"The momentous initiative (scrapping of FIPB), which is a follow-up of the measure announced in the Union Budget, would streamline the process of FDI approvals, and thereby boost FDI flows into the country, adding to growth and employment," CII Director General Chandrajit Banerjee said.
"There are layers of process (in resolution). What the ordinance is doing is that it is cutting that layer off then having to go back to the board. It is forcing a decision mechanism because it is saying that if 60 per cent agree, rest have to fall in line," she told reporters here.
Watch accompanying video of CII Banking Summit 2017 wherein Shikha Sharma, MD & CEO of Axis Bank is talking on NPA ordinance.
Citing the example of Maruti, which has logged over 30 per cent profit this time, he explained that the government had supported India's largest car maker initially, which eventually led to development of the big automotive industry in the country.
The memorandum of understandings (MoUs) will allow the universities and International Enterprise (IE) Singapore, a business promotion agency, to tap into CII's network of over 8,000 members to create overseas attachment opportunities for enrolled students.
"... there is still a lot of catching up to do in terms of broadband access and speeds with 17 per cent penetration in mobile broadband, that is, with speed over 512 kbps as against 2 mbps and above for most of the countries," a CII-KPMG report said.
Among the MoUs signed in the presence of visiting Prime Minister Sheikh Hasina is a facility agreement between Bangladesh India Friendship Power Company (BIFPCL) and Exim Bank of India for debt financing for construction of 1,320 mw Maitree Power Project in Rampal in Bangladesh (USD 1.6 bn).
"A sharp uptick in business outlook, at the onset of 2017, underpins the hope that the reform initiatives of the government would unravel a host of investment opportunities for firms, going forward," industry body CII said on the surge in the index.
The start-ups scenario in India is pretty good but when those firms go for series C and beyond funding, there are some challenges, the co-founder and former CEO of Infosys said.
The president of Confederation of Indian Industry (CII) Naushad Forbes today said the strength of Indian economy rests in its diversity.
Two-day event to bring together key players from global natural resources sector on a common platform in the national capital.
The CII National FMCG Summit is underway. A report titled â€œWinning with the Indian Consumersâ€ unveiled at the summit says that the sector is expected to grow over 15 percent in next two to three years.
"One of the drivers of growth for the industry in the next 5 to 10 years is innovation. We, as a sector, haven't innovated enough. The biggest innovation has come from people outside the traditional FMCG marketers," said Marico Managing Director and Chief Executive Officer Saugata Gupta.
"India is at the cusp of the FMCG S-curve and there is significant room to grow over the next 5-10 years. A nominal GDP growth rate of roughly 12 percent over the next three years could signal an FMCG growth by over 15 percent, depending on player action," the CII-Bain & Company said.
Union Railway Minister Suresh Prabhu today said his Ministry has drawn up an action plan to save energy worth Rs 41,000 crore over the next ten years.
The Minister, who is currently on a visit to Japan leading a delegation of industry body CII to woo investments in Indian food processing sector, said: "As a democratic country, we have the right to eat what we want to eat."
The report examines the current trends and key themes that impact the Enterprise segment in the country. The aim of the report is to share insights with entrepreneurs to help build scalable business and leverage the significant growth opportunities the segment provides, over the next decade.
The CLMV nations (Cambodia, Laos, Myanmar and Vietnam) enjoy duty benefits under the Generalised Scheme of Preferences (GSPs) of developed countries like the US and EU and this can be an attractive incentive for domestic units to set up manufacturing facilities there.
She said huge potential exists in the Cambodia, Laos, Myanmar and Vietnam (CLMV) nations for Indian manufacturers.
Voting is on today for the fifth phase of polling in Uttar Pradesh's 51 assembly constituencies covering 11 districts.