Page 8 - Cii

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

FMCG, auto data shows rural demand is coming back: CII President R Dinesh

We are projecting FY24 GDP growth at 6.5-6.7 per cent. We believe 6.5 per cent will be achievable, even in a slightly negative scenario. And 6.7 per cent is our belief, let me put it that way

Private sector investment set to witness significant increase: R Dinesh

Private sector investment is set to witness a significant increase, as capacity utilisation in several key sectors has already crossed 80 per cent and economic growth is estimated to be 6.7 per cent in the current financial year, newly elected CII President R Dinesh said on Sunday. He also exuded confidence that the Reserve Bank of India (RBI) will maintain status quo on interest rate in the next bi-monthly monetary policy to be announced later this week. On why the government unsuccessfully keeps on nudging private companies to increase investment, the CII president told PTI that the period between 2016 to 2019, was not good for growth and in 2020 there was COVID. "We have circumstances beyond our control which hampered demand We did come out of the COVID much faster," he said, adding there are signs of improvement. Citing the CII's annual CEOs survey, he said all sectors have crossed 75 per cent capacity utilisation and the figure was 80 per cent in key sectors like cement, stee

RBI should continue with pause, change its stance to neutral: CII President

Says Indian economy likely to grow at 6.5-6.7% in FY24

India's economy likely to grow 6.5-6.7% in FY24: CII president R Dinesh

Industry body CII on Thursday said India's economy is expected to grow in the range of 6.5-6.7 per cent in the current financial year supported by strong domestic drivers and robust capex momentum of the government. India's Gross Domestic Product (GDP) grew by 6.1 per cent in the March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent. The growth has propelled the country's economy to USD 3.3 trillion, setting the stage for achieving the USD 5 trillion target in the next few years. Addressing the media, newly elected President of Confederation of Indian Industry (CII) R Dinesh said India's GDP growth is expected to leapfrog to 7.8 per cent in the next decade (FY22-31) from 6.6 per cent previously recorded. "We expect GDP growth in a range of 6.5-6.7 per cent in 2023-24, supported by strong domestic drivers and robust capex momentum of the government," Dinesh said. He said the government's structural reform agenda has enabled the country to become the highest growi

TVS Supply Chain chief R Dinesh elected CII president, Rajiv Memani is VP

Veteran entrepreneur is winner of several business awards, has assisted industry group for many years

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Forex reserves at comfortable position to meet requirements: Piyush Goyal

India has a strong foreign exchange reserve and the country is in a comfortable position to meet all the requirements even in any worst-case scenario in the next five-six years, Commerce and industry Minister Piyush Goyal said on Wednesday. India's forex kitty jumped USD 3.553 billion to USD 599.529 billion for the week ended May 12, according to the Reserve Bank of India. The minister also said that the government efforts have helped in managing inflation and "I am happy that it has been respected and recognised by the RBI (as) they have also taken a pause on the interest rates during the last MPC (Monetary Policy Committee) meeting". On forex reserves, he said: "We have strong foreign exchange reserves... In the worst case with whatever difficulty anybody may have, India is comfortable for the next 5 or 6 years, given our forex reserves today, to be able to meet our forex requirements." The minister was speaking at the annual session of industry body CII here. He added that no o

Ease of doing business improved; still long way to go in many areas: CII

The ease of doing business in the country has improved in the last 5 to 10 years but there is a long way to go in many areas, the Confederation of Indian industry (CII) said on Friday. Addressing the media after a meeting of its members from the four western states of Maharashtra, Gujarat, Madhya Pradesh and Goa, CII Western Region Chairman and Tata Power MD and CEO Praveer Sinha said the industry feels there is a lot of growth happening and there is a lot of opportunity in the country. In a poll of CEOs conducted by it, 76 per cent of the respondents were of the view that the Indian economy is expected to remain resilient in the backdrop of global geo-political headwinds. "The ease of doing business has improved but if you ask me if it is 100 per cent, it is not 100 per cent. It is still some 55-60 per cent. That means there are opportunities of improvement," Sinha said. He said that though the ease of doing business is better than it was 5 or 10 years back, "it is still a long wa

Need to address funding and training challenges in R&D sector: Official

A senior government official on Tuesday made a strong pitch for collective responsibility to address the challenges of funding and inadequate training in the research and development sector. Addressing the CII Global Science, Innovation and Research Summit here, Parvinder Maini, Scientific Secretary at the Office of the Principal Scientific Adviser to the Government, said India was undergoing tremendous advancement and has been showing incredible growth in areas from missiles, AI, superconductors to Covid vaccines. Maini said it was imperative to take collective responsibility to amend the challenges of funding, inadequate training and awareness through a strategic approach for the R&D ecosystem to reach greater heights. She said every country has its own strengths, therefore each and every country needs to share its technological strengths with the world for co-existence. Maini said there was an increasing realisation of technological partnerships in industry and academia with a .

South Indian films outshine others in 2022, may maintain trend in 2023: CII

Movies in Telugu, Tamil, Kannada and Malayalam accounted for 54% of all releases and Rs 7,800 cr, or 52%, of the national film revenue of Rs 15,000 cr

45% of property seekers in NCR want to buy 3BHK homes: CII-Anarock report

58% of Indians want to buy properties priced between Rs 40 lakh to Rs 1.5 crore

Shankar Vanavarayar becomes chairman of CII Tamil Nadu State Council

He was also the National Chairman of CII's Young Indians in 2011-2012

New payment mechanism of railways: 30 days max, else govt will pay interest

The step is expected to eliminate the "biggest risk" faced by contractors, meaning that railways will ensure that payments are made within the stipulated time, said the railway minister at an event