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.
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.
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.
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.
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.
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.
E-commerce is driving thoughts of customers.
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.
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.
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.
The chamber's projection is based on expected 2.8-3 per cent growth in agriculture, 5-5.5 per cent in industry and 7.5-8 per cent in services. Under the impact of global financial meltdown, India's economic growth rate slowed down drastically to 5.3 per cent in the third quarter of last fiscal, from 8.9 per cent in the corresponding period of 2007-08.
The Council of Islamic Ideology issued a statement after a meeting which was presided over by its chairperson, Dr Qibla Ayaz.
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.
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.
Recovery from the second wave of the pandemic in April-May is expected to be swifter as compared to the first wave in 2020, according to the Confederation of Indian Industries (CII) chief executive officers (CEOs) poll of 119 top corporate. During the second wave, the lockdowns were largely designed to limit social gatherings and impact on economic activities was restricted. This helped arrest the impact of the second wave on economic growth, according to a survey conducted by the industry lobby group Confederation of Indian Industries (CII). About 59 per cent of the CEOs polled expect the recovery in sales to be better than in the first wave for their companies, while 46 per cent of them expressed a similar trend for their respective industry sectors.
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.
'Rahul inspired Indian industry with an ethos, an ethos of being more confident, more independent, more thorough, more competitive, more generous, more public-spirited, and more national and more international all at once,' remembers Naushad Forbes.
Prime Minister Narendra Modi on Sunday called for a global framework for ethical use of Artificial Intelligence (AI) as he flagged concerns surrounding bias in such modern technologies and their impact on the society. Days ahead of the G20 Summit, the prime minister also made a strong case for developing an integrated approach to deal with issues concerning cryptocurrencies. Modi, addressing B20 Summit India 2023 organised by CII, said India is preparing a global framework for Green Credit and urged industry leaders to adopt life and businesses with emphasis on planet positive actions.
Modi called business communities and governments to work together to ensure usage of ethical AI as "we have to sense the potential disruptions in different sectors. This problem has to be solved under the global framework."
The Securities and Exchange Board of India (Sebi) is considering a proposal to allow mutual funds (MFs) to charge a fee based on their performance, said Ananta Barua, whole-time member of the markets regulator. He said the proposal is being reviewed by a working group formed to look into cost structures. "One working group has been set up which is going to review... One of the suggestions is that if any scheme or fund is performing well above the benchmark, it (fee) can be linked to its performance.
India's exports in January dipped by 6.58 per cent to $32.91 billion, as against $35.23 billion in the same month last year, according to the data released by the commerce ministry on Wednesday. Trade deficit in January stood at $17.75 billion.
Partial lockdown measures may impact movement of labour & goods, they say.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Covering 37 different legislations such as the Partnership Act of 1932, Insolvency and Bankruptcy Code, and laws on environmental protection, consumer protection and labour interests, the recommendations have been shared with Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.
A day after the RBI raised the benchmark lending rate by 35 basis points, Kotak Mahindra Bank Managing Director Uday Kotak on Thursday said the central bank may go for one more rate hike to bring inflation below its upper tolerance level of 6 per cent. Yesterday, the RBI indicated that it wants inflation to be within the band first and then move towards the target of 4 per cent, Kotak said at the CII Global Economic Policy Summit 2022. "My sense is that there could be one more rate hike and that may be the time for thinking about a pivot, but we got to watch very closely the data, and maybe around 6.5 per cent as it looks today, subject to what happens to the world, subject to what happens to oil, subject to what happens to many other things," he said.
Their implementation is expected to create investment owing to improving ease of doing business as well as initiating pro-worker measures.
After the draft data protection bill, the government is now all set to bring another key legislation -- Digital India Bill -- that will be made available for public consultation by the month-end, Minister of State for IT Rajeev Chandrasekhar said on Thursday. The Digital India Bill, which will replace the 22-year old Information Technology (IT) Act, will be contemporary and a modern piece of legislation, the Minister promised. The proposed bill, alongside the Digital Personal Data Protection (DPDP) Bill whose draft was released recently, will contribute to the evolving framework which is light on regulation, safeguards consumer rights and catalyses innovation, the minister said while speaking at CII Global Economic Policy Summit 2022.
Global oil prices have slumped and India has access to larger amounts of discounted Russian crude oil, yet refiners are not passing on their savings to consumers
India's exports contracted 12.2 per cent to $34.48 billion in December 2022, mainly due to global headwinds, and the trade deficit widened to $23.76 billion during the same period, according to official data released on Monday. Imports in December 2022 also declined 3.5 per cent to $58.24 billion as against $60.33 billion in the year-ago period. In December 2021, exports stood at $39.27 billion and the trade deficit was at $21.06 billion.
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 has emerged as one of the top three choices for investments in the next 2-3 years, with more than two-thirds of respondents in a survey of multinational companies (MNCs) citing the country as their number one choice for future investments. According to the FDI survey released on Tuesday by CII in association with EY, about half of the respondents see India amongst the top three economies or leading manufacturing destinations of the world by 2025.
A prominent Indian Diaspora body, FIIDS, on Monday urged Finance Minister Nirmala Sitharaman to allow non-resident Indians and overseas citizens of India (OCI) card holders to invest in the Indian stock market. Such a move would boost the Indian economy further by attracting investment from the global Indian community, said the Foundation for India and Indian Diaspora Studies (FIIDS) USA. FIIDS is a US-based institute for US-India policy studies and awareness.
'India is showing a reasonable amount of resilience, but we are still living in a world that is quite fragile.' 'That's why we hope that the government will continue to invest significantly in public capex so that we are able to ride through this cycle till the private sector is able to play its part in investing and adding to the capex cycle.'
The launch of e-RUPI, a person- and purpose-specific digital payment solution, by the government is expected to completely negate any pilferage and will ensure full benefit to intended beneficiaries, India Inc said on Monday. Prime Minister Narendra Modi has launched e-RUPI, which is aimed at improving transparency and targeted delivery of benefits. PHD Chamber of Commerce and Industry president Sanjay Aggarwal said that the move is a significant step to enhance the digitisation process of the country.
'It will send a very strong signal that it is now our time to grow.'
The government will set up expert groups to explore the adoption of common chargers for mobile and all portable electronic devices, and submit a detailed report in two months, Consumer Affairs secretary Rohit Kumar Singh said. The department of consumer affairs on Wednesday called a meeting with industry stakeholders. After the meeting, Singh said India can initially think of exploring shifting to two types of chargers, including a C-Type port.
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