India Targets To Encourage Trade Volumes

Kolkata: India has set an aim to boost trade volumes with the ASEAN countries to $50 billion, up from the present $20 billion. The proposed free-trade agreement with the ASEAN countries will help this process by opening up market for many Indian products, especially auto-components. Many ASEAN countries such as Malaysia are interested sourcing auto components from India.

Centre Clears 20 Sezs In Bengal

KOLKATA: West Bengal commerce and industry minister Nirupam Sen told the state Assembly on Wednesday that the Centre had cleared 20 SEZs in the state and also agreed in principle to give the go-ahead to 17 other SEZs.

Replying to questions, the minister added that during the current fiscal, the Union government had given the green signal to 86 other industrial projects with an investment of Rs 2,28,039 crore.

Mr Sen said 50% of the total land area in a particular SEZ would be used for processing units and 25% for creating related infrastructure facilities.

The balance 25% would be used for other purposes. He informed that the state government would not follow any model rehabilitation package while acquiring land for various industrial projects.

“We will try our best to compensate and rehabilitate those whose lands would be acquired for any project. Attempts will also be made to ensure jobs for at least one person from each families whose land would be taken over by our government,” Mr Sen said.

LA Trade Delegation To Tap Opportunities In Kolkata

Kolkata: Technology assistance and other forms of economic cooperation via an alliance arrangement is being sought from the Los Angeles County Economic Development Corporation (LAEDC) and the World Trade Center Association (WTCA), Los Angeles Long Beach, for developing an integrated primary healthcare system in Kolkata. A 25-member trade delegation accompanying the WTCA-LAEDC team members, and consisting business and civic leaders from Southern California, is in the city to forge ties between Eastern India and the County of Los Angeles in public and private industries such as logistics, healthcare, tourism, technology and transportation. Already enjoying twin cities status, both sides have also agreed to strengthen existing ties. Supported by the US Consulate, Kolkata and the Bengal Chamber of Commerce and Industry, the trade delegation also comprises representatives of the City of Los Angeles Mayor''s International Trade Office and the Los Angeles Board of Airport Commissioners.

Direct Tax Expert For Slashing Of 5pc R&D Cess

Kolkata: Direct tax experts are of the sight that given the new era of knowledge process outsourcing (KPO), and free movement of technology and design and drawings for betterment of Indian manufacturing, the long standing (since 1986) R&D Cess of five per cent, as applicable to an industrial concern, should be scrapped without any further delay. According to Mr Narayan Jain, Vice-Chairman of All-India Federation of Tax Practitioners (AIFTP), and former President of DTPA, as per Section 3(2) of the Research and Development Cess Act, 1986, the cess, to be paid to the Central Government on or before payment towards import of technology by an industrial worry, has now outlived its utility. Any company engaged in construction was now covered within the meaning of an industrial concern, following the changes to the provisions of the Industrial Development Bank of India Act in March 2000. In case of failure in making such payment to the Technology Development Board, penalty likely to be imposed under Section 9 of the R&D Cess Act, of an amount not exceeding 10 times the cess amount in arrear.