The latest CII Business Confidence Index has surged to the level of 50.3 in July-September 2020, bouncing back from its lowest reading of 41.0 recorded in April-June 2020, the industry chamber said in a statement.
Nirmala Sitharaman at CII Meet Highlights | The Union Finance Minister spoke at the Confederation of Indian Industry (CII) meet ON auGUST 25
A clutch of indicators including GST collections, railway freight traffic, petrol consumption, peak power demand, electronic toll collections, among others, have all mirrored the incipient signs of recovery, it said.
In a letter to NITI Aayog Vice Chairman Rajiv Kumar, CII National Committee on Mining President Sunil Duggal said, "Under these times of economic stress, where the government is under pressure to spur growth, the mineral and resources sector could be a potential driver of high growth capable of contributing 8 percent of GDP by 2025-taking India on a path towards $5 trillion economy."
Speaking on the occasion of the release of the report “Indian Roots, American Soil” by the Confederation of Indian Industry (CII) here on Monday, India's Ambassador to the US, Taranjit Singh Sandhu noted that the coronavirus pandemic has given both countries new opportunities to step up bilateral cooperation.
Citing an example of Stressed Assets Stabilization Fund (SASF), set up by erstwhile Industrial Development Bank of India (IDBI), Kotak said it did not work well.
Kotak concurred with the Reserve Bank of India, which said that borrowers who avail moratorium on their bank loans will have to pay the interest accrued during that period.
CII on June 4 laid out a 10-point road map to revive growth and navigate the challenges of loss of lives and livelihoods posed by the global pandemic Covid 19 that has forced countries across the world to reset their growth paths
TV Narendran, CEO and Managing Director of Tata Steel Limited, is now the President-designate of CII for 2020-21.
Live coverage of Prime Minister Narendra Modi's address at the CII Annual Session 2020
The Confederation of Indian Industry (CII) said the broad elements of the stimulus may include cash transfers amounting to Rs 2 lakh crore to JAM account holders, in addition to the Rs 1.7 lakh stimulus already announced.
The hope lies in the expectation that after May 17 when the present lockdown phase ends, the opening up will be more comprehensive.
In a representation to the government, Confederation of Indian Industry (CII) has raised the various issues, the steel sector is facing, and recommended steps to be taken to address these challenges.
To tackle the current crisis arisen from the COVID-19 outbreak and the consequent nationwide lockdown, the government and the RBI have announced many measures to ease the stress of businesses.
According to the CII report, power sector, one of the essential services under the lockdown till May 3, is battling the twin issues of demand and liquidity compression.
The meals would be distributed amongst families of farmers, self-help groups (SHGs) and migrant workers in the states, according to a statement.
They have said there are sufficient safeguards in place with regard to the currently permissible non-audit services provided by auditors to their clients and any further restrictions or any addition to the restricted list would increase the cost of services without any corresponding benefit for the audit quality or independence.
The appeal gains significance as more and more states are imposing lockdowns with the spread of coronavirus.
The CII president requested the industry to pay SMEs as fast as possible
"It is surprising to note that CII is proposing to import SMP (skimmed milk powder) at Zero duty and that too huge quantity of 50,000 tonnes," Amul MD R S Sodhi said in a letter to food processing secretary Pusha Subrahmayam.
According to the industry body, the desired impact of the reduction in corporate taxes on the ground is still far from satisfactory.
The FMCG industry employs close to three million directly and almost 10 million people indirectly.
India's GDP growth fell to an over six-year low of 4.5 per cent amid slowing demand despite five rate cuts by the Reserve Bank.
CII suggested that in order to bring about uniformity, all corporate tax rates should be converged to 15 per cent with no exemptions and incentives over a period of three years till 2023.
The industry accounted for 5 per cent of Indias GDP and 13 per cent of the country's export earnings and employed about 50 million people Thiagarajan said.