Industry leaders seek removal of hurdles to investment

Industry leaders asked the prime minister to remove hurdles facing large projects and create an environment for investment driven growth, which has taken a battering due to external and internal factors

India leaders on Monday asked prime minister Manmohan Singh to remove hurdles facing large projects and create an environment for investment driven growth, which has taken a battering due to external and internal factors.


Reliance Industries (RIL) chairman Mukesh Ambani, ICICI Bank MD and CEO Chanda Kochhar, HDFC chairman Deepak Parekh, along with heads of leading industry chambers brainstormed with the prime minister the problems facing the country.


Others who attended the meeting include Rahul Bajaj, Narayana Murthy, Azim Premji, Swati Piramal, Deepak Parekh, Jamshyd N Godrej, Venu Srinivasan, Sunil Kant Munjal, S Gopalakrishnan and Sunil Bharti Mittal, among others.


The high-level meeting of the Prime Minister’s Council on Trade and Industry was attended by finance minister P Chidambaram, commerce and industry minister Anand Sharma and PMEAC chairman C Rangarajan, among others.


The prime minister wanted a report within a month on what could be done in the next 2-3 months to revive growth.


“We have given suggestions in two categories, one for the near term and one for the longer run. For the near term, we have suggested clearing of large projects and those projects which were cleared should now be executed," Ficci president and HSBC India head Naina Lal Kidwai said after the meeting that lasted 160 minutes.




3 years ago

Our leaders would do well to have aam aadmi in their durbars instead of having a bunch of people who are rather famous for exploiting the natural (and human) resources of our country.

One should wonder if they were batting for their industry or for our country?


Shadi Katyal

In Reply to pravsemilo 3 years ago

Kindly educate the nation that how without industry and utilization and not exploiting resources a nation Evan survive.This idea of living in such climate shows that all developments should be stopped even populating the nation is also exploitation.Milking cows is also.
Maybe you can shed some light on your statement.
No wonder nation is still poor with all the resources as people wish to close down industries and go on strike. There is no such thing as a free meal or lunch and we Indians who have no working ethics, this fits nicely.One has to plant thew rice of whert before one can eat.
These industries provide jobs and products and we saw what happened with PSU?
Tell us how you intend to improve aam aadmi????


In Reply to Shadi Katyal 3 years ago

I am afraid you are getting me wrong here. I am questioning the intent of the people who were present in the meeting. Please have a look at When government has time for such people, then why doesn't it have time for aam aadmi? Isn't it that industry is trying to lobby for its own selfish good?

Regarding charities, you might want to check about Wipro (Azim Premji Foundation, Azim Premji Trust). Few months back there were reports how shares were transferred to these trusts. A few years back, there was also a news report how Premji earned a hefty dividend income by virtue of his shareholding. Same can be said about foundations run by industrialists listed above. I hope you remember the ads broadcasted when Satyamev Jayate was aired.

Industry is creating jobs, true. We need jobs, true. But is industry creating sub standard jobs, also true. This is very true of IT sector, where the promoter is the only beneficiary. Have a look at

Shadi Katyal

In Reply to pravsemilo 3 years ago

I think you have this common idea of Socialism that everything should be free for the aam aadmi and thus we should have learnt lessons from PSU
I AGREE THAT WE ARE UNABLE TO INNOVATE ANYTHING AS WE SPEND MORE TIME ON TALK AND TALK.What industry produces is not of world standard and greed is first motto and yet being under the false socialism we accept such goods as hands of industry are also tied.
IT has been the biggest dot connecting industry in India but same boys have done very well in other nations Why? Because of our and no changes. There is something
wrong in our genes as we are unethical and undisciplined why?
We object to any changes and object any new industry and since we have failed to produce quality goods we also object MNC coming in so we wish to live in same climate as our forefathers lived. We depend on others for technologies even after 6 decades WHY? because lack of climate to flourish.
As for Premji and his trust is concerned,it is under the trust Board Laws which such trust operates. He is very simple person and has shown his moral standing in society have wrong ides that an investor should not benefit but look at the benefits nations enjoys with such investments. Premji has paid taxes for such profits.
It is not the industry which is creating substandard jobs but failure of our students and workers.IT has a field which our Indians have taken advantage in USA and created local jobs but in India it is the climate and thinking of the people that has put road blocks and thus IT engineers are called dot collecting and nothing else.Who is responsible we those who have failed to move ahead and think this is Nirvana.
Compere China which was at Pr with India in 1990 and can now buy every industry in India.
NRI were and are resented in India and even in early days their remittance were taxed.
China started building their industry with the help of ex patriots and encouraged other investments but we are still twiddling our thumbs as we act as a wounded civilization and need love and petting from rest of the world while talking trash and negative to them. We have no friends abroad or in the neighborhood . We are in deep trouble and think of future.
Any nation which has so many controls cannot flourish as middle income groups are essential for development and not negative thinking

Shadi Katyal

In Reply to pravsemilo 3 years ago

It is unfortunate that while the nation is suffering we get such rem,arks.
Industry provides jobs and products for the consumers and these are not charity organisations though some of them do help charities and hospitals etc.

do we wish to stay poor for ever or join the world ?


In Reply to Shadi Katyal 3 years ago

I would also like to add a point regarding the charities and trusts run by industrialist. Apart for charity their main purpose is to avail tax benefits for the promoter, hold shares on behalf of promoter - by virtue of this they have indirect control, earn tax free dividend income and also in some cases, they are the ones on which CSR (Corporate Social Responsibility) spends are credited.

Most of these trusts are run by the promoters directly or by their family members. Many among the list above are doing this.

Shadi Katyal

In Reply to pravsemilo 3 years ago

One wonders what your idea of an industry is.
You wish to learn about Charity, look at TATA model.
Thee is no such thing as free meal or free lunch and one doesnot invest without any profit and if tax incentive are thee ,that money is used for charities and education.Would you prefer to be without job or have slef respect with some job.Creating industries is a very difficult task and evidently you had no idea what it involves except looking down on those who are trying to make the nation grow.
It is unfortunate that this kind of thinking with no ethics of work and discipline that now even the investors are looking for Vietnam and Burma and India is being ignored.
Would you rather have foreigners come and do charity work as yuou object the good deeds of our industrialist.
Can a AAM AADMI run govt Durbar as you think or any industry???


In Reply to Shadi Katyal 3 years ago

If business are not for charity, they shouldn't lineup for charity either. Do you really think that lobbying for the industry will pass the benefits to the common man? The list of people above are infamous otherwise for their business activities.

Shadi Katyal

3 years ago

Why has nation to suffer with Red tape and bureaucracy and the Permit Raj has become worst. can our leaders not learn from the Eastern Europe after their freedom from Russia. Why are we still tied to a model of a nation which has imploded and we are on that ROAD.
Even Bangladesh has made progress in garment industry and our hands are tied.
Why is the parties interested in their own power and not the nation
Where are any constructive Bills for industry,labour and unions.?
My hats of to Indian Industrialist who have worked under such difficult conditions with shortage and road blocks more from GOVT.
Will India ever develop or we keep talking
Time to dissolve and abolish Ministries of Labour,Industry and Trade etc
Why the question of Talangna came because there is no industry and nothing being done for the nation.

SEBI imposes Rs1.5 lakh fine on Highline Finance for violating share disclosure norms

The penalty has been imposed for failure to comply with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations

The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs1.5 lakh on Highline Finance for not making disclosures about its shareholding in Raj Packaging Industries   (RPIL) within the prescribed time frame.


In an order dated 26th July, SEBI has imposed “a penalty Rs1.5 lakh on Highline Finance & Investment Pvt Ltd” for the failure to comply with...the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations.”


In its show-cause notice, SEBI had charged that Highline Finance, which held 9.14% stake in RPIL as on 30 June 2010, sold 84,000 shares by 14 September 2010 resulting in a change of 2.12% of holding of the company.


It further said that from 15 September 2010 to 4 October 2010, Highline offloaded 84,857 shares, amounting to 2.13% stake, of RPIL.


No disclosures in this regard were made to the company by Highline Finance in the prescribed format and within the specified timelines under SEBI’s Prohibition of Insider Trading regulations, the regulator said.


According to SEBI’s norm, any person who holds more than 5% shares or voting rights in any listed company is required to disclose to the company in a prescribed format about the number of shares and voting rights held and change exceeding 2% of the total shareholding or voting rights in the company within two working days of such change.


Sensex, Nifty continues to head lower: Monday Closing Report

For Nifty to reverse its downtrend, it has to close above 5,940. All eyes are on the RBI's policy announcement due on Tuesday

The market settled near the lows of the day on selling pressure from FMCG, PSU and metal stocks. If the Nifty manages to close above 5,940, we may see the benchmark making some gains. The National stock Exchange (NSE) reported a turnover of 52.06 crore shares and advance-decline ratio of 407:916.   


The Indian market opened lower on cautiousness ahead of the Reserve Bank of India’s (RBI) quarterly policy review and sluggishness in the Asian markets. While the Indian central bank will announce its policy review on Tuesday, analysts opine that there will not be any revision in key interest rates.


The Nifty opened 16 points lower at 5,870 and the Sensex started the day at 19,714, down 34 points from its previous close. Select buying saw the benchmarks hitting their highs in initial trade itself. The Nifty touched 5,886 and the Sensex inched up to 19,751 at their respective highs, though in the negative terrain.


Meanwhile, the rupee was trading 13 paise lower at 59.17 against the US dollar in early trade on the back of the weakness in the equity market and month-end dollar demand from importers.


The market trended lower in morning trade on selling pressure in fast moving consumer goods (FMCG), PSU, capital goods banking and realty stocks. However, the indices pared their losses in noon trade on support from IT, technology and auto stocks.


The indices resumed their southward journey in the late noon session on selling pressure in FMCG and metal sectors. The market touched its lows towards the end of the trading session with the Nifty at 5,826 and the Sensex falling to 19,571.


The market finally settled near the intra-day lows. The Nifty closed 55 points or 0.93% down at 5,832 and the Sensex ended the day at 19,593, a fall of 155 points or 0.78%.


The broader indices too settled lower. The BSE Mid-cap index fell 1.31% and the BSE Small-cap index fell 0.86%.


BSE IT (up 0.77%); BSE Auto (up 0.36%) and BSE TECk (up 0.15%) were the only sectoral gainers while BSE FMCG (down 2.67%); BSE PSU (down 1.80%); BSE Metal (down 1.80%); BSE Realty (down 1.65%) and BSE Bankex (down 1.20%) were losers.


Out of the 30 stocks on the Sensex, 10 stocks settled higher. The main gainers were Wipro (up 6.71%); Jindal Steel (up 4.89%); Tata Motors (up 2.14%); Sun Pharma (up 1.91%) and Hero MotoCorp (up 0.49%). Hindalco Inds (down 4.03%); Hindustan Unilever (down 3.71%); Sterlite Inds (down 3.66%); Dr Reddys Lab (down 3.53%) and Coal India (down 3.19%), were the top losers today.


The top two A Group gainers on the BSE were— Wipro (up 6.71%) and Prestige Estates (up 5.02%).


The top two A Group losers on the BSE were— Wockhardt (down 9.99%) and Indian Bank (down 7.40%).


The top two B Group gainers on the BSE were— Natco Pharma (up 20%) and Rich Universe (up 20%).


The top two B Group losers on the BSE were— Plethico Pharma (down 19.98%) and Hanung Toys (down 19.94%).


Of the 50 stocks on the Nifty, 12 ended in the in the green. The major gainers were Jindal Steel (up 4.76%); Tata Motors (up 2.09%); UltraTech Cement (up 1.35%); Grasim (up 1.16%) and Asian Paints (up 1.03%). IDFC (down 4.79%); Jaiprakash Associates (down 4.44%); Hindalco Inds (down 4.24%); Ambuja Cements (down 4.07%) and Sesa Goa (down 3.96%), were among the top losers.


Markets across Asia settled lower on the strengthening yen and a poor showing of Chinese industrial units in June.


The Shanghai Composite declined 1.72%; the Hang Seng declined 0.54%; the Jakarta Composite dropped 1.68%; the KLSE Composite fell 0.49%; the Nikkei 225 tumbled 3.32%; the Seoul Composite lost 0.57% and the Taiwan Weighted settled 0.80% lower. Bucking the trend, the Straits Times rose 0.03%.


At the time of writing, two of the three European markets were trading in the green and the US stock futures were in the negative.


Back home, foreign institutional investors (FIIs) were net buyers of shares amounting to Rs278.04 crore on Friday while domestic institutional investors were net sellers of equities totalling Rs489.17 crore.


Havells India said it plans to enter into rural India market with its newly-launched 'Rio' brand of switches. The company aims to garner Rs150 crore revenues in the current fiscal from the conventional switches sales. According to the company, total market for conventional switches is estimated to be around Rs1,500 crore in India. The stock rose 0.13% to close at Rs755 on the NSE.


Larsen & Toubro (L&T), as part of a consortium, won its biggest ever civil construction order, with the engineering company’s stake valued at around Rs8,250 crore ($1.4 billion), to build a metro project at Riyadh in Saudi Arabia. The contract was won in consortium with four other global companies, and the total value of the order is around Rs35,000 crore. L&T's part of the contract involves design, construction and commissioning of the third line of the metro project which involves 41 kilometres of driver-less train operation. The line is expected to service around 5,000 passengers per hour per direction. L&T would be building bridges, tunnels, elevated and underground stations, depots, roads, along with CCTV infrastructure amongst others. L&T shares, however fell 0.80% to close at Rs838.95 on the NSE.


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