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MoreBack to News Headlines
Private investments to move from promise to delivery this year: CII chief

Private investments to move from promise to delivery this year: CII chief

The Hindu
Sunday, June 4, 2023 5:09 PM GMT

The CII chief indicated the need for India to review its stance on import tariffs to attract more investments

Confederation of Indian Industry (CII) president R. Dinesh believes there is scope for some ‘quick-win’ reforms amid this election year to spur the economy, like expanding global trade ties and facilitating investments from pension funds and insurers, while bigger changes like GST rationalisation and fixing archaic factor market laws may have to wait till beyond 2024.

Stressing that several industry segments, including steel, cement, chemicals, as well as services like hotels and aviation, are seeing high-capacity utilisation rates, Mr. Dinesh asserted that private sector will “move from promise to delivery” this year, in an interview with The Hindu. He also highlighted the need for Indian businesses to be able to tap the necessary growth capital more easily from domestic banks as well as overseas investors.

“While steel and cement capacities are being robustly utilised due to infrastructure investments, for me a very positive sign is the machinery sector, which is already seeing around 80% utilisation. Machinery orders means that it is going into further productive investments by other companies,” Mr. Dinesh said.

Pointing out that banks are unable to provide pure ‘equity’ funding for fresh investments or acquisitions, Mr. Dinesh said “Indian corporates have to invariably go overseas for funding”, on which the central bank places some restrictions.

“We understand why the Reserve Bank of India [RBI] regulations were put in place, but I think there’s a new India… Also, pension and insurance funds still have restrictions on how much they can invest in private bonds and government securities, there’s room to reform this as globally, retirement funds are the largest investors in equity and capital markets,” he emphasised.

“There are such reforms which are quick wins, where we can see delivery happening this year… We have also mentioned factor market reforms and a three-rate GST structure, inclusive of petroleum, et al [in our wishlist] as we want this to be part of the thought process.”

Underlining the need to expand India’s global trade engagement through free trade agreements (FTAs) and export promotion efforts, the CII chief indicated the need for India to review its stance on import tariffs to attract more investments and integrate with global value chains.

Read full story on The Hindu
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