The Bengal Chamber of Commerce & Industry, Kolkata, India

	Interactive Session with Prof. Alison Richard, Vice Chancellor, University of Cambridge, 9th January 2009, Palladian Lounge, Chamber premises Professor Alison Richard, the 344th Vice-Chancellor of the University of Cambridge interacted with Chamber members and invitees during her visit to Kolkata. Prof. Richard was accompanied by Dame Sandra Dawson, Pro Vice Chancellor, University of Cambridge. The meeting was attended by well over 100 invitees comprising some of the leading lights in academia, industry and society. Professor Richard visited the city with the objective of intereacting with the alumni of the University and the members of the Cambridge and Oxford Society on the eve of the University’s 800th anniversary celebrations. She shared her vision on empowering higher education, which is a necessity for sustainable social, economic and political development. Later on, during the interaction with the media, she elaborated on her quest for £1 billion by 2009 for the four main investment priorities of students, staff, research and the University’s collections and architectural heritage; although she also noted that it would be difficult in the current economic slowdown to raise £200 million required to meet the target. Professor Richard, the first woman to hold the position of the Vice Chancellor full-time in the University's 800 years of existence, focused on the role of technology in repositioning Cambridge on the world map for students. Another focus area of her speech and the Q/A session thereafter was on scope in collaborative work with Indian universities and industry on furthering fundamental research and progress of education.
	Seminar on IFRS, 15th January 2009, Chamber premises The seminar was presented by the Finance and Banking Sub-Committee (BCCI) in association with Grant Thornton India. Starting from the accounting period commencing on or after April 1, 2011, all listed companies and enterprises in which public fund was invested would be required to prepare and present financial statements using the accounting principles and methods stipulated in International Financial Reporting Standards (IFRS). Countries all over the world including the European Union and the US were moving towards total convergence with IFRS. The capital market regulators had also agreed to accept IFRS compliant financial statements as admissible for raising capital to get over the differences of the Generally Accepted Accounting Principles (GAAP) of the investing countries and also to make possible comparison of financial statements across the globe. The policy makers in India had also realized the need to follow IFRS and it was expected that a large number of Indian companies would be required to follow IFRS from 2011. This posed a great challenge to the preparers of financial statements and also to the auditors. There was an urgent need to understand the nuances in IFRS implementation. The objective of the seminar was to acquaint industry with the nuances of IFRS and the areas, which one should focus on in order to be prepared for the adoption of IFRS. The programme focused on the analysis of the accounting and disclosure requirements under IFRS. The programme was all about acquainting industry with the concept and the requirements and answering questions on impact of IFRS on the financial statements of businesses, the conversion efforts, challenges and strategy in transiting to IFRS, differences between IFRS and Indian GAAP, etc. Technical presentations by experts from Grant Thornton India were followed by a Panel Discussion. Mr. Saradindu Dutta, General Manager Corporate Accounts, ITC Limited was one of the expert panelists and he focused on "How corporates need to gear up for IFRS". Mr. Nirupam Haldar, Chairman, Eastern India Regional Council, The Institute of Chartered Accountants of India was the panel Chairperson, while Mr. Syamal Nayak, Partner, A. R. Das and Associates, Chartered Accountants and Mr. Pradipto Roy, Deputy General Manager, National Insurance Company Limited were the other panelists apart from the experts from GTI. Earlier, Mr. Dipak Dutta, Co-Chairperson, Finance and Banking Sub-Committee kicked off the seminar by providing an overview of the task at hand and the need for new accounting standards. The programme was attended by more than 150 participants from industry.
	Interactive Seminar on "Good Economics in Difficult Times: Perspectives on Economic and Financial Indicators in an Uncertain World", 17th January 2009, Chamber premises The Finance and Banking Sub-Committee of the Bengal Chamber of Commerce and Industry, in association with Globsyn Business School, organized this very relevant and interesting interactive seminar focusing on the current economic scenario in India and the country's need for a sustained high-growth in its GDP with the global economic crisis in the background. Mr. Bishwajit Bhattacharyya, senior advocate practising in the Supreme Court was the Theme Speaker and addressed the programme. He shared his perspectives on the Indian economy during the present economic crisis and focused on growth during recession, adaptability issues and countermeasures. The well-known economist, Dr. Suman Mukerjee (Director, J D Birla Institute) commented on the future path of the economy. Important to note, the event included an Open House Session for participants to share their thoughts on how one should look at economic performance indicators in an uncertain world and given the ground realities today, adapt to changes during the economic meltdown. The programme discussed the economic situation in India, the role of Government policies announced as countermeasures and the fundamental strategies that could be chalked out in the short and medium terms in keeping with our income growth aspirations. A crisis of this magnitude was bound to affect our economy and it had. International credit had shrunk with adverse effects on our corporates and banks. Global uncertainty was also tending to dampen investor sentiment. These were difficult times and a sustained focus on the working of the economy and economic fundamentals was necessary. In such a scenario, the endeavour of the Bengal Chamber was to initiate a dialogue and devise common strategies that we could follow in our businesses during recession. The programme brought forward some new perspectives on the economic paradigm of the country and more importantly, brought to board the strategies to emerge out of the crisis. Mr. Biswajit Bhattacharyya commenced by addressing sub-prime mortgage loan as the cause of the recent meltdown creating the consequent global disparity and in-equilibrium. Artificial demand was created, which resulted in inflated profit. According to Mr. Bhattacharyya, the most disappointing aspect of the Indian Economy was the distribution of wealth in the country. It was a matter of significant concern that 75% of the population earned not more than 20 INR per day. He focused on the global importance attached to the Dollar, which appreciated its value much more than it should be at. Strict international regulators in markets like that of foreign currency, oil, gold, etc, were considered necessary. In India, the tourism industry and non-residential deposits could be prospective sources of capital. India could establish herself as a superpower in the global scenario, provided the policy makers concentrated on expenditure management and revenue collection. Corruption and transparency were key factors in the country’s income growth aspirations. Dr. Suman Mukerjee's speech talked about, "Quo Vadis India? A temptuous or temperate future?" He began by narrating the intimate link between financial / economic crisis and wars citing examples from recent global happenings. Coming back to the potentiality of India, he mentioned that a country with 70% of her people engaged in agriculture should concentrate on this aspect. Nurturing agriculture and nursing its growth back to the 4-5% level was very necessary especially since this could lead to employment generation, and industrial growth. He re-iterated that a country's level of development was identified by the reduction of poverty, unemployment and lowering of difference in distribution of wealth. The event was attended by over 120 participants from industry and included a very interesting Q/A session.
	Seminar on Impact of Upcoming Ports on East Coast, 20th January 2009, Chamber premises The Shipping Sub Committee organized the event. The focus of the program was 'How and To What Extend the new ports would enhance the Industry?' Dr. A K Chanda, IAS, Chairman, Kolkata Port Trust was the Chief Guest. Retracing the history of the Port Trust, he cited that export was always encouraged and that was how the KoPT was always in the growth mode. He also noted that Indian ports were always improving in terms of infrastructure development and service expansion. When GDP was growing at the rate of 8-9%, export was gaining at 25% accompanied by an appreciable higher percentage in import. Between 1955-2006/07, average rate of growth of ports was 5.5%, according to Dr. Chanda. A difference could be observed pre and post 1991, the latter period witnessing a higher rate of growth. The recent years of 2003-04, 2004-05, and 2005-06 witnessed a rate of growth as high as over 10%. However, due to the global meltdown, the growth rate declined in the East Coast to the extent of 3%. The distribution of volume of trade in East and West Coasts was almost in the ratio of 1:1 for the last 10 years. But the contribution of ports on the two coasts varied in terms of composition of trade. There were 180 registered non-major ports in the country, of which 40 are functional. They contributed 28% of trade volume. Dr. Chanda appreciated the role of competition in any sector. In that respect the construction of more ports was good for the region, country and trade and commerce. KoPT was addressing the need of shift of drafts and building jetties on riverside. Since Kolkata Port could handle inland water transport, coastal movement and inland water movement within the country should be developed to reduce dependence on rail and road connectivity. Mr. S Hajara, Chairman cum Managing Director, Shipping Corporation of India addressed the challenges to existing Major Ports. As India participates in trade more with her neighbours on the Eastern side, ports on the East Coast need more development. It was important to increase vessel size to acquire economy of scale. IT infrastructure had to be improved for connectivity of port users and ports. Kolkata and Kochi Ports required dredging. The hindrance caused by the lack of connectivity of ports with other modes of transport like that of road and rail was reiterated by Mr. Hajara. An integrated transport network was of paramount importance. The large container terminals needed to be connected to the hinterlands. Quality of services and reduction of costs for port users should be primary goal. He concluded that the main objective of the ports in India should be of upgradation and modernization and for this, global standard should be the benchmark. Mr. Harsh K Jha, Managing Director, Tata Metaliks Limited noted that focus should be on asset utilization. Emphasis on development of road and railway connectivity to ports was also a necessity. Infrastructure growth was of critical importance. Mr. Ranen Nag, Executive Director, Transport and Shipping, Steel Authority of India Limited observed that the Indian steel industry had a high stake in the ports on the East Coast. He mentioned that it was a concern of all sectors. It was projected that ports would have to handle double volume of raw materials and finished goods for import and export by 2012. It was an issue of major concern that congestion and pre-berthing led to high demurrage. Low IT application and inadequate warehousing were also significant limitations.
	Seminar on Managing Risk And Liability in Global Economy, 30th January 2009, ITC The Sonar, Kolkata Mr. Barun Das, Co-Chairperson, Insurance Sub Committee, BCCI welcomed and introduced the speakers from HDFC ERGO General Insurance Company Limited - Mr. Ritesh Kumar, MD & CEO; Mr. Richard Wulff, Chief Underwriting Officer; Ms. Deepika Mathur, National Head Underwriting Liability; Mr. Nachiket Shah, Regional Manager Underwriting- Liability and Mr. Sanjiv Sharma, Business Head-Claims. Mr. Ritesh Kumar provided a general idea of the insurance Industry, its characters and the concept of detariffing. He also gave an in-depth overview of HDFC ERGO General Insurance Company Limited. Mr. Nachiket Shah spoke on Director’s Liability and the need for insurance cover in context of the changing legal scenario. The seminar addressed a very relevant issue in today's complex and dynamic global economy – how to manage risks and liability in today's business world. The issues covered ranged from the role of Independent Directors to provision of safeguarding their liabilities to product liability of an organization. Aspects of Claim Management were also addressed. The programme was attended by more than 90 participants - CEO's, CFO's and senior managers from industry.

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