Latest news with #Assocham
India Gazette
5 days ago
- Business
- India Gazette
About 47% of Indian firms say cost of doing business has gone up amid global uncertainty: Assocham survey
New Delhi [India] June 17 (ANI): Amid global uncertainties, about half of the Indian firms surveyed by Industry Body Assocham said that the overall Cost of Doing Business (CoDB) has risen moderately. 'With global uncertainties, respondents reported that the overall Cost of Doing Business (CoDB) has risen moderately (with roughly 47 per cent indicating a moderate increase and about 37 per cent noting a significant uptick),' the industry body said. The firms say that key cost drivers such as infrastructure spending, high financing costs, and skilled labour expenses have emerged as recurring challenges, impacting their business operations. Among the other reforms suggested are ESG requirements, strict control on Chinese electronic imports, and government support in technological lag. The industry body added that research & development, reducing export finance costs, improving Rupee trade competitiveness, enhancing logistics efficiency, and ESG related requirements are some of the factors that will help India to attain the goal of becoming a USD 5 trillion economy by 2030. On highlighting the difficulties faced by the Indian firms, the industry body added that large firms with an annual turnover more than Rs 250 crore reported logistics and transportation, infrastructure cost, skilled labour, and cost of finance as major challenges. Other firms with annual turnover equal to or less than Rs 250 crore reported that skilled labour, infrastructure cost, cost of finance, compliance and cascading effect of taxes and duties are major challenges. 'Indian industry shows potential to contribute to India's economic growth. However, tapping into this potential will require targeted policy efforts, infrastructure development, and other related initiatives. The current business outlook is cautiously optimistic and expects that reforms will yield significant improvements in the export ecosystem,' Assocham stated. Assocham said that the economic outlook for Indian industries presents a mixed picture of optimism and structural challenges. While nearly 15 per cent of the overall respondent firms report positive engagement with policy schemes like the Production Linked Incentive (PLI), a majority indicate a need for broader market integration and support. The report added that although the PLI scheme is a positive initiative by the Government of India to boost domestic manufacturing and increase exports by providing financial incentives to companies, only 15 per cent overall and 32 per cent of exporting firms acknowledged its benefits. Highlighted by the survey, the respondent expects seven broad regulatory reforms. Improvements in Direct Tax Regime, Legal & Contract Enforcement Reforms, Steps to Reduce the Overall CoDB, Simplified GST Framework, Lower Cost of Capital, Single-Window Clearance System are the top seven expectations of the industry, the survey's findings revealed. These responses highlight the industry's desire for balanced fiscal and monetary strategies that support both affordability and business sustainability, while the long-term expectations, if brought to fruition, can improve technological advancement to keep up with global competition and help Indian exports remain attractive in international markets, reduce delays and costs, among other benefits. (ANI)
Time of India
30-05-2025
- Business
- Time of India
With 6.5 pc GDP growth in FY25, India retained position as world's fastest growing economy: Assocham
Industry body Assocham on Friday said India retained its position as the world's fastest-growing major economy in 2024-25, with real GDP expanding 6.5 per cent. Growth accelerated more in the second half as compared to the first half, achieving a 7.4 per cent rise during the March quarter. "This pick-up was supported by robust domestic demand, strong public infrastructure investment and shifting global supply chains that increasingly favour India amid geopolitical reorientations," Assocham President Sanjay Nayar said. He further said construction, manufacturing and services sectors were key drivers of this momentum, strengthening India's macroeconomic stability and global growth leadership. The 6.5 per cent growth rate during the fiscal year elevated the size of India's economy to USD 3.9 trillion and held promise of crossing world's fourth-largest economy Japan in FY26. Live Events The Indian economy grew at 7.4 per cent in January-March -- the fourth and final quarter of April 2024 to March 2025 fiscal (FY25) -- reflecting a strong cyclical rebound that was helped by a rise in private consumption and robust growth in construction and manufacturing. The expansion of 7.4 per cent during January-March 2025 was the best in the fiscal year. The 6.5 per cent growth in FY25 was in line with the government projection made in February. This growth was the slowest in four years, and compared to a 9.2 per cent expansion in the previous 2023-24 fiscal year.
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Business Standard
29-05-2025
- Business
- Business Standard
Industry, govt must work on indigenous food processing machinery: Official
India must develop indigenous capacities in food processing equipment manufacturing to reduce its reliance on imports, even as it aims to harness its agricultural advantage to become a global hub in food processing, a senior government official said on Thursday. "Despite our success in production and exports, we remain heavily dependent on imported food processing machinery. It is crucial that the industry and government work together to build domestic capabilities and improve quality and scale," said Devesh Deval, joint secretary, ministry of food processing industries, at the National Conference on Food Tech organised by Assocham. Deval underlined the need to channel India's agricultural strengths into a leadership role in food processing by embracing cutting-edge technologies. "We welcome inputs from stakeholders and are open to facilitating broader consultations to identify concrete, actionable steps. What matters is taking timely and measurable action to strengthen every link in the food processing value chain," he said. During the conference, the Food Safety and Standards Authority of India (FSSAI) launched a national stakeholder consultation portal aimed at gathering inputs to develop more inclusive and implementable food regulations. 'FSSAI is already taking concrete steps to integrate technology in regulatory processes,' said Rao, calling on government bodies, industry participants, experts, and MSMEs to jointly create data-driven, tech-enabled food safety mechanisms. Sudhanshu, secretary at the Agricultural and Processed Food Products Export Development Authority (Apeda), spoke about both the opportunities and hurdles within India's food processing landscape. Referring to successful traceability models in grapes, organic products, and millets, he stressed the urgency of adopting technologies like AI, Internet of Things (IoT), and advanced packaging solutions to boost food safety and export preparedness. Vivek Chandra, chairman, Food Processing and Value Addition Council, ASSOCHAM, said the future of food security depends not just on production but on how food is processed, preserved, packaged and distributed. Against the backdrop of climate change and supply chain disruptions, he highlighted the critical role of next-generation technologies in driving efficiency, safety and sustainability. A joint knowledge report by ASSOCHAM and PwC was also released at the conference.
Hans India
28-05-2025
- Business
- Hans India
Restoration of RoDTEP benefits to boost MSMEs, enhance investors' confidence: Assocham
New Delhi: The restoration of benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme by the government will also benefit micro, small and medium enterprises (MSMEs), improve export logistics and enhance investors' confidence in India's industrial corridors, Assocham said on Wednesday. The leading industry chamber commended the Centre for restoring the benefits under the RoDTEP scheme for exports from Advance Authorisation (AA) holders, Export-Oriented Units (EOUs) and Special Economic Zones (SEZs), effective June 1, 2025. The restoration ensures that key contributors to India's exports are not excluded from critical incentives, especially at a time when global competitiveness and domestic industrial resilience are of utmost importance. 'Assocham has consistently advocated for the extension of RoDTEP to all exporting entities, including those operating in SEZs and under AA and EOU frameworks. This move will correct the gap that created cost disadvantages for such units and is aligned with India's WTO commitments,' said Manish Singhal, Secretary General, Assocham. As of March 31, 2025, total disbursements under the RoDTEP scheme have crossed Rs 57,976.78 crore, underscoring its significant role in supporting India's merchandise exports. For the financial year 2025–26, the government has allocated Rs 18,233 crore under the scheme. The RoDTEP scheme, in place since January 1, 2021, reimburses embedded taxes and duties not refunded under other schemes, thus promoting fair pricing and helping exporters to stay competitive. The latest notification reinstates these benefits which were available until February 5. 2025, creating uncertainty and financial strain for many exporters. The extended benefit will now cover over 10,795 HS lines applicable to AA, SEZ, and EOU exports, providing a much-needed boost to sectors such as engineering goods, electronics, pharmaceuticals and textiles that operate heavily through these frameworks, said Assocham. The RoDTEP scheme is compliant with World Trade Organisation (WTO) norms and is implemented via a comprehensive end-to-end digital platform to ensure transparency and efficiency.
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Business Standard
22-05-2025
- Business
- Business Standard
One-third of GenZ investors now active in securities market: Sebi chief
Nearly a third of GenZ investors are now participating in the securities market, Sebi chief Tuhin Kanta Pandey said on Thursday, while lauding digital transformation and the strengthening of digital public infrastructure which he said have unlocked efficiencies and inclusion on an unprecedented scale. Pandey, chairman of the Securities and Exchange Board of India (Sebi), said that participation from GenZ -- those aged between 18 and 27 years -- is an encouraging sign of growing financial engagement at an early age 'This trend reflects not only the rising trust in formal financial systems but also signals a significant opportunity for long-term wealth creation and inclusive participation in the nation's economic progress,' Pandey said. He was addressing the 16th Capital Market Conference by industry body Assocham in Delhi. According to data from the depositories, the total number of demat accounts have surged to over 190 million as of April 2025, which was less than 50 million in December 2020. NSE's Market Pulse report issued every month showed that the share of investors under 30 years has risen sharply from 22.9 per cent in March 2018 to 39.5 per cent in March 2025. The report notes that the jump reflects rising financial literacy and easier access through digital platforms. 'The combined share of investors aged 50 years and above has fallen from 25.8 per cent in Mar'18 to just 15.1 per cent on Mar'25, signalling a changing investment culture driven by younger, tech-savvy participants,' the report notes. Apart from direct investments into the securities, the investments through mutual funds have also surged over the years, with the total number of folios reaching 234.5 million as of March 2025 compared to 178 million a year ago. A report by the Association of Mutual Funds in India (Amfi) for FY25 said that 47 per cent of the net inflows from those under the age of 25 years was into equity schemes. 'Younger investors are more inclined to take on higher risks, as can be gauged from their significantly higher share of net flows in the equity segment,' the report noted. 'Digital transformation, the emergence of AI, and the strengthening of digital public infrastructure are unlocking efficiencies and inclusion on an unprecedented scale,' said Pandey in his address. The Sebi chairman highlighted the surge in equity issuances as the financial year 2025 (FY25) recorded the highest ever fund raising through initial public offerings (IPOs) at ₹1.7 trillion. The market capitalisation of listed companies has risen to ₹423 trillion as of April, compared to ₹ 150 trillion in FY19. The former bureaucrat noted that this reflected strong investor confidence and robust corporate performance. 'The Indian securities market is not merely a facilitator of financial transactions but a powerful engine of capital formation. Our capital markets have become an essential channel through which domestic savings and foreign investments are directed into productive economic activity. This is helping fuel innovation, entrepreneurship, job creation, and infrastructure development,' Pandey said during his address. Pandey also brought focus on Sebi's measures to facilitate capital formation such as strengthening governance, reduction in listing timelines, and upstreaming of client funds to ensure safeguards of the funds. While indicating towards regulator's focus towards optimum regulations, the Sebi chairman also highlighted steps taken to enhance participation in the debt segment. The market regulator earlier this year announced several measures to enhance financial literacy amongst the young, including its flagship Tarun Yojana. Under the scheme, a pilot project is being run across several districts to integrate financial literacy with school curriculum.
