Other Briefings
FDI Law May be Revised to Block Investment in Sensitive Sectors
Aug. 19 – The National Security Council has submitted a secret report suggesting revisions on the current FDI guidelines to allow the government to stop foreign mergers or takeovers of Indian companies that are considered damaging to national interest, reports The Economic Times. Under the proposed National Security Exception Act foreign investment in sensitive sectors […]
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 […]
After IT, India to Become Pharma R&D Hub
Aug. 11 – India is expected to become a pharmaceutical research and development (R&D) hub in the next decade with the Department of Pharmaceuticals planning a road map for India to be a global player in the industry by 2020. The plan is called Vision 2020. The department also plans to create a job of […]
Income Tax Department Wants Hong Kong Included in Tax Pact with China
Aug. 10 – India’s Income Tax Department wants its tax agreement with China to include Hong Kong SAR, to pursue a pending tax plea on Hutchison Telecommunications International (HTIL) when it sold its Indian conglomerate Hutchison-Essar to Vodafone for US$11.1 billion in 2007. The government department is demanding US$1.7 billion tax on the deal. “HTIL […]
Airport Authority of India to be Converted into a Public Company
Aug. 5 – The Civil Aviation Ministry of India plans to convert the Airport Authority of Indian (AAI) into a public company as a way of raising funds. The ministry will amend the laws contained in Airport Authority of India Act, the principal act governing various airports in India. By converting the AAI into a […]
ICICI to Collect Credit Card Debt as Salary Deductions
Jul. 27 – India’s largest private sector lender, ICICI Bank, has announced that it will soon be allowed to request companies to deduct money from an employee’s salary to cover credit card debts. The new terms and conditions of banking with ICICI are effective starting July 23 and and is expected to be adopted by […]
Retail Sector Not Open to Reforms
Jul. 17 – India has indicated no plans to reform its retail industry in efforts to safeguard the second largest source of jobs in the country. India’s retail market remains untapped and closed to foreign investors. AT Kearney’s Global Retail Development Index last year ranked it as the second most attractive emerging market. Minister of […]
Toshiba Announces Joint Venture Deal with JSW Group
Jul. 9 – Japanese tech company, Toshiba, has agreed to a joint venture deal with JSW Group to build a US$160 million power equipment manufacturing plant in the country’s southern Chennai City, Tamil Nadu within five years. The JSW Group is under the O. P. Jindal Group and manages businesses in steel, energy, mining, aluminum, […]
