Source: Financial express, May 06, 2012
Manila: The Asian Development Bank (ADB) will provide assistance of USD 6.25 billion to India over three years for various projects, including those in the energy and education sectors.
“ADB’s three-year country operations business plan for India for 2012-2014 will provide lending assistance of USD 6.25 billion to support inclusive and environmentally sustainable growth,” Secretary, ADB, Robert Dawson said.
Source: The Economic Times, May 07, 2012
NEW DELHI: Concerned about losing out on most outbound air traffic from India to adjoining hub airports such as Dubai and Singapore, the civil aviation ministry is working on a new policy, which would concentrate on making India an aviation hub by expanding both regional and international air connectivity.
Source: The Hindu Business Line, May 03, 2012
Dubai: Saudi Arabian industry wants Indian businesses to set up manufacturing plants across the Kingdom and push bilateral trade beyond oil and its products, a trade official has said.
“India has a large industrial base and expertise to start factories in this part of the world. This is a golden opportunity for India to forge joint venture projects, as the Kingdom with its stability and buoyant economy offers the best of facilities,” the Jeddah Chamber of Commerce and Industry’s Secretary-General, Mr Adnan Mandoura, said.
Source: The Hindu Business Line, Apr 24, 2012
The Government may gain Rs 35,000- 40,000 crore from the proposed retrospective amendments to the Income Tax Act.
The figure of Rs 35,000-40,000 crore is an estimation by the Income Tax Department and the exact amount will be determined only when an assessing officer completes the assessment proceedings, Mr S.S.Palanimanickam, Minister of State for Finance, said in a written reply to a Rajya Sabha question.
Source: The Hindu Business Line, Apr 23, 2012
New Delhi: The Government is formulating a special incentive package to encourage local manufacturing of electronic goods including mobile handsets, semiconductor wafer fab, consumer electronics and telecom network equipment.
The package includes reimbursement of indirect taxes and a subsidy of 20 per cent on capital expenditure made by high-tech manufacturers in SEZ units. Investments made in non-SEZ units could get a subsidy of 25 per cent. The Ministry of Finance has agreed to the proposal with a ceiling of Rs 10,000 crore during the 12th Plan.
Source: Business standard, Apr 20, 2012
New Delhi: In what belies the popular notion of a depressed investment environment in the country, the government’s spending on central sector projects commissioned in the first half of the previous financial year had risen exponentially, according to data obtained from the Ministry of Statistics and Programme Implementation (MoSPI).
Source: Financial Express, Apr 05, 2012
New Delhi: India’s services sector witnessed a significant decline in the month of March amid slower rise in new business orders and a dip in business sentiment, a survey by HSBC today said.
According to the HSBC Purchasing Managers Index (PMI) data, the seasonally-adjusted HSBC Services Business Activity Index, posted 52.3 in March, down from 56.5 in February. In January, it stood at 58.
Source: Financial express, Apr 02, 2012
New Delhi: India’s manufacturing sector witnessed the third consecutive month of decline in March as output and new order growth weakened amid power cuts leading to capacity constraints, an HSBC survey said.
The HSBC India Manufacturing Purchasing Managers’ Index (PMI) – a measure of factory production – stood at 54.7 in March, down from 56.6 in February. In January, the PMI stood at 57.5.
Source: Business standard, Apr 02, 2012
New Delhi: The presence abroad of state-run banks may now be linked to the country’s perceived strategic interests.
The finance ministry is in talks with the home ministry and the Reserve Bank on guidelines for expansion of public sector banks (PSBs) abroad, in sync with India’s relations with other countries.It also wants insurance companies to converge with banks to provide a wide range of services to customers abroad.
Source: Business standard, Apr 02, 2012
New Delhi: When Aegis, the Essar group’s business process outsourcing (BPO) arm, announced a 250-seater centre in Srinagar in 2010, it raised the eyebrows of many peers. Two years after, the centre has added another 500 employees and been able to attract clients looking for capabilities and expertise in the local languages.
Aegis is not the only BPO firm in India setting shop in smaller towns. Genpact, WNS, Hinduja Global Services (HGS), Firstsource, Aditya Birla Mincas and others have done the same. With an expanding domestic market, increasing cost and higher attrition rate, outsourcing action is shifting to tier-III and IV cities.
