Economy & Business 

Michigan business school opens research centre in Bangalore

What is India News Service, June 18, 2004, 1630 hrs

The Michigan Business School opened a research centre in India. Value added tax is likely to be introduced soon.

C K Prahalad, management thought leader, N R Narayana Murthy, chairman of Infosys, and Prof  Sadagopan inaugurated a research centre of the Michigan Business School in Bangalore.

Prahlad, who is C K Harvey C Fruehauf professor, University of Michigan, said unless government shows accountability and transparency, infrastructure will not grow. Narayana Murthy added that India was executing jobs, but it needed to do things faster.

Value-added tax (VAT) has finally met with acknowledgement from finance ministers of all states. If it goes through at Friday\92s meeting called by finance minister P Chidambaram, the budget will fix April 1 as the deadline to implement it. VAT, also known as goods and services taxes (GST), is a modern and transparent system that replaces all domestic taxes. A uniform rates applies across commodities and services, thereby helping avoid multiple taxes.

Car companies in India still stick to traditional colours.  A study found white, silver grey and blue traditional favourites. Sources estimate that 80-85 per cent of cars sold in India belong to a lighter shade. Manufactures have not been able to come up with an explanation for this pattern.

Overall:

Research centre opened: The Michigan Business School now has a research facility in Bangalore.

VAT was accepted: The states have come round to accepting the merits of value-added tax.

Study found Indian car owners conservative: They don\92t go for flashy colours, and tend to stick to whites and silver greys.

Overall:

Foreign ministers will meet: Natwar Singh and Kasuri will have their first face-to-face meeting in China on June 21.

Chidambaram will brief coalition: The finance minister is preparing to present the first ever budget of the United Progressive Alliance.

Indians applying for patents: They are innovating, and getting more US patents than ever before.

Textile regime will end: India stands to gain from the end of the WTO textile regime, but many developed countries could press for an extension.