Home / Knowledge / News / Textiles / Assocham, USIBC hail economic reforms
Assocham, USIBC hail economic reforms
14
Nov '15
Assocham and the US-India Business Council (USIBC) have hailed the Indian Government's latest economic reforms push announced on November 10.

In a press release, Assocham Secretary General Mr D S Rawat said liberalisation of FDI in a host of key sectors like defence, civil aviation, retail, banking and e-commerce will send a huge positive signal to global investors about the focus returning to the economic agenda after Bihar elections.

India remains among the few bright spots in the world, and global investors would find it compelling to seriously look at these opportunities, Rawat said. He also said that stable FDI inflows is also imperative for India in the wake of continuing uncertainty over the direction of US interest rates.

The US-India Business Council (USIBC), business advocacy organization, also issued a press release, applauding the Government's latest reforms liberalizing FDI norms in industries that are starved for capital and enable the ease of doing business in the country.

Dr Mukesh Aghi, President of the US-India Business Council said, “Putting more FDI proposals through the automatic route is clear signal that the government is living up to the mandate of minimum government and maximum governance. India's recent rise in World Bank's Ease of Doing Business, the ruling on Minimum Alternative Tax (MAT), its efforts to modernize the railways network, lifting of FDI in the insurance sector are all significant achievements that will propel more investment and innovation in the country. USIBC member companies are encouraged by the Government's efforts to undertake economic reforms and stay away from politically driven distractions.”

Emphasizing the benefit of a more open economy, Dr Aghi said, “Allowing a path to relax the norms for sourcing for single brand retailers who sell cutting edge technology will clear many of the challenges that high-tech companies have had when it comes to taking advantage of the 100 per cent opening of the single brand retail sector. In construction development, removal of two major conditions on minimum requirements area restriction of 20,000 sq. m. and capitalization of $5 million will provide much-needed boost to investment in the real estate development sector.”

The Council is keen on further reforms in these sectors and additional liberalization that will aid the growth of bilateral trade. Dr Aghi added, “FDI in business to e-commerce still remains restricted. As a result, smaller Indian e-commerce companies cannot seek the capital they need to grow their business and hire more employees. USIBC will continue to urge the Department of Industrial Policy & Promotion (DIPP) to allow at least 51 per cent FDI in e-commerce.” (SH)

Fibre2Fashion News Desk - India

Must ReadView All

President Tsai Ing-wen delivering remarks before boarding her plane bound for Central America. Courtesy: Presdient's office

Textiles | On 16th Jan 2017

‘Textiles at centre of Taiwan’s new trade arrangements’

Textiles should be at the heart of Taiwan’s thinking while developing ...

Apparel/Garments | On 16th Jan 2017

Ralph Lauren develops policy on tracking wood based fabrics

In a bid to trace source of wood based fabrics like viscose and rayon ...

Apparel/Garments | On 16th Jan 2017

EC proposes enhanced market access for Sri Lanka

The European Commission (EC) has proposed that a significant part of...

Interviews View All

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search