Mar. 11 - Indian companies are expected to resume hiring from April to June with the organized sector forecast to create one million jobs by 2011 backed by the strength of the improving economy according to two global employment trend surveys.
According to the Employment Outlook Survey compiled by the human resources consulting firm Manpower, two in every five Indian companies plan to hire more people in the second quarter of the year. Another survey by human resources services provider Ma Foi Management Consultants said that polled companies were upbeat about their prospects for 2011 although most are still cautious about the coming second quarter. Read the rest of this entry »
Feb. 25 - India’s Central Board of Excise and Customs (CBEC) has proposed widening the scope for service tax to include the entertainment business for the upcoming Union Budget 2010-11.
Currently, entertainment is separately taxed by states and as a service tax by the central government with no prevailing uniformity on taxation since taxes are paid on a case-to-case basis. Read the rest of this entry »
Feb. 9 - India’s domestic economic growth is forecast to reach 7.2 percent for 2009-10, against the 6.7 percent recorded a year ago, according to advance gross domestic product estimates released by the Central Statistical Organization (CSO).
As per forecast estimates, per capita income is set to rise to US$945 from US$864 in 2008-09, an increase of nine percent. Farm output is expected to contract by 0.2 percent while maintain moderate growth. Moreover, the manufacturing is estimated to grow by strong 8.9 percent. Read the rest of this entry »
Feb. 9 - India’s Finance Ministry is considering a rate of 16 percent for the proposed Goods and Services Tax (GST) for both Center and states combined on companies and traders with annual turnover of US$21,609 and above.
The new tax will help simplify goods production by setting one tax structure instead of India’s current multiple tax structure. The GST will only be levied once at the point of supply thus decreasing costs for consumers. Read the rest of this entry »
Jan. 27 - To encourage more hotels to open prior to the Commonwealth Games, India is giving a five-year tax holiday for new hotels completed in the national capital region before March 31.
The rule will apply to 2, 3 and 4 star hotels and exclude 5 star hotels. An estimated 100,000 tourists are expected to arrive in New Delhi when the Commonwealth Games start on October 3. Currently, the city only has 10,000 hotel rooms and will need 30,000 more for the games. Read the rest of this entry »
Jan. 11 - India will release a national manufacturing policy in June to attract more local and foreign investment in the sector.
The Center will also be taking other initiatives along with states to promote manufacturing sector, Commerce and Industry Minister Anand Sharma said during the Economic Times Award function reports the Press Trust of India, adding that it was important to ensure improvement of undeveloped regions of the country and further the objective of inclusive growth. Read the rest of this entry »
Jan. 7 - The east coast state of Orissa has requested that the Goods and Services Tax (GST) set to be implemented in April 1 be deferred to April 1,2011 and its Purchase Tax on foodgrain continued instead.
Local officials say the state is not ready to adopt the new GST. “We are not at all ready to go for GST system now. We have to make certain preparation before implementing it,” finance minister P. C. Ghadai told The Press Trust of India. He said that although Orissa along with other states have agreed to go for GST system, it would like the deadline to be extended. Read the rest of this entry »
Jan. 5 - A recently approved industrial policy for New Delhi aims to consolidate business in the capital to turn it into a high-tech, knowledge-based service sector and IT hub.
Two special economic zones will initially be set up in Baprola, one for gems and jewelery and the other for IT and information technology enabled services (ITES) says The Economic Times. The plan is applicable from 2010 to 2021 and is only the second of its kind to be implemented in the city. Read the rest of this entry »
Dec. 17 - Italian Minister for Economic Development said it would consider creating preferred shipping routes exclusively for Indian trade.
A collaboration agreement is in the works to link the ports of Venice with Mumbai and Genoa with Chennai with the aim of making Italy the gateway for Indian products bound for the European and Mediterranean market. Read the rest of this entry »
Dec. 15 - India’s apparel exports declined by 17 percent in October as it lost market share to China, Vietnam and Bangladesh due to the higher cost of fabrics in the local market.
Indian apparel exports reach US$603 million in October with exporters complaining of higher cotton prices that has inevitably hiked the cost of yarn, reports Press Trust of India. Read the rest of this entry »
