Summary: New Year’s Reception 2017

We would like to take the opportunity to thank the Municipality of The Hague and Baker & McKenzie for their support and sponsorship of the NICCT New Year’s Reception that took place on Friday, 27th January 2017 at the World Forum in Den Haag.

The New Year’s Reception was received well by all attendees, guests and speakers as Ambassador of India to the Netherlands – Mr. J.S. Mukul and the Ambassador of the Netherlands to India – Mr. A.H.M. Stoelinga touched upon the Netherlands – India relations and the recent developments and upcoming events. Deputy Mayor to Den Haag – Mr. Karsten Klein showcased the recent trade mission to Bangalore and the ongoing collaboration between The Hague and Karnataka. Executive Director of the Hague Security Delta – Mr. Richard Franken, explained the progresses and challenges in the coming years as well as the possibilities in creating more business with India. Tax advisor from co-sponsor Baker & McKenzie – Mr. Johan Visser, explained the impact of demonetization, GST, equalization levy and Brexit will have for economies in 2017.

The final presentation was a panel discussion on business and cultural difference experienced and perceived when working in the Netherlands and India. The discussion was moderated by Mrs. Namita Krul-Taneja, founder of NewYardsticks. We had the opportunity to engage with:

  • Sarbani Bhattacharya (Partner at KPMG)
  • Sudip Lahiri (Vice President at HCL Technologies)
  • Gaurav Gupta (Global HR Director at Vehicle Refinishes, Akzo Nobel)
  • Anshul Asawa (Vice President Marketing – Home care at Unilever)
  • Aditya Putta (Program Manager at World Start up factory)

The reception concluded with drinks and snacks giving over 100 attendees the opportunity to network with the dignitaries, speakers as well as the attendees. Additionally, we would like to congratulate the winners of the lucky draw who each won tickets to India sponsored by Jet Airways. This lucky draw was only applicable to NICCT members.

Pictures of the the New Year’s Reception are available to view on our Facebook page.

board picture

2 Year Completeion Report- Prime Minister Narendra Modi Government

Thursday, 26 May 2016 was the 2nd  Anniversary of honorable Prime Minister of India, Mr. Narendra Modi’s Government. On this occasion, we would like to provide transparency on the efforts and results of the current  government. Please find enclosed, an information pack which provides you an insight on BJP Government’s commitment to reinforce the 400 year old relationship between India & The Netherlands and BJP’s commitment towards Development of India.

2 Year Completion Report – Prime Minister Narendra Modi Government

Narendra Modi launches Make in India Week; vows no retrospective tax

Launching the largest-ever manufacturing summit Make In India Week in Mumbai, Prime Minister Narendra Modi on Saturday said the government is swiftly working towards a transparent and predictable tax regime to make the country a global manufacturing hub.Addressing the largest business exhibition attended by heads of state, foreign delegates and industrial captains, Modi said the country will not resort to retrospective taxation.

“I have been saying that this century is Asia’s century. My advice to you is to Make India your center; if you want this century to be your century,” Modi said citing openness of the economy and willing of the government to make necessary course corrections in the policy.

“This is the best time ever to be in India; And it is even better to Make in India,” Modi said.

The prime minister emphasized that it is not the time for incremental changes but the country needs quantum jump.Modi said the government is trying to remove the bottlenecks that were affecting investments and growth.

“We have carried out a number of corrections on the taxation front. We have said that we will not resort to retrospective taxation. And I repeat this commitment once again. We are also swiftly working towards making our tax regime transparent, stable and predictable,” Modi said.

The Make In India week will conclude on 18 February.

Make in India is the current government’s flagship initiative, launched by the prime minister in September 2014, to encourage international companies to manufacture their goods in India. Make in India Week will be the flagship event to provide greater momentum to the Make in India initiative, and to showcase to the world the achievements of the nation in the manufacturing sector.

Make In India week is being celebrated at a time when India’s factory output contracted for the second month in a row in December. The Index of Industrial Production (IIP) shrank 1.3% in December led by manufacturing after a 3.4% contraction in November.

The Reserve Bank of India (RBI), in its monetary policy review on 2 February, said the near-term outlook for industrial activity may be constrained by adverse base effects in the fourth quarter and still weak exports, although a pick-up in corporate profitability on the back of declining input costs may provide an offset. However, Modi was convinced about the prospects of the economic growth. The prime minister pointed out that the current government believes in minimum government and maximum governance and the states have also started making policy corrections for Make In India. Modi expected that India will end the current financial year with well over 7% gross domestic product (GDP) growth. He also cited foreign direct investment (FDI) inflows to have risen by 40% under his government.

“India is blessed with three Ds. These are: Democracy, Demography and Demand. To this, we have added the fourth D that is Deregulation. Today’s India is this four dimensional India. Our judicial systems are independent and time tested.You will not find all these elements in any other country,” Modi said.

In 2014-15, India contributed 12.5% of global growth and its contribution to global growth is 68% higher than its share of the world economy, Modi said while pitching the case for India.Inviting industrial captains to invest in India, Modi said: “These are very good signs. I would like to give our industry some friendly advice. Don’t wait. Don’t Relax.”

Maharashtra chief minister Devendra Fadnavis said the Make in India initiative has set off competitive federalism. “But this is a healthy and fair competition and it will further lead to complimentary federalism,” Fadnavis said.

Noted economist and former member of the planning commission Narendra Jadhav said the prime minister made a spirited pitch for India. “He was expected to make a spirited salesmanship for India and that is what he did. Though you could find fault with the numbers he gave—indeed some of the numbers he quoted are actually incorrect—the spirit of optimism was there and that is good for India,” Jadhav said.

(Source: ibef.org)

IT Industry In India

The Indian Information Technology / Information Technology Enabled Services (IT-ITES) industry has emerged as one of the most dynamic sectors in India’s economy and is responsible for the global recognition of India as a “soft” power. The consistent growth of … Continue reading

IMF ups India’s growth forecast to 7.2 per cent for current fiscal

Times of India: March 12, 2015 New Delhi: India’s economy is recovering and its ability to withstand external shocks has improved. Terming Indian economy a ‘bright spot’ on the global economic landscape, IMF on Wednesday raised its growth forecast for … Continue reading