The FICCI’s (Federation of Indian Chambers of Commerce & Industry) Annual Convention & 93rd Annual General Meeting (AGM) was held virtually amid COVID-19 on the theme “Inspired India” on December 11, 12 & 14, 2020. It was inaugurated by Prime Minister (PM) Narendra Modi on December 12, 2020 and his inaugural address highlighted the success of financial inclusion through the trinity of J-A-M (JanDhan, Aadhar and Mobile).
- On December 11, 2020 he inaugurated the year-long FICCI Annual Expo 2020 (FAE 2020), a one-of-its-kind virtual event in India focusing on manufacturing and services sectors.
- It should be noted that Uday Shankar, the president of Walt Disney Company for Asia Pacific and the chairman of Star and Disney India succeeded the joint Managing Director (MD) of Apollo Hospitals Sangita Reddy as the FICCI president in the AGM.
Key Points:
–In Q2FY21, the Indian economy registered a 7.5% contraction in its GDP and the manufacturing sector registered a 0.6% growth as against a 39.3% contraction in first-quarter
–The Asian Development Bank (ADB) changed its forecast for the Indian economy to 8% contraction in 2020-21 as compared to -9% earlier.
–In April-August 2020, India received the highest ever total Foreign Direct Investment (FDI) in the first five months viz.US$35.73 billion, 13% higher than that in the same period of FY20.
–Private sector will remain an active participant in defence manufacturing for achieving the turnover of Rs 1,75,000 Crores and exports of Rs 35,000 crore.
–Launch of ‘Aatma Nirbhar Bharat Abhiyaan’ is a “Watershed” moment in the economic history of India.
–Centre is taking steps in the direction of interest of the farmers and the government is always ready to listen to them.
–Startups to become backbone of India: Piyush Goyal
During his address at the AGM, Piyush Vedprakash Goyal stated that the Government has identified another 24 sectors on which work is going on by industry leaders to add nearly Rs 200 lakh crores worth of manufacturing in India in the next 10 years.
- He highlighted that Startups will become the backbone of India.
- There is a Brand India initiative where consumers both in India and internationally will be educated about products which are made in India. The programme will add an additional USD 300 billion to the manufacturing sector and also create lakhs of job opportunities.
Participants: Over 10,000 delegates from across the world participated in the AGM along with several ministers, bureaucrats, industrialists, diplomats, international experts, and other leading luminaries.
- Union Ministers: Amit Shah, Minister for Home Affairs (MHA); Nirmala Sitharaman, Minister for Finance & Corporate Affairs; Nitin Gadkari, Minister for Road Transport & Highways and Micro, Small and Medium Enterprises; Dr Subrahmanyam Jaishankar, Minister for External Affairs (MEA); Ravi Shankar Prasad, Minister for Electronics & IT and Communications and Law & Justice; Raj Kumar Singh, Minister of State (IC) for Power and Skill Development & Entrepreneurship.
Points to be noted:
–FICCI Annual Expo 2020 provides an opportunity to exhibitors from across the globe to showcase their products and advance their business prospects.
–FICCI AGM is the annual high-powered flagship event where Cabinet Ministers, Secretaries to Govt of India, Global Industry Captains, Diplomats, Political party leaders, and other thought leaders participate.
Recent Related News:
i.On 2nd October 2020, FICCI Ladies Organisation (FLO), the women’s wing of FICCI and National Skill Development Corporation (NSDC) signed a Memorandum of Understanding (MoU) under the 3C initiative of FLO to empower women with employability through skill training and to promote women entrepreneurship.
ii.FLO signed a MoU with the Incubation and Enterprise Support Centre (IESC) of Indian Institute of Management (IIM), Shillong to mentor women’s entrepreneurs.
About Federation of Indian Chambers of Commerce & Industry (FICCI):
Establishment- 1927
Headquarter- New Delhi
