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<keyword id="24068881" type="General" weightage="100" keywordseo="Equity-investments-in-Indian-real-estate" source="keywords">Equity investments in Indian real estate</keyword> may rise 49% to $11 billion this calendar year amid strong demand for properties, according to CII and CBRE. In the 2023 calendar year, the equity investments in real estate stood at $7.4 billion. Industry body CII and real estate consultant CBRE on Wednesday released a joint report titled 'Leading the Charge: Crafting the Skylines of Tomorrow' at the annual CII Realty 2024 conclave. Equity capital inflows touched $8.9 billion between January and September, registering a 46% year-on-year growth. "Overall equity investments in 2024 in the real estate sector are set to hit a new record surpassing $10 billion for the first time," the report said. With a resurgence in investment inflows in built-up office assets and a strong acquisition pipeline for land in the residential sector, the overall equity investments in 2024 would be in the $10-11 billion range. During January-September, institutional and collective vehicle investors accounted for nearly 40% of the overall investments. Developer companies led the total capital inflows with more than 41% share in this period. Domestic investors (predominantly developers) invested nearly USD 6 billion during the first nine months of the calendar year, dominating the overall capital inflows with an almost 65% share. In comparison, foreign investors contributed about $3.1 billion during the same timeframe. Notably, North American and Singaporean investors were the significant contributors, representing about 85% of all foreign capital inflows. Anshuman Magazine, Chairman &amp; CEO, India, South-East Asia, Middle East &amp; Africa, CBRE, said, "Projection for 2024 equity investments between $10-11 billion, highest-ever, underscores continued investor interest in the growing <keyword id="23870227" type="General" weightage="20" keywordseo="real-estate-market-in-India" source="keywords">real estate market in India</keyword>." With SEBI's SM-REIT framework, he said, smaller but high-quality assets in Tier-II markets would also present new avenues for strategic capital deployment. "We believe this regulatory support will add much-needed transparency, enabling a more diversified investment base and encouraging institutional participation across these markets," Magazine said. Going ahead, he said this growing diversification will not only solidify India's real estate sector but also pave the way for future growth across emerging asset classes.

Equity investments in Indian real estate may rise 49% to record $11 billion this year, says CII-CBRE report

New Delhi [India], May 17 (ANI): <keyword id="7706673" type="General" weightage="20" keywordseo="finance-minister-nirmala-sitharaman" source="Orion">Finance Minister Nirmala Sitharaman</keyword> asked for a greater push to the <keyword id="19955573" type="General" weightage="20" keywordseo="manufacturing-sector" source="keywords">manufacturing sector</keyword>. Speaking at the CII Annual Business Summit 2024 in Delhi on Friday, Sitharaman said many suggest India has a bigger opportunity in services but we can't ignore manufacturing and it must be pushed with greater investment and help from government policies. "Manufacturing must increase, India must also increase manufacturing with the help of policies, its share in manufacturing in global value chains. So we need to have greater sophistication in our product manufacturing and we also need to see how this can be given the best policy support" said the minister. During the event, the minister highlighted the IMF report which says, India's contribution to global growth will be 18 per cent over the next five years beginning in 2023. The minister also shared that the year 2023 to 2028 will be very dynamic for India's growth. "IMF estimated that India's contribution to the global growth for five years beginning 2023, will be 18 per cent, So between 2023 and 2028 we are looking at an India which will be dynamic contributing to 18 per cent to the global growth," said the minister. The minister also highlighted that India's growth story is a compelling growth story she quoted the S&amp;P global market intelligence outlook and shared about the growing consumer market in India. "The Indian consumer market is likely to double by 2031, there is 2.9 trillion-dollar opportunity in that. The report also suggests that consumer spending on food in India is estimated to rise to 1.4 trillion US dollars, again one trillion dollar opportunity lies in waiting" the minister added. Quoting the <keyword id="962573" type="General" weightage="20" keywordseo="SP-report" source="Orion">S&amp;P report</keyword> the minister further adds that the opportunities in India's <keyword id="20682832" type="General" weightage="20" keywordseo="financial-market" source="keywords">financial market</keyword> is great too "Spending on financial services will climb to 670 billion us dollars, there is 390 billion opportunity waiting for us. These are the opportunities that are untapped till now" Sitharaman said that according to the World Economic Forum projections 50 million net jobs will be created in India from <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword> and it will ass USD 1 trillion to the economy of the country. "WEF projects 50 million net economy jobs are going to be created in India from green energy and 1 trillion economic impact by the year 2030. The solar energy has itself shown the extent to which job creation policy exists" said the minister Highlighting the improvement in the financial sector of India the minister pointed out the resolutions by the government of the twin balance sheet problem in India where the balance sheet of banks and corporates both were affected due to the rising NPA's and non-payment of dues. She said "RBI and government survey report said from those twin balance sheet problems of 2013-14 today it is twin balance sheet advantage situation. So both corporate and financial sector balance sheets have not just turned around but are in pink to help. She added that the "twin balance sheet advantage is there for both the opportunity and confidence element that this situation gives us." The CII conference catalyzes conversations along 6 tracks which include Growth and Development, Green Economy, India and the World, Advanced Technology and Innovation, Employment and Livelihood, Startups, and New Age Businesses. The CII Annual Business Summit is a two-day summit in Delhi on May 17-18. (ANI)

Finance minister asks for greater push and investment in the manufacturing sector at the CII Annual Summit

<ul><li>Inflation has moderated, but there is no room for complacency, said the <keyword id="64190" type="General" weightage="20" keywordseo="rbi-governor" source="Orion">RBI governor</keyword>, speaking at a <keyword id="189910" type="General" weightage="20" keywordseo="cii-event" source="Orion">CII event</keyword>. </li><li>RBI will remain proactive and prudent, and will do its best to support the economy to maintain financial stability, <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said. </li><li>Das however sounded a cautious note on El Nino, a weather phenomenon that’s on the horizon. </li></ul> Governor of the Reserve Bank of India (RBI) , Shaktikanta Das, on Wednesday said the next retail inflation print would most likely be lower than 4.7%. Retail inflation hit an 18-month low at 4.7% in April. “Inflation has moderated, but there is no room for complacency. War against inflation is not over. Pausing <keyword id="114268" type="General" weightage="20" keywordseo="interest-rate-hike" source="Orion">interest rate hike</keyword> is not in my hands, depends on the on-ground situation,” Das said speaking at the annual CII session in New Delhi. He also said the Indian banking system remained stable and resilient with strong capital, liquidity position and improving asset quality. And that,the central bank would remain proactive and prudent, and would do its best to support the economy to maintain financial stability. Besides, he said, credit offtake in banks also is remaining quite resilient, and it is 15.5% as per the latest figure. "And on top of that, we have the advantage of demography, which again is a huge opportunity for India. And it's something which will eventually add to our potential output or what some people prefer to call it India's growth potential. That's a theme, which will play out in the medium to long term," he said. He expressed confidence India could clock a growth of 6.5 per cent during the current financial year on the back of these tailwinds. The central bank will also ensure adequate availability of liquidity to meet production requirements of the economy, he assured. Retail inflation inches close to lower end of RBI tolerance limit In the month of April, retail inflation, or consumer price index (CPI) inflation which came in at 4.7% — and has been closing in on the lower tolerance limit of RBI’s 4-6% band. For the last three quarters, the country’s retail inflation has been above RBI's upper tolerance limit of 6%. It fell back into the central bank’s comfort zone only in November 2022. The persistently high inflation over months led to RBI’s monetary policy committee hiking the base interest rates six times before taking a pause in the last monetary policy in April. Since May 2022, RBI has raised rates by a total of 250 basis points. In spite of displaying confidence on cooling inflation, Das did not make any comments on a further pause in rate hikes. “Have to see how El Nino plays out,” he said at the CII event. El Nino is a band of warm ocean water that spans from South America to Asia triggering far-reaching weather changes. It has affected economic growth and caused losses in two separate events in the early 80s and late 90s. According to new research published in the journal Science, this phenomenon is on its way yet again and could potentially wipe out<a href="https://www.businessinsider.in/india/news/el-nino-on-the-way-could-wipe-out-3-trillion-of-world-economy/articleshow/100392049.cms"> $3 trillion from the world economy</a>. (With inputs from PTI)

Pausing interest rate hike not in my hands, depends on the on-ground situation: RBI governor

<ul><li>51.4 lakh <keyword id="657946" type="General" weightage="20" keywordseo="millennials" source="Orion">millennials</keyword> of the 76.5 lakh new millennial <keyword id="6359051" type="General" weightage="20" keywordseo="investors" source="Orion">investors</keyword> have chosen the SIP route for their first investment, as per a CAMS-CII report. </li><li>43% of millennials are expanding their exposure to more than one fund house. </li><li>A growing number of millennial investors have investments in two, three or multiple SIPs. </li></ul>One expects millennials to opt for a do-it-yourself (DIY) mode when investing in mutual funds (MFs). However, contrary to popular belief, 95% of millennials have chosen advisors or distributors to begin their MF journey, according to a report by mutual fund transfer agency <keyword id="271251" type="General" weightage="20" keywordseo="cams" source="Orion">CAMS</keyword> and the Confederation of Indian Industry (<keyword id="6358345" type="General" weightage="20" keywordseo="cii" source="Orion">CII</keyword>). The report further says that RIAs (registered investment advisors) have been successful in attracting millennials by offering digital apps for seamless journeys. As a result, 35% of new millennial investors have been sourced by RIAs, which has skewed the share toward urban cities. “Consulting a distributor or investment advisor is like meeting a specialised doctor. The investment advisor will understand the investor’s behaviour, risk appetite and time horizon. Accordingly, he/she will make the investment suggestions. Bypassing the investment advisor and buying directly from direct investment platforms is like buying medicines directly from medical stores, rather than consulting a doctor,” says Kunal Jain, senior consultant, Alpha Capital, an investment management firm. One of the drawbacks of DIY is that investors look at the funds based only on the past performance. “Most investors do not have access to a fund manager's point of view, and the access to analyse the underlying holdings of the fund. If they are holding more than one fund, they do not know if there is any overlap in holdings in those funds,” says B. Srinivasan, director and founder, Shree Sidvin Investment Advisors. Here is where an expert can provide help. Millennials are often referred to as the internet generation, making it natural for them to prefer digital convenience. However, despite that, 25% of new millennial investors are choosing the paper mode to enter the MF industry. The SIP route to <keyword id="383407" type="General" weightage="20" keywordseo="mutual-fund-investments" source="Orion">mutual fund investments</keyword> Over the past five years, millennials have made up the largest segment of new investors in mutual funds, with their percentage share reaching a peak of 57% in FY20. The report also finds that 51.4 lakh millennials of the 76.5 lakh new millennial investors have chosen the SIP route for their first investment. Exploring the millennials' affinity for SIPs revealed some interesting insights. In 2018-19, 10.4 lakh millennials commenced their investment journey, with 4.2 lakh SIPs added that same year and 21.2 lakh over the following four years. The cumulative number of SIPs show that many millennial investors have two, three or multiple SIPs. 43% of millennials are expanding their exposure to more than one fund house. The report was based on data from CAMS-serviced mutual funds. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/best-deals-on-samsung-smartphones-you-shouldnt-miss/articleshow/100008554.cms">Best deals on Samsung smartphones you shouldn’t miss</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/healthcare-saas-company-thb-raises-20-million-to-expand-global-operations/articleshow/100008372.cms">Healthcare SaaS company THB raises $20 million to expand global operations</a>

Millennials prefer to take the advisor route to mutual fund investments

The cost <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> index (<keyword id="6358345" type="General" weightage="80" keywordseo="cii" source="Orion">CII</keyword>) for 2023-24 relevant to assessment year 2024-25 stood at 348, according to a notification issued by the <keyword id="121964" type="General" weightage="100" keywordseo="central-board-of-direct-taxes" source="Orion">Central Board of Direct Taxes</keyword> (<keyword id="128665" type="General" weightage="50" keywordseo="cbdt" source="Orion">CBDT</keyword>) on Tuesday. The income tax department notified the CII for calculating long-term capital gains which arise from sale of assets like immovable property, securities and jewellery. The CII number for 2022-23 was 331 and for 2021-22 it was 317. CII is notified under the <keyword id="472467" type="General" weightage="20" keywordseo="income-tax-act" source="Orion">Income-tax Act</keyword>, 1961 annually. It is commonly used for calculating 'indexed cost of acquisition' while calculating capital gains at the time of sale of any capital asset. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/daphne-du-mauriers-the-birds-predicted-environmental-crisis-70-years-ago/articleshow/99398111.cms">Daphne du Maurier's The Birds predicted environmental crisis 70 years ago</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/amul-vs-nandini-how-the-dairy-giants-compare-in-terms-of-price-product-types-and-more/slidelist/99398670.cms">Amul vs Nandini: How the dairy giants compare in terms of price, product types and more</a>

Central Board of Direct Taxes notifies cost inflation index for 2023-24

The process of the world's transition towards 'net-zero' needs to be inclusive to avoid accentuation of social inequality challenge and the 'exemplary progress' made by <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> in the area is worthwhile for the global community to look at, <keyword id="6357073" type="DOMAIN" weightage="20" keywordseo="itc" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="itc" meta.entityname="ITC Ltd." meta.entityid="13554" meta.seoname="itc-ltd">ITC</keyword> Chairman and Managing Director <keyword id="1968926" type="General" weightage="50" keywordseo="sanjiv-puri" source="Orion">Sanjiv Puri</keyword> said on Monday. In his address at the Business-20 (B20) India inception meeting in Gandhinagar, <keyword id="4903" type="General" weightage="100" keywordseo="puri" source="Orion">Puri</keyword> also called for collective efforts in the G-20 and global community to come together to find solutions in a collaborative fashion for a sustainable future. "The fact that the world has to transition to net-zero, the fact that the world needs to move to a more sustainable and greener future is well acknowledged and understood. However, as we all know, progress has not been adequate," Puri said at the meeting organised by <keyword id="6358345" type="General" weightage="50" keywordseo="cii" source="Orion">CII</keyword>. There are challenges, there are critical, financial and social issues that need to be addressed, to accelerate progress, he added. "It is important as we traverse this complex journey that the process is inclusive, no country, no community, no enterprise should be excluded in the process. Otherwise, the whole challenge of social inequality will only get accentuated," Puri cautioned. In this context, he said,"I think it would be worthwhile to look at the manner in which India has made exemplary progress in this area. India is on its way to deliver on the NDCs (Nationally determined contributions) that India has committed. It's in fact the only country amongst the G-20 that is in a position to do so." Whilst India has made appreciable progress through purposeful policy interventions, he said,"Equally it has recognised the need for an inclusive process. The focus on <keyword id="6358354" type="General" weightage="50" keywordseo="msme" source="Orion">MSME</keyword>, the focus on rescaling, upskilling, I think the whole India stack of digital provides the vehicles for collaboration and inclusive growth." <keyword id="6357147" type="DOMAIN" weightage="20" keywordseo="tata-steel" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="tata steel" meta.entityname="Tata Steel Ltd." meta.entityid="12902" meta.seoname="tata-steel-ltd">Tata Steel</keyword> CEO and Managing Director TV Narendran agreed that there was a need to move towards a sustainable future by taking along all the stakeholders. "There are millions of people who are working in the coal or the fossil fuel ecosystem. How do you, as you transition into renewable energies, rescale those workers or how do you make sure that you deal with the socio-economic consequences of the changes that we are bringing about particularly in developing countries where the socio-economic consequences are going to be immense," he said. He asserted that there are multiple areas that "we need to work on and I think there is a need for us to now get into the details and get into those milestones that we need to achieve over the next few years, even as we chase the goals that you've set for the next few decades." Puri termed the journey ahead as "complex" with focus on many areas needed and said,"it requires all of us collectively, in G-20 and the global community to come together and find solutions in a collaborative fashion while delivering our own promises." He cited the example of collaboration in the <keyword id="3155010" type="General" weightage="50" keywordseo="international-solar-alliance" source="Orion">International Solar Alliance</keyword> and said it has brought the world together to harness the power of solar energy. "Similarly, there are many other areas we need to collaborate on and put our heads together and forge ahead," Puri said adding, enterprises as large economic organs of society must lead the way. He further said,"We (enterprises) are also users of a lot of societal resources. It's good that there is greater amount of interest, better trust amongst corporates, but I think the movement needs to be made much faster, the movement needs to be made much more inclusive, much more widespread." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/b20-has-important-role-to-play-can-be-value-adding-for-world-says-n-chandrasekaran/articleshow/97244919.cms">B20 has important role to play; can be value adding for world, says N Chandrasekaran</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-plans-to-launch-at-least-five-ipos-between-2026-to-2028/slidelist/97248256.cms">Gautam Adani plans to launch at least five IPOs between 2026 to 2028</a>

Transition to net-zero should be inclusive to avoid accentuation of social inequality, says ITC CMD Puri

Chennai, Aug 14 (PTI): The Confederation of Indian Industry (CII), Tamil Nadu, on Saturday welcomed the first-ever agricultural budget of the State government by saying the announcements would help increase farm produce. The budget, presented by the Minister for Agriculture and Farmers' Welfare M R K Panneerselvam, would help in not only increasing the produce but also enhance the income of farmers, said chairman of CII-TN S Chandrakumar. The incentives for organic cultivation, increased allocation for fruit crop production, millet procurement from farmers and the creation of export zone for drumstick are welcome, he said in a press release. The announcements to set up a centre for research on turmeric in Erode and subsidy for solar-powered pumpsets were some of the key recommendations made by the CII, he said. The proposals to increase cultivable lands, give incentives for palm-tree cultivation, promote coconut cultivation and create 1,100 farmer- producer organisations and to train farmers in cultivation as per market demand would increase farm output, he said. PTI VIJ NVG NVG

First farm budget in TN aims at increasing income of ryots: CII

<a href="http://www.businessinsider.in/searchresult.cms?query=Finance+Minister+Arun+Jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a>, while defending the <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation+drive&amp;sortorder=effectivedate">demonetisation drive</a>, said that it "shook" the financial system for a short while, but will integrate the shadow economy with the formal in the long run and ensure better <a href="http://www.businessinsider.in/searchresult.cms?query=tax+compliance&amp;sortorder=effectivedate">tax compliance</a>. 
 
"The size of the formal economy is expanding, so are the transactions in the banking system and through the digital mode," he said. 
 
He said that issues regarding the <a href="http://www.businessinsider.in/searchresult.cms?query=Goods+and+Services+Tax&amp;sortorder=effectivedate">Goods and Services Tax</a> (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>) have been sorted out between the Centre and states and finally the new indirect tax regime is at the final stages of implementation. 
 "This (demonetisation), coupled with GST, in the days to come will ensure much larger revenues as far as states and the central government are concerned and expand the size as far as the formal economy is concerned," Jaitley said at the <keyword id="6358345" type="ORGANIZATION" weightage="20" keywordseo="CII">CII</keyword> Partnership Summit. 
 
He also said that India is largely a tax non-compliant society and due to that states and the central government has struggled with their revenues to run the system and this further led to an unfair enrichment in favour of the evader. 
 
"It also becomes very unfair on the normal taxpayer because what the evader manages to evade is what the compliant has to pay more," Jaitley said. 
 As for the implementation of GST, the <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">finance minister</keyword> said new <a href="http://www.businessinsider.in/searchresult.cms?query=indirect+tax+regime&amp;sortorder=effectivedate">indirect tax regime</a> will make India one single market, eliminate multiple assessments, check evasion and bring more revenues into the system. 
 
"I am glad that almost all state governments have actively co-operated in making this a reality. Most of the contentious issues have been sorted out in the GST Council, a forum where you will see deliberative democracy in action. Those are now at final stages of implementation," Jaitley said.

Demonetisation, GST will fetch more revenues to government, says Arun Jaitley

A recent <keyword id="509604" type="UNKNOWN" weightage="20" keywordseo="CII-Survey">CII survey</keyword> points out the need for the government to speed up implementation of <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>, address the issue of cheap imports and improve investment climate as majority of sectors are witnessing 'moderate' growth. 

	The survey, which tracks the growth of economic sectors on a quarterly basis, asks for the quick implementation of the announcements in the budget especially in the infrastructure space, boosting export competitiveness and addressing the issue of delayed payments. 
 

	Overall, the current trends reveal that majority of the sectors are continuing to witness 'moderate' growth trends with 'excellent' and 'high' growth limited to some sectors, it said. 
 

	However, a decline in the share of sectors registering 'low' growth is clearly an indication towards the bottoming out of growth trends in the majority of sectors. 
 

	"Going forward, on the back of the various measures and structural reforms taken by the government, it is expected that the current momentum would be supportive of the revival becoming broad based in the coming quarters," it said. 
 It said key economic reforms like GST, <keyword id="6364579" type="UNKNOWN" weightage="20" keywordseo="Land-acquisition">land acquisition</keyword>, <keyword id="176311" type="UNKNOWN" weightage="20" keywordseo="labour-laws">labour laws</keyword>, public procurement policy will add to improving the business environment and also play a big role in investment decisions. 

	To further support the Make in India initiative, there is a need to strengthen anti-dumping laws to protect local manufacturing and provide subsidies on production of major raw materials of key export products to make them cost competitive, it said. 
 

	"Increasing tax credit and providing tax deduction for R&amp;D would provide a competitive edge to several sectors involving R&amp;D. Tax incentives would significantly help small companies, which face a difficult task of acquiring credit from banks," the CII-ASCON survey said. 
 To further push the pace of recovery in <keyword id="47276" type="UNKNOWN" weightage="20" keywordseo="Economic-growth">economic growth</keyword>, the respondents to the survey have suggested several broad measures including "need to speed up reforms, focus on implementation and improving growth." 
	 

	The survey stated that while a majority of the sectors are still continuing to witness 'moderate' growth rates of ( 0 to 10 per cent), 'excellent' (less than 20 per cent) and 'high' (10-20 per cent) growth are limited only to few sectors. 
 

	Moreover, there has been a sharp decline in the share of sectors registering 'low' growth.
 

	Out of the 102 sectors surveyed including crude oil , cement and natural gas , the share of sectors registering 'excellent' growth has remained constant during the fourth quarter of 2015-16. 
 

	However, the share of sectors witnessing 'high' growth has surged substantially to 20.6 per cent.

'Government should speed up reforms to push economic growth'

A CII-KPMG report released today shows that the Services sector contributed about 61 per cent to India’s <keyword id="35050" type="CITY" weightage="40" keywordseo="gdp">GDP</keyword> in the year 2014-15, thereby making India the second fastest growing services economy in the world. 
 
Moreover, it has also been showing strong growth of approximately 10 per cent per annum. The report also cites the key services sectors which are driving this growth - IT, telecom, tourism, media and entertainment, healthcare, management consulting, logistics and professional services. 
 Both, this report and the <keyword id="6354424" type="ORGANIZATION" weightage="40" keywordseo="World-Bank">World Bank</keyword> finding that this sector is contributing in poverty alleviation more than agriculture and manufacturing, has proven that Services is increasingly becoming critical to the development trajectory of our country. 
 Rajat Wahi, Partner and Head, Consumer Markets, <keyword id="50041" type="CITY" weightage="40" keywordseo="KPMG">KPMG</keyword> in India, said, “India’s young demographic profile combined with its rising literacy rate, offers it a significant competitive advantage vis-à-vis other developing economies. Along with the ‘Make in India’ initiative that is striving to boost the <keyword id="6395867" type="UNKNOWN" weightage="40" keywordseo="manufacturing-sector">manufacturing sector</keyword>, the Prime Minister has outlined a vision to represent India as a world-class services hub across sectors. Multiple stakeholders need to work cohesively to help achieve this vision.” 
 He further added, “Technology, innovation and creativity are rapidly redefining the <keyword id="47890" type="ORGANIZATION" weightage="40" keywordseo="global-economy">global economy</keyword> with digitization collapsing distances and transcending borders. In the process, the impact of the services sector is turning out to be manifold and significant. India has pride of place as the fastest-growing service sector nation globally. To keep the momentum going, it is critical that stakeholders, investors and policy-makers are best equipped in strategizing for the future and tapping the best markets globally.” 
 
Notably, India’s share in global services exports was 3.2 per cent in 2014-15, double that of its merchandise exports in global merchandise exports at 1.7 per cent, placing India in the eighth place currently amongst the top ten exporters of service in the world. 
 
(Image credits: NYTimes)

A CII-KPMG Report shows Services Sector growing at 10% annually, contributing 61% to India’s GDP

New Delhi, Apr 14 () Industry body CII on Tuesday urged the government to relax collateral norms, extend moratorium, wage support and release government dues to provide relief to micro, small and medium enterprises (MSMEs).Confederation of Indian Industry (CII) in its recommendations, submitted to the finance ministry and various other government departments, sought expediting UK Sinha Committee recommended Fund of Funds for MSMEs, which has been under the consideration of the government, and augmenting the assets of MUDRA Bank."With limited resources, MSMEs do not have the capacity to withstand massive shocks like COVID-19. In addition, many MSMEs are an important part of larger supply chains. The health of these MSMEs have a bearing on the entire supply chain, including the large corporates. Therefore, special, immediate and substantive support measures are required to see the MSMEs through this crisis," CII Director General Chandrajit Banerjee said.The CII recommendations focus primarily on increasing finance availability with relaxed collateral norms and extension of the RBI moratorium.It also called for additional additional working capital equivalent to April - June wage bill of the borrowers, backed by a government guarantee, at 4-5 per cent, with a refinance guarantee from the RBI. The suggestions also include additional reconstruction term loans with a government guarantee on default, up to 20 per cent, and seek extension of the three-month moratorium period allowed by the RBI to six months for MSMEs.The industry body also suggested that the Centre should increase the assets of Mudra Bank and other MSME-focused banks.It urged the Centre to extend wage support by utilizing the ESIC funds under Rajiv Gandhi Shramik Kalyan Yojana, Atal Beemit Vyakti Kalyan Yojana to pay workers for the lockdown period, and clear all outstanding government dues to MSMEs, including payments for supply for goods and services to PSUs, GST refunds, various state and central government incentives. RSN BALBAL

Covid-19: CII urges govt to help MSMEs

New Delhi, Dec 29 () India's economy is expected to rebound in 2020 on the back of measures taken by the government and the RBI coupled with easing of global trade tensions, industry body CII said on Sunday.
 The chamber also suggested a flexible fiscal policy that will set a central government's target for the deficit in the range of around 0.5 to 0.75 per cent, and said it is likely to have a significant multiplier effect on the economy.
 It said that as we are set to enter 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."
 "Nascent signs of recovery are noted in the form of improved PMIs (Purchasing Managers' Index) of manufacturing and services, jump in passenger air traffic, sharp moderation in the decline in sales of passenger cars, among others," said CII President Vikram Kirloskar. 
 He added that though the economy may continue to see a subdued GDP print in the third quarter as well, the quarters thereafter are likely to see a rebound.
 According to the Confederation of Indian Industry (CII), with the initial difficulties associated with the goods and services tax (GST) and the Insolvency and Bankruptcy Code (IBC) getting gradually ironed out, the industry is hopeful of substantial benefits for the economy.
 It said that while 2019 will be remembered as one where the systemic clean-up of the financial sector picked up pace, which might have resulted in "short-term pain", this tidying up will have extensive positive ramifications for the economy in the short-to-medium term.
 "On balance, all these factors will have a significant bearing on growth in the next fiscal. Add to this, the easing of global trade tensions along with lagged impact of monetary easing coupled with improved transmission, and we are in for a gradual recovery getting firmly entrenched by the next fiscal," Kirloskar said.
 CII believes that with the sharp moderation in growth, the time has come to adopt an expansionary fiscal policy.
 "Just like our medium-term inflation target range, we can have a flexible fiscal policy target which will set a central target for the fiscal deficit with a range of around 0.5 to 0.75 per cent. The additional availability of funds may be spent on key infrastructure projects which can be implemented quickly. This is likely to have a significant multiplier effect on the economy," said CII President-Designate Uday Kotak.
 In the subsequent years, there can be a glide path to converge to the Fiscal Responsibility and Budget Management trajectory over a 2-3-year time frame, he added.
 Besides, the chamber suggested that in order to increase the tax base and ensure higher compliance, it is necessary to simplify and reduce the number of GST rates and increase its coverage.
 Once it is converged, the practice of reviewing rates at every meeting of the GST Council must be discontinued. Similarly, a rational structure of customs duty needs to be in place. The principle of higher customs duty on final products with lower duty on intermediate goods and the lowest on raw materials needs to be followed, without exception, said CII. RSN BKS HRS

Indian economy likely to rebound in 2020: CII

Chennai, Feb 15(): Trade body Confederation of IndianIndustry (CII) on Saturday said the budget presented by TamilNadu Deputy Chief Minister O Panneerselvam would give impetusfor the growth of infrastructure.    CII Tamil Nadu state council chairman S Chandramohanwelcomed the budget, saying it was a growth-oriented and aninclusive one.    "The budget will give impetus for infrastructural growthby significant allocation of Rs 15,850 crore towards roadprojects which will spur growth of several sectors," hesaid.    He said the development of Ponneri Industrial Belt ofChennai-Bengaluru corridor and the Chennai-Tuticorinindustrial corridor was expected to give momentum in thecoming years.    He said the government's plan to increase the subsidy forthe NEEDS (New Entrepreneur-cum-Enterprise Development Scheme)(NEEDS)Scheme to Rs 50 lakh would promote entrepreneurship,employment and gowth.    The various measures taken by the government on skillstraining, Financial Technology (FINTECH) Centre in Chennaiwould go a long way in retaining and enhancing thecompetitiveness of the state, he said.    Panneerselvam who holds the Finance portfolio presentedthe last full-fledged budget of the AIADMK government onFriday.  VIJNVG   NVG

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