Friday, Apr 26 2024 | Time 02:01 Hrs(IST)
image
Business EconomyPosted at: Jun 29 2016 8:59PM


Industry welcomes Cabinet decisions

New Delhi, Jun 29 (UNI) Major chambers and industry bodies have welcomed the cabinet decisions regarding implementation of Pay Commission Report, Mineral Policy and Model Shop and Establishment Act.
In a statement issued here today Federation of Indian Chamber of Commerce and industry (FICCI) welcomed the cabinet approval on the Model Shop & Establishment Act announced today. This has been one of the key asks of the FICCI Retail & Internal trade committee for the overall benefit and growth of the Indian retail sector.
“It is a very progressive move, as it would enable states to choose to keep shops and other such establishments open 24x7 all through the year. This would give substantial boost to employment generation and will also benefit the consumers in terms of more convenience and accessibility”, said Dr. A. Didar Singh, Secretary General, FICCI.
Commenting on the Cabinet approval to pay commission recommendations Dildar Singh said that the Cabinet's approval to pay commission recommendation of 23.5 per cent hike in salaries, allowances and pension for government employees is a welcome step. Dr. Singh saidw "The pay hike of nearly Rs 1 lakh crore for government employees will give a strong boost to the consumer demand and help uplift the growth of the economy.”
“This combined with continued public push to the capital expenditure will help steer the economy to higher growth levels of 8 percent and above, which is much needed amidst the current global headwinds", Dr. Singh added.
On pay hike Associated Chamber of Commerce and industry has said that Though ASSOCHAM had opposed a sharp hike in the salaries of the government employees, the Cabinet decision to implement the 7th Pay Commission recommendations would have a positive impact in the short to medium term, as the extra money in the hands of a large number of salaried earning people would lead to higher consumption and demand –driven economic growth.
In his reaction, Secretary General of ASSOCHAM, D S Rawat Said, “A boost of Rs one lakh crore to the economy at a time when the global head winds are blowing right in our face would surely be a confidence building measure. If the Monsoon plays out as per the forecast, the increase in both urban and rural consumption should be a great help to sectors like automobile, consumer finance, FMCG, housing and other discretionary sectors.”
However, Mr Rawat cautioned about the possible impact of the pay hike on the overall fiscal situation of the government which should not be allowed to deteriorate.
Dr Devendra Pant, Chief Economist, India Ratings & Research in his comment said that the cabinet decision on pay hike will boost consumption to the economy by INR451.1bn (0.30 per cent of GDP) and increase savings by INR307.1bn (0.20 per cent of GDP), says India Ratings and Research (Ind-Ra).
Mr.Riyaaz Amlani-President NRAI (National Restaurant Association of India) said, "This is extremely wonderful news and a victory for the NRAI. We have been lobbying hard for the past many years for the freedom of operational timings in restaurants. We are delighted as this will go a long way in boosting the economy and employment in India. We are hopeful that the state and local authorities would cooperate and adopt this model.
Commenting on it Abhishek Bansal, Executive Director Pacific India (Pacific Mall) said, “the passing of the Models Shops and Establishment Bill will have a positive effect on the market, as it will lead to increase in employment opportunities. This will also enable level playing for brands across online as well as offline retail platforms. At Pacific Mall currently shops that close by 9 pm can now remain open till about 11 pm which will be good for customers who only get a chance to shop after they return home from work or people working late shifts.Being a premium high-end shopping and leisure destination we have invested in state of the art security management service and surveillance systems and we will have to look into hiring and training more people according to their job profiles post this change".
UNI ADP PR 2059
Please log in to get detailed story.
Tags: #Industry welcomes Cabinet decisions
More News

Arun Alagappan appointed as Executive Chairman of Coromandel International

25 Apr 2024 | 7:41 PM

Hyderabad, April 25 (UNI) Arun Alagappan has been appointed as Executive Chairman of Coromandel International Limited (CIL).

see more..

Tech Mahindra net at Rs 661 crore in Q4; Company gives dividend of Rs 28 per share

25 Apr 2024 | 7:28 PM

New Delhi, April 25 (UNI) Mahindra Group company Tech Mahindra, a technology consulting and digital solutions provider, on Thursday reported about 41 per cent decline in net profit at Rs 661 crore year-on-year basis for the fourth quarter ended March 31, 2024.

see more..

Kottayam-Kochi Rubber Market Rates

25 Apr 2024 | 7:26 PM

Kottayam, April 25 (UNI) Following were the Rubber Market rates announced by the Rubber Board here today per quintal.

see more..
Indusind Bank net up 15 pc in Q4

Indusind Bank net up 15 pc in Q4

25 Apr 2024 | 7:10 PM

New Delhi, April 25 (UNI) Leading private bank Indusind on Thursday reported a 15 percent jump in net profit at Rs 2,349 crore in Q4 of FY 2023–24, compared to Rs 2,043 crore in the same quarter in 2022–23.

see more..

25 Apr 2024 | 6:53 PM

New Delhi, April 25 (UNI) Leading private bank Indusind on Thursday reported 15 percent jump in net profit at Rs 2,349 crore in Q4 of FY 2023-24 compared to Rs 2,043 crore in the same quarter in 2022-23.

see more..
image