Assocham

Industry body Assocham on Monday said capital expenditure cannot be driven largely by public investment and the private sector must participate to increase investments in India's economy. Prime Minister Narendra Modi last month urged India Inc to increase investment in tandem with the government's decision to raise capital expenditure (capex) and take advantage of the opportunities unveiled in the Union Budget 2023-24. The chamber's newly appointed President Ajay Singh said he foresees a "significant rise in private investment" in the coming 2-3 years, driven by the Centre's capex push. "It cannot be that expenditure in the economy is largely public expenditure. The private sector has to participate and with the environment that is being created today, with the infrastructure spend that the government is doing, opportunities available to companies both in India and overseas. I think you will see an uptick in private investment in the next 2-3 years," Singh said addressing a press ..

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Assocham has announced the appointment of global financial markets expert Sanjay Nayar as its new vice-president

The chamber which has been seeking relief to the MSMEs expressed gratitude to the government for giving several incentives to the small businesses and the start-ups

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India's economy is expected to navigate rough global weather in 2023 due to resilient consumer demand, better corporate performance and abating of inflation, even as the year is likely to be full of challenges and opportunities, Assocham said on Monday. "While the global outlook seems rather tough, the Indian economy is set to stay on steady ground, helped by strong domestic demand, a healthy financial sector and improved corporate balance sheets. Early signs of brighter prospects of Rabi crops point towards a robust performance of agriculture, leaving an improved second round effect for several connected industries like FMCG, tractors, two-wheelers, speciality chemicals and fertilisers," Assocham Secretary General Deepak Sood stated. While there is an overwhelming consumer response to contact services like travel, hotels and transport, a positive domino effect is visible in transport, housing, power, electronics, discretionary consumer goods and automobiles, he added. "Our domestic

Industry body Assocham has sought reduction in basic customs duty and correction of inverted duty structure on critical raw materials for the aluminium industry as high import duties is a huge disadvantage for the sector heavily dependent on imported raw materials. In its pre-Budget memorandum 2023-34, Assocham said high import duty on raw materials results in Indian finished goods getting costlier and uncompetitive in international markets, rendering negative protection against cheaper imports of finished products, and discourages domestic value addition within the country. "The average production cost of Indian aluminium producers is amongst highest in the world, majorly due to high incidence of unrebated Central & State taxes and duties on inputs/ raw materials accounting for 18-20 per cent of aluminium production costs," it said. In a bid to improve the cost structure of the Indian aluminium industry and enhance competitiveness, the basic customs duty on critical raw ...

Assocham president Sumant Sinha has called for bringing down interest rates for the industry, especially for the domestic renewables sector, which is seeing high rates of 8-10 per cent compared to 3-4 per cent in the western markets. On his expectations from the government for the domestic power and renewable energy sectors in the upcoming budget, Sinha said interest rates should be brought down for the rate-sensitive sector. Finance Minister Nirmala Sitharaman is scheduled to present the budget on February 1. "Bring down the interest rates because ours is a very interest rate-centric sector. ...it is high compared to what you pay in other parts of the world. In India, the rate is in the range of 8 per cent to 9.5 per cent for the industry and (specifically) in power and renewables (sectors) it is 8-10 per cent," Sinha, who is also the Chairman of ReNew Power told PTI in an interview. "In the western world, rates are 3 to 4 per cent." Sinha said every 1 percentage point increase i

The government's PLI scheme, introduced in 2021, had an outlay of around Rs 2 trillion for 13 sectors

Industry body Assocham on Thursday made a strong case for doubling the income tax exemption limit to Rs 5 lakh in the forthcoming Budget so that the economy gets a consumption boost. Currently, the maximum amount of income which is not chargeable to income tax is Rs 2.5 lakh. In case of persons in the age bracket of 60-80 years, it is Rs 3 lakh and Rs 5 lakh for senior citizens who are above the age of 80. During a media interaction, Assocham President Sumant Sinha opined that companies in sectors like steel and cement are now beginning to make plans to increase capacities. Talking about the downside risks, he shared that globally, the world might go into recession and that will impact the external sector, and therefore may affect India's gross domestic product (GDP). In its pre-Budget recommendations, the chamber said the government should increase the exemption limit for income tax to at least Rs 5 lakh so that more disposable income is left in the hands of consumers and the econ

If we continue to misuse this policy with frivolous and mischievous complaints, then we are blunting it," she said

With Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) set to meet to decide on the policy rate revision, industry lobby body Assocham has urged the former for a moderate hike

Industry body Assocham on Friday asked the Reserve Bank, which has hiked the key policy rate by 190 basis points since May, to moderate the interest rate hikes so that it does not have adverse impact on nascent economic recovery. Reserve Bank of India (RBI) Governor Shaktikanta Das headed six-member rate setting panel is scheduled to meet for three days from Monday to take a call on the next set of monetary policy. The central bank is scheduled to announce the decision of the Monetary Policy Committee (MPC) on December 7 (Wednesday). "At most the new rate hike should not exceed the 25-35 basis points band," Assocham said in a letter to the RBI Governor, along with highlighting other issues before the industry. One of the key recommendations advanced by the chamber to the RBI is to treat retail loans for purchase of Electric Vehicles as priority sector lending, with a concessional rate of interest. On September 30, the RBI had hiked the key policy rate (repo) by 50 basis points wit

To commemorate "World Heart Day", the ASSOCHAM, held a webinar titled "Dil Ki Baat" as part of the Illness to Wellness campaign with an aim to raise awareness and provide information

The Insolvency and Bankruptcy Board of India (IBBI) is taking steps to address various issues and concerns related to insolvency resolution process, an official said on Friday. IBBI is a key institution in implementing in the Insolvency and Bankruptcy Code (IBC). Sandip Garg, Executive Director at IBBI, said the Code has kept pace with the emerging market requirements and will remain pertinent for all times to come. He was speaking at a conference organised by industry body Assocham. IBBI is deliberating on several concerns of IBC and Corporate Insolvency Resolution Process (CIRP), and is taking steps to address them, Garg said. "The Code envisages resolution of the firm as a going concern, as closure of the firm destroys organisational capital. It facilitates continued operation of the firm as a going concern by moratorium on institution or continuation of suits or proceedings against the firm during the resolution period. "It enables raising interim finances which has super pri

A new legal framework for the telecom sector should freeze fresh levies from telcos for the Universal Service Obligation Fund, say ASSOCHAM, IAMAI

Prime Minister Narendra Modi on Tuesday announced the plans of mass recruitment in the central government as well as its various agencies, departments, and ministries.

Industry body Assocham on Thursday said the Reserve Bank's decision to raise the benchmark lending rate by 50 basis points to 4.9 per cent will help the Indian economy in the medium term.

Speaking to reporters at Assocham's Indian Metals Industry conference, minister of state for steel Kulaste said his ministry is taking all measures to maintain supply of coal for steel makers

Several states are reeling under power shortages with the situation being further affected by extra-ordinary heatwave setting in quite early this year