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Industry Voices
 
On the manufacturing front the government’s approach of focussing on developing specific sectors with potential is a welcome move. We hope to see more of this approach in the coming times, as also recommended by the Economic Survey. The proposed national logistics policy and boost to electricity generation by extending the 15% corporate tax option to the sector, will support the manufacturing initiatives. On the external front, reviewing Rules of Origin under various FTAs will address the issue of Indian Industry getting impacted due to imports getting routed FTA countries. 
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

Infrastructure has always been a key priority of the Government. The National Infrastructure pipeline, the focus on the transport sector and railways, will not only create jobs but will also boost productivity and efficiency of Indian businesses. The project creation is being backed by efforts to make infrastructure financing available. The INR 22,000 crores equity support to IIFCL and NIIF to create a funding pipeline of INR 103,000 lakh crores and granting 100% exemption to interest, dividend and capital gains income of the Sovereign Wealth Funds in respect of investment made in infrastructure are very important initiatives for funding infrastructure creation.
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

The Finance Minister had an extremely tight rope to walk, balancing a severely constrained fiscal space with the need for higher government expenditure for boosting investments and consumption. She has done that well in addressing the key priorities while being within the bounds of the Fiscal Responsibility and Budget Management (FRBM) Act. The announcements related to agriculture, specially encouraging states who adopt model laws, will pave the way for adoption of the much needed agri reforms, leading to better returns for the farmers as well as enhanced private sector engagement with agriculture. 
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

As we are set to usher in the new year, there are nascent signs that the economy is on a better footing than what it was in the year gone by. With the proactive measures taken by the government and the Reserve Bank of India (RBI), industry believes that the slowdown will be overcome, and a gradual recovery will soon be in place.  The results are fast percolating through and becoming increasingly evident on the ground. Nascent signs of recovery are noted in the form of improved PMIs of manufacturing & services, jump in passenger air traffic, sharp moderation in the decline in sales of passenger cars among others. 
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

India’s high paced journey to join the league of top 63 nations in the Ease of Doing Business ranking is a laudable achievement by the government. CII compliments and felicitates the Government on this extraordinary accomplishment. This jump in India’s ranking comes as no surprise to the members of the Industry who have been witnessing a remarkable change in the business climate over the last few years, owing to the series of reform initiatives being introduced at the Central as well as state levels.  Resolving Insolvency has shown an impressive jump of 56 spots, endorsing the successful implementation of the Insolvency and Bankruptcy Code, 2016. Similarly, in ‘Dealing with Construction Permits’, we have now joined the league of the top 27 countries, laying a foundation for stronger growth of the real estate sector. Another significant milestone has been achieved in the area of ‘Trading Across Borders, where we now stand at 68th rank, up from 146th in 2018. Procedures, time and cost for export and imports have been coming down sharply with continuous introduction of trade facilitation reforms. We have, of course, a long way to go in several other indicators of Doing Business Report, including Enforcing Contracts, Registering Property, and Starting a Business. With continuing reform momentum and government-Industry partnership, I am confident of excelling in these areas as well within the next couple of years.
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

Hon’ble Finance Minister’s mega Corporate Tax stimulus is a major move to boost investors sentiments, encourage manufacturing and awaken animal spirits in the economy. Cut in corporate tax from 30% to 22% without exemptions has been a long standing demand of industry and is an unprecedented and bold move by the Government. CII is thankful to the Hon’ble Finance Minister for being so receptive and open to suggestions from industry. This consultative approach has further bolstered positive spirits in industry that the government is on a fearless track to ensure that India becomes as competitive on tax rates with the rest of the world. This also indicates that the government is adopting a tax stimulus route rather than using increasing government spending route to help the recovery process of the economy. Coming just ahead of the festive season, there could not have been a better news as the entire country gets ready to celebrate.
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

Finance Minister’s constant attention to key issues facing the economy bolsters industry confidence that growth is topmost priority of the Government. We appreciate that the policy package announced today was undertaken after many consultations with industry. Such a consultative approach adds to the real-time policymaking strategy that the Government has adopted. Overall, the measures announced for exports and housing address significant pain points in these sectors which will bring relief to industry and help revive investments. Importantly, the two sectors have immense downstream and upstream linkages and facilitative steps to enhance fund availability will create a multiplier effect for gains to many sectors. For exports, which are suffering from global trade tensions, the steps towards access to credit, trade facilitation, FTAs and standards and certifications would encourage exporters to look overseas with more vigour. The Remission of Duties and Taxes for Export Product Scheme (RoDTEP) for all sectors to replace current MEIS would make Indian products more competitive and is in line with CII suggestions. We believe it will meet the immediate requirements of exporters with an expected boost of Rs 50,000 crores. The housing sector measures promise to impart confidence to middle and low-income house buyers. Once the stuck housing projects commence operations again, new investments can be expected in the sector which would add to the overall growth impetus for other sectors as well.
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

The moderation in the growth print to 5.0% in the first quarter of the current fiscal is not completely unexpected but at the same time does reinforce the concerns that industry has about entering a phase of slowdown. While not at variance with global growth trends, CII hopes that India should buck the trend with appropriate interventions from the government. As a very receptive government, we have seen prompt action in terms of the first tranche of the stimulus being announced on 23 August and significant measures on bank consolidation being announced today. CII is expecting that the Finance Minister would soon follow this up with the next tranches of stimulus measures, which would help the economy turnaround. With the festive season just around the corner, this is a critical time for industries which are consumer facing and a significant set of measures now would help the economy get back on track.  We expect further improvement in farm sector growth on the back of normal monsoons. Bank consolidation, governance measures and capital infusion would add to the growth impetus.   
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

The Union Budget 2019-20 provided the right amount of stimulus which would unleash the animal spirits, fire up the economy to take it upto US$5 trillion by 2025. The adherence to fiscal consolidation path while providing the necessary boost to consumption, investment and special emphasis on agriculture and rural sector are steps in the right direction to take the economy to US $ 5 trillion mark. Allowing 100% FDI in insurance intermediaries is a good move as it will encourage global best practices in the India market. This along with the proposal to increase FDI limits in aviation, insurance and media will help improve the availability of foreign capital for these sectors.
Mr Vikram S. Kirloskar, President, CIIPresident, CII, 2019 - 20

Employment creation needs a strategic boost, including from the lens of revenue generation. The key sectors to be propelled for more job generation include the tourism ecosystem, the textiles to garments value chain, and farm-to-fork supply in the agriculture and food processing sector. End-to-end supply chains in the auto industry, construction sector and retail sector also require strong policy attention.  To fire the four engines of consumption, investment, Government spending and exports, it is essential to reduce income tax burden and expand the scope of investment allowance to all sectors including services sector, mining, electricity generation, infrastructure service providers, agriculture and agro-processing sector. There is need for higher export incentives to help Indian exporters address the cost disadvantage in global markets. 
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

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