Virgin Hyperloop One may invest $450 million for demo track in India

download (2).jpgSource: Financial Express, Jun 20, 2018

Pune: Futuristic transport solutions company Virgin Hyperloop One may invest around $450 million in India to turn its hyperloop vision into reality. Pune Metropolitan Region Development Authority (PMRDA) CEO Kiran Gitte said the Richard Branson-backed company was ready to invest the said amount for a demonstration track, provided the state government gave them the ‘right of way’ and the land required for the stations.

The demo track is slated to come up near the IT hub of Pune in Hinjewadi. The starting and ending points are yet to be finalised, Gitte said. Virgin Hyperloop and the Maharashtra government — through PMRDA — had signed a memorandum of understanding in February this year to build the first hyperloop in India.The hyperloop route will link central Pune, Navi Mumbai International Airport and Mumbai in 25 minutes. It is expected to be operational by 2024. It is also expected to eventually support 150 million passenger trips annually, saving more than 90 million hours of travel time and also reduce emission as the hyperloop transportation is 100% electric.

 

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Boost to Ease of Doing Business in Petroleum & Natural Gas Sector

download (1)Source: IBEF.org, Apr 12, 2018

New Delhi: In line with the Government initiative of ease of doing business, the Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval for delegating the powers to Minister of Petroleum and Natural Gas and Finance Minister to award the Blocks/Contract Areas to successful bidders under Hydrocarbon Exploration and Licensing Policy (HELP) after International Competitive Bidding (ICB) based on the recommendations of Empowered Committee of Secretaries (ECS). Under HELP, Blocks are to be awarded twice in a year.

Therefore, this delegation of powers will expedite the decision making process on awarding blocks and give a boost to the initiative of ease of doing business.

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Govt set to make company registration process faster, user-friendly

Source: Business Standard, Jan 21, 2018

New Delhi: The government will soon bring in changes in the registration process for new companies to make it faster and more user-friendly, wherein applicants will be required to provide only “need-based” information, a senior official said.

Corporate Affairs Secretary Injeti Srinivas said that if only need-based information is taken from the applicants, then with minimal information the name of a company can be reserved.

“At that stage, it might not be necessary to give so many other details because name reservation might not lead to registration. Now, name is reserved for 20 days and earlier it was 60 days. Read the rest of this entry »

India receives international fund to promote sustainable fishing practices

Source: The Hindu Business Line, Nov 19, 2017

Kochi: India has special reason this time to celebrate the World Fisheries Day on November 21, as it received international fund for the promotion of sustainable fishing practices.

The London based Marine Stewardship Council (MSC), an international non-profit organization, has awarded £43,373 (Rs 37,25,740) fund for promoting sustainable practices in the country’s fisheries sector.

The MSC, which grants blue label certification to the fishery across the world and helps create more sustainable seafood market, awarded the fund to the World Wildlife Fund-India to develop management plans for bait and tuna fishery with the technical support of the Central Marine Fisheries Research Institute.

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India jumps 30 spots to 100 in World Bank’s ease of doing business rankings

Source: Business Standard, Nov 01, 2017

New Delhi: India has for the first time broken into the club of the 100 nations easiest to conduct business in, driven by ease of paying taxes, resolving the insolvency problem, access to credit, and protection of minority investors.

The World Bank’s ‘Doing Business 2018: Reforming to Create Jobs’ report, released on Tuesday, showed India’s rank in ease of doing business jumped 30 places to 100 among 190 countries. India’s rank was 130 a year ago. India has also been adjudged the fifth best-performing nation globally in reforming the business environment. The country improved its rankings in six of the 10 sub-categories used by the World Bank to judge the climate of business.

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IGST relief likely for foreign banks, MNCs

Source: The Economic Times, Oct 26, 2017

The government may be looking to give some respite to foreign banks and multinationals which are saddled with the additional cost of paying 18% integrated goods and services tax (IGST) on the services provided to their international offices, said two people close to the development.

An advisory to this effect may be issued by the tax department in the coming weeks, one of the persons cited earlier said, requesting not to be named.

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Chandrababu Naidu targeting US$ 2 billion in IT investments in Andhra Pradesh

index.jpgSource: LiveMint.com, Oct 10, 2017

Visakhapatnam: The Andhra Pradesh (AP) government aims to attract $2 billion of investments and create about 100,000 jobs in the information technology (IT) sector, chief minister N. Chandrababu Naidu said on Monday.

Addressing delegates at Blockchain Business Conference at Visakhapatnam, Naidu, who explained how his government is using technology to monitor work on a real-time basis, also remarked that “election is not a problem”, hinting that he was confident of winning the 2019 Andhra Pradesh elections thanks to various schemes introduced during his governance in the last three years.

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