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Industry Voices
 
Finance Minister’s constant attention to key issues facing the economy bolsters industry confidence that growth is topmost priority of the Government. We appreciate that the policy package announced today was undertaken after many consultations with industry. Such a consultative approach adds to the real-time policymaking strategy that the Government has adopted. Overall, the measures announced for exports and housing address significant pain points in these sectors which will bring relief to industry and help revive investments. Importantly, the two sectors have immense downstream and upstream linkages and facilitative steps to enhance fund availability will create a multiplier effect for gains to many sectors. For exports, which are suffering from global trade tensions, the steps towards access to credit, trade facilitation, FTAs and standards and certifications would encourage exporters to look overseas with more vigour. The Remission of Duties and Taxes for Export Product Scheme (RoDTEP) for all sectors to replace current MEIS would make Indian products more competitive and is in line with CII suggestions. We believe it will meet the immediate requirements of exporters with an expected boost of Rs 50,000 crores. The housing sector measures promise to impart confidence to middle and low-income house buyers. Once the stuck housing projects commence operations again, new investments can be expected in the sector which would add to the overall growth impetus for other sectors as well.
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

The moderation in the growth print to 5.0% in the first quarter of the current fiscal is not completely unexpected but at the same time does reinforce the concerns that industry has about entering a phase of slowdown. While not at variance with global growth trends, CII hopes that India should buck the trend with appropriate interventions from the government. As a very receptive government, we have seen prompt action in terms of the first tranche of the stimulus being announced on 23 August and significant measures on bank consolidation being announced today. CII is expecting that the Finance Minister would soon follow this up with the next tranches of stimulus measures, which would help the economy turnaround. With the festive season just around the corner, this is a critical time for industries which are consumer facing and a significant set of measures now would help the economy get back on track.  We expect further improvement in farm sector growth on the back of normal monsoons. Bank consolidation, governance measures and capital infusion would add to the growth impetus.   
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

The Union Budget 2019-20 provided the right amount of stimulus which would unleash the animal spirits, fire up the economy to take it upto US$5 trillion by 2025. The adherence to fiscal consolidation path while providing the necessary boost to consumption, investment and special emphasis on agriculture and rural sector are steps in the right direction to take the economy to US $ 5 trillion mark. Allowing 100% FDI in insurance intermediaries is a good move as it will encourage global best practices in the India market. This along with the proposal to increase FDI limits in aviation, insurance and media will help improve the availability of foreign capital for these sectors.
Mr Vikram S. Kirloskar, President, CIIPresident, CII, 2019 - 20

Employment creation needs a strategic boost, including from the lens of revenue generation. The key sectors to be propelled for more job generation include the tourism ecosystem, the textiles to garments value chain, and farm-to-fork supply in the agriculture and food processing sector. End-to-end supply chains in the auto industry, construction sector and retail sector also require strong policy attention.  To fire the four engines of consumption, investment, Government spending and exports, it is essential to reduce income tax burden and expand the scope of investment allowance to all sectors including services sector, mining, electricity generation, infrastructure service providers, agriculture and agro-processing sector. There is need for higher export incentives to help Indian exporters address the cost disadvantage in global markets. 
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

We warmly congratulate the NDA on the landslide victory under the visionary leadership of Hon’ble Prime Minister Narendra Modi. The sweeping referendum truly redefines the destiny of the country and makes this India’s century. The stellar and decisive leadership of Hon’ble Prime Minister has led to this magnificent mandate for development. Industry is tremendously excited about Modi 2.0. Over the last five years, the Prime Minister has brought in innovative mega missions that have changed the lives of hundreds of millions of citizens, driving a new template for development. With the mandate for another five years under his visionary and strong leadership, the transformation of India is on the fast track. This is a win for India, a win for India’s people, a win for India’s development.
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

Strong action to spur consumption, investments and net exports will take GDP growth rates much higher. This is the right time for India to think big and envision GDP growth rate of 10% to greatly improve development outcomes. With a landslide electoral victory and new Council of Ministers in place, we expect the Government to engage strongly with industry to ideate and implement impactful policy solutions for double-digit growth.  Given recent data releases, CII is according high attention to four key issues of energizing growth, generating new jobs, deepening India’s overseas footprint, and energy security. CII is focussing on strengthening Indian industry’s role in policy solutions as well as targeted action initiatives under the theme of Competitiveness of India Inc: India@75 – Forging Ahead.
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

It is important to study diverse sources of revenue and expenditure heads to truly assess the fiscal situation of a nation. A single criterion such as the ‘fiscal deficit to GDP ratio’ does not tell us anything about the quality of the Budget. Hence, the Government should use multiple indicators to measure the quality of Budgets at the Central and the State levels rather than a single indicator.  In view of the results obtained from our analysis, we recommend that the Fiscal Responsibility and Budget Management (FRBM) Act which sets targets for the governments to reduce fiscal deficits should not solely focus on one component. Instead, a holistic performance of all entities viewed from all angles of expenditure quality, revenue receipts quality, and fiscal prudence should be taken into consideration.
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

Constructive Disruptions driven by market forces coupled with enabling policies is the kernel of any innovation and we are hopeful that the same is adopted as India readies itself for the advent of new technologies in mobility including electric vehicles.  It is important to set the goals right and work towards them as we look at fuel efficiencies and choices for future mobility solutions. The processes of how we get there should be driven by market and industry, to get the best results for the nation.
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

A simplified taxation regime is pivotal for improving the revenue flows and help government stick to fiscal prudence without crowding-out private investments. For this to fructify, a timeline for a Taxation regime (Direct Tax) needs to be announced where the highest rate should be 18%, in addition to removing all exemptions and not doing grandfathering.  Stepping up investments, both public and private, is critical for boosting our growth potential. In this context, the New Industrial Policy needs to be made more potent in providing key directions in terms of continuity, consistency and certainty for all policies governing industry. 
Mr Vikram S. KirloskarPresident, CII, 2019 - 20

For CII, partnership with Government has always been a central priority as we believe that industry is a key player in national development. As economic reforms open up the space for efficient markets, productive enterprises and better human capabilities, Indian industry’s role has intensified and gained immense traction. Today, Indian industry is performing capably and taking the lead across sectors of agriculture, manufacturing, infrastructure and services. India’s notable achievements as one of the fastest growing markets for many areas is today the center of global attention and is setting the pace for its overall growth and development.
Mr. Vikram S. KirloskarPresident, CII, 2019 - 20

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