Three industry bodies suggested changes in India's tax regime in their pre-Budget discussions with Revenue Secretary Sanjay Malhotra in New Delhi on Tuesday. The bodies - Confederation of Indian Industry (CII), PHD Chamber of Commerce and Industry (PHDCCI), and Federation of Indian Chambers of Commerce & Industry (FICCI) - held separate meetings with Malhotra during the day and put across their suggestions for the upcoming Budget.
The Karnataka government is planning to levy a fee of 1-2 per cent on aggregator platforms like Swiggy, Zomato, Flipkart, Amazon, Uber, etc., a government source said on Friday, adding that an announcement in this regard could come following a sub-committee meeting next week. "There is a sub-committee meeting scheduled in the coming week.
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Given the high priority accorded to the manufacturing sector, several policy initiatives around the theme of Atmanirbhar Bharat have been set in motion to address its competitiveness and growth. Some notable examples include the PLI scheme and the employment-linked incentive scheme announced in the recent Union Budget. The Budget also announced the setting up of 12 industrial parks under the National Industrial Corridor Development Programme (NICDP).
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The alarming level of life insurance policy misselling has caught the attention of policymakers amid efforts by the insurance regulator to boost insurance penetration, a top official from the Insurance Regulatory and Development Authority of India (Irdai) said on Tuesday. According to Satyajit Tripathy, member-distribution at Irdai, while life insurance grievances often relate to product issues, non-life insurance complaints typically concern claim payments and exclusions. Addressing these grievances is essential to increasing insurance penetration, he said.
India's economy is expected to grow 7.5-8 per cent this fiscal year with exports playing a key role in the country's success story, CII president TV Narendran said on Monday. However, he said the country needs to remain prepared for any fallout of next wave of COVID-19 pandemic, and the impact of the ongoing Russia-Ukraine war. "We are confident that the economy can retain a high growth trajectory this year. "So, we are very optimistic on the export front. "Exports will be a key component of India's success story going forward," Narendran said.
'The dakiyas will be our partners, receiving credit proposals from micro-enterprises at the grassroots level.'
The provisions of the bill related to the conditions on issuing H-1B visas is being opposed by Indian companies, who heavily rely in this category of work visas.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
He was reviled by critics in his party as a neo-liberal in disguise but till the end, he retained his belief in secularism and the humanity of Communism.
Industry leaders on Thursday mourned the death of Ratan Tata saying with his demise India has lost a visionary who shaped its industrial and philanthropic landscape. Tata was a truly remarkable business leader who placed the country before business interests, and whose vision was truly transformational for a country and its people, TVS Motor Co Chairman Emeritus Venu Srinivasan said in a statement. "Mr Tata was a truly remarkable business leader, the likes of whom nations get only once in a century," he added.
Markets regulator Securities and Exchange Board of India (Sebi) is stepping up efforts to ease the onboarding of foreign portfolio investors (FPIs) and has constituted a cell for consultations with offshore investors and custodians, said whole-time member Ananth Narayan. Sebi is also working to make regulations more "light-touch" for FPIs that invest exclusively in government securities or are sovereign funds. The regulator is trying to make the registration process easier for such FPIs, the Sebi official said at the CII Financing 3.0 Summit in Mumbai.
The Confederation of Indian Industry (CII) on Thursday said it believes that India-US bilateral economic ties would be a high priority for President Joe Biden-led administration in America. "The Indian industry feels that with President Biden and Prime Minister (Narendra) Modi at the helm, the two countries would play a strong role in re-shaping the global economic agenda together," CII president Uday Kotak said. Congratulating Biden on assuming charge as the 46th President of the US, Kotak said, "President Biden's experience in re-building the US economy during the Great Recession would help strengthen the US and global economic recovery in the aftermath of the pandemic."
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 get enormous pleasure from seeing the uplift of an underprivileged or poor person.' 'I feel elated when I walk on the street and see someone who pushes a handcart talking on a cell phone.' A revealing glimpse from Peter Casey's The Story of Tata: 1968 to 2021.
Households are likely to remain the primary net lenders to the economy in the coming decades.
'The quality of a leader should be such that even if the leader is not there, the institution carries on.'
Whether it's Carrefour, Ford, or other foreign majors, they are ready to adjust their strategies and design their plans in a way that would address the Indian consumption story.
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.
Seeking to assuage pilot shortage concerns, Akasa Air's chief executive Vinay Dube on Friday said the carrier has sufficient pilots and flyers should not expect any flight cancellations. "We have plenty of pilots. We have given numbers like 700 in the past. "I don't think this is something from an Akasa perspective people need to worry about because we have got this plan in place where we have pilots not just for our current set of aircraft but we have got pilots for the foreseeable future in terms of growth," Dube told PTI at the sidelines of a CII event.
According to the industry body, the 16-member RCEP has the potential to become one of the largest and economically dynamic trading blocs of the world, even bigger than the European Union.
Das was the chief mentor of CII for the last five years. Prior to being the chief mentor, Das was the Director General of CII from 1974 to 2004.
It bounced back from the historic low of 41 recorded in the April-June quarter, during the initial days of the pandemic and lockdown.
A group comprising top tech startups and unicorns has raised several "serious concerns" over a platform-based gig workers Bill proposed by the Karnataka government, saying it would hurt the ease of doing business. They told the state government the Bill in its current form would hamper operations and increase regulatory and compliance burden on the nascent gig and startup economy, according to sources.
Measures to promote ease of doing business, cut in tax rates for smaller enterprises to 25 per cent, and reduction in interest rates are creating the right atmosphere for new businesses to flourish, particularly SMEs.
'For me, if I want to buy a house to stay, I don't care about indexation because I don't want to sell that house.' 'The only thing that matters to me as a buyer is that the home price should be within my reach.' 'Any market, when speculators and investors go out, it will benefit the middle class.'
Gandhi was especially excited when CII requested him to present the Women's Exemplars award.
'Bilateral trade has suffered seriously because of the growing unrest.' 'There is a standstill on both sides amid the curfew.'
CII believes there is a need to immediately examine the loopholes in regulation, accounting, audit and governance that allowed such lapses to occur and address them with urgency. While the occurrence of such events in a major company is a matter of deep regret, CII believes it would be inappropriate for this to be the basis of questioning of general governance standards in other companies.
'Three manufacturing sectors can create jobs by the million: Apparel, food, and electronic assembly.' 'Let's talk to them and ask them what it would take to scale by a factor of ten,' suggests Naushad Forbes.
Hospitality players want the government to accord infrastructure status to hotels to make investments on new properties more attractive rather than categorising them as luxury or even 'sin goods' in the upcoming Union Budget considering the sector's potential to play a key role in India's growth. They also want the government to consider incentives in the form of tax breaks or subsidies for adopting sustainable and eco-friendly practices, while asserting that the upcoming budget must accelerate the tourism agenda saying it is an opportunity to make Indian hospitality the emerging engine for GDP growth and employment generation.
The Confederation of Indian Industry has pegged the requirement for investment at Rs 280 lakh crore ($4.7 trillion) for five years beginning 2014-15 to make the economy grow by seven per cent a year on an average.
On the back of recent controversies involving the release of Niira Radia tapes, allocation of 2G spectrum and alleged financial irregularities in the Commonwealth Games, the Confederation of Indian Industry (CII) plans to launch a "moral leadership" campaign to combat the rising incidents of corruption.
Satyam's disgraced chairman B Ramalinga Raju has been removed from all key positions in the apex industry body, CII, following his disclosure of a multi-billion dollar fraud in India's fourth largest IT firm.
The Indian economy requires a Rs 3 lakh crore fiscal stimulus, including cash transfer to households through Jan Dhan accounts to spur economic growth amid the pandemic, industry chamber CII said on Thursday and pitched for appointment of a 'Vaccine Czar' for speedy vaccination coverage. CII president T V Narendran also said the chamber expects GDP to grow at 9.5 per cent in 2021-22 as the strong growth in the second half of the fiscal year will be supported by robust external demand and large-scale coverage of vaccination, allowing resumption of economic activity. He also advocated for appointment of a "Vaccine Czar" for speedy vaccination coverage.
Several CII defence committee members confirm this is now the official CII position, which conforms to that of industry bodies, Ficci and Assocham.
Apex industry chamber CII on Tuesday said it was opposed to any mandatory provision for reserving jobs for weaker sections in the private sector and termed the presence of Left parties, a major constituent of the UPA government at the Centre, a "majo
CII, in a communication with the state industries department, cited it had a packed schedule for the year and the dates frozen for the Make in Odisha conclave clashed with a major national summit hosted by the industry body.
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