The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
According to government statistics, Indian IT firms support 280,000 jobs in the US and have contributed about $15 billion to the US Treasury in the past five years.
"Now the gof India has decided to soon initiate procurement from local industries to reduce import dependence," he said. Reddy, the Union Minister of State for Home, said for many years India was dependent on worldwide Original Equipment Manufacturers (OEMs) for procuring arms and ammunition.
A combination of one of the lowest labour costs and a large surplus workforce, which will continue to grow until 2031, is one of the key competitive edges that India is leveraging to challenge its rivals in Southeast Asia in the race for a China-Plus-One strategy. Apart from India, the countries in the race to woo global companies that manufacture in China, as well as the supply chains to their country include Thailand, Indonesia, Malaysia, the Philippines, and Vietnam. On the labour front, India is a clear winner.
PHDCCI has begun a head hunt for its new secretary general and deputy secretary general, following resignations of well-known economist Bibek Debroy and Amirulla Khan.
India's top IT companies need to open new facilities in the United States to create more employment opportunities for locals and to change the perception that they were job-takers, a leading US business forum representative has said.
India's leading industry chambers, the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (Ficci), said the US government should remove export restrictions on dual-use technologies.
The Forum is organised by Singapore Indian Chambers of Commerce and Industry, with the partnership of state-trade agency IE Singapore, the Confederation of Indian Industry and the Singapore Chinese Chamber of Commerce and Industry.
The bilateral trade between India and Brazil is expected to cross $6 billion this year, according to Brazil-India Chamber of Commerce.
The lawsuit seeks to overturn these sweeping and unlawful immigration restrictions that are an unequivocal not welcome sign to the engineers, executives, IT experts, doctors, nurses, and other critical workers who help drive the American economy.
India Inc's initiative to adopt Industrial Training Institutes (ITIs) across the country is facing problems because of low level of cooperation on the field as well as red-tapism, industry lobby groups have claimed.
Leading industry chambers, Confederation of Indian Industry and Federation of Indian Chamber of Commerce and Industry on Tuesday said the loss caused by Tsunami disaster was limited to shipping, tourism and marine products export sectors but refused
A visiting Pakistani women's trade delegation on Friday signed an agreement with India's Federation of Indian Chambers of Commerce and Industry to promote business between the arch-rivals.
The unprecedented health crisis forced an indefinite shutdown of all sports activities -- both contact and non-contact. The FICCI said non-contact sports can resume first by maintaining social distancing norms.
Several individuals and organisations, including the US Chambers of Commerce and the National Association of Manufacturers, have filed a lawsuit against the Trump administration's recent rules related to the H-1B visa, terming them "arbitrary" and "haphazard" regulations that will undermine high skilled immigration into America. Early this month, the Trump administration announced new restrictions on H-1B non-immigrant visa programme which it said is aimed at protecting American workers, restoring integrity and to better guarantee that H-1B petitions are approved only for qualified beneficiaries and petitioners, a move which is likely to affect thousands of Indian IT professionals.
It's seen as a signal that he wants to engage with India Inc at a time when the economy has started looking up.
However, in recent times, the clout that trader bodies such as CAIT and other organisations like Swadeshi Jagran Manch and Laghu Udyog Bharati has is steadily increasing. Earlier this year, trader bodies were able to convince the government not to extend the deadline for implementation of the new norms in FDI policy on e-commerce.
Welcoming US President George W Bush's second term in the White House, industry bodies on Thursday said it would further strengthen Indo-US trade and economic ties.
Kumar, a well-known economist and the author of several books, would succeed Amit Mitra, who has become the Finance Minister of West Bengal.
Industry associations Ficci and CII have been termed liable for service tax. Ficci has approached government for exemption from the levy.
The visiting Pakistani business delegation on Tuesday urged Prime Minister Atal Bihari Vajpayee to ease visa norms for the Pakistani businessmen so that trade between the two countries could flourish.
Annual event being organised by FICCI focuses on the investment potential offered by India's infrastructure sector.
The banking sector in the country is stable, capital is available and credit offtake is poised to take off, he said at a webinar organised by Bharat Chamber of Commerce. "We are not unique to the phenomenon of uncertain growth and high inflation due to the pandemic.
Some of the Indian groups have set up holding companies with investments in agricultural and food processing land as far away as Africa, as well as within the region, in Cambodia and Vietnam.
In the midst of a political thaw, a large trade delegation from Pakistan is arriving in India, crossing the Wagah border on Friday, to discuss bilateral trade issues with the Indian businessmen.
The Indian government has approved the visit of a Pakistani business delegation to India, which is meant to revive economic ties between the two countries and provide an impetus to diplomacy.
Sharma said India was poised to grow at 8.5-9 per cent with its investor and FDI-friendly regime.
For months, offline retailers and traders have been lobbying hard for a national retail policy to protect their business from the growing influx of e-commerce.
Finance Minister Nirmala Sitharaman on Monday said the government is planning to extend the suspension of fresh insolvency proceedings for another three months, a move which will provide major relief to corporate borrowers hit by the coronavirus pandemic. Addressing the Bangalore Chamber Of Industry And Commerce (BCIC), she said the government has taken several measures, including deferment of tax payment date, to help businesses and people.
In their respective memorandums, the Federation of Indian Chambers of Commerce and the Confederation of Indian Industry asked for re-introduction of investment allowance, restoring the depreciation rate to 25 per cent and an increase in plan public expenditures, primarily in infrastructure, which would boost private investments.
The commerce and industry ministry may withdraw incentives offered to certain export-oriented industries and reallocate these to the sectors that are struggling for survival after a review in April.
The target of mopping up Rs 1.75 lakh crore from divestments of some of the public sector companies, including LIC and BPCL during the current fiscal, is on track and groundwork is being prepared for the goal, Chief Economic Advisor Krishnamurthy Subramanian said on Monday. On the COVID-19 pandemic, Subramanian said the impact of the second wave is lesser than that of the first one. In an interactive session, organised by Federation of Telangana Chambers of Commerce and Industry, the CEA said robust GST collections, over Rs one lakh crore per month for eight months in a row shows that consumption is picking up indicating positive signal for growth.
The Centre is looking to convene a meeting of the all-powerful Goods and Service Tax Council in early January. The meeting is likely to focus on rectifying the inverted duty structure for a few more items and will also serve as a platform for pre-Budget discussions between Union Finance Minister Nirmala Sitharaman and state finance ministers, Business Standard has learnt. "The current Winter Session of Parliament ends on December 23, followed by the Christmas-New Year period. "After that we would like to have a meeting of the GST Council, depending on whether there can be a quorum," a top government official said.
Sitharaman said that Indian startups have made and are making big contribution to the defence industry both in India and abroad.
Bharti Airtel boss Sunil Mittal already heads the Confederation of Indian Industry (CII). Former BPL Mobile boss Rajeev Chandrasekhar is slated to take over as Federation of Indian Chambers of Commerce and Industry (Ficci) president.
Indian industrialists would take up the outsourcing issue during the Indo-US Private Sector Advisory Group meeting in Washington on Tuesday, Federation of Indian Chamber of Commerce and Industry president Rajan Bharati Mittal said.
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