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Industry Voices
 
Growth is a necessity that should lead to creation of more jobs while CII works as a knowledge partner with the Government for building self-reliant and competitive India that is deeply engaged with the World. We are in uncharted territories and are grappling to find new ways to brave the changes. But we are confident of the resilience of Indian industry and its innovative skills to beat every such challenge.
Uday KotakPresident CII, 2020 - 21

Industry is highly enthused by the shape of the first phase stimulus package announced by Hon’ble Finance Minister for mitigating the economic costs of the COVID-19 crisis. The sectors covered in the initial phase are clearly the ones that required the highest policy attention at this juncture, including MSME, power, and construction and real estate. The impact of the package totaling Rs 20 lakh crore to be unveiled in the next few days would add to spending power and bring relief to millions of enterprises that employ huge numbers of workers. We expect the stimulus measure to impart stability and growth to the economy. The prudent and well-calibrated set of measures announced today are expected to be supplemented by more such measures in the days to come which will help stabilize the economy to some extent. CII looks forward to the forthcoming packages
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

All of us are facing a tough challenge. Overall, things are not looking good. All industrial segments are suffering. Small-scale industries are under severe pressure. Large industries can’t run without ancillary companies and supply chain support. Stock markets are down globally. The rupee is under attack.  The good news is that, the Indian government has been handling the issue very sensibly, right from the beginning, compared with other affected geographies. Some say India is the safest place today. None of us should panic, rather, we should strictly adhere to advisories, stay calm, move around responsibly, work hard to contain and fight COVID-19, is the message CII wants to give out to all individuals, small entrepreneurs and large corporates in this country. 
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

Let us work together as business and responsible members of the community to tackle this unexpected and immense challenge and ensure that our nation does not suffer unduly as a result of the Coronavirus. 
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

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

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