107th AGM of Southern India Chamber of Commerce and Industry (SICCI) held in Chennai
Posted on: 23/Sep/2017 10:34:31 AM
The 107th AGM of Southern India Chamber of Commerce and Industry (SICCI) was held in Chennai yesterday. Mr. Jairam Ramesh, Former Union Minister and MP delivered a keynote address on “Challenges facing the Indian Economy”.
“The Southern India Chamber of Commerce and Industry welcomes the initiatives taken by the Government of India in bringing more transparency towards ease of doing business. The overall scenario of Indian Economy has slowed significantly in the first quarter of FY 2017, recording the worst result in three years. Behind the economic downturn was a deterioration in external sector combined with weak domestic demand. The lingering effect of demonetisation combined with confusion over the GST are having a dampening effect on activity which has slowed notably in the past two quarters”, said Mr. M. Rafeeque Ahmed, President, SICCI.
Addressing the gathering on the 107th AGM of SICCI, Mr. Jairam Ramesh, Former Union Minister and MP said, “The country’s GDP growth had been declining for six consecutive quarters. The demonetisation and the quick roll out of the Goods and Services Taxes had a major impact on the GDP, tied with the decline in exports. Also the slowdown and challenges seems to continue with no signs for revival. India’s high exchange rate had affected one-third of the exports, mainly in labour intensive industries like textiles and leather. The country is still a big informal economy, as 50 per cent of the GDP and 92 per cent of employment came from informal sector.”
A high-power panel discussion on “Industrial Development in Tamil Nadu” was followed. The panellists were Mr. Mangat Ram Sharma, IAS, Principal Secretary to Govt. of Tamil Nadu, Dept. of MSME, Tmt. Shilpa Prabhakar Satish, IAS, Executive Vice Chairperson, Tamil Nadu Guidance Bureau, Mr. T. Shivaraman, Managing Director & CEO, Sriram EPC Ltd and Mr. K. Balasubramanian, Chairman SICCI, MSME Committee.
Mr. R. Ganapathi, Sr VP, S.RAGHAVAN, Secretary, along with other members of SICCI were present.
