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The Dollar Business Bureau  Prime Minister, Narendra Modi, met and interacted with sixteen Governors of various provinces of Russia on May 2 and reiterated  his vision that relationships between regions and provinces of two countries are a vital part of nurturing the bilateral relationship. He recalled warmly his visit to Astrakhan province of Russia in 2001, as Chief Minister of Gujarat.  The Governors explained opportunities for increasing interaction, people to people, and business links between their provinces, and India.  Several matters and issues common to India and the Russian states were discussed at the meeting. The Governors who attended the interaction included Governors of Arkhangelsk Oblast, Astrakhan Oblast, Irkutsk region, Moscow region, Primorye Territory, Republic of Kalmykia, Tatarstan, St. Petersburg, Sakhalin Oblast, Sverdlovsk ...

The Dollar Business Bureau French automobile manufacturer, Renault on Monday announced the commencement of exports of Kwid - its entry-level car and Duster - the popular SUV, to Nepal from its operations in India. Renault marked its entry into the market of Nepal by collaborating with Vishal Group - one of the biggest business groups. This is in line with the company’s strategy to enhance its presence in the region of SAARC, said the company in a statement. Sumit Sawhney, Renault India Operations Country CEO and MD said, “Nepal is an important market for Renault's growth in South Asia and we have carved out a clear-cut strategy to grow our presence in this important market with an ambition to be among the top players.”He further said that Renault is confident that Duster and ...

Source: PTI British IT and software firm RSK Business Solutions has merged with its Indian partner BSL Information Technology to jointly deliver consultancy services in different parts of the world. England-headquartered RSK Business Solutions Limited (RSK BSL) merged with its Gurgaon-based Indian partner BSL Information Technology Private Limited (BSLi) to create UK-registered RSK Business Solutions Holdings Limited. The merger will enable both entities to jointly expand services to new regions and markets, the firms said on Monday. "The merger will enable us to provide a wider range of services to new and existing clients while maintaining the high levels of customer service and the high quality of output to which our clients have become accustomed," Managing Director of the ...

Source: PTI The GST rate of 20%, as suggested by a Parliamentary Committee, would benefit the industry and will also not be a burden on consumers, experts say. The Rajya Sabha Select Committee has suggested that the Goods and Services Tax (GST) rate should not go beyond 20% as higher rates could fuel inflation and erode the confidence of consumers in a new indirect tax regime proposed to be rolled out on April 1, 2016. Internationally, the GST rate ranges from 16-20%. However, there are some exceptions like Japan, Australia and Germany, where the rates are 8%, 10% and 23%, respectively. "GST rate at 20% is a practical proposition. It will help the manufacturers who currently have to pay multiple taxes which ...

Source: PTI The Reserve Bank is likely to keep interest rates on hold in the next month's monetary policy meet, but may slash the key lending rate by a 50-75 basis points by March 2016, Morgan Stanley today said. The investment firm believes that the RBI will leave the interest rates unchanged in its August 4 policy review meet given the acceleration in June headline CPI inflation and increase in core CPI for the third consecutive month. "We believe the RBI is likely to wait and watch how the monsoon season pans out and keep rates on hold in the August monetary policy meeting," Morgan Stanley said. The brokerage however expects the headline CPI inflation to decelerate to 4.9 per cent by ...

Sai Nikesh | The Dollar Business In a move to boost electronic products manufacturing in India, Government of India has extended the 'Modified Special Incentive Package Scheme' (MSIPS) by five years, besides including 15 new product categories under the scheme. A decision in this regard was said to have been taken at a Cabinet meeting to promote 'Make In India' and 'Digital India' initiatives, chaired by Prime Minister Narendra Modi, on Tuesday. Extension of the scheme is being seen as a big boost to the electronic manufacturing in the country and was welcomed by the apex body of electronic industries. “All stakeholders, domestic and global from the electronics manufacturing industry have been watching this policy keenly as it has played a ...

Source: PTI Reserve Bank of India (RBI) Governor Raghuram Rajan today called on Finance Minister Arun Jaitley and is believed to have discussed various issues including current macroeconomic situation. Rajan's meeting with the Finance Minister comes ahead of the bi-monthly monetary policy to be announced on August 4. There is pressure on RBI to cut rate to boost economic growth. However, RBI has said that it would watch out for the data, including inflation, and the monsoon progress before any change in its policy rates. While retail inflation in June rose to an 8-month high of 5.4%, the overall Wholesale Price Index (WPI)-based inflation was (-)2.4% in the same month. RBI mostly tracks the consumer price index based retail inflation for ...

Source: PIB, Government of India Several measures have been taken to ensure continuous improvement of the Indian IP ecosystem in the country. To this effect, Department of Industrial Policy and Planning (DIPP), Ministry of Commerce & Industry, Government of India, has formulated a multi-pronged strategy to develop an Intellectual Property regime in the country to promote creativity and to develop the culture of respect for innovations and creativity. During the year, the Intellectual Property Office has been radically transformed through numerous initiatives that have contributed tremendously to easing of access to the IP system, efficiency in processing of IP applications, uniformity and consistency in the examination of applications, transparency and dissemination of IP information, bilateral cooperation at the international level, and ...