ASSOCHAM

Note scrapping can do little to stop future generation of black money, says ASSOCHAM study

Note scrapping can do little to stop future generation of black money

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.

PSBs need equity worth about Rs. two lakh crore by March 2019

PSBs need equity worth about Rs. two lakh crore by March 2019

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 study

NPAs, less debt appetite road blocks for bank lending despite deposit pile-up

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.

ASSOCHAM urges govt. to ease cash limits for logistic fleet operators

ASSOCHAM urges govt. to ease cash limits for logistic fleet operators

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 study

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.

Hire retired bank staff; others on big scale to deal with demonetisation: ASSOCHAM

Hire retired bank staff; others on big scale to deal with demonetisation: ASSOCH

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.

Slash stamp duty to clean up real estate sector, says ASSOCHAM

Slash stamp duty to clean up real estate sector, says ASSOCHAM

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.

Let us get all Brexit related anxieties addressed as we welcome UK PM, says ASSOCHAM

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.

ASSOCHAM proposes for setting up road transport regulatory authority

ASSOCHAM proposes for setting up road transport regulatory authority

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.

Remove anomalies before imposing GST across sectors, says ASSOCHAM-KPMG paper

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.

Economy set to perform better in second half of FY 16, says ASSOCHAM Bizcon survey

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.

Gold to further shine despite a golden run, says ASSOCHAM paper

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.

Assocham seeks tax incentives, infra status for ports in budget

Assocham seeks tax incentives, infra status for ports in budgetNew 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.

Around 5,300 textile factories shut as of 2010-11: Assocham

Around 5,300 textile factories shut as of 2010-11: AssochamNearly a third of India’s total textile factories remained non-operational as of 2010-11, leading to a drastic increase in job losses in the sector, a newly published study by the Associated Chambers of Commerce and Industry of India (Assocham) revealed.

In its latest report, industry body Assocham said that nearly 30 per cent of the textile factories across the country remained non-operational between 2000 and 2011. As of 2011, there were 17,987 textile factories across the country, of which nearly 5,300 were non-operational.

Middle-class Indians hard hit by rupee's fall: Survey

Middle-class-IndiansNew Delhi, June 20 : As the Indian rupee slumps to new lows, the country's middle class has been forced to cut back on eating out, buying branded products or new cars, studying abroad etc. as their monthly expenditure has risen by 20 percent, a study by Assocham revealed Thursday.

The Indian rupee slumped to another record low of 59.93 against the dollar Thursday, after the US Federal Reserve signalled an end to its monetary stimulus that would help in further strengthening of the greenback.

Falling rupee hits students aspiring to study abroad: Assocham

studying-abroadNew Delhi, June 13 : With expenditure on food, living expenses and stay rising sharply due to the weakening rupee against the dollar, Indian students aspiring to study abroad have been hit hard, a study by Assocham revealed Thursday.

Since March 2012, the rupee has weakened by 15 percent and it is under pressure due to the growing concerns over the current account deficit. It hit a record low of 58.98 against the dollar Tuesday.

China may not harm its big stake in Indian market: Assocham

Assocham-IndiaNew Delhi, April 27 : China has a big stake in India's growing market which it would be reluctant to harm industry body Assocham has said.

"Chinese stake in the growing Indian market is increasing massively and the current annual trade surplus of over $40 billion may touch $44 billion by the end of the current year, " Assocham said Saturday in a statement.

"It is in the best interest of the two neighbouring countries that their relations improve and are cemented through expanding commercial engagement," the industry lobby said in a context of the standoff on the border between the two countries.

Assocham suggests cell for sick MSME units in Bengal

AssochamKolkata, April 23 : Industry body Assocham Tuesday suggested that the West Bengal government set up a special cell for reviving sick micro, small and medium enterprises (MSMEs) in the state.

The Associated Chamber of Commerce and Industry of India (Assocham), which submitted a strategy paper on "Reviving Sick Units in West Bengal" to state Industry Minister Partha Chatterjee, said over Rs. 725 crore was blocked in the sick units and more than one lakh people had lost their livelihood.

It said 96 percent of the state's sick MSME units were not in a condition for revival.

ASSOCHAM offers suggestions on manifesto

ASSOCHAMThe Associated Chambers of Commerce and Industry of India (Assocham), the representative industry body has formulated a list of suggestions that can be included in the election manifesto of political parties in Karnataka.

The state has been able to attract significant external investment and remains a business friendly state but there are some infrastructure issues that have been affecting growth in the state in recently years. The industry body is offering suggestions to the political parties to increase their focus on the issues in order to boost growth in the southern state.

Growth slowdown hit Indian Inc sales, profit margins

Assocham-IndiaNew Delhi, April 19 : The slowdown in economic growth has hit Indian companies' sales and profit margins, Associated Chambers of Commerce and Industry (Assocham) said in a report.

Amidst slow growth in net sales, corporate India has shown downfall in terms of net profit margin in the fourth quarter of the financial year 2012-13.

"The decline in growth rate of sales could be attributed to the low industrial production numbers with slack demand conditions in the economy," Assocham president Rajkumar Dhoot said in the report.



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