India needs land, labour reforms to achieve 7.6% growth: PHDCCI
The Dollar Business Bureau Industry and trade body PHD Chamber of Commerce and Industry (PHDCCI) on Monday pitched for key reforms such as land, capital, labour, and entrepreneurship for the country to achieve the economic growth beyond 7.6 percent per year. The chamber also emphasized on reforms in the agriculture and construction sectors to increase the demand for country’s industrial goods.These suggestions emerged at a seminar organised by PHDCCI on the 'Growth Prospects of Indian Economy' which sought a just ground for international micro, small and medium enterprises (MSMEs) to operate in India, with relaxed ease of doing business regulations. "Land reforms have become imperative as it is a major ingredient in the four factors of production because of its availability factor with creation of land banks ...
India Inc seeks immediate transmission of rate cut
The Dollar Business Bureau Welcoming the RBI’s decision to reduce its lending rate for banks by 0.5%, various trade and industry bodies have asked banks to pass on the benefit to borrowers so as to improve cash flow in the economy. The Reserve Bank of India (RBI) in its fourth bi-monthly monetary policy review on Tuesday reduced the repo rate from 7.25% to 6.75%. The Associated Chambers of Commerce and Industry of India (ASSOCHAM) said the cut in interest rates needs to act as a demand push at the consumer level and should help revive investment cycle, especially in the private sector. “The trouble has been aggravated by a high level of debt in the private sector which makes it onerous ...
Traders concerned about implementation of Goods & Services Tax
Himanshu Vatsa | The Dollar Business Even though the government seems to be determined for implementing Goods and Services Tax (GST) regime from April next year, experts say that the new norms lack clarity on many issues including the basic definition of goods and services. The GST Bill, which seeks to replace all indirect taxes levied by the Centre and state governments, has already been cleared by the Lok Sabha. The bill is expected to come for discussion in the Rajya Sabha during this monsoon session beginning July 21. The proposed legislation faces opposition from Congress and other political parties. And, analysts say that the ruling BJP has to do a lot of hard work to get the nod from the ...
World Banks assistance to boost trade across Indias eastern borders
India gets second loan of $1.1 billion for the Eastern Dedicated Freight Corridor (a freight-only rail line) between the north and eastern parts of India The Dollar Business Rail routes in the Golden Quadrilateral connecting Delhi, Mumbai, Chennai and Kolkata, account for 16% of the railway networks route length, but carry over 60% of Indias total rail freight, according to the World Bank The recently signed $1.1 billion agreement between India and the World Bank towards the second loan for the Eastern Dedicated Freight Corridor (DFC) is expected to boost Indias trade with Bangladesh and other countries across Indias eastern borders. The Eastern Dedicated Freight Corridor is a freight-only rail line and will improve the speed and efficiency, while reducing transport costs in ...
Is there hope for SAARC? Experts say yes
Sisir Pradhan | The Dollar Business Once the most open and freely journeyed region, South Asia’s borders today are barriers to trade, says Prof. V. Balakista Reddy, Coordinator, M.K. Nambyar SAARC Law Centre Almost all the eight members of the South Asian Association for Regional Cooperation (SAARC) share a common heritage, history and geography. They also used to have in place a strong trade base centuries ago, but things have changed. Today, SAARC is perhaps the weakest block in the world both politically and economically. Constant disputes between India and Pakistan overshadow everything, including prosperity and growth of the region. Take a look at the figures. Intra-regional trade in SAARC, which stands at around $314 billion is much lower compared to ...
