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Hindustan Times
9 hours ago
- Business
- Hindustan Times
Reform the economy to defeat tariff threat
The world is in flux, and India is being tested. But every challenge is also an opportunity. Tariffs and global headwinds should not weaken our resolve; they must galvanise us. India must act boldly to seize this moment. This is our once-in-a-generation opportunity to lead. We must not let it slip. A decade ago, a significant push to improve ease of doing business yielded notable results. Now is the time to take it a step further and make India the easiest place to do business in. (Bloomberg) From August 27, India faces a 50% tariff, among the highest of President Donald Trump's 'reciprocal' tariffs. The US accuses India of financing Russia by buying Russian oil. However, Türkiye, the largest importer of Russian oil products, faces 15% tariffs, the same as the European Union, which has paid 297 billion euros for Russian gas since January 2022. The White House also remains unaware of US imports of palladium or fertilisers from Russia. Prime Minister Narendra Modi has heavily invested in the Indo-US economic, trade, and political relationship. However, the US's antagonistic stance will impact future cooperation. Our strong institutional memory emphasises our strategic autonomy. Let us be clear, our energy security and strategic autonomy cannot be compromised. Let us also be clear that this is not about Russia. India is rightfully refusing to bend, as we have so many times in our history. Global pressure should not intimidate us. It should galvanise us into pushing through the once-in-a-generation reforms India urgently needs. The Goods and Services Tax (GST) was India's most significant tax reform. Seven years on, collections are rising, and GST has enabled formalisation of the economy. Now is the time to move forward with strong political will for GST reform. We need to move to a two-rate GST structure and overhaul the GST business processes. New companies and startups being registered must receive their GST numbers along with their PAN/TAN. Technology must be leveraged to minimise the need for physical visits for GST registration. Income tax reforms must also be brought in. A decade ago, a significant push to improve ease of doing business yielded notable results. Now is the time to take it a step further and make India the easiest place to do business in. Pending items, such as notifying the rules of the labour codes, should be completed as soon as possible. States must go beyond incremental reforms and truly embrace single-window clearances. Many of the most cumbersome processes have not been made part of the National Single Window System (NSWS). The cost of capital for private enterprise must be brought down. The statutory liquidity ratio (SLR) mandates that commercial banks hold 18% of their assets in government securities. This reduces the pool of loanable funds in the economy and raises the cost of capital for private enterprise. The SLR must be brought down to zero. This will unlock lakhs of crores of additional lending, bringing down the cost of capital. We must recognise that a liberal trade regime is crucial in building up our manufacturing ecosystem. In recent years, there has been a massive proliferation of quality control orders (QCOs). These QCOs raise the cost of crucial imports and make our manufactured goods uncompetitive in global markets. These QCOs must be scrapped. Further, our tariffs on intermediate goods are too high and must be brought down as well. We need to diversify our export markets by fast-tracking negotiations on trade deals. Tourism faces no tariffs. India, with its natural beauty, history, heritage, culture, and diversity, receives only a 1.5% share in international tourist arrivals. If the visits of non-resident Indians are excluded, this falls further. There has been no concerted branding or marketing campaign for Indian tourism in the past decade. When countries are stepping up their efforts to attract tourists, we are lagging. We need the biggest global branding and marketing campaign to unleash India's potential. Otherwise, the 1,800 planes that Indian airlines are buying will just be ferrying Indians flying abroad for holidays. We must attract global tourists. Our cities are the first impression visitors get when landing. For too long, city governance has been stuck in limbo, relying on state governments for financing, planning, and human resources. Despite the constitutional amendments that devolved powers to cities, it has not been implemented in practice. Our cities must be made autonomous and financially independent. In the Union Budget of 2021-22, a new public sector enterprise (PSE) policy was announced. The policy intended to minimise the presence of PSEs operating across the gamut of the Indian economy. This needs to be taken up in mission mode. In the last financial year, disinvestment receipts stood at ₹10,000 crore. From minority stake sales, we must move to strategic disinvestment. In the most recent budget speech, a second asset monetisation plan worth ₹10 lakh crore was announced. This needs to be operationalised at the earliest. India is far from being a 'dead economy'. We are, in fact, the world's fastest-growing large economy, driven by a decade of structural reforms, digital innovation, and investment in infrastructure. Over 250 million people have exited multidimensional poverty, and the extreme poverty rate has fallen below 3%, reflecting real improvements in quality of life. Women are increasingly participating in this transformation. 80% of Stand-Up India loans and 68% of Mudra loans have gone to women entrepreneurs. India's Digital Public Infrastructure (DPI) has revolutionised financial inclusion, while public capex on infrastructure has more than doubled, laying the foundation for long-term productivity. India has also met its 2030 green energy target five years early, and is investing heavily in AI, quantum computing, and deep tech. Challenges remain, but the direction is clear: This is an economy on the move, powered by ambition, resilience, and reform. Amitabh Kant is India's former G20 Sherpa, and former CEO of NITI Aayog. The views expressed are personal.
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Business Standard
27-07-2025
- Business
- Business Standard
Enact legislation to ensure time-bound delivery of services: CII
Industry lobby CII on Sunday called for the enactment of a central legislation to guarantee time-bound delivery of services to businesses by Union ministries, with penalties for delays or deficiencies and a strong grievance redressal framework. This reform, it argued, is crucial for strengthening regulatory certainty, enhancing predictability and improving the overall ease of doing business in India. A key challenge remains the uncertainty on timelines for approval, which creates delays and cascading costs. Addressing this issue would strengthen confidence and support more timely and predictable service delivery, the Confederation of Indian Industry (CII) stated. "Despite commendable initiatives to mandate timelines in a range of areas, businesses continue to face procedural delays, regulatory uncertainty and non-adherence to timelines, significantly affecting operational efficiency and long-term investment planning. Absence of strictly enforced timelines is also felt in areas such as government refunds, disbursement of funds and subsidies, and raising claims by government departments on returns filed by businesses, which often causes cash flow disruptions and adds to compliance burden and uncertainty," said Chandrajit Banerjee, Director General, CII. While most Indian states have enacted their own Right to Services or Public Services Guarantee Acts, which ensure timely delivery of specified public services to citizens, no such central legislation exists to ensure timely service delivery by central ministries. "A legislation for time-bound delivery of services at the central level that ensures time-bound and faceless delivery of government services to businesses, with penalties for delays or deficiencies and a strong grievance redressal framework, would address this issue. Such a law would bring legal enforceability and institutional accountability to how public services are delivered to enterprises," Banerjee said. These services must be delivered within stipulated timelines, with clear tracking and provision of deemed approval in cases where deadlines are breached. Such deemed approvals should hold the same statutory validity as those granted through standard processes and must be enabled through faceless, digital channels to enhance transparency and reduce discretion. The proposed legislation should also require authorities to record and provide clear reasons for any rejection and establish a strong, multi-tiered grievance redressal system. This could include time-bound appeals, escalation pathways, digital complaint tracking, and compensatory payment in cases of prolonged inaction, CII suggested. To operationalise this framework for regulatory approvals, renewals, and exits, CII has additionally proposed having a separate legislation for Union ministries and departments mandating that all such services be delivered exclusively through the National Single Window System (NSWS), which is the central digital platform launched in 2021 for regulatory applications across central ministries and states. While NSWS is a landmark reform, it currently faces limitations due to partial integration by ministries and states. For instance, despite requiring numerous clearances, the Ministry of Labour and Employment currently offers only five approvals on the NSWS platform. In this context, CII emphasised that NSWS should be the exclusive platform for processing and granting all central approvals. Granting it a legal status and linking it to the proposed Central Right to Services legislation would establish NSWS as the cornerstone for enforcing timelines, enabling deemed approvals, and providing real-time visibility to both businesses and regulators, CII said. "Providing statutory backing to NSWS will institutionalise its mandate, ensure universal adoption by central ministries, empower states to notify their rules for integration, and establish NSWS as the single digital interface through which services are applied for and delivered to businesses. This shall ensure that legally mandated timelines are met through a unified, accountable digital platform," said Banerjee. If developed and implemented effectively, this combined legislative and digital reform has the potential to be a game-changer for India's regulatory ecosystem, the industry lobby said. As India aspires to become a global manufacturing and investment hub under its India @100 vision, aligning of legal mandates with a fully functional digital backbone will play a pivotal role in enhancing investor confidence and ensuring delivery-driven governance, Banerjee observed.
Mint
27-07-2025
- Business
- Mint
Enact legislation to ensure time-bound delivery of services to businesses by ministries: CII
New Delhi, Jul 27 (PTI) Industry lobby CII on Sunday called for the enactment of a central legislation to guarantee time-bound delivery of services to businesses by Union ministries, with penalties for delays or deficiencies and a strong grievance redressal framework. This reform, it argued, is crucial for strengthening regulatory certainty, enhancing predictability and improving the overall ease of doing business in India. A key challenge remains the uncertainty on timelines for approval, which creates delays and cascading costs. Addressing this issue would strengthen confidence and support more timely and predictable service delivery, the Confederation of Indian Industry (CII) stated. "Despite commendable initiatives to mandate timelines in a range of areas, businesses continue to face procedural delays, regulatory uncertainty and non-adherence to timelines, significantly affecting operational efficiency and long-term investment planning. Absence of strictly enforced timelines is also felt in areas such as government refunds, disbursement of funds and subsidies, and raising claims by government departments on returns filed by businesses, which often causes cash flow disruptions and adds to compliance burden and uncertainty," said Chandrajit Banerjee, Director General, CII. While most Indian states have enacted their own Right to Services or Public Services Guarantee Acts, which ensure timely delivery of specified public services to citizens, no such central legislation exists to ensure timely service delivery by central ministries. "A legislation for time-bound delivery of services at the central level that ensures time-bound and faceless delivery of government services to businesses, with penalties for delays or deficiencies and a strong grievance redressal framework, would address this issue. Such a law would bring legal enforceability and institutional accountability to how public services are delivered to enterprises," Banerjee said. These services must be delivered within stipulated timelines, with clear tracking and provision of deemed approval in cases where deadlines are breached. Such deemed approvals should hold the same statutory validity as those granted through standard processes and must be enabled through faceless, digital channels to enhance transparency and reduce discretion. The proposed legislation should also require authorities to record and provide clear reasons for any rejection and establish a strong, multi-tiered grievance redressal system. This could include time-bound appeals, escalation pathways, digital complaint tracking, and compensatory payment in cases of prolonged inaction, CII suggested. To operationalise this framework for regulatory approvals, renewals, and exits, CII has additionally proposed having a separate legislation for Union ministries and departments mandating that all such services be delivered exclusively through the National Single Window System (NSWS), which is the central digital platform launched in 2021 for regulatory applications across central ministries and states. While NSWS is a landmark reform, it currently faces limitations due to partial integration by ministries and states. For instance, despite requiring numerous clearances, the Ministry of Labour and Employment currently offers only five approvals on the NSWS platform. In this context, CII emphasised that NSWS should be the exclusive platform for processing and granting all central approvals. Granting it a legal status and linking it to the proposed Central Right to Services legislation would establish NSWS as the cornerstone for enforcing timelines, enabling deemed approvals, and providing real-time visibility to both businesses and regulators, CII said. "Providing statutory backing to NSWS will institutionalise its mandate, ensure universal adoption by central ministries, empower states to notify their rules for integration, and establish NSWS as the single digital interface through which services are applied for and delivered to businesses. This shall ensure that legally mandated timelines are met through a unified, accountable digital platform," said Banerjee. If developed and implemented effectively, this combined legislative and digital reform has the potential to be a game-changer for India's regulatory ecosystem, the industry lobby said. As India aspires to become a global manufacturing and investment hub under its India @100 vision, aligning of legal mandates with a fully functional digital backbone will play a pivotal role in enhancing investor confidence and ensuring delivery-driven governance, Banerjee observed.
Time of India
03-07-2025
- Business
- Time of India
CII President bats for DFI-style fund to ease MSME credit woes
Live Events The collateral and documentation issues are significant challenges for MSME finance and need a faster resolution, said Rajiv Memani, President, Confederation of Indian Industry (CII), on to a question by ET Digital on credit availability, Memani proposed an idea to create a Development Finance Institution (DFI)-style fund for MSMEs that could alleviate credit issues, providing essential funding and support for small the uninitiated, Development Finance Institutions (DFIs) provide funding and support for projects that drive economic development. They focus on high-impact, long-term initiatives, accepting higher risks for developmental gains, unlike commercial banks that prioritise Memani noted that credit growth for MSMEs has recently shown an uptick. 'I think SIDBI has played a crucial role in mitigating risk and facilitating credit access for MSMEs by absorbing the initial risk, which enables banks to lend further. As a result, MSME credit growth is now gaining momentum,' he his first press conference after taking over as the CII president, Memani emphasised the need to ease compliance and regulatory burdens on MSMEs to foster their growth. 'The central government, I think, is not happy with the underutilisation of the National Single Window System ,' said Memani. The CII is advocating for uniformity between central and state-level single window clearances, he Memani proposed policy measures to boost India's manufacturing ecosystem, including scaling up MSME financing and introducing a ' Capital Support Scheme for MSMEs' for projects with investments between Rs 50 crore and Rs 1,000 suggested providing direct support to MSMEs in the form of an interest-free loan, covering 50% of the capital investment, repayable in 5 equal instalments after a 10-year period. Additionally, he proposed launching a fund similar to the Self-Reliant Fund (SRI) to support hi-tech manufacturing there are over 63.38 million MSMEs in India. In 2023-24, MSME-related products accounted for 45.73% of India's total exports, reinforcing their role in positioning the country as a global manufacturing to government data, MSME exports have witnessed robust growth, rising from Rs 3.95 lakh crore in the financial year 2020-21 to Rs 12.39 lakh crore in the financial year 2024-25. The number of MSME exporters has also seen a significant increase, expanding from 52,849 in 2020-21 to 1,73,350 in new initiatives include CII MSME Export Helpdesk to resolve export queries and connect MSMEs with buyers and a Centre for Artificial Intelligence (AI) to drive digital transformation among MSMEs and promote Responsible AI also focused on the need to raise awareness about available land for MSMEs and seek a longer transition period for MSMEs to comply with the EU's Carbon Border Adjustment Mechanism (CBAM) under Free Trade Agreement (FTA) Memani said that the Indian economy is projected to grow between 6.4% to 6.7% in the current financial year, driven by robust domestic demand, even as geopolitical uncertainty poses downside risks. He highlighted that growth risks are evenly balanced, with "geopolitical uncertainty" posing a downside risk and "strong domestic demand" serving as a positive factor.
The Hindu
01-07-2025
- Business
- The Hindu
Coal Ministry to launch digital exploration module on July 4
The Ministry of Coal is set to launch a new Exploration Module for digital approval of coal block explorations on its Single Window Clearance System (SWCS) web portal on July 4, 2025. According to the Ministry, the SWCS web portal is developed in collaboration with the Central Mine Planning and Design Institute Limited (CMPDIL), and this marks a significant step in the complete digitalisation of India's coal exploration process. 'The module covers the entire process of Exploration of coal including approval of Geological Report — from Vetting of Exploration Scheme, Submission of Periodic Progress Updates, Submission & Approval of Geological Reports with all communication of observations, compliance uploads, and final approval — all within a single digital interface,' the Ministry said in a release. This is expected to drastically reduce the time needed for processing exploration proposals, enhancing both productivity and data transparency. This initiative aligns with the Ministry's ongoing digital transformation journey, aligned with Prime Minister Narendra Modi's vision for a 'Viksit Bharat' and a digitally empowered ecosystem. The SWCS, launched on January 11, 2021, serves as a unified digital platform for obtaining all necessary clearances and approvals for operationalising coal mines and boosting coal production. It integrates various statutory permissions from Central Ministries and State Government departments, simplifying the process and improving the ease of doing business in the coal sector. Currently, the SWCS portal features several core modules such as Mining Plan Approval, Mine Opening Permission, and integrations with national platforms such as National Single Window System (NSWS), supporting end-to-end digital processing and integration with Parivesh 2.0 being implemented to obtain Environmental Clearances (EC), Forest Clearances (FC), Wild life clearances. The Registration Module is also a part of SWCS, which allows users to create authorized accounts to access SWCS services. The Mining Plan Module facilitates online submission and approval of Mining Plans and Mine Closure Plans; since its 2021 launch, 108 out of 126 proposals have been processed, reducing average processing time from 9-12 months to 4.5 months. Additionally, the Mine Opening Permission (MOP) Module, launched on November 7, 2024, enables digital submission and prompt approvals for initiating coal mining operations, with 19 of the 27 proposals received to date having been granted. Furthermore, the Project Information Management System (PRIMS) Module is available for submitting project-specific data, tracking clearances, and reporting production.
