Projecting a higher growth rate of 8.3 per cent, the Confederation of Indian Industry on Thursday tempered the optimism with the caution that hardening interest rates, below-normal monsoon and spiralling oil prices could cut-off the crescendo.
A 14-member CEOs' delegation, led by Sunil Kant Munjal, President, CII, will embark on a mission to the UK from June 29 to July 1.
The summit would be held from November 4-6.
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.
The Gulf Cooperation Council (GCC) countries and India are expected conclude a free trade agreement for boosting trade within a year, K K M Kutty, former chairman of industry chamber CII (southern region), has said.
CII and ICICI on Wednesday signed an agreement, during the National Council meeting of CII to formally launch the GBC-USAID Global Development Alliance Project, which aims to foster Green Businesses in India.
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.
To further boost bilateral economic ties with the US, Confederation of Indian Industry would organise a series of road shows, 'IndiaConnect-USA', from April 8-18.
National Security Advisor Ajit Doval on Sunday, May 7, 2023, held a meeting with his US counterpart Jake Sullivan, United Arab Emirates counterpart Sheikh Tahnoun bin Zayed Al Nahyan and Saudi Arabia Crown Prince and Prime Minister Mohammad bin Salman bin Abdulaziz Al Saud and discussed means to strengthen ties between the countries.
CII will renew its MoU with the China Council for the Promotion of International Trade on June 25 in Beijing to continue with the sustainable institutional cooperation between the business communities of both countries.
Total indigenous production between 2011 and 2015 would need to expand from about $30 billion to more than $70 billion.
With days to go before Prime Minister Atal Bihari Vajpayee's visits China accompanied by a 55-member industry delegation, Confederation of Indian Industry on Monday said the country provided ample business opportunities and incentives.
In a sectoral analysis of exports, the Confederation of Indian Industries said India needs to become among the top three exporters in the world in four sectors -- textile, leather, gems and jewellery and engineering. It said exports to new markets of Latin America and Caribbean and Africa should be given a push for achieving the $500 billion by 2013.
Reserve Bank Governor Shaktikanta Das on Wednesday said the decision to tweak policy rates was not in his hand as he himself is driven by the situation on the ground. In April, the Reserve Bank in a surprise move hit the pause button and decided to keep the key benchmark policy rate at 6.5 per cent. Prior to it, the Reserve Bank of India (RBI) was on a rate hiking spree, raising the repo rate by 250 basis points since May 2022.
The Confederation of Indian Industry is expanding its presence abroad in line with India Inc's rising global aspirations.
India can withstand a possible short war over Iraq but a prolonged conflict may dampen growth prospects, says a Confederation of Indian Industry study.
India is in a much better position to deal with the challenges related to growth and inflation, said Sanjiv Bajaj, president of industry body CII. According to official figures, India's retail inflation continues to remain above the Reserve Bank's tolerance level of 6 per cent since January, while the economic growth in the first quarter of the fiscal was 13.5 per cent, lower than the central bank's estimate of 16.2 per cent. "I don't want to say we don't have our own challenges with growth, with inflation but we are in a much better position and credit must go to everybody including the central and state governments.
The Indian economy can clock an average of 9.5 per cent growth over the next five years provided capital investment to the tune of $1.5 trillion is made in the same period, says a study by industry body CII.
Reliance Industries chairman Mukesh Ambani might have made news for purchasing the most expensive beach-side villa in Dubai recently, but he is not the only Indian eyeing the city for investment. Since Dubai allowed foreign investors full ownership in specific sectors in June 2021, a horde of Indian companies have moved or expanded into the desert city. The list even includes a kindergarten, an elementary and middle school, and a hotel that has sought 100 per cent ownership.
E-commerce is driving thoughts of customers.
Government's focus on infrastructure is the biggest positive for the Indian economy, followed by the improvement in tax collections and good consumption recovery.
Textile stocks have exhibited a mixed performance so far this calendar year (CY23), amidst higher domestic cotton prices and tepid global demand. Shares of Page Industries, Dollar Industries, Lux Industries, and VIP Clothing have declined up to 13 per cent so far in CY23, as against a 9 per cent jump in the S&P BSE Sensex. On the contrary, shares of Arvind, Welspun India, Raymond, and Gokaldas Exports have gained up to 51 per cent, during the same period.
The Council of Islamic Ideology issued a statement after a meeting which was presided over by its chairperson, Dr Qibla Ayaz.
Reserve Bank Governor Shaktikanta Das on Wednesday said that RBI is monitoring the situation regularly with regard to the withdrawal of Rs 2,000 currency notes and expressed confidence that the entire exercise will be completed in a non-disruptive manner. The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2000 denomination banknotes as part of its currency management and permitted the exchange of Rs 2000 currency notes up to Rs 20,000 in one go from Tuesday onwards. The exchange or deposit window is available until September 30, 2023.
India recorded economic growth of 7.8 per cent in the April-June quarter of 2023-24 against 13.1 per cent in the year-ago period, as per the National Statistical Office (NSO) data released on Thursday. India remains the fastest-growing major economy as China's GDP growth in the April-June quarter was 6.3 per cent.
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