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Madhya Pradesh has potential to become $2.1 trn economy by 2047-48: Report

Madhya Pradesh can potentially increase the size of its economy by 18 times to USD 2.1 trillion (Rs 248.6 lakh crore) by 2047-48, according to a report by the industry body CII. In order to realise its potential, the state needs to focus on boosting the manufacturing industry and industrial expansion must take center stage, CII said. According to the report, "Envisioning Madhya Pradesh Economy@2047" the gross state domestic product (GSDP) of the state can rise to USD 2.1 trillion (Rs 248.6 lakh crore) by 2047-48, growing at a CAGR of 8.6 per cent, from the current USD 164.7 billion (Rs 13.6 lakh crore). With a proactive state government dedicated to boosting investment and driving growth, Madhya Pradesh is well-placed to increase its contribution to India's GDP from the current 4.6 per cent to 6.0 per cent by 2047-48, CII Director General, Chandrajit Banerjee said. As per the report, for Madhya Pradesh to achieve its ambitious growth targets, manufacturing and industrial expansion

Madhya Pradesh has potential to become $2.1 trn economy by 2047-48: Report
Updated On : 24 Feb 2025 | 2:35 PM IST

Enhancing efficiency, customer experience: Why companies adopt AI

The flagship survey report was unveiled at the AI India Global Exhibition and Summit

Enhancing efficiency, customer experience: Why companies adopt AI
Updated On : 21 Feb 2025 | 11:30 PM IST

PM Modi's US visit to strengthen bilateral trade, investment ties: CII

Prime Minister Narendra Modi's visit to the US is a major milestone that will strengthen bilateral trade, investment, defence, and technology partnerships, industry body CII said on Saturday. Welcoming the recently concluded visit, the Confederation of Indian Industry (CII) said it eyes stronger trade and tech ties. CII noted that the wide-ranging joint statement and initiatives announced during the visit under the framework of US-India COMPACT have set a clear forward-looking agenda for India-US relations, creating new opportunities for Indian industry and economic growth. "A new chapter has been added to the India-US partnership, enabling much stronger collaboration in strategic sectors including defence, energy, semiconductors, space and emerging technologies like artificial intelligence (AI), quantum computing, advanced materials, and biotechnology. "This creates an environment for the private sector on both sides to flourish in true partnership. The visit is especially ...

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Updated On : 15 Feb 2025 | 8:19 PM IST

CM Mamata meets representatives of FICCI, CII, biz tycoons ahead of BGBS

West Bengal Chief Minister Mamata Banerjee attended a meeting with representatives from FICCI, CII, and industry leaders on Wednesday, ahead of the 8th edition of the two-day Bengal Global Business Summit (BGBS), which begins this afternoon. The two-day summit, set to take place from February 5 in Kolkata, is a key event for promoting investment in the state. Banerjee shared on Facebook, "Our much-awaited Bengal Global Business Summit is having its preludes in the Special Meeting of the National Executive Committees of the Apex Chambers of Commerce and Industry, CII and FICCI. I joined them briefly to encourage investments in West Bengal from our national industry magnates. Bengal the destination!!." The chief minister on Tuesday night in a social media post had also mentioned that over 5,000 delegates, including representatives from 40 countries, have already started arriving in Kolkata. Additionally, 20 ambassadors and high commissioners are attending to represent their respectiv

CM Mamata meets representatives of FICCI, CII, biz tycoons ahead of BGBS
Updated On : 05 Feb 2025 | 2:52 PM IST

Budget marks pivotal moment in economic trajectory: Kerala biz community

The Union Budget proposals presented by Finance Minister Nirmala Sitharaman on Saturday received a positive response from the business community in Kerala. Yusuff Ali M A, Chairman of Lulu Group said the buget marks a pivotal moment in India's economic trajectory, delivering a much-needed boost to the middle class while advancing the country's goal of becoming a 5 trillion USD economy. Key measures, such as income tax reductionsincluding a no-tax threshold up to Rs 12 lakhand expanded exemptions and incentives for startups and MSMEs, will directly benefit individual incomes and entrepreneurial ventures, he said in a statement here. This budget clearly empowers the middle class and fosters a vibrant, self-reliant economy, he added. The direction of the budget is towards the goal of Vikasit Bharat, Confederation of Indian Industry (CII) Kerala Chairman Vinod Manjila said. "A very positive budget that takes care of the diverse sectors of the economy including agriculture, middle clas

Budget marks pivotal moment in economic trajectory: Kerala biz community
Updated On : 01 Feb 2025 | 6:18 PM IST

Current environment conducive for private investments: CII survey

Recent advance growth estimates released by the National Statistics Office (NSO) have projected investment demand, represented by gross fixed capital formation, to grow 6.4 per cent

Current environment conducive for private investments: CII survey
Updated On : 20 Jan 2025 | 6:01 AM IST

CII suggests 10-point agenda on ease of biz reforms ahead of Budget

Ahead of the upcoming Budget, industry body CII on Sunday suggested a 10-point agenda to drive ease of doing business reforms, aimed at reducing compliance burden, simplifying regulatory frameworks, and improving transparency. Among the "urgent policy interventions", the industry body has recommended that all regulatory approvals -- central, state and local levels -- must mandatorily be provided only through the National Single Window System. It has also pitched for expediting the process of dispute resolution by improving the capacity of courts and placing greater reliance on alternative dispute resolution (ADR) mechanism. For streamlining environmental compliances, Confederation of Indian Industry (CII) said, a unified framework could be introduced, which consolidates all requirements into a single document. Emphasising that easy access to land is important to facilitate new or expanding businesses, it said that states may be incentivised to develop an online integrated land ...

CII suggests 10-point agenda on ease of biz reforms ahead of Budget
Updated On : 13 Jan 2025 | 4:39 PM IST

Capex should be ramped up by 25% over BE: CII President Sanjiv Puri

CII President Sanjiv Puri said that exports are facing headwinds while suggesting measures such as minimum import and anti-dumping duty

Capex should be ramped up by 25% over BE: CII President Sanjiv Puri
Updated On : 08 Jan 2025 | 11:54 PM IST

Expect RBI to cut rates next month, Budget must focus on job creation: CII

Industry body CII expects the RBI to cut the benchmark interest rates next month to support sagging growth, its President Sanjiv Puri said on Wednesday and stressed the need to boost job creation through targeted interventions for labour-intensive sectors in the upcoming Budget. In an interview with PTI, Puri flagged "sticky" food inflation, highlighting the need to build agricultural resilience and de-linking it from the interest rates under the inflation targeting framework, arguing that it is on account of climate change and not really influenced by the monetary policy. Puri is also the Chairman and Managing Director of ITC. Finance Minister Nirmala Sitharaman is slated to present the Budget in Parliament on February 1. The Confederation of Indian Industry (CII) chief also expressed optimism that much-needed labour reforms will be taken up by the BJP-led NDA government in the third term, stressing that it would benefit the economy and create more jobs. Puri also raised the issu

Expect RBI to cut rates next month, Budget must focus on job creation: CII
Updated On : 08 Jan 2025 | 7:14 PM IST

CII proposes seven-point agenda to boost employment generation in budget

The upcoming annual budget for FY26 could announce further measures to boost employment generation, CII said on Sunday, emphasising that job creation at a mass scale is important to engage the young population productively, and drive inclusive growth in the world's most populous nation. The industry body has suggested a seven-point agenda to harness India's demographic dividend, including an integrated national employment policy, support to labour-intensive sectors, and setting up an international mobility authority, among other targeted measures. With a median age of just 29 years, India is a young country, and is set to add 133 million people to its working-age population by 2050. The government could consider launching an internship programme in government offices in rural areas for the college-educated youth, CII said. It argued that this initiative would create short-term employment opportunities in government offices while bridging the gap between education and professional .

CII proposes seven-point agenda to boost employment generation in budget
Updated On : 05 Jan 2025 | 5:48 PM IST

High rates, declining finance impacting exporters' competitiveness: CII

Indian exporters are grappling with significant liquidity challenges due to high interest rates and a decline in export finance, which are undermining their competitiveness, according to Sanjay Budhia, Chairman of the CII National Committee on EXIM. To address these issues, he said, the government and banks must work together to provide effective solutions. Budhia suggested the government extend the interest equalisation scheme, which ended on December 31, 2024, for three years for all manufacturing exporters, including MSMEs (micro, small and medium enterprises). The longer period extension of the scheme would be a crucial step, as its limited extension leaves Indian manufacturers at a disadvantage, he added. "Exporters are indeed facing significant challenges on the liquidity front, with high interest rates and declining export finance impacting their competitiveness," he told PTI. MSME exporters, who form the backbone of India's export ecosystem, would benefit greatly from ...

High rates, declining finance impacting exporters' competitiveness: CII
Updated On : 02 Jan 2025 | 11:40 AM IST

CII calls for fuel excise cut, consumption vouchers to boost demand

Industry body CII in its budget suggestions for 2025-26 has recommended lowering the excise duty on fuel to boost consumption, especially at the lower income level, arguing that fuel prices significantly drive inflation. The budget could also consider reducing marginal tax rates for personal income up to Rs 20 lakh per annum. This would help trigger the virtuous cycle of consumption, higher growth and higher tax revenue, said CII. Asserting that the gap between the highest marginal rate for individuals at 42.74 per cent and the normal Corporate Tax Rate at 25.17 per cent, is high, it said, inflation has reduced the buying power of lower and middle-income earners. "The central excise duty alone accounts for approximately 21 per cent of the retail price for petrol and 18 per cent for diesel. Since May 2022, these duties have not been adjusted in line with the approximately 40 per cent decrease in global crude prices. Lowering excise duty on fuel would help reduce overall inflation and

CII calls for fuel excise cut, consumption vouchers to boost demand
Updated On : 29 Dec 2024 | 4:26 PM IST

CII calls for reforms in priority sector lending framework ahead of Budget

The CII pointed out that despite being successful, the PSL framework required recalibration to stay relevant

CII calls for reforms in priority sector lending framework ahead of Budget
Updated On : 23 Dec 2024 | 12:28 AM IST

CII proposes reforms in India's priority sector lending framework

Industry body CII has proposed reforms in India's Priority Sector Lending (PSL) framework, suggesting inclusion of emerging sectors and high-impact sectors like digital infrastructure, green initiatives, healthcare, and innovative manufacturing. Arguing that current Development Finance Institutions (DFIs) like SIDBI and NaBFID (National Bank for Financing Infrastructure and Development) have their roles cut out as they have earmarked sectors to finance, the chamber also suggested setting up of a high level committee to look at the revision of PSL norms and explore the need for any new DFIs to cater to some of the new and emerging sectors. Priority Sector Lending is a policy tool aimed at ensuring that key sectors crucial to the nation's development receive adequate financial support. Mandated by the Reserve Bank of India (RBI), PSL obligates banks to allocate a specified proportion of their loans to sectors such as agriculture, education, housing, and small industries. The framework

CII proposes reforms in India's priority sector lending framework
Updated On : 22 Dec 2024 | 3:23 PM IST

About 4 out of 10 individuals in rural, semi-urban India prefer UPI: Report

Yet UPI is the most preferred mode of financial transactions in such regions

About 4 out of 10 individuals in rural, semi-urban India prefer UPI: Report
Updated On : 17 Dec 2024 | 6:55 PM IST

'Pressure' from India Inc to raise duties: Industry secretary Bhatia

India has also been working to finalise free trade agreements (FTAs) with countries like the United Kingdom (UK) and trade blocs like the European Union, facing immense pressure to reduce tariffs

'Pressure' from India Inc to raise duties: Industry secretary Bhatia
Updated On : 11 Dec 2024 | 11:51 PM IST

55% Indian grads to be globally employable in 2025, says CII report

The report says that key states like Maharashtra, Karnataka and Delhi are emerging as major hubs for employable talent

55% Indian grads to be globally employable in 2025, says CII report
Updated On : 10 Dec 2024 | 11:49 PM IST

CII urges govt to stick to fiscal deficit target of 4.9% of GDP for 2024-25

Industry body CII has suggested the government to stick to the fiscal deficit target of 4.9 per cent of GDP for 2024-25 and 4.5 per cent for 2025-26, cautioning that "overly aggressive targets" beyond these could adversely affect India's economic growth. "India has been growing rapidly amidst a slowing global economy. Prudent fiscal management for macroeconomic stability has been pivotal to this growth," said Chandrajit Banerjee, Director General, CII, elaborating on suggestions for the forthcoming Union Budget. CII also highlighted the announcement in the Union Budget 2024-25 to keep the fiscal deficit at levels that help reduce the debt-to-GDP ratio. In preparation for this, the forthcoming budget could lay out a glide path to bring the central government's debt to below 50 per cent of GDP in the medium term (by 2030-31), and below 40 per cent of GDP in the long term, CII has suggested. Such an explicit target will have a positive impact on India's sovereign credit rating and ...

CII urges govt to stick to fiscal deficit target of 4.9% of GDP for 2024-25
Updated On : 08 Dec 2024 | 1:58 PM IST

Housing shortage to reach 31.2 mn units by 2030: CII-Knight Frank report

India is estimated to have a cumulative affordable housing shortage of 31.2 million units by 2030 with a potential market size of Rs 67 trillion, according to a joint report by CII and Knight Frank. Industry body CII and real estate consultant Knight Frank India on Wednesday released a joint report 'Affordable Housing in India' at a conference here, pointing out that there is already an existing shortage of 10.1 million units. Addressing the event, Ghulam Zia, Senior Executive Director, Research, Advisory, Infrastructure & Valuation at Knight Frank India, pointed out the shortage of affordable housing in India, presenting a huge business opportunity for real estate developers. "The cumulative Affordable housing shortage in India is projected to reach 31.2 million by 2030, with the market size estimated at Rs 67 trillion," he said. The affordable housing segment also could provide a lot of opportunities for financial institutions. "Based on the assumption of a 77 per cent loan ...

Housing shortage to reach 31.2 mn units by 2030: CII-Knight Frank report
Updated On : 04 Dec 2024 | 11:51 AM IST

CII body calls for expansion of PLI for medical devices to more products

CII's medtech group to ask govt for strict policy on import of refurbished devices, incentives in R&D, and enhanced rebate on export duties

CII body calls for expansion of PLI for medical devices to more products
Updated On : 29 Nov 2024 | 10:00 PM IST