assocham in the news

ASSOCHAM IN THE NEWS

The Economic Times (3) August 9,2019

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FM to meet FFIs, mutual funds today; calmsindustryfears on CSR penal provisions

Business Standard (Page 1,15) August 9, 2019

ffimqrtgets ffiffiffidy

for reforms to'f,&g#'st silonrudmwurn

Piramal oTPilamal- - - -= . :

In the meeting industry groups

SANJEEB MUI(HERJEE, ARUP ROYCHOUDHURY

& SUBHAYAN IHAKRABORTY

New Delhi, B August

Sitharaman isholding clailynreetings u,ith

industry in thc bacl<-drop of sluggish eco-nor.nic growh, theCelltre is plannilgreforms in cmcial sec-tors over the next fervnronths. llusiiles.\Si rzirdr.ri d has leanrt.

'Iheso plaus iricludea public transportationinitiative on the lines oftl-re erstwhile NationalUrban Renewal Mission(.IN-NUR lvt) for the auto-mobile sector, a tax over-haul through the directtax code (whlch is in theworks), and others.

'Ihe finance;linisterwill also be neetingmarl<et participautsincluding seuior oITi-cials ot foreigrr portlblioin./estors and tnulu,llfunds orr Fridal, 16

ascertain views orr cur-rerit issues relating tofinancial m:lrkets.

Sif hararnan alsoaddrcsucd iurmr:diatelelrs, assuriril; reple-sentatil,es of lndi:r Incthrt the penal prcvi-sions, including a jailleilr. LLndc-r the recenfamendnrents tLr t lieCompanies Act, wouldnot be imposed forcorryanies that did r.rot

nrect corporatc socialresponsibility (CSR)

norms.She gave this assurance to members of

industry bodies aild other inciustriaiists.Rcpresentatives of the Confederation

of Indian Industry (CII), F'ederation of

in the meeting onThursday.

"The penal provi-sions for CSR were dis-cussed. We wereassured by the financeminister that punitiveactions, rvhich includea jail tenx, would not betaken," Sajian Jirrdal,chrrir;nan of JSWCrouy;, tokl reportersafter the meeting.

Corporate AffairsSecletary Injeti Srinivasalso saici on Thursdaythe government had nointention to criminaliseany default in corporatesocial responsibilityspending.

Accotcliug to theairlerlLlnierl sr to tlleCompanies Act, whichwas lrassecl inPailiilne nt, violations ofClili 1)ornrs will attractfirres rangir.rg fromt5O,O00 to t 25 lakh forbollr tl.rr: company anrlilelarliling offi cers, witlrofficoir; also liable toinli)risol[rent ol up tothrc'l years.

Spri:;'.1iir,g cin the eco-norlic rlot-cittrvn, anofllcir,l r,iho lras be:t.:r.t

p:lrt oi i l1() in(lt1sLry-fin-nrin tlc-etings, said,"Thcr government isseize.l of tlre matterthatretirrrrs arc neededaCroris al1 liectol's. be itcoal, mines, power, orciisconrs, and steps will

be takeli to address these." 'l'he officialadded that industr-v rcprr!elttatives itl a

recent meeting had complained aboutti-rehigh costof bltsiness. Turn to Page 15 t

Indian Chiimbcrs ol Corrmerce andIndustry (Ficci), Associated Chambers ofCommerce and Industry of India(Assocha.m), and Cellular Operators

ve11 as Finarce Minister Ninnala *Assdeiatiorrof India (CiOAl) were present

Govt gets leady... il13?#;H#.Hffi"#l'#i$x1,l,,The econiryneeds initiatives, forwhich rate curs to consumers. "compared

.r,".g"'"",","".ismakingprepa.'ation.s,,.cumulative75.basis-pointcutinreposaid the offtcial, *t o p#:iipured in the there has been only a 1,0-basis-point c

*."ti"gt lrda ovo tt e titrt*o days, aciding the^median marginal cost of lendin6

i-frut tufio"t plans were U"i,,g diic"st"d (MCLR) of public sector banks for a

;;;; fih t# top levels in g"overnment. year tenor over February-.Iune 2O19

..l.Iext in line forthe govemneit in temrs of Vice-Presicleut T V Nare*dran said'

il;ry i;;"*batiilg the slowclcwn,'" the'rhectrwartedareducticnintheofficial said. savings rates in iine with market rar

Growth fell to a flve-l"eai iow of 6'8 per wamert thatinabilityto dc sowoulds'

cent in FY12 much below the g,oi'em''ent's dre eiforts of pt-tblic sector banks to r<

pioiection ofz.2 per cent. '- deposit rates and hence ease lending---6ro*tt,intt.forrthq.,urt"rdeceierat-

_"whileit',seircouragingthattlieRledtothelowestinzoquartersat5.Sperreducedtheratebycumulativello.art,

"*i"g," a deciine in investment' points' industry is lookingforwardto

- - fn tt

" ,ioti"g with Sitharaman, indus- more rate cgts because reai lnterest ra1

t* r"or"."rrtutiuk asked the govemment stiil very high," Ficci President Si

i;l;tittilli;r'quickfix'stimulustorevive Somanysaid' - . -.a.**J*Aconsumption. Goenka said idle government

The finance ministeilnet bankers on shouldbe monetised, giventhe fisc;

rnm.Juv, i"pr"sentatives oi micrq small, strainls. such land cottld be used for t

*O*a,il"rir"nterprisesonTuesday;auto able housing and new projects' he e

makersandcomponentmanufacturerson .Assocham has asked the govert

w;;;A;y; a;d industrv bodies on toryiffiplantotumtheus-ffruoO"V. st

" wiil meet repiesentativps of trade war to good accorurt'

the markets and iNestori cn Fnclay, and Vodafone idea Ciuef Executive l

r,o-"u"v..'*dreal-estatedeveiopersonSLarmaSP.jcsitharallantoldherSundav. Assocham rrr"riJ.,,t B K Goenka taiics ro loor. inio Li.l. i,.ues

'aiscd t-

iii11ilg@t cus industrv bocies' especiallv tlase to initiate the invesiment cycie' "The relatilSto GST refui:ds stafngbloc

"fono*y requires a critical interv-ention

through a stim.r.. r"'Y;,r"*,T:;*'J |-T assgs5ffirel"lt...gested a Package of over'- -suesses urethereasfar asnon-banking

financial companies (NBFCs) are con-

cemed, andbecause of NBFCs' what'shap-


Mint (Page 9) Dated: August 9, 2019

Industry associatiotls meet finance minister, seek measures to boost the economv5frei,,a \t.rirC

thiuyi nOf iu..int..o,NTWDELHI

I cading inrlustr.r lolrbtI glor$. on 'l irrrrsrl;rr

I demanded a qrri, k iirl'l- ;:*}1,H:i:if ilii':,:i iiconsumption. and investmentcycles, joining a chonrs of voicespressing for immediate steps torevive sagging economic glorvth.

"\4/iflr curent slolrdown il globaland domestic market, we need t<rhave quick-fix solutioru and obsen ethe economy for ferv years lbr theeffectiveness of the stirnulus pack-age," B.K. Goenka, presirient ol'Asso(ham said in r Il.es(,nt,ll iuJI [()Irnan{ c nlilti\t(,1. Nirtrt:rllr 5it lr:tr -rman.

To arrest the slo[dou.n in theeconomy, Sitharaman has l.leenmeeting industry t.epreslrntati\.esacross key sectors-banking, automobile, foreign portlblio investon(FPIs), micro,. small and urediumenterprises MSMEs), industrv zrs,so-

ciations and real estate-since r hcbeginning ofthe week to hear outtheir challenges and promised totake necessary policy-based actior rs'fairlyquicldy'. Sitharaman met kevindusnl associaUonson flrur*tl;rr.

Goenkr said rhar gir.rn Ih, fi., ilconstraints, the governrneni canraise resources by monetizing icllegovemmentland, which in nrrlr canbe used for affordable housing anr!newprojects.

Earlier this year, India lost the{asestgrowingeconomy Llg, lall ingbehind Ch.ina ardgr.ew ar itislorvestpace in five years at 5,870 during the

+ three monthsended 3l Marcli.On Wednesdal', the central bank

cut its growth proiection t() 6.9%from a lblocast of7?o in Juue artr_l

lndia ffimc seeks a qufrck fixstimufl us to revive growth

Finance minister Nirmala Sitharaman (centre) and MoS for finance Anurag Thankur (second from right) during ameeting wjth industry representatives in New Delhi on Thursday.

sai..l that boosting aggregatedernand and private investment isthe highestpdority.

President ofFeder ation oflnclizmCharnbers ofCommerce and Indus-try (Ficci) Sandip Somany said rhalthe intlusrry is hopeful that theItesene Bank of India (RBI) rvilleffect another rorurd ofinterest rate

vear. Ilcxvever, the industries haveahvays said that the h ansmission oftherate cut bytlebanksis not quickenough.

'Weak and aq.rnmel_ric monetan,transmission process has con'-strained the economic recovelvprocess by impeding the fall in lend-ing rates r.vhich could stoke cor

sumption demand," said T.V. Nar-endran, managing director of TataSteel and r.ice president of Confed-eration ofIndian Industn _

Chairman of Hrarnal Entcrpris"s,Aj;rr Pirrmrl, .rught r.emo\ai o,

PTI

penal prot,isions like imprisonmentforumpent aurual funds forcorpo-rale socifll respor:sibiliry r('SR)."Thercr'ar Ileovcr.sight on whal theCSll money is spent on but thereshould not be any imprisonment,,,he said.

The Companies (Amendment)Bill 2Ol9 proposed that any r,umlr€ntcut this year.

Besides,biurksmustbr: cncouragecl topass on the benefitof rate cut to bor-rowerq he said.

RBI on Wednes-day cut benchmark

THE FM has been FtCCt president saidmeetrng lnduslry that the industry isrepresentatives hopefulforanoiheracross key sectors to round of benchmarknear therr concerns rate cut by RBI

PIRMAL Enterprises'chairman AiavPiramal sai<i iirdustrvhas sought removal'ot penal provisions

annual funds CSRshould be trans-ferred to aspecifiedgovernment fundwithin sixmonthsofthe financialyear.

In the case ofongoing CSR pro-jects, businesses

br:r'rchnrark rate in this calendar

have three yearc to utilise the funds


The Financial ExPress (Page 1,21 August 9, 2019

Enc s

India Inc seeksstimulus, easiercredit, GST cutsTHE FINANCE MINISTER iS

learnt to have assurcd that shcwould look into the matter ofgreatertransmission bybanks.

\,Vhile the RBI had prunedthe repo rate by 75 basis Pointssince February (before the lat-est reductionby 3 5 basis pointson Wednesday), state-runbanks had cut only '10 basispoints inthe median marginalcost of lending rate for one-yeartenor between February and

lrrrrc, said TV Narendran, viccprcsidcut uf Cl I and M DofTataSteel.,\4ost privatc banks didn'tdo cven that much. While al-ive year Natiortal Savings Ccr-tificatc letches an intcrcst of8o/o and Sukanya Sarnridhhischentc 8.5o,o, SBI is offcring6.80/0 fordeposits abovc I yeartenure and can't possibly trimthe ratc lunher for lca rs depos-itors would shift.

lSWchief jirdal said: " ltwasdccided that thc governmclltis going to take action verysoonto revive industry.We

feedback fromgotthe

chair-

is not was a lack ofliquiditT in t itc barrks. lrtrL lerr.ling was not taLing place, Thereis strcss in thr NBFC 5cctor as

lvel1," he tol d reporters aft erthemceting,. The N IJFC isstrc isimpactirrg sectors like auto,home loan and MSME."I amtold that there will be actiousoon. So,we will wait for that,"he said.

The government hasalready said that while liquid-ityis no longer a concern, somcNBFCs have been hit by solvency and governattce issrtcs.The RBI onWednesday said itwouldn't allorv any systerni-cally-iniportant NBFC to col-lapse. The government lastweek said the National Hor.rs

ing Bank would provjde refin-ing worth additional t10,000crore for affordable housing.

Earlier this week, thefinance secretary said normswould be finalised soon toenable public-sector banks toimplement the Budgetannouncement under whichthe government will offer a

one-time six-month partialguarantee of {1 lakh crore toPSBs [or purchasing consoli-dated high-rated pooled assetsoi linancially-sortrrd N BFC:.This will covertheir first loss ofup to 10o/o.

The economic expansionalreadycollapsed to a five-yearlowof 6.80o in FYl9. tt is fore-cast to only marginallyimprove inthe current fiscaltoaround 7olo (RBI onWednesdaypruned it to 5.9olo), providedprivate investors return anclconsumption expenditurerebounds.

GST

FE BUREAIJNew Delhi, August I

INDIA INC Oi'l Thursday toldthe government that the eco-

NBFCs said bankstransmit the

erscti- the

defauithas hit consumption. Purchasesin sectors like automobiles that

greater transmission of RBI ratecuts by banks anC review of highsmall saving deposit rates

I Assocham oresident-*_-:--BK Goenka sought a stimulus<L taKn

foraskedE Clt's TV Narendran

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easler creconcerns

about overzealoustaxman and newCSRrules

apart from

at rea-

- to stir growthfive-vearlow

the new corporate socialresponsibility (CSR) rules thatprovide for a iail terrn up tothree years for violation.

[SWGroup chainnan Sajjan

iindal said the ministera.ssuredthat no coercive penal actionwould be initiated for non-compliance of CSR rules and the

credit,

in RBI's

move

R.ELIEF NEEDEDI JSW Group's Sajlan Jindalsaid FM assured no coerciveaction to be taken for non-compliance of CSR rules

rffil1i*]t€l

moreffiBffi said NBFC


Hindu Business Line (Page 4) Dated: August 9, 2019

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The Times of lndia (Page 221 Dated: August 9, 2019

Indla Imc demands <1 lakh crstimulus to revive economy

Hpxdp.um$rur ffi"mmg$wrm Mmm& WM* $$mru*n{s:i+;ll,'i*fir"fitmm*mrum ffimm.sHmqrwdmqswmr

New Delhi: India Inc onThursday demanded a stimu-lus package of over Rs 1 lakhcrore to kick-start the invest-ment cvcle and revive the eco-nomv which is showing signsof a slolvdown. Industy lea-ders also said that the govern-

ment has assuredthem it will takeaction soon to bo-ost economicgronth.

In a meetingwith top industry leaders, cal.1ed by fmance minister Nir-mala Sitharaman to dlsclt'ssways to revive gro,"r,.th, Asso-cham prosidentB K Goerika sa-idlFafamidthETurrEnrs.f owdolin in global and domesticmarkets, there is a need for qu-ick-fix solutions. "1he econo-my requires a critical inter-vention by intloducfurg a stimulus package. We have sug-gested a package of over Rs 1

lakh crore." he said-A11er the meeting, India

Inc also said the governmenthas assured to tal<e action so-

on to revive the industry andpush economic growth. Sitha-raman and ministry offlcialsmet captains of the industryto deliberate upon the issuesabout the economy and thesagging industrial growth.JSW Group chairman SaiianJinda] said, "It was decidedthat goverr.ment is going totake action very soon to revivethe industryandit is amatterof sentiments. We got positivefeedbackfrom the FM."

Piramal Enterprises cha-irmal Aiay Piramal said that

the industry raised severalmatters such as |el uctance ofbanks to iend to the industry"It is not that there was a lackof liqulditv in the banks, butlending was not taking place.There is stress ol1 the econo-my as far as NBFC sector isconcerned," he told reportersafter the rneetlng.

He addecl that the NBFC is-sue is impacting sectors likeauto. home loan. and MSI'M."I amtoldthatthere wi11be ac-tion soon. So. r,re rvill wait forthat." he said.

The government also assu-red that punitive penal provisions mncerning non-compliance with CSR spendingnorms under the companieslaw would notbe pusued. Pira-mal said that the indusfy d+manded that oversight on CSRspending should not resuit inany imprisonment. Furlher;Ctr \rP T \rNarendran said thattlle government soug}rt vieurson ways to further stumrlatethe country's economicgowth. 'Across the board, rvediscussed the key issues," hesaid addirg slolvdoutr ir theauto industry would have animpllcation on the steel sector

Ficci president Sandip So-many said transmlssion of cutin interest rate to consumersby banks is abig issue. "Banksmust be encouraged to passon the benefits of rate reduc-tion to consumers and borro-u'ers. We are hopefui of furt-her rate cut. It is encouragingthat the RBI has reduced ratesby cumulative I10 basis points." he said. rcrrucrss


The lndian Express (page 19) August 9, 2019

PdMl[t!t*g n#6ffi iSYfr & &#ffi mTS gr.dmL]S?&Y LB&SE6{S

Finance Minister Nirmala Sitharaman, MoS for FinanceAnuragThankur and Minishy offi cials duringa meetingwith industry Ieaders in New Delhi on Thursday. r,n

trndia {nc seeksstimmlus, easierCrCdifS, GST CUtSENS ECONOMICBUREAUNEW DELHI, AUGUST 8

INDIA INC on lhursday told rhegovernment that the economicslowdown was intense. and itmust olfer a 5tinulus package -apart from swiftly ensuringgreater and smoother flow oftreditatreasonable rates - to stirgrowth tlrat crashed to a five-year low of 5.8 per cent in theMarchquafter

ln their meehngwith FinanceMinisterNimral.l Sitharaman, thecorporate leadem also raised con-cems about overzealous timanand the new corporate soci.tl rc-sponsibili6/(CSR) mles that prGvide for ajail ternr up to threeyea$ forviolation.

JSW Croup chairman Saj.jan

Jindal said the minister assuredthat no coercive penal actionwonld be initiated for non-com-pliance ofCSR nrles and thegov-emment woldd move judiciouslyon tlls move.Assmham oresidentBI( Coenka souglrt a sfimuluspackageof over Rs 1 lakh crore forthe investrnent q/cle to pick up.

More steps to get NBFCS backto healthand improve theirlend-ing ability could be in tlte ofing,with the pafticipants telling theminister that tlte crisis in theshadow-banking space after theI[&FS delault has hit consump-tion. Pitching foraffordable oedi g

the corporate leadels said bankswould be willing to flansmit thebenefitofthe RBI'S repo rate cutJto borrowers meaningfully onlywhen tie govemment slshed theinterest rates on deposiE under

Coiporate leaders alsoraised concerns abouttaxofficialsandthenewCSRrulesthatprovideforajailtermupto3years forviolation

small savingsschemes.The Finance Minister is l€amt

to have assured that she wouldlool( jnto the matter oFgreatertransmission by ban1(s.

\r'./hile the RBI hadpruned therepo rate by 75 basis points sinceFebruary(before the latest reduc-tion by 35 basis points onWednesday), stat&run banks hadortonly l0basis points in the median marginal cost of lending ratefor one-year teflor betweenFebruary and Jrrne, said TVNarendran, vice president ofClland MD ofTata Steel. Most privatebanks didn't do even that much.'!&hjle a five-year National SavingsCerti ficate Fetches an interest of 8per centand Sul<anya Samridhhisclrerne 8.5 per cent, 5BI is offer-ing 6.8 per cent fordeposits above1-year tenure and can't possiblyh'im the rate further lor fears de-positorswould shift-

Jindal said: "ltwas decidedthat the government is going total€ action very soon to revive in-dustry. We got positive feedbackIrom dre Finance Minister'"

Piramal Enterprises chairmanAjay Piramal said that industryr.rised matters such as rehtctanceofbanks to Iend. "l am told thatthere will be action soon. So. wewillwaitforthal hesajd. FE )/


The Tribune (Page 12) Dated: August 9, 2019

I ndustry seeks stimulus Package0f Tl lakh crTnrnuxr Nm,vs Sxslncn

NEWDELHI, AUGUST B

Finance Minister NirmalaSitharaman today said thegovemment would soon finda solution to the downfurnbeingwitnessed in some criti-cal sectors. She rvas respond-ing to the demand fi'om indus-try leaders tbr stimuluspackage from the govem-

ment. The industry leadersreasoned that a Rs 1 lakh-crore stimulus package wouldkick-start the investment

ffiThe economy requiresa critical intervention bY

introducing a stimuluspackage. We havesuggested a package ofover Rs 1 lakh crore$

BK Goenka, essocHA[il PRESIDENI

cycle and boost economY.

Officials also assured the,industry leaders that penalaction which includes imPris-

nately. Ttre recentiy passed

Companies Act had a Provi-sion for jarl term for default-ing industries which hadgreatly perturbed India Inc.

"The economy requires acritical intervention bYintroducing a stimuluspackage. We have suggesteda package ofover Rs 1 lakhcrore," said Assocham Presi-dent BK Goenka. "We dis-

government is going to takeaction very soon to revive theindustry and it is a matter oisentiments. We got Positivefeedback from the FinanceMinister," said Sajjan Jindal,chairman of JSW Steel.

The industuy atso flaggedthe .

reluctance of banks in glvingloans. "Itis notthattherewas a

lack of liquidiff in the banks,but lending was not taking

There is stress on theeco4omyas

Pira-

onment for failing to comply cussed key issues across thewith spending norms for cor- board," said TV Narendran,porate social responsibility a senior CII office-bearer.wilt not be used indiscrimi- "It was decided that the

tl


The Statesman (Page 11) Dated: August 9, 2019

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DNA (Page 8) Dated: August 9, 2019

lUo penal action lon GSR

uiolation$, as$uFe$ tMlndustry leaders meet finance minister, demand Rs 1 lakh crore stimulus

Anjul [email protected]

New Delhi: The governmentwiII not take any punitive ac-tion in case of a violation ofthe latest Corporate SocialResponsibility (CSR) provi-sions, said two top industrialists, who among others metfinance minister NirmalaSitharaman on Thursday t0discuss steps to revive theeconomy

"The government assuredus that no punitive actionwill be taken against the cor-porates if the CSR norms arenot met," said Sajjan Jindal,chairman of JSW Group af-ter the meetiug.

The government recentlyamendedthe Companies Act,2013, to add a new penal pro-vision as per which the err-ing officials of the companieswhich fail to spend 270 oftheir profits on the CSR mayface up to three years of im-prisonment. Earlier, therewas a provision of only fineof up to Rs 25 lakh.

"The question was asked(from industry leaders) doyou want to have this limitof CSR. Industry sald yes,we should have it. Industryonly said let's not have anypenal provision Iike jail andall. There can be oversightof CSR money spent or notbut there should not be anyimprisonment," Aiay Pira-mal, chalrman of PiramalGroup, said.

The industrialists also ap-prised the finance minister

Zl Stress is there in the economy as far as NBFC sector is' a ron.rrnrd and because of NriFC what is happening in

r- | the other sector, whether it is automobile$, home loans,

and small and medium enterprises

AJAY PIRAMAL, CHAIHMAN, Piramal Group

of the current economicsituation and demanded astimulus package of Rs 1

lakh crore to revive the slow-ing economy

"Given the fiscal con-straints, the government canraise resources by monetis-ing the land lying idle. Theland can be used for afforda-ble housing and developingnew projects," suggested B KGoenka, Associated Cham-bers of Commerce & Indus-try (Assocham) president andwelIpTiGffip chai rman, as

he sought a stimulus packageof Rs 1 Iakh crore from thefinance minister.

Conlederation of IndianIndustries (CII) chief andvice chairman of ToyotaKirloskar Vikram Kirloskarand Federation of IndianChambers of Commerce &Industry (FICCI) presidentSandip Somany also attend-ed the meeting.

The issues related to non-banking flinancial cornpanies(NBFCs), Iiquidity, financeand steel sector were also dis-cussed during the meeting.

"The main issues werethat the liquidity in the sys-tem is tight. It is not thatthere is a lack of liquidity in

the banks, but the lending isnot taking p1ace. Stress isthere in the economy as tar asNBFC sector is concernedand because of NBFC what ishappening in the other sec-tor, whether it is automo-biles, home loans, and smalland medium enterprises. ..

I'm told there will be actionsoon," said Piramal.

"The ministerhas categor-ically mentioned that therewould be a process to see thatthe rate cut announced byRBI is passed on," said Jin-daI. Among those who metthe FM included industrial-ists Uday Kotak, Anand Ma-hindra, Sangita Reddy DilipShanghvi and Anil Khaitan.

(From left) ITC Chairman Saniiv Puri, Wipro Executive Chairman Rishabh Premji, and V0dalone Chief Executive

Oflicer Batesh Sharma during a meeting with Finance Minister Nirmala Sitharaman in New Delhi 0n Thursday PTI


The Asian Age (Page 9) August 9, 2019

ASSOCHAM !N THE NEWS

The Pioneer (Page 1 1) Dated: August 9, 2019

I 'Govt assures of actionsoon to revive industu,push eco growrh'PTI E NEW DELHI

lndia Inc on Thursday saidIthe government has aisuredto take action soon to revive theindustry and push economicgrowth, which is showing signsof a slowdown.

Finance Minister NirmalaSitharaman and ministry offi-cials met captains of the indus-try on Thursday to deliberateupon the issues about the econ-omy and sagging industrialgrowth. )SW Group ChairmanSajjan findal said: "It was decid-ed that the government is goingto take action very soon torevive the industry and it is amatter of sentiments. We gotpositive feedback from iheFinance Minister'l

The minister in cleartermsgqve assurance that "verysoori'solution would be found he said,adding the industry is sufferingtrom issues in sectors like steel,NBFC, and automobile.

Piramal E,nterprisesChairman Aiay Piramal saidthat the industiy raised severalmatters such as reluctance ofbanks to lend to the industry.

"It is not that there was aIack of Iiquidity in the banls, butlcnding was not taking place.There is stress on the eJonomvas far as NBFC sector was con'-cernedl' he told reporters afterthe meeting. He added that the

Assocham President BKGoeffi a To@iiimulus p ack-age to kick start investmentcycle in the economy. He saidwith current slowdown in theglobal and domestic market,there is a need to have quick-fixsolutions, he said.

The industry chamber sug-gested a stimulus'package of ovErt1 lakh crore.

It was also assure{ by thegovernment in the meeting thatpunitive penal provisions con-cerning non-compliance withCSR spending norms under thecompanies law would not bepursued. Piramal said that theindustry demanded that over-sight on CSR spending shouldnot result in any imprisonment.

Further Vice-President CIITV Narendran said that the gov-ernmcnl sought views on waysto ttuther stimulate the countrv'.seconomic growth.

'Across the board, we dis-cussed the key issuesl'he saidadding slowdown in the autoindustry would have an impli-cation on the steel sector.

Former Ficci PresidentIyotsna Suri said that the cut ininterest rates should be passedon to borrowers.

NBFC issue was impacting sec-tors like auto, home loan] andMSME. "I am told that there willbe action soon. So, we will waitfor thatj'he said.


Telegraph (Page 11) Dated: August 9, 2019

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DNA (Page 8) Dated: August I 2019

lndialncevincesinterest in KashmirSameer Dixitcorrespondent@dnaindia, net

New Delhi: The central gov-ernrnent's historic decisionto revoke Article 370 and Ar-ticle 35 A from Jammu &Kashmir has paved the wayfor major economic reformsin the state.

Top industry bodies in-cluding Ficci and Assochamand many big business hous-es have shown interest to setup industries in the state.

Sources close to the devel-opment said the governmentto rnake Jamrnu andKashmira favourite ilvestment desti-nation may come up with aInvestor Summit in the statein October-November:

The state's department ofindustry and commerce hasreached out to several corpo-rates, including ITC, TataGroup, Suzlon Energy Mahi-ndra Agrotech, Ultratech Ce-ment and Raddison Hotels toparticipate in the first inves-tors summit.

The government, alongwith the industry body Con-fedration of Indian Industryis planning to organise road-show in foreign regions suchas Micldle East Asia, Guif

countries and Singapore toattract foreign investment .inJ&K. PM Modi along withother top ministers and officials are likely to attend theinvestor summit, whichwould be the first for thestate. Banker Uclay Kotak hasalready appealed tohouses to investZee Media Newroom

GREENSHOOTS

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ASSOGHAM IN THE NEWS

Amar Ujala (Page 11) August 9, 2019

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