Min of Commerce, World Bank discuss ease of doing business rankings
The Dollar Business Bureau The Ministry of Commerce had discussions with the officials of the World Bank in Washington, conveying its concerns over the methodology used by the Bank in ranking countries in terms of ease of doing business. The index rates the top economies among 189 countries. The commerce ministry was joined by officials from the Department of Industrial Policy and Promotion (DIPP) in its discussions. DIPP secretary Ramesh Abhishek shared in a tweet that the detailed interaction with the team in Washington DC resulted in creating better awareness about reforms in India. "The Bank team also sensitized on various concerns on methodological and other issues. All departments/agencies made excellent presentations," Abhishek quipped in his tweet. The annual ratings exercise has been a ...
Kerala imposes 14.5% tax on junk food
The Dollar Business Bureau The Kerala government on Friday imposed a 14.5% 'fat tax' on burgers, pastas, pizzas, and other junk food products served in branded restaurants. Food items, such as burgers, doughnuts, pasta, pizzas, sandwiches and tacos, sold in branded restaurants would fall under this tax category. Kerala’s fast-food chains including Domino’s, KFC, McDonald’s, Pizza Hut and Subway are expected to be hit the hardest. With the implementation of new tax arrangements, the state government looks to meet its earlier set target of 25% and fetch Rs.61,895.62 crore revenue during the ongoing financial year. Kerala’s tax revenue growth was about 17% to Rs.53,003.42 crore during the previous financial year. The announcement was made by Thomas Isaac, State Finance Minister of Kerala’s newly-elected ...
LM Wind Power inaugurates second plant in India
The Dollar Business Bureau LM Wind Power, the world's largest independent supplier of wind turbine rotor blades, announced the inauguration of its second plant in India on Wednesday. The first announcement was made in November 2015. The Denmark-based company said in a release that the manufacturing unit situated in Vadodara, Gujarat has begun production of wind turbine blades almost a month ahead of its schedule,. The release quoted Marc de Jong, CEO, LM Wind Power as saying that the addition of a new plant in our manufacturing operations allows us to serve our growing base of customers in India. “With this new manufacturing plant, we are able to create employment, provide advanced training and develop technical skills in Gujarat as well as help to ...
India to develop and launch 26 satellites indigenously
The Dollar Business Bureau The Government of India, in its latest release on Wednesday, informed that India is currently focusing at indigenous development of satellites and also said that it would use the satellite technology for development of rural areas. According to the official release, the country is intended to develop 26 indigenous satellites under 12th Five Year Plan (2012-17), while it also informed about the country’s 27 satellites that are currently under operation. The release further says that the 26 indigenous satellites include 6 Communication satellites, 13 Earth observation satellites, 4 Navigation satellites and 3 Space science satellites. Whereas the currently operating 27 satellites include 11 Communication Satellites, 12 Earth Observation Satellites, 3 Navigational Satellites and 1 Mars Orbiter ...
