravorti, Prof. of Electrical Engineering Dept. JU & Former Director, NIT Calicut, Prof.(Dr.) Krishnendu Chakrabarty, Principal, Govt. College of Engineering & Ceramic Technology, Mr. Atul Agarwal, Director, Apt. Software Avenues Pvt. Ltd., Mr. Sandeep Kumar, Managing Director, Tata Steel Downstream Products Limited (TSDPL), Mr. Sandeep Sengupta, Director, ISOAH Data Securities Pvt. Ltd., Dr. Dipankar Chakrabarti, Executive Director & Data Control Officer, PwC India and Mr. Sanjoy Chatterjee, Director, ENTIOVI Technologies Pvt. Ltd. Spoke in the Business Session. Prof. Amlan Chakrabarti, Dr. A.K. Choudhury School of Information Technology, University of Calcutta was Moderator at the session.
Highlighting the significance of industry-academia collaboration, Mr. Rudra Chatterjee, Managing Director of Luxmi Tea Co. P. Ltd., emphasized, "The partnership between academics and industry is paramount for India's economic growth. Just as capital and labor are essential, collaboration between academia and industry is integral to fostering innovation and propelling our nation's economy forward." Echoing this sentiment, Mr. Hari Mohan Bangur, Managing Director of Shree Cement Ltd., emphasized the critical role of internships in shaping the future workforce, stating, "Internships provide invaluable experience to students, preparing them for the demands of the industry". Mr. Sajjan Bhajanka, Chairman, Century Plyboards (India) Ltd. Was of opinion that "It is essential for companies to invest in these opportunities to nurture and empower our youth, who are eager to contribute to the workforce."
Mr. Manish Jain, Hon'ble Principal Secretary of the Department of Higher Education and School Education, Govt. of West Bengal, reiterated the importance of creating platforms for students and introducing new opportunities to drive India's economic growth. He emphasized, "As India gears to become the third largest economy globally, the collaboration between industry and academia is paramount in facilitating the transition of students from educational institutions to the industry,".
Prof Saibal Chattopadhyay, Director-in-Charge of IIM Calcutta, shared insights into the institution's commitment to fostering industry-academia linkages through comprehensive internship programs. "At IIM Calcutta, we recognize the significance of internships in bridging the gap between academia and industry. Our mission is to equip students with practical skills and industry exposure to prepare them for successful careers," he affirmed.
The symposium was followed by panel discussion that concentrated on enhancing collaboration between academia and industry, with a focus on optimizing internship experiences for students to meet the evolving demands of the workforce.
The Session was address by Ms. Barbara Voss, Hon'ble Consul General, Consulate General of the Federation Republic of Germany and Mr. Tom Reiner, Regional Director, Indo-German Chamber of Commerce, Kolkata.
Consul General of Germany in Kolkata Mrs. Barbara Voss said after successful hosting of G2O summit by India, multi-dimensional cooperation between India and Germany is being pushed to attain Sustainable Development Goals ( SDGs ). Consul General mentioned as there is only one Earth to live, efforts are on to tackle climate change as well as global warming issues. Also, Technological collaboration are need of the hour to reduce dependency on fossil fuels.
Mrs. Barbara Voss highlighted Germany is facing retirement wave challenges. Consul General of Germany mentioned Germany is going to change policies to make it easier for Indian Students to go to Germany to study as well as work in Germany after completion of study. Currently, approximately 45000 Indian students are studying in Germany which is largest foreign students group in that country. Mrs. Barbara Voss is representing Germany in 11 States in Eastern India.
Regional Director of Indo German Chamber of Commerce (IGCC) in Kolkata Mr. Tom Reiner mentioned quality of human capital of India is appreciated by Germany. Reiner mentioned one of the major challenge faced by Indian skilled workers is language of communication. While German is primary language of communication in Germany, most of skilled workers from Indian institutions use English for communication. Indian skilled workers need training in German language to work in Germany. Indian young well trained quality human resources are going to play significantly important role in boosting trade as well as facililate economic collaboration between Germany and India in short, medium as well as long term.
Tom Reiner mentioned quality of education and training offered by Indian institutions like IIT's and many others are of very high quality. Tom Reiner briefed on scope and opportunity of Indian companies setting up their offices in Germany. IGCC has 6000 members approximately. IGCC is promoting B2B trade between Germany and India. Tom Reiner highlighted "Senior Expertness Service ( SES )" of IGCC. Under SES, retired German professionals come to India to train Indian workers to make them suitable to work in Germany as well as in German companies in India.
Welcoming the august gathering Mr. Hari Shankar Halwasiya President of Calcutta Chamber of Commerce stressed the need for enhancement of meetings and Cooperation at three levels : government to government, business to business ,and people to people to increase mutual understanding as well as to reach full potential of political and economic cooperation between Germany and India.
Mr. Anant Saharia Senior Vice President of Calcutta Chamber of Commerce (CCC) moderated the session. While delivering vote of thanks, Shri Amit Sharma Vice President of CCC expressed optimism that Germany India bilateral trade and economic cooperation will scale new heights in time ahead.