The industry urged the central bank to consider a rate even before the next monetary policy review on July 30.
As unemployment has gone up, countries have tightened their visas. We need to make sure there is no long-term impact, said CII.
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 Reserve Bank had kept policy rate unchanged in its review on April 7.
RBI had previously cut repo rate by 0.25 per cent each in January and March.
The Cabinet on Thursday approved 49 per cent foreign investment in insurance companies through the Foreign Investment Promotion Board route ensuring management control in the hands of Indian promoters.
Led by Ajay Shriram, chairman and senior managing director, DCM Shriram, the CEO's delegation seeks to convey to their American counterparts the sense of optimism amongst Indian industry.
The UK voted to leave the European Union after 43 years.
Terming the rise in October retail inflation despite a bumper crop as "disturbing", India Inc said the government must immediately address supply side bottlenecks to bring down the consumer price inflation.
India Inc on Wednesday said it looked forward to the new RBI Governor Raghuram Rajan initiating cut in interest rates and improving credit flow to crucial sectors like infrastructure to put economy back on high-growth path.
Foreign companies see a "lot of turnaround" in India and a "lot of positive attitude" is building towards it, says CII.
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
The govt's willingness for change and 'feel good' factor has boosted sentiments.
'It is a balanced and prudent Budget that sets the foundation for future growth in the economy.'
The industry also emphasised on supply-side interventions by the government to tackle persistently high food inflation.
Congratulating Narendra Modi on becoming the Prime Minister, India Inc on Monday said it is looking forward to an era of renewed trust and expressed confidence that the nation will leapfrog into a higher orbit of growth creating more jobs, income and social stability.
Emphasising that revival of growth should be the number one priority of the RBI at this time, industry groups said apprehensions about inflation rearing its head again may prove to be misplaced.
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Industry's demand for a reduction in the repo rate, currently 8 per cent, has gained momentum after wholesale and retail inflation eased in February.
Costlier onion and other vegetables pushed up inflation for the third month in a row to 6.1 per cent in August, making it difficult for the RBI to cut rate in the monetary policy review due later this week.
Economists polled in a recent survey by Ficci unanimously felt that the rupee will continue to be under pressure in 2018-19
Growth of capital goods at 9.6 per cent is inspiring as the investment cycle is expected to rebound in the coming months.
A majority of respondents expect the number of jobs generated to increase in 5 years.
It bounced back from the historic low of 41 recorded in the April-June quarter, during the initial days of the pandemic and lockdown.
Industry bodies said the decisions will help attract much-needed capital, create jobs, encourage collaboration and benefit cash-starved small and medium enterprises.
Showing signs of recovery, industrial production grew at 4.7 per cent in May, the highest since October 2012, on account of improved performance of manufacturing, mining and power sectors and higher output of capital goods.
General Rawat also said that adequate focus must be on ensuring that "trial procedure" for procurement of military equipment does not linger on for too long, in an indication of his unhappiness over the delay in modernisation of armed forces.
Top companies added employees at 3% CAGR from 2003-04 to 2013-14, while revenues grew at 18%.
The status quo decision came as a breather as only last week the RBI had pulled up banks for not helping it in monetary policy transmission.
Expressing disappointment over the contraction in industrial growth in October, India Inc has appealed to the Reserve Bank to cut interest rates to revive the manufacturing sector and ameliorate investments.
Higher prices of onion and other vegetables and fruits pushed up inflation to 6.46 per cent in September.
The Central bank primarily factors Consumer Price Index while deciding on policy rate.
With crude and commodity prices ebbing and the twin deficits under check, the Reserve Bank should have cut the key policy rate to push investments and boost economic growth, India Inc said.
Corporate India tempered its victory celebrations for the supposedly business-friendly Narendra Modi-led National Democratic Alliance's landslide electoral victory by highlighting the need for immediate steps to create jobs through inclusive economic growth.
India Inc said policymakers should take doable steps to revive fixed investments and production of capital goods
India's GDP estimates for 2020-21 show that the economy is expected to perform much better than earlier projections by different agencies, indicating a sustained V-shape post-lockdown recovery, experts said. The first Advance Estimates (AE) by the National Statistics Office (NSO) has projected a contraction of 7.7 per cent in the real GDP during 2020-21. This was better than the projections by certain international agencies like the IMF and World Bank.
Expressing serious concerns over the current account deficit touching a record 4.8 per cent in 2012-13, India Inc on Thursday asked the government to take all policy measures, including boosting exports and foreign exchange inflows to bring down CAD.
It includes a session with Gadkari on analysing the initiatives needed to bridge the $1 trillion infrastructure deficit in the country.
With India's GDP clocking a lower contraction of 7.5 per cent in the September quarter, industry and experts expressed confidence of further recovery in the coming months and said the government's actions are bearing fruit. In a tweet, Vedanta chairman Anil Agarwal said, "Q2 #GDP numbers show that economy is recovering. Government's efforts on stimulus and reform are showing results. Hopefully, we will have positive growth in H2 FY21 and double digit growth in FY22."
While India ranks 60, Switzerland, Sweden, the Netherlands, the US and UK retained their top spots as the most-innovative countries. China is at 22nd spot.
Implementation of GST is expected to increase the gross domestic product of the country.
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