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Thursday, May 23, 2013




India Briefing is a magazine and daily news service about doing business in India. We cover topics relating to the Indian economy, the market in India, foreign direct investment and Indian law and tax. It is written in-house by the foreign investment professionals at Dezan Shira & Associates



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Culture and History

Iconic Kolkata To Receive Make Over From Foreign Investors

May 7 – Kolkata, once India’s capital under the Raj and one of its most enigmatic cities, is getting a makeover of its most historic areas from Asian practices familiar with preserving ancient buildings. Formerly known as Calcutta, the city was once one of the world’s largest ports and a flagship of the British Empire. It saw its fortunes wane, however, after trade from what became Bangladesh dried up and the Chinese occupation of Tibet ceased to connect the city with Lhasa. Up until that time Kolkata had been the import and export hub for Tibetan products – neither Lhasa or Kolkata have ever recovered their previous trade and historical ties.

As a result, Kolkata’s once thriving China town, home to the largest number of Tibetans outside of Lhasa, is now a pale imitation of what it once was. Meanwhile, iconic areas such as College Street, which inspired poets such as Allen Ginsburg, have been left to decay over the past five decades. The area is also home to the famous Indian Coffee House, which now serves coffee for just Rs 8 to students and tourists, yet in the 1970’s was a meeting point for Maoist insurgents and Indian communists. This building will be receiving a makeover as well, reminiscent of the Café Leopold in Mumbai. Continue reading

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Introducing India’s New President: Pranab Mukherjee

By Ian Bhullar

Jul. 26 – Pranab Mukherjee, until recently India’s sitting finance minister, has been elected president of India. Having garnered the requisite number of votes in an ongoing count on Sunday, he took office on Wednesday.

Some media outlets have lauded Mukherjee as Asia’s and the world’s best finance minister, while others have described him as the worst finance minister in India’s history. What role will Mukherjee play, and what is the outlook for his presidency? Continue reading

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Interview: Corporate Social Responsibility in the Indian Context

Jul. 23 – During an event covering corporate social responsibility (CSR) in India held by the Indo-French Chambers of Commerce on July 14, India Briefing (as a proud media partner for the event) conducted an interview with the head of CSR at Innovaid, Ms. Cristiana Peruzzo, on her views regarding CSR in the country. Below are her views.

Have you experienced or observed any differences between the CSR practices in Europe and India?
Peruzzo: I believe the main differences in CSR practices between Europe and India stem from a different approach to sustainability. While in many European countries, CSR is often used as a risk minimization tool to address consumers, shareholders and general societal expectations, in India a paternalistic approach prevails, which manifests through the creation of corporate foundations to fund social actions benefitting those communities in which the company operates. According to recent studies, 55 percent of large Indian companies have established foundations working mainly in the areas of education, health, and rural development. While this philanthropic approach may be judged disapprovingly in Europe, I feel it is essential in a country like India, where the government is struggling to meet the basic needs of the majority of its citizens. Continue reading

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Corporate Social Responsibility in India

India may become the world’s first country to make corporate social responsibility mandatory

Jul. 10 – Paths have been cleared for reintroduction of the Companies Bill, 2011, in the monsoon session. If the bill is passed after endorsing all the propositions made by the Parliamentary Standing Committee on Finance, corporate social responsibility (CSR) would become mandatory for the first time in the world in any country.

The statement advocates that those companies with net worth above Rs. 500 crore, or an annual turnover of over Rs. 1,000 crore, shall earmark 2 percent of average net profits of three years towards CSR. In the draft Companies Bill, 2009, the CSR clause was voluntary, though it was mandatory for companies to disclose their CSR spending to shareholders. It also suggested that company boards should have at least one female member. Continue reading

Posted in Business, Culture and History, Legal and Regulatory, Regulatory Update | Tagged , , , , , , , | 9 Comments

Entering India: Visa Process and Registration

By Harshit Khandar

Jun. 18 – This article provides one with information on how to apply for an employment visa and residence permit in India, some exclusive schemes and the necessary documentation needed.

Visa Application
For entry into India, a passport valid for at least 180 days and with at least two blank pages is required by all nationals. Nationals are advised to contact the embassy to check visa requirements for India. Continue reading

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India Releases Voluntary National Responsibility Guidelines

Jul. 21 – India’s Union Minister of Corporate Affairs released the “National Voluntary Guidelines on Social, Environmental and Economic responsibilities of Business” this week, highlighting the subject of ethical responsibility in India’s corporate culture.

The Minister of Corporate Affairs believes these new guidelines will strengthen India’s corporate sector and enable it to evolve into a global leader in responsible business. He said the beginning of industrialization in India marked the transition from merchant charity to industrial philanthropy, which is more secular, more inclusive in terms of caste, creed and community and more oriented towards bringing progress to society through modern, western-style institutions. Continue reading

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India to Lead Asia’s Salary Increase

Mar. 9 – A recent survey by global human resource consulting and outsourcing company Aon Hewitt shows that India’s 11.7 percent salary rise in 2010 has outpaced all the other Asia Pacific countries and this high increase rate is going to continue over the next few years.

The survey, which included 531 organizations from 18 primary and 30 secondary industrial sectors, forecasts that India will see its salary growth accelerate to a rate of 12.9 percent in 2011, not only because of the optimistic estimation of an above-9 percent GDP growth this year, but also the surging inflation that impacts businesses’ salary budgets. Continue reading

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RBI Prevents Indian Companies from Transacting with Iran through the Asian Clearing Union

Dec. 29 — India’s central bank on Monday asked Indian importers to settle debts owed to Iranian firms in currencies other than the dollar and euro, presenting somewhat of a mixed picture for the future of Indo-Iranian relations.

Since 1974, the two countries have conducted a majority of their trade through a clearing house called the Asian Clearing Union. The organization’s purpose once involved removing the various costs of doing international business by having each nation’s central bank pay for debts through widely used currencies on behalf of its companies. Continue reading

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