statesman news service
NEW DELHI, 22 JUNE: Ms Naina Lal Kidwai, president of Ficci, is leading a high-power CEOs’ delegation to the UK, accompanied by the commerce, industry and textiles minister Mr Anand Sharma.
The Ficci delegation to the UK follows the recent visit of the British Prime Minister Mr David Cameron to India to consolidate business outcomes and take Indo-UK trade and business relations to the next level.
The 34-member business delegation will comprise Ficci’s Presidium, several former presidents of the Federation and some leading Indian businessmen.
Before leaving for the UK, Ms Kidwai said in a statement, “As part of Ficci’s ‘Engage UK’ strategy and given the UK’s economic relevance to India, Ficci has remained at the forefront for undertaking multifaceted efforts to remain engaged with the country. Ficci has been contributing immensely towards the growing business synergies between India and the UK across sectors and has consistently given importance to holding fruitful dialogues in order to develop a common understanding on various issues of significance.”
The Ficci delegation will also be participating in the 5th edition of Ficci-Horasis Global India Business Meeting at Belfast on 23-24 June. The business meeting will be addressed by Mr Anand Sharma and Dr Farooq Abdullah, Union minister for new and renewable energy.
Rupee fall hits private sector in defence
The private sector in defence has taken an unprecedented knock due to the depreciating rupee in the recent past and will have tough times ahead with the free fall of the rupee, according to Ficci.
With the authorities failing to address the critical survival issue before the private sector of risk cover against exchange rate variation (ERV), the companies are left to fend for themselves in the tough economic conditions, the chamber said.
The new defence production policy (DPP) document while going the extra-mile with focus on indigenisation and speedier procurements does not convert policy intent into action, it added.
Raising the concerns of the industry, Mr A Didar Singh, secretary general, Ficci, has written to the defence minister, Mr AK Antony, on the failure to recognise the realities faced by the defence industry on ERV and need for rationalisation of taxes and duties for private sector in the revised policy by the ministry of defence.