Aug. 4 – A recent Supreme Court decision has ruled that payment made in kind will also be subject to taxes in India.
This was based on an appeal made in court by local company Kanchanganga Sea Foods regarding its payment in kind to Hong Kong-based company Eastwide Shipping for lending the use of vessels and personnel. The Indian company gave Eastwide 85 percent of fish catch as payment. It was able to get its foreign partner official permission to fish in an Indian economic zone. Read the rest of this entry »
Jul. 6 - Indian conglomerate Mahindra & Mahindra is in negotiations to establish a special economic zone (SEZ) targeting the aerospace sector industry.
The 250-acre SEZ will be located near Bangalore International Airport following a public private partnership model. M&M is not new to the aerospace industry. The company opened a component-making facility at Malur in Bangalore recently and also has two aircraft manufacturing companies in Australia. Read the rest of this entry »
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. Read the rest of this entry »
Mar. 12 - Karnataka government is considering establishing a global financial hub in Devanahalli district located near Bengaluru International Airport.
Senior officials from 45 banks, insurance companies and mutual funds have expressed interest in the district according to state minister for large and medium industries Murugesh Nirani. “We are looking at a public private partnership or joint venture model for the district. We will provide the land and the companies would bear the infrastructure cost,” Nirani said in a statement. Read the rest of this entry »
Mar. 9 - The Confederation of Indian Industries has ranked New Delhi as having the best quality of life for its residents among all cities in the India based on their latest “Liveability Index.”
After New Delhi, the next best cities to live in are Mumbai, Chennai and Bangalore. The survey looked at 37 Indian cities in over a decade to compute for a quality of life index. It also used hard data collected from reliable sources to eliminate the possibility of personal bias or a sampling error obscuring the reality. Read the rest of this entry »
Oct. 27 - Business India magazine has just released its tenth best business schools survey which ranks India’s top institutions. The top ten is as follows with the name of each school also linked to its website.
1) Indian Institute of Management, Ahmedabad
2) Indian Institute of Management, Bangalore
3) Indian Institute of Management, Calcutta Read the rest of this entry »
By Chris Devonshire-Ellis
Oct. 26 - In the latest politically correct movement of stupidity, the State of Orissa is now legally to be known as Odisha following a ruling by the Indian Union Cabinet. The regional language, previously known as Oriya, will now be called Odia.
The move follows prolonged lobbying by the BJP Party, long bent on correcting misnamed cities and states. The confusion arises partly due to the phonetic and dialect differences in pronouncing the English version and the local language version with the BJP determined to revert all names to the ones used locally. Hence Bombay became Mumbai, Madras became Chennai and Calcutta became Kolkata. Read the rest of this entry »
BANGALORE, Aug. 26 - Toyota Motors plans to utilize the proposed Indo – Thai free trade agreement to tag India as a hub for manufacturing its small size cars for export to the global market.
While a few auto-parts already enjoy duty free status in India, the Indo- Thai FTA currently under negotiation is expected to make most auto parts and components used by Toyota and other car manufacturers duty free.
Read the rest of this entry »
Aug. 6 - Employees of India’s private, overseas and state banks numbering more than 900,000 will begin their two-day strike today.
An estimated 26 state-run banks, 10 private banks and eight foreign banks will be affected when its workers join the strike organized by the United Forum of Bank Unions (UFBU). “We seek expedition of wage revisions,” C H Venkatachalam, convener of the UFBU,was quoted by Bloomberg. “There is no question of calling off the strike now.”
The banking workers are demanding at least a 17.5 percent salary hike, pension benefits and that family members of those who die in service be employed.
May 18 - Nortel Networks opened its global network operations center in Bangalore to manage the networks of its carrier and enterprise customers in Europe, Asia and the Americas.
This is the company’s fifth overseas network operations center. According to Suresh Kumar, Nortel Asia-Pacific vice president for managed service delivery, the company chose not to expand in Gurgaon but set up a network operations center in Bangalore to provide disaster recovery capabilities to its customers.
The new center is designed to cater to the needs of 300 employees.
