It is an honour and a privilege to assume the responsibility of leading the Chamber into its new century after the momentous hundred years of service to the community. I realize that the present year would raise expectations and usher in hopes about achieving new milestones in the future. This has made my task of steering the Chamber much more difficult. What is more, I have taken over the mantle of PHDCCI from one of the most dynamic and illustrious Presidents who has elevated the Chamber to new heights during the centenary year.

I look forward to your guidance and support to discharge my obligations so that we can together carry forward the rich legacy of the Chamber in the coming year.

We ring in the New Year amidst hopes that the robust economic performance experienced last year, will be replicated this year as well. Our hopes have been raised on the basis of sterling performance evidenced last year. Indeed, the economy appears well set for a high growth path after having notched an impressive 8 growth rate in the second quarter of this fiscal as compared to 6.7 per cent evidenced during the same period last year. It is also encouraging to note that the stock market is booming, investments are picking up, exports are vibrant and business confidence is at a record high. The Indian economy could not have been in a better shape than at present as a result of which India seems to be heading with confidence into a New Year.

Our confidence in the Indian economy is also bolstered by our 'shining' performance in the international arena. Here the signs of a rise in our stature are clearly visible. The country is on the radar screen of major corporates across the world. Global giants have lined up investment plans in India and foreign institutional buyers have invested around $10 billion last year. No wonder India has emerged as the second best FDI destination after China, ahead of USA and Europe. At the same time a rising number of Indian companies with global ambitions are offering world class products at competitive prices. Not surprisingly, Lee Kuan Yew, Former Prime Minister, predicted that India would soon be propelled into the front ranks in the global order bolstered by its near world class companies, good corporate governance and capital market transparency.

I am sure that our competitiveness led buoyancy will continue and consolidate further in the New Year. Clearly India is at an inflection point where a double digit growth - or at least a sustainable 9% growth - is well within reach. The conditions are just right for sustained exponential growth. However, what is bothering most of us is whether the current 'feel good scenario' would be sustained, especially in the absence of second generation reforms which just do not seem to take off the ground. Hence we would reiterate the need to accelerate the pace of reform that would unleash the latent energy and unshackle the productive and creative wealth, which if unraveled, would help to reinforce India's position as the rising star on the global firmament.

Reverting to Chamber activities, I would like to share with you my vision for the Chamber in the year ahead. In my view the Chamber would do well to work closely with the state governments for faster economic growth of the Northern region. The aim should be take the Northern states to a new frontier of growth through public private partnership in all areas of business by suggesting a methodology for implementing reforms at the states level. We also plan interactions with the state governments and offer suggest ions on how to develop the region as an attractive investment destination for domestic and foreign business. PHDCCI also proposes to focus on rural economic resurgence by drawing up a vision plan for the socio-economic growth of rural areas and for SMEs. The other area of interest would be the external sector where a delegation to UK and Germany and an exhibition in Pakistan are being contemplated during the year.

We have planned an eventful year ahead and I would request all members to support our endeavours and make them successful by attending these events. Your views and suggestions on our work and activities would be greatly appreciated.

Sushma Berlia President