CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

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Confederation of Indian Industry

Corporate Bond Market in India, which stands below 5% of GDP at present, has the potential to reach to a level of 15% of GDP during the 12th Five Year Plan (2012-17) on back of policy and regulatory reforms, according to a survey conducted by the Confederation of Indian Industry (CII). As per findings of the CII Survey on Reforming Corporate Bond Market (CBM) of industry stakeholders including issuers, investors, market makers, credit rating agencies and technical experts, majority (57 per cent) of the respondents believe that the actual potential of CBM in terms of outstanding Corporate Bond as a percentage of GDP is 12.5 - 15 per cent which could be realized with the help of policy and regulatory reforms aimed atutilizing the CBM to finance infrastructure development during the 12th Plan.

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

CII Industry Stakeholders Expectation Survey on Corporate Bond Market in India

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Micro, Small and Medium Enterprises (MSMEs) sector is the backbone of the national economic structure and has acted as the bulwark for the Indian economy, providing it resilience to fend off global economic shocks and adversities. The development of the sector is extremely critical to meet the national imperatives of financial inclusion and generation of significant levels of employment across urban, rurban and rural areas and to catalyse socio-economic transformation. Easy access to credit and finance remains one of the many challenges faced by the sector. Hence, in view of the sector's importance in the overall economic landscape, it is critical the MSME sector develops through the concerted efforts of various stakeholders, including banks and financial institutions, equity funds, industry majors and MNCs, regulators across various ministries at the Center and in the States, and trade associations, together, to create a forward-looking framework and ecosystem. The competitiveness of the MSME sector is critical for sustaining economic growth.

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Confederation of Indian Industry

It’s a matter of concern that 600 million people in India face high to extreme water stress in the country. About three-fourths of the households in the country do not have drinking water at their premise. With nearly 70% of water being contaminated, India is placed at 120th amongst 122 countries in the water quality index. It’s a fact that water is a State subject and its optimal utilization and management lies predominantly within the domain of the States. This index is an attempt to budge States and UTs towards efficient and optimal utilization of water and recycling thereof with a sense of urgency.

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Cyberspace is rapidly transforming our lives – how we live, interact, govern and create value. With the JAM (Jan Dhan, Aadhaar and Mobile) trinity, India is at the forefront of global digital transformation. “Digital India” is being hailed as the world's largest technology led programme of its kind. While internet, smartphones and modern information and communication devices have been great force multipliers, endless connectivity and proliferation of IoT devices is giving rise to vulnerabilities, risks and concerns. Cyber security is today ranked among top threats by governments and corporates. Heightened concerns about data security and privacy have resulted in a spate of regulations in India and across the world. India is in the process of discussing and enacting its own comprehensive data security and privacy regulation, as well as vertical specific ones. Cyber security is an ecosystem where laws, organisations, skills, cooperation and technical implementation would need to be in harmony to be effective. Overall, a robust regulatory framework based on global and country-specific regulations, development of a holistic cyber security eco-system (academia and industry as well as entrepreneurial) and a coordinated global approach through proactive cyber diplomacy would help to secure cyber space and promote confidence and trust of key stakeholders including citizens, businesses, political and security leaders. CII has been actively working in the cyber security space. The CII Task Force on Public Private Partnership for Security of the Cyber Space has been set up to bring about improvements in the legal framework to strengthen and maintain a safe cyberspace ecosystem by capacity building through education and training programmes. We would facilitate collaboration and cooperation between Government and Industry in the area of cyber security in general and protection of critical information infrastructure in particular, covering cyber threats, vulnerabilities, breaches, potential protective measures, and adoption of best practices.

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Delhi, the capital of India, has emerged as a major commercial capital and industrial hub of India. It is home to a wide range of industries including textiles, electrical and electronics, IT &ITeS services, hotel and tourism, which have contributed immensely to the economic and industrial growth of the country. Nearly 88% of the SMEs in Delhi revealed that this cluster is as an attractive destination for conducting business. Delhi has become an attractive business and tourist destination. This is driven by its improved infrastructure, good connectivity with other Asian and western regions, ease of access to market and availability of skilled labor among others. Consequently, it has emerged as one of the most preferred investment and business destinations.

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Confederation of Indian Industry

The state government of Maharashtra has been at the forefront in creating a conducive business environment that fosters globally competitive firms. Business reforms introduced both by the Central as well as the state government have played a critical role in India’s 30 spots improvement in the Doing Business ranking for 2018. The State, under the Business Reforms Action Plan (BRAP) 2016, has implemented over 90 per cent reforms in 7 out of 10 parameters, including labour registration, utility connections, single window system, environment registration, among others. These policy reforms have significantly helped in the reduction in time and cost of doing business for the industry, thereby establishing Maharashtra as one of the top investment destinations in the country. This report provides the key highlights of the select initiatives on ease of doing reforms in Maharashtra. With a view to provide on-ground impact of these initiatives, the Report also captures industry views on various aspects of business reforms.

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The March-April edition of the Multilateral Newsletter gives insights on the key happenings at the various multilateral institutions and highlights the key discussions and deliberations at the informal WTO Ministerial Meeting held in New Delhi. WTO plays a vital role by bringing stability and predictability to the multilateral trading system. It is a collective responsibility of WTO members to address the challenges faced by the system and putting the economies back on steady and meaningful way forward. Several proposals and initiatives on investment facilitation were tabled at the WTO in the run-up to the 11th Ministerial Conference. The proponents advocated discussions on Investment Facilitation within the WTO framework. However, there was no consensus on initiating negotiations, or even establishing a Work Programme, on Investment Facilitation. A clear need of more work to look at all aspects of a potential multilateral rules on Investment, particularly on its impact on domestic policy space was stated. In order to deepen the understanding between the member it is important that an open, transparent and inclusive approach of decision making for the various interventions. The informal WTO Ministerial gathering in New Delhi saw convergence of around 53 members representing a broad spectrum of the WTO membership. CII, as an Industry Institution is cognizant of the need for India to engage constructively in some of the new issues being discussed under the WTO framework.

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Businesses are gradually recognizing that ethics means good business. It is believed that well-run and trustworthy companies are more likely to attract greater investment opportunities, which enables them to innovate and expand, and generate wealth and jobs. Good corporate governance practices are regarded as providing an 'extra' edge to companies to enhance their image and stay ahead in an intensely competitive business environment. This would help them imbibe universally accepted values of ethics and good governance—accountability, transparency, responsibility and responsiveness to stake holders. Besides, it would also mean looking beyond achieving mere economic sustainability to include social and environmental sustainability as well. Many corporates are adhering to sustainable business practices and many more are likely to follow suit in the time to come. On the domestic front, CII expects economic growth to bounce back to 7.3-7.7 per cent in FY19 from the estimated 6.6 per cent in FY18. The prognosis of improved rural consumption and a recovery in private investment will support growth, even as the debilitating effects of demonetisation and GSTimplementation will fade away

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The Commuique May 2018 edition discusses the cover story on 'Resolving Insolvency in India' The Insolvency and Bankruptcy Code (IBC) 2016, is one of the biggest regulatory reforms corporate India has witnessed in recent times. It also features 'UK-India CEO Forum Meeting ', 'CII CEOs Delegation to 11th Commonwealth Business Forum 2018', 'Four Transformations of the Global Energy Market', Economy pieces on 'The Innovation Paradox' & 'Can the Lion Conquer the Forest?' along with a piece on 'India-Africa Economic Partnership'.

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The government of India has, in the past few years, accorded an utmost priority to the Ease of Doing Business (EoDB). The accent is on simplification of regulations and use of technology to make the compliance more efficient for businesses. Apart from the Centre, the States are also being encouraged to implement business reforms in the spirit of competitive federalism, to foster reforms at the sub-national level. The measures are aimed at creating a conducive business environment, which is a key to facilitating growth and creating jobs. Thanks to these measures, India’s EoDB ranking, captured by the World Bank, has improved by 42 spots since 2014 to touch the 100th position now. The Prime Minister envisions India among the top 50 nations in the next couple of years. While business reforms are being undertaken at a rapid pace and large scale, cutting across Central as well as state levels, it is imperative that awareness about these developments is created among stakeholders and regular feedback is generated to address the gaps in the implementation of reforms. Identification of pending issues and suggesting possible solutions are equally vital. It is also important to identify the best practices within and outside the country, which are considered for implementation by the needy states.

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Our world is changing at an unprecedented pace, driven by a new digital economy. Companies across sectors are keen to become more efficient, disruptive, and differentiated, by using new technologies and supported by an ecosystem of customers, partners, and technology leaders. New-age technologies such as Artificial Intelligence (AI), Augmented Reality (AR), Blockchain, Machine Learning, 3D printing, and IoT are gaining more and more importance and acceptance. India has all the ingredients in place to leverage this innovation and technological advantage in the long run, including university graduates, public institutes and corporates. However, India’s gross expenditure on R&D as a proportion of GDP (GERD) is less than 0.7% as of 2014-15 and within this, the share of industry is just 30%. Further, the vast SME sector needs to scale up technology infusion for higher productivity.

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Confederation of Indian Industry

The Make in India initiative of the government which lays emphasis on domestic manufacturing, indigenization and import substitution, is expected to pave the way for making the Indian defence sector self-sufficient.Encouragingly, the Indian industry is now actively engagedand is partnering with the government in building a modern and best-in-class defence systems, equipment and components which should strengthen our forces and make the country more self-reliant. The formation of the Society of Indian Defence Manufacturers (SIDM) as an apex body of the Indian defence industry is critical in this regard. SIDM is expected to play a proactive role as an advocate, catalyst and facilitator for building the growth and capability of the defence industry in India. Given the rising importance of buttressing the Make in India programme for expanding the capacity of the Indian defence sector, in this issue of Economy Matters, a few SIDM office bearers and defence experts present their insights into this crucial topic.

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Confederation of Indian Industry

As India integrates deeper into the global economy, it is becoming increasingly clear that the country needs to focus both on meeting international competition and its own developmental challenges. The Government launched several initiatives last year, such as Make in India, Skill India, and Digital India, among others, towards make the vision of integrated inclusive development a reality. For industry, grappling with the challenges of disruptive technologies, restrictive trade laws, environmental responsibilities and more demanding and discerning customers, the imperative is for sharper focus on producing excellent goods and services, along with building skills, generating jobs, and mainstreaming the marginalized.

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Confederation of Indian Industry

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