NRI New: Finance, Investment, and Outreach

CORPORATION BANK LAUNCHES HOUSING LOAN SCHEME FOR NRIS
Mangalore
The Hindu Business Line

Corporation Bank’s new housing loan scheme for NRIs, ‘Corp Home Premium — NRI’, was launched by Ashwani Kumar, Executive Director, at an NRI meet in Mangalore on Thursday. A bank release said the loan is available for purchase of ready-built house/flat, construction of house in pre-owned land, purchase of land and construction of house thereon, and takeover of housing loans from other banks/institutions. The minimum loan amount under this scheme is Rs 25 lakh and the maximum Rs 5 crore. NRIs will be given a special ‘Green Channel’ facility for priority sanction.

HARYANA TO RESERVE 10 PERCENT INDUSTRIAL PLOTS FOR NRIS
Chandigarh
The Economic Times

There’s good news for NRIs wanting to invest in Haryana. The state has decided to reserve up to 10 percent of industrial plots or sheds for NRIs and persons of Indian origin (PIO). Industrial units with 33 percent or more foreign direct investment (FDI) can also avail the benefit of reservation of industrial plots, a spokesperson of the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) said here Monday.

“In case of NRI plots, the entire amount towards the price of the plot would have to be remitted through the Non-resident External Rupee (NRE) Account of the applicant or in remittances from abroad or foreign exchange,” he said.

PUNJAB NEEDS TO IMPROVE POLICIES TO ATTRACT FDI: NRIS
Chandigarh
The Economic Times

Punjab needs to follow Gujarat’s lead and improve its “poor” policies if it wants to attract more investment from overseas Indians, NRIs at an investment meet here today said. “I do not see any major schemes or major development from Punjab or the state government which really helps (in getting NRI investments),” said Punjabi NRI Satinder Dhiman, who migrated to the US from Jalandhar 22 years ago.

The state accounts for just 0.42 percent of the FDI inflows into the country, with the majority of the foreign direct investment witnessed in the manufacturing, warehousing (Bharti-Walmart), IT, real estate and pharma sectors. Though data on the investment by Punjabi NRIs is not yet available, the bulk of their funds went into the IT, real estate, education and agri-processing sectors.

PUNJAB PLANS NRI CELL AT CMO
Charanjit Ahuja
The Financial Express

Taking a cue from neighboring Haryana which has extended host of special concessions to woo non-resident Indians including last week’s order of 10 percent reservation in industrial plots to be floated by Haryana State Infrastructure and Industrial Development Corporation in future schemes, the Punjab government has decided to set up an NRI cell in the chief minister’s office.

PRAVASI DIVAS: OVERSEAS INDIAN DOCTORS READY TO HELP INDIA
The Economic Times

NEW DELHI: Around 300,000 doctors of Indian origin are working abroad and they are willing to help the Indian government in a variety of ways, a leading Britain-based doctor said.

“Indian doctors abroad are keen to work in a variety of ways, including voluntary work, support in collaborative research and medical education,” Doctor Ramesh Mehta, secretary general of the Global Association of Physicians of Indian origin (GAPIO), told IANS.

Mehta, who is also president of the British Association of Physicians of Indian Origin (BAPIO), said: “There is hardly any country in the world where Indian doctors are not working. We want to coordinate their efforts to make it more beneficial to India by identifying their area of interest and matching it with the needs of the country.”

Infrastructure

CHANDIGARH AIRPORT’S NEW TERMINAL IN 4-5 MONTHS
Vijay C Roy, New Delhi/ Chandigarh
Business Standard

The new terminal building of the Chandigarh airport, one of the ambitious projects of the Airport Authority of India (AAI), is yet to be completed. The work on the project was started on November 11, 2007 and the Planning Commission had set December 2010 as the deadline for the project. But sources said it would take another four to five months to complete.

Travel operators are of the view that the delay in completion of the terminal building is hampering the passenger traffic growth.

HARYANA PLANS TO SET UP GLOBAL CARGO AIRPORT
Financial Express

Haryana chief minister, Bhupinder Singh Hooda on Monday said that the government intended to set up an international cargo airport in the NCR region and 3,000 acre of land has been identified for the project at Bhaini Maharajpur and Bhaini Bhairon villages.

The chief minister was speaking at a dinner meeting of industrialists of Japan and India in New Delhi last evening. Former Prime Minister of Japan and chairman of India -Japan Global partnership Summit (IJGPS Yukio Hatoyama was present in the meeting.

Hooda said that the Airport Authority of India has conducted the site survey and given go-ahead. Application has been filed with the Union ministry of civil aviation for formal approval of the project. The chief minister said that the HSIIDC has signed MoU with consortium of Japanese companies comprising Toshiba, Tokyo Gas and NEC for building ‘Smart Communities’ or ‘Eco Cities’ in the Delhi-Mumbai Industrial Corridor (DMIC) region, the country’s showpiece of futuristic developmental model. Opportunities exist for the Japanese investors in development of infrastructure under the initiatives of DMIC, Global Economic Corridor along the KMP Expressways and other initiatives by the various departments in social sectors and for setting up of industrial units.

GURGAON TO GET METRO LINK TO IGI Airport
Gurgaon, January 17, 2011
The Asian Age

The Haryana government has decided to link Gurgaon with the Indira Gandhi International Airport through Metro rail. The DMRC has been requested to prepare a detailed project report in this regard, chief minister Bhupinder Singh Hooda said.

METRO FINALIZES PLAN FOR ITO, JANPATH LINKS
Sweta Dutta, New Delhi
The Indian Express

Office-goers at ITO and shoppers at Janpath can look forward to easy Metro connectivity. As part of Phase-III, the Delhi Metro Rail Corporation has finalised the alignment of the Central Secretariat to Red Fort and Kashmere Gate corridor.

The entry-exit points for Janpath and Mandi House stations will connect key areas like the Imperial Hotel, MTNL Building, Eastern and Western Courts, Supreme Court and ITO crossing. The line will also run along Bahadurshah Zafar Marg with stations at Delhi Gate, Daryaganj, Jama Masjid and Red Fort, which will finally be linked to Kashmere Gate.

AUTOMATED PARKING MAY BE THE NEXT BIG THING IN DELHI
New Delhi, January 17, 2011
The Economic Times

Like in many global cities, motorists in Delhi may soon be able to park their cars in parking lots by swiping a credit card or smart card at automated kiosks without any human intervention. As part of efforts to overcome the problem of unregulated parking, the city government has decided to introduce an automated parking management system, using sophisticated equipment.

Motorists will even be able to check availability of space, number of cars at the parking facility, fees and other related information online and accordingly, have the option of booking slots by paying online.

Real Estate Trends

BUYING PROPERTY NEAR INFRASTRUCTURE PROJECTS
Tanushree Roy Chowdhury
The Times of India (Delhi edition)

Advertisement blurbs like “Just five minutes from a proposed Metro station” or “Five-minute drive from the airport with an upcoming Expressway” have become the unique selling points (USP) of private developers in the Delhi NCR. According to market researchers, it is an established fact that scheduled infrastructure projects tend to increase the value of properties in the adjoining areas. This is so because the infrastructure project becomes a part of the USP for developers or property owners to tag their projects.

Saugata Maitra, senior vice-president (Strategic Consulting) at Jones Lang LaSalle India, says: “There have been instances when property prices have increased 50-70 percent of the original cost with the announcement of an infrastructure initiative, until the operational phase. For example, residential sale rates in Essel Towers, Gurgaon, increased from around Rs 5,000/ sq ft in 2006 (when the Delhi Metro was announced) to nearly Rs 9,000/ sq ft towards the operational phase in 2010. In comparison, other areas displayed a more reticent increase, by 40-50 percent. Likewise, property values increased almost overnight in and around Panvel, Kharghar, Ulwe and most southern parts of Navi Mumbai, as well as Mumbai’s eastern corridors, which are well linked to the announced international airport.”

 

Indian Economy

COGNIZANT TO RECRUIT 25,000 EMPLOYEES IN 2011
The Economic Times

KOLKATA: IT firm Cognizant Technology Solutions (CTS) is set to engage at least 25,000 new employees in 2011, while focusing more within the country in tune with its strategy to expand operations in developing economies, a top company official said on Tuesday.

“The company, which had a mandate of growing at 38.8 percent last year, performed well in the last two quarters,” CTS president and managing director (global delivery) R. Chandrashekaran told reporters after the inauguration of its second campus in Bantala SEZ complex in the eastern part of the city.

“Most of our campus recruitment process is over. So we are definitely looking towards a very healthy number of people. It will be at least as good as last year when 25,000 new people were recruited,” said Chandrashekaran.

LEGAL OUTSOURCING BRINGS US/UK ATTORNEYS TO INDIA
Economy Watch

We have consistently discussed how India’s economic development strategy differs from those of China, Japan, and most of the rest of East Asia:

While the latter basically EXPORT GOODS — originally at the lower end of the value-added scale, and increasingly moving towards the upper end —

India essentially IMPORTS SERVICE JOBS, due to its combination of an excellent higher eduction system and English as a “native” language.

Even here, though, there is a continuous movement up the value-added chain,

so much that even high-end services – such as architecture and medical specialties like radiology, which both rely on Internet imagery – and, now, law are increasingly visible.

Haryana Policy

HARYANA TO EXEMPT AGRICULTURAL LAND SALE FROM CAPITAL GAINS TAX
Financial Express

Haryana farmers who part with their land may no more have to pay capital gains tax on the amount of compensation received from the buyer. It comes as a recommendation of the revised land acquisition policy of the state that came into effect from November 2010. If all goes as per plans the total amount paid to the farmers shall not come under the capital gains tax ambit. Sources in industries department informed FE that the state government has already forwarded the recommendation to the Centre for exempting the compensation amount from the purview of the capital gains tax.

YS Malik, financial commissioner and principal secretary, Haryana industries and commerce, said, “We had approached the Centre even before the policy was revised and have received a reply from the finance ministry as well. We are still processing it and working out the modalities. As such the agricultural land situated outside 8 km of the municipalities limits is exempted from capital gains tax but we have proposed to exempt that land which falls within 8 km of municipalities limits. Since taxation is central issue we have approached the Centre for this decision.” But this will be applicable in cases where the land is either Dadalahi or acquired in the name of the father or the existing landowner for a period of more than 10 years.

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