FICCI
Ficci seeks govt nod to restart import of pre-owned expensive medical equipment
Industry chamber Ficci has urged the government to permit the import of pre-owned and refurbished high-end medical equipment. Previously facilitated with a no objection certificate, such imports have stalled since August 15 due to new registration requirements with the Central Drugs Standard Control Organization (CDSCO), which currently lacks provisions for refurbished equipment.
Emami MD Harsha Vardhan Agarwal takes over as Ficci chief
Harsha Vardhan Agarwal, Vice Chairman & Managing Director of Emami Limited, assumed the role of president at FICCI for 2024-25, succeeding Anish Shah. Anant Goenka stepped up as Senior Vice President, while Vijay Sankar joined the leadership as Vice President.
Piyush Goyal calls for higher quality standards, innovation, and proactive industry role at Ficci AGM
India's commerce minister urged industry leaders to uphold quality standards and leverage technical committees for a thriving 'Viksit Bharat.' The government plans to establish industrial parks in smaller cities and refine the FDI policy to attract investment and boost manufacturing.
Raise quality standards, work with govt to cut compliance burden: Piyush Goyal to industry
India is focused on becoming a provider of quality goods. The government encourages industries to participate in raising quality standards. There is a call for industries to work with the government to reduce compliance burdens. The government plans to facilitate industrial parks in smaller cities. India is attracting foreign direct investment and promoting deep tech startups.
Piyush Goyal gives new details on Modi govt's Viksit Bharat push, calls for more participation from industry
India has earned the trust of the world and is now seen as a growth engine, says Union Minister Piyush Goyal. He highlighted the transformative initiatives of the Modi government, including Digital India, Ayushman Bharat, PMAY, and Swacchh Bharat, which have significantly impacted various sectors.
About 18% of deaths in 2019 attributable to air pollution: ICMR study
A report by India's leading health research body found that air pollution caused 1.7 million deaths in 2019. This represents 18% of all deaths in the country that year. The primary cause of death was chronic obstructive pulmonary disease (COPD). The study identified industrial emissions, vehicular exhaust, and the burning of solid fuels as major contributors to air pollution.
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Majority of steel imports under FTAs, making any duty hike ineffective, says steel secy
India's steel industry is grappling with a surge in imports, primarily from countries with free trade agreements (FTAs). These duty-free imports constitute a significant portion of total steel imports, rendering tariff adjustments ineffective in curbing the influx. Despite increased demand, the surge in imports has led to a supply glut, impacting domestic steel producers.
Need $120-bn investment to reach 300 mn tonne steel-making capacity by 2030: Steel Secy Sandeep Poundrik
India's steel secretary warned that the country needs $120 billion in investments to reach its 300 MT steel production target by 2030. With current capacity at 180 MT, an additional 120 MT is required. Without these investments and with rising demand, India could become a net steel importer by 2030.
Reflections on a transformative year as Ficci president
The Federation of Indian Chambers of Commerce & Industry (FICCI) under the leadership of its outgoing president, collaborated with the Government of India on initiatives like 'Make in India', 'women-led development', 'farm prosperity', and 'sustainability' to achieve the 'Viksit Bharat' goal by 2027.
Govt working to address issues related to steel imports: Minister Kumaraswamy
The Indian government is taking action on concerns about steel imports. The steel industry is worried about low-quality imports, especially from China. Imports are up almost 50% in the first half of this fiscal year. China's steel exports are expected to exceed 100 million tonnes this year. Vietnam is another major exporter, benefiting from a free trade agreement with India.
FICCI, GDAI sign MoU to bolster India¡¯s video gaming industry
The Federation of Indian Chambers of Commerce & Industry (FICCI) and the Game Developers Association of India (GDAI) joined forces at IGDC 2024 to bolster India's burgeoning video game industry. Their partnership will focus on creating industry-friendly policies, fostering knowledge exchange, and promoting skill development to establish India as a global gaming leader.
Over 1,700 fossil fuel lobbyists given access to COP29, list includes 24 from India
Over 1,700 fossil fuel lobbyists were granted access to the UN climate conference in Baku, Azerbaijan, outnumbering delegates from almost every country except the host nation, Brazil, and Turkey. This presence of industry representatives overshadows that of delegates from the 10 most climate-vulnerable nations combined.
Emami MD Agarwal to take over as new FICCI president on Nov 21
Harsha Vardhan Agarwal will be the new Ficci president. He will take charge at the 97th Annual General Meeting of Ficci. The meeting will be held on November 21. Agarwal is currently the Vice Chairman and Managing Director of Emami Limited. He will succeed Anish Shah, the Group CEO and Managing Director of Mahindra & Mahindra.
Amnesty Scheme for Customs, easier tax compliance on India Inc's Budget wishlist
Indian industry bodies have submitted their wishlist for the upcoming budget, calling for an amnesty scheme for customs, tax cuts for individuals and LLPs, and streamlined tax compliance processes. They also urged the government to expedite faceless appeals, establish a dedicated dispute resolution system, and boost infrastructure spending.
Tax reforms, simpler customs procedure top Budget wishlist
Indian industry bodies met with revenue secretary Sanjay Malhotra. They presented their tax proposals for the upcoming budget. The Federation of Indian Chambers of Commerce and Industry (FICCI) proposed comprehensive tax reforms. The Confederation of Indian Industries (CII) suggested simplifying the goods and services tax (GST) regime.
Industry urges TRAI to adopt single technology for digital radio roll-out
Industry bodies recommended a single digital radio technology for India. They suggested options like DRM and HD Radio for a cost-effective transition. The bodies proposed support for existing broadcasters transitioning to digital, including retaining their frequency allocations. They also called for permission for both analogue and digital broadcasters to air news and current affairs.
Government strengthening India¡¯s primary healthcare system: VK Paul
Speaking at the healthcare event, Ficci Heal 2024, organised by the Federation of Indian Chamber of Commerce and Industry on Tuesday, NITI Aayog member VK Paul said the government is building the entire primary healthcare system which will be future ready and will serve our nation¡¯s journey to Viksit Bharat by 2047.
Homebuying decision may be impacted if mortgage rates cross 9 pc: FICCI-Anarock survey
FICCI and Anarock's survey shows nearly 90 per cent of people believe mortgage rates above 9 per cent will affect their home-buying decisions. If rates stay below 8.5 per cent, 71 per cent remain unaffected. Real estate is a preferred investment option, with timely completion, construction quality, and ventilation being top demands. Residential market growth and regulatory impacts were also highlighted.
Centre to set up 100 food testing labs: Union Minister Chirag Paswan
Union Food Processing Minister Chirag Paswan has announced the government will set up 100 food testing labs and 50 food irradiation centres. This initiative aims to increase processing levels and maintain product quality. Addressing the industry, Paswan stressed the importance of maintaining standards to promote Indian food products globally and minimize wastage.
Emami expects Q-commerce channel to grow five-fold in 2 years: VC & MD Harsha V Agarwal
Emami anticipates a four to five-fold increase in quick commerce sales within two years and is exploring more D2C acquisitions in nutrition, pet care, and health food sectors. The company expects strong festive season sales, bolstered by a good monsoon. Emami has acquired full stakes in Helios Lifestyle and stakes in Axiom Ayurveda and Cannis Lupus, demonstrating a robust acquisition strategy.
Government to launch skill voucher system very soon, says top official
The government is set to launch a skill voucher system, aiming to upgrade 1,000 industrial training institutes (ITIs) across the country. The initiative will transform 200 ITIs into hub institutions and 800 into spoke facilities. This move aligns with the National Credit Framework and integrates skilling into mainstream education, reflecting the government's commitment to industry-aligned skill development.
Ficci pegs illicit trade at near Rs 8 lakh crore in 5 key sectors
Industry body Ficci has urged for strict punishment and enhanced surveillance to combat illicit trade, which is estimated at Rs 7.97 lakh crore annually across five key sectors, including apparel and FMCG. The illicit market in packaged foods alone was Rs 2.23 lakh crore in 2022-23, over one-fourth of the country's packaged food market.
Bihar seeks investment in maize sector amid ethanol boom
Bihar Agriculture Minister Mangal Pandey has urged private sector investment in hybrid maize seed production and warehouse facilities. The state aims to cultivate maize on 10 lakh hectares this year, driven by high market prices and ethanol demand. Bihar's ethanol production capacity is set to increase, requiring more maize.
Industry credit expected to grow over 12%: FICCI-IBA survey
A survey by FICCI and IBA reveals that 62% of banks expect non-food industry credit growth to exceed 12% in the next six months. The banking sector remains robust, but faces liquidity challenges as credit growth outpaces deposits. Infrastructure, metals, and engineering sectors show strong long-term credit demand.
India at critical juncture, geared for orbital shift; massive changes taking place: Shaktikanta Das at FICCI event
RBI Governor Shaktikanta Das addressed the FIBAC 2024 event, highlighting India's economic growth prospects and the need to cut down on noise around growth debates. He noted strong rebounds in private consumption and investment, despite muted public spending. Das emphasised the continued strength of industry and services sectors.
FICCI CASCADE organises awareness rally about illicit trade and impact on economy
The FICCI Committee Against Smuggling and Counterfeiting Destroying the Economy (CASCADE) organised an awareness rally on Saturday to combat the growing issue of illicit trade and the smuggling of counterfeit products that negatively impact India's economy. The 2022 FICCI CASCADE study reported a notable increase in the illicit trade market within crucial sectors such as FMCG-packaged foods, FMCG-household and personal goods, alcoholic beverages, and tobacco products.
Budget 2024: India can use fiscal headroom to support rural economy, suggests FICCI
Budget Expectations: The RBI's dividend transfer of Rs 2.1 lakh crore has strengthened the Modi government's financial reserves. This could be utilized to support the rural economy through increased spending on social sector schemes, as per FICCI report. Its latest Economic Outlook Survey also predicted stability in policy for the upcoming Union Budget 2024-25. The survey anticipates further progress in the ongoing reforms by the government.
Hike capex by 25%, reduce GST slabs to maximum of 3 in Union Budget: FICCI tells Nirmala Sitharaman
Budget 2024: Industry lobby group FICCI in pre-budget consultation with Finance Minister Nirmala Sitharaman in Delhi emphasized the need to support growth momentum, infrastructure development, rein in food inflation, support MSMEs, and prioritize innovation and research & development for accelerated growth.
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