Other Briefings
Gov’t Planning to Change Audit System
May 7 – The Indian government is planning to change to a new accounting system for its annual financial statements in five years time to accrual-based accounting for transparency. The new system will allow the government to record transactions although cash will change hands later on. This will be more effective in showing the government’s […]
Tax on Sedans, SUVs May Be Removed
May 6 – India’s Ministry of Heavy Industries is recommending that additional excise taxes on Sedans and SUVs like Ford Fiesta, Maruti SX4, Hyundai Verna, Honda Accord, Scorpio and Innova may be cut to boost demand in the auto industry. Last year, the government meted the additional excise duty of Rs 15,000 for vehicles above […]
Tata Motors Receives 203,000 Orders for Nano Car
May 5 – Indian truckmaker, Tata Motors, has received 203,000 orders for the world’s cheapest car, the Nano, worth close to 25 billion rupees or US$501 million. The number is overwhelming and more than double of what the Mumbai-based company projected. According to Tata Motors, the deliveries will begin in July until completion during the […]
India May Implement Anti-Dumping Duty for Auto Parts
May 4 – India may implement a provisional anti-dumping duty for imports of front axle beam and steering knuckles used to manufacture commercial vehicles as a precaution for the local industry against cheaper Chinese shipments entering the country. The duty would cost from US$0.50 per kg. to US$0.69 per kg. The Directorate General of Anti-dumping […]
Problems Driving GDP Growth? Hold an Election
Apr. 29 – As countries around the world suffer with the global financial crisis, a little known economic factor has crept into view in India as a means to drive up your GDP, holding national elections. The 15th General Elections in the country are being perceived as a counter cyclical event that is helping to […]
India Approves 22 FDI Proposals
Apr. 28 – The Indian government has cleared 22 foreign direct investment proposals, including those of Yamaha and Nokia, worth Rs 541.25 crore. The proposals were approved by the Foreign Investment Promotion Board (FIPB) and include Nokia’s plan for a joint venture with HCL Infosystems for a single-brand retail to sell handsets and accessories worth […]
Coca-Cola Planning to Increase Investment in India
Apr. 27 – Coca-Cola plans to invest more than US$250 million in India in the next three years because it has shown the highest volume growth in its international markets. Sales during the first three months of the year grew by 31 percent despite the global slowdown. The funding will increase Coca-Cola investment in the […]
India Cuts Tax Relief on Commercial Rentals
Apr. 24 – The Delhi High Court has announced that it would abolish service tax on commercial rentals, cutting central government earnings by Rs 8,000 crore annually. The regulation will help realtors, specially companies like retailers and call centers. Ernst & Young associate director Bipin Sapra told The Economic Times: “The high court order is […]
