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SEPTEMBER - 2019

PRESIDENT'S MESSAGE

This is my first message to all my beloved
Members as your President. To me personally
as well as an advocate of entrepreneurs in
Peenya Industrial Area, it is a moment that will
stay in my memory forever. Heading an
Industry Association of Peenya, South-East
Asia's largest industrial hub, is a privilege
given to a blessed few. That our team has been
chosen unanimously is truly a humbling
moment, and I will forever be thankful to each
and every one of you, right from my new Team
of Office Bearers, to the Presidents, MC
Members, Members, Special Invitees and also
all the well-wishers of PIA.
Let me say this from the bottom of my heart,
straight and simple: We will never do anything
to tarnish your trust and do everything
possible to make you proud of your choice.

Friends, the economic slowdown – which is what is uppermost in the minds of every
entrepreneur not only here, but across the country - is for real in Peenya. And the reality is
stark, dark and scary in Peenya, Southeast Asia's largest industrial cluster, which had
always prided itself as the go-to place for all kinds of manufacturing – “from safety pins to
aeronautical parts, everything is manufactured here”, industrialists love to say.

The worst hit is the auto sector. An assessment by Team PIA reveals around 50% drop in
order books. There have been consequences, such as forced job losses. Some small
entrepreneurs are sitting on high, unsold inventories. The thought rankles: Maybe the
slowdown was so unnecessary. And arguably, it was created by wrong policy decisions.

However, if one contemplates the situation with a dispassionate mind, we can say that the
doomsday stories are probably over-the-top.
A closer look will show that only certain sectors in the industrial complex have been hit,
and while there is recession, the hit in auto industry has in turn affected the machine tool
industry. We at PIA have strongly requested the State and Central Governments to
handhold the MSMEs with appropriate incentives to tide over the crisis.
Moving on to positive developments, I would like to draw the attention of all our Member-
units to the newly introduced Sabka Vishwas - Legacy Dispute Resolution Scheme, 2019,
which has become operational from September and offers substantial tax reliefs plus
waiver of Interest, Penalty, and Fine in tax litigation cases, and would like to urge all such
Member-units who are mired in tax litigations to make maximum use of the Scheme.
I wish you all a very happy Dasara and Deepavali: Keep smiling!
Warm regards,

SRINIVAS ASRANNA

22-10-2019