Chamber music

Apex regional chamber PHDCCI has suggested to the government to review the new Securitisation Act making it lenient for unwilful defaulters apart from seeking longer debt repayment period and flexible corporate debt structuring scheme.
A PHDCCI delegation recently met the BJP’s economic think-tank and suggested several measures to maximise compliance and stimulate demand in the country.
The Securitisation Act should not be harsh for unwilful defaulters, PHDCCI said in its pre-budget memorandum and pointed out that structural problems including labour laws, high interest rates were main cause of NPAs. “We also need to have a lenders’ liability legislation,� it said.
Government also needs to lower lending rate to the industry to upto 8%, the chamber said, suggesting repayment to start after the gestation period of 5-6 years. There was a need for flexible corporate debt, it said. — Agencies
Other suggestions included implementation of VAT system, reduced excise duty on textile sector, boost to tourism, reforms in labour laws and lower custom duties on raw material.