Mumbai, Apr 28 (UNI) M K Chaini took over as chairman of the Indian Merchants' Chamber (IMC) at the 100th annual general meeting (AGM) here today.
Addressing the meeting, Mr Chaini hoped to carry the work of the chamber to greater heights, while outgoing chairman Niraj Bajaj thanked all for their cooperation during his chairmanship.
Speaking on the occasion, State Bank of India chairman O P Bhatt said poverty could soon be banished from the country with the highest growth taking place in every sector of infrastructure and its related spheres.
Admitting that in last 3 to 4 months there was only talk of economic downturn and the inflation, he said structural shift was taking place in Indian economy, which is going to stay for long.
He said despite 20 per cent of population was working in service sector, it was contributing 55 per cent to the GDP, while 60 per cent of population was dependent on the agriculture, its contribution to the GDP was mere 17 per cent.
He said India was doing well in knowledge-based industry.
Praising the entrepreneurs, he said Indian businesman was market savvy.
Mr Bhatt said reverse brain drain has been taking place, with the non-resident Indians (NRIs) settled abroad are coming back and even foreigners are getting attracted to India.
HDFC chairman Deepak Parekh asked the chamber to widen its base for new members and give the opportunity to youths.
Stressing on the need for research and innovation as well as strong focus on social infrastructure, he said private sector must play a role in the sectors like education.
UNI JM SSS AG2028