'The trade deficit in some sectors is huge and that is an area of opportunity to localise.'
With the Union Budget three months away, major industry chambers have submitted to the government proposals on common taxes, seeking simpler compliance and a quicker resolution of tax disputes.
'Not paying workers enough will end up being self-destructive or harmful for the corporate sector itself.'
"Within the broader index of industrial production, manufacturing has the largest of the weight. Having fallen off the cliff by 40.7 per cent during the April-June quarter, it is likely to witness a rebound when July IIP data is released. However, turnaround to positive growth trajectory could be some time away," Assocham said.
Chief Economic Advisor V Anantha Nageswaran on Thursday said economic activity in some sectors have picked up pace during October-November and a GDP growth of 6.5-7 per cent in the current fiscal is feasible.
'If people want to work 90 hours, we should let them work.' 'If people want to work 30 hours, you should let them work 30 hours.' 'But they should not expect the same level of success and attention.'
Industry body Assocham has sought elimination of Minimum Alternate Tax saying that it was coming in the way of growth of companies and inflow of foreign capital.
India Inc on Thursday pitched for lowering income tax burden on common man, increase in capital expenditure, and firm steps to contain food inflation in their nearly two-hour long interaction with finance minister Nirmala Shitharaman ahead of the Union Budget. During pre-Budget consultation with Sitharaman, the industry leaders and associations also urged the government to focus more on infrastructure development with a view to maintaining the economic growth momentum. The industry leaders also laid stress on boosting the MSME (micro, small, and medium enterprises) sector, considered a backbone of the Indian economy and main employment generator.
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
Terming the home loans package of PSU banks highly inadequate, Assocham President Sajjan Jindal demanded that the government peg the interest rate on housing loans up to Rs 30 lakh at 6% and at 8.5% for loans above this amount.
Finance Ministry, Assocham on Tuesday sought a taxation friendly environment for the startups
Not ordering disclosure of details of electoral bonds prior to April 12, 2019, was a "conscious choice" by the Constitution bench, the Supreme Court said on Monday while refusing to entertain the submissions of ASSOCHAM and CII against the disclosure of bond details on the ground of their plea not being listed.
A majority of corporate honchos feel that reviving India's overall economic growth to seven per cent will be feasible in the next fiscal, a survey by industry body Assocham said.
Infosys will comply with whatever regulations and guidelines Karnataka comes up with, a top company official said on Thursday on the proposed reservations for locals in private firms in the state. Infosys employs over 3.15 lakh people at present across the globe. "We are planning to work with all the regulations of the state and central governments.
This would be a practical way of bringing a huge sum of money.
The report was presented to Railway Minister D V Sadananda Gowda.
With the increase of $10 in per barrel price of crude oil from $80, which is bound to further raise oil companies losses to about Rs 70,000 crore (Rs 700 billion) by March 31, 2008, Assocham said in a statement "the time has ripened for the government to pass on the burden of crude prices on common man in phases."
While praising the internship scheme announced in the Budget, India Inc wants clarity on how it will be implemented. The scheme is expected to help companies address the skill gap in employment. Dheeraj Hinduja, chairman, auto major Ashok Leyland, said: "We had started an internship programme at our plant in Pantnagar, which we established in 2010 with colleges there.
The Nitish Kumar government has worked hard to help change the perception about Bihar by improving law and order situation and usher in development on several fronts, Assocham Secretary General D S Rawat told reporters.
Harvard-educated Piramal is also in the boards of several companies, including Piramal Life Sciences, SBI Capital Markets Ltd and Prudential ICICI Management.
Releasing a report on manufacturing sector in India, Venugopal Dhoot, promoter of Videocon and past president of Assocham, said state governments should restrict their roles only to infrastructure-related issues and manufacturers should themselves talk to farmers on land acquisitions. He said the formula of employment, equity and money should be used to compensate farmers and if they wanted land for land, they should be given that.
The minister further said another industry chamber Federation of Indian Chambers of Commerce and Industry too had contradicted the Assocham study, which had said that in the next 10 days or so about 25 to 30 per cent employees are likely to lose jobs in seven sectors including aviation, information technology, steel, financial services, real estate, cement and construction.
Pakistan's pipeline density, at present is 1044 km/mmscmd (million metric standard cubic meter per day) per day compared to 116 km/mmscmd of India, Assocham said in its paper on gas sector 'A Comparison between India and Pakistan'. The neighbouring country has created a 31,000 km distribution network to serve its domestic and commercial consumers in large locations, against the 11,000 km network that have so far been built in India to serve the needs of its consumers.
As spending on infrastructure has three times the desired impact, the government's Rs 111 trillion National Infrastructure Pipeline should be accelerated: Assocham president, Vineet Aggarwal
Assocham's first lady chief talks of the need to unleash new ideas and wonders why, when India has such politically powerful women, they're hardly to be seen in business.
The Karnataka government on Wednesday put the reservation bill for Kannadigas in private firms on hold amid fierce criticism from business leaders and tech tycoons.
Mahendra K Sanghi, Chairman of the Sanghi Group of Companies, has taken over as the president of Assocham.\n\n\n\n
India granted 1.03 lakh patents in financial year 2023-24, Controller General of Patents, Designs and Trademarks Unnat Pandit said on Thursday, as he assured that there will be "no delay" in the Intellectual Property Office as it prioritises timely clearance of applications. Addressing an Assocham event here, he shared that 40 per cent of the applications were disposed of within 30 months of the request for examination. "We are going to have no delay in the IP office, that's the motive with which we have .. that IP should be granted and under Chapter 8 of the Act it should also be utilised by the applicant ... that will generate the economic value of IP," Pandit said.
Concerned over the sharp crash in the stock market, industry chamber Assocham on Monday sought a probe by the Reserve Bank of India and Securities and Exchange Board of India into the cataclysmic fall.
To generate ample private sector interest, there is a need to introduce market-linked tariff rates.
Profitability of realty majors declined by 56 per cent in the first half of 2009-10, which contradicts concerns over formation of a housing bubble in the country.
Transparency in decision-making process is needed.
The sector suffered grave turbulence in 2013 due rampant economic slowdown both globally and domestically, liquidity crunch, unstable currency, high input costs, labour shortage, high interest rates and growing inflation.
The Assocham suggested to the Reserve Bank of India on Monday to take measures to contain inflation and maintain interest rates at the existing level so that the 8 per cent plus GDP growth target is not compromised.
Due to inadequate storage capacity around 20 per cent of total foodgrain harvest is wasted.
While the country needs at least 200 functional airports, 85 have been made ready so far for complete operations.
Bihar has ranked on top among the BIMARU states registering highest growth rate of 9.3 per cent
A 10-member Assocham delegation, led by its President R K Somany, will accompany Prime Minister Atal Bihari Vajpayee to China on June 22
Assocham suggested that the government should create a sovereign fund out of the money collected through Securities Transaction Tax and use the corpus to arrest volatility in the stock market, fuelled especially by FIIs.
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