The words 'industry', 'industrial development', 'jobs', and 'employment' have been ringing with higher frequency since Mamata Banerjee stepped into her third term with landslide victory after a high-octane election last year. "Our government's next target is industrial development," the chief minister (CM) had been heard stating at different public meetings in the past few months - perhaps setting the tone for the sixth edition of the Bengal Global Business Summit (BGBS) slated for later this month. Investor summits by any state are about intent, big numbers, and tall claims. Yet in competitive federalism, its importance as a marketing tool is undeniable.
Three special economic zones promoted by Mukesh Ambani and Anand Jain in Navi Mumbai are among among 36 proposals that got cleared by the Board of Approval on Friday.
Names like Symbiosis International University, Bharati Vidyapeeth and the newly-established Foundation for Liberal and Management Education already have their presence in this valley, which is building its brand as the country's largest education hub.
The state has allowed industrial units in special economic zones (SEZs) to lay off workers without government's sanction, regardless of the number of workers
E-commerce firms and sellers including Amazon and eBay have made recommendations to the government for a differentiated policy framework for e-commerce in the revised Foreign Trade Policy (FTP) which is expected to come into effect from April 1, 2021. This is because the existing policies on exports have catered largely to traditional, offline and business-to-business exports. Suggestions have been made to the government that through the FTP, it is important to create a conducive policy framework for e-commerce exports that lowers the entry barrier for small businesses to start exporting, according to the industry sources.
Ensuring health insurance for all workers would be major challenge for the industry that is already grappling with cash crunch, and the government should have borne the cost.
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.
At present, the NMP states a series of fiscal incentives, including tax sops, will be offered but only to small and medium enterprises.
'Modi knows the people here are opposed to this project, but he is using the might of government to push this port down our throats.'
Currently, the spend on R&D as a percentage of GDP is just 0.9%
While 100 per cent FDI is allowed in single-brand retail, if the foreign investment exceeds 51 per cent, the 30 per cent mandatory local sourcing norm kicks in.
The nation wants an ex-ante body for endorsing "public purpose" during land acquistion process.
At present, there is no direct air connectivity between India and Myanmar.
Escalating his attack against Bharatiya Janata Party's prime ministerial candidate Narendra Modi over his development claims, Aam Aadmi Party leader Arvind Kejriwal on Thursday said he is the "vikas purush" (development man) only for industrialists.
A Kashmiri Pandit himself, Kaul feels, it is time now for the people to move forward, after more than 30 years of unbridled violence.
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Imports of gold virtually stopped since July 22 after confusion on the new import rules.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
Emerging as the single largest export zone in the country, the Jamnagar SEZ has seen its export nearly touch Rs 80,000 crore (Rs 800 billion) till March 2010.
'All the animals -- buffaloes and dogs -- in the proximity of the factory are dead.' 'The situation is so serious that almost one lakh people from nearby localities have moved to safer places fearing the after-effects of the gas leak.' 'There is lot of panic.'
Glass shortage in China and the rising prices of imported glass used in finished solar panels have already hit the cost of solar panel imports. The cost of solar modules imported by India have increased 22 per cent since June last year. India imports close to 90 per cent of its solar cells and modules, of which nearly 80 per cent is from China. Domestic solar equipment makers import glass panels and are the largest suppliers in China. The price of a solar module glass has increased 150 per cent in the past six months, revealed industry estimates.
Stepped up public expenditure must be accompanied by focused policies, advises Vinayak Chatterjee.
Xi Jinping is winning the war without firing a shot in Sri Lanka, observes Colonel R Hariharan (retd).
The zones will be required to register themselves with www.sezindia.nic.in. Currently, developers have to send SEZ-related applications to the Department of Commerce, after which the inter-ministerial Board of Approval (BoA), headed by Commerce Secretary Gopal K Pillai, takes a call on them.
It was difficult to set up a unified zone on the SEZ land.
Prime Minister Modi will hold bilateral meetings with President Paul Kagame, delegation-level talks and meetings with the business and the Indian communities, a statement from the Prime Minister's Office said.
Markets regulator Sebi and the Directorate of Revenue Intelligence (DRI) are probing some Adani Group companies for alleged non-compliance with rules, the government told Lok Sabha on Monday. Minister of State for Finance Pankaj Chaudhary in a written reply to a question said accounts of three of the six Mauritius-based funds, that have invested most of their money in Adani Group firms, were frozen in 2016 over the issuance of Global Depository Receipt (GDR) by certain listed firms. No freeze was ordered for their holding in other firms.
As Ayodhya readies itself for the glittering, much-awaited consecration ceremony of the Ram Mandir on January 22, and as millions of pilgrims and devotees pour into the holy city for the momentous event, companies are rushing to do their bit and be a part of the mega celebrations. Some are offering a part of their profits as donations, telcos are beefing up the number of cellular towers to ensure better connectivity, and there are those distributing jalebis and food platters.
The company will move ahead with plans to have second campus on Sarjapur Road.
Adani Enterprises, the flagship company of the Adani Group, reported a profit after tax of Rs 557 crore for the first quarter ended June 30, 2014 on the back of a 43 per cent jump in revenue.
Analysts point out that exporters outside SEZs enjoy Cenvat credit against service tax paid on a host of services subscribed to while engaging in export-related activities. In addition, the department of revenue recently permitted service tax exemption on seven services used by exporters.
The commerce ministry had, in March, put on hold this change in the SEZ rules.
Today, with China centrally seated and located, the Global South has an intriguing road ahead. Odds of it becoming a Chinese bloc in the emerging new bipolar world are higher than we'd wish them to be, observes Shekhar Gupta.
Finance firms in these SEZs likely to get tax breaks.
The Customs clearance required for moving equipment like laptops, desktops, etc out of SEZ units was delaying things as the clearance had to be taken in person after a first level of approval online.
Special economic zones dedicated to the infotech sector may receive a body blow if the tax exemptions provided to Software Technology Parks of India under Section 10(A) and 10(B) of the Income Tax Act are extended beyond March 31, 2009. According to a senior central government official, not more than half of the nearly 100 notified infotech SEZs will survive if the tax sops are extended.
The government's plan to cut the corporation tax rate while phasing out exemptions may be sound, but it may not mean a reduced tax burden for India Inc.
Speaking to Business Standard on the sidelines of the ground breaking ceremony of the Chennai-based Sri City's SEZ in Tada, in Andhra Pradesh, last week, Singhal said SEZs in the country have so far generated over 300,000 jobs, adding once all the 462 zones start functioning, they are expected to create 4 million jobs.
In the 76 years since India gained independence, 53 recipients of the Bharat Ratna have been there. That's less than one every year, which is a healthy ratio given there is the sanctity of this gem of an award to preserve. But four recipients for the year were announced in a few days in addition to one announced earlier. That took the total number in 2024 to five in less than a month, the highest for any year, post-Independence, notes Shyam G Menon.
The conglomerate, which has received environmental clearance for the project, plans to invest around Rs 1,500 crore in it.
References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.
