IIP data shows Industrial production still in slowdown phase: Chandrajit Banerjee

Chandrajit BanerjeeNew Delhi, Oct 11 : Commenting on the index of industrial production for August 2014, Mr Chandrajit Banerjee, Director General, CII said the IIP data shows that industrial production continues to be in the slowdown phase and a visible turnaround in industrial growth is still not happening.

And if we factor in the base effect, the performance of industry shows that demand is yet to show distinct signs of a pick-up. Business sentiment has significantly improved as is borne out from the CII business confidence index, and we hope that this would translate on the ground soon.

CII chief sounds positive over fall in WPI inflation figures

Chandrajit-BanerjeeNew Delhi, Aug 14 : Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), has sounded positive over latest figures showing the inflation to be at a two month low.

"It is good to note that headline inflation has eased to a two month low in July 2014, essentially on the back of a drop in fuel prices and a moderation in the prices of food items such as cereals and vegetables," Banerjee said.

CII welcomes progressive labour law reforms

CII welcomes progressive labour law reformsNew Delhi, Aug 1 - The Confederation of Indian Industry (CII) has welcomed the Cabinet nod for Labour Law Reforms in a few important acts as reported in the media today.

"The quick action has demonstrated the Government's strong commitment towards pushing key labour reforms to encourage economic growth and generate employment opportunities in the country," said. Chandrajit Banerjee, Director General, CII.

Rise in industrial production provides glimmer of hope: CII

CII Chandrajit BanerjeeNew Delhi, July 12 - Commenting on IIP figures released for May 2014-25, Chandrajit Banerjee, Director General, CII said that the rise in industrial production for the second month in a row provides a glimmer of hope that the economy could be bottoming out and recovery could be on the anvil.

He further said in a statement that the favourable base effect of last year and the double digit export growth experienced during the month could have also contributed in boosting industrial activity during the month, but the overall trend is positive.

India-Bangladesh trade can double to USD 10 billion by 2018: CII

India-BangladeshNew Delhi, June 24 : The Confederation of Indian Industry (CII) has said that India-Bangladesh trade could double to USD 10 billion by 2018, provided trading irritants like non-tariff barriers and infrastructure related issues are resolved.

"The first stand- alone foreign visit of Sushma Swaraj since taking over as the External Affairs Minister of India to Bangladesh will turn a new leaf in bilateral relations.  CII feels that economic cooperation will get a boost and further

intensify trade and Investment between the two countries," said Chandrajit Banerjee , Director General, CII.

CII suggests 5-point action plan for addressing NPAs in banking system

CIINew Delhi, May 5 - In order to address the mounting Non-Performing Assets (NPAs) pressure on the health of the Indian banking system, CII has recommended a 5 point action plan to the Ministry of Finance and the Reserve Bank of India to deal with steep deterioration in asset quality and effect a turn around strategy for banks by releasing stress from their balance sheets.

Increase transparency to deal with crony capitalism: CII

CIIIndian can deal with crony capitalism by introducing transparency and reducing discretionary power, new CII President Ajay Shriram suggested.

Expressing his views about crony capitalism in a just published interview, Mr. Shriram admitted that India too, like other countries, has 'black sheeps'.

Speaking about the issue, he said, "We have to accept that there are humans all over the world. We have had black sheeps. It's not only in India; it's in America, in Europe, every country. We should have a balanced approach and look at what to do with rules and regulations."

Indian banks well equipped to cope with fraudulent cases: report

PricewaterhouseCoopersIndian banks are well equipped to cope with risks arising from fraudulent cases, according to a recently released banking technology survey report.

The survey conducted by PricewaterhouseCoopers (PwC) in partnership with the Confederation of Indian Industries (CII) found all banks saying that they had robust & resilient regulatory compliance structure in place to cope with any risks arising from fraudulent cases.

Interim budget can boost demand: CII Survey

Interim budget can boost demand: CII SurveyNew Delhi, Feb 24 : At a time when overall demand in the economy continues to remain subdued, delaying an economic recovery, the interim budget presented by the Finance Ministry on 17th February is expected provide some relief. However, rising cost of credit is a top concern for Indian industry.

India’s trade deficit narrows to US$9.92 billion in January

Sanjay BudhiaIndia's trade deficit in January narrowed to US$9.92 billion versus US$18.97 billion in the corresponding month of last year, thanks to steep fall in imports and a considerable increase in exports.

According to data released by the trade ministry, the country's imports slipped 18.07 per cent year-on-year to $36.57 billion in January, helped by a 77 per cent year-on-year decline in imports of gold and silver. Oil imports slipped
10.1 per cent to $13.19 billion. It was the steepest decline recorded since March last year.

India’s economy will likely grow 4.5-5% in second half of current fiscal: CII

CII LogoIndian economy will likely grow at a rate of 4.5 to 5 per cent during the second half of the current financial year, the Confederation of Indian Industry (CII) said.

In its latest survey report, the CII said the economy might have already bottomed out in the previous quarter but it ruled out any possibility of a significant improvement in the country's gross domestic product (GDP) in the October-March period of current financial year.

CII task force drafts guidelines for solid waste management

CII task force drafts guidelines for solid waste managementDraft national guidelines for management of solid waste has been crafted out by the CII Task Force, Amit Gossain, Chairman of the Task Force, has confirmed.

Authorities responsible for managing solid waste are facing a big problem in managing the waste without causing harm to the environment. According to Gossain, who is also executive vice-president of construction equipment giant JCB India, nearly 115,000 tonnes of municipal solid waste is being generated every day.

Indian economy shouldn’t be judged just through CAD, fiscal deficit: CII

Indian economy shouldn’t be judged just through CAD, fiscal deficit: CII Rating agencies should not view the Indian economy just through the prism of current account deficit (CAD) and fiscal deficit; rather they should take the fundamentals of the economy as well as its medium-term prospects into account while determining a rating for it, Confederation of Indian Industry (CII) Director General Chandrajit Banerjee said.

CII welcomes relaxation in multi-brand retail norms

CII welcomes relaxation in multi-brand retail normsIndustry body CII welcomed the government's decision to relax foreign direct investment (FDI) norms in multi-brand retail and raising investment caps in several other sectors.

The government on Thursday erased the mandatory 30 per cent local sourcing norm for the multi-brand retail sector and allowed states to allow multi-brand retailing in cities with population less than one million.

In addition, the government raised FDI caps for several sectors. For example, the FDI limit for the telecom sector was raised from 74 per cent to 100 per cent.

CII urges RBI to slash interest rate by 100 bps

Kris-S-GopalakrishnanKris S Gopalakrishnan, the newly-elected president of the Confederation of Indian Industry (CII), has urged the Reserve Bank of India to cut interest rates by one per cent or 100 basis points (bps) in order to boost investment.

Gopalakrishnan said that investments a cut in interest rates would automatically increase investments. He added that that kick starting investments and early implementation of Goods & Services Tax (GST) as well as Direct Tax Code (DTC) were vital for taking economic growth to 8-9 per cent in the coming years.

CII for higher depreciation rate, lower CST

CII for higher depreciation rate, lower CSTNew Delhi, Jan 14 : Calling for some tax reforms to revive growth, the Confederation of Indian Industry (CII) Monday asked the government to allow higher depreciation rate on plant and machinery from the current 15 percent to 25 percent for the next three to five years.

In its pre-budget memorandum to the finance ministry, CII also called for abolishing surcharge and cess from corporate tax, and exempting infrastructure and Special Economic Zones (SEZ) companies from levy of minimum alternate tax (MAT) to incentivize new investments.

India’s entertainment & media industry likely to reach Rs 1.75 lakh crore by 2016

India’s entertainment & media industry likely to reach Rs 1.75 lakh crore by 2016The entertainment & media industry of India will likely reach Rs 1.75 lakh crore by the year of 2016, a new report prepared jointly by the Confederation of Indian Industry (CII) and PricewaterhouseCoopers (PwC) said.

According to the 2012 Indian Entertainment & Media Outlook report, the Indian entertainment & media industry, which was estimated at Rs 80,000 crore in 2011, will grow at compounded annual growth rate of 17 per cent between
2012 and 2016.

Industry backs move to criminalize private sector corruption

Industry backs move to criminalize private sector corruptionThe industry players in India are supporting a government's plan to make corruption in private sector a criminal offence in order to control the menace.

The Indian government is considering amending the Indian Penal Code (IPC) for making private sector bribery a criminal punishment with stricter punishment. The amendment will make both giving and taking bribery in private sector dealings, a criminal offense under the Indian law.

IIP grows just 0.1% in July; CII demands rate cut

IIP grows just 0.1% in July; CII demands rate cutThe Confederation of Indian Industry (CII) has demanded a cut in repo
rate, saying the economy is in dire need of sentiment boosters.

CII Director General Chandrajit Banerjee said that there was a dire
need of announcing non-legislative policy measures as soon as possible
because investments had almost dried up.

Banerjee's comments surfaced after the release of data that showed that
the Index of Industrial Production (IIP) grew at a rate of merely 0.1
per cent in July.

The manufacturing growth in the month of July was recorded in the

CEOs remain pessimistic about economic growth

CEOs remain pessimistic about economic growthA majority of companies remain pessimistic about the outlook for the economy in the current fiscal and expect only a mild recovery in the next fiscal year, a new survey by the Confederation of Indian Industry (CII) revealed.

The CII questioned chief executive officers (CEOs) of member companies of its National Council, and found 44 per cent predicting that the India's gross domestic product (GDP) growth would slip below 6 per cent in the current fiscal.

Another 44 per cent said the GDP growth would remain in the range of 6 per cent to 6.5 per cent.

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