GCCI BULLETIN SEPTEMBER 2019
28TH OCTOBER 2019
Dear members,
As I complete the first quarter of my tenure as President, I have to admit of mixed thoughts that I have about the state of the economy in our country. Is the central government doing enough? Yes or No?
There are several measures taken to try and revive our economy. There is the recapitalization of PSU banks but has this capital percolated down the line? Doubtful!! On the contrary banks & financial institutions have become more stringent in lending norms & even seeking more security on existing loans. So probably this has nullified the effect of trying to pump more capital into the market. Hope that corrective measures are deployed.
In the recent GST council meeting held at Goa, there were some market positive decisions taken, especially for our state. The tinkering with GST rates for Hotels & Banqueting / Catering will be beneficial to the Goan hospitality sector. Let’s hope that this will make us more competitive viz a viz some of the international tourist destinations.
The big positive has been the proactive steps taken by the Goa Government under the able leadership of Dr. Pramod Sawant. He has initiated lots of Industry & Government interactions which I am confident will result in benefiting the Trade and Commerce in the state. The decision to reduce the Road Tax on Automobiles is a case in point.
However, in the same breath, I have to state that certain developments in International markets are not helping our cause.
The latest beingis the collapse of Thomas cook. The collapse of this 178-year-oldis travel giant will put a huge dent in the Goan tourism industry. An overnight drop in 2000+ weekly charter tourists will hurt our hotel and ancillary industry badly.
As we are having the biggest Business Expo the state has ever seen the ” Vibrant Goa”, there is an element of vibrancy in the Trade & Industry looking at the enormous potential on offer for Goan businesses. The response from both international & national delegations is very encouraging and will open up new markets & opportunities for our Goan businesses.
Back home, at GCCI it has been a very busy month with all our committees in full throttle taking up various causes of their respective sectors with various authorities. I am confident that the hard work put in will yield results in the months to follow.
A special mention of our Women’s wing who have started a facilitation center at GCCI for all women entrepreneurs to help them with various aspects of the business be it legal, Financial, etc. I am sure this action from GCCI will foster the budding women talent in our state thus encouraging them to start a business or grow their existing ones.
Lastly, I hope you like the new look & layout of our GCCI Bulletin. Do drop in a line to me at president( goachamber.org with your views & comments. We will always endeavor to better our content to make it more informative & interesting to all of you.
Best Regards
Manoj M. Caculo
ABOUT GGCI
Goa Chamber of Commerce & Industry (GCCI) is Goa’s premier non-profit business, support-services and networking organization. We represent and liaise with SME’s, Corporate Organisations and Government bodies.
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