25 June 2012 - Singapore Indian Chamber of Commerce and Industry

SICCI s Boardof Directors[2012-14]ChairmanMr R NarayanamohanNatarajan & SwaminathanVice-ChairmanMr K V AiyappanArthi International Pte LtdVice-ChairmanMr Prakash PillaiRajah & Tann LLPHonorary TreasurerMr S MalaiappanV P Kumaran & CoDirectorsMr A DinakaranMadras New Woodlands Restaurant Pte LtdMr Bagaria RajanArvee International Pte LtdMr C SankaranathanKitchen Solutions Pte LtdMr Chilappagari SrikanthTrident International Investments Pte LtdMr Deepak S SingapuriNew Light EnterpriseMr Hiro J BhojwaniShankar’s Emporium Pte LtdMr Mahendra AgarwalGati Asia Pacific Pte LtdMr Mustaq AhmadMohamed Mustafa & Samsuddin Co Pte LtdMr Navin JatiaEvergreen Global Pte LtdMr Neil ParekhMr Pichumony SundaramPan Asia Resources Pte LtdMs Purnima KamathDe Ideaz Pte LtdMr Tushar P DoshiTushiv International Pte LtdSICCI s Panel ofAdvisorsMr J Y PillayChairmanTiger Airways Holdings Ltd, andChairmanCouncil of Presidential AdvisersAmbassador Gopinath PillaiChairmanGateway Distriparks Ltd, andChairmanInstitute of South Asian StudiesMr S Chandra DasManaging DirectorNur Investment & Trading Pte Ltd, andPro-ChancellorNanyang Technological UniversityMr Sat Pal KhattarChairmanKhattar Holdings Pte Ltd, andChairmanGuocoland LtdMr M K ChanraiChairmanKewalram Chanrai Group, andPast ChairmanSICCIAmbassador K KesavapanyGovernorSingapore International Foundation, andPresidentSingapore Indian AssociationMr Haider SithawallaExecutive DirectorKSP Investments Pte Ltd, andExecutive DirectorSavant Infocomm Pte LtdMs Indranee RajahMember of Parliament forTanjong Pagar GRC andPresidentSingapore Indian Development AssociationcontentsEDITOR' S NOTE........................................................................................................... 3cover story.............................................................................................................. 4NEWS UPDATES.......................................................................................................... 6opinion piece........................................................................................................... 7recent events..................................................................................................... 10the members' views....................................................................................... 13UPCOMING EVENTS............................................................................................. 13WELCOME ABOARD............................................................................................. 14Editorial InformationThe Chamber Times is a newsletter of the Singapore Indian Chamber ofCommerce & Industry. You may send your comments to:The EditorSingapore Indian Chamber ofCommerce & IndustrySICCI Building31 Stanley StreetSingapore 068740Tel : (65) 6222 2855Fax : (65) 6223 1707Email : publications@sicci.comWebsite : www.sicci.comEditorial TeamHernaikh SinghS ReavathiMamta MukherjeeRenu SivaPhotography and Design by Artnexus Design Pte Ltd.No part of this newsletter should be published without the consent ofthe Editor.

Cover Story“Among others, we will tap on the inflow of new Indiancompanies to Singapore as well as the existing large baseof Indian professionals in Singapore. The target is to raisethe membership base to 1,500.”He further stated that the Chamber will continue tofocus on internationalisation and will plan businessmissions to new and emerging markets. “Apart from thebusiness mission to Myanmar at the end of May 2012, theChamber also plans to lead missions to other emergingeconomies such as Sri Lanka, Indonesia, Malaysia, inaddition to the global powerhouses of India and China,as well as markets further away in Africa”, said MrNarayanamohan.Mr Narayanamohan also emphasised that theincoming Board shall continue to actively promotethe development of the members through the SICCIsubsidiaries, assist members in productivity andinnovation initiatives, play the advocacy role, publishthe SICCI Directory of Indian Companies in Singapore,enhance the SICCI-DBS Singapore Indian EntrepreneurAwards campaign, and support youth and womenentrepreneurship, among others.The AGM marked an end to the successful term forthe Board of Directors for 2010-12. It also heralded thebeginning of a new chapter for the Chamber under itsBoard of Directors for 2012-14.Recognition for Long-serving SICCI MembersThe AGM Dinner Reception alsowitnessed the felicitation of theChamber’s members who have beena part of its growth and success.Among the members who receivedthe plaques from the Guest-of-Honour were:75 YearsNomanbhoy & Sons Pte Ltd –Mr Moez Abbas NomanbhoyKhemchand & Sons –Mr Pritam H MahtaniEsmail & Ahmed Brothers –Mr Wasim Abdul MajeedC Rashiwala Bros – Mr GhanshyamK Rashiwala25 YearsUptron (PTE) Ltd – Mr Vivek BangeraKNP Trading Pte Ltd – Mr Ullas KumarThe Hongkong and Shanhai Banking CorporationLimited – Mr Neeraj SinhaYee Lee Oils & Foodstuffs (S) Pte Ltd – Mr Peter LeeThis initiative, which was introduced last year, ispart of the Chamber’s effort to recognise the strongsupport it has been receiving from its members overthe many years. Such continued support has beeninstrumental in the growth and progress of theChamber and in making it one of Singapore’s mostrespected and active commercial organisations.The Chamber Times 5

opinion pieceproduction. It contributes significantly to a numberof industries, including salt production (78 percent),diamond processing (80 percent), petrochemicalproduction (62 percent) and chemicals (51 percent). Theper capita gross state domestic product (GSDP) of thestate increased at a CAGR of 13.2 percent between 2004-05 and 2009-10.Investments in Gujarat –US$ billion5004003002001000142006201522404502007 2008 2009 2010With six of the 20 industrial nodes of the Delhi-MumbaiIndustrial Corridor proposed in Gujarat, trade in the statewill witness a further boost. The Gujarat government isalso looking to promote the tourism industry in the statewith the development of 11 new airports to provide easyaccess to major pilgrimage sites.ChhattisgarhChhattisgarh is one of the fastest growing states of thecountry. The per capita GSDP of the state increased at aCAGR of 14.6 percent during the period 2005 to 2010.In 2009-10, it posted the highest GDP growth rate of11.49 percent among all the states of India. It is amongthe richest states in India, in terms of mineral and forestresources, and accounts for 27 percent of iron and steel,30 percent of aluminum and 15 percent of cementproduced in India.Investments in Chhattisgarh –US$ billion8070605040302010024405127622006 2007 2008 2009 2010The state offers a range of fiscal and policy incentivesfor businesses under its Industrial Policy. In 2010, theChhattisgarh government announced plans to establish11 industrial parks for varied sectors, including foodprocessing, metal, apparel, aluminium and plastic.AssamAssam is a major state in the northeast, accountingfor more than 68 percent of the population of theregion. Seventy percent of the workforce is engagedin agriculture and generates approximately 50 percentof the tea produced in India. The average annual GSDPgrowth rate of the state was 10.5 percent during 2005-10. The state amassed FDI inflows of US$72 millionduring the period 2000 to 2011.The state, through the North East Industrial andInvestment Promotion Policy, offers total tax free zones,central excise benefits, transport subsidy for raw materialand finished goods, and 30 percent capital investmentsubsidy for new and expansion of existing units, amongothers. Further, it also offers attractive investmentincentives and subsidies on power consumption.Projected GSDP Growth Rates –Assam252015105010%16%20.20%2007–12 2012–17 2017–20ConclusionDespite a global financial crunch, India is expected togrow between 7.7 percent and 7.9 percent in 2012-13 as per the report World Economic Situation andProspects 2012. The availability of cheap labour and lowcost of setting up business have made India a preferredinvestment destination for foreign multinationals. TheIndian government has also steadily eased the caps onFDI and streamlined the bureaucratic process to helpcorporations establish their base in India. It has alsoproposed the creation of a special purpose vehicle toattract foreign funds for infrastructure.India witnessed FDI worth US$212 billion during theperiod 1995 to 2011, making it one of the largest IT/ITES geographies, a perfect destination to set up R&Dbase and a hub for manufacturing small cars for globalcompanies.While the outlook for the Indian economy looks positive,it faces certain challenges in the form of rising crudeoil prices, high interest rates, persistent inflationarypressure and infrastructure shortages. However, constantgovernment support in the form of investments,favourable policies to curb rising inflation, improve FDIconditions and the establishment of a conducive businessenvironment will help the economy continue its growthtrajectory in the coming years.The author is a Senior Manager, Tax & Regulatory Services, Ernst & Young PvtLtd, India. The views are personal and do not necessarily represent that of theSingapore Indian Chamber of Commerce & Industry.The Chamber Times 9

welcome aboard!SICCI is pleased to welcome the followingrecent new members:January 2012Ademco Investments Pte LtdC & V Engineering Pte LtdCognizant Technology Solutions Asia Pacific Pte LtdGlobus Network Pte LtdHCL Insys Pte LtdInbar Minerals Pte LtdJCR AsiaLink Pte LtdKitchen Solutions Pte LtdSafety and Health International Consultants Pte LtdSpark Advisors Pte LtdSri Meenachi Jewellers Pte LtdMarch 2012AAA Exports Pte LtdA B Mohamed RestaurantZohra Wahab Trading Co Pte LtdEternal Software Solutions Pte LtdMcgill Marketing Pte LtdJothi Store & Flower Shop / Jothi’s Holdings Pte LtdKnight Intelligence and Forensics Pte LtdTulasi Vegetarian Restaurant & Café Pte LtdMystique Audio and Visual ProductionsCasuarina Curry Banana Leaf Pte LtdAV ExtremeMcKampos Tax Services Pte LtdRAPIDSTART Pte LtdMoghul Mahal Restaurant Pte LtdGokul Vegetarian Restaurant and Café Pte LtdGreen Apple Motion PicturesRhema Events and Arts Services Pte LtdWadia Ghandy Singapore LLPUniworld Logistics Pte LtdCIM Global Business Singapore Pte LtdSpeedo Marine (Pte) LtdJPARA Solutions Pte LtdKothari Products Singapore Pte LtdEl Elyon International Pte LtdTransworld GLS (Singapore) Pte LtdEmmsons Asia Pte LtdP Maniarasu (Mr)Raama Subramaniyan (Mr)Subha Nandhini (Ms)Balakrishnan S/O Veerasamy (Mr)Optimal Learning HubThe Thinkers Learning CentreSakesh Global Enrichment & MediaWhizland Education Group LLPCity Tuition Agency (DG)Vanessa Beauty Salon and Henna Artwork CreationsRambutan Media WorksDarma Global Investments & Trading Pte LtdSilver Screen International Pte LtdTrinity Assets Pte LtdLady Fair Beauty CentreK Ravi Law CorporationM & M IT ServicesIllamai Media Hub LLPUniversal AV Pte LtdApril 2012V2 - Creation Pte LtdBlue Diamond Restaurant Pte LtdRHTLaw Taylor Wessing LLPComicBook Pte LtdAsia Pacific Intertrading Pte LtdKids Talk Pte LtdRepublic Investment Management Pte LtdMuneer Abdul Rasheed (Mr)Premnath S/O Suparamaniam (Mr)Ratnam Pitchay Charles (Mr)Sujatha Selvakumar (Ms)14 SICCI Newsletter - June 2012