I am happy to once again communicate with you in this first quarter of the new financial year. This is the eighth quarter after assuming new office by the newly elected managing committee.
Friends, we are witnessing as well as passing through pretty volatile international economic as well as political events. On one side there are new trade barriers and tariff wars and on the other hand there is volatile petroleum scene with unstable raw materials prices further affected due to scarcity. Domestically, we have heated political climate particularly with next general elections due in less than a year. Environmental concerns continue to be important and becoming stringent on regulatory front. Economic front is exposed to big impact from global trade war, rising petroleum import bill and banking sector governance challenges. The times are for prudent management of finance and operations in business with due patience and diligence.
We had the advisory council first meeting for forthcoming CoC-2019 to be held in Mumbai in June. We are privileged to get cooperation from industry's best brains like Dr. Raman Ramachandran (BASF), Mr. Adnan Ahmed (Clariant), Mr. Anjani Prasad (Archroma), Dr. G. V. G. Rao (Atul), Dr. S. U. Kulkarni. Dean of Sciences, Christ University, Bengaluru; and faculty of Dyestuff Technology Dept., ICT to contribute ideas. The interactions in the meeting were very constructive and knowledgeable. I would encourage all the members to send delegates from their respective organisation to take maximum benefit and make this event a success.
Economic Reforms & GST law
GST reforms are now stabilized. The industry difficulties are slowly addressed and solved. Collections across the country are very encouraging to prove success of this initiative. The facilitation by GST to make India one market with one tax has become real. The e-Way bill introduction has also taken off quite well. Overall we are witnessing simplification of all compliances in transactions and logistics. Business will benefit in the long run as well as medium term for sure.
Banking sector is facing many challenges. Governance is under big scanner and concern. We all must make our borrowing relationship with banks more robust and healthy. Let industry not lose the advantage of such fine age-old institution with huge financial resource that our country needs to mobilize it into manufacturing industry.
Environment Protection & Regulations
The recent Government initiative on plastics use by public at large is one of the unique, bold and historical one affecting large consumer population. It's impact on many of the packaging as well as consumer products industry and trade is immense. So, there is outrage, resistance and disappointment. But this is where our dyes & chemicals industry has some leanings to take. After enough notice and writings-on-wall, business does not prepare for a better and more responsible social and environmental cause. Our industry is already under scanner for last few years in particular. But we are often caught unaware with closures and shutdown show-cause notices. I think it is time we do not think of compromise on this important issue. Let's become more aware of our social responsibility. We must take steps ahead of what governments' have to do and say. Let's lead from front by example. It must be on one of the top priority management tasks to make our various industries more compliant, proactively!