Page 3 - Ficci

Need consistent EV policy, no need for company-specific sops: FICCI

The government should not dilute Make in India initiative and follow a consistent policy, Ficci EV Committee Chairperson Sulajja Firodia Motwani said amid a push from American electric carmaker Tesla for special sops to set up its factory in the country. Motwani, the founder and CEO of Kinetic Green which sells battery-operated three-wheelers, scooters, e-cycles, and buggies, also emphasised creating a holistic ecosystem for the growth of the electric vehicle segment. She also batted for the continuation of incentives for buying EVs to sustain the demand for the next few years. Motwani also noted that the industry body is also pushing for the inclusion of electric cars priced up to Rs 20 lakh to get incentives under the third iteration of the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) India scheme. "I strongly feel that the Make in India policies that the government has put in place, there should not be any reversal because now people have started ...

E-rupee to cut cost of cross-border remittances to 2-3%, says DEA secy

CBDC was announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman. The RBI began the pilot wholesale CBDC project on November 1, 2022

Optimism should not cause premature triumphalism: CEA Nageswaran

India's growth engine can become faster and accelerate if the much-awaited private sector capital formation kicks into a higher gear, he said

Optimism should not cause premature triumphalism: CEA Nageswaran

India's growth engine can become faster and accelerate if the much-awaited private sector capital formation kicks into a higher gear, he said

Ficci submits proposal for continuation of demand incentives for EVs

Industry body FICCI on Monday said it has submitted its proposal to the Ministry of Heavy Industries for the continuation of the FAME scheme for the next five years, with a review at the end of three years. The time period for the current FAME II scheme is till March 2024. Sudden withdrawal or discontinuation of upfront price incentives will lead to up to 25 per cent price increase of EVs and this may derail EV adoption momentum substantially, also impacting further investments in the EV sector, and disrupting gains made so far, noted FICCI. Purchase incentives on EV vehicles are being continued in markets like Canada, the US, Korea, etc. to achieve their electrification ambitions and India cannot be left behind and miss the EV bus, it argued. "EV penetration in India is only 5 per cent currently. It is imperative to continue FAME scheme to achieve critical mass towards reaching overall 30 per cent EV penetration targets by 2030, stated by Government of India and to also help meet

Banks, NBFCs need to be watchful of stress building up: Shaktikanta Das

'Banks and NBFCs must continue to do stress tests of their books,' RBI Governor Shaktikanata Das said on Wednesday

Indian e-commerce exports should touch $200 billion in next 6-7 years: DGFT

The Director General also mentioned that the DGFT, along with other regulatory agencies, has undertaken numerous steps and initiatives to facilitate e-commerce exports

At next board meeting, Sebi to relax delisting norms: Madhabi Puri Buch

The move is expected to help promoters take their company private if they wish to do so

Manufacturing accelerates in Q2, likely to sustain in FY24: Ficci study

57% respondents have plans for investments and expansion in the next six months

India's healthcare ecosystem undergoing change: KPMG India co-head

KPMG-FICCI study suggests more than 20 new healthcare models emerging in India

SMEs utilising digital technologies for various business functions: Report

Small and Medium enterprises (SMEs) have been utilising digital technology for various functions, with 60 per cent of them using it for human resources, 51 per cent for sales and marketing, and 48 per cent for finance, according to a report by industry body FICCI. The report also revealed that the accounting software (such as Tally/ Vyapar/ Busy, etc.) and business applications like ERP and CRM were reported to be the most used digital tools by SMEs. According to the report, most of the firms have experienced improvements in productivity and reductions in operational costs as a result of incorporating digital technology into their business functions. Approximately 35 per cent of respondents reported a reduction in their annual operational costs by 11-20 per cent as a result of digitalisation, the report said, adding that another 30 per cent of respondents indicated that their annual operational costs had decreased by more than 20 per cent. It said amongst the enterprises that repor

Indian economy projected to grow at 6.3% in FY24, says Ficci Survey

The Consumer Price Index (CPI)-based inflation is expected to remain at 5.5 per cent in FY24, with a range of 5.3 per cent to 5.7 per cent

Banks urge RBI to set up liquidity window for financing of startups

High mortality rates in startups a big worry

Govt considers easier terms for its PPP contracts with private firms

Central and state governments are expanding funding support for projects, but will need the private sector's support

Explore new financing models for skill development: Ficci-KPMG report

The study pointed to emerging trends in skill financing such as private equity and venture capital investment, working capital financing for training partners

It speaks volumes of India's rise: FICCI prez on G20 summit Declaration

Earlier today External Affairs Minister S Jaishankar said that the G20 Leaders's Summit Declaration adopted on Saturday focuses on promoting strong, sustainable, balanced and inclusive growth

Ethanol blending programme may hit supply bottleneck after successful run

Doubts crop in over the viability of achieving 20% ethanol blending

Manufacturing sentiment positive in first quarter, shows Ficci survey

In the fourth quarter of FY23, 55 per cent of the respondents reported higher production levels

Manufacturing sentiments in India remain positive for first quarter: Ficci

Manufacturing sentiments in India remained positive during June quarter FY24 notwithstanding global headwinds, according to a Ficci survey released on Monday. The latest quarterly survey on manufacturing outlook by the industry body observed that after a revival in the Indian economy in FY22, momentum of growth has continued in the subsequent quarters as well. The survey assessed the sentiments of manufacturers for April-June (2023-24) for nine major sectors namely automotive & auto components, capital goods & construction equipment, cement, chemicals fertilizers and pharmaceuticals, electronics & white goods, machine tools, metal & metal products, textiles, apparels & technical textiles, toys & handicraft. Responses have been drawn from over 400 manufacturing units from both large and SME segments with a combined annual turnover of over Rs 7.70 lakh crore. In March quarter FY23, 55 per cent of the respondents reported higher production levels. Further, over 57

India-UK FTA has to be win-win for both sides, says FICCI president

Free trade agreements (FTAs) need to ensure they provide a level playing field and the India-UK FTA, which recently completed its 10th round of negotiations, has to be a win-win scenario for both sides, the head of India's leading business chambers has said. Subhrakant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), was in the UK this week for the FICCI Forum of Parliamentarians, a bipartisan initiative for political outreach. The delegation from India was briefed on areas of interest in the bilateral relationship over a series of discussions with businesses and parliamentarians. As far as Indian businesses are concerned, we are competitive, confident and looking to engage with the world, said Panda. I think what FTAs need to ensure is that they provide a level playing field and are rules-based. It's all about give and take. Clearly, both governments are engaged in intense discussions and 10 rounds have been completed, so I would look at it f