A virtual panel discussion was hosted by The Council of EU Chambers of Commerce in India on the topic “Sustained Push to Reforms in the Post Covid New Economic Order”.

Guest speaker for the panel discussion was Mr. Suresh Prabhu, member of Rajya Sabha and the former Union Minister for Commerce and Industry. Panel discussion was chaired by Mr. Ashok Barat, President of The Council of EU Chambers of Commerce in India, he introduced guest speaker and panelists and also threw light on the importance of subject of panel discussion.Panelists were Dr. Deepali Pant Joshi, Former Executive Director, Reserve Bank of India; Mr. Robin Banerjee, Managing Director, Caprihans India Ltd. and Mr. Chhitiz Kumar, Business Leader- Precision Diagnosis and Connected Care, Philips India Ltd. and session was moderated by Mr Chandramowli Srinivasan, former CFO, SKF India Ltd.

Mr. Prabhu threw light on recent EU India Summit headed by our honorable Prime Minister which was first ever such a virtual summit and how political, social relations between both countries can only happen if there is strong trade and commerce relationship. He mentioned among other issues which bind EU and India together is commitment towards climate change issues and how can we use experience of EU for development of lesser developed states of India and how this times can be used to strengthen our relationship with EU. Upon asked if worst hit industries will revive back or be completely gone, Mr. Barat stated how Time is a great healer and history has shown over a period of time worst of times have passed as have good times,so industries and commerce will come back to normal and this is time for introspection on business models. He also stated how nearly for 2 decades human mind will induct a sense of caution human behaviour to purchasing pattern, social behaviour will change. Mr. Kumar stated how business models will return to normalcy but there will be a change in business models and way we do business will change. How Corona has upgraded digital use for good as a Survey mentioned till February only 15 percent doctors were comfortable doing tele-medicine but today within a couple of months 90 percent plus of doctors are comfortable doing tele medicine.

Mr. Banerjee envisaged how a whole health infrastructure is absent in India and there is a great opportunity over there as for example there is no recuperating center, second area being food how can India step up in food sector, make something different and get into the shoes of Chinese supplier and food is a big industry and 360° consultancy also has great opportunity.

Dr. Deepali mentioned how banking sector is following a supply leading approach but there is delivery challenge for Aatmanirbhar program vis a vis banking. Global economic revival created by Covid and as the risk becomes more difficult to manage and as fears of global recession hovel us, there are 3 important macroeconomic challenges of managing pandemic and recovery for India first being managing growth and development, second being mitigate vulnerability and manage fallout of fiscal expansionism. Mr. Kumar also mentioned how Indian market is attractive but investors will have to make investments keeping long term in mind, as Indian market is also fragmented.

Mr. Srinivasan gave his concluding remarks stating how this pandemic has acted as a wakeup call not only for India but for entire world that we cannot take nature for granted, also how India needs to seize the opportunities presented itself by rest of the world looking for an alternative of China as a business friendly destination and reliable sourcing partner, we have ingredients in place but we need final united and committed resolve to make it happen. He also envisaged how every crisis presents an opportunity, mankind has overcome many crisis and we shall do it again.

Panel discussion had large number of participation was followed by Q & A.