Former MD & CEO of Yes Bank, Rana Kapoor served as the President of ASSOCHAM from July 2013 to November 2015. He accomplished several goals and put forward a clear vision to work towards the betterment of the economy
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) is the oldest, leading, largest is a non-governmental Chamber of Commerce based in New Delhi, India. The organization represents the interests of trade and commerce in India and acts as an interface between the Government and Corporates on issues and initiatives.
Rana Kapoor, Founder & Former Managing Director, CEO Yes Bank was appointed President of ASSOCHAM in July 2013, and continued to serve till November 2015, making him the longest serving President. As President, he promoted a five-point agenda – economic security, livelihood security, energy security, ecological security, and national security — on securing sustainable growth for India.
Carrying forward the legacy and the vision for ASSOCHAM, he placed “Economic security of India” at the core of the Chamber’s agenda. He believed securing the national economic future of the country to be of utmost importance in achieving the twin growth objectives of sustainability and inclusion.
During Rana Kapoor’s term, ASSOCHAM emerged as the fountainhead of data for the Indian industry that was equipped to redefine the dynamics of growth and development within the technology-driven cyber age of a Knowledge-based economy. Even today, ASSOCHAM is seen as a forceful, proactive, and futuristic establishment devoting itself to fulfill the aspirations of the companies in India within the new world of business. ASSOCHAM is working towards making such a surrounding that will make the Indian Business world unmatchable.
As President, ASSOCHAM, he had been instrumental in driving the agenda of affordable Housing, Urban Infrastructure, and Hospitality, as well as to further promote sectors of Education, Healthcare, Tourism, MSME, and business at the very best levels of the government and other relevant spheres. He did so through widely advertised advertorials and regular communication with the govt and Policymakers in order to spur growth and development through the largely appreciated ASSOCHAM “Believe in India” national campaign.
ASSOCHAM launched the “Believe in India” campaign with Yes Bank as the knowledge partner. Through this initiative, Rana Kapoor aimed to achieve sustainable and inclusive development in the country. Under this agenda, ASSOCHAM recommended housing policy measures that would ensure a home for every family by 2022 and improve the standards of living. It also brought forward tax simplification recommendations for better governance and to boost economic growth.
Amongst other cabinet policies, Rana Kapoor put forward some suggestions to back the Gold Monetisation Scheme (GMS). An increase in certified hallmarking centers was suggested along with CRR/SLR exemptions for gold deposits and Exemptions on VAT/stamp duty too. The impact of this was expected to be holistic and on each party involved in the process. Various benefits emerged from this scheme. The consumer benefitted from market expansion as financial substitutes for physical gold were available with easier access. As a larger impact, it unlocked savings in unproductive physical assets and thus facilitated channelizing of financial savings towards more productive investments.
ASSOCHAM launched the Tamil Nadu Regional Development council in February 2014, under his term. The focus was on key growth sectors in the region like Manufacturing, Auto & Auto-ancillary, MSME, Food & Agri-Business, Renewable Energy. The aim was to promote investments in power, Transportation, and Logistics along with showcasing the state’s potential in Tourism, IT/ITeS, and key service sectors.
Along the same line, Maharashtra-Goa Regional Development Council was also launched by Rana Kapoor. The goal was to position Mumbai as an International Finance Centre. Along with the focus on key growth sectors in the region, the intention was to work towards sustainable development too. Promotion of Sustainable mining, Hinterland Ecotourism, Education, and Hospitality in Goa was also kept in mind, therefore catalyzing all-round Economic growth of the region.
As a result of his commendable work during his tenure, he was felicitated by the National Real Estate Development Council (NAREDCO) for extraordinary contribution to the Housing & Construction, Urban Infrastructure, and Hospitality sectors.
Rana Kapoor has been a true visionary with many achievements to his name. His five-point agenda continues to be highly relevant even today, with initiatives that he started as president of Assocham having a lasting impact on the security of all citizens of our nation. He has been instrumental in bringing a sustainable change in India through his sheer determination and commitment.
