Other Briefings
India to Unveil New Foreign Trade Policy
Aug. 18 – India’s Commerce and Industry Minister Anand Sharma recently met with Finance Minister Pranab Mukherjee to discuss the details of the new five-year foreign trade policy (FTP) to be unveiled on August 27. The new FTP is expected to help exporters struggling with the recession in their traditional markets in the United States […]
India-ASEAN Trade Pact to Benefit Bengal
Aug. 18 – Bengal is expected to benefit the most from India-ASEAN Free Trade Agreement signed recently because of its proximity to Thailand and Myanmar. At a recent session on “Foreign Investment-Policy and Promotion,” Joint Secretary of Department of Industrial Policy and Promotion, Mr. Gopal Krishna told Indian Express that since Bengal is the most […]
Ford India Begins Bulk Export of Cars from Chennai
Aug. 18 – Ford India has begun exporting cars in bulk from Chennai for the first time; exporting 158 units through Chennai port to Durban, South Africa. The company plans to export more models. According to the Society of Indian Automobile Manufacturers, data, Ford India between April and June produced 6,752 cars, of which 219 […]
New Law will Tax Charities Converting to For Profit
Aug. 17 – Under the new direct tax law, a non-profit organization wanting to shift to a for-profit commercial organization will now taxed. A non-profit organization that wants to change to a for-profit organization must pay a tax rate of 30 percent of its net worth. According to The Economic Times, tax would still be […]
Standard & Poor’s Increases Indian Growth Forecast to 6.3 Percent
Aug. 14 – Rating agency, Standard & Poor’s (S&P), changed its growth forecast for India from 5.8 percent to 6.3 percent due to an increase in its manufacturing output and the government’s improved stimulus measures. According to June’s Index of Industrial Production, there was a surprising growth of 7.8 percent compared to the previous month’s […]
Report:Infrastructure Delays To Cost India US$200 Billion
Aug. 13 – Delays and inefficiencies in the execution of infrastructure projects in India could result in a US$200 billion loss to gross domestic product (GDP) by 2017, according to a report made by management consultancy McKinsey & Co. “The shortfall in awarding projects as per plan (eleventh and twelfth Five-Year Plans) could result in […]
New Tax Code to Propose Changes in Individual Income Tax Bands
Aug. 13 – The government has released a draft of copy of India’s new tax code for public discussion that proposes changes in income tax rates and maintains income tax exemptions. The draft is a huge change from existing tax laws because it cuts individual income tax and raises income tax brackets. Income up of […]
India to Revise Double Tax Avoidance Agreements
Aug. 12 – India will soon revise its double tax avoidance agreement (DTAA) with other countries with anti-abuse rules for agreements made before 2004, reports The Economic Times. Treaties made after 2004 already have anti-abuse rules in place that limit tax benefit provisions. For its treaty with Mauritius made after 2004, a joint working group […]
