FICCI News

According to the survey, about 47 per cent of participants expected the government to meet the fiscal deficit target of 4.9 per cent for FY 2024-25 and another 24 per cent reported that the government could improve and report a lower fiscal deficit number for the current year. 

Ayushmann Khurrana has been appointed as the ambassador for FICCI Frames, marking a significant milestone in the event's silver jubilee year.

The expansion of retail networks in tier 2 and 3 cities is expected to contribute a significant portion of this growth, the report noted.

Praveen also addressed the pressing issue of food wastage, emphasising the need for comprehensive waste management strategies at every stage, from farm to fork. 

As of now, the government has rolled out 14 PLI schemes for various sectors like telecom, Pharma and textiles among others.

A repo rate hike of 50-75 bps is expected by the end of the current fiscal. The RBI is expected to continue supporting the ongoing economic recovery by keeping the repo rate unchanged in its April policy review.

SEBI had set up a committee on Corporate Governance in June 2017 under the Chairmanship of Uday Kotak (Kotak Committee) with a view to seeking recommendations to further enhance the Corporate Governance norms for the listed companies.

Ficci said the central bank's indication yet again to continue with the accommodative stance, until necessary, to revive growth is encouraging. Assocham said the full credit must be given to the RBI for prioritising growth and retaining the accommodative stance on policy rates. However, given the way the COVID situation has evolved, some of the deeply stressed sectors may need a longer period to be able to meet the financial parameters.

The National Education Policy focuses on innovation, entrepreneurship and skill development. He also said the policy allows students to be more creative in their chosen fields.

PM Modi in his address to Annual meeting of FICCI said that hindrances in agriculture sector will be removed.

Goyal said that those investing in India, should not just look at assembling the Semi-knocked down kits or availing import duty concessions, but must bring technologies, best practices and do value-addition "Our government will stand shoulder-to-shoulder with industries in their efforts to become more competitive and engage with the world on equal and fair terms" He invited the Indian industry to walk together, support each other, and work towards a prosperous India in the long run and a better future for the generations to come

Hours after the Union Finance Minister Nirmala Sitharaman announced the fifth and final tranche of Aatmanirbhar stimulus package, FICCI welcomed the announcements noting that the giving states more room for market borrowing is a step in the right direction.

"FICCI will fully support the PM’s dream of a self-dependent India and ensure all measures to make this a reality. The strengthening of the five pillars — economy, infrastructure, system, demography, and demand will pave the way for India returning to a higher sustained growth path again,” said FICCI President.

In a letter to Finance Minister Nirmala Sitharaman, Ficci President Sangita Reddy also made a case for the need to create a self-sufficiency fund for innovation, construction and manufacturing clusters to make use of the emerging opportunities in the wake of disruption in global supply chain.

India's economic growth has slowed to 4.5 per cent in the July to September quarter from 7.1 per cent in the corresponding period of last year, said the government data on Friday (November 29). The slowdown in Q2 FY20 was largely due to a sharp dip in the manufacturing sector and agriculture output, said the Ministry of Statistics and Programme Implementation in a statement.

The growth numbers for the first quarter are expected to be released by Central Statistics Office (CSO) next week. Ficci said boosting agriculture sector, strengthening MSMEs, undertaking factor market reforms are key to steering the economy out of the slowdown.

The body also said that there is a need to improve investor confidence about the surrounding ecosystem in the country to attract more FDI inflows.

The industry body FICCI's economic outlook survey said the minimum and maximum growth estimate stood at 6.8 percent and 7.3 percent, respectively, for 2019-20.

In terms of order books, 44 percent respondents in March 2019 quarter said they expect the number to go up as against 43 percent in October-December 2018 quarter.

Ficci president Rashesh Shah indicated that the economy is on a recovery path with reforms measures, while Indian rupee is weakening and inflationary pressure going up while rising oil prices are again posing a high risk to India's economic growth trajectory.