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In a chat with Business Standard's Nikunj Ohri and Arup Roychoudhury, the new CII president and Bajaj Finserv chairman Sanjiv Bajaj shared how to deal with global headwinds and increased input costs

Sanjiv Bajaj, president, Confederation of Indian Industry

Q1: The govt has deferred the plan to privatise public sector banks, as the legal amendments have not been made yet. Do you think privatisation of PSBs is an idea whose time has come? Do you think the RBI should relax criterion to allow corporates, especially those with experience in finance business to participate in the privatisation process?
Ans:
>India needs a larger, stronger, Atmanirbhar financial services sector

>It is for the regulators to decide the right way to achieve a strong financial services sector
>Good-quality corporate players should be allowed to enter the financial services industry
>RBI should build a discussion around what the future of lending looks like Q2: There have been hiccups in the current privatisations of PSUs that have been announced recently, like Central Electronics Ltd and Pawan Hans. Do you think that process should be strengthened and rigorus criteria should be in place to screen bidders for other PSUs as well that have been put on block?
Ans:
>Need a transparent, clear well-thought-out consistent process for privatisation
>The intent of the government is, it should not be in business
>There are sensitivities involved. So, some of these things take time Q3: Post FDI hike in insurance, do you think more needs to be to attract foreign capital in the sector?
Ans:
>Don’t have a domestic financial sector that is strong enough to support India’s growth opportunity
>India can become the manufacturing hub of the world, because of the changing nature of geopolitics
>Foreign capital finds the best risk-reward geography over a period of time
>Capital must help create a strong domestic financial services industry, led by banking, asset management, insurance and pension Q4: What more financial sector reforms need to be undertaken in India?
Ans:
>Expand banking to increase financial inclusion
>Need to take banking closer to people, and digital tools can make a significant benefit
>Need to provide capital to small and medium scale enterprises and explore export opportunities
>With the government signing FTAs, we need to ensure capital is easily available to companies
>India needs few large banks to strategically help large companies that have built necessary capabilities and are looking to build new capacities overseas
>Insurance sector has gathered a large amount of assets, which need to be put to productive use
>Move assets from govt securities to fund startups, infrastructure projects and create a viable corporate bond market in India Q5: Mr Bajaj, CII has given a range of GDP estimates for FY23 based on three oil price scenarios. In this scenario of 7.4-8.2 per cent growth rate, do you think growth may be closer to the upper end or lower end?
Ans:
>If oil price stays around $100 level (per barrel), then I think closer to 8% is what we can look at
>Rise in the interest rate and how often it happens will depend on the prevailing inflation
>Inflation is partly dependent on fuel prices
>Govt should cut taxes on fuel in a collaborative manner between the centre and the states
>A normal monsoon is expected this year, which can arrest inflation Q6: What sort of a magnitude of impact of inflation are you seeing India Inc going face on its margin?
And:
>Impact of inflation on margins will differ from sector to sector
>Corporate margins have got compressed partly, in the last two quarters, because of rising input cost
>That’s why some amount of price rise is passed on to the customers

According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 a litre and diesel Rs 96.67 Fuel Prices on May 18: Check out petrol, diesel rates in Mumbai, Delhi and other cities

Fuel Prices on May 18: Check out petrol, diesel rates in Mumbai, Delhi and other cities

Prices of petrol and diesel have remained steady for more than 40 days now. Since the end of a four-and-a-half-month-long stop in rate revision on March 22, rates of petrol and diesel have increased by Rs 10 a litre each through 14 revisions. Fuel prices were last hiked on April 6 by 80 paise a litre each.

According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 a litre and diesel Rs 96.67 a litre.

In Mumbai, petrol and diesel prices are at Rs 120.51 and Rs 104.77 respectively. In Chennai, petrol costs Rs 110.85 and diesel Rs 100.94 . In Kolkata, petrol is at Rs 115.12 and diesel Rs 99.83.

Oil manufacturing companies (OMCs) began to raise retail prices of the fuel from March 22. In March, the hike was Rs 6.40 a litre each and in April the hike was Rs 3.60 a litre each. In May, there has been no change in prices, so far.

India meets 80 percent of its oil needs through imports. Retail rates are adjusted according to the global movement in crude prices. OMCs adjust the rates of petrol and diesel every day, depending on the average price of benchmark fuel in the global market over the previous 15 days and foreign exchange rates.

It is at 6 am every day that changes in prices, if any, take effect. Check how petrol and diesel prices are calculated in India, and know how much of it is tax.

Oil prices rose more than $1 a barrel in early Asian trade on Wednesday on hopes of demand recovery in China as the country gradually eases some of its strict COVID-19 containment measures.

Brent crude futures were up $1.15, or 1.0 percent, at $113.08 a barrel at 0042 GMT, while United States West Texas Intermediate (WTI) crude futures climbed $1.62, or 1.4 percent, to $114.02 a barrel, paring some losses after oil prices fell by around 2 percent in the previous session.

Domestically, Indian Oil Corporation (IOC) hiked jet fuel prices by 5 percent to Rs 1.23 lakh/kl in Delhi on May 16.

Indraprastha Gas (IGL) hiked the price of Compressed Natural Gas (CNG) by Rs 2 a kg in Delhi-NCR on May 15. With the latest hike, CNG is now priced at Rs 73.61 a kg in Delhi, Rs 76.17 a kg in Noida, and Rs 81.94 a kg in Gurugram.

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