Aug. 12 - The Reserve Bank of India has released a discussion paper that talks about possibly opening the private banking sector to new players.
“The RBI clearly expresses its intent to expand the banking reach in the country while focusing on maintaining financial stability,” said CII director-general Chandrajit Banerjee. This will make bank capital requirements and intent now open to other competition. Read the rest of this entry »
Jun. 23 - India is considering lifting its foreign direct investment cap on the insurance sector from 26 percent to 49 percent according to Finance Minister Pranab Mukherjee.
“We have committed to allow 49 percent and the necessary legislation is pending before the House, as the leg process will be completed it will be done…in a year or so.” Pranab Mukherjee told NDTV during an Indo-U.S. CEO forum in Washington. Read the rest of this entry »
Jun. 22 – The country’s bio-tech industry grew by 17 percent to US$3 billion during the 2009-10 financial year compared to the previous period, with the bio-pharma market contributing to the majority of growth.
According to a survey conducted by the Association of Biotechnology-led Enterprises and the BioSpectrum journal, the bio-pharma made up 60 percent of the industry’s growth followed by bio-services and bio-agri. Biotechnology companies located in western India were the industry’s top performers with revenues comprising 46 percent of total bio-tech market value. The survey projects that the industry will continue to grow with future annual growth forecasted to reach 20 percent. Read the rest of this entry »
NEW DELHI, Apr. 27 - As the city prepares for the Commonwealth Games in October, the impact of the huge international athletics event on its infrastructure is already taking effect as it readies the launch of its new airport express.
Next month, the government will test the first set of trains purchased from Spanish-based rail equipment manufacturer CAF and is scheduling the launch of the Airport Express Line connecting Connaught Place with Delhi International Airport in September. Read the rest of this entry »
Apr. 15 - The Mumbai and New Delhi realty markets hold a significant level of promise for potential investors, says Knight Frank’s The Wealth Report 2010.
The report forecasts trends and identifies areas of growth in global prime residential property and wealth. Moreover, it provides insight to the attitudes of the wealthy towards property and other investment types. The report, conducted in cooperation with Citi Private Bank, looks at the answers from three major surveys conducted on the “Prime International Residential Index (PIRI),” “World’s Most Influential Cities’ survey and a unique survey on the “HNWI Attitudes to Property and Wealth.” Read the rest of this entry »
Mar. 31 - Standard Chartered Bank is poised to obtain the first foreign company listing in India with its submission of a draft prospectus to the Indian Stock Exchange.
The bank aims to raise US$500 million through issuance of the first Indian Depository Receipt (IDR), a move which will allow Indian investors to buy into the bank in a rupee denominated IDR, a manner similar to the issuance of American depository receipts. The move is important because it is expected to usher in an era of IDRs that could attract strong interest from other multinational companies with a focus on India and Asia. Read the rest of this entry »
Mar. 31- The government is scheduled to release a single, consolidated document on foreign direct investment today.
The new document will make it easier for foreign investors to navigate through the intricacies of doing business in the country. Currently, investors have to refer to foreign direct investment rules found in more than 177 Press Notes from the Department of Industrial Policy and Promotion (DIPP). Read the rest of this entry »
Mar. 19 - The Indian government has extended the five-year tax holiday for hotel projects from March 31 to July 31 in an effort to stimulate development in the industry prior to the Commonwealth Games in October.
The five-year tax holiday previously applied to hotels finished and operational from April 1, 2007 to March 31, 2010 covering two, three and four-star category hotels and convention centers in the National Capital Territory of Delhi and the districts of Faridabad, Gurgaon, Gautam Budh Nagar and Ghaziabad. The new extended tax holiday scheme will continue to offer the special tax discount rates in the next five years for hotels finished by the July 31 deadline under Section 80-ID of the Income Tax Act.
Mar. 9 - The Confederation of Indian Industries has ranked New Delhi as having the best quality of life for its residents among all cities in the India based on their latest “Liveability Index.”
After New Delhi, the next best cities to live in are Mumbai, Chennai and Bangalore. The survey looked at 37 Indian cities in over a decade to compute for a quality of life index. It also used hard data collected from reliable sources to eliminate the possibility of personal bias or a sampling error obscuring the reality. Read the rest of this entry »
Jan. 21 - The Maharashtra government will begin charging an entertainment tax worth up to 25 percent of all ticket sales for T20 matches organized by the Indian Premier League (IPL).
IPL matches played within municipal limits will be charged a 25 percent tax and matches held outside municipal limits will be levied a 20 percent entertainment tax. Read the rest of this entry »
Dezan Shira & Associates provide a range of services for companies looking to undertake foreign direct investment into Asia, These include corporate establishment, accounting, tax, payroll, audit and due diligence. To learn more about the firm,
please contact one of our specialists at india@dezshira.com, download our corporate brochure or visit at us www.dezshira.com
