Connecting Businesses with Opportunities in India

doing business in india

Sept 17, 2019


Choose NJ opening New Jersey-India Center in Gurugram, India

To increase the business opportunities between New Jersey and India, Governor Phil Murphy is on a 7 day business trip to India.

On the evening of Sept 16th, which is the first day of business trip to India, Governor Murphy announced that Choose New Jersey is opening an economic development office in Gurugram, which is on the suburbs of Delhi metro region.

The office will be called the New Jersey-India Center.

Choose New Jersey CEO, Jose Lozano said, “Given the strong synergies between New Jersey and India, and given the investment that India is making in New Jersey, and given the investment that New Jersey folks are doing in India, it’s only right to have a partner on the other side of the pond that will monitor and assist with the continuous flow of talents and businesses across the ocean”.

The consulting partner in this venture by Choose New Jersey is T&A Consulting, a firm based out of Gurugram, India.

Jose Lozano further added, “They [T&A Consulting] will be working exclusively for New Jersey on the ground, facilitating our interactions and enabling us to follow up with the many contacts we will make on this trip. They’ll be our official representation out there and they’ll support the (Economic Development Authority).”

Lozano, calling the business connection between India and New Jersey perfect, said “Culturally, we’re aligned. We have a large and influential South Asian population. And their strengths in life sciences and tech match our strengths of life sciences and tech.

“I want to make sure New Jersey and India can benefit from our obvious synergies. And I want to show the Indian government how important this relationship is to us.”

“We’ve put a huge premium on our international relationships and for good reason,” he said. “All of the assets that we have is exactly what I think the international community is looking for. And, as New York continues to price itself out of the market when it comes to newer companies, we want New Jersey to be right up front and capture all of those folks.

“In the one year that I’ve been here, we have probably doubled our opportunities and leads internationally. Which has just proven the point that there is something there and we need to go after it. And go after it fairly aggressively.”

Credits: ROI (Return on Information - New Jersey)

Aug 10, 2019

The following are the takeaways from Indian budget 2019 for foreign firms by Rick Rossow, Wadhwani Chair in US India Policy Studies

FDI: Planned increases in civil aviation, media, insurance. Relax single brand retail sourcing rules.

FPI: Aligh investment cap with sectoral limitl; streamline KYC norms.

Trade: Custom duty increases in Cashews, PVC, metal castings, marble video recorders, ending zero duty on electronics made in India

Custom duty redutions in some specialty chemicals, electrical vehicl parts, some capital goods for manufacturing electronics.

Note: The FDI and FPI changes happen outside the Budget. While customs duty changes are part of the Budget.

Aug 10, 2019

Mahesh Sharma, Chartered Accountant, has listed the following Direct and Indirect tax changes in Indian Budget 2019.

  1. Direct tax revenue has increased to 11.37 lakh crores and there is no change in Income tax slabs.
  2. Corporate Tax- Tax Rate of 25% on Companies with turnover of up to Rs. 400 crores. This will cover 99.3 % companies which further promotes entrepreneurship.
  3. GST rate reduced on electric vehicle from 12% to 5% promoting the all transport electrification motive by 2025.
  4. Tax deduction on loan taken for purchase of electric vehicle: Additional Income tax deduction of Rs. 1.5 lakh of interest on loan taken for purchase of electric vehicle.
  5. Startup’s would not be under scrutiny by IT Department removing the needless hassles faced. Startups and investors who provide requisite documents will not be subject to angel tax assessment.
  6. Additional deduction of Rs. 1.5 lakh for interest on loans borrowed under affordable housing.
  7. STT change in case of Options purchased on Stock Exchange.
  8. Aadhaar can be used in place of PAN for filing Income Tax Returns. Aadhaar cards to be issued to non-residents Indians with Indian passports after arrival in India without waiting for 180 days.
  9. Faceless E-assessment for Income Tax Scrutiny and automated GST refund system initiated to curb the corrupt practices in the administration of taxes.
  10. TDS of 2% on cash withdrawal exceeding Rs. 1 cr. from a Bank account per year.
  11. No charges for customer on Digital modes of payment.
  12. Surcharge on individuals having taxable income of Rs 2 crore to Rs 5 crore, and Rs 5 crore and more raised.
  13. Basic customs duty on auto parts, optical fiber, digital camera, cashew, certain synthetic rubber, vinyl flooring hiked.
  14. Customs duty exempted on components of specified electronic goods and customs duty on certain parts of electric vehicles removed.
  15. Cess on petrol, diesel raised by Re 1 per litre; customs duty on gold raised to 12.5 percent from 10 percent.
  16. A nominal basic excise duty imposed on tobacco- Proposes Legacy Dispute Resolution scheme to solve litigations in service tax and excise.

Jan 27, 2019

The numbers show that Prime Minister Narendra Modi's social schemes have progressed very well even though they also present future challenges.

The following table created by Dr. Anit Mukherjee who is an adjunct fellow with the Wadhwani Chair in U.S.-India Policy Studies at CSIS and a policy fellow with the Center for Global Development. For complete article, click here

NameProgram ActivityAnnouncedTargetLatest numbers (GoI)Independent Validation
AadhaarBiometric ID number for Indian residentsAug 20141.33 billion1.20 billionMore than 90 percent of India’s population is covered. Source: State of Aadhaar Report 2017-18.
Jan Dhan SchemeOpening bank accountsAug 2014210.6 million210.6 million82 percent of Indians over age 15 have a bank account. Source: World Bank Global Findex Database 2017.
Swachh BharatHousehold toilet buildingOct 2014110 million (2019)91.8 million (98.7 percent of rural households covered) N/A
Ujjwala LPG schemeLPG cooking gas for rural householdsMay 201650 million (2019)60.7 millionProgram well targeted; 90 percent genuine beneficiaries. Source: MicroSave.
SaubhagyaHousehold electricity connectionSep 201724.9 million (Rural)24.4 million (as of January 17, 2019)N/A
PM Awaas YojanaAffordable housingJun 2015Demand driven – not specifiedUrban

 

Sanctioned: 6.88 million
Completed: 1.36 million

(As of January 7, 2019)

N/A

 

 

 

Pages