India and China together contribute 56% to the global economy

To Manage risk, organizations need to define clear Risk Matrix and need to assign ranking according to their respective industries

Confederation of Indian Industry (CII) organized the 2nd Edition of CFO Conclave 2019 on Friday, 06 December at Vadodara. The theme of the Conclave was “Risk Management and Corporate Governance – A CFO Perspective”. There were over 80 CFOs & Finance Heads who represented industries across Vadodara.

The objective of the conclave was to focus on various challenges being faced by CFOs/Finance Heads/Financial Decision Makers, impact of global regulations on Indian economy, geopolitical shifts, business and regulations disruptions, and risk management and mitigation.

“GST process in industries will have a simplified approach while holding hands with GST Sugam & Sahaj Schemes in the near future. Companies can resolve the pending litigations & settle disputes of less than Rs 50 Lakhs by paying 30% taxes without penalty and interest” said Mr Ashok Mehta, IRS Chief Commissioner, Central Goods & Service Tax, Vadodara.

Speaking at the Conclave, Anubhuti Sahay, Head – South Asia , Economics Research, Standard Chartered Bank said that “We expect year 2020’s global growth to be modestly better than 2019. However as we live in uncertain times, it’s important to keep an eye on potential risks too like rescalation of US – China trade tension, much slower than global growth or adversepolitical developments.” She added “India & China together contribute 56% to the global economy. In year 2020 India will witness a growth of 5.3% whereas China will have a growth of 6%”.

Georg Sparschuh Chairman – CII Central Gujarat Zonal Council & President, Schott Glass India Pvt. Ltd. said that “In the year 2019,Corporates globally witnessed Economic, Environmental, Geopolitical, Societal & Technological risks majorly.” He also added “To Manage risk, organizations need to define clear Risk Matrix and need to assign ranking according to their respective industries”.

“Monetary and fiscal policies stimulous, will show positive results in India & China. 50 – 60 % of problems of Indian economy is due to mis-governance.” said Mr Maulik Mehta, Past Chairman – CII Central Gujarat Zonal Council & Director – Grand Polycoats Co. Pvt. Ltd.

The program had 4 sessions which covered a variety of topics.