Indian Economy-News & Updates
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Mr.S.Singh
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Tax exemption to go upto 5 lakhs P.A from current 3 lakh P.A 
Markus
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Tax exemption to go upto 5 lakhs P.A from current 3 lakh P.A
Excellent news. I hope this is true.
Tata group firms line up Rs 65 thousand crore capex in 2015
Various firms of diversified Tata group have lined up capital expenditure of a total of over Rs 65,000 crore for the ongoing fiscal.
The capex is part of respective medium-term strategies of the different companies covering all the business sectors of the group, ranging from engineering, materials, information technology and communications, consumer products, services, energy to chemicals.
The majority of the investments will be by the group’s top companies, Tata Steel, Tata Motors and Tata Consultancy Services. While Tata Steel would have a capex of nearly Rs 16,500 crore in FY15, Tata Motors has earmarked around Rs 38,500 crore, out of which Rs 35,000 crore will be for its British arm JLR and Rs 3,500 crore for its operations in India. The group’s information technology major TCS has also outlined a capex of Rs 4,000 crore for this fiscal.
The spends are focused on already planned new products and services, as well as continuing development of new technologies and both for global and domestic operations. When contacted, a spokesperson of Tata Sons — the promoter of major operating Tata companies — said capital expenditure plans of group firms “are available, wherever so declared, in their individual financial and business related announcements”.
“Tata companies always take a long term view of business and make required investments,” the spokesperson added.
Tata group firms line up Rs 65 thousand crore capex in 2015
Various firms of diversified Tata group have lined up capital expenditure of a total of over Rs 65,000 crore for the ongoing fiscal.
The capex is part of respective medium-term strategies of the different companies covering all the business sectors of the group, ranging from engineering, materials, information technology and communications, consumer products, services, energy to chemicals.
The majority of the investments will be by the group’s top companies, Tata Steel, Tata Motors and Tata Consultancy Services. While Tata Steel would have a capex of nearly Rs 16,500 crore in FY15, Tata Motors has earmarked around Rs 38,500 crore, out of which Rs 35,000 crore will be for its British arm JLR and Rs 3,500 crore for its operations in India. The group’s information technology major TCS has also outlined a capex of Rs 4,000 crore for this fiscal.
The spends are focused on already planned new products and services, as well as continuing development of new technologies and both for global and domestic operations. When contacted, a spokesperson of Tata Sons — the promoter of major operating Tata companies — said capital expenditure plans of group firms “are available, wherever so declared, in their individual financial and business related announcements”.
“Tata companies always take a long term view of business and make required investments,” the spokesperson added.
Tata group firms line up Rs 65 thousand crore capex in 2015
KPMG plans to lease over 7 lakh sq ft of office space in Bangalore
Global professional services firm KPMGplans to lease in Bangalore over 7 lakh sft of office space, the largest office space absorption so far in the country's commercial office space this year, as it plans to add about 10,000 professionals to its workforce over the next four years across India.
KPMG has said it will use the space to expand as well as consolidate its business in Bangalore. The transaction comes at a time when the sector has been marred by the economic downturn that resulted in a significant decline in office space absorption across the country.
RMZ has locked in 7.6 lakh sq ft in RMZ Ecoworld for KPMG, which will be taken up in phases. In the first phase it will occupy 4.6 lakh sq ft, while balance 3 lakh sq ft will be occupied in the second phase, that is yet to be built and will depend on KPMG's requirement, at least four people with direct knowledge of the development told ET.
However, a KPMG spokesperson said that the firm had recently contracted for use of 1.5 lakh sq ft of premises in Bangalore, which would eventually go up to 4.70 lakh sq ft. "KPMG is the fastest-growing professional services firm in India with offices across 12 locations. We have ambitious growth plans for the future and we continue to expand on the number of offices as well as the premises we use," the spokesperson said.
According to Cushman & Wakefield, an international property consultancy firm, consultancy firms' net office space absorption in the first quarter of 2014 stood at over 4.98 lakh sq ft, which was 8% of the total absorption in the country. A deal for commercial space of this magnitude suggests a major buildup of business by KPMG in India in coming years, with experts assessing that 7 lakh sq ft of space can accommodate about 7,000 people.
The space, housed in 50-acre RMZ Ecoworld, is located on Bangalore's Sarjapur outer ring road. The business park, which has leased 3.25 million sq ft of the total 5.75 million sq ft, houses multinational companies such as SAP, Morgan Stanley, ANZ and Honeywell.
At present, KPMG has over 200 partners, more than 8,000 people on its rolls and has set a target of becoming a $1-billion organisation by 2018. For this it requires a total workforce of 17,000 people and 460 partners. Most of the hiring will be in the advisory business including management consultancy business across infrastructure and government projects.
KPMG recently hired senior professionals from Protiviti Consulting and Eicher Consulting Services team that was earlier acquired by PwC.
The brisk investment flow has come as a blessing for the real estate sector in the country, with multinational firms including KPMG, Ernst & Young, Deloitte and PwC looking to ramp up hiring. Driven by a huge emphasis on emerging markets as well as increasing business opportunities in infrastructure and government projects, these four companies are expected to hire nearly 43,000 people by 2018 and will require 43 lakh sq ft of office space alone.
KPMG plans to lease over 7 lakh sq ft of office space in Bangalore - Economic Times
Global professional services firm KPMGplans to lease in Bangalore over 7 lakh sft of office space, the largest office space absorption so far in the country's commercial office space this year, as it plans to add about 10,000 professionals to its workforce over the next four years across India.
KPMG has said it will use the space to expand as well as consolidate its business in Bangalore. The transaction comes at a time when the sector has been marred by the economic downturn that resulted in a significant decline in office space absorption across the country.
RMZ has locked in 7.6 lakh sq ft in RMZ Ecoworld for KPMG, which will be taken up in phases. In the first phase it will occupy 4.6 lakh sq ft, while balance 3 lakh sq ft will be occupied in the second phase, that is yet to be built and will depend on KPMG's requirement, at least four people with direct knowledge of the development told ET.
However, a KPMG spokesperson said that the firm had recently contracted for use of 1.5 lakh sq ft of premises in Bangalore, which would eventually go up to 4.70 lakh sq ft. "KPMG is the fastest-growing professional services firm in India with offices across 12 locations. We have ambitious growth plans for the future and we continue to expand on the number of offices as well as the premises we use," the spokesperson said.
According to Cushman & Wakefield, an international property consultancy firm, consultancy firms' net office space absorption in the first quarter of 2014 stood at over 4.98 lakh sq ft, which was 8% of the total absorption in the country. A deal for commercial space of this magnitude suggests a major buildup of business by KPMG in India in coming years, with experts assessing that 7 lakh sq ft of space can accommodate about 7,000 people.
The space, housed in 50-acre RMZ Ecoworld, is located on Bangalore's Sarjapur outer ring road. The business park, which has leased 3.25 million sq ft of the total 5.75 million sq ft, houses multinational companies such as SAP, Morgan Stanley, ANZ and Honeywell.
At present, KPMG has over 200 partners, more than 8,000 people on its rolls and has set a target of becoming a $1-billion organisation by 2018. For this it requires a total workforce of 17,000 people and 460 partners. Most of the hiring will be in the advisory business including management consultancy business across infrastructure and government projects.
KPMG recently hired senior professionals from Protiviti Consulting and Eicher Consulting Services team that was earlier acquired by PwC.
The brisk investment flow has come as a blessing for the real estate sector in the country, with multinational firms including KPMG, Ernst & Young, Deloitte and PwC looking to ramp up hiring. Driven by a huge emphasis on emerging markets as well as increasing business opportunities in infrastructure and government projects, these four companies are expected to hire nearly 43,000 people by 2018 and will require 43 lakh sq ft of office space alone.
KPMG plans to lease over 7 lakh sq ft of office space in Bangalore - Economic Times
ejaz007
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Indian factory workers beat CEO to death
Six arrested after workers attack jute factory boss with stones and iron rods in dispute over hours.
A mob of Indian workers has beaten the CEO of a jute factory to death in a dispute over increasing their working hours, police told the AP news agency after arresting six workers.
Four suspects were arrested on Sunday, followed by two on Monday, and are expected to be charged with murder, vandalism and other crimes.
A group of 200 workers, wielding iron rods and stones, stormed the office of 60-year-old HK Maheswari in the eastern Indian state of West Bengal, according to Sunil Chowdhury, the Hooghly district superintendent.
Maheswari had denied their earlier request to work and be paid for 40 hours a week at the North Brook Jute Mill, instead of the current norm of 25.
He had also proposed shutting down the mill for three days a week to limit mounting financial losses, according to the factory's general manager, Kiranjit Singh.
"The mill workers suddenly resorted to stone pelting while we were busy in a meeting," Kiranjit Singh told AP.
At one point during Sunday's meeting, Maheswari looked out the window at the growing crowd and was struck in the head by two stones.
He collapsed, at which point a large group of workers stormed the office, Singh said.
"The CEO was thrashed with iron rods, and he succumbed to his injuries very soon," Singh said.
Both the general manager and a security guard were treated at hospital, while Maheswari died on the way to a hospital, police said.
West Bengal is known for its combative labour unions backed by political parties, and chief minister Mamata Banerjee immediately blamed the violence on unions run by opposition parties.
The opposition has denied any role in the attack, and said an independent investigation should be held before any blame is hurled.
On Monday, Banerjee sought to reassure the business community that her government did not tolerate union violence.
Meanwhile, work at the mill has been suspended indefinitely. A funeral was planned for Tuesday for Maheswari, who is survived by his wife, two grown daughters and a son.
Indian factory workers beat CEO to death - Central & South Asia - Al Jazeera English
Six arrested after workers attack jute factory boss with stones and iron rods in dispute over hours.
A mob of Indian workers has beaten the CEO of a jute factory to death in a dispute over increasing their working hours, police told the AP news agency after arresting six workers.
Four suspects were arrested on Sunday, followed by two on Monday, and are expected to be charged with murder, vandalism and other crimes.
A group of 200 workers, wielding iron rods and stones, stormed the office of 60-year-old HK Maheswari in the eastern Indian state of West Bengal, according to Sunil Chowdhury, the Hooghly district superintendent.
Maheswari had denied their earlier request to work and be paid for 40 hours a week at the North Brook Jute Mill, instead of the current norm of 25.
He had also proposed shutting down the mill for three days a week to limit mounting financial losses, according to the factory's general manager, Kiranjit Singh.
"The mill workers suddenly resorted to stone pelting while we were busy in a meeting," Kiranjit Singh told AP.
At one point during Sunday's meeting, Maheswari looked out the window at the growing crowd and was struck in the head by two stones.
He collapsed, at which point a large group of workers stormed the office, Singh said.
"The CEO was thrashed with iron rods, and he succumbed to his injuries very soon," Singh said.
Both the general manager and a security guard were treated at hospital, while Maheswari died on the way to a hospital, police said.
West Bengal is known for its combative labour unions backed by political parties, and chief minister Mamata Banerjee immediately blamed the violence on unions run by opposition parties.
The opposition has denied any role in the attack, and said an independent investigation should be held before any blame is hurled.
On Monday, Banerjee sought to reassure the business community that her government did not tolerate union violence.
Meanwhile, work at the mill has been suspended indefinitely. A funeral was planned for Tuesday for Maheswari, who is survived by his wife, two grown daughters and a son.
Indian factory workers beat CEO to death - Central & South Asia - Al Jazeera English
Performance of Tourism Sector during May 2014
Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of data received from major ports and Foreign Exchange Earnings (FEEs) from tourism on the basis of data available from Reserve Bank of India. The following are the important highlights regarding FTAs and FEEs from tourism during the month of May 2014.
Foreign Tourist Arrivals (FTAs):
Foreign Exchange Earnings (FEEs) from Tourism in Indian rupee terms and US$ terms
Press Information Bureau English Releases
Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of data received from major ports and Foreign Exchange Earnings (FEEs) from tourism on the basis of data available from Reserve Bank of India. The following are the important highlights regarding FTAs and FEEs from tourism during the month of May 2014.
Foreign Tourist Arrivals (FTAs):
- FTAs during the Month of May 2014 was 4.21 lakh as compared to FTAs of 3.84 lakh during the month of May 2013 and 3.74 lakh in May 2012.
- There has been a growth of 9.7% in May 2014 over May 2013 as compared to a growth of 2.5% registered in May 2013 over May 2012.
- FTAs during the period January-May 2014 were 30.52 lakh with a growth of 6.6% , as compared to the FTAs of 28.63 lakh with a growth of 2.6% during January-May 2013 over the corresponding period of 2012.
Foreign Exchange Earnings (FEEs) from Tourism in Indian rupee terms and US$ terms
- FEEs during the month of May 2014 were `7,403 crore as compared to `6,092 crore in May 2013 and `5,562 crore in April 2012.
- The growth rate in FEEs in rupee terms in May 2014 over May 2013 was 21.5% as compared to 9.5% in May 2013 over May 2012.
- FEEs in US$ terms during the month of May 2014 were US$ 1.247 billion as compared to FEEs of US$ 1.109 billion during the month of May 2013 and US$ 1.023 billion in May 2012.
- The growth rate in FEEs in US$ terms in May 2014 over May 2013 was growth of 12.4% as compared to the growth of 8.4% in May 2013 over May 2012.
Press Information Bureau English Releases
Tatas to build Dornier aircraft with Swiss RUAG
Tata Group aims at further consolidation in the aviation and aerospace sector by rolling out a fully built new generation Dornier aircraft from its Hyderabad facility, in association with aircraft maker RUAG Aviation of Switzerland.
Tata Advanced Systems Ltd (TASL), which is spearheading the conglomerate’s interests in the aerospace sector, on Monday tied up with RUAG to set up a manufacturing unit in Hyderabad to make fuselages and wings for the new Dornier 228 aircraft.
It is also the first big-ticket investment for the new State of Telangana. Chief Minister K Chandrashekar Rao laid the foundation stone for the project here.
The company has become a significant player in the global aerospace market by setting up 100 per cent export-dedicated joint ventures with Sikorsky and Lockheed Martin near Hyderabad.
The joint venture with RUAG is its fourth in the aerospace sector.
“Our vision is to work with RUAG in having a full aircraft, equipped with all systems, flying out from a Tata Final Assembly. This will be of significant importance to the Indian armed forces in their desire to produce products locally,” said S Ramadorai, Chairman of TASL.
It was about two years ago that RUAG decided to relaunch its flagship Dornier aircraft with a completely new engine and fully digital cockpit.
In the last five years, the TASL has delivered over 70 Sikorsky S-92 copter cabins in a joint venture with Sikorsky, apart from empennage and centre wing box for the c-130 J aircraft in association with Lockheed Martin.
Boost for Telangana
“TASL has been recognised for its product quality by the American Helicopter Society, the premier global organisation for vertical flight,” Ramadorai said.
The Chief Minister welcomed the Tata Group investment in Telangana, stating the group has become a “brand ambassador” of the new State.
He said the Government is set to put in place a novel single window system for clearances to industrial projects, as part of its new industrial policy.
“The single window system will be monitored by my office. All departments will be asked to give the clearances within strict time limit,” Rao said.
Tatas to build Dornier aircraft with Swiss RUAG | Business Line
Tata Group aims at further consolidation in the aviation and aerospace sector by rolling out a fully built new generation Dornier aircraft from its Hyderabad facility, in association with aircraft maker RUAG Aviation of Switzerland.
Tata Advanced Systems Ltd (TASL), which is spearheading the conglomerate’s interests in the aerospace sector, on Monday tied up with RUAG to set up a manufacturing unit in Hyderabad to make fuselages and wings for the new Dornier 228 aircraft.
It is also the first big-ticket investment for the new State of Telangana. Chief Minister K Chandrashekar Rao laid the foundation stone for the project here.
The company has become a significant player in the global aerospace market by setting up 100 per cent export-dedicated joint ventures with Sikorsky and Lockheed Martin near Hyderabad.
The joint venture with RUAG is its fourth in the aerospace sector.
“Our vision is to work with RUAG in having a full aircraft, equipped with all systems, flying out from a Tata Final Assembly. This will be of significant importance to the Indian armed forces in their desire to produce products locally,” said S Ramadorai, Chairman of TASL.
It was about two years ago that RUAG decided to relaunch its flagship Dornier aircraft with a completely new engine and fully digital cockpit.
In the last five years, the TASL has delivered over 70 Sikorsky S-92 copter cabins in a joint venture with Sikorsky, apart from empennage and centre wing box for the c-130 J aircraft in association with Lockheed Martin.
Boost for Telangana
“TASL has been recognised for its product quality by the American Helicopter Society, the premier global organisation for vertical flight,” Ramadorai said.
The Chief Minister welcomed the Tata Group investment in Telangana, stating the group has become a “brand ambassador” of the new State.
He said the Government is set to put in place a novel single window system for clearances to industrial projects, as part of its new industrial policy.
“The single window system will be monitored by my office. All departments will be asked to give the clearances within strict time limit,” Rao said.
Tatas to build Dornier aircraft with Swiss RUAG | Business Line
