Over 80% CEOs expect 2018-19 growth to be higher than 7%: CII Poll
Mumbai, June 11: Industry body Confederation of Indian Industry's (CII) "CEOs opinion poll" on Monday showed that 82 per cent of the chief executives expect GDP growth to be higher than seven per cent for 2018-19.
As per the poll data, out of the 82 per cent, 10 per cent of CEOs expect the growth rate to even go above 7.5 per cent.
Besides, 92 per cent of CEOs polled expect further increase in consumption demand during 2018-19.
On private investment, the data disclosed that 60 per cent of CEOs believe that it will increase during the coming year.
In terms of employment generation, 56 per cent of the CEOs polled expect jobs to increase during 2018-19 and just 18 per cent believe that it will be maintained at the current levels.
According to the industry body, positive sentiments on the Indian economy were "universally expressed" at a meeting of its National Council (NC) held in Pune on June 4, and attended by more than 80 senior corporate leaders.
The "CEOs opinion poll" was held during the CII meeting.
"The economy is in a sweet spot right now as the adjustment process regarding major reforms of the past few years is largely stabilised and industry is ready for a fresh phase of investment while capacity utilisation builds up," CII President Rakesh Bharti Mittal was quoted as saying in a statement.
"Industry is looking forward to GDP growth rate picking up to close to eight per cent over the next couple of years. Fiscal prudence, able macroeconomic management, and strong reforms process have set a sound foundation for growth."
"Exports registered 10 per cent growth over 2017-18 as the global economy is recovering and we expect the momentum to pick over the current year. Going forward, we must leverage stronger overseas demand and shifting global value chains through trade facilitation and competitive products."
Additionally, the CII NC meeting lauded the landmark policy of "Fixed Term Employment" which has recently been extended to all sectors.
Sector-wise, the overall opinion of CII members on the manufacturing sector was that "demand is healthy, although input costs are rising".
Mittal said: "Most manufacturing sectors are firing up now, with automotives, FMCG, electronics and chemicals leading the way. Rural demand can be expected to remain resurgent on the back of normal monsoons as forecast, while public spending on infrastructure is boosting prospects for capital goods and downstream sectors."
Regarding the infrastructure sector, CEOs stated that there is a "discernible pick-up" now as compared to a few years ago.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
SC asks HC, Maharashtra govt to evolve mechanism to ensure production of accused before trial courts
New Delhi (PTI): The Supreme Court has asked the Bombay High Court and the Maharashtra government to evolve a mechanism to ensure that accused are produced before trial judges either physically or virtually on every date so that the trial is not prolonged.
The apex court, while dealing with an appeal challenging the Bombay High Court order denying bail to an accused, said a "sorry state of affairs" was being depicted as the trial proceedings in the case was being prolonged due to non-production of appellant before the trial judge either physically or virtually.
A bench of Justices B R Gavai and K V Viswanathan was informed that this was not a solitary case but in many cases, such a difficulty arises.
"We, therefore, direct the registrar general of the high court of judicature at Bombay, secretary, Home, state of Maharashtra and secretary, Law and Justice, state of Maharashtra to sit together and evolve a mechanism to ensure that the accused are produced before the trial judge either physically or virtually on every date and the trial is not permitted to be prolonged on the ground of non-production of the accused persons," the bench said.
In its order passed on December 18, the apex court noted that material placed on record revealed that in the last six years, out of 102 dates, the accused was not produced before the court either physically or through virtual mode on most of the dates.
"We may say with anguish that this is a very sorry state of affairs. If an accused is
incarcerated for a period of approximately five years without even framing of charges, leave aside the right of speedy trial being affected, it would amount to imposing sentence without trial," the bench said.
It said such a prolonged delay was also not in the interest of the rights of the victim.
The bench said a copy of its order be forwarded to the registrar general of the high court and the secretaries of Home and Law and Justice of Maharashtra government forthwith for necessary action.
The bench delivered its verdict on the appeal challenging an order of the high court which had rejected the bail plea of the appellant in a case registered under the provisions of the Maharashtra Control of Organised Crime Act (MCOCA).
The apex court allowed the appeal and granted bail to the appellant on a bond of Rs 50,000 with one or more sureties in the like amount.
It directed that the appellant shall continue to appear before the special judge on every date regularly.
