IKCC Main - Activities & Events #Press ReleaseIKCC Main - Activities & Events #Press Releasehttps://www.ikcc.co.ke/activities-events-press-release/tag/press-releaseMon, 20 Apr 2026 05:20:11 -0700http://zoho.com/sites/<![CDATA[India Kenya Business Council on the 56th GST Council Meeting – Next-Generation Reforms for Bharat’s Economic Growth]]>https://www.ikcc.co.ke/activities-events-press-release/post/IKBC-Statement-on-GST-IndiaThe India Kenya Business Council (IKBC) welcomes the landmark outcomes of the 56th GST Council Meeting, chaired by Union Finance Minister Smt. Nirmala ]]>

13th September 2025

The India Kenya Business Council (IKBC) welcomes the landmark outcomes of the 56th GST Council Meeting, chaired by Union Finance Minister Smt. Nirmala Sitharaman, held on 3rd September 2025 in New Delhi.

 

The meeting laid out 7 key pillars of Next-Gen GST reforms that will not only strengthen India’s economy but also have a far-reaching impact on global trade and business partners like Kenya. The reforms underscore the government’s commitment to simplifying taxation, empowering businesses, and fostering sustainable growth.

 

Highlights of the 7 Pillars of Next-Gen GST Reforms:

1️⃣ Building on Success – One Nation, One Tax with GST 2.0 introducing a simplified two-tier structure.

2️⃣ Rationalised Rates – Shift to 5% and 18%, eliminating 12% and 28% slabs, reducing disputes and ensuring liquidity.

3️⃣ Tech-Driven Simplicity – Faster registrations, 90% provisional refunds for exporters, and AI-enabled compliance.

4️⃣ Consumer-Centric Reforms – Essentials remain in the 0–5% bracket, with cars and appliances reduced from 28% to 18%.

5️⃣ Boost for MSMEs & Manufacturing – Corrected inverted duty structures, faster refunds, and smoother cash flows.

6️⃣ Stronger States, Stronger Bharat – Fiscal federalism with sustainable revenue growth for all states.

7️⃣ Lower Taxes, Higher Savings – More disposable income driving demand and sectoral growth.

 

Key Outcomes:

 

  • The long-pending rationalisation of GST slabs was approved: 5% and 18% will replace 12% and 28%, while a 40% slab will be introduced for demerit goods.
    • Inverted duty structures on fertilizers, fabrics, and other essential goods have been corrected, offering relief to businesses and consumers alike.
    • Implementation begins on 22nd September 2025, except for rate changes on tobacco and related products.

     

    On 15th August 2025, during India’s 79th Independence Day, Prime Minister Shri Narendra Modi had announced the government’s vision for Next-Generation GST reforms. The 56th Council meeting marks a decisive step in translating this vision into reality.

     

    IKBC’s Perspective for Kenya:

    As India simplifies and strengthens its tax ecosystem, Kenyan businesses stand to benefit through enhanced ease of doing business with Indian partners, greater predictability in trade, and opportunities for collaboration across sectors such as textiles, pharma, and manufacturing. These reforms will further deepen India–Kenya economic ties, aligning with IKBC’s mission to strengthen bilateral trade and investment flows.

     



    About IKBC:

    The India-Kenya business council is a bridge to exchange information on business, import- The India-Kenya Business Council (IKBC) serves as a bridge for the exchange of information on business opportunities, import-export, joint ventures, technology transfers, contract manufacturing tie-ups, and investments across diverse sectors in both countries.

     

    The Council actively works to promote business growth and investment by organizing initiatives that create awareness, foster collaboration, and build a supportive environment for stronger bilateral trade and economic engagement.

     

     

    India Kenya Business Council

    https://www.ikbc.co.ke/

    Get Started Now
    ]]>    Sat, 13 Sep 2025 18:38:07 +0300    <![CDATA[The Internationalization of the Indian Rupee- an opinion piece by Mr. Gowri Shankar]]>https://www.ikcc.co.ke/activities-events-press-release/post/The-Internationalization-of-the-Indian-Rupee-an-opinion-piece-by-Mr.-Gowri-Shankar(Image by  F1 Digitals  from  Pixabay ) India’s decision to promote the use of the Indian Rupee (INR) in international trade marks a pivotal ]]>

    Opinion piece by Mr. Gowri Shankar

    (Image by F1 Digitals from Pixabay)

    India’s decision to promote the use of the Indian Rupee (INR) in international trade marks a pivotal shift in its economic strategy. The initiative is not about abandoning existing hard-currency mechanisms, but about creating an additional, resilient settlement channel that strengthens India’s economic position and reduces structural vulnerabilities.


    The Strategic Rationale

    The global financial system’s dependence on a handful of hard currencies has historically exposed India to volatility, dollar shortages, and high transaction costs. By enabling trade invoicing and settlement in INR—backed by Special Rupee Vostro Accounts—the Reserve Bank of India has created a credible framework to insulate the economy from external shocks. For partner nations, particularly those facing currency constraints or sanctions, INR settlements provide an attractive alternative.


    Economic Advantages

    At the macro level, reducing demand for dollars helps preserve foreign reserves and stabilizes the balance of payments. At the business level, avoiding double conversions lowers transaction costs and improves competitiveness for Indian exporters. The system also reduces exchange-rate risks, enabling more predictable pricing for trade partners.Collectively, these levers strengthen India’s economic resilience while lowering the cost of global integration.


    Strategic and Diplomatic Gains

    The adoption of INR in international trade enhances India’s influence in bilateral relationships. For developing economies, it offers a practical route to reduce over-reliance on the dollar, positioning India as a partner of choice in South–South trade. For India, it expands strategic leverage, particularly in regions where currency shortages or geopolitical constraints limit traditional trade flows.


    Long-Term Implications

    Over time, wider use of INR in trade settlement can elevate the currency’s credibility and accelerate its journey toward partial internationalization. When combined with India’s strength in digital payment infrastructure, the initiative lays the groundwork for the rupee to emerge as a trusted settlement currency across Asia and beyond.

    Internationalizing the INR is not merely a financial innovation—it is a strategic play. It lowers systemic risks, cuts transaction costs, and builds economic resilience, while simultaneously enhancing India’s diplomatic capital.



    Get Started Now
    ]]>    Sat, 13 Sep 2025 18:08:37 +0300    <![CDATA[PRESS RELEASE - 6th November 2024]]>https://www.ikcc.co.ke/activities-events-press-release/post/press-release-6th-november-2024Eldoret, known as the home of champions was also the home of the first memorandum of understanding for India Kenya Business Council. This MoU was sign ]]>

    IKBC signs MoU with Uasin Gishu County

    Eldoret, known as the home of champions was also the home of the first memorandum of understanding for India Kenya Business Council. This MoU was signed between IKBC and the Uasin Gishu County Government on Wednesday 6th November at the Eka Hotel, Eldoret at the IKBC Breakfast Meeting. This MoU is expected to increase collaborations, projects and enterprises between the two countries,  India and Kenya. 

    It was signed by Mr. Abhishek Rana - Chairman, IKBC and Ms. Victorine Kapkiai

    Chief Officer: Trade, Industrialization, Tourism, Co-operatives and Enterprise Development

    County Govt of Uasin Gishu, Eldoret.

    It was witnessed by High Commissioner of India to Kenya H.E. Namgya Khampa and H.E. Dr. Jonathan Bii Chelilim Governor of Uasin Gishu County.

    Her Excellency, noted that this was a historical moment as trade between Africa and India is set to grow and Uasin Gishu County is a great strategic partner. Hon. Dr. Jonathan Bii acknowledged that development and growth happens better through partnerships and welcomed Indian investors to his county for business and especially sports collaborations, since it is also the home of Kenya’s world famous athletes.

    The event also included remarks from the IKBC Advisory Members, Mr. TRM Ramamurthy, Mr. Sailada Gowri Shankar Rao and Mr. Vinay Rathi.

    On behalf of Uasin Gishu County, their economic advisor, Mr. Philip Meli shared interesting economic facts about the county.

    Chairman, Mr. Abhishek Rana noted, “this MoU will be very important for the future of Kenya because it will provide the expertise and strength of India in different projects including health, agriculture and more.” The event included the announcement of the appointment of Mr. Deepen Bhatt as the Advisory Council Member for IKBC in Uasin Gishu County.

    IKBC Board and the High Commission team, including Mr. Rishabh Pewar and Sundeep Kulsari visited the Uasin Gishu County Governor office on Tuesday 5th November for a familiarization discussion. The delegation at the Governor’s office included IKBC Advisory Members, Mr. TRM Ramamurthy, Mr. P.V.S. Rao and Mr. Gowri Shankar Rao. They had significant interactions with the community and business members of Eldoret.

    In the evening, the High Commission of India celebrated the 9th Ayurveda Day which was also attended by the Hindu Council of Kenya, India Asia Forum and IKBC. Ayurveda Day was established by the Government of India in 2017 and here in Kenya it was celebrated with the notable opening of Kutoi Hospital in Eldoret, the first Ayurveda Hospital in East Africa. 

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    India Kenya Business Council
    ]]>    Wed, 06 Nov 2024 11:16:00 +0300    <![CDATA[Press Release - 5th October 2024]]>https://www.ikcc.co.ke/activities-events-press-release/post/press-releaseThe beginning of October 2024, marked the start of the festivities of Navratri and the newly elected India Kenya Business Council (IKBC) Board. Mr. Go ]]>

    IKBC: a bridge for business growth between India and Kenya

    The beginning of October 2024, marked the start of the festivities of Navratri and the newly elected India Kenya Business Council (IKBC) Board. Mr. Gowri Shankar Rao, handed the baton of chairmanship to Mr. Abhishek Rana on Saturday 5th October 2024. Mr. Rao has been instrumental in the creation of IKBC and wished the new Board immense success in the coming years. 



    Joining as the Honorary Secretary is Mr. Sanjeev Sehgal, Treasurer is Mr. Praveen Bajaj, Technical Support by Mr. Veera Kumar N., Media by Mrs. Shubrika Johary and Coordinator Ms. Harleen Jabbal. Also present at the meeting was Dr. Bimal Kantaria, Chairman of United Asian Network and Managing Director of Elgon Kenya. He is a member of the IKBC Advisory Council, which also includes Mr. Ashif Kassam Executive Chairman of RSM Eastern Africa, Mr. P.V.S. Rao Director Alpharama Ltd and Mr. T.R.M. Ramamurthy Group strategic consultant at IPS Kenya Limited (Group company of Aga Khan Development Network).



    The Indian Kenya Business Council has been established since November 2023 and is a bridge between Indian and Kenyan businesses enabling growth and expansion in two thriving economies. H.E. Ms. Namgya C. Khampa High Commissioner and PR to UNEP & UN-Habitat is the patron of the council.



    Dr. Kantaria congratulated the team and expressed that they owe a debt of gratitude to Mr. Rao as he worked tirelessly with Mr. Rana and the High Commission of India to bring IKBC to realization. Mr. Rishabh Kumar Rewar, Second Secretary (Commerce and Press), Special Assistant to the High Commissioner, High Commission of India recognized the phenomenal efforts on the foundation of IKBC and reaffirmed the support from the Commission as Patron to the Council. Also present at the meeting were Mr. Nikhilesh Srivastava Pharmacor Limited, Mr. Vinay Rathi MD Bank of Baroda (Kenya) Ltd, Mr. Naveen Joon India Exim Bank and Mr. Dipak Kantalia.
    India Kenya Business Council
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