Other Briefings
Minister to Propose New Tax Breaks for Tourism Industry
Jun. 23 – India’s Tourism Minister, Kumari Selja, will be submitting a set of proposals for industry tax breaks and exemptions to the Finance Minister, Pranab Mukherjee later this week. The proposal includes a ten-year tax break for new hotels, service tax and excise duty exemptions and allowing hotels to be considered as infrastructure along […]
India-U.S. Trade Forecast to be US$320 Billion by 2018
Jun. 22 – A report made by the Confederation of Indian Industry (CII) predicts that India-U.S. trade will amount to US$320 billion come 2018. The report called the India-US Economic Relations: The Next Decade, says that given the right conditions, merchandise trade could rise to that amount. Moreover, the CII says that the nuclear agreement […]
India Enters Deflation for the First Time in 30 Years
Jun. 19 – For the first time in 30 years, India’s wholesale price index dropped by 1.6 percent, slipping the economy into a statistical deflation. India’s wholesale prices levels declined during the week ending June 6. During the previous week, prices increased by 0.13 percent. The wholesale price index monitors cost-of-living indicators. Industry insiders and […]
Michelin Tires to Invest US$1.48 Billion in India
By Vikas Srivastava Jun. 19 – The world’s second largest tire manufacturer, Michelin, is opening its own manufacturing unit in Tamil Nadu and investing US$1.48 billion in the next 10 years. The company’s decision to invest in a new manufacturing unit resulted from an unsuccessful joint venture deal with Delhi-based, Apollo Tires, where the French […]
India to Develop Investment Regions for Petroleum and Chemical Industries
By Vikas Srivastava Jun. 18 – The government of India is implementing more initiatives to attract more foreign direct investment in its petroleum, chemicals and petrochemical sectors by establishing specific investment regions for this. The Petroleum, Chemicals and Petrochemical Investment Regions (PCPIRs) will be established in the state of West Bengal, Andhra Pradesh and Gujarat. […]
India Getting Serious on Road Infrastructure
By Vikas Srivastava Jun. 17 -The government of India is now getting serious on the development of the infrastructure sector particularly on the national highways and state highways. The government recently increased toll taxes paid on highways, bridges, tunnels and bypass roads including two- lane highways. Local commuters are now devoid of availing the monthly […]
Service Tax Relief for Exporters Proposed
Jun. 16 – India’s Commerce Department is preparing a proposal that may exempt exporters from paying taxes on services and just require filing a return as proof. Currently, the finance ministry only allows exporters to claim refunds for around 20 services after taxes at a fixed rate of 10 percent of the service’s value. Exporters […]
New Foreign Trade Policy to be Announced in August
Jun. 15 – The Indian government is set to release a new comprehensive foreign trade policy in August with an emphasis on trade stimulus in addition to giving sops to exporters. Moreover, the Commerce and Industry Ministry is considering rules that will directly increase exports. Officials are also discussing ways to improve foreign trade with […]
