DELHI – India’s 12 major ports are expected to double their annual cargo handling capacity to 1,600 million tonnes (MT) within the next five years, according to Union Shipping Minister Nitin Gadkari. Initial projects to increase capacity by 350 MT will commence during this financial year.
India’s 12 major ports – Chennai, Cochin, Ennore, JNPT, Kandla, Kolkata (including Haldia), Marmugao, Mumbai, New Mangalore, Paradip, V O Chidamnarmar and Visakhapatnam – handled a combined cargo of 555.50 MT during the 2013-14 fiscal year, a slight increase of 1.78 percent from the 545.79 MT handled in 2012-13. This figure represents approximately two-thirds of the country’s total cargo traffic.
Tax, Accounting, and Audit in India 2014-2015, which is out now and available for download in the Asia Briefing Bookstore, offers a comprehensive overview of the major taxes foreign investors are likely to encounter when establishing or operating a business in India as well as other tax-relevant obligations. This concise, detailed, yet pragmatic guide is ideal for CFOs, compliance officers and heads of accounting who need to be able to navigate the complex tax and accounting landscape in India in order to effectively manage and strategically plan their India-based operations.
DELHI – After heated debate over the situation in Gaza led to a walkout in the Rajya Sabha earlier this month, the Modi government’s decision to remain neutral in the ongoing conflict between Israel and Hamas is being interpreted by some analysts as a clear signal of strengthening Israeli-Indian economic ties.
While previous Indian governments have tended to side with the Palestinians in their political and military disputes with Israel, India’s relationship with Israel has strengthened considerably since the two countries established full diplomatic relations in 1992.
DELHI – India’s Department of Industrial Policy and Promotion (DIPP) is reportedly considering scrapping the 30 percent domestic sourcing requirement in single-brand retail.
According to India’s Ministry of External Affairs, the move could yield higher foreign investment (FDI) inflows by allowing high-end and high-tech brands to enter the Indian market without being required to source goods locally.
DELHI – India’s implementation of the General Anti-Avoidance Rules (GAAR) will be delayed until next year, according to Revenue Secretary Shaktikanta Das.
Speaking at a session organized by the Confederation of Indian Industry (CII) last week, Das said the new government needed more time to consider the measure after the 2014 Budget failed to address the GAAR or its implementation.
“The new government will study the whole matter and take a view on it in the next budget only,” Das said, effectively implying that the Modi government was postponing any decision on GAAR implementation to 2015.
“The issue of GAAR was not on the table for this budget. It was not an issue on which the government had to make an announcement – we are still about eight months away from that,” Das continued.
DELHI – Even before PM Modi arrived in Brazil for the BRICS (Brazil, Russia, India, China, South Africa) Summit on Monday, the highly anticipated launch of the BRICS “New Development Bank” was making headlines across the developing world.
Intended to facilitate greater financial cooperation between emerging markets, the BRICS bank will seek to check the influence of the IMF, Asian Development Bank (ADB) and World Bank by offering lower cost loans with fewer conditions to developing countries as soon as 2016.
DELHI – India’s Department of Industrial Policy and Promotion (DIPP) has released a new document checklist for submitting proposals to the Foreign Investment Promotion Board (FIPB).
In this Issue:
- Evaluating the Market: Key Sectors
- Reaching the Indian Market
- Import Policy: Procedures and Duties
- Expert Commentary: Joint Ventures
The newest issue of India Briefing Magazine, titled “Passage to India: Selling to India’s Consumer Market,” is out now and available as a complimentary download in the Asia Briefing Bookstore now through the month of September.
With its domestic consumer market now among the most rapidly growing in Asia, India’s increasingly affluent middle class is only beginning to develop its tastes and preferences for Western goods and services. With a population of approximately 1.2 billion people—250 million of which can now be considered middle class—India is optimally placed to experience an explosion of consumer activity as the country’s first majority government in three decades prepares to initiate a second wave of reforms to incentivize foreign investment and economic growth.