No.PR-122 June 9, 2020 New Delhi We should use this period to sharpen the saw so that we are ready to bounce back Post COVID-19; Shri Sujit Varma, Deputy Managing Director, Corporate Accounts Group, State Bank of India New Delhi, 9th June 2020: PHD Chamber of Commerce and Industry hosted an interactive session on “Corporate Finance – Emerging Issues, Challenges, and Opportunities- During COVID -19” with Shri Sujit Varma, Deputy Managing Director, Corporate Accounts Group, State Bank of India. Shri Sujit Varma, Deputy Managing Director, Corporate Accounts Group, State Bank of India, mentioned that COVID-19 has affected everyone financially, socially, and emotionally. It has severe impacts on the economy leading to a slowdown in the economy and every vertical of the industry. He told that the economic impacts of his pandemic have been on the cash-flow which has been disrupted; shortage of raw materials; contraction and collapse in the demand and supply chain and disruption in the livelihood of laborers and factories. He said that when COVID-19 hit India, the country lacked health facilities, and infrastructure which has been put in place by the Government of India is a swift manner. Shri Sujit Varma said that though, the lockdown has proved to be one of the most effective solutions to combat the spread, it has led to a steep slowdown in the economy. He further explained the economic impact of the lockdown which included disruption in liquidity, demand, and supply chain, and slow down in the FDI inflows and outflows. He highlighted that this pandemic crisis should be treated as an opportunity to introduce reforms that concerning the 5 pillars stated by our Hon’ble Prime Minister Shri Narendra Modi. He explained that the State Bank of India took COVID-19 as an opportunity to move towards its target and goals by providing help and support to all its customers. He suggested that banks should lend money recklessly in these times as this will help in bounce-back of the business. Talking about the Government initiatives, he encouraged the government to recover from the impact of this pandemic in a quick period as there is a lack of time we will be having after the end of COVID-19. He further highlighted that vaccine is the permanent solution to end this pandemic and which will take time to develop. The governments of the world need to prepare themselves and take adequate measures so that we can revive the economy and at the same time take care of humanity as well. He encouraged everyone to stay united and use this period to sharpen the saw so that the industries are ready to bounce back Post COVID-19. Dr. D K Aggarwal, President, PHD Chamber of Commerce and Industry, in his presidential remarks mentioned that COVID-19 pandemic has come up as an unprecedented crisis that has severely hit sectors like real estate, aviation, hotel, tourism, automobile, and others. These sectors need the most financial attention and funding aids so that they can restart and bounce back in the economy. He also gave an overview of the measures given by RBI on Repo Rate and others which has helped in the revival of some industries and sectors of the economy to an extent. He also suggested measures for the smoother revival of the industries. Dr. D K Aggarwal lauded the steps and measures taken by the State Bank of India to support their customers which include the starting of the emergency credit line which benefited many organizations and others. Mr. Sanjay Aggarwal, Senior Vice President, PHD Chamber of Commerce and Industry in his welcome address embraced the initiatives and support provided by State Bank of India in these times of pandemic. He also lauded that 21% of the share of deposits of the country is controlled by the State Bank of India, making it one of the strongest pillars of the country in the banking sector. Mr. Pradeep Multani, Vice President, PHD Chamber of Commerce and Industry appreciated the effort done by State Bank of India. He further deliberated that 80% of APIs are being imported from China and if India gets a level playing flown, but if we do not get competitive interest rates, healthcare will have to face a crisis that will affect in tackling the pandemic in these times. The other members of the senior management who attended and deliberated in the webinar were Mr. Anil Khetan, Former President, PHD Chamber; Dr. Mahesh Gupta, Former President, PHD Chamber; Mr. Suman Jyoti Khetan, Former President, PHD Chamber; Mr. Gopal Jiwarka, Former President, PHD Chamber; Mr. Sanjay Bhatia, Former President, PHD Chamber; Mr. Atul Anand, Co-Chair, International Committee on East Asia, ASEAN and Oceania, PHD Chamber; Mr. Saurabh Sanyal, Secretary-General, PHD Chamber and others. Mr. Vinod Jain, Chair, BFSI Committee, while moderating the webinar, put forth the industry perspective, shared their issues and challenges faced by different businesses and industry while also suggesting relief measures and steps to ensure smooth working and operations. Mr. Jyoti Prakash Gadia, Co-Chair, BFSI Committee, PHD Chamber, gave his concluding remarks and a formal vote of thanks to all the delegates and participants. The webinar was moderated by Mr. Vinod Jain, Chair, BFSI Committee, PHD Chamber, and received extensive participation of more than 2,000 participants which included bankers, brokers, entrepreneurs, and industry stalwarts all across the country. Resurgent India supported this webinar as the knowledge partner. Ends. Media Division PHD Chamber of Commerce and Industry
PHD Chamber of Commerce and Industry, established in 1905, is a proactive National Apex Chamber working at the grass-root level and with strong national and international linkages.