Latest news with #CIIAnnualBusinessSummit2025
India Gazette
6 hours ago
- Business
- India Gazette
ITC Limited will make its next investment in Andhra Pradesh: Sanjiv Puri
New Delhi [India], June 1 (ANI): ITC Limited will make its next investment in Andhra Pradesh, said Sanjiv Puri, Managing Director of the company and CII President, during the CII Annual Business Summit 2025 in the national capital. 'The next investment we make will be in Andhra Pradesh, and then you will hear about it very soon, Puri said, speaking with Andhra Pradesh Chief Minister Chandrababu Naidu in the concluding session of the industry body's annual business summit. 'Chief Minister, it is with that thought in mind about the point you made on performance, we know it from the past. That is what motivated me to say we are going to invest because we have seen how you have transformed in the past, and we are seeing the speed with which Andhra Pradesh is now transforming, and this has all been very encouraging to all of us,' said ITC's MD, talking to Naidu. ITC is one of India's foremost private sector companies with presence in Fast Moving Consumer Goods (FMCG), Packaging, Paperboards & Specialty Papers, Agri and IT businesses. The company has been investing heavily in the state across sectors. In the quarter that ended on March 31, the company delivered a resilient performance during the year amidst a challenging macroeconomic and operating environment. For FY25, Gross Revenue and EBITDA from Continuing Operations stood at Rs 73464.55 crores and Rs 24024.83 crores respectively. Profit Before Exceptional items and Tax stood at Rs 26000.86 crores. ITC's FMCG-Others segment delivered a resilient performance amidst weak demand conditions and the significant increase in competitive intensity from regional or local players. As per the company's statement, its businesses continue to leverage the power of digital to drive superior consumer insights & innovation, deepen consumer engagement and enhance brand loyalty. The Company's deep and wide multi-channel distribution network, with tailored channel-specific assortments, continues to sharply target opportunity areas through superior product availability and visibility. Focused investments continue to be made to enhance distribution infrastructure and drive penetration across markets. Addressing the summit, Andhra Pradesh CM invited industry's investments in the state, stating that this is the 'right time' to invest in India's development. CM Naidu highlighted the state's strategic roadmap under the Swarna Andhra Vision 2047, focusing on accelerated economic growth, inclusive development, industrial resurgence, and innovation-led transformation. (ANI)
Mint
12 hours ago
- Business
- Mint
MoD slashed timelines for some processes in procurement cycle, saved 69 weeks: Defence Secretary
Defence Secretary Rajesh Kumar Singh said that the Ministry of Defence (MoD) has significantly reduced timelines for key military equipment procurement processes as part of major reforms to improve efficiency and promote India's goal of 'Aatmanirbharta' in the defence sector, according to an official release. Speaking at a defence conclave in the national capital on Friday, Singh stated that the decision will save an overall 69 weeks, noting that the Defence Acquisition Procedure (DAP) 2020 is being revisited to reflect current realities, shifting from the traditional nomination-based cost-plus procurement to a competitive pricing model where both public and private sectors can vie for orders. This approach is already being implemented for shipbuilding and recently for the AMCA project, he added. Singh's statement came amid concerns raised by Chief of Air Staff, Air Chief Marshal AP Singh, during his address at the CII Annual Business Summit 2025 on Thursday, where he highlighted ongoing delays in defence projects, unrealistic timelines, and their adverse effect on operational readiness. Air Chief Marshal pointed at the recurring pattern of delays in project execution and criticised the practice of committing to unachievable deadlines in the context of the reported ongoing challenges with projects like the delivery of the aircraft. Singh emphasised the critical role of self-reliance in preserving India's strategic autonomy and achieving the vision of Viksit Bharat while urging private industries to invest heavily in research and development (R&D) and capital equipment to strengthen the domestic defence ecosystem. Deliberating upon India's Defence Vision, Defence Secretary Rajesh Kumar Singh said that it centres around Aatmanirbharta for preserving the strategic autonomy of the country. It is also critical in achieving the broader goal of Viksit Bharat, such as expanding our GDP from the current 4 Trillion Dollars to 32 Trillion Dollars by 2047, growing our manufacturing sector, enhancing India's start-up culture and widening our industrial base, generating employment and also its spin-off benefits that come from the dual use of technology. He underscored the impact of indigenisation over the past decade, stating that India has transitioned from being the top importer in 2015 to becoming one of the top 25 exporters today. Over 100 Indian companies are now exporting to 100-plus countries. The list of products includes missiles such as Brahmos, rocket launchers like Pinaka, simulators, armoured vehicles, the Dornier aircraft, different types of ships, offshore patrol vessels, etc. The upsurge in exports can be gauged from the fact that our exports have grown 30 times in the last ten years to ₹ 23,622 crores in the last financial year. Our defence industry today includes 16 Defence PSUs, 430 licensed companies and approximately 16000 MSMEs. Domestic defence sales also increased from ₹ 43746 crores in 2014 to ₹ 127000 crores in 2023-24. Singh also highlighted record achievements in the financial year 2024-25, noting that the MoD has completely utilised the defence modernisation budget for the first time in the past five years and signed contracts worth a record ₹ 2 lakh crores during the last financial year, which is the highest ever achieved and double that of the figures for 2023-24. This would ensure that the armed forces' modernisation process keeps pace. It would also help the Ministry demand a higher share in the union budget, leading to a minimum defence to GDP ratio of 2.5 per cent in five years as a first step and thereafter to 3 per cent in the medium term.
India Gazette
a day ago
- Business
- India Gazette
MoD slashed timelines for some processes in procurement cycle, saving about 69 weeks: Defence Secretary
New Delhi [India], May 31 (ANI): Defence Secretary Rajesh Kumar Singh announced that the Ministry of Defence (MoD) has significantly shortened timelines for key processes in the military equipment procurement cycle as part of sweeping reforms aimed at boosting efficiency and advancing India's goal of 'Aatmanirbharta' in the defence sector, as per an official release. Speaking at a defence conclave in the national capital on Friday, Singh stated that the decision will save an overall 69 weeks, noting that the Defence Acquisition Procedure (DAP) 2020 is being revisited to reflect current realities, shifting from the traditional nomination-based cost-plus procurement to a competitive pricing model where both public and private sectors can vie for orders. This approach is already being implemented for shipbuilding and recently for the AMCA project, he added. Singh's remark followed serious concerns raised by the Chief of Air Staff and Air Chief Marshal AP Singh during his address at the CII Annual Business Summit 2025 on Thursday over persistent delays in defence projects, the systemic issue of unrealistic timelines, and their impact on operational readiness. Air Chief Marshal pointed at the recurring pattern of delays in project execution and criticised the practice of committing to unachievable deadlines in the context of the reported ongoing challenges with projects like the delivery of the aircraft. Singh emphasised the critical role of self-reliance in preserving India's strategic autonomy and achieving the vision of Viksit Bharat while urging private industries to invest heavily in research and development (R&D) and capital equipment to strengthen the domestic defence ecosystem. Deliberating upon India's Defence Vision, Defence Secretary Rajesh Kumar Singh said that it centres around Aatmanirbharta for preserving the strategic autonomy of the country. It is also critical in achieving the broader goal of Viksit Bharat, such as expanding our GDP from the current 4 Trillion Dollars to 32 Trillion Dollars by 2047, growing our manufacturing sector, enhancing India's start-up culture and widening our industrial base, generating employment and also its spin-off benefits that come from the dual use of technology. He underscored the impact of indigenisation over the past decade, stating that India has transitioned from being the top importer in 2015 to becoming one of the top 25 exporters today. Over 100 Indian companies are now exporting to 100-plus countries. The list of products includes missiles such as Brahmos, rocket launchers like Pinaka, simulators, armoured vehicles, the Dornier aircraft, different types of ships, offshore patrol vessels, etc. The upsurge in exports can be gauged from the fact that our exports have grown 30 times in the last ten years to Rs 23,622 crores in the last financial year. Our defence industry today includes 16 Defence PSUs, 430 licensed companies and approximately 16000 MSMEs. Domestic defence sales also increased from Rs 43746 crores in 2014 to Rs 127000 crores in 2023-24. Singh also highlighted record achievements in the financial year 2024-25, noting that the MoD has completely utilised the defence modernisation budget for the first time in the past five years and signed contracts worth a record Rs 2 lakh crores during the last financial year, which is the highest ever achieved and double that of the figures for 2023-24. This would ensure that the armed forces' modernisation process keeps pace. It would also help the Ministry demand a higher share in the union budget, leading to a minimum defence to GDP ratio of 2.5 per cent in five years as a first step and thereafter to 3 per cent in the medium term. (ANI)
Time of India
a day ago
- Business
- Time of India
MoD slashed timelines for some processes in procurement cycle, saving about 69 weeks: Defence Secretary
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi [India], May 31 (ANI): Defence Secretary Rajesh Kumar Singh announced that the Ministry of Defence (MoD) has significantly shortened timelines for key processes in the military equipment procurement cycle as part of sweeping reforms aimed at boosting efficiency and advancing India's goal of ' Aatmanirbharta ' in the defence sector, as per an official at a defence conclave in the national capital on Friday, Singh stated that the decision will save an overall 69 weeks, noting that the Defence Acquisition Procedure (DAP) 2020 is being revisited to reflect current realities, shifting from the traditional nomination-based cost-plus procurement to a competitive pricing model where both public and private sectors can vie for approach is already being implemented for shipbuilding and recently for the AMCA project, he remark followed serious concerns raised by the Chief of Air Staff and Air Chief Marshal AP Singh during his address at the CII Annual Business Summit 2025 on Thursday over persistent delays in defence projects, the systemic issue of unrealistic timelines, and their impact on operational Chief Marshal pointed at the recurring pattern of delays in project execution and criticised the practice of committing to unachievable deadlines in the context of the reported ongoing challenges with projects like the delivery of the emphasised the critical role of self-reliance in preserving India's strategic autonomy and achieving the vision of Viksit Bharat while urging private industries to invest heavily in research and development (R&D) and capital equipment to strengthen the domestic defence upon India's Defence Vision, Defence Secretary Rajesh Kumar Singh said that it centres around Aatmanirbharta for preserving the strategic autonomy of the country. It is also critical in achieving the broader goal of Viksit Bharat, such as expanding our GDP from the current 4 Trillion Dollars to 32 Trillion Dollars by 2047, growing our manufacturing sector, enhancing India's start-up culture and widening our industrial base, generating employment and also its spin-off benefits that come from the dual use of underscored the impact of indigenisation over the past decade, stating that India has transitioned from being the top importer in 2015 to becoming one of the top 25 exporters today. Over 100 Indian companies are now exporting to 100-plus countries. The list of products includes missiles such as Brahmos, rocket launchers like Pinaka, simulators, armoured vehicles, the Dornier aircraft, different types of ships, offshore patrol vessels, etc. The upsurge in exports can be gauged from the fact that our exports have grown 30 times in the last ten years to Rs 23,622 crores in the last financial year. Our defence industry today includes 16 Defence PSUs, 430 licensed companies and approximately 16000 MSMEs. Domestic defence sales also increased from Rs 43746 crores in 2014 to Rs 127000 crores in also highlighted record achievements in the financial year 2024-25, noting that the MoD has completely utilised the defence modernisation budget for the first time in the past five years and signed contracts worth a record Rs 2 lakh crores during the last financial year, which is the highest ever achieved and double that of the figures for would ensure that the armed forces' modernisation process keeps pace. It would also help the Ministry demand a higher share in the union budget, leading to a minimum defence to GDP ratio of 2.5 per cent in five years as a first step and thereafter to 3 per cent in the medium term.
Time of India
a day ago
- Business
- Time of India
Foreign oil partners to get first right of refusal in Indian exploration projects: Puri
New Delhi: Foreign oil and gas companies entering technical partnerships with Indian firms will be granted the right of first refusal (ROFR) in the event of hydrocarbon discoveries, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Friday. The minister cited state-run ONGC's recent collaboration with BP for the Mumbai High offshore field and Oil India Ltd's agreement with Brazil's Petrobras in the Andaman Sea basin as examples where such provisions are in place. However, no clarification was provided on the exact contractual terms offered to BP and Petrobras. The ROFR mechanism gives the foreign partner the option to match any offer received by the Indian asset owner from a third party before sale or transfer. Addressing the CII Annual Business Summit 2025, Puri said foreign firms may prefer this model over competitive bidding as it reduces financial exposure. 'It's better that they come in as technical partners, for which they will be paid, and when you strike energy, they'll have the right of first refusal,' he said. On global crude prices, Puri said they are likely to stay close to USD 65 per barrel due to sufficient supply in the market. 'There are enough supplies in the market. I see global prices, and here I am, very careful, to be in the range of USD 65 per barrel. My sense is that prices will hold,' he said. Asked about possible fuel price cuts, the minister said, 'If prices remain like this, then going forward, these are things which you can legitimately expect.' Puri informed that over 1 million square kilometres of sedimentary basins that were previously marked as 'no-go' zones have been opened for exploration. This has led to 37 per cent of the bids under the Open Acreage Licensing Policy (OALP) coming from these newly available areas. Speaking on domestic oil production and refining, he said India's refining capacity, which currently stands at 260 million tonnes per annum (MMTPA), is projected to rise to 309.5 MMTPA by 2028. He said India is shifting from teapot refineries to larger refining hubs. On India's clean energy transition , the minister highlighted rapid progress in ethanol blending. He said the country had already achieved 20 per cent ethanol blending in petrol by 2025, up from 1.4 per cent in 2014, ahead of its 2026 target. Puri reiterated the government's target of bringing green hydrogen production costs down to USD 1 per kg within a decade. He also underlined the potential of large-scale Sustainable Aviation Fuel (SAF) production in countries including India, Brazil, the United States, and Canada. The minister said India imported 5.6 million barrels of crude oil per day in 2024, spending USD 139 billion. To reduce dependence, the country is exploring domestic resources and diversifying import sources from 27 to 40 countries, including Brazil, Guyana, Suriname, Canada and Argentina. India's oil marketing companies reported profits of ₹1.29 lakh crore in the last financial year, and the figure could match previous highs if ₹40,000 crore in pending dues are recovered, Puri said. The minister said that 22,000 km of gas pipeline has been laid as of 2024, with a target of expanding to 33,000 km by 2030. He said domestic gas availability has improved and global prices have stabilised, which will help in boosting industrial and residential consumption. On Compressed Biogas (CBG), Puri said the government has set a target of setting up 5,000 plants. He added that the production of Fermented Organic Manure (FOM) as a by-product remains a key revenue stream for producers. He said land availability and pricing mechanisms will be key to the pace of implementation. Regarding the Ujjwala Yojana, launched in 2016, the minister said there are around 10.3 crore beneficiaries, and the country has over 33 crore LPG connections. Rajiv Memani, President Designate of CII, said, 'Today, India imports over 85 per cent of its crude oil and a significant share of natural gas. Some projections suggest it may reach 90 per cent by 2030. India also imports 50–55 per cent of natural gas. This reliance underscores the urgency to diversify our energy mix, enhance domestic production, and accelerate the adoption of alternative fuels.' Puri also pointed to the growth of energy startups, breakthrough discoveries, and ongoing innovation as indicators of progress. He emphasised the need for collaboration between auto manufacturers and industry leaders to drive clean energy initiatives.
