Apr. 12 – As the Indian economy develops, the need for massive improvements in its transportation network also increases.
With Mumbai’s first monorail service about to be launched and those familiar street level cantilevered rail lines now weaving their way above the city’s roads, other places in the country have already started taking notice. All three major monorail companies – Bombardier, Scomi and Hitachi – are setting up operations in India because of anticipated demand. Continue reading
Mar. 24 – India said it will soon offer duty-free and quota-free market access to the least developed countries during a World Trade Organization presentation last week.
India will allow 14 least developed countries including Bangladesh, Nepal, Bhutan, Cambodia, and some African nations easy access to the Indian market without imposing a tax or quota. Items such as cotton, cocoa, cane sugar and garments will be included in the list of duty-free goods. Continue reading
Mar. 23 – India is opening nine road projects worth more than US$1 billion each for bidding in the coming months in an effort to improve its underdeveloped infrastructure sector.
India is one of the major emerging economies in the region with various untapped business opportunities for foreign investors. The upcoming road projects are expected to garner interest from companies in Europe, the United States and East Asia. Continue reading
Mar. 17 – The list of operations that can be carried out independently by special economic zone authorities has been expanded to include establishing space for banking and warehousing services.
Previously SEZ developers were required to get approval for the latter. “It has been decided to further expand the list of default authorized operations…the development commissioners /unit approval committees may allow the developer/approved co-developers duty-free goods and services for these default authorized operations,” said the commerce ministry in statement. Continue reading
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. Continue reading
Feb. 25 – India’s Central Board of Excise and Customs (CBEC) has proposed widening the scope for India’s 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. Continue reading
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. Continue reading
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. Continue reading