'Inflation is not good for industry. Nor for the economy as a whole.'
The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual Budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne ($40 per barrel) windfall profit tax on domestic crude production was levied.
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 FMCG industry hopes for a revival in consumption growth in 2025 with some 'green shoots' already visible, after having a challenging year amid escalating input costs and a double-digit rise in food inflation, which ultimately slowed down the pace of the urban market growth in the second half of 2024. Soaring prices of commodities such as palm oil, coffee, cocoa and wheat forced FMCG players to go for a hike of 3 to 5 per cent or resort to shrinkflation by reducing pack sizes and grammage to retain attractive price points, fearing a volume loss.
Union minister Chirag Paswan on Monday said his Lok Janshakti Party-Ram Vilas wants to fight the assembly election in Jharkhand and a final decision will be taken soon on whether it would contest under the National Democratic Alliance (NDA) or alone.
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Leading FMCG firms reported a nearly two-fold increase in the share of quick commerce within their total e-commerce sales, and this surge is anticipated to continue, said a joint report by Deloitte and industry body FICCI. Quick Commerce, also known as hyperlocal delivery, is now reaching around 35 per cent of online sales and has become a preferred channel for urban consumers. "About 18 per cent of consumers prefer purchasing food and beverage items from Q-commerce channels.
Road Transport and Highways Minister Nitin Gadkari on Tuesday favoured giving a majority 51 per cent stake to foreign partners in joint ventures for building tunnels and detailed project reports to improve work quality. Gadkari said providing a majority stake to a foreign partner in the joint venture is necessary to ensure that only serious and technically qualified players bid for tunnel projects.
Eying benefits from digital banking, lenders are now looking at building Unified Recovery Interface (URI) for enhancing efficiency, reducing costs, and getting good prices for properties of defaulters. This would be managed by PSB Alliance Ltd, a company set up by all public sector banks in the country. M V Rao, chairman, Indian Banks' Association (IBA), said: "Till now we had Unified Payments Interface (UPI), a product developed by National Payments Corporation Ltd (NPCI).
The industry chamber is in favour of reopening schools and educational institutions, allowing foreign carriers to operate, permitting usage of restaurants and eateries in hotels, opening up of cinemas and multiplexes, and reopening metro rail services.
The Ministry of Mines has directed the Geological Survey of India (GSI) to conduct a re-exploration of the 5.9 million tonnes of lithium block in Jammu and Kashmir's (J&K's) Reasi district after repeated setbacks to put the reserve up for auction again in six months.
In order to boost its deposit base, State Bank of India (SBI) is focusing on various segments, including JanDhan account holders, trusts, societies, and the segment below the affluent class but above the normal account holders. According to Ashwini Tewari , managing director, SBI, the bank is focusing on three broad segments. One is wealth banking, where the bank is focusing on individuals who perhaps do not qualify for private banking but are above regular accounts and require individual attention.
'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.'
The industry body Ficci, whose Secretary General Amit Mitra is among the winning Trinamool Congress (TMC) candidates in West Bengal elections, on Friday described the TMC victory as "historic".
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.
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.
The government proposes to cut custom duties on Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 10 per cent to nil.
Ficci also said the new leadership is expected to recognise the industry concerns on land, labour and environment.
It also said that there is a need to improve investor confidence about the surrounding ecosystem in the country to attract more FDI inflows.
Markets regulator Securities and Exchange Board of India (Sebi's) measures to curb speculative activity in the Rs 450-trillion-a-day futures and options (F&O) market is not a case of "throwing the baby out with the bathwater," whole-time member (WTM) Ananth Narayan said on Friday. "As a regulator, we are conscious that we must not throw the baby out with the bathwater. "When it comes to frenzied trading in options nearing expiry, however, it is difficult to see any baby in this bathwater," he said while delivering his address at the 21st FICCI Annual Capital Markets Conference.
She is also a recipient of the country's prestigious civilian award Padma Shri for her contribution to trade and industry.
Federation of Indian Chambers of Commerce and Industry has set up a 'Diaspora Division' for forging a producive partnership with Indians living abroad as part of its efforts to tap the economic potential of overseas Indians.
The ministry of information and broadcasting is working on a proposal to set up a mega movie production studio -- akin to those in Hollywood -- with an investment of Rs 10,000 crore (Rs 100 billion), which will be supported by the government.
It has been a slow year for the Indian media and entertainment (M&E) business. After two years of double-digit growth, it grew at just about 8 per cent in 2023 over 2022. It now stands at Rs 2.33 trillion in advertising and pay revenues.
His resignation has been accepted by the Ficci leadership, which said that it "wishes him all the very best for another historical role in the impending and hugely awaited economic transformation of West Bengal".
FICCI said India is losing billions of dollars in taxable revenue (an estimated Rs 12-20,000 crore annually) through black marketing operations in sports betting.
Federation of India Chambers of Commerce and Industry on Friday warned that the new taxes on the corporate sector like Fringe Benefit Tax would severely hit the tottering savings and investments.
Apollo Tyres chairman and managing director Onkar Kanwar on Tuesday took over as the new president of industry body FICCI for 2004-05.
"We want a drop in interest rate. This (interest rate) is a huge problem now for us. Real interest rate in India today is touching six percent," Ficci chief Pankaj Patel said, arguing that there should be balance between growth, inflation, and interest rates.
In order to deal with the issue of accumulation of wealth, Finance Minister P Chidambaram had said the time has come for a debate on imposition of inheritance tax.
It's seen as a signal that he wants to engage with India Inc at a time when the economy has started looking up.
Expressing disappointment over the recent EU proposal of diluted farm reforms, FICCI on Friday said such a package would not serve the cause of the Doha mandate on agricultural negotiations.\n\n
Industry associations Ficci and CII have been termed liable for service tax. Ficci has approached government for exemption from the levy.
also made a case for the need to create a self-sufficiency fund for innovation, construction and manufacturing clusters to make use of the emerging opportunities in the wake of disruption in global supply chain.
The Hollywood star took dancing lessons from Shah Rukh Khan, chatted with Karan Johar and made Aishwarya Rai blush at FICCI Frames on Friday.
It is imperative to have a level-playing field between businesses of India and China before initiating negotiations towards a possible bilateral trade agreement, FICCI said.
Reacting to Finance Minister P Chidamabaram's statement that a section of industry is artificially pushing up prices, Habil Khorakiwala, the new president of Federation of Indian Chambers of Commerce and Industry said there was no evidence
Expressing concern over the increase in short-term lending and borrowing rates by 0.25%, industry chamber FICCI on Tuesday said the move could slow down the growth momentum of the country.
Ficci is also concerned that outsourcing, relaxation of export-controls on dual-use technology are other issues that can 'hinder' the burgeoning relationship.
Raising its pitch against the UPA government's move to reserve jobs in the private sector, industry body FICCI on Thursday said it was no solution to unemployment in a market-driven economy and offered its services in imparting skills for generating
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