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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

Contrary to the hype of economic turnaround, a survey conducted by the Associated Chambers of Commerce of India (<keyword id="6355988" type="CITY" weightage="100" keywordseo="Assocham">ASSOCHAM</keyword>) has revealed that there had not been any substantial change on the ground during the first six months of the Modi government. However, it expressed optimism that things will improve in the next few months. 
 “Not much has changed on the ground at the industry level in the last six months,” Assocham said, citing its ‘<keyword id="510162" type="UNKNOWN" weightage="100" keywordseo="Business-Confidence-Index">Business Confidence Index</keyword>’ – a confidence-measuring survey conducted in December 2014. 
 
According to 54% of the respondents, nothing much had changed at the ground level, while 58.3% of the respondents were optimistic that their sales volume will increase during January-March quarter (Q4). About 46% respondents said that they won’t make any change in their domestic investment plans in the fourth quarter, whereas 42% of those surveyed expected the prospects of hiring to improve in the coming months. 
 
“Typically, investment follows improvement in sales and profitability. The latter — sales and profitability — are falling in place and there would be a visible change in the next few months following which investment should follow since there is always a lag,” ASSOCHAM concluded.

Reality Check: No Substantial Change During First 6 Months Of Modi Govt, says ASSOCHAM

<ul><li><keyword id="6355988" type="COMPANY" weightage="20" keywordseo="assocham">ASSOCHAM</keyword> (Associated Chambers of Commerce and Industry) of India has suggested to rope in <keyword id="84980" type="ORGANIZATION" weightage="20" keywordseo="petroleum">Petroleum</keyword> products into the Goods &amp; Services Tax (<keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword>) net. </li><li>The Centre earned a whopping ₹2.4 trillion as excise duty from the petroleum sector in the 2017-18 fiscal. </li><li>The chamber also suggested relaxation on GST to restaurants and real estate sectors.</li></ul>Petroleum products should be brought under the Goods &amp; Services Tax (GST) ambit, according to industry body ASSOCHAM (Associated Chambers of Commerce and Industry). ''The two-year period for keeping petroleum products outside GST is almost over. Also, these products being outside GST leads to increase in cost for businesses. Therefore, these products should be brought under the GST," Asscham’s memorandum to the GST Council said. The industry body said that this move will help streamline businesses and seamless credit of Input Tax Credit (ITC). Some of the many taxes that petroleum products now attract includes, local and state taxes such as <keyword id="6391795" type="UNKNOWN" weightage="20" keywordseo="stamp-duty">stamp duty</keyword>, vehicle tax, mandi tax and road tax. Bringing it under GST can minimize the surging effect of taxes. In return, Assocham wants some relaxation on GST to restaurants and real estate players. It also sought clarity on the tax imposed on international transactions. The Centre collected a large chunk of its taxes from petrol and diesel due to the increasing rates during November 2014 to January 2016 period. It earned nearly ₹2.4 trillion as <a href="https://www.livemint.com/Industry/VfkjBX4mdrO24LnteA1BBN/Reduction-in-taxes-best-solution-to-check-fuel-price-rise-A.html">excise duty</a> from the petroleum sector in 2017-18 fiscal.

Petrol and diesel should come under GST, says industry body Assocham

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

An ASSOCHAM study shows that with 2.6 lakh new <keyword id="11018" type="COMPANY" weightage="20" keywordseo="Jobs">jobs</keyword>, Delhi-NCR (National Capital Region) has created the highest number of jobs during the fourth quarter of the last fiscal. This figure's relevance is understood only when you know that in the same period a total of 8.5 lakh jobs were created in eight major new cities. During January to March 2016, Delhi was followed by Bengaluru (1.9 lakh jobs), Mumbai (1.5 lakh), Chennai (82.2 thousand) and Hyderabad (60 thousand). About 88.9% of job openings have been recorded in these top five cities, said the <keyword id="3382215" type="UNKNOWN" weightage="20" keywordseo="ASSOCHAM-placement-study">ASSOCHAM placement study</keyword>. 

	"Among top metro cities, Delhi-NCR had maximum share of over 30.1% in job creation while Bengaluru witnessed a 23.4% contribution in job creation, followed by Mumbai with 18.6%," said DS Rawat, secretary general of ASSOCHAM. 
 

	As per the study, other major cities that have recorded significant job openings during January to March 2016 are Pune (49.2 thousand), Kolkata (25.2 thousand) and Ahmedabad (20.5 thousand). 
 Going sector-wise, Information technology (IT), IT-enabled services (ITeS) and the IT hardware sector together accounted for a majority share of about 60.6% in the total number of new jobs generated across sectors during January - March 2016, while services has ranked second with 17.6% share followed by manufacturing (9.4%), banking, financial services &amp; insurance (7.6%) and construction &amp; real estate (3.2%) in total <keyword id="6355127" type="ORGANIZATION" weightage="20" keywordseo="employment">employment</keyword> generation in July.

These figures show how Delhi-NCR is generating jobs like no other city

New Delhi, Apr 23 () With personal loans outstanding worth over Rs 25 lakh crore, industry body Assocham on Thursday flagged concerns that borrowers might find it difficult to make timely repayments and maintain their credit scores due to the coronavirus outbreak. In a report, Assocham said that having witnessed a robust year-on-year credit growth of 17 per cent at the end of February 2020, personal loans outstanding was about Rs 25.32 lakh crore. There is a grave challenge for borrowers to pay their EMIs on time without default and retain their credit scores, it noted. Basing its analysis on the latest RBI data, Assocham said housing, vehicle loans and credit card segments formed the major chunk of the personal loan outstanding. Though components like consumer durables have shown a big year-on-year growth of 43 per cent, the base was small with outstanding of Rs 6,495 crore. ''As we deep-dived into the data, the areas of concern appear to be housing, credit cards, vehicle loans and education loans. Though the RBI has granted a three-month moratorium on EMIs, deferment comes at the cost of compounding of interest as the tenure gets prolonged, " said Assocham Secretary General Deepak Sood. The industry body said the credit card spenders were, in a way, leading the demand push and were sitting on an outstanding of Rs 1.11 lakh crore as at February-end, logging a significant annualised growth of 33 per cent. Likewise, the housing sub-segment witnessed an annual expansion of 17.1 per cent with outstanding of Rs 13.30 lakh crore . Even before the coronavirus outbreak , vehicle loans were acting as driver for somehow reviving the automobile demand with outstanding loans of Rs 2.21 lakh crore with growth of 10.3 per cent, it said. The outstanding for other personal loans aggregated to Rs 7.17 lakh crore with a growth of over 20 per cent. Assocham said though education loans had shown a negative growth of 3.4 per cent, the aggregate outstandings were large enough at Rs 66,563 crore to pose debt-servicing risks, which would only scale up in the wake of employment situation deteriorating because of the lockdown and the subsequent costs to the economy. ''The outstanding loans to be serviced in different tenures carry different rates of interest and penalty clauses. For instance, the credit card default attracts huge compounding costs. Moreover, there is not much clarity with regard to credit card outstandings in reference to RBI moratorium, " said Sood. It further said the personal loan borrowers always remain concerned about maintaining their CIBIL credit scores. "Most of the personal borrowers are young professionals who have long working career as also personal ambitions ahead of them. We must ensure that their concerns are addressed and their credit scores are not compromised. After all, they are a key component of the India story," said the Assocham Secretary General. KPM ANUANU

Individual borrowers may find it hard to repay loans on time amid coronavirus outbreak: 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

When the entire nation is chanting the mantra of ‘Make in India,’ it seems that the catch phrase of Sino-Indian diplomacy ‘Hindi Chini Bhai Bhai’ has inspired Uttar Pradesh <keyword id="5269" type="POSITION" weightage="20" keywordseo="Chief-Minister">Chief Minister</keyword> <keyword id="6355031" type="PERSON" weightage="20" keywordseo="Akhilesh-Yadav">Akhilesh Yadav</keyword> to come up with a Chinese manufacturing zone (CMZ) in order to motivate Chinese entrepreneurs to <keyword id="47916" type="UNKNOWN" weightage="20" keywordseo="invest">invest</keyword> in the state. This was revealed in an Economic Times report. 
 D S <keyword id="6381658" type="PERSON" weightage="20" keywordseo="Rawat">Rawat</keyword>, secretary general of <keyword id="6355988" type="CITY" weightage="20" keywordseo="Assocham">ASSOCHAM</keyword>, who met Akhilesh Yadav on Tuesday, told the financial daily that Chinese companies have expressed interest in investing in Uttar Pradesh which could expect pumping in of at least Rs one lakh crore. 
 
Nearly 50 Chinese companies were in touch with this industry body for setting up of an exclusive manufacturing hub in the state. Rawat told ET, "They want to invest by creating a 'Chinese manufacturing zone' in India and UP suits their needs the best." 
 
Rawat further asserted that Akhilesh Yadav is "very excited" about the prospects and talked about providing land and other facilities for the manufacturing zone in Mathura. "The chief minister was told about Chinese companies' willingness to invest in UP and he was excited. He said that he was ready to welcome them and will not let this opportunity slip," he added. 
 
ASSOCHAM, which is one of the apex trade associations of India, was preparing a project report regarding proposal of the Chinese companies. 
 
The chief minister also said that senior officials would be sent to hold meeting with the representatives of Chinese companies, said the secretary general of ASSOCHAM. 
 
"We told the CM that if his government provides land and gives some rebate to willing Chinese companies, they will create their own zone. They want to bring 100 other companies with them. If this project succeeds then it will change the industrial map and fate of the state. The state will get atleast Rs one lakh crore investment from Chinese companies. Besides, other countries will get ready to invest in UP," Rawat told ET. 
 
If this project turn into a reality, Chinese companies would provide direct employment to 30,000 people and indirect employment to three lakh people.

​Akhilesh wants Chinese companies to ‘Make in UP’! No, it’s not a joke!

New Delhi, Mar 13 () Assocham on Friday said it is reaching out to its member base of over 4,50,000 from the industry and trade to work in close coordination with the Centre and state governments in dealing with coronavirus pandemic and follow medical and health protocols prescribed by the authorities. "With strong foreign exchange reserves of USD 487 billion as on March 6, 2020 and narrow current account deficit of USD 1.4 billion (as per the latest Q3 2019-20 data), India can confidently face the challenges of financial stability arising from global turmoil," Assocham Secretary General Deepak Sood said. He highlighted that the RBI data for April-December, 2019-20 clearly points out that Foreign Direct Investment considered the most stable, contributed USD 32 billion for the period while the Foreign Portfolio Investors (FPI) who keep shuffling portfolios in the financial markets, made less than half of this at USD 15 billion. "Our sources of foreign exchange are more of stable nature. With the country's import bill set to go down, we should continue to have a comfortable current account position, providing a fundamental strength to the Indian economy," Sood said. RSN MRMR

Assocham to reach out to 4.5 lakh members over coronavirus containment

New Delhi, Apr 2 () Industry body Assocham on Thursday urged the government to roll out a USD 100-120 billion stimulus package to help revive all sectors of the economy, which has been battered by the coronavirus outbreak and the subsequent nationwide lockdown. Stressing that the Reserve Bank's decision on key policy rate cut and measures to infuse liquidity could just be seen as a "quick short term fix", Assocham Secretary General Deepak Sood said the government would need to do much more in the immediate future. "This could include the central government making use of the current scenario, wherein the gloom of deflation as well as recession, and no threat of inflation hovers around the economy, to take advantage of the prevailing fiscal deficit present in the financial system, and put together a stimulus package of about USD 100 to 120 billion that is sure to help revive all sectors in the country," Sood said. India also stands to gain around USD 50 billion in fuel import bill due to the fall in global crude prices, he said in a statement. According to the chamber, the government may go in for temporary suspension of the Fiscal Responsibility and Budget Management Rules (FRBM) Act. The legislation, enacted way back in August 2003, was passed with the aim to make the central government responsible for ensuring ''inter-generational equity in fiscal management and long-term macro-economic stability''. "This move needs to be carried out to ensure that administrators within the current government at the centre, maintains the nation's finance with regards to revenue and expenditure in an organized manner, so the future generation does not inherit the burden of dealing with unsustainably high levels of debts," Sood said. Assocham further said during this nationwide lockdown, it is the vulnerable sections that are bound to suffer the most. Under such circumstances, they need to be provided with financial support in the form of an appropriate monetary package without the government reeling under the cloud of the FRBM Act, it added. On measures taken by the RBI, Sood said while those are appreciated, "I certainly believe that it may not be enough in the long run." The RBI moves may certainly stop the economy from a total collapse at the moment, but it, however, won't be enough to get the economy back on track to where it was, he added. Sood also expressed apprehension that there may be a rise in non-performing assets after the moratorium on payment of term loans comes to an end. RSN NKD ABMABM

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

IANS

Reality Check: No Substantial Change During First 6 Months Of Modi Govt, says ASSOCHAM

BI India Bureau

Petrol and diesel should come under GST, says industry body Assocham

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

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These figures show how Delhi-NCR is generating jobs like no other city

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Individual borrowers may find it hard to repay loans on time amid coronavirus outbreak: Assocham

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

PTI

Akhilesh wants Chinese companies to ‘Make in UP’! No, it’s not a joke!

BI India Bureau

Assocham to reach out to 4.5 lakh members over coronavirus containment

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Assocham seeks stimulus package to revive economy

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You Searched For "Assocham" and got 10 results

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

IANS

Reality Check: No Substantial Change During First 6 Months Of Modi Govt, says ASSOCHAM

BI India Bureau

Petrol and diesel should come under GST, says industry body Assocham

Prerna Sindwani

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

PTI

These figures show how Delhi-NCR is generating jobs like no other city

Anushree Singh

Individual borrowers may find it hard to repay loans on time amid coronavirus outbreak: Assocham

PTI

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

PTI

​Akhilesh wants Chinese companies to ‘Make in UP’! No, it’s not a joke!

BI India Bureau

Assocham to reach out to 4.5 lakh members over coronavirus containment

PTI

Assocham seeks stimulus package to revive economy

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Akhilesh wants Chinese companies to ‘Make in UP’! No, it’s not a joke!