Global Corporate Summit 2023 with the theme Unlocking Opportunities in a Dynamic World held

To curb some companies misusing e-filing of corporate-related matters, the corporate affairs ministry came out with the Central Scrutiny Centre to scrutinise user filings: Parvinder Singh, Registrar of Companies, Telangana

The Federation of Telangana Chambers of Commerce and Industry (FTCCI), organised a Global Corporate Summit 2023, a full-day summit with a theme Unlocking Opportunities in a Dynamic World on Saturday at FTCCI, Red Hills, Hyderabad.

Ambassador Dr Deepak Vohra, IFS (Retd), Special Advisor to Prime Minister of Lesotho, Guinea-Bissau & South Sudan was the Chief Guest and Parvinder Singh, Registrar of Companies – Telangana, was the Guest of Honour at the summit.

Giving his opening remarks, Meela Jayadev, President of FTCCI said in today’s interconnected world, we face challenges and opportunities brought about by technology, shifting demographics, climate change, and global economic dynamics.

As we delve into the discussions, let’s remember that progress starts with collaboration. This summit is a platform for sharing insights, learning from each other, and building partnerships that drive innovation and growth. It’s a forum to unlock the opportunities presented by this dynamic world collectively.

Naresh Chandra Gelli, Chairman of the Corporate Law Committee of FTCCI who has organised the summit said that the Corporate Law Committee of FTCCI entered an MoU with the Indian Institute of Corporate Affairs to organise seminars and workshops and run certificate courses on Corporate Law, Insolvency and Bankruptcy Code (IBC) and ADR (Alternate Dispute Resolution).  This collaboration is aimed to deliver a series of Certificate Courses focusing on vital legislations such as the Companies Act and other pertinent statutes, he added.

Ease of doing business helped to improve India’s ecosystem as well as ranking, said Parvinder Singh, Registrar of Companies—Telangana.  The Corporate Affairs Ministry moved from a paper-based to a paperless world. While it proved very helpful to many, some companies misused the facility and faked the filings.   As the ministry receives lakhs of such e-files, it is manually not possible to examine all of them. In light of these practices, the Ministry has set up the Central Scrutiny Centre to scrutinise user filings.  The initiative aims to strengthen Prime Minister Narendra Modi’s vision of a ‘Digitally empowered India’, the Ministry of Corporate Affairs (MCA) official said.

Ambassador Dr Deepak Vohra, speaking about how present India is different from the India known some years ago said the US invested $ 50 billion in FDI in 2022 and India invested $ 46 billion overseas. We are not capital-hungry countries, he said. India received 100 billion remittances recently from our NRIs which is the highest ever, he said.

Speaking further he said over half of all FDI (Foreign Direct Investment)  since Independence was 1 trillion has come in the last 7 years from over 160 countries in 60 sectors. 

Dong Kyu Kim, Director of General (Kotra) Bangalore, The Commercial Section of the Embassy of the Republic of Korea gave a detailed presentation on the investment opportunities in Korea. 

Suresh Chukkapalli, Honorary Consul General of the Republic of Korea said India is in Korean’s blood.  Every year, thousands of South Koreans visit the birthplace of the Hindu God Ram for sake of paying homage to their legendary queen Heo Hwang-ok, also known as Princess Suriratna. The reason for this Suresh said was Princess Suriratna of Ayodhya married Korean King Kim Suro and she later came to be known as Queen Heo Hwang-ok.

Speaking further he said Korea spends huge money on R & D(Research and Development). There is a huge opportunity for Indian Universities to collaborate with Korean Universities, he said.

Speaking about opportunities in Israel, Irfan Rafeeque, Director of Indo Israel Chamber of Commerce and Industry said India is Israel’s 2nd trading partner in Asia and the 9th largest globally.  The bilateral trade is dominated largely by diamonds and chemicals.  However, in recent years have seen an increase in trade in areas such as electronic machinery, high-tech products and chemicals, medical equipment and communications systems.  India and Israel also signed a MoU in May this year on industrial research and development cooperation.  The Israel investments in Indian projects till 2021 stand at US $ 270 million, he said.

The summit dealt with futuristic subjects and issues. It had different tracks such as Finance and Investment– which dealt with Strategies for building wealth; Leadership, exploring global prospects; Innovation and Sustainable Growth and how this is the best time to live in India.

Some of the speakers were from Pepsico, NephroPlus, Paytm m Loyal, and Medplus, Former Tesla Power CEO, Asia Pacific and Amara raja Battery.

Suresh Kumar Singhal, Senior Vice President and Ravi Kumar, Vice President, Mrs Veena, Secretary of FTCCI, Dr Tasneem, Co chairperson of the Corporate Law Committee of FTCCI  also graced the summit.

More than 100 attendees participated.