New Delhi [India], Mar. 19 : After the Bharatiya Janata Party's (BJP) astounding victory in the recently-concluded Uttar Pradesh Assembly Elections 2017, apex industry body ASSOCHAM has said that the need of the hour in the state is ensuring adequate electricity supply in the coming summer, giving urgent relief to Bundelkhand and finding lasting solutions for arrears of sugarcane farmers.
The top priority of the new government should be to drastically improve the quality and quantity of power supply in the ensuing summer. Like several parts of the country, the challenge is not as much generation and availability of power but the financial health of the power utilities, mostly in the state ownership.
New Delhi [India], Mar 18 : Faced with high expectations created by a massive mandate given to the BJP, the incoming Chief Minister of Uttar Pradesh has to meet immediate challenges of ensuring much better electricity supply in the coming summer, give urgent relief to Bundelkhand and find a lasting solutions for arrears of sugarcane farmers, the ASSOCHAM said on Saturday.
The Uttar Pradesh has a sizeable annual budget of about Rs. 3.5 lakh crore with a deficit of about Rs. 50,000 crore. Though there is a scope for bettering the state balance sheet, its fiscal situation is not as bad as some states, the chamber said.
Retail inflation in Delhi, J&K more than double national average, demonetization possible reason: ASSOCHAMSubmitted by Ashok Rawat on Thu, 02/16/2017 - 16:29
New Delhi [India], Feb 16 : The retail inflation may have been hovering at quite a reasonable level of 3.17 per cent for January, 2017 on an all-India basis, but there is no respite for people right in Delhi along with a couple of other states, suffering the price rise at double the national average, with demonetization leaving its possible impact, an ASSOCHAM analysis has noted.
"Against the national average of 3.17 per cent, Delhi had to bear the inflation rate, measured by the Consumer Price Index (CPI) at 6.32 percent, while it was 7.01 per cent for Jammu and Kashmir (J&K) and 5.92 per cent for Himachal Pradesh," said the ASSOCHAM analysis of the inflation data.
New Delhi [India], Feb 8 : As the Monetary Policy Committee of the Reserve Bank of India meets on February 7 and 8 for next bi-monthly credit policy, apex industry body ASSOCHAM has impressed upon the central bank and the Finance Ministry to ensure adequate transmission of cuts in the interest rates even as the industry would seek at least 50 to 75 basis point reduction in the benchmark lending rates, post demonetization.
New Delhi [India], Feb. 1 : ASSOCHAM President Sunil Kanoria lauded the Economic Survey that was presented on Tuesday, hailing it to be a correct analysis of the impact of demonetisation on society.
"One must compliment the Chief Economic Adviser for coming out with an honest assessment and suggesting that the credibility of the system would be strengthened if tax arbitrariness and harassment are ended," said Kanoria.
According to Kanoria, the Economic Survey rightly highlighted that the agriculture and informal sectors of the economy were impacted more by the note ban. He also added that remonetisation must be done expeditiously.
New Delhi [India], Jan.28 : Meeting excessive expectations riding on the forthcoming Union Budget in the aftermath of demonetisation could be a challenging task for the Finance Minister Arun Jaitley, a pre-Budget assessment by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) pointed out.
"If there is one sector which needs the maximum of government attention, it is the rural landscape," the paper said. "However, there are competing demands amidst high expectations built around a large scale relief to individual income tax payers and the corporate seeking reduction in the corporate tax rate to 25 per cent. The individual tax payers are expecting a big rise in the exemption limit and not a token amount of Rs 10,000-20,000. "
New Delhi [India], Jan 17 : Demonetisation may wipe out the stock of black money held in cash but can do little about the ill-gotten wealth converted to assets like gold and real estate and the scrapping of high value notes does not prevent the future generation of unaccounted money, said an ASSOCHAM study on Currency Demonetisation.
"Invalidating existing high denomination notes addresses the stock of black money but little to address future flows. Eliminating such flows will require further reforms like lowering stamp duty on property transactions, electronic registration of real estate etc," said the study.
New Delhi [India], Jan 12 : The real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) can help raise close to Rs. 50,000 crore in the near term given the interest shown by certain players in the infra and real estate space, noted a recent ASSOCHAM-Crisil joint study.
"This amount can be utilized either for repayment of debt from banks/ non-
banking financial companies (NBFCs)/financial institutions (FIs) or as a consideration to the existing sponsor for dilution of stake or both," according to the study titled 'Building a new India,' conducted by ASSOCHAM jointly with global research firm Crisil.
NPAs, less debt appetite road blocks for bank lending despite deposit pile-up on demonetisation, says studySubmitted by Ashok Rawat on Thu, 12/01/2016 - 17:37
New Delhi [India], Dec 1 : Despite banks filled with huge deposits following demonetization, a very high level of non-performing assets and reducing appetite for more loans from the over-leveraged industry would come in the way of increased bank lending despite bond yields falling even below the policy interest rates, an ASSOCHAM-CARE rating joint study has said.
According to an ASSOCHAM-CARE Ratings joint study on the 'Indian Bond Market', the banks are reluctant to lend to infrastructure projects. "It is in the infrastructure sector which needs to be revived first for a positive ripple elsewhere," ASSOCHAM said.
New Delhi [India], Nov. 26 : As India Inc supports Prime Minister Narendra Modi's battle against black money, the ASSOCHAM has urged the government to consider among other relief measures, increasing the cash withdrawal limits for logistic and transport fleet owners since they need hard cash for meeting expenses for crew members including truck drivers and cleaners.
Drawing inputs from various sources, a latest ASSOCHAM study on Transport and Logistics has noted that close to 10 percent of the en route expenses of trucks on trunk routes are accounted for by drivers and other support crew for the journeys which take seven to eight days on a single trip.
Insolvency, Bankruptcy Code may help unlock NPAs worth Rs. 25k crore over next five yrs: ASSOCHAM-Crisil studySubmitted by Ashok Rawat on Mon, 11/21/2016 - 17:07
New Delhi [India], Nov 21 : Effective implementation of the Insolvency and Bankruptcy Code, 2016 can potentially release about Rs. 25,000 crore capital currently locked up in non-performing assets (NPAs) over next four to five years, noted a recent ASSOCHAM-Crisil joint study.
"If implemented successfully, the code will help India's banking sector catch up with or even exceed the recovery rates of 32 percent and average time taken of 2.8 years in other emerging markets," highlighted the study titled 'Insolvency and Bankruptcy Code 2016: A game changer,' conducted by ASSOCHAM jointly with Crisil.
The released capital can be deployed for other productive lending, which in turn could help in credit expansion, it said.
New Delhi [India], Nov 14 : Assuring the government of India Inc's support against corruption and black money, the ASSOCHAM today impressed upon the government to mobilize all resources across different departments and hire retired bank staff on a massive scale to expedite the currency swapping and withdrawal of cash with minimum inconvenience to the public.
New Delhi [India], Nov.12 : In the midst of crack down on the black money, the ASSOCHAM has suggested that the Centre can work with the states impressing upon them to drastically slash the stamp duty on purchase of residential and commercial properties to eliminate the use of unaccounted cash in the transactions and save the real estate and construction industry from being stamped as the parking lot for the dubious deals.
The biggest beneficiary would be the buyers of the residential or commercial property.
New Delhi [India], Nov 7 : As India Inc. extends a warm welcome to British Prime Minister Theresa May, her visit provides an excellent opportunity for India to forge a new dimension of bilateral relations seeking a sense of assurance from the top UK leadership that no adverse impact falls on the Indian trade and industry as a Brexit fall-out, apex chamber ASSOCHAM said.
"Even as the global industry and trade stay somewhat anxious about the Brexit fall-out, we get an opportunity to hear first hand from the British Prime Minister herself what the roadmap is for India and UK in terms of re-designing and re-aligning our trade and investment relationship post the exit of Britain from the European Union," the chamber President Sunil Kanoria said in a statement.
New Delhi [India], Nov 3 : Apex industry body ASSOCHAM has mooted a proposal to the Union Government to constitute an appropriate authority either at the Central or state level to fix the ceiling on road freight rates and breaking local monopolies.
"Transporters charge exorbitant rates for movement of iron ore and other raw materials from mines and ports to steel plants, besides they also prevent free competition through their dominating presence in local areas," said
ASSOCHAM highlighting the double whammy being faced by the domestic steel sector.
ASSOCHAM has also submitted various suggestions to the Union Steel Ministry to bring back India's steel sector on growth trajectory.
New Delhi [India], Nov 2 : Sharp anomalies in the taxation rates and structure across different industries such as telecom, tobacco, textiles, food processing and tourism, should be addressed to as the country moves in a transition period for implementing the Goods and Services Tax, the ASSOCHAM-KPMG paper has said in a joint paper for the GST Council.
New Delhi [India], Nov 1 : Indian economy would be performing better in the second half of the current fiscal and the trend appears to have begun from the quarter beginning October, 2016 with 66.7 per cent of the latest ASSOCHAM Bizcon Survey respondents expecting uptick in sales, capacity utilization, though positivity on fresh investment is tentative.
Increased spend on infrastructure development, largely in the government is seen as the most important driver for a turnaround in the economic outlook for the current quarter and the last quarter of the financial year 2016-17.
New Delhi [India], Oct.11 : In the backdrop of continuous global political and financial risks coupled with revival in demand in the domestic market, gold prices are likely to stay firm in the range of Rs 30,500 -33500 per 10 grams despite the yellow metal having had a golden run up of about 25 per cent since January this year, an ASSOCHAM Paper has pointed out.
New Delhi: Industry body Assocham has sought tax incentives, market-linked tariff rates and grant of infrastructure status to the port industry in the upcoming budget for turning India's coastline into a growth catalyst.
The industry chamber batted for reduction in customs duty on import of equipment for port projects; exempting port projects from Minimum Alternate Tax (MAT) and granting infrastructure status to the port industry.