Home / Knowledge / News / Textiles / Assocham, USIBC hail economic reforms
Assocham, USIBC hail economic reforms
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

Textiles | On 24th Oct 2016

Indian govt plans roadshows to promote textile exports

The Indian government has planned to conduct roadshows to boost the...

Textiles | On 24th Oct 2016

TPP may hit roadblock

The 12-member Trans-Pacific Partnership (TPP) that was signed earlier ...

Textiles | On 24th Oct 2016

Baba Ramdev’s Patanjali to enter textile manufacturing

Patanjali Ayurved, an enterprise initiated by yoga guru Baba Ramdev,...

Interviews View All

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Rashi Menda

Every fifth sale we make on Zapyle is a repeat purchase

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Pranav Mishra

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

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


Browse Our Archives


Advanced Search