Pitching for making the country's 7,500-km long coastline an "engine of growth", Prime Minister Narendra Modi on Thursday said India wants to mobilise Rs 1 lakh crore investment to enable port development and invited global community to invest.
Tax problems and unfavourable WTO agreements are making Tamil Nadu's electronics corridor less attractive to companies.
The development comes at a time when growing tension in US-China trade ties is forcing companies to explore alternative manufacturing sites in order to derisk operations.
'GIFT City is now on a growth trajectory,' says Tapan Ray, MD and group CEO, GIFT City, 'The time has come for the GIFT City to take the big leap and emerge as the next financial hub of Asia.'
The West Bengal government unveiled a new model to allot 90 acres of subsidised plots each to software majors Infosys and Wipro near Rajarhat locality in the city at an unspecified rate.
The GIFT City management is in talks with Hong Kong, London, and Singapore arbitration centres
The second campus would have the potential to create around 18,000 jobs
Adani Ports & SEZ was ordered to pay for damage to environment during the UPA govt
A 15 per cent corporate tax rate for services companies in SEZs, setting up a fund for deep-tech startups and establishing clusters to demonstrate design-to-manufacturing capabilities of tech firms were some of the key demands made by the IT sector at the pre-Budget consultation on Monday. The participants shared their views and suggestions regarding Big Data, incentives for encouraging setting up of data centres, fiscal incentives for data localisation, incentives for pushing digital penetration in rural areas, and corporate guarantee to startups for competing with other nations.
Supporting the Finance Ministry's view that tax exemptions to the developers and units in SEZs are a drain on economy, the Organisation of Economic Cooperation and Development has asked the government to review tax exemptions in these areas.
At a recent meeting with Delhi chief secretary Rakesh Mehta besides other Industries department officials, private developers like DLF Commercial Developers Ltd and Consolidate Finvest and Holdings Ltd expressed their inability to invest in the project.
Indian technology industry has a "big opportunity" despite global macroeconomic challenges, said Rishad Premji, chairman of IT services firm Wipro, on Wednesday as he spoke about how Covid-19 had changed work. "My confidence is driven by two things: the rapid pace of digitisation across the world, and the shift in the mindset of stakeholders who engage with us as an industry," said Premji in Bengaluru while addressing industry leaders and civil servants at the Invest Karnataka 2022, the state's Global Investors Meet (GIM). Businesses are using technology for customers and employees: a trend marked by the shift to cloud computing and leverage of data.
Over 3 billion yuan has been spent in the region in the last ten years on developing infrastructure such as road, power, water, drainage systems, telecommunications, and gas, among others, to provide a conducive environment for investors.
Heads of fire departments of the Pune Municipal Corporation (PMC), Pune Metropolitan Region Development Authority (PMRDA) and Maharashtra Industrial Development Corporation (MIDC) are part of the joint probe team.
Obstacles in development of SEZs will be removed.
The commerce and industry ministry is in talks with state governments to prepare guidelines for setting up local governance bodies inside these tax-free industrial enclaves. Sources said these bodies may either be modelled on the lines of townships developed by state industrial development authorities like the New Okhla Industrial Development Authority (Noida) in Uttar Pradesh, or follow a Jamshedpur-like model, where a corporate house takes care of civic infrastructure.
There are about 400 unused airports and airstrips across the country.
Singapore plans to develop a Special Economic Zone in India and has suggested forming a study team for greater cooperation in banking sector as part of efforts to enhance economic ties.
According to the agreement, RuralShores, one of the largest rural BPO organisations in the country, would be establishing GMR's BPO at Kakinada SEZ in the East Godavari district of Andhra Pradesh.
Three months have passed, but the Maharashtra government has not been able to finalise its report on the results of the September 22 referendum it had organised in 22 villages of Raigad district that form part of the 10,000-hectare Mumbai Special Economic Zone developed by Jai Corp, a company promoted by Reliance Industries chairman Mukesh Ambani's close associate Anand Jain.
The first option that the state government might opt for is offer Infosys space in one of the SEZs that are coming up, but that is unlikely to be accepted
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
With facts and figures, the CAG report has highlighted how Gujarat was far from a role model for states across India, and that the progress made in this province in western India in improving agriculture, education, healthcare and empowerment of women and children, was not exactly creditable, says Paranjoy Guha Thakurta.
The government on Thursday announced substantial benefits to farmers, including a continuous source of income, for their land taken for industrial projects while making it easy for corporate India to acquire land with state help.The National Policy on Rehabilitation and Resettlement, 2007, which was cleared at a meeting of the Union Cabinet chaired by Prime Minister Manmohan Singh, provides for land-for-land compensation, besides preference to affected families for jobs.
New exchange will provide an electronic platform for trading.
Singapore is eyeing cities like Hyderabad, Chennai and Mumbai for developing special economic zones. It is also looking at collaborating with educational institutions in India for student exchange programmes.
Tata Realty and Infrastructure Ltd, a 100 per cent subsidiary of Tata Sons Ltd, will invest Rs 3,500 crore (Rs 35 billion) in setting up an information technology Special Economic Zone at Taramani, Chennai. The project will have both commercial and residential projects.
No one expects the government to publicly concede policy mistakes. But it can shed denial; and, stop the point-winning debating style to the formulation of public policy, says Rahul Khullar.
The industry employs about 10 million workforce.
Properties worth over Rs 150 crore of real estate firm Unitech Group have been attached in a money laundering case, the Enforcement Directorate (ED) said on Tuesday. The assets include a dozen of land pieces measuring a total of 48.56 acres in Gurgaon near Delhi.
Six infotech special economic zone projects of the Unitech Group, which owns the country's second-biggest real estate company, have been delayed by as much as three years owing to slowing demand and delays in government approvals, sources said.
Up to 95 per cent of units in the Noida-Greater Noida mega industrial zone are currently shut.
But commerce ministry works on rules for exemption to contractors.
Asia's first Special Economic Zone, the Kandla Special Economic Zone (KASEZ), will go completely wi-fi in the next few months.
Villagers from Raigad and Nashik in Maharashtra and Mangalore in Karnataka speak about how their lives and livelihoods will be affected by special economic zones in their regions.
Infosys is close to signing an agreement with the state-run Maharashtra Airport Develop-ment Corporation (MADC) to set up an IT campus at an investment of Rs 460 crore (Rs 4.6 billion) at the Nagpur SEZ.
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