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.
The Federation of Indian Chambers of Commerce and Industry (Ficci) has sought urgent steps to clear the huge backlog of income-tax appeals, simplify tax deducted at source (TDS) compliance, and ensure tax neutrality for fast-track demergers, during its consultation with Revenue Secretary Arvind Shrivastava ahead of the Union Budget 2026-27.
Businesses are testing new markets, tapping into domestic demand, and pushing the government for relief.
India Inc, which is sitting on cash balances of 13.5 trillion, is using the funds to meet capital expenditure as well as brownfield expansion, resulting in 'anaemic' demand for bank loans, State Bank of India (SBI) chairman CS Setty said at an event on Monday. He added that a slowdown in corporate credit is mainly due to lack of demand.
India's micro, small and medium enterprises (MSMEs) - which contribute over 45 per cent to outbound shipments - are facing a major disruption following the United States (US) decision to impose 50 per cent additional tariffs on the country's exports. MSME industry bodies have raised an alarm over the deep impact, seeking immediate government intervention.
Reforms in the Indian economy have brought about a change in the nature, role and functioning of industry chambers and their membership, both in terms of composition and numbers.
Industry associations and companies in the United States, including the US Chamber of Commerce, Coalition of Services Industries and the iconic bike company Harley Davidson have called on the Donald Trump dispensation to push India to reduce tariffs, non-tariffs, and regulatory barriers to boost American exports.
'Traders and exporters will have to explore alternative markets.'
Last fortnight, State Bank of India Chairman C S Setty lifted the veil on a subject long spoken of in corporate corridors: Why can't our banks finance mergers and acquisitions (M&As)? Change is in the air: Indian Banks' Association (of which Setty is the chairman) is to "make a formal request" to Mint Road to make way for it. Thus far the exclusive turf of foreign banks even though its funding remains offshore - as in, it's not on these entities rupee-book (and a few select shadow banks) - a most lucrative segment in the investment banking suite, M&As, will be homeward-bound.
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.
Actor Kamal Haasan has sparked outrage in Karnataka after he said "Tamil gave birth to Kannada" at an event in Chennai. Pro-Kannada groups have staged protests across the state, demanding an apology from the actor. They have also threatened to disrupt screenings of his upcoming film "Thug Life" in Karnataka. The Karnataka Film Chamber of Commerce is also set to discuss a possible ban on the actor.
Affirmative action here refers to direct efforts to ameliorate the educational and employment situation for Scheduled Castes, Scheduled Tribes and Other Backward Classes.
Reminding the UPA-II government about the need to reverse the negative perception of a 'decision-making paralysis', industry body Assocham has made a pitch for second-generation reforms in various sectors, including finance, banking, taxation and agriculture.
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."
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.
I'...additional concessions, such as opening government procurement, reducing agricultural subsidies, weakening patent protections, and allowing unrestricted data flows -- demands India has resisted for decades.'
Early estimates by Assocham claim that the Olympic torch relay caused financial losses to industry such as airlines, railways and BPO centres. It caused trouble for long-distance travellers and patients in hospitals. The railway platforms remained heavily overcrowded as incoming passengers had no option but to stay on to railway stations due to shrinkage in exit facilities. Hospitality and industry staff night shift staff reported atleast 5 hours late because of traffic jams.
Country's apex business chambers -- CII, Ficci and Assocham -- have said the WTO draft on Non-Agriculture Market Access under the Doha Round of trade talks was in complete disregard to the mandate of the round, which had to revolve around lesser obligation on the developing countries for duty reduction.
Finance Minister P Chidambaram is likely to meet captains of Indian industry on June 17 so that 12 per cent growth can be achieved in the manufacturing sector.
Industry representatives recommended that the basic annual exemption limit for individuals should be raised to Rs 1,50,000 from Rs 1,10,000 and the peak income tax rate be cut to 25 per cent, from 30 per cent at present.
It emphasised that agricultural infrastructure needs considerable investments and hence Section 80IA benefits must be extended to all such investments like IT infrastructure, computers, VSAT, solar panels, water harvesting facilities, storage etc.
The government is trying through industry chambers to get corporate world incorporate data on SC/ST recruitment, Social Justice and Empowerment Minister Mukul Wasnik told Rajya Sabha on Thursday.
Days ahead of Ratan Tata's retirement, an Associated Chambers of Commerce and Industry of India (Assocham) survey said the $100-billion Tata Group was perceived to be India's best-known global brand within and outside the country.
Eying benefits from digital banking, lenders are now looking at building Unified Recovery Interface (URI) for enhancing efficiency, reducing costs, and getting good prices for properties of defaulters. This would be managed by PSB Alliance Ltd, a company set up by all public sector banks in the country. M V Rao, chairman, Indian Banks' Association (IBA), said: "Till now we had Unified Payments Interface (UPI), a product developed by National Payments Corporation Ltd (NPCI).
The study revealed that campus placements in the new b-schools has gone down by 40 per cent since 2009.
Proliferation of home chargers of around 7 KWh and above, which take six to seven hours to fully charge a car depending on the model, bring running costs down by a third or so. That, coupled with the increasing range of modern electric cars, can lead to a massive increase in sales.
India's clinical trials business is expected to reach $1 billion.
As per the Associated Chambers of Commerce and Industry of India, the two Asian giants can emerge as world's largest trading partners by 2030.
Mahindra & Mahindra chairman emeritus Keshub Mahindra passed away this morning in Mumbai due to old age. Mahindra, 99, breathed his last this morning at home peacefully, said a person close to the family. After joining the company in 1947, he became the chairman in 1963.
There is a case for more stringent evaluation of CSR plans based on voluntary allocations, but a rule-based approach might be more effective.
Gujarat has registered the highest agricultural growth in real terms during the past decade leaving other states far behind, states a study conducted by Associated Chamber of Commerce and Industry (Assocham).
Elaborating this, Swati Piramal, vice president, Assocham and director of drug major Nicholas Piramal said though big multinational pharmaceutical companies have adequate cash reserves to face the global crisis, small and medium scale research-driven pharmaceutical and biotech companies which are heavily dependent on external funds for survival, may find the going tough and this will open up acquisition opportunities for Indian companies.
The 49-year-old entrepreneur oversees the media and real estate arm of Dempo Industries as its executive director.
Hema Malini is a rare Bharatiya Janata Party star politician who has been asked to contest the 2024 Lok Sabha election for a third time.
Ecommerce firms will have it tough as govt turns down FDI proposal.
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