Home / Knowledge / News / Apparel/Garments / Stimulus package to boost growth, stabilise economy: CII

Stimulus package to boost growth, stabilise economy: CII

31
Aug '19
Pic: Shutterstock
Pic: Shutterstock
The economic package recently announced by minister of finance and corporate affairs Nirmala Sitharaman imparts stability and underpins a new growth impetus for India, said the Confederation of Indian Industry (CII). The package covers the financial and automotive sectors, taxation and micro small and medium enterprises, which were being advocated by CII.

CII expects the economy will climb up in the coming months, it said in a statement.

“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 [finance minister] has indeed hit a sixer out of the grounds,” said CII president Vikram Kirloskar.

India’s gross value added (GVA) growth stood at 5.8 per cent in the fourth quarter of 2018-19 and advance indicators reveal that it might remain range-bound in Q1 2019-20.

In CII’s Business Outlook Survey for April-June 2019, two-thirds of survey respondents expected growth of over 6.5 per cent for 2019-20. CII president designate Uday Kotak said CII and the industry are looking forward to more such announcements from the minister, as mentioned in her speech.

Removal of surcharge on foreign portfolio investments (FPI) by the ministry of finance and the amendments in the FPI regulations by the Security and Exchange Board of India (SEBI) is expected to boost investor sentiments and is in line with CII recommendations for the equity markets, CII said.

Tax measures such as alleviating angel tax on startup investors and easier long term and short-term capital gains tax promise to re-energize investments.

With credit momentum being restored, demand in the economy is bound to pick up in coming months, in turn leading to capacity enhancements, it added. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock/humphery

Textiles | On 18th Sep 2021

China wants to join CPTPP; Japan to consult members to respond to bid

Chinese commerce minister Wang Wentao recently submitted an...

Pic: Shutterstock

Textiles | On 18th Sep 2021

Eurozone GDP recovers quicker than expected after lockdowns: EU report

The eurozone economy recovered more rapidly than considered earlier...

Pic: Shutterstock

Apparel/Garments | On 18th Sep 2021

BGMEA urges Canadian buyers to source apparel from Bangladesh

Bangladesh Garment Manufacturers and Exporters Association (BGMEA)...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Always best to produce under own supervision

Textile Industry, Head honchos

Textile Industry
Head honchos

The pandemic has reinstated need for organised retail spaces in Tier II...

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchain is not a silver bullet for each and every problem in supply...

Meghavi Suthar,

Meghavi Suthar

Founded by NIFT graduate <b>Meghavi Suthar </b>in 2017, Kala is an...

Sanjay Vakharia,

Sanjay Vakharia

One of the first few Indian denim brands, Spykar, established in 1992, was ...

Nantas Montonati,

Nantas Montonati

The Riri Group is a one-stop supplier of metal accessories for the luxury...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Dr Anup Rakshit, ITTA

Dr Anup Rakshit
ITTA

The Indian Technical Textile Association (ITTA) is the only association of ...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by <b>Aprajita Toor</b> were born out of a deep desire to...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

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

Leave your Comments


September 2021

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


Advanced Search