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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 ...

The Dollar Business Bureau Google’s Chief Executive Officer Sundar Pichai has launched 'Digital Unlocked', a training programme meant for empowering India’s small and medium businesses (SMBs) to support them to get their businesses online. Currently, India has around 51 million SMBs that contribute 37% to the country’s Gross Domestic Product (GDP). Out of these, just 32% businesses are online or are leveraging the benefits of internet. It is the remaining 68% that Google India wants to empower digitally in 2017, stated Pichai. Google Chief Executive, who is on a short visit to India, reaffirmed Google’s commitment while addressing a gathering of SMBs at an event in New Delhi on Wednesday. “The internet and digital technology will be an engine of growth for the Indian economy. Today, anyone ...

Deepak Kumar As the government envisions to attract more foreign investments, generate employment and facilitate further the ease of doing business in the country with its latest FDI liberalisation announcements, several national and international analysts said this expanded scope of FDI reforms would stimulate foreign investments in India, thereby giving a fillip to Prime Minister Narendra Modi-led Make in India scheme.   The government on Monday announced major changes in India’s foreign direct investment rules, allowing 100% foreign investments in defence and airline business, and relaxing norms for single-brand retails and keeping most sectors on automatic approval route. Praising the government’s new initiative, KPMG Partner & Head (Tax) Girish Vanvari said, “Coming at the back of the draft GST bill last week, the ...

Traditionally, businesses in Africa have behaved like ‘caterpillars’ – humdrum, slow-moving and easy to step on. Conditions are still somewhat similar, but change is creeping in fast. Although the place is still financially challenged, it’s no doubt one of the hottest markets today. While exports from Africa are growing at 6.1% (faster than any other region in the world), imports are expanding even faster – twice as fast as exports – averaging 13.8% per year. Perhaps Africa is eating more than it can cook – but isn’t that a wonderful piece of news for every dollar investor? Every single country of this 54-nation bloc provides a array of opportunities to both exporters and importers. A case in point is Ethiopia. This ...

Deepak Kumar | The Dollar Business President Pranab Mukherjee on Wednesday referred to the service sector’s exponential growth in the past, and its absolute potential in future, to transform India from a developing to a developed economy. He, however, stressed this would require a services-driven development strategy in line with the government’s policies and overall national development objectives. “Services sector has emerged as an agent of change for the country. This sector drives the Indian economy in an inclusive and equitable manner. It is the ‘sector of the current millennium’, in terms of generating employment, skill development, bringing in FDI, enhancing trade and boosting strategic partnerships,” the President said on Wednesday. The President was speaking at the inauguration of the second edition of Global ...

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 ...

Deepak Kumar | The Dollar Business The government on Thursday announced that it will declare names of the first 20 smart cities by the end of this year. “Twenty smart cities are going to be selected by the end of this year. Next year 40 cities, and the remaining 40 cities will be picked next to next year (in 2017),” said Union Minister of Urban Development M Venkaiah Naidu. Speaking at the “Smart Cities Summit 2015” in New Delhi, Naidu said, “Companies from 14 countries; the US, Canada, UK, France, the Netherlands and Spain, have been selected for the preparation of cities level plan for 42 mission city. This shows the global interest of the Smart Cities programme.” Indian as well ...

The Dollar Business Bureau The growing e-commerce sector which is expected to cross $80 billion by 2020 in India has proved to be a driving force for the country’s small and medium enterprises (SMEs), adding to their exports value and revenue, a study has said. According to the study carried out by online shopping platform Snapdeal and research firm KPMG, extensive use of internet can double the export of any small unit. “SMEs that use the internet extensively tend to export approximately twice as much by export value when compared to SMEs using the internet sparingly,” it said. At present, the SME sector accounts for more than 17% of the country’s GDP and contributes to 40% of the total exports. With ...