US to focus on investing in India’s infrastructure
Washington, Mar 7 (PTI) US Assistant Secretary of State for Economic, Energy and Business Affairs Jose W Fernandez is visiting India to focus on US” partnership in building India”s infrastructure.
During his five-day visit beginning today, Fernandez will meet with US companies, American Chambers of Commerce, Indian industry representatives and Indian government officials to discuss ways through which the US private sector can enhance its role in the on-going development of Indian infrastructure, the State Department said today.
He will travel to Mumbai, New Delhi and Kolkata.
India to add 15,000 MW in FY11: Power Minister
NEW DELHI: India will add 15,000 MW of power capacity in the financial year ending March 30, while it has already added 10,460 MW of capacity till date since April 2010, power minister Sushil Kumar Shinde told reporters on Tuesday.
State govt plans to develop 11 new airports
Picture taken from here
Gujarat government is planning to develop 11 new airports in the state, the Legislative Assembly was informed today.
In a written reply to a question, Gujarat Civil Aviation Minister Praful Patel said the government was planning airports at Dwarka, Ambaji, Palitana, Ankleshwar, Dahej, Morbi, Rajkot, Parsoli, Rajpipla, Dholera and Dholavera.
Justifying the reasons for setting up a slew of airports, he said the airports at Dwarka, Ambaji and Palitana were being set up to provide air connectivity to these popular pilgrim places. A special economic Zone is being developed in Dahej, while Dholera has been declared as a special investment region (SIR). Dholavera in Kutch is a famous archaeological site and an airport here is expected to give boost to tourism, he said.
Education advances and the Indian Economy
India Inc plans aggressive hiring drive
The Financial Express
Reflecting the bullish employment market, companies in India plan to recruit new personnel at a hectic pace over the next three months, with the manufacturing industry expected to offer the strongest hiring prospects, says a survey.
Staffing services firm Manpower’s Employment Outlook Survey released today showed that employers in India have the strongest hiring intentions for the 2011 second quarter.
India on mind, Carnegie Mellon University thinks digital
Carnegie Mellon University President Jared Leigh Cohon has been trying to push “digital education” as the next big revolution in the sector.
Just a few years ago, Cohon, one of the most respected educational administrator in the US, met Apple CEO Steve Jobs, requesting him to insert an application to deliver undergraduate courses on the iconic iPhone, on an experimental basis.
Jobs refused point-blank, saying educational applications were “boring”.
Cohon, however got a more encouraging response from Facebook’s maverick co-founder, Mark Zuckerberg. He went to him with a simple offering — digital education is good, but it misses out on social interaction that students develop while living on the campus. So could Facebook fill in this gap in the digital platform? Zuckerberg told Cohon he did not understand the digital education business, but he would be willing to integrate Facebook if the university built applications for such an interaction.
92% Indian students in US ready for future back in India
The Hindustan Times
Nine in ten Indian students in the US who participated in the largest known and most comprehensive study yet of the community’s future plans are keen to return to India to pursue their careers.
As many as 84% of those planning to return to India are interested in jobs combining research and teaching, the study found, in findings with major implications for policy makers here grappling with a crippling faculty shortage. Most of them however said they would not accept a pure teaching job.
The study, conducted by researchers from the Tata Institute of Social Sciences (TISS), Pennsylvania State University and Rutgers University is the largest effort yet to look at diverse aspects of future plans of Indian students in the US and factors driving their decisions. The study was released in the US today.
India aims to have a doctor for every 1,000 people by 2031
The Times of India
NEW DELHI: India has just one doctor for 1,700 people. In comparison, the doctor population ratio globally is 1.5:1,000. An internal note prepared by Medical Council of India’s ‘Undergraduate Education Working Group’ said the target being put in place for India is 1 doctor for 1,000 population by 2031.
The note, available with TOI, also looked at the situation in other countries. Somalia has one doctor for 10,000 population, Pakistan has one doctor for 1,923 population and Egypt has one doctor per 1,484 population. China’s doctor population ratio stands at 1:1063, Korea 1:951, Brazil 1:844, Singapore 1:714, Japan 1:606, Thailand 1:500, UK 1:469, US 1:350 and Germany 1:296.
IT sector to get 12% avg salary hike in 2011
Times of India
NEW DELHI: Indian corporate salaries are set to grow by nearly 13 per cent this year, the fastest pace in the world, and will keep rising at this level for up to five years, a consultancy forecast.
The country’s salaries will grow by by 12.9 per cent in 2011, ahead of China’s which will see nine percent growth, global human resource consultancy Aon Hewitt said.
“Indian companies have been doing pretty well with growth picking up, and there is an extra pool of cash,” Nitin Sethi, India compensation specialist for Aon Hewitt, said.
TCS sees silver lining in SME cloud
With iON for SMEs, India’s largest IT service provider is stepping into unchartered territory.
Until a few months back, Subhasish Saha, chief technology officer, Apeejay Surrendra Group, wasn’t very sure if he could trust a large Information Technology (IT) services firm for services and solutions. His contention was that most large firms he had spoken to did not have a Small and Medium Enterprise (SME) focus.
Las Vegas hotel to check into Delhi’s hospitality district
Las Vegas-based hotel-casino MGM Grand has firmed up plans to check into the hospitality district near the international airport in Delhi. This will be MGM’s first destination in India, and it expects to be ready by early 2014. There won’t be any casino here, though.
MGM Grand, with its characteristic lion at the entrance, is one of the prominent structures on The Strip, referred to a long stretch in Vegas lined with hotels and casinos on both sides.
The MGM Grand and Skylofts in New Delhi will be part of a dynamic multiple-hotel development in the national capital, MGM (hospitality) vice-president of development-India Rishi Kapoor told Business Standard. “Groundbreaking on the project is scheduled for this month and MGM Grand New Delhi is expected to welcome its first guests in early 2014,” he said.
Best Western to operate 100 hotels in India by 2017
NEW DELHI: International hospitality chain Best Western today said it plans to operate 100 hotels in India by 2017, up from the current count of 18 properties in the country.
“The long term plan is that in the next seven years we want to operate 100 hotels in India aggregating to about 10,000 rooms,” Best Western India President and COO Sudhir Sinha told PTI.
Out of the total 100 hotels planned, 50 per cent will be in the budget segment while remaining would be a mix of mid and premium segment properties, Sinha added.
Real Estate Sector
Capital gains and tax on sale of house
The Income Tax Act contains specific provisions on tax of capital gains arising out of transfer of a house. Capital gain tax is leviable on sale or transfer of a house. What constitutes a sale and transfer has been specified under the Income Tax Act.
The capital gains tax is computed on the indexed cost of the house sold, which is deducted from the amount received by the assessee. The indexed cost is computed according to the indexation rates notified by the Income Tax Department for each year.