OP/Ed Commentary: Chris Devonshire-Ellis
Chris Devonshire-Ellis with Dhanendra Kumar
Mar. 4 - In discussions with Gajendra Haldea, the advisor to the Deputy Chairman of Infrastructure Planning Commission, and with Dhanendra Kumar, the Chairman of the Competition Commission of India, two things stood out as the mantras for the execution of public-private partnerships.
Firstly, that the Indian government knows full well the constraints it is operating under and that any arrangements must adhere on both government and private sectors to principals of being cost effective, commercially sustainable and affordable, and having time-bound deliverables. Read the rest of this entry »
Mar. 4 - The Indian Government is to spend US$400 million over the next three years to enable broadband to reach more than 265,000 rural Indian villages, making the country one of the most densely interconnected populations on the planet.
The formation of a Group of Ministers (GoM) to monitor and review the implementation of this broadband initiative is also being considered. Whether the GoM will invite the private sector to participate in the planning of this initiative and focus on wireless as a means of delivery remains to be seen. Read the rest of this entry »
Mar. 3 - Investor Mark Mobius of Templeton Asset Management recently expressed the opinion that Indian shares may “outpace” other emerging nations as the country continues to show strong economic progress.
“India’s macroeconomic fundamentals have significantly improved,” he said during a question and answer session on the company’s website while discussing the future of the world’s four largest developing countries – namely Brazil, Russia, India, and China; also known as the BRICs. Read the rest of this entry »
Mar. 2 - India will grow at the rate of 9 to 10 percent for the next 25 years, Prime Minister Manmohan Singh said in Riyadh on Monday.
“Despite the economic slowdown, we hope to achieve a growth rate of 7.5 percent in the current financial year,” the economist-turned-prime minister told the Majlis-ash-Shura, the Saudi parliament during his state visit. Read the rest of this entry »
Mar. 1 - The budget finance bill that Indian Finance Minister Pranab Mukherjee presented on Friday to the India Parliament set out three objectives: move the country back on the path of high GDP growth of 9 percent with the aim of increasing towards double digit growth; consolidate recent gains in making the country’s development more inclusive; and address weaknesses in the government bureaucracy.
Mr. Mukhurjee stood by his commitment to tax reforms and to put in place by April 1, 2011, a new direct tax code. He also committed to introduce the long awaited goods and services tax from April 1, 2011. Below, we look at some of the changes to the tax code. Read the rest of this entry »
Feb. 26 - A proposal to amend bills governing chartered accountants, cost accountants and company secretaries during India’s Budget session may allow large consultancy firms to register in the country.
Changes will be made on the Institute of Chartered Accountants of India Act, the institute of Company Secretaries of India Act and the Institute of Cost & Works Accountants of India Act that will allow professional bodies from various fields to form Limited Liability Partnerships (LLPs). 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. 24 - Finance Minister Pranab Mukherjee will reveal India’s budget for the fiscal year 2010-2011 this coming Friday in a speech to the Indian Parliament.
The contents of the budget are crucial this year especially as India climbs out of the economic downturn, and the business friendly Congress Party looks to balance books, encourage commerce, but still deal potentially with the continuation of the economic stimulus plan. Read the rest of this entry »
Feb. 24 - Foreign companies doing business in India will be levied tax on dividends, royalty and technical fees.
According to India’s Income Tax Department, income-tax payable shall be aggregate of:
- The amount of income-tax calculated on the amount of income by way of dividends 20a[other than dividends referred to in section 115-O], if any, included in the total income, at the rate of twenty percent Read the rest of this entry »
Feb. 23 - India’s credit rating may be raised from junk if finance minister Pranab Mukherjee provides a comprehensive plan to roll back the fiscal stimulus and cut the budget deficit this week, said Moody’s Investors Service.
“If we think the exit path is well articulated and well executed, the local currency rating could be upgraded,” Aninda Mitra, a Singapore-based sovereign analyst at Moody’s, said in a telephone interview with The Economic Times. Read the rest of this entry »
