New FICCI Chief To Push For FDI In Retail (02-Mar-2010)
The vice chairman and managing director of Bharti Enterprises, Rajan Mittal, the younger brother of Sunil Mittal has taken over as the president of FICCI.
However, one of the top agenda for him during his term would be to see through the opening of the retail sector.
Rajan Mittal, president of FICCI stated that it''s an important area of concern for them and they will move forward for necessary policy reforms on this front.
Meanwhile, it''s all the more important for him, as he is directly administering the Bharti group''s venture in the retail business.
FICCI will also push for private sector contribution in the areas of supply chain and cold storage.
High food inflation in India can be attributed to huge wastages and pilferages which occur due to the loopholes in the supply chain infrastructure.
He also said that with the participation of private sector, these pilferages can be plugged.
Bharti''s partner in the backend cash & carry business, Walmart, has already shown its interest in taking over Central Warehousing Corporation''s warehouses on a PPP mode.
Moreover, while any policy reform on this front will be based on the argument of bringing down food prices by controlling wastages and pilferages, it will also be in line with Walmart''s larger business interests.
Around the same time, Ficci President Rajan Bharti Mittal stated that India needs to more than double the annual FDI inflow to $75 billion by 2015.
Whereas, India will also look at becoming the global manufacturing hub like China.
Mittal also said that India needs to look at obtaining 10% GDP growth at the earliest, from 7-7.5%.
Ficci will focus on making India the global investment destination with a target of $75 billion FDI by 2015.
He said in order to do that, India must immediately bridge the huge gap between its positions as one of the few FDI destinations and being ranked very low in the list of investor-friendly countries.
Similarly, Rajan Bharti Mittal stated that the government should carry on with the stimulus package for exports and areas that still need support.
This it should do although the industry should not expect them to continue in perpetuity.
He said a partial withdrawal of the stimulus packages in the Budget was the right step.
He also pointed out that areas such as exports and small and medium sectors will require government support for some more time.
He said that he had requested the Finance Minister not to withdraw anything on export stimulus as they are just about on the recovery stage and withdrawal will hurt it badly.
The Federation of Indian Chambers of Commerce and Industry (FICCI) is an association of business organizations in India, headquartered in the national capital New Delhi. FICCI is one of the main organizations to fund and support many governmental and non-governmental educational institutes. It was founded by GD Birla and Purushottam Takkur in 1927, on the advice of Mahatma Gandhi.
Top News Today
 Godrej Properties, Mumbai based real estate developer launched its new residential project Godrej Alpine in Mangalore. It aims to complete 499-apartment Godrej Alpine for occupation in 36 months. Godrej
 Mahindra & Mahindra, auto major has stopped the second phase of booking for its latest sports utility vehicle XUV500. It has received over 25,000 orders in a period of 10 days from January 25 to February
 Reliance Power, the Anil Ambani group company's 2,400-MW Samalkot plant in Andhra Pradesh is likely to be ready for electricity generation this fiscal. It will install six gas turbines at the plant having
|
International Stock News
 The US markets rose on Monday, sending the Dow industrials to their highest close since 2008, as Greece's government made progress on measures to secure international aid. Also, a Labor Department report
 The US markets made a mix closing on Thursday, as a drop in jobless claims fueled optimism about the economy and investors looked to the next day's employment report as the next indicator of the economic
 The US markets made a mixed closing on Tuesday, with the indices mostly slipping after US economic data failed to live up to expectation. The reports showed that American consumer confidence trailed estimates
|
|
|