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‘Boosting investor confidence must to arrest decline in investment’ (Lead)
New Delhi, Sep 26 (IANS) Welcoming Commerce Minister Suresh Prabhu’s move to convene a meeting with industry associations to discuss issues affecting industrial growth, India Inc on Tuesday said the key lies in boosting investors confidence.
“We submitted to the Minister that the key to arresting the long-term decline in investment rate from over 35 per cent to below 30 per cent lies in boosting investors’ confidence in the country’s medium-term growth prospects and overall environment for doing business,” the Federation of Indian Chambers of Commerce and Industry (Ficci) said in a statement.
“The immediate solutions include a reduction in the interest rate, passing this reduction to consumers and investors, and a sharp depreciation of rupee,” it said.
The industry body expressed concern that the recent increase in consumption demand is being increasingly met through imports rather than higher capacity utilisation.
“Ficci welcomes the Minister’s announcement that a Regulatory Review Committee will be set up to examine how regulatory institutions may be coming in the way of increased investment. We also welcome the Commerce Ministry’s decision to set up an India-China Working Group to address the problem of the huge bilateral trade deficit,” it said.
The industry body also welcomed the Ministry’s decision to create an Investment War Room to monitor investment in the country.
It urged the government to build a stronger partnership with the private sector so that the latter once again becomes a driver of growth and a generator of employment in the country.
Another industry body, Confederation of Indian Industry (CII), said that at this juncture, an extra nudge is desirable to boost both growth and growth sentiments.
“The four main areas that need attention are investments; exports; Micro, Small and Medium Enterprises (MSMEs); and employment,” CII said.
Its suggestions included reduction of interest rates by 100 basis points over the next year to spur consumption, relaxation of fiscal consolidation targets for a year or two, discouraging state governments from curtailing capital investments, lowering corporate tax to 18 per cent, simple framework for claiming input tax credit and expansion of coverage of Goods and Services Tax (GST) to include electricity, oil and gas, alcohol, and real estate.
For exports, it suggested allowing commercial banks to lend more to Small and Medium Enterprises (SMEs) exporters and expand interest rate subvention from 3 per cent to 4 per cent.
“There is a need to reduce pressure on working capital of MSME for various reasons such as GST and contract terms. Increase the time, especially for SMEs, for payment of taxes and duties under the GST. Create capital insurance scheme to protect MSME against delayed payments. Encourage alternate sources of lending, especially to MSMEs, like securitisation of exporters’ receivables,” the CII said.
It also suggested to reinstate fixed-term employment for all manufacturing sectors, the statement said.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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