To bring together & synergize business opportunities between the two nations, the Luxembourg India Connect Summit, was jointly organized by the Institute of Chartered Accountants of India (ICAI), TLGS Consulting Group Private Limited, Brahmashira Astra Bharat Private Limited, in association with Lux Innovation, Luxembourg Government supported by Embassy of India in Belgium, Luxembourg and European Union.
The Summit witnessed distinguished speakers & participants from the Indian Government, the Indian Embassy, NITI Aayog, ICAI, Lux Innovation, the Luxembourg Government, Indian Defence, DRDO, and Industry experts from ArcelorMittal, Amazon, Microsoft, and SES among others expressing their views about the readiness of both Indian & Luxembourg economy to welcome newer business and trade opportunities.
Sh. Debashish Prusty IAS, Deputy Chief of Mission, the Indian embassy in Luxembourg, in his address emphasized the strong macroeconomic fundamentals of India and vividly explained the changing face of India which is poised to be the fastest growing world economy and its current reforms on ease of Doing Business in India.
Sh. Neeraj Sinha, Additional Secretary, NITI Aayog, Government of India, explained the business development and trading opportunities in India in Science and Technology primarily in the domain of Renewable energy, Electric Vehicles, and laid stress on the newly introduced Green Energy Draft Rules and its impact on India’s renewable energy ecosystem. Mr. Sinha in his concluding remarks suggested that “the two nations should come forward in the field of Green Energy and Technology to contribute towards a greener and healthier climate.”
This event was the first-ever India-Luxembourg Summit held between the two nations. Hon’ble Prime Minister of India Sh. Narendra Modi in November 2020 held a virtual summit with Prime Minister Bettel of Luxembourg thereafter three MOUs were signed between the two countries as baby steps, culminating in a formidable partnership. This Summit is seen as the next major step in that direction.
Speaking for the Luxembourg Government, Mr. Jean Michel Ludwig, Director, of Lux Innovation talked about the start-up and innovation ecosystem along with the financial landscape in Luxembourg. Mr. Ludwig illuminated the participants on several avenues for collaboration with Luxembourg and the regulatory regime backing Science and Technology which facilitates the forming of an alliance and joint development.
The key session on “Business Opportunities while trading in India” was moderated by Sh. Karan Garg, Ex-Judge & Former Registrar, of the Supreme Court of India, is currently the Managing Director of India’s leading Business Development & Incubation platform TLGS Consulting Group Private Limited as well as the Technology Development platform Brahmashira Astra Bharat Private Limited. Mr. Garg stressed the need for the key players to understand both the economies at micro-levels, work closely with the regulatory regimes, and foster greater partnerships in investments, innovation, technology transfers as well as cultural exchanges.
The eminent speakers in interactive sessions included Sh. P. Udaya Kumar, Former CMD, National Small Industries Corporation, Ministry of MSME, Government of India, Air Marshal Naresh Verma, AVSM, VSM (Retd.), Dr. Maitreyee Nanda, Former Secretary, Aeronautical Research & Development Board, DRDO & now Principal Advisor, BSA Bharat and Sh. Dinesh Manjunath, Former Chief Consultant, Indus Fund and Former Group CEO, MRG Hospitality & now Principal Advisor, TLGS Consulting Group Private Limited.
While Sh. Udaya Kumar spoke on how start-ups & MSMEs can utilize the benefits available both in India & Luxembourg, Air Marshal Verma deliberated upon India-EU Strategic Partnerships. Dr. Nanda stressed the growing potential of India as a global defence manufacturing hub & India’s indigenization program while emphasizing the vital role which can be played by European companies in building this ecosystem. Sh. Manjunath shared his views on the robustness of the current regulatory regime in India and business avenues available to Europe in the B2G segment in India.
Dr. Vishnu Reddy IFS, Special Secretary (Investment Promotion and External Engagement) currently posted in Telangana, explained in detail the investment opportunities in India. According to Dr. Reddy, “it is India’s turn to lead the next wave of globalization in becoming the epicenter for economic growth and powerhouse for innovation.”
The event was addressed by CA Dheeraj K. Khandelwal, Chairman, of ICAI’s Committee for Development of International Trade, Services & WTO, Committee’s Vice-Chairman CA Rohit Ruwatia, Chairman of ICAI Luxembourg Chapter, CA Anjani Ladia, & Vice-Chairman CA Arun Somani who were instrumental in shaping up the event, Ms. Poonam Khandelwal from Venture Catalyst, Mr. Harish Chandra, President, Indian Achievers Forum and Dr (CA) Vikas Chaturvedi, Founder Chairman ASSOCHAM Europe.
