MUMBAI, October 15: All India Liquid Bulk Importers & Exporters Association (AILBIEA) celebrated its 21st Anniversary by conferring stellar awards on stakeholders, both regulators and industry participants. The event was dedicated in Memory of Late
Shri Anish K. Chandaria.
Speaking on the occasion, G. Chandrashekhar, Advisor, AILBIEA said that US-China trade war followed by pandemic and now Russia-Ukraine war has escalated energy prices driving inflation across the globe and forcing Central Bank to raise interest rates to tame inflation.
“Money will become more expensive and the world will not be able to fund expansion and investment,” Chandrashekhar said.
It is just a question of time before the US gets into recession and the US Fed will have to cut interest rates
if recession comes, he said.
Expressing his biggest worry on crude oil price surge, Chandrashekhar said, “I don’t see it correcting soon. Further tightening due to production cuts would keep prices elevated between USD 100-110 at high and USD 90 could be low.”
Edible oil prices had gone over the roof and the correction is there to stay, he said.
In his virtual address, Nadir Godrej expressed optimism in a poetic form that commodity inflation will come under control and the Indian economy will thrive as we are on a better track.
Other industry veterans too concurred about resilience shown by Indian trade and industry and strongly believed that India was and will remain in a sweet spot amid gloomy business environment globally.
In his initial remarks, Jayyannt Lapsiaa, Chairman, AILBIEA called upon members from the industry to adhere to the compliance by customs and avoid cost-cutting to save a penny at the cost of our nation and cities.
Later, Chairman and Members of the Central Board of Indirect taxes and Customs, Chief Commissioner and Officers of Mumbai Customs Zone – I, II and III along with Chairman of Mumbai port were felicitated with a citation.
Petrochem Middle East (India), Akin Chemicals, Sandeep Joglekar from Vinyl Chemicals, Nilesh Shah from C.J. Shah & Co, Shankar Shinde, Chairman, FFFAI and Hiren Ruparel, Vice-President, BCBA were also honoured and felicitated.
