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The Indian government will come out with a "<keyword id="1708150" type="General" weightage="60" keywordseo="payment-security-mechanism" source="Orion">payment security mechanism</keyword>" to support large-scale rollout of electric buses as it eyes a major transition towards green public transport across the country, <keyword id="184951" type="General" weightage="80" keywordseo="tarun-kapoor" source="Orion">Tarun Kapoor</keyword>, advisor to the Prime Minister at the <keyword id="6365387" type="General" weightage="50" keywordseo="pmo" source="Orion">PMO</keyword>, said on Thursday. He also emphasised on the need to bring down the cost of electric vehicles to accelerate their adoption. While the government will continue to provide subsidies like those being offered under the <keyword id="7723547" type="General" weightage="70" keywordseo="fame-ii-scheme" source="Orion">FAME-II scheme</keyword> because the price difference is huge and it has to be bridged, "we have to look at ways and means to bring down the price also, because government subsidy cannot be forever", he said, while addressing an <keyword id="1668995" type="General" weightage="20" keywordseo="assocham-conference" source="Orion">Assocham conference</keyword> on electric mobility here. Kapoor highlighted the need to be "a little more serious" in battery manufacturing "because we can't depend on imports". He said while China has taken the lead on lithium-ion batteries, India can catch up very fast and the government is looking at the entire ecosystem. He cited the example of the Mines and Minerals (Regulation and Amendment) Bill passed by Parliament in the ongoing session, which seeks to allow larger participation of the private sector in mineral exploration and production, including that of lithium. Kapoor said a "payment security mechanism" is being established after feedback was received about the difficulties in obtaining lending by financial companies. "Something major and very good is already planned and it will come out. So we should be able to roll out a large number of electric buses all over the country," he said.

New payment security mechanism to support large-scale e-bus rollout in the works

SpiceJet's Chairman &amp; Managing Director <keyword id="6357826" type="General" weightage="80" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> has assumed charge as the President <keyword id="6355988" type="General" weightage="100" keywordseo="assocham" source="Orion">Assocham</keyword>, replacing Renew Power MD Sumant Sinha after the completion of his tenure. <keyword id="6379795" type="General" weightage="50" keywordseo="sanjay-nayar" source="Orion">Sanjay Nayar</keyword>, founder and Chairman of Sorin Investment Fund is the new Senior Vice-President of Assocham, the industry body said in a release on Wednesday. "I am taking over at times which are both exciting and challenging. As an economy, India stands out as a robust economy in the midst of global headwinds. Even when major economies of the world are facing the threat of recession, the Indian economy is growing between 6.5-7 per cent," Singh said. He emphasised that the chamber would stay engaged with the government, Centre and states, leading academicians, economists besides corporate leaders to find solutions to the issues, which may crop up in a fast-changing global economic and political landscape. Singh studied at the Indian Institute of Technology - Delhi, where he received a degree in engineering, and got his Master's degree in Business Administration from Cornell University in the US. He also holds a Bachelor's degree in <keyword id="6355470" type="General" weightage="80" keywordseo="law" source="Orion">Law</keyword> (LLB) from the Law Faculty, the <keyword id="151282" type="General" weightage="50" keywordseo="university-of-delhi" source="Orion">University of Delhi</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/net-office-leasing-drops-34-in-jan-mar-to-six-quarter-low-across-top-7-cities-jll-india/articleshow/99115015.cms">Net office leasing drops 34% in Jan-Mar to six-quarter low across top 7 cities: JLL India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/sebi-directs-top-100-listed-firms-to-clarify-market-rumours-from-oct-1/articleshow/99115234.cms">SEBI directs top 100 listed firms to clarify market rumours from Oct 1</a>

SpiceJet CMD Ajay Singh takes over as the president of industry body Assocham

With <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>'s (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>) Monetary Policy Committee (<keyword id="6369693" type="General" weightage="50" keywordseo="mpc" source="Orion">MPC</keyword>) set to meet to decide on the policy rate revision, industry lobby body <keyword id="6355988" type="General" weightage="100" keywordseo="assocham" source="Orion">ASSOCHAM</keyword> has urged the former for a moderate hike. ASSOCHAM has also requested the RBI to treat retail loans for purchase of electric vehicle (EV) as priority sector lending. According to ASSOCHAM, the interest rate hike should be moderate so that the rising cost of borrowing does not have an adverse and disproportionate impact on the nascent economic recovery post the pandemic. At most, the new rate hike should not exceed the 25-35 basis points (bps) band, ASSOCHAM said in a letter to RBI Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword>, along with highlighting other issues facing the industry. One of the key recommendations advanced by ASSOCHAM is to treat retail loans for purchase of EVs as priority sector lending, with a concessional rate of interest. "Retail advances against EVs may be included under priority sector lending. This may help in catalysing India's EV story," ASSOCHAM Secretary General Deepak Sood said. As regards increasing cost of borrowing, the chamber said that the recovery in the Indian economy is quite noticeable, especially in the backdrop of the global head winds. However, it is still in the nascent stage and needs to be supported. "Signs of inflation peaking are visible when it comes to the domest ic economy. Even in the developed markets, early indications of inflation peaking are visible, thus setting a stage for the RBI-MPC to move towards halting the rate hike cycle," Sood said. In another suggestion, the chamber said RBI may consider a special window of borrowing for IREDA at repo rate, to ensure availability of low-cost funds for renewable projects. In a unique proposition, ASSOCHAM urged the central bank to consider a time bound approach for getting all banks under Account Aggregator (AA) framework. The framework helps an individual to access and share information from one financial institution to any other in the AA network securely and digitally. Other financial institutions, regulated by SEBI/IRDAI may be encouraged to join the framework as information providers and information users. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rupee-at-80-against-the-usd-a-possibility-say-analysts-as-us-fed-hints-at-slower-rate-hikes/articleshow/95940818.cms">Rupee may hit 80/$ aided by trifecta of softer rates, cooling crude and stronger macros, say analysts</a> <a href="https://www.businessinsider.in/business/corporates/news/globalbees-to-cred-and-two-adani-group-companies-companies-which-command-high-valuations-with-low-revenues/articleshow/95929044.cms">The curious case of companies which command high valuations with low revenues</a> <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-announces-price-hike-from-january-2023/articleshow/95941950.cms">Maruti Suzuki cars will get costlier from January 2023</a>

ASSOCHAM urges RBI not to hike repo rate beyond 25-35 bps

<ul><li>MSMEs hold immense potential in supporting India’s ambitious vision of a $40 trillion economy by 2047, says industry body Assocham.</li><li>Banks can fund <keyword id="6358354" type="General" weightage="20" keywordseo="msme" source="Orion">MSME</keyword> working capital requirements against <keyword id="4572080" type="General" weightage="20" keywordseo="GST-filings" source="Orion">GST filings</keyword>, suggests Assocham.</li><li>Another suggestion is to come up with a similar structure of REITs and InVITs, an investment trust that lends specifically to MSMEs via pooling.</li></ul>The micro, small and medium enterprises (MSME) sector has played a meaningful role in India’s growth. The sector holds immense potential in supporting India’s ambitious vision of a $40 trillion economy by 2047, says a report by industry body Assocham. However, the real struggle for small businesses lies in fundraising for future growth. The report highlighted challenges faced by MSMEs in terms of fundraising and recommended ways to solve the problem. “An April 2022 report by the Standing Committee on Finance estimated the credit gap in the MSME sector to the tune of ₹20-25 trillion. Therefore, funding via alternative sources apart from bank credit needs to be augmented for the MSME segment,” said the report. Given that nearly 60% of MSMEs raise funds through informal sources, formalization of the sector is necessary to facilitate growth, the industry body says. “To this end, banks could fund working capital requirements against GST filings, which are more reliable quantitatively, as compared to collateralized loans. This would not only enable MSMEs easy access to funds but also spur formalization through GST registrations,” Assocham said. Another suggestion is to come up with a similar structure of real estate investment trusts (REITs) and infrastructure investment trusts (InVITs). The industry body says that an investment trust that lends specifically to MSMEs via pooling – can be created. Disclosures a challenge with SME IPOs Apart from credit, small businesses also find it tough to raise equity. Raising funds by going public via <keyword id="5559702" type="General" weightage="20" keywordseo="SME-IPO" source="Orion">SME IPO</keyword> is also a challenge due to strict disclosure requirements. BSE SME Exchange was launched in 2012 while NSE launched SME Emerge platform and Nifty SME EMERGE Index in 2017 to encourage MSME companies to get public. “In November 2021, BSE also collaborated with the All-India MSME Association (AIMA) to encourage and promote the listing of MSMEs and start-ups through the SME platform. Although these steps helped overall resource mobilization in the initial years, evident from the gradual rise in number of MSMEs that have moved to the main board, we have not seen equity emerge as a source of MSME financing in a big way,” said the report. While tough disclosure remains a challenge, data shows that SME IPOs have witnessed good growth with hundreds of companies launching their issues with <a href="https://www.businessinsider.in/stock-market/news/small-is-the-new-big-sme-ipos-double-in-2022-while-mainboard-ipos-halve/articleshow/96618323.cms#:~:text=mainboard%20IPOs%20halve-,Small%20is%20the%20new%20big%3A%20SME%20IPOs%20double,2022%2C%20while%20mainboard%20IPOs%20halve&amp;text=In%202022%2C%20108%20SME%20IPOs,age%20technology%20IPOs%2C%20last%20year.">stellar performances</a>. In 2022, 108 SME IPOs were launched, as against 60 the year before. A net worth between ₹1 crore and ₹25 crore is one of the listing requirements for SME IPOs on BSE, as per BSE Stock Exchange. The minimum investment amount for an SME IPOs is quite large compared to regular IPOs – ₹1 lakh for SME IPOs versus nearly ₹15,000 for regular IPOs. The report also revealed that the Department for Promotion of Industry and Internal Trade (DPIIT) is in process of finalizing the new industrial policy, which amongst other things, encourages MSMEs to choose the corporate bond market. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mutual-funds-raise-bets-on-mid-small-cap-stocks-amid-volatile-markets/articleshow/98516460.cms">Mutual funds raise bets on mid &amp; small-cap stocks amid volatile markets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-continue-to-be-bearish-on-oil-gas-power-stocks-in-february-offload-equities-worth-7821-crore-in-the-two-sectors/articleshow/98511897.cms">FPIs continue to be bearish on oil &amp; gas, power stocks in February, offload equities worth ₹7,821 crore in the two sectors</a>

REIT-like structures, loans against GST filings can help solve MSME fundraising problems: Assocham

New Delhi, Mar 21 () With the coronavirus outbreak hitting businesses hard, industry body Assocham on Saturday said it has sought form the government a slew of measures to tide over this difficult economic situation.In a letter to Finance Minister Nirmala Sitharaman, it has suggested moratorium for a period of one year on debt repayments both for corporates and individuals.It has also urged the ministry for an urgent infusion of liquidity by the Life Insurance Corporation of India (LIC) into the Non Banking Financial Companies (NBFCs) in a quasi-equity format."Assocham has sought a blanket year-long moratorium by banks on debt repayment both for corporates and individuals as also urgent infusion of liquidity by the Life Insurance Corporation of India into the NBFCs in a quasi-equity format," Assocham said in a statement.The industry body said that as precautions are being taken amid outbreak of coronavirus, it would be prudent to put in place a strategy which will enable the economy to bounce back once things start returning to normalcy.Terming the outbreak of the deadly virus as "black swan", it said it has occurred at a time when the India's credit environment was "already fragile and the economy was slowing down."However, the difficult economic situation can be turned around with early financial measures, it said."Medium to long-term financing is key to stability of the crucial NBFCs which are one of the main sources of funding for the MSMEs, hit hardest by the Coronavirus crisis. The LIC investment into the NBFCs too would bear dividends for the state-owned insurance giant once fortunes turn for the overall economic cycle," Assocham President Niranjan Hiranandani said.He informed huge bail-out packages have already been announced in several major economies like UK, while the US is working on the packages which may exceed even a trillion dollar.For all present corporate loans which are impaired, the government and regulator should relax norms and allow a two-year window for the borrower and the lender to re-work the terms of loan based on the cash flow of the account. During that period, the loan account should be classified as 'standard' so that no provisioning is needed for the same, it suggested.The suggestions also included a thorough review of the NPA (non performing asset) guidelines and provisioning forms for the banks.It said "classifying an asset as NPA on the basis of number of days of dues unpaid is not quite in line with the global best practices."Assocham also suggested relaxation in section 29A of Insolvency and Bankruptcy Code (IBC) which as per the suggestion should be made applicable only in cases where perpetration of fraud by promoters has been established through a forensic audit."Otherwise, in cases where the promoters have been victims of circumstances or factors beyond their control, they should be allowed to bid for their companies during the resolution process. That would ensure better realization of value thereby improving the recovery by lenders," the body added. ABI MKJ

Coronavirus: Assocham suggests moratorium on debt repayments for corporates, individuals

New Delhi, Jan 15 () Industry chamber Assocham on Wednesday urged the government to reduce GST rate by 25 per cent across the board for the next six months with a view to boost investment and demand.
The industry body said that it is not the time to worry about widening fiscal deficit as in the current circumstances, deficit financing will not be in an issue.
"The first radical suggestion is that GST rate should be cut across all slabs by 25 per cent for the next six months in order to kick start the economy.
"It will mean an additional deficit of Rs 1.20 lakh crore, which obviously will increase fiscal deficit.....but in the circumstances of today, deficit financing will not be an issue," Assocham President Niranjan Hiranandani told reporters here.
He said that the move will encourage more businesses to pay tax, which will lead to generate more revenue due to expansion of the tax base.
Such steps would help in achieving the target of USD 5 trillion GDP, he added.
"We need to solve the unemployment problem of India along with GDP growth. GDP growth alone is not enough for India. It has to be inclusive. Our suggestions are in line with this fact," he said.
Hiranandani also said that fuel should be brought under the ambit of GST and the option for availing input tax credit should be available to all the businesses, so that the credit chain does not get blocked.
He also suggested that most NBFCs are under a huge liquidity crunch, which has a direct impact on the economic activities, resulting in a financial pressure and slowing down of businesses.
The finance minister, with support from the RBI, needs to create a professional panel to address the situation on a war footing, the president said.
"Allow large non-banks to convert into banks. They will be able to serve their target clientele (MSMEs, informal sector etc) and promote nationalist banks with initial ownership of even 100 per cent to be reduced gradually to 26 per cent over a given period of time," he said.
On direct taxes, he suggested the government that the maximum cap of tax rates for the salaried individual should be kept at 25 per cent, keeping in mind the reduced corporate tax rates.
"All allowances and deductions for example conveyance etc should be indexed as per cost of inflation notified for capital gains, since the date of their introduction".
On the agriculture sector, he said that corporates should be allowed to do contract farming and to infuse high-end technology in farming, there is a need to create technology up-gradation fund for agriculture to provide capital subsidy.
On telecom sector, the Assocham president said that it is absolutely imperative to address the AGR issue to ensure the continuity of business, and investment in the sector.
"Telecom Sector has been going through financial stress in the last 3 years. The recent AGR judgment has further aggravated the stress and lead to an unprecedented financial crisis," Hiranandani said.
Similarly for the real estate sector, he recommended that the banks and financial institutions should be given discretion to one time restructuring and/or roll over of their existing loans to the sector on the lines of loans to other segments.
When asked, whether the ongoing protests will dent investments, he said "I do not agree" as investors are looking at India in a positive manner. RR CS BAL

Assocham for cut in GST rates by 25 pc across board

Industry body <keyword id="6355988" type="UNKNOWN" weightage="20" keywordseo="assocham">Assocham</keyword> has identified 15 large import items for ramping up the country's domestic capacity to achieve the objective of Aatmanirbhar Bharat or self-reliant India in 2-3 years. These items include electronics, coal, iron-steel, non-ferrous metals and vegetable oils, among others. The analysis, based on the latest data, shows that the electronics goods are the largest non-oil import segment. Despite the country being under partial lockdown, India imported electronic goods worth USD 2.8 billion only in May, 2020. "In the circumstance of the industry operating in a normal way, these <keyword id="35091" type="CITY" weightage="20" keywordseo="imports">imports</keyword> are near about USD 5 billion a month - a huge drain on the forex which needs to be curtailed," Assocham said in a note. The chamber's Secretary General Deepak Sood said the Ministry of Electronics and Information Technology's recent scheme of production - linked incentives and encouraging champions can be a game-changer if pursued vigorously. Both domestic and foreign direct investment should be encouraged in the endeavour. The Production Linked Incentive Scheme (PLI) for Large Scale Electronics offers incentives to boost domestic manufacturing and attract large investments in mobile phone production and specified electronic components, including assembly, testing, marking and packaging (ATMP) units. The items of non-oil, non-gold imports with significant foreign exchange drain identified by the chamber include electronic goods, electrical and non-electrical machinery, iron and steel, inorganic and organic chemicals, coal-coke &amp; briquettes, and non-ferrous metals, artificial resins &amp; plastic, transport equipment, medicinal and pharmaceuticals. The other items in the list are vegetable oil, fertiliser, dyeing, tanning and colouring material, professional instruments and opticals, fruits and vegetables. "While we need to work on a long-term strategy to reduce our dependence on crude oil, in the short to medium term, we must move in a mission mode to be Aatmanirbhar in at least 15 of the critical sectors. "We should work on a twin track of not only investing more to ramp up capacity, but also ensure that the end-consumers get the best of the quality products at internationally competitive prices. Self-reliance in the real sense would mean an aggressive production and pricing strategy involving scale and speed of execution," Sood said.

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New payment security mechanism to support large-scale e-bus rollout in the works

PTI

SpiceJet CMD Ajay Singh takes over as the president of industry body Assocham

PTI

ASSOCHAM urges RBI not to hike repo rate beyond 25-35 bps

IANS

REIT-like structures, loans against GST filings can help solve MSME fundraising problems: Assocham

Bhakti Makwana

Coronavirus: Assocham suggests moratorium on debt repayments for corporates, individuals

PTI

Assocham for cut in GST rates by 25 pc across board

PTI

India should ramp up domestic production of these 15 products to be truly self-reliant

PTI

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