CII suggested the policy measures required to ease the tight liquidity situation by cutting CRR by at least 50 basis points.
North Block is concerned that when India is trying to attract more investment, putting up restrictions on audit firms could create an avoidable bad advertisement.
The government is open to 'some tinkering' in the varied rates and holding period for computation of capital gains tax on shares, debt and immovable property, in a bid to make it simple, revenue secretary Tarun Bajaj said on Wednesday. Under the Income Tax Act, gains from sale of capital assets, both movable and immovable, are subject to 'capital gains tax'. The Act, however, excludes movable personal assets such as cars, apparels, furniture from this tax.
CII's Institute of Logistics is offering a distance learning diploma and post-graduate diploma courses in supply chain management. The courses have been developed in response to feedback from industrial practitioners.
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.
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.
The chamber has suggested setting up of a committee under the chairmanship of Prime Minister Manmohan Singh to ensure resolution of the issue between the banks and exporters. Many exporters, who hedged their currency risk by executing forex derivatives contracts with banks, suffered huge losses on fluctuation in the value of rupee and now want that the banks compensate them.
However, the chief minister made up for her absence by addressing the gathering via state Industry and Finance Minister Amit Mitra's mobile phone.
The Department for Promotion of Industry and Internal Trade (DPIIT) will soon start public consultation for a national retail trade policy, which is likely to include an insurance scheme aimed at providing financial protection against losses caused by theft, accidents or natural calamities. The policy will also spell out ways to give traders access to low-cost finance, promote digital inclusion, and create necessary infrastructure to support them, a senior government official told Business Standard. This is expected to offer relief especially to traditional traders, who are facing stiff competition from large e-commerce players.
The Confederation of Indian Industry on Thursday relaunched its operations in China on a larger scale by opening its east Asia regional representative office in Shanghai, the commercial capital of the Communist nation.
Business leaders, among others, ask govt to let go of fiscal target, seek stimulus, and direct cash transfer.
The Indian real estate market is on an upward cycle and residential housing continues to be the star of the sector, HDFC chairman Deepak Parekh said on Thursday. He added that unlike many other Western countries, the demand for housing in India is from genuine homebuyers and is not speculative in nature. "The India real estate market is on an upward cycle which bodes well for all of us. "The big star of the real estate sector continues to remain residential housing in India. "I hardly need to reiterate that demand for housing in India continues to remain robust," Parekh said while addressing the CII Real Estate event.
Ace investor Rakesh Jhunjhunwala on Thursday said real estate developers are afflicted with very low return on capital as compared to bluechip stocks. Jhunjhunwala, who runs RARE Enterprises and is set to be a major shareholder in an upcoming airliner, said only the affordable housing developers can look at listing because of the volumes which they can deliver. It can be noted that very few developers like Macrotech Developers formerly Lodha, and DLF are listed on the bourses. Jhunjhunwala cited the case of DLF, saying the stock price plummeted to Rs 80 from Rs 1,300 per piece to illustrate the risks associated.
On November 12, 2021, the Reserve Bank of India (RBI) decided to ring in uniformity in asset classification and income recognition across all lending institutions. Shadow banks, or non-banking financial companies (NBFCs), like commercial banks, are to test non-performing assets (NPAs) on a daily basis and upgrade them to "standard assets" only when interest and principal arrears are settled by borrowers. This is going to create all manner of headaches for shadow banks and their clientele. Says Y S Chakravarti, managing director and chief executive officer (CEO), Shriram City Union Finance: "NPA levels will go up, especially of small borrowers.
'I advise people to stay away from secondary IPOs. There is a big conflict of interest between the exiting and incoming investors'
To address the supply crunch, CII has suggested leveraging the existing excess capacity in the Indian industry; rolling back import duty hike to look for alternative sources of imports; expanding credit to manufacturing units with quick loan sanctions, and one-time emergency waiver of non-performing asset regulations for three months.
Getting to the magic growth, however, will require massive increase in investment in infrastructure, in labour force skills and manufacturing capacity.
The industry body said a strong inter-ministerial coordination group is required to resolve sticky issues like the 'mining conundrum' and 'raw material securitisation' for sectors like steel.
Rahul Bajaj was transparent, outspoken, and not ready to bend the rules, says R C Bhargava.
The Council of Islamic Ideology raised serious concerns over not including verses about jihad in the proposed syllabi for public educational institutions.
Prime Minister Narendra Modi's announcement that the central government will provide free coronavirus vaccine to states will help ensuring quick rollout of vaccine, uniformity of procurement prices and resuming normal economic activities at the earliest, India Inc said on Monday. Industry chamber PHDCCI said that the increased role of the central government in the vaccination procurement process would help make vaccination drives further effective and maximise the supply in the country in relatively less time. "This would be a crucial step in making the country COVID free sooner than later," it said.
Days after the government went public with its intent to examine a Sebi order in the NSE matter, its outgoing chairman Ajay Tyagi on Wednesday made it clear that the markets regulator did not "dilute" any of the quasi-judicial verdicts. The comments assume significance as they come after Finance Minister Nirmala Sitharaman, as per reports, recently said the government is examining if Sebi has taken "necessary punitive" action in the case. In a media interview, the FM had said the government was analysing if there had been "enough application of mind in dealing with this" and if after applying its mind, Sebi took adequate corrective steps.
India's top vaccinologist Gagandeep Kang stressed the need to develop better vaccines that can deal with new variants, and strengthening of the regulatory mechanisms.
The Confederation of Indian Industry rated the performance of the NDA government on the economic front "excellent" even though the reforms agenda was unfinished.
On the eve of Prime Minister Atal Bihari Vajpayee's visit to China, Confederation of Indian Industry has released a survey on Sino-Indian business relations, which reflect growing interest of Indian companies in the Chinese market.
The delegation will participate at the American Film Market.
As per the survey for January-March 2013, majority of India Inc (54.1 per cent), however, expects no change in their employment levels.
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