ASSOCHAM Economic Weekly 17th March, 2013

Assocham Economic Research Bureau

THE ASSOCIATED CHAMBERS OF COMMERCE AND INDUSTRY OF INDIA

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Contents 1. Macroeconomy
1.1 Wholesale Price Indices 1.2 Indias Foreign Trade 1.4 Railway Revenue Earnings

2. Corporate Sector
2.1 Index of Industrial Production 2.2 Mineral Production, January 2013 2.3 Sectoral Deployment of Bank Credit

3. Market Trends

4. Global Developments
4.1 UK Index of Industrial Production, January 2013 4.2 Euro Area Annual Inflation, February 2013 4.3 US Consumer Price Index, February 2013

5. Data Appendix
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1. Macroeconomy

1.1 Wholesale Price Indices The annual rate of inflation, based on monthly WPI, stood at 6.84% for the month of February, 2013 (over February, 2012) as compared to 6.62% for the previous month and 7.56% during the corresponding month of the previous year. Build up inflation in the financial year so far was 5.71% compared to a buildup of 6.56% in the corresponding period of the previous year. Primary Articles group rose by 0.6 percent to 222.7 from 221.4 for the previous month. Food Articles group rose by 0.2 percent to 214.3 from 213.8 for the previous month due to higher prices of masur (8%), ragi (7%), poultry chicken (6%), fish-inland (4%), jowar (3%), urad, condiments & spices, barley, fish-marine, arhar and rice (2% each) and egg, mutton, maize and wheat (1% each). However, the prices of gram (7%), coffee (6%) and fruits & vegetables and tea (2% each) declined. Non-Food Articles group rose by 1.6 percent to 205.6 from 202.3 for the previous month due to higher prices of flowers (20%), raw jute (9%), fodder (7%), guar seed (6%), mesta (5%), raw cotton (4%), logs & timber (3%), groundnut seed (2%) and soyabean (1%). However, the prices of rape & mustard seed (6 %), raw silk (5%), copra, castor seed and raw rubber (3% each), sunflower, gingelly seed and cotton seed (2% each) and coir fibre (1%) declined.

Minerals group rose by 0.9 percent to 350.1 from 347.0 for the previous month due to higher prices of copper ore (14%), barytes (11%), magnesite and steatite (7% each), zinc concentrate and dolomite (5% each) and crude petroleum (2%). However, the prices of iron ore (5%) declined. Fuel and Power group rose by 3.0 percent to 195.2 from 189.5 for the previous month due to higher prices of lpg (21%), furnace oil (7%), lubricants (5%), high speed diesel (4%), light diesel oil and bitumen (3% each), petrol and aviation turbine fuel (2% each) and kerosene (1%). Manufactured Products group declined by 0.1 percent to 148.2 from 148.3 for the previous month. Refer table 1 Table 1 Wholesale Price Index and Rate of Inflation
Commodities/Major Groups/Groups/SubGroups Primary articles Food Articles Non-Food Articles Minerals FUEL & POWER Manufactured products WPI Feb, 2013 222.7 214.3 205.6 350.1 195.2 148.2 Latest month over month 2011-12 1.15 0.68 2.02 2.41 -0.17 0.21 2012-13 0.59 0.23 1.63 0.89 3.01 -0.07 0.59 Build up from March 2011-12 7.86 7.49 -2.40 30.47 12.12 4.57 6.56 2012-13 7.17 8.73 8.27 -2.42 9.79 3.93 5.71 Year on year 2011-12 7.07 6.12 -2.51 32.31 15.11 5.82 7.56 2012-13 9.70 11.38 10.06 0.57 10.47 4.51 6.84

Weight 20.11 14.33 4.25 1.52 14.91 64.97

All commodities 100.00 170.2 0.38 Source: Office of Economic Advisor, Govt. of India

1.2 Indias Foreign Trade Exports during February, 2013 were valued at US $ 26.26 billion (Rs. 1.41 lakh crore) which was 4.23 per cent higher in Dollar terms (13.99 per cent higher in Rupee terms) than the level of US $ 25.19 billion (Rs. 1.24 lakh crore) during February, 2012. Cumulative value of exports for the period April-February 2012 -13 was US $ 265.95 billion (Rs 14.47 lakh crore) as against US $ 277.12 billion (Rs 13.21 lakh crore) registering a negative growth of 4.03 per cent in Dollar terms and growth of 9.52 per cent in Rupee terms over the same period last year.
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Imports during February, 2013 were valued at US $ 41.18 billion (Rs.2.21 lakh crore) representing a growth of 2.65 per cent in Dollar terms and 12.27 per cent in Rupee terms over the level of imports valued at US $ 40.12 billion ( Rs. 1.97 lakh crore) in February, 2012. Cumulative value of imports for the period April-February, 2012-13 was US $ 448.04 billion (Rs. 24.36 lakh crore) as against US $ 446.94 billion (Rs. 21.32 lakh crore) registering a growth of 0.25 per cent in Dollar terms and growth of 14.27 per cent in Rupee terms over the same period last year. Oil imports during February, 2013 were valued at US $ 15.15 billion which was 15.45 per cent higher than oil imports valued at US $ 13.12 billion in the corresponding period last year. Oil imports during April-February, 2012-13 were valued at US $ 155.57 billion which was 11.92 per cent higher than the oil imports of US $ 138.99 billion in the corresponding period last year. Non-oil imports during February, 2013 were estimated at US $ 26.03 billion which was 3.57 per cent lower than non-oil imports of US $ 26.99 billion in February, 2012. Non-oil imports during April - February, 2012-13 were valued at US $ 292.47 billion which was 5.03 per cent lower than the level of such imports valued at US $ 307.94 billion in April - February, 2011-12. The trade deficit for April - February, 2012-13 was estimated at US $ 182.09 billion which was higher than the deficit of US $ 169.81 billion during April -February, 2011-12. Refer Table 2 Table 2 Indias Foreign Trade Balance
(US $ Billion)

February April-February Exports (including re-exports) 2011-12 25.19 2012-13 26.26 %Growth2012-13/ 2011-2012 4.23 Imports
277.12 265.94 -4.03

-182.09 Source: Ministry of Commerce and Industry, Govt. of India

2011-12 40.12 2012-13 41.18 %Growth2012-13/ 2011-2012 2.65 Trade Balance 2011-12 -14.92 2012-13 -14.92

446.94 448.04 0.25 -169.81

1.3 Railway Revenue Earnings Total earnings of Indian Railways on originating basis during 1st April 2012 to 28th February 2013 were Rs. 111984.89 crore compared to Rs. 93013.43 crore during the same period last year, registering an increase of 20.40 per cent. The total goods earnings have gone up from Rs. 62174.53 crore during 1st April 2011-28th February 2012 to Rs. 77372.90 crore during 1st April 2012-28th February 2013, registering an increase of 24.44 per cent. The total passenger revenue earnings during 1st April 2012-28th February 2013 were Rs. 28915.09 crore compared to Rs. 25858.04 crore during the same period last year, registering an increase of 11.82 per cent. The revenue earnings from other coaching amounted to Rs. 2851.90 crore during April 2012February 2013 compared to Rs. 2580.33 crore during the same period last year, an increase of 10.52 per cent. The total approximate numbers of passengers booked during 1st April 2012-28th February 2013 were 7803.42 million compared to 7586.63 million during the same period last year, showing an increase of 2.86 per cent. In the suburban and non-suburban sectors, the numbers of passengers booked during April 2012 -February 2013 were 4109.98 million and 3693.44 million compared to 4007.53 million and 3579.10 million during the same period last year, showing an increase of 2.56 per cent and 3.19 per cent respectively.

2. Corporate Sector

2.1 Index of Industrial Production Index of Industrial Production (IIP) for the month of January 2013 stands at 181.8, which is 2.4% higher as compared to the level in the month of January 2012. The cumulative growth for the period April-January 2012-13 over the corresponding period of the previous year stands at 1.0%. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of January 2013 stand at 134.0, 193.7 and 160.7 respectively, with the corresponding growth rates of (-) 2.9%, 2.7% and 6.4% as compared to January 2012. The cumulative growth in the three sectors during April-January 2012-13 over the corresponding period of 2011-12 has been (-) 1.9%, 0.9% and 4.7% respectively. Refer table 3 Table 3 Index of industrial production-Sectoral
Mining (141.57) Month Apr May Jun Jul Aug Sep Oct Nov Dec 20112012 128.4 130.9 123.5 124.1 115.0 108.8 122.6 128.8 136.8 20122013 128.8 130.0 122.1 119.7 114.6 111.2 122.4 121.7 132.2 Manufacturing (755.27) 20112012 176.1 174.5 184.0 177.4 171.7 177.4 165.9 177.8 192.6 20122013 173.0 179.0 178.1 177.4 175.8 174.6 182.4 176.8 191.2 Electricity (103.16) 20112012 146.0 153.3 144.3 152.1 149.4 144.1 152.1 145.6 149.8 20122013 152.7 162.3 157.0 156.3 152.2 149.7 160.5 149.1 157.6 (Base: 2004-05) General (1000) 20112012 166.2 166.2 171.4 167.2 161.4 164.3 158.3 167.5 180.3 20122013 164.1 170.3 168.0 167.1 164.7 163.1 171.6 166.1 179.4

Jan* Feb Mar Average Apr-Jan January Apr-Jan

138.0 135.0 149.6 125.7 -2.1 -2.5

134.0

188.6 186.8 198.7

193.7

151.1 145.1 158.6

160.7

177.6 175.2 187.6

181.8

123.3 -2.9 -1.9

178.6 1.1 3.7

180.2 2.7 0.9

148.8 3.2 8.8

155.8 6.4 4.7

168.0 1.0 3.4

169.6 2.4 1.0

Growth over the corresponding period of previous year

Source: CSO Note: Indices for the months of Oct 2012 and Dec 2012 incorporate updated data. *Indices for January 2013 are quick estimates

As per Use-based classification, the growth rates in January 2013 over January 2012 are 3.4% in Basic goods, (-) 1.8% in Capital goods and 2.0% in Intermediate goods. The Consumer durables and Consumer non-durables have recorded growth of (-) 0.9% and 5.3% respectively, with the overall growth in Consumer goods being 2.8%. Refer Table 4 Table 4 Index of industrial production-Use Based
Basic goods (456.82) Month Apr May Jun Jul Aug Sep Oct Nov Dec Jan* Feb Mar Apr-Jan 201112 145.2 149.4 145.9 149.1 144.7 140.2 147.3 148.0 156.6 156.9 152.9 163.3 148.3 152.4 201213 148.0 155.9 151.2 150.6 149.0 144.0 153.7 150.2 159.4 162.3 Capital goods (88.25) 201112 264.8 248.6 325.2 248.5 261.6 286.8 225.4 257.3 263.5 256.8 261.8 313.2 263.9 239.4 201213 207.9 227.3 235.0 234.0 250.0 248.7 241.1 235.5 262.0 252.1 Intermediate goods (156.86) 201112 144.4 143.7 144.1 146.2 142.6 139.7 133.8 141.4 149.7 146.5 145.4 155.1 Average183.0 143.2 145.7 183.0 187.9 291.7 301.1 139.9 143.1 Growth over the corresponding period of previous year 201213 141.8 148.6 145.4 146.3 146.4 142.1 146.7 139.1 150.7 149.4 Consumer goods (298.08) 201112 180.8 179.3 179.1 182.0 167.2 177.8 168.4 184.7 208.0 202.2 199.2 204.7 201213 187.5 187.1 185.8 183.3 173.3 177.8 191.7 184.2 200.6 207.9 (Base: 2004-05) Consumer Consumer durables non-durables (84.60) (213.47) 201112 290.5 282.6 281.7 304.6 278.0 308.4 288.1 297.8 298.0 287.4 297.5 327.1 201213 306.2 310.1 307.2 307.0 280.7 303.9 336.2 301.7 273.6 284.8 201112 137.3 138.4 138.4 133.5 123.3 126.0 121.0 139.9 172.3 168.4 160.2 156.2 201213 140.5 138.3 137.7 134.3 130.7 127.8 134.5 137.7 171.6 177.4

January Apr-Jan

1.9
5.8

3.4 2.8

-2.7 -2.9

-1.8 -9.3

-2.5 -0.8

2.0 1.7

2.5 5.4

2.8 2.7

-7.5 3.7

-0.9 3.2

10.6 6.6

5.3 2.3

Source: CSO Note: Indices for the months of Oct 2012 and Dec 2012 incorporate updated data. *Indices for January 2013 are quick estimates

2.2 Mineral Production, January 2013 The index of mineral production of mining and quarrying sector in January 2013 was higher by 1.4% compared to that of the preceding month. The mineral sector has shown a negative growth of 2.9% during January 2013 as compared to that of the corresponding month of previous year. The total value of mineral production (excluding atomic & minor minerals) in the country during January 2013 was Rs. 18436 crore. The contribution of coal was the highest at Rs. 6603 crore (36%). Next in the order of importance were: petroleum (crude) Rs. 5779 crore, iron ore Rs. 2282 crore, natural gas (utilized) Rs. 2029 crore, lignite Rs. 477 crore and limestone Rs. 354 crore. These six minerals together contributed about 95% of the total value of mineral production in January 2013. Production level of important minerals in January 2013 were: coal 564 lakh tonnes, lignite 43 lakh tonnes, natural gas (utilized) 3170 million cu. m., petroleum (crude) 32 lakh tonnes, bauxite 1733 thousand tonnes, chromite 197 thousand tonnes, copper conc. 11 thousand tonnes, gold 130 kg., iron ore 101 lakh tonnes, lead conc. 17 thousand tonnes, manganese ore 184 thousand tonnes, zinc conc. 149 thousand tonnes, apatite & phosphorite 199 thousand tonnes, dolomite 467 thousand tonnes, limestone 226 lakh tonnes, magnesite 7 thousand tonnes and diamond 3131 carat.

In January 2013 the output of bauxite increased by 74.1%, diamond 32.3%, lignite 10.4%, lead conc. 8.8%, zinc conc.7.0%, coal 5.1% and limestone 2.2 percent. However the production of petroleum (crude) decreased by 1.3%, copper conc. 1.5%, natural gas (utilized) 2.3%, chromite 2.4%, iron ore 5.2%, dolomite 9.5%, manganese ore 11.4%, apatite & phosphorite 12.2%, gold 13.3% and magnesite 61.7 percent. 2.3 Sectoral Deployment of Bank Credit
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Sectoral deployment of credit collected from select 47 scheduled commercial banks accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks for the month of January 2013 reveals:

On a year-on-year (y-o-y) basis, non-food bank credit increased by 14.6 per cent in January 2013 as compared with the increase of 15.9 per cent in January 2012. Credit to agriculture increased by 19.8 per cent in January 2013, up from 6.3 per cent in January 2012.

Credit to industry increased by 15.2 per cent (y-o-y) in January 2013 as compared with the increase of 20.2 per cent in January 2012. Deceleration in credit growth to industry was observed in all the major sub-sectors, barring chemicals and chemical products; petroleum, coal products and nuclear fuels; beverage and tobacco; leather and leather products; wood and wood products; rubber, plastic and their products; and cement and cement products.

Credit to the services sector increased by 12.0 per cent in January 2013 as compared with the increase of 15.1 per cent in January 2012.

Credit to NBFCs increased by 21.6 per cent in January 2013 as compared with the increase of 30.6 per cent in January 2012.

Personal loans increased by 13.5 per cent in January 2013 as compared with the increase of 13.2 per cent in January 2012.

Refer Table 5 Table 5 Sectoral Deployment of Bank Credit

Rs. Billion Jan.27, Jan.25, 2012 2013 Food Credit Non-food Credit Agriculture & Allied Activities Industry Services Non-Banking Financial Companies (NBFCs) 834.1 40387.9 4658.2 18504.4 9590.5 2010.3 1070.5 46297.3 5580.5 21308.9 10738.8 2444.4 Growth (Y-o-Y) Jan 27, 2012 / Jan 25, 2013 / Jan 26, 2011 Jan 27, 2012 39.3 15.9 6.3 20.2 15.1 30.6 28.3 14.6 19.8 15.2 12.0 21.6

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Personal Loans Priority Sector Gross Bank Credit Source: RBI

7634.8 12969.3 41222.0

8669.1 14917.2 47367.8

13.2 9.7 16.3

13.5 15.0 14.9

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3. Market Trends

BSE: The 30 share BSE Sensex decreased by 1.2 per cent and closed at 19,427.56 NSE: Nifty decreased by 1.2 per cent during the week and closed at 5872.6 Dollar: The value of Rupee appreciated by Rs.0.13 against the US dollar during the week and closed at Rs 54.16 per dollar. Euro: The value of Rupee appreciated by Rs.0.10 against the Euro and closed at Rs.70.50 per euro. Gold: Prices of gold increased by Rs. 83.98 per 10 grams during the week and closed at Rs. 29346.46 per 10 grams. Silver: Prices of silver decreased by Rs.88.78 during the week and closed at Rs. 54724.92 Per kg. Crude Oil: The prices of crude oil decreased by USD 1.9 per barrel and closed at USD 105.7 per barrel. Forex Reserves: Indias Foreign Exchange reserves decreased by USD 2.2 billion to USD 290.3 billion during the week-ended March 8, 2013.

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4. Global Developments

4.1 UK Index of Industrial Production, January 2013 According to the UK Office of National statistics, index of mining & quarrying in January 2013 fell by 9.3% compared with January 2012. Oil & gas extraction decreased by 15.0%, contributing 11.2 percentage points to the fall in mining & quarrying. Index of manufacturing in January 2013 fell by 3.0% compared with January 2012. In detail: The largest contributions to the decrease in output came from the manufacture of basic pharmaceutical products & pharmaceutical preparations, which fell by 13.2%, and in the manufacture of rubber & plastics products & other non-metallic mineral products, which fell by 10.3%. Within the rubber & plastics products, & other non-metallic mineral products industries, the main falls were in cement, lime, plaster & articles of concrete, cement & plaster, which fell by 21.5% and rubber & plastic products, which fell by 6.0%. Basic pharmaceutical products & pharmaceutical preparations contributed

approximately 0.9 percentage points and rubber & plastics products & other non-metallic mineral products 0.7 percentage points, to the 3.0% month on same month a year ago fall in overall manufacturing.

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Index of the electricity, gas, steam & air conditioning supply industries in January 2013 rose by 4.5% compared with January 2012. The main movements were: Electric power generation, transmission & distribution which rose by 4.2%, and contributed 3.5 percentage points to the 4.5% month on same month a year ago rise. Manufacture of gas, steam & air conditioning supply, which rose by 6.2%, and contributed 1.0 percentage point to the 4.5% month on same month a year ago rise. Water supply and waste management Index of the water supply, sewerage & waste management industries, fell by 2.2% compared with January 2012. The main movements were: Waste collection, treatment & disposal activities, which fell by 9.1%. Remediation activities & other waste management services, which fell by 12.5%. The largest contributor to the 2.2% month on same month a year ago fall in water supply, sewerage & waste management, was approximately 3.9 percentage points from waste collection, treatment & disposal activities. Refer Table 6 Table 6 Output of the Production Industries
(Y-o-Y) Production industries Mining and quarrying -20.0 -8.7 -9.0 -13.7 -8.1 -6.0 -1.7 0.8 -17.2 -21.0 -13.6 Manufacturing Electricity, gas, steam and air conditioning -6.4 2.0 -6.9 8.3 5.3 -2.4 -0.6 -1.6 -0.8 9.0 4.1 Water supply, sewerage and waste management 1.1 0.7 0.1 -0.5 -1.5 -2.0 0.1 1.0 -0.6 -1.4 -0.9

2012

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

-3.5 -2.1 -2.6 -2.0 -1.3 -3.9 -0.8 -1.0 -3.2 -3.1 -2.8

-0.2 -1.7 -1.2 -1.4 -1.0 -3.9 -0.8 -1.5 -1.5 -1.7 -2.1

Oil and gas extraction -23.0 -9.9 -12.2 -18.3 -12.3 -7.3 -3.5 0.8 -22.2 -27.1 -18.8

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Dec -2.1 2013 Jan -2.9 Source: UK Office of National Statistics

-8.7 -9.3

-1.6 -3.0

2.2 4.5

-1.2 -2.2

-12.3 -15.0

4.2 Euro Area Annual Inflation, February 2013 According to the statistical office of the European Union, Euro area annual inflation was 1.8% in February 2013, down from 2.0% in January 2013. A year earlier the rate was 2.7%. Monthly inflation was 0.4% in February 2013. European Union annual inflation was 2.0% in February 2013, down from 2.1% in January 2013. A year earlier the rate was 2.9%. Monthly inflation was 0.4% in February 2013. In February 2013, the lowest annual rates were observed in Greece (0.1%), Portugal (0.2%) and Latvia (0.3%), and the highest in Romania (4.8%), Estonia (4.0%) and the Netherlands (3.2%). The lowest 12-month average rates up to February 2013 were registered in Greece (0.7%), Sweden (0.9%) and Latvia (1.8%), and the highest in Hungary (5.2%), Estonia (4.1%) and Romania (3.8%). The largest upward impacts to euro area annual inflation came from electricity (+0.17 percentage points), fruit and tobacco (+0.07 each), while telecommunications (-0.22), medical & paramedical services (-0.08) and garments (-0.07) had the biggest downward impacts 4.3 US Consumer Price Index, February 2013 According to the U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban

Consumers (CPI-U) increased 0.7 percent in February 2013 on a seasonally adjusted basis. Over the last 12 months, the all items index increased 2.0 percent before seasonal adjustment. The gasoline index rose 9.1 percent in February 2012 to account for almost three-fourths of the seasonally adjusted all items increase. The indexes for electricity, natural gas, and fuel oil also increased, leading to a 5.4 percent rise in the energy index. The food index increased slightly in February, rising 0.1 percent. A sharp increase in the fruits and vegetables index was the major

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cause of the 0.1 percent increase in the food at home index, with other major grocery store food group indexes mixed. The index for all items less food and energy increased 0.2 percent in February. The indexes for shelter, used cars and trucks, recreation, and medical care all rose in February. These increases more than offset declines in the indexes for new vehicles, apparel, airline fares, and tobacco. The all items index increased 2.0 percent over the last 12 months compared to a 1.6 percent increase for the 12 months ending January. The index for all items less food and energy also increased 2.0 percent over the last 12 months. The energy index increased 2.3 percent and the food index rose 1.6 percent.

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5. Data Appendix
Table 7 Latest Available Financial Information Item Deposits of Scheduled Commercial Banks with RBI (Rs. Billion) Foreign Currency Assets of RBI (Rs. Billion) Advances of RBI to the Central Government (Rs. Billion) Advances of RBI to the Scheduled Commercial Banks (Rs. Billion)
Source: RBI

Mar. 01, 2013 2965.34 14077.90 ------206.15

Mar. 08, 2013 2761.42 14054.18 -------175.78

Percentage Change -6.8 -0.1 --------14.7

Table 8 BSE Sensex and NSE Nifty Index Index BSE SENSEX S & P CNX NIFTY Mar. 11, 2013 19,679.88 5946.10 Mar. 15, 2013 19,427.56 5872.60 Percentage Change -1.2 -1.2

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ASSOCHAM Economic Research Bureau

ASSOCHAM Economic Research Bureau (AERB) is the research division of the Associated Chambers of Commerce and Industry of India. The Research Bureau undertakes studies on various economic issues, policy matters, financial markets, international trade, social development, sector wise performance and monitoring global economy dynamics.
The main banners of the Bureau are:

ASSOCHAM Eco Pulse (AEP) studies are based on the data provided by various institutions like Reserve Bank of India, World Bank, IMF, WTO, CSO, Finance Ministry, Commerce Ministry, CMIE etc. ASSOCHAM Business Barometer (ABB) are based on the surveys conducted by the Research Team to take note of the opinion of leading CEOs, MDs, CFOs, economists and experts in various fields. ASSOCHAM Investment Meter (AIM) keeps the track of the investment announcements by the private sector in different sectors and across the various states and cities. ASSOCHAM Placement Pattern (APP) is based on the sample data that is tracked on a daily basis for the vacancies posted by companies via job portals and advertisements in the national and regional dailies, journals and newspaper. Data is tracked for 60 cities and 30 sectors that are offering job opportunities in India.

ASSOCHAM Financial Pulse (AFP) as an analytical tool tracks quarterly financial performance of India Inc; forming strong inter-linkages with the real economy and presents sectoral insights and outlook based on financial indicators, demand signals and corporate dividend activity.

Email: research@assocham.com

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THE KNOWLEDGE CHAMBER

Evolution of Value Creator ASSOCHAM initiated its endeavor of value creation for Indian industry in 1920. It has witnessed upswings as well as upheaval of Indian Economy and contributed significantly by playing a catalytic role in shaping up the Trade, Commerce and Industrial environment of the country. ASSOCHAM derives its strength from the following Promoter Chambers: Bombay Chamber of Commerce and Industry, Mumbai; Cochin Chamber of Commerce and Industry, Cochin; Indian Merchant's Chamber, Mumbai; The Madras Chamber of Commerce and Industry, Chennai; PHD Chamber of Commerce and Industry, New Delhi.

VISION Empower Indian enterprise by inculcating knowledge that will be the catalyst of growth in the barrier less technology driven global market and help them upscale, align and emerge as formidable player in respective business segment

MISSION As representative organ of Corporate India, ASSOCHAM articulates the genuine, legitimate needs and interests of its members. Its mission is to impact the policy and legislative environment so as to foster balanced economic industrial and social development. We believe education, health, agriculture and environment to be the critical success factors.

GOALS To ensure that the voice and concerns of ASSOCHAM are taken note of by policy makers and legislators. To be proactive on policy initiatives those are in consonance with our mission. To strengthen the network of relationships of national and international levels/forums. To develop learning organization, sensitive to the development needs and concerns of its members. To broad-base membership. Knowledge sets the pace for growth by exceeding the expectation, and blends the wisdom of the old with the needs of the present.

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