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Monday
September 2019
11:48 AM IST
News Headlines
Sourabh wins Vietnam Open Super 100 title        England close in on Ashes-levelling win after Broad double        Air India posts Rs 4,600 cr operating loss in 2018-19; aims operating profit this fiscal        SBI to move RBI to offer fixed-floating rate home-loans: Chairman        Hong Kong returns to violence with tear gas and Molotovs        36 people missing after boat sinks in Congo river: DRC police        Underfire PM calls up Hulk, claims 'huge' Brexit progress        Dearth of quality people in north India: Labour minister on unemployment        Will implement NRC in Haryana, says Khattar        One nation-one language will never be a reality: Jairam Ramesh        21 Indians killed in 2,050 ceasefire violations by Pak this year: MEA        We need to take advantage of India's inexperienced pace attack: Klusener        India's contrasting training camps at World Championships        Inflation under control, clear signs of revival in factory output: FM        China to lift punitive tariffs on US soybeans, pork        Former PM Cameron 'sorry' for Brexit divisions        Pakistani cleric Tahirul Qadri quits politics, resigns from party        Afghan government says elections first, peace deal after        My govt committed to the welfare of peasants & also to promote industry: Mamata        Amend Constitution to ensure use of Indian languages in SC, high courts: Paswan        
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Business News
Stimulus package will boost growth and stabilise economy: CII
 
New Delhi: Industry body CII on Sunday said the multi-sectoral and multi-dimensional policy stimulus announced last week will have significant impact, imparting stability and underpinning a new growth impetus for India.

CII said the measures announced come at a time when the world economy is buffeted by global headwinds and trade slowdown.

"Coming in the wake of several retaliatory and counter-retaliatory trade measures between the two largest global trading nations, the economic package announced by Nirmala Sitharaman, Minister of Finance and Corporate Affairs, on Friday imparts stability and underpins a new growth impetus for India," it added.

CII President Vikram Kirloskar said the macro impact of the economic package announced can be expected to be significant.

"It is indeed commendable that all these multi-sectoral steps were carried out without pressure on the fiscal deficit. With her six-dimensional announcement, FM has indeed hit a sixer out of the grounds," he added.

The industry body said it expects that the economy will climb up in the coming months.

CII's Business Outlook Survey for April-June 2019 stood at 59.6, lower than 65.2 in the previous quarter. It showed that as of June, two-thirds of survey respondents expected growth of over 6.5 per cent for 2019-20.

"The comprehensive measures removing enhanced surcharge on FPIs (foreign portfolio investors) and DIs (domestic investors), securing transmission of lower repo rates, addressing delayed payments and ensuring that bank officials are confident about lending are strategically targeted towards raising investments," CII President-Designate Uday Kotak said.

Creation of a shelf of infrastructure projects and announcement of a long-term financial institution have wide positive ramifications for the economy, he said adding that the industry is looking forward to more such announcements from the finance minister as mentioned by her in speech on Friday.

On Friday, the government announced a raft of measures, including rollback of enhanced super-rich tax on foreign and domestic equity investors, exemption of start-ups from 'angel tax', a package to address distress in the automobile sector and upfront infusion of Rs 70,000 crore to public sector banks, in efforts to boost economic growth from a five-year low.

To bolster consumption, the government also said that banks have decided to cut interest rates, a move that would lead to lower equated-monthly instalments for home, automobile and other loans.

Sitharaman, who had been flooded with demands from different sectors after her maiden Budget this year, did little to address their distress, promised to continue the reforms and announce more measures next week.

"With the global environment in high flux, India remains well-poised for staying at the top of the growth ladder... The growth momentum across sectors such as infrastructure, automotives, consumer durables, and others will see huge impetus. Kudos for this well-thought economic stimulus," CII Director-General Chandrajit Banerjee said.


Air India posts Rs 4,600 cr operating loss in 2018-19; aims operating profit this fiscal
SBI to move RBI to offer fixed-floating rate home-loans: Chairman
Inflation under control, clear signs of revival in factory output: FM
China to lift punitive tariffs on US soybeans, pork
Exports decline 6 pc; imports dip 13.45 pc
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FinMin sets up task force to identify infra projects for Rs 100 lakh cr investment
To create jobs, C'garh govt reduces land rates for industries
India's domestic market for computer services to grow faster than exports: UN report
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KERALA NEWS
Tipplers guzzle Rs 487 crore worth liqour during onam
 Thiruvananthapuram: Tipplers in Kerala guzzled liqour worth a record Rs 487 crore sold through state  
candidate selection for Pala by-election is an internal matter of KC(M): Chandy
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Malayalam actor, film crew stranded in Himachal village
INTERNATIONAL NEWS
Hong Kong returns to violence with tear gas and Molotovs
 Hong Kong: Hong Kong riot police fired tear gas and water cannons at hardcore pro-democracy proteste
36 people missing after boat sinks in Congo river: DRC police
Underfire PM calls up Hulk, claims 'huge' Brexit progress
Former PM Cameron 'sorry' for Brexit divisions
NATIONAL NEWS
Dearth of quality people in north India: Labour minister on unemployment
 Lucknow: Union labour minister Santosh Kumar Gangwar has said there was no dearth of employment oppo
Will implement NRC in Haryana, says Khattar
One nation-one language will never be a reality: Jairam Ramesh
My govt committed to the welfare of peasants & also to promote industry: Mamata
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