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The Dollar Business Bureau  Chandrababu Naidu, Chief Minister of Andhra Pradesh, has been selected for the US-India Business Council’s (USIBC) ‘Transformative Chief Minister Award’ for his role in strengthening the partnership between India and the US at the state level. The award would be presented to the Chief Minister on May 8, 2017 during the Annual West Coast Summit of USIBC in the Menlo Park, California, according to a statement. The summit will see an assembly of 150 industry leaders from across sectors including information technology (IT), manufacturing, healthcare, food processing, clean energy, banking, digital payments and officials from the Government of India for exploring the effects of manufacturing in India, the country’s move towards digitisation and cashless society and the future of ...

Sneha Gilada Global In-house Centres (GIC) are an integral component of the Indian IT industry and contribute significantly to the country's service export revenues. They have also been immensely beneficial to the economy in terms of employment generation. But the broad function of a GIC has changed dramatically in the last three decades, from being purely an operational vehicle delivering cost advantage by way of employing cheap labour; to driving strategic innovation and acting as a brand's window of penetration into new markets.  Celebrating the growing role of GICs in a modern day global enterprise, NASSCOM (National Association of Software and Services Companies) organised the 8th edition of its GIC conclave. The two-day event, inaugurated on April 20, was held in the city of Hyderabad, which is one among India's prominent IT hubs. The summit's prime ...

Sneha Gilada Pharmaceuticals contribute as much as 5% to all Indian exports, and US is the biggest export market for Indian pharma, contributing one-third of total pharma exports. Naturally, the big names in Indian pharma are experiencing jitters from Trump's recent protectionist utterances.  At Bio Asia 2017, in an exclusive with Matt Szuhaj, MD, Deloitte Consulting LLP, San Francisco, The Dollar Business explores the extent of disruption the new political developments in America could cause. What is the present corporate tax scenario in USA?  Let me give you a broader context. Outside of the administration change in US, there was an effort by the OECD countries called base erosion and profit shifting. This was a process of trying to harmonise tax codes between countries. Essentially, they wanted more visibility, more transparency, and less individual agreements for specific ...

The Dollar Business Bureau Skill assessment and recruitment platform CoCubes Technologies has been ranked as one of the top 50 fastest growing technology companies in India. CoCubes has achieved an average growth rate of 136% in the last three years. It is the only assessment and hiring company to feature in Deloitte’s Technology Fast 50 India 2016 report. The company has showed remarkable growth and innovation recently. Aon Hewitt has recently acquired CoCubes Technologies, as it looked for a company that could help it grow farther and faster. Aon Hewitt is presently the world’s largest HR services company, with its annual revenue of $4.3 billion and serving more than 70% of Fortune 500 companies. The Gurgaon-headquarterd company runs assessments to measure employability across various domains including ...

The Dollar Business Bureau The e-commerce sector is the fastest growing segment in terms of revenue and shipments. By bringing in revenues it keeps the taxmen happy. But the tax laws in the country have not been upgraded to check a spiraling business based on the ‘cloud’. Firstly e-commerce companies have over time grappled with a complex framework of excise, VAT/CST or service taxes. And the proliferate indirect tax laws have been of no help. They have been more of a hindrance rather than a help for the e-commerce industry. Secondly there is no clarity with regard to categorizing the e-commerce industry. Do their offerings come under ‘services’ or ‘goods’? Should these offerings be charged under VAT or CST or do they come ...

The Central Board of Excise and Customs (CBEC) last week issued a notification withdrawing exemption of levy of basic customs duty on 74 drugs. Source: PTI Drugs used in blood dilating medicine or for treating menopause, glaucoma, anogenital warts, poisoning by a chemical or pesticide, growth failure in children and adults would also attract customs duty. As many as 74 drugs, including life-saving ones used for treating cancer and HIV, will see sharp rise in prices as the government has withdrawn customs duty exemption on their imports. The Central Board of Excise and Customs (CBEC) last week issued a notification withdrawing exemption of levy of basic customs duty on as many as 74 drugs. The medicines on which customs duty will now be imposed ...

The Dollar Business Bureau Total turnover of the automobile industry in India is expected to reach $145 billion by 2016   Despite a slowdown in recent years, India is expected to become a major automobile manufacturing hub and the third largest market for automobiles by 2020, according to a report published by Deloitte. The report says that the global automobile industry is changing and the focus is expected to turn to India where automobile demand and manufacturing are growing. It says that various factors including higher income growth, large work force and low oil prices are likely to drive the sector forward in the coming years. According to official sources, India is currently the seventh-largest automobiles producer in the world with ...