Other Briefings
Indias Taxes Help Government Acquire More Land
July 11 – As incomes soar in a booming India, the government has collected an unprecedented amount of direct tax – Rs 3,14,000 crore (US$73 billion) last fiscal – more than they know what to do with. In a bid to invest their money prudently, the Income tax department will capitalise on the slump in India's real estate sector.
Deals have been struck for several prime plots of land and office space in many cities across the country worth millions of rupees. The emphasis is, however, on acquiring centrally air-conditioned buildings that are Wi-Fi enabled, fitted with state-of-the-art security systems and plush reception with a lounge-kind of open space, the Times of India reported.
India’s Communist Party Ends Coalition Support
July 10- India’s Communist Party formally ended its support of the Congress-led coalition, over a government decision to push through with a civilian nuclear deal with the United States.
Leftist parties argue that the deal could threaten Indian sovereignty while the government feels the deal is needed to answer the country’s increasing energy demands.
Prime Minister Manmohan Singh's said in a statement that the government will go ahead with seeking approval from the International Atomic Energy Agency for the U.S. civilian nuclear deal.
India’s Nuclear Deal Nears Completion
July 8 – Having garnered strength from his fragmented coalition government, India's confident prime minister, Manmohan Singh, is ready to meet President Bush on Wednesday morning, the stage is now set for India to sign the nuclear deal with America.
India Creates 30,000 American Jobs
July 7 – Amidst the row in the United States over outsourcing, a study proves that Indian companies are not taking American jobs, instead they have generated more than 30,000 jobs for U.S. citizens in recent years. Indian small and medium enterprises alone in 2007 had set up shop in the U.S. through greenfield units or via acquisitions and created no less than 65,000 jobs, said a study conducted by industry chamber Ficci.
India’s First Climate Change Plan
July 4 – India has revealed its first climate change plan before the G8 summit in Japan next week. The plan outlines eight "missions" for sustainable development – solar energy, energy efficiency, creating a sustainable habitat, conserving water, preserving the Himalayan ecosystem, creating a green India, creating sustainable agriculture and establishing a platform of "strategic knowledge for climate change.
While the plan lacks a proper budget and plan of action, the government seems keen to implement their enviromental ideas. A story by cnet news says that of all the plans, the Indian government seems most keen to implement solar energy. Given the resource is abundant in India, they plan to invest heavily in factories manufacturing solar cells.
India Has Big Plans for Northeast Roads
July 3 – Trying to buffer India's borders with infrastructure, the national government on Wednesday issued a statement that the country would invest US$7.2 billion to build transport infrastructure in India's northeast by 2012.
A Bloomberg report stated that India plans to invest about 310 billion rupees (US$7.2 billion) by 2012 to build roads in the nation's northeast, improving connectivity with the states bordering China, Myanmar, Bangladesh, Nepal and Bhutan.
The government will also build airports and railway links to all state capitals of the region, Prime Minister Manmohan Singh said, inviting private investment in the region.
India’s Nuclear Deal Flares Up
July 2 – There are always two sides to the coin and India's ruling coalition congress party is facing off against their leftist counterparts. While the Congress party claims the nuclear deal with America will put an end to India's energy problems, the left is convinced its a bid to sell India to the U.S. and have threatened to pull out their support from the ruling coalition government.
The following are key events and meetings planned this week that could decide the fate of the government, as compiled by Reuters.
Thursday, July 3: The Communist Party of India (CPI), an ally of the ruling coalition and India's second largest left party, holds its secretariat meeting. The nuclear deal will figure prominently as the party has been very critical of the government.
Thursday, July 3: The United National Progressive Alliance (UNPA), a coalition of smaller parties, holds a meeting to decide their final stand on the nuclear deal.
India-Japan Sign Currency Swap Deal
June 30 – India and Japan inked a blockbuster currency swap deal on Sunday aimed at addressing short-term liquidity difficulties, the Reserve Bank of India (RBI) said.
The deal which enables both countries to swap yen or rupee against the U.S. dollar for up to $3 billion, was signed by Reserve Bank of India Governor Yaga Venugopal Reddy and Bank of Japan Governor Masaaki Shirakawa at Basel, Switzerland. This is India's first currency swap deal. Japan, however, has swap agreements with countries such as China, South Korea and Thailand.
