Oct. 24 – In a recent survey conducted by the Global Initiative for Restructuring Environment and Management (GIREM) and real estate consultancy firm DTZ, Bangalore has been ranked as India’s top business destination in terms of infrastructure, human capital, city culture and basic quality of living.
The survey includes a list of the 21 top business destinations throughout India, with Chennai (2), Mumbai (3), Pune (4), Indore (5th), Bhubaneswar (6), Coimbatore (7), Ahmedabad (8), Nagpur (9) and Kochi (10) rounding out the top 10. Continue reading
Aug. 28 – India’s Ministry of Finance has released a draft proposal with new rules governing the safe harbor policy for transfer pricing calculations. The draft proposal aims to simplify and codify the country’s transfer pricing scheme following a record increase in tax and audit disputes last year.
Transfer pricing is used when two affiliated companies exchange goods. It should be calculated using the arms-length principal, which states that the price charged should be equivalent to the price that would be charged by a third-party. Tax authorities pay special attention to transfer pricing as companies may undervalue the exchange of their products in order to avoid a larger tax bill, resulting in burdensome compliance procedures and tax disputes.
Under the safe harbor policy, income tax authorities will accept the transfer prices declared by associated entities operating in different tax jurisdictions. Continue reading
Aug. 21 – Delhi, also referred to as the National Capital Territory of Delhi, is comprised of two contrasting yet complimentary parts: Old Delhi and New Delhi – the capital of India. Delhi lies in the northern part of the country and is surrounded by the state of Haryana on all its sides except the East, where it borders the state of Uttar Pradesh.
In addition to being the nation’s capital city and the largest commercial center in northern India, Delhi is a hub for small-scale industries. It also plays host to a number of national and international events, including sports-related events, conferences and seminars. The city’s recent successful 2010 Commonwealth Games further significantly raised its profile.
The Delhi State Industrial Development Corporation has established a number of industrial estates designed to attract investment, including Kirtinagar Industrial Area, Mangolpuri Industrial Area, Naraina Industrial Area and the New Okhla Industrial Development Area (Noida). There will also be a new knowledge-based industrial park in Baprola, as well as four industrial estates established through the Corporation’s Public Private Partnerships (PPP) in Bawana, Nerla, Okhla and Patparkanj. Continue reading
Aug. 1 – Ford India has become the second auto-manufacturer after Hyundai to have their dedicated car parking yard at Chennai Port. With Ford making India its global manufacturing and export hub, this dedicated facility at the Chennai Port marks a significant step to provide access and further accelerate exports of Chennai-made Ford autos, including the all-new EcoSport, to 38 countries worldwide. Continue reading
May 16 – You can easily observe India’s cultural diversity in Bangalore – the city is a melting pot of races and cultures. Located in the heart of southern India, Bangalore has a population of 8.4 million people, making it the third most populous city in India.
Bangalore is also known as the “Silicon Valley” of India thanks to the large number of software companies and the concentrated number of information technology (IT) professionals located within its territory. The state of Karnataka, of which Bangalore is the state capital, accounts for more than a third of India’s total software exports, most of which come from Bangalore-based firms. Bangalore’s booming high-tech sectors are supported by a well-educated and technically trained populace, particularly in the fields of engineering, management and various areas of science.
Bangalore, which ranked in the top 10 on India’s Liveability Index in 2012, is also called “The Garden City,” a moniker earned due to the large number of parks in the city, the city’s large horticulture industry and pleasant climate. Continue reading
May 14 – Looking to further break into the Indian market, Hilton Hotels has committed to expand its mid-market and luxury brands in the country.
Hilton, which already has established various hotels in India, recently acquired an additional number of properties on which it looks to open up and develop hotels for its luxury brand, Conrad, and its mid-market brands Doubletree and Hilton Garden Inn. Hilton is also looking to introduce its world-renowned Waldorf Astoria brand to India in the near future.
“We are on equal footing with our competitors both from the perspective of the number of hotels trading and the number of hotels that are actually going to come up in the next one or two years. By the end of this year, we expect 17 hotels to be trading, and we have the second largest pipeline of hotels in the Asia Pacific region with 21 hotels in various stages of construction,” said Guy Hutchinson, Hilton Worldwide’s Vice-President of India Operations. Continue reading
Nov. 29 – India’s Bombay Stock Exchange (BSE) has issued new conditions for companies seeking to list on the BSE’s small to medium-sized enterprise (SME) platform. Companies seeking to be listed on this platform through initial public offerings (IPOs) are already required to comply with the quantitative eligibility norms prescribed by the BSE. Now, however, a company’s site will also have to be visited by the exchange before being granted permission to use the name of the exchange in the offer document.
Furthermore, it is now desirable that a company files a compliance certificate by a Practicing Company Secretary. This is stipulated by the guidance note issued by the Institute of Company Secretaries of India as and when such a certificate is made applicable by the SME platform of the BSE. Continue reading
Nov. 15 – The new issue of India Briefing Magazine, titled Establishing a Business in India, is out now and is immediately available as a complimentary PDF download on the Asia Briefing Bookstore.
Expats working in India and business people visiting the country for the first time generally agree that India is different; that it stands apart from other developing nations in the business opportunities it presents.
These opportunities are plentiful partly due to India’s sizeable population, which includes a large, young labor pool – the median age of India’s population is only 26.2 – and an attractive consumer base.
Even the challenges of an inferior infrastructure (for which India is well known) present large investment opportunities for foreign-invested enterprises, as the government is prioritizing investment in infrastructure upgrades. Continue reading