Latest news with #SanjivPuri
Time of India
4 days ago
- Business
- Time of India
ITC Limited will make its next investment in Andhra Pradesh: Sanjiv Puri
New Delhi: 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.
India Gazette
5 days 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)
Time of India
12-05-2025
- Business
- Time of India
Reforms must accompany FTA tariff cuts: CII chief
CII President and ITC Ltd. Chairman & Managing Director Sanjiv Puri (PTI file photo) CII president and ITC chairman and MD Sanjiv Puri says lowering tariffs through trade agreements must be accompanied with domestic reforms to boost competitiveness. He also argues that GST rationalisation and further rate cuts will stimulate demand. Excerpts: What will be your key ask from govt in the trade pact with the US? How is the uncertainty from Trump's actions affecting Indian industry? The proposed Bilateral Trade Agreement (BTA) between India and US, which is currently in the negotiating phase, may draw upon the contours of the recently-concluded FTA between India and the UK. This FTA represents India's most comprehensive trade deal to date, encompassing more than just goods and services. The BTA discussions have been well received by the industry. These FTAs are anticipated to facilitate the integration of the Indian industry into the global value chains , which have become increasingly vital, given that more than 70% of trade now occurs through these channels. The proposed BTA could address industry concerns about rules of origin definitions, non-tariff barriers, and include mutual recognition agreements (MRAs) to streamline quality control orders and standards between the two countries. It would also enable India and the US to work towards long-term economic resilience, fostering innovation, sustainability, and competitiveness in key global markets. What reforms would you suggest to govt to help industry deal better with lower tariffs following multiple FTAs that India is signing? The recent tariff reductions, which are been negotiated with the potential FTA partner countries, have followed careful deliberation with active industry participation. Operation Sindoor 'Our job is to hit target, not to count body bags': Air Marshal Bharti on Op Sindoor Precautionary blackout imposed across parts of Rajasthan, Punjab 'Indian Navy was in position to strike Karachi': Vice Admiral on Operation Sindoor However, lowering tariffs must be accompanied by furthering domestic reforms that enhance the overall competitiveness of Indian industry. Further streamlining of regulatory procedures, bringing in factor market reforms, reducing cost of doing business, and improving ease of doing business will be critical in maximising the benefits of such trade strategies. Govt has begun the process to effectively address these factors which will enable Indian enterprises to effectively capitalise on emerging opportunities, though more work needs to be done. Actions based on the Union Budget and govt policies, including the proposed High-Level Committee for Regulatory Reforms, will also boost the competitiveness of Indian industry. What will be your suggestions to boost urban demand? The reduction in personal income tax rates, announced in the Budget, along with the moderation in inflation is expected to support discretionary consumption. Further, the anticipated implementation of the 8th Pay Commission would provide a structural boost to consumption. Continued easing of policy rate by the RBI would boost consumption. In the medium term, govt could consider rationalising the GST structure to boost consumption demand. Moving towards a simplified three-tier regime - 5% for essentials, 28% for luxury and sin goods, and a unified mid-tier rate (12-18%) would not only enhance consumption but also boost tax compliance. Do you expect the RBI to continue with its rate cutting policy? We expect RBI to continue with monetary easing this fiscal year due to softening inflation and increasing downside risks to growth, primarily emanating from the uncertain global scenario. Although RBI has reduced the key repo rate by 50 basis points since Feb, nominal interest rates remain high at 6%, which have affected investment demand. We believe rate cuts by RBI will offset some impact of global volatility on domestic growth. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Indian Express
11-05-2025
- Business
- Indian Express
‘India-UK FTA historic, serves as template for discussions with US, EU': CII President
India's recently signed free trade agreement (FTA) with the United Kingdom is 'historic' and could serve as a 'gold standard' for similar discussions with other regions like the United States and Europe, said Sanjiv Puri, President of the Confederation of Indian Industry (CII). In an interview with Aggam Walia and Soumyarendra Barik, Puri also spoke about how the private sector in India needs to substantially increase its R&D spends for national development, why private capex is only a part of the overall economic development agenda, and whether India needs to revisit its trade relationship with China. Edited excerpts: The UK FTA came almost as a surprise to many. What is your overall reading of it? It's a historic agreement, and real credit to the Commerce Minister and his team, they really put in a lot of hard work. We have been, as part of the delegation, witness to how much hard work was put in for it. This is a historical deal. We have never signed such a comprehensive deal that covers 99 per cent of the tariff lines. It touches manufacturing, services, agriculture. 95 per cent of agriculture tariff lines are getting benefit out of the FTA. It's a gold standard for all other FTAs. It has also dealt with labour and sustainability issues. We do not know the fine print but it has addressed all of them. It is also a very strong signal to the world that India is serious and ready to take bold steps. And it's also hopefully setting the tone and pace for two other important FTAs which are in the pipeline which are the EU and the US. Some sectors like the liquor industry have concerns that the FTA will open it up to a lot of competition. Do you think many of our industries are ready for such competition that will happen due to the FTA? Let's look at the benefits of the FTA first. One is that it will open a lot of opportunities for bilateral trade in some very important sectors like labour intensive ones such as textiles. These are sectors that are very important for India because that's where jobs get created. These sectors may not be material when you count private capex, but on the ground they are more material because the number of jobs, economic multipliers are much much higher. Also, to participate in global value chains, FTAs are very important enablers. It is opening up some part of that. Other FTAs will make it more effective. The world is looking for supply chain resilience, alternatives. This sets the base for alternate new value chains to be developed. On the services side, the Double Contribution Convention makes us competitive, and it covers several sectors, even EPC. It's a big boost to services. The Indian liquor industry has its own strengths. There are certain areas that the UK (does better). Both will coexist, thrive, find their own spaces, and play to their strengths. In the US trade deal, there is expectation that they will push for market access to US farm goods like soybeans. How would that interplay with our own farm policies here? The sensitive sectors have been kept out of the UK FTA. I expect a similar situation to happen with the US. But negotiations with the UK, and the US might be of a very different nature given the leadership. I assume so, but I think that sensitivity will still be taken care of from an agriculture perspective. There are some areas to be cognisant of and watchful about. Dairy is one example, soya you mentioned. I think solutions can be worked out because it does not impact too many lines. Dumping from China has become a real concern. What do you think the government's strategy should be in countering that? The laws for safeguard measures are all there, the government is cognisant of it and is doing its best to bring in the safeguard measures. What the industry will always want is how fast the process can be. But having said that, let me say the government is also very cognisant of it and keen to address it because they have to also take care of certain regulations that have to be followed with the WTO. The only point to see is how we can make it more agile and it will have to be done case by case, not general. What is important is that the rules of origin, and digital systems for traceability should be very clear. These are important tenets of any effective bilateral trade agreement. Since 2020, we have adopted a largely protectionist trade stance towards China. Do you think it is time to revisit that relationship? We have to look at it from the perspective of what is important for national development. We have to deal with it on a case by case basis, and selectively. We have to also be cognisant of national security concerns, and whatever is helpful and works to our advantage, those are the areas we should focus on. Private capex being sluggish has been a cause of concern for a long time now. When will it pick up? For India's growth, we need jobs, including in labour intensive areas. Agriculture is also an important sector which is going to remain a dominant source of growth. Capex is another pillar apart from these two. Private capex announcements are three times more than what they were pre-Covid. Corporate balance sheets are fine, there is enough liquidity. So the environment is all right for investments. The only uncertainty is on account of the global environment, which may be creating some hesitation so there could be a shifting of investments. Things are getting better on the consumption front and there is now the benefit of personal income tax as well. There is also going to be the benefit of the cumulative impact of public capex picking up in the second half of last year. Private capex was soft during the election period but has since picked up. And of course, the more progress is made on the reform agenda, ease of doing business, how fast can you set up manufacturing, buy the land, get all the approvals, all of these make us more competitive. The Commerce Minister recently urged businesses to focus more on R&D. Most Indian companies spend a small fraction on research work. How can we ever be competitive globally if that remains the case? I agree that the R&D spend in the economy needs to go up. The private sector needs to certainly do more and if you want to benefit from all the FTAs and the opportunities, we will have to invest in R&D, there is no doubt about it. The industry needs to create the culture, create the mindset. Aggam Walia is a Correspondent at The Indian Express, reporting on power, renewables, and mining. His work unpacks intricate ties between corporations, government, and policy, often relying on documents sourced via the RTI Act. Off the beat, he enjoys running through Delhi's parks and forests, walking to places, and cooking pasta. ... Read More Soumyarendra Barik is Special Correspondent with The Indian Express and reports on the intersection of technology, policy and society. With over five years of newsroom experience, he has reported on issues of gig workers' rights, privacy, India's prevalent digital divide and a range of other policy interventions that impact big tech companies. He once also tailed a food delivery worker for over 12 hours to quantify the amount of money they make, and the pain they go through while doing so. In his free time, he likes to nerd about watches, Formula 1 and football. ... Read More
Business Mayor
11-05-2025
- Business
- Business Mayor
FTAs enable participation in global value chain, India Inc looks forward to more such deals: CII President
New Delhi: Indian industries are looking forward to more free trade agreements (FTAs) because such trade pacts are the key enablers for participating in the global value chain, said Sanjiv Puri, President of the Confederation of Indian Industry (CII) and Managing Director of MD Puri said that after the FTA with the United Kingdom, the industry is also keen to have a trade deal with the United States. 'Industry is very keen to have the FTAs because these are important enablers to participate in global value chains, which are 70 per cent of the global trade. So, the industry is very much looking forward to it,' CII President and ITC MD Sanjiv Puri said. 'We know that both the other FTAs are strong focuses of the government and there's a possibility of (Trade deal with) the US one by autumn and the EU – there was this EU president along with a large number of the cabinet ministers here in India – a commitment was made that by the end of the year they should get signed so we are hoping these within the timelines,' Puri further added. Puri went on to state that focusing on agriculture is needed to increase the income and consumption of the people employed by the sector. Industry body CII welcomed the India-UK FTA, adding that it is guided by the 2030 Roadmap. The timely agreement will help advance a comprehensive strategic partnership between India and the UK, steering bilateral trade towards the ambitious target of USD 100 billion by 2030, the CII had Commerce and Industry Ministry on May 9 highlighted the importance of FTAs, adding that such trade agreements make India more competitive with markets like the United States of America, China, and to APEDA, India will gain ground over the USA, China, and Thailand in processed food. We will become more competitive than the USA, China, Thailand, and Vietnam in bakery items, said an official. The official statement added that the recently concluded FTA with the UK is a 'totally job-orientated deal'. The trade between India and the UK will double by 2030, creating millions of jobs and increasing our overall exports to the UK. However, the Global Trade Research Initiative (GTRI) in a report highlights potential risks to the domestic industry, especially Micro, Small and Medium Enterprises (MSMEs), due to increased foreign competition. GTRI further adds that India should draw lessons from the recently concluded US-UK trade deal and be cautious on a deal with America for its bilateral trade deal. READ SOURCE
