India's economy is expected to grow 6.4-6.7 per cent during the current financial year driven by strong domestic demand, even as geopolitical uncertainty poses downside risks, the newly appointed CII president Rajiv Memani said on Thursday.
Industry body CII on Thursday made a case for pushing reforms in sectors like land, labour, and agriculture by the Modi 3.0 government to accelerate economic growth, which is estimated to be around 8 per cent in the current financial year. CII president Sanjiv Puri said a lot of policy interventions in the past have put the economy on "a much stronger wicket". "The growth rate is poised to touch 8 per cent during the current year, marking the fourth consecutive year of above 7 per cent + growth.
Admitting that the benefits of high growth have not reached a large section of the country, Finance Minister Pranab Mukherjee said inclusive growth cannot be achieved without removing corruption.
The Centre is unlikely to offer new direct tax incentives for units operating in special economic zones (SEZs) and may instead allow the grandfathering of previous exemptions that such units were entitled to, according to proposed amendments to the SEZ Act, 2005, people aware of the matter said. The amendments, proposed by the commerce department, will soon be considered by the Cabinet for approval. This represents a departure from the department's earlier plan to introduce these changes through the Development Enterprises and Services Hubs (DESH) Bill, 2023, which faced strong criticism from the ministry of finance.
As many as 23 companies have evinced interest in acquiring the Indian space agency's Small Satellite Launch Vehicle technology, said a top official who termed it a "tremendous response". Chairman of Indian National Space Promotion and Authorisation Centre (IN-SPACe) Pawan K Goenka said on Thursday that they are keen to see how the private sector uses the Small Satellite Launch Vehicle (SSLV) technology. "There has been a tremendous response, 23 companies have (so far) shown interest in applying for this technology.
India could break the chains of under-achievement and begin attaining higher rates of economic growth in the 1990s only after it discarded the influence of that Soviet model, said Bharatiya Janata Party President L K Advani.
Exuding confidence that India will be able to come out of every difficult situation, Finance Minister Pranab Mukherjee on Tuesday said the country needs to be ever ready to respond to external shocks on real time basis.
Jamshed J Irani, known as the steel man of India, died in Jamshedpur late Monday night, Tata Steel said. He was 86. "The Steel Man of India passes away. It is with profound grief that Tata Steel informs of the demise of Padma Bhushan Dr Jamshed J Irani," Tata Steel said in a statement. He passed away on October 31, 2022 at 10 PM at TMH (Tata Hospital) in Jamshedpur, it said.
India spends less than one per cent of GDP on research and development.
16 national and regional industry bodies and sectoral business lobbies video-conferenced with Commerce and Industry Minister Piyush Goyal on Saturday and raised key concerns facing Indian industry in the wake of the 21-day lockdown over coronavirus.
Presenting the Narendra Modi government's maiden Rail Budget, Railway Minister Sadananda Gowda announced setting up of logistic parks and private freight terminals on PPP model.
Gopalakrishnan, who is the immediate past President of CII, is the Chairman of the summit.
The war in Ukraine has made its presence felt at the World Economic Forum's annual meeting in Davos. As political and business leaders' debate, they remain fearful of Europe's economic future. There is a sense of gloom among many business leaders as energy shortage and economic recession rear their heads. Global investors are keenly assessing the presence of Indian delegation at Davos.
Leader of the opposition (Lok Sabha), L K Advani addressed the annual conference of the Confederation of Indian Industries (CII) on April 30, 2008, in New Delhi. He opened his speech highlighting the significance of the confederation. He said that over the years the annual session of the CII has become an important platform for people from the political and business fields to meet together and exchange ideas on issues of common interest concerning the nation.
Business leaders, among others, ask govt to let go of fiscal target, seek stimulus, and direct cash transfer.
National Innovation Council (NIC) Chairman Sam Pitroda on Monday said the council will launch its Rs 5,000-crore venture fund aimed at supporting small enterprises by March.
The private banks won laurels because they pulled the banking system out of a decades-long stupor, combining technology and aggressive marketing to win customers. Now the shoe is on the other foot
Finance Minister Nirmala Sitharaman on Monday assured the industry that momentum of economic reforms will continue to make India a hotspot of global investment. India has turned the crisis created by COVID-19 pandemic into an opportunity to push the economic reforms, which remained pending for decades, she said while addressing the National MNC's Conference 2020 organised by industry chamber CII.
Optimism about the Indian economy makes it all the more necessary for the country to be prepared to face competition from nations like China and the United States, Wipro Chairman Azim Premji said on Friday.
Speaking at the Global Innovation and Technology Alliance Platform in New Delhi, T Ramasami, Secretary, Department of Science and Technology said, India has captured a grassroot innovation system through formal structures.
The Governor also said she would like to take delegations from India to South Carolina to encourage investment.
Seeking the support of corporates for making Delhi a clean and modern city in the next five years, Chief Minister Arvind Kejriwal on Tuesday invited them to invest in New Delhi even as he promised that their money will not be wasted.
It includes a session with Gadkari on analysing the initiatives needed to bridge the $1 trillion infrastructure deficit in the country.
While asserting that the growth of coronavirus cases in the country has been more or less linear and not exponential, it also said testing has been ramped up consistently.
In its morning update, the Union health ministry said the total number of positive cases has reached 2,16,919 with a record spike of 9,304 new cases since Wednesday 8 am across the country, while the death toll has increased to 6,075 with 260 more fatalities in this period. A PTI tally of figures announced by different states and union territories, as of 9.50 pm, showed a higher number of confirmed cases across the country at 2,17,389 and the death toll at 6,233.
Ratan Tata on Friday asked it to give 'support and opportunity' to Prime Minister Narendra Modi for delivering on his promises.
Authorities also said the recovery rate of COVID-19 patients was improving consistently in India and it was in a much better position in handling the pandemic, which has seen more than 63 lakh people testing positive for this virus since its emergence in China last December and over 3.7 lakh having lost their lives.
The new Land Acquisition Act to provide just and fair compensation to farmers came into force from January 1, 2014.
"Guide to looting India by Nirav Modi - - 1) Hug PM Modi 2) Be seen with him in Davos. Use that clout to: A) Steal 12,000 crore B) Slip out of the country like Mallya, while the government looks the other way," Congress chief Rahul Gandhi tweeted.
'I suggest Rahul Bajaj come out in the open and give us his own white paper on the perceived sense of fear that he thinks haunts corporate India,' says Dr Sudhir Bisht.
Improved performance of manufacturing, services and trade sectors helped boost GDP
It may not be an exaggeration to say that in the next three years, in India itself a million jobs or more might be at risk due to automation. How we leverage its benefits will determine our fate in the digital era.
The time the companies have to get ready for GST is 6 to 12 months.
Interview with V Balakrishnan, Former CFO and board member of Infosys and AAP leader
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