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Interim Budget: Come Feb 1, industry bodies stand behind capex boost

Earlier, the Finance Act 2021 had extended the sunset date under the concessional tax regime of Section 115 BAB by only one year to 31 March 2024

WeLead to Credible India: Indian lounges dominate Davos promenade

About a dozen Indian lounges have dominated the main Promenade street of Davos as the snowcapped resort town readies for the five-day World Economic Forum Annual Meeting beginning Monday. Adorning the event are WeLead Lounge - set up to showcase women leadership, India Engagement Centre, pavilions by Maharashtra, Tamil Nadu, Telangana and Karnataka, and IT majors like Wipro, Infosys, TCS and HCLTech showcasing power of AI and technology. And this time, in addition to Indian tea, coffee, 'samosas' and 'kachoris', there will also be Indian liquor flying off the shelves during 'Spirit of India Hour' on two evenings at a few bars, restaurants and lounges. In all, 60-70 lounges and pavilions have been set up by governments and corporates from across the world, of which about a dozen are Indian ones. Indian participation is also significant with three union ministers, as many chief ministers and a large number of officials and CEOs expected to speak over the next five days. Apex industr

IIP growth at 8-month low in November, retail inflation rises in December

Retail inflation in December, on the other hand, rose to a four-month high because of a seasonal spike in the prices of vegetables, fruits, and pulses that the Reserve Bank of India has already factor

World needs India; Indian biz leading in investments in social causes: UN

The world needs India as the businesses in the country have been leading in terms of investing in social causes, a senior UN official said on Thursday and stressed that business is the key driver that will deliver the sustainable development goals. The United Nations Resident Coordinator in India Shombi Sharp also said that Corporate Social Responsibility (CSR) is indispensable in India's journey, where businesses are at the forefront in the efforts of the country to become a USD 5 trillion economy. "The world needs business and the world needs India and as India leads, the world is following," he said at a conference on CSR in the national capital. He noted that India has been leading the world in CSR, especially with its recent leadership during the COP28 summit. Under the companies law, certain classes of profitable entities are required to shell out at least two per cent of their three-year annual average net profit towards CSR activities in a particular financial year. Beside

Industry bodies eye access to the e-shram portal to fill talent gap

Industry has asked for access to the e-Shram database which will help us enable skilling and employability of the unorganised workforce in the country

Tamil Nadu campaign to celebrate state's business titans, industrial legacy

Corporate leaders to speak about their companies in campaign curated by CII

CII youth wing to hold national summit in Chennai on December 21, 22

The 20th edition of the summit will focus on youth leadership, nation building, and thought leadership-pillars that define Yi's commitment to shaping India's future

India's economy to grow at 6.8% in FY24, accelerate to 7% in FY25: CII

Industry chamber CII expects the country's economy to grow at 6.8 per cent in the current fiscal and accelerate to 7 per cent in 2024-25, driven by the government's continued focus on infrastructure development and promotion of ease of doing business. In an interview with PTI, CII President R Dinesh, who is also the Executive Vice Chairman of TVS Supply Chain Solutions, said even on a conservative basis, the expected gross domestic product (GDP) growth of 6.8 per cent will be more than the 6.5-6.7 per cent estimated earlier by the industry body. Sharing growth projections, the CII President said: "In the beginning, we had said 6.5-6.7 per cent. Now, actually, we are saying it is going to be 6.8 per cent for this year, and we are looking at 7 per cent for next year. Obviously, the first half has given the comfort for 6.8 per cent. In fact, I would say it is a conservative number because if you look at what has happened in the first half, we are being conservative here". On the recent

Medtech sector needs to become $200 bn industry by 2030: Pharma secy

India is currently the third-largest pharmaceutical industry in the world by volume, with a market size of around $50 billion, according to the Ministry of Chemicals and Fertilisers

Market regulator Sebi slams AIF industry for circumvention of regulations

Sebi official did not disclose how widespread such practices are or whether the regulator has already begun enforcement action against them

Business confidence index at three-quarter high in second quarter: CII

The rural economy has been on an upswing, as evident from the surge in fast-moving consumer goods (FMCG) sales and agricultural incomes in Q1 FY24

CII business confidence index rises to 67.1 in second quarter of FY24

CII's business confidence index improved to 67.1 in the July-September quarter of FY24, reflecting robust macro fundamentals of India's economy despite global headwinds, the industry body said on Sunday. The index showed a reading of 66.1 in the previous quarter (April-June FY24) and 62.2 in the same quarter last year. "The reading reaffirms the sustained positive momentum seen in host of high frequency indicators such as GST collection, air & rail passenger traffic, PMIs, among others in the second quarter," said the Confederation of Indian Industry (CII). The buoyancy seen in rural demand in the recent period, too, was mirrored by the results of the survey which established that nearly half of the respondents (52 per cent) anticipate an improvement in rural demand in the first half of the current fiscal, it added. A majority of the respondents (66 per cent) feel that the Indian economy will grow in the range of 6-7 per cent in FY24, broadly in line with the forecast of RBI and ..

Trade pacts with G20 member countries can help India boost exports: CII

Negotiating trade pacts with certain G20 countries and diversifying exports to regions like Brazil and Mexico could help India boost outbound shipments and manufacturing in the years to come, Chairman, CII national committee on EXIM, Sanjay Budhia, said on Wednesday. He said that tapping into opportunities in G20 countries is crucial for India's economic growth and global influence. India should diversify its export markets within the G20 countries, Budhia, who is also Managing Director of Patton Group, said. He added that while traditional partners like the United States and the European Union remain important, exploring emerging markets within the G20, such as Brazil, South Africa, Indonesia, and Mexico, can open up new avenues for Indian goods and services. "Negotiating and implementing trade agreements and bilateral deals with G20 member countries may be helpful to tap potential between India and G20 countries. Such agreements can reduce trade barriers, tariffs, and regulatory

PM's I-Day speech lays blueprint for India to become developed by 2047: CII

Prime Minister Narendra Modi's Independence Day speech outlined the notable achievements of his government in the last decade, which have laid the blueprint for India becoming a 'Viksit Bharat' by 2047, industry body CII said on Tuesday. India is at a decisive turning point and has the strength to shape the new world order that was emerging in the aftermath of the COVID pandemic, Modi said on August 15 and assured the countrymen of a "New India" with a bright future in next five years. CII is confident that the prime minister's vision of seeing India emerge as the third largest global economy will be easily fructified in the next five years, its Director General Chandrajit Banerjee stated. Modi's address from the ramparts of Red Fort on 77th Independence Day would further the national resolve to become a developed country by 2047 while it is marching fast to be amongst the third largest economies of the world, ASSOCHAM Secretary General Deepak Sood said. CII's Banerjee said: "The .

Financing remains a challenge for electric mobility in India: CII Report

As vehicle financing remains a challenge for electric mobility in India, it is imperative to present options that can help adjust the cost and bring EVs on par with the cost of internal combustion engine models, according to a CII report unveiled on Monday. The report, done in collaboration with OMI, is part of a series of reports on Roadmap for Future Mobility 2030. To unlock the benefits of mobility-as-a-service (Maas), clarity on issues like bike taxis and the classification of bikes as commercial vehicles are required. Also, the benefits of bike taxis need to be highlighted in terms of decongestion, affordability for users (and thereby popularity) and providing more choices to consumers, the report suggested. Strategies for promoting Maas should ensure seamless integration and offer multiple options to consumers to create the necessary nudge towards adopting shared mobility, it said. "Vehicle financing continues to remain a challenge for electric mobility at large. It is ...

CII business confidence index rebounds on capital expenditure push

Capex, domestic drivers & financial system to drive growth in FY24: CII

Positive momentum in Q1 business indicators like GST collection: CII survey

The CII Business Confidence Index rose to 66.1 in April-June from 64 in the previous quarter, reflecting the positive momentum in a host of high frequency indicators such as GST collection and air & rail passenger traffic. Majority of the over 180 firms surveyed in the Business Outlook Survey (63 per cent) expect India's GDP growth to be 6-7 per cent in the current fiscal, decelerating from 7.2 per cent in the previous year, attributing it to global headwinds and uncertainties. "It is important for the RBI to stick with a pause on the interest rate to preserve the growth impulses. This was emphasised in the survey results, as 53 per cent of the respondents expected the RBI to maintain status quo on the key interest rates in the first half of the current fiscal," CII stated. Notably, 65 per cent respondents are of the view that the fresh sightings in private investment will be sustained in the current fiscal. There are several factors which are driving private capex such as ...

Restoration of GSP benefits by US need of hour: CII EXIM committee chair

An early solution for restoration of GSP benefits by the US to Indian exporters is the need of the hour as it would help further boost the bilateral trade, Chairman of the CII national committee on EXIM Sanjay Budhia said on Wednesday. India and the US have agreed to discuss New Delhi's demand for restoration of Generalized System of Preferences (GSP) benefits to domestic exporters and now both sides will commence discussions to find a solution. The previous Trump administration in the US revoked GSP from India in 2019. GSP allows eligible developing countries to export duty-free goods to the US. Budhia said about two-thirds of the US imports under GSP are raw materials, components, or machinery and equipment used by US companies to manufacture goods in America for domestic consumption or for export. GSP also helps American consumers by eliminating duties on a variety of usually inexpensive consumer goods, he said adding these benefits are real and tangible. Both sides have mutu

CII collaborate with Vedanta to support technology-based startups

Industry body CII's Centre of Excellence for Innovation, Entrepreneurship and Startups on Tuesday announced its strategic partnership with Vedanta Limited, a globally diversified natural resources conglomerate. This collaboration aims to promote corporate-startup connect and provide support to technology-based startups through CII CIES's Corporate Accelerator program, CII stated. As part of this programme, startups have the opportunity to present their minimal viable products (MVPs) on demo day, to secure contracts with participating corporates. "This partnership aims to impact a substantial number of startups in the technology space. Through this collaboration, Vedanta Limited aims to leverage CII CIES's expertise to identify and nurture startups that align with its vision of transformative and sustainable technologies," CII said.

CBIC redefining NAC role to make Customs assessment more efficient: Johri

The Central Board of Indirect Taxes and Customs (CBIC) is redefining the role of National Assessment Centres (NACs) to make faceless assessment in Customs more efficient, its chief Vivek Johri said on Friday. The CBIC in September last year launched the risk-based faceless assessment system in phases for clearance of imported consignments. For this, 11 Customs Commissionerates were partially re-organised commodity wise as NACs, with pan-India jurisdiction. Addressing the CII National Conference on Trade Facilitation, Johri said there are gaps in Customs faceless assessment and the department is looking at them. "We are on the drawing board to redefine the role of NACs to rationalise the whole process and make it more efficient," he said. The CBIC has already reduced the number of NACs from 11 to 8 to promote specialisation and make them strong. "We are trying to reactivate them and make them strong, and ensure that there is least divergence of practice in assessment which continue