Tag: CII

Uday Kotak on India’s business landscape — ‘Need world class companies but…’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Corporate India is nervous about the global economy and is holding back investments. Top industry leaders spoke to CNBC-TV18’s Shereen Bhan at the CII global economic policy summit in Delhi on Thursday and expressed apprehension over investing citing the global economy and potential lack of return on investment.

Uday Kotak, the executive vice chairman and managing director of Kotak Mahindra Bank, who was also on the panel, said companies need to act ahead of the curve and move forward with investments. One of the ways to do this, according to the senior banker is by growing the number of successful companies by nurturing the ones that are coming up.

“We want to see world-scale companies. At the same time from an Indian point of view, we want to see many flowers bloom. We should not have a situation where it is just a very small garden. We want a garden which is large enough, maybe not too fragmented. We need a few big successes. But, it still means, we need a reasonably large number of Indian companies getting to scale. And, I would, therefore, like to see, as consolidation happens, we also see innovation as the basis for India’s growth in India and globally.

Also Read: India to surpass Japan and Germany to become the third largest economy by 2030: Report

Meanwhile, Aditya Puri, senior advisor at The Carlyle Group and the former managing director of HDFC Bank, laid hopes on the rural economy bouncing back.

“Certain regions are going to be more impacted and that is more to do with the distribution of rainfall and the impact of the receding the untimely rains have caused in certain areas. So certain areas will be under stress. But overall, my assessment is that it is going to get better over time.”

Also Read: Investors may ignore market valuation if India’s macro economy remains stable, says expert

Talking further about India, Baba Kalyani, CMD of Bharat Forge said railway modernization is happening at a rapid pace, adding that manufacturing in India will see a game-changing situation if the defense ministry takes a leaf out of the railway ministry’s playbook on modernization.

He said, “There are pockets of opportunities where things are happening at a much faster pace, for example, railways are undergoing tremendous modernization. If the defense ministry starts doing what the railways are doing in terms of creating large industrialization capabilities then India will have a game-changing situation in manufacturing for the domestic market also.”

For the entire discussion, watch the accompanying video

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

CII urges RBI to moderate pace of interest rates hikes

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India Inc has begun to feel the adverse impact of RBI’s interest rate hikes of 190 basis points in the current financial year, industry body CII said on Sunday, as it urged the central bank to consider moderating the pace of its monetary tightening ahead of the forthcoming policy.

CII’s analysis of results of 2,000-odd companies in the second quarter (July-September 2022) shows that both the top-line and bottom-line has moderated on sequential and annual basis. Thus, moderation in pace of monetary tightening is the need of the hour, it argued.

According to CII, domestic demand is recovering well as mirrored by the performance of a host of high-frequency indicators. However, the prevailing global ‘polycrisis’ is likely to impinge on India’s growth prospects too.

“Given the headwinds to domestic growth mainly emanating from the global uncertainties, the RBI should consider moderating the pace of its monetary tightening from the earlier 50 basis points,” the industry body stated.

While CII is cognisant of the fact that RBI’s interest rate hikes of 190 basis points so far in this fiscal have been warranted to tame inflationary pressures, the corporate sector has now started to feel its adverse impact, it said.

However, given the sticky core inflation at around the 6 per cent mark, the RBI could consider hiking the key interest rates by an additional 25 to 35 basis points to tame inflation, it suggested.

It pointed out that notwithstanding the recent moderation noted in CPI headline print in October 2022, inflation continues to remain outside RBI’s target range for 10 consecutive months.

With a yawning gap existing between credit and deposit growth, an additional rate hike will incentivise savers, thus providing an impetus to deposit growth and help narrow the credit-deposit wedge, the Confederation of Indian Industry (CII) said.

Further, with rising global risk aversion adversely impacting our foreign capital inflows, CII stated that it poses challenges for financing India’s current account deficit.

In fact, the country needs to keep a watch on capital flows across all the three buckets — foreign direct investment (FDI), NRI flows and foreign portfolio flows (FPI). High focus only on FPI numbers may not always provide a complete picture, it cautioned.

CII stressed that the incipient signs of domestic recovery need to be preserved to help accelerate movement towards a normalised growth scenario.

“As in the past, the RBI should use all the weapons in its arsenal to ensure that while through its actions inflationary expectations are well anchored, it should in no way muzzle the growth impulses,” it said.

The rate-setting Monetary Policy Committee (MPC) of the RBI will announce its interest rate decision in the first week of December.

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Good news: CII poll shows CEOs expect better job creation prospects in first half of FY23

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A majority of CEOs in a poll conducted by the Confederation of Indian Industry (CII) anticipate improved job creation prospects in their companies in the first half of FY23 ending September, even as expectations of monetary tightening are pervasive, the industry body said on Sunday.

The recent poll was conducted by CII at its Second National Council Meeting for FY23, which saw the participation of 136 CEOs from across the country.

”Further, GDP growth is expected to be in the range of 7-8 per cent as revealed by 57 percent of the CEOs while only 34 percent of them anticipate below 7 percent expansion in the economy,” said CII.

Besides, about half of the CEOs (49 percent) felt that rural demand would be better in the first half of FY23 as against the same period last year.

The results reveal that while expectations of monetary tightening are pervasive, given the sharp increase in inflation and heightened inflation expectations, the overall outlook for April-September FY23 looks robust, CII said.

A major percentage of the CEOs revealed an upbeat sentiment — as 44 percent of them felt that their company’s revenue growth would be in the range of 10-20 percent during the first half of FY23, followed by another 32 percent of the CEOs anticipating a bigger jump in revenues, of more than 20 percent during the same period, CII stated.

Moreover, 45 percent of the CEOs indicated that their companies’ profit growth is likely to increase more than 10 percent, whereas 40 percent of them believed that profit growth may stand slightly lower, up to 10 percent, during the first half of FY23.

“The CII CEOs Poll results clearly demonstrate the resilience of Indian industry and the positive business performance outlook both on domestic as well as exports front despite challenges of high inflation leading to monetary tightening, rising input prices and uncertain global economic conditions,” said Chandrajit Banerjee, Director General, CII.

The survey revealed 46 percent of the CEOs polled indicated that rising input prices would affect their profits between 5 percent and 10 percent during the first half of FY23, followed by another 28 percent of them who expect a bigger hit to their profits, between 10 percent and 20 percent.

However, only 43 percent of the CEOs indicated that their companies had increased output prices to accommodate the input price rise in recent months, while nearly 57 percent of them either absorbed the input price rise and of these about 30 percent improved efficiency thereby reducing costs of their output.

”On the topic of jobs, a majority of the CEOs expected improved job creation prospects in their companies during the first half of FY23 as compared to the same period last year,” CII said on the survey findings. The respondents have also cited high inflation expectations as nearly half of them (48 per cent) foresee inflation to be in the range of 7-8 percent during the first half of FY23.

”In view of the current stresses, in terms of high input prices and inflation, nearly two-thirds of them (64 percent) are of the view that now the state governments must act to reduce VAT on fuel after the cut in excise duty by the central government in May,” said CII.

On the external front, while a large number of the CEOs expect further depreciation in the rupee and expect it to stand at more than Rs 80/US dollar during the first half of FY23, a majority of them (55 percent) also expect their exports to benefit from it and perform better in the first half of FY23 versus last year’s levels, said CII.

However, on the imports front, about 50 percent of the CEOs indicated mild to moderate disruption in the supply of inputs during the first half of the current year compared to the first half of last year.

Assessing the impact of recent geopolitical developments and recent COVID-related lockdowns in China on their respective companies, 30 percent of the CEOs revealed that they have faced moderate supply chain disruptions but have diversified away from China to some extent, while 25 percent of them indicated only minor supply chain disruptions as they have diversified majority of the procurement away from China.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FICCI and CII welcome govt’s move to reduce excise duty on fuel, say will help bring down inflation

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Federation of Indian Chambers of Commerce & Industry (FICCI) and Confederation of Indian Industry (CII) on Sunday welcomed the Central government’s announcement of reducing excise duty on petrol and diesel.

On Saturday, the Union government decided to reduce the central excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre.

“FICCI welcomes the series of measures announced including excise duty cuts in petrol, diesel & custom duty reductions on intermediaries. We thank the Prime Minister and the Finance Minister providing much needed relief to both, the common man & industry,” FICCI President Sanjiv Mehta said.

He said these steps would not just bring down the inflationary pressure, but would also ensure that the industry continued to remain competitive.

FICCI welcomes the series of measures announced including excise duty cuts in petrol, diesel & custom duty reductions on intermediaries. We thank the Hon’ble PM & the FM for providing the much needed relief to both the common man & industry: FICCI President Mr Sanjiv Mehta. pic.twitter.com/x5ogJWIwbM

— FICCI (@ficci_india) May 22, 2022

The CII also issued a statement saying it welcomed the government’s move to cut excise duty on fuel, which would help bring down inflation levels.

“The government’s swift action shows its intent to bring down the burden on the common man, in addition to bringing down input cost for many sectors. We are happy that government action comes within days of CII making this suggestion and we do hope that following the Centre, state governments will also respond in the same manner, bringing further relief,” the statement added.

Last week, CII President Sanjiv Bajaj had said that reduction in taxes on petrol and diesel should be done by the Centre and states in a collaborative manner. He had said that the government had increased the taxes on diesel and petrol at a time when the crude oil price in the international market was low and it was required for the same to be reversed.

Also Read: Between ‘devil and deep sea’, says Chidamabaram on states’ situation after Centre reduces excise duty on fuel

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Sanjiv Bajaj says non-banking firms must be allowed to expand financial services

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The recent rise in inflation in India and the world over is threatening a potential economic recovery in the wake of the pandemic. Central banks are starting to tighten their monetary policy worldwide and interest rate hikes seem to be in the offing for the next few months. But India’s long-term potential remains intact, with several economists and brokerages giving it their vote of confidence.

Against this backdrop, Sanjiv Bajaj takes charge as the president of the Confederation of Indian Industry (CII), which is charting a vision for India to become a $40 trillion economy by 2047 — the country’s 100th year of independence.

Speaking to CNBC-TV18, Bajaj said the Reserve Bank of India (RBI) and the government must encourage large non-banking financial companies (NBFCs) to offer full banking services.

He said, “Today, I can understand that a big difference between banks and NBFCs is that the consumers’ money sits in banks, whereas with an NBFC you are not allowed to do that. So keep that difference.”

Bajaj said the RBI must open up lines of financing from RBI to NBFCs as has been done during the pandemic “Provide that as an additional show of confidence — allow NBFCs to get into many other lines of business where currently, only banks are allowed. Again, put the necessary guarantees in place for that,” he said.

Bajaj said he believes that in the long term, NBFCs’ licence should be seen as a learning licence towards banking. “Finally, in this digital world, I believe that RBI must work on a discussion paper on what is good for the future of banking,” he said.

Bajaj believes that the country have always been in a period of uncertainty. “We are in volatile times, as we say, and one thing that Indian industry has learned is to stand up to such challenges,” he said.

Bajaj blamed the rise in inflation to the ongoing war in Ukraine and the continued disruption to global supply chains. “Food prices also playing the spoilsport, and also fuel prices. Now here at CII, we believe that from the earning forecast, we are looking forward to a good monsoon, which means food prices should start moderating pretty soon,” Bajaj said.

Bajaj further said he is of the opinion that normalisation of interest rates will bring inflation numbers down somewhat. “Secondly, interest rates should not come in the way of additional investment, which will still be far more attractive than what it was two years ago. So for us to get back to — at CII, we predicted 7.4 to 8.2 percent — GDP growth this year should be possible, we just need to take care of some of the externalities and the immediate inflation,” he said.

For full interview, watch accompanying video

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

RBI’s move to raise interest rates, likelihood of a good monsoon will help contain inflation: CII President

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Reserve Bank of India’s decision to raise benchmark interest rates and the likelihood of a good monsoon will help in containing inflation, Sanjiv Bajaj, the newly-elected President of the industry body CII, said on Monday.

“I do believe that we are now in an era of higher interest rates. This will help us bring down inflation, at least a part of that going forward,” Bajaj said, addressing his maiden press conference after taking over as the chief of the Confederation of Indian Industry (CII) chief.

He said various factors combined with the hope of a strong monsoon “should put us in a better place” by the second half of the year for policymakers to decide where inflation and interest rates move. Bajaj observed that the rise of inflation has two aspects — demand and supply side.

“RBI has already started the cycle of taking interest rates up and we should expect interest rates to continue moving up in the coming year. We would expect a clear direction from RBI on how they are going to address interest rates. Hopefully in the next monetary policy review we should be able to hear something to that extent from them,” he said. CII estimates India’s GDP growth to be in the band of 7.4-8.2 percent, depending upon the global oil prices.

The industry body’s theme for 2022-23 is Beyond India@75: Competitiveness, Growth, Sustainability, and Internationalisation. Sharing the likely growth scenarios for the Indian economy for this year, Bajaj, said, “CII expects the GDP growth in a range of 7.4-8.2 per cent in 2022-23, with the outlook critically hinging on the trajectory of global crude oil prices.” He was addressing the media for the first time after taking over as president CII.

Also Read: Spiraling inflation may boost gold demand as a hedge: Report

He further explained, “global headwinds and inflation will have to be countered with robust policy reforms, both domestic and external sector reforms, to unlock the growth potential of the economy.”

Bajaj said tailwinds that are supportive of growth in the short-term include government capex, private sector investment which is showing an uptick aided by strong demand in some sectors and the Production-Linked Incentive (PLI) scheme push in the others, good agriculture season on the back of the expectations of a good monsoon and positive export momentum.

An immediate measure to moderate inflation could be to moderate taxes on fuel products, which constitute a large share of the retail pump prices of petrol and diesel. “CII would encourage the Centre and state governments to collaborate in reducing these duties,” he added.

Sharing the vision for the economy, Bajaj said that India has the potential to become a USD 40 trillion economy by the time it turns 100, in 2047, with milestones at USD 5 trillion by 2026-27 and USD 9 trillion by 2030-31.

Highlighting the sectoral drivers of growth, he elaborated that manufacturing and services will be the twin engines of growth. The enabling policies of the government, particularly the PLI scheme, are expected to push manufacturing sector’s contribution in gross value addition to 27 percent by FY48.

Similarly, services, too, will witness its share rising from 53 percent to 55 percent in the terminal year. The contribution of exports to GDP must rise while the investment rate must be stepped up. Both the government and industry must be equal partners in achieving this, the CII president said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bajaj Finserv’s Sanjiv Bajaj takes over as CII president

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sanjiv Bajaj, chairman and managing director of Bajaj Finserv Limited, has assumed office as the president of CII for 2022-23, the industry body said on Thursday. He takes over from T V Narendran, CEO and managing director of Tata Steel Limited.

Hero MotoCorp Ltd Chairman and CEO Pawan Munjal is the CII President-Designate for 2022-23, whereas TVS Supply Chain Solutions Executive Vice Chairman R Dinesh takes over as CII Vice President.

“Sanjiv has been engaged with CII for many years at the State, Regional and National level. He was the President-Designate for 2021-22 and the Chairman of the Western Region during 2019-20,” CII stated.

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Bajaj is an alumnus of the Harvard Business School, US. He is a member of the board of Indian School of Business (ISB); Member of the International Advisory Board, Allianz SE and the International Technology Advisory Panel of Monetary Authority of Singapore and Regional Stewardship Board for India and South Asia 2019-2020 of the World Economic Forum, the industry body shared.

President-Designate Munjal has been closely associated with CII for almost 30 years. He has been the chairman of CII Northern Region during 1996-97 and has led several CII National Committees, including on sports, environment, and technology and innovation.

Dinesh is a commerce graduate and an associate member of the Institute of Chartered Accountants of India and Institute of Cost and Works Accountants of India.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

CII president says corporate India must think outside incentives and subsidies

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India Inc must think outside the regime of incentives and subsidies and improve its competitiveness and productivity while ramping up research and development expenditure for being future-ready, Confederation of Indian Industry (CII) President T V Narendran said during the first edition of the two-day Being Future Ready Business Summit 2022.

The introductory session of the summit saw in attendance from top CII officials President TV Narendran, President-designate Sanjiv Bajaj, Vice-President Pawan Munjal and Director-General Chandrajit Banerjee. Apart from this, key industry leaders like Kris Gopalkrishnan, Rajiv Kaul, and Ajay Surendra also marked their presence.

The CII President observed that a responsible and conscious industry must think beyond its own priorities to drive positive change for the nation. Highlighting the economic opportunity lying for Indian business in the post-pandemic world, he said, “As the global supply chain gets recalibrated, Indian industry has an opportunity to embed itself more firmly in the international arena and expand its global footprints.”

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“The many new free trade agreements (FTAs) being signed with our key market partners open up immense opportunities for our international engagement and we must support and leverage these to the optimum,” Narendran said.

He called upon the industry to shift the focus on building competitiveness through workforce skilling, innovation, quality and sustainability. “The Indian industry’s share in total R&D spend in India is 37 percent, as against 77 percent in China,” he said.

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Bajaj spoke about how the industry must prepare for ‘India@100’. He said the digital revolution, including fintech, e-commerce, etc., is creating immense opportunities for the Indian industry, which would make it future-ready to cater to community needs, and all this will be an integral part of the India@100 agenda.

Munjal said that India is a key player and has already made commitment to COP26. “To transform the whole economy into a low carbon trajectory requires multiple actions at the level of Industry. The industry’s role has been notable in the areas of renewable energy. In renewable energy, India has already crossed a milestone of 150 GW of capacity including wind, solar, hydro and biomass.”

“With Electric mobility becoming an integral part of the battle against climate change, Indian companies must take a strong position in accessing global markets. This will mean a robust engagement in meeting the stringent standards that many countries are setting.”

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Toppling trade barriers high on agenda as CII signs pact with UK’s biggest business body CBI

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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With negotiations for a free trade deal between India and the UK currently underway, CII and Britain’s biggest business organisation, CBI, on Monday signed a pact to set up the UK-India Business Commission to boost industry collaboration and pitch for removal of trade barriers. “The CBI, Britain’s biggest business organisation, and its counterpart in India, Confederation of Indian Industry (CII), representing over 300,000 businesses, will set up a new joint Commission, UK-India Business Commission, to increase cross industry collaboration and to push the UK-India trade deal over the line,” CII stated.

“With negotiations between India-UK government underway, a focus on reducing the barriers to trade, cutting tariffs, and supporting firms to export will help consumers and businesses alike particularly in the face of cost-of-living crisis,” it added. Prime Minister Narendra Modi and his UK counterpart Boris Johnson set the negotiating teams on both sides a Diwali deadline for the conclusion of the India-UK free trade agreement (FTA) during bilateral discussions in New Delhi last month.

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The CII said the UK’s world-leading renewable sector in particular could play an integral role in India’s transition to clean energy. India has committed to get 50 percent of its energy from renewable sources by 2030. It argued that reducing tariffs on green exports such as solar, onshore, and offshore wind could open new opportunities for firms in India.

More broadly, securing this free trade agreement could almost double UK exports to India, boost Britain’s total trade by as much as 28 billion pounds a year by 2035 and increase wages across the UK regions by 3 billion pounds, CII stated.

As part of a memorandum of understanding (MoU) between the CBI and CII, the Commission will provide a critical forum for discussion to ensure an FTA works to the benefit of businesses in both countries. “The group will provide continual oversight and meet ahead of key milestones to take views on trade-offs, breakdown barriers to market access and help feed in on-the-ground business intelligence at a ministerial level in India and UK,” CII said.

Also read: India expects to seal FTA with European Union by next year: Piyush Goyal

CBI President Lord Karan Bilimoria said a free trade agreement with the world’s fastest growing economy is now within touching distance, and to clinch that deal a focus on lowering barriers to trade is now essential. “For example, on renewables, we have an opportunity to export UK’s expertise in cleantech. A deal has the potential to drastically lower tariffs on wind turbines parts that are currently as high as 15 percent,” he said.

 “More broadly, a deal anchored in slashing tariffs, improving the ability to move talent across borders as well as data, will unlock plenty of prizes across a host of sectors from services and life sciences to tech and innovation,” he added.

Chandrajit Banerjee, Director General, CII, said: “The memorandum of understanding we sign today is the continuation of the long-standing relationship between CII and CBI. This partnership is an opportunity to address shared concerns, identify common interests and foster greater understanding and to develop capacity to address the issues of economic and global concerns.”

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow