Economy
& Business
Kerry
accepts outsourcing, makes friendly overtures to India
What is India News
Service, July 15, 2004, 1300 hrs IST
US presidential hopeful John Kerry accepts
outsourcing as a reality, and his Democratic Party wants good relations with India.
New Mexico governor Bill Richardson, who made this announcement to reporters,
said, "We recognise that outsourcing is a reality, but at the same time, we want to develop our jobs and industries more at home here too."
"Senator Kerry is an internationalist and I think India should welcome him as an American
president," Richardson told reporters when asked about his party's strident posture against outsourcing.
Auditor,
Birlas go to court: R S Lodha, co-chairman of the M P Birla
group and its trusts, took the first step towards getting a probate
on the will of the late Priyamvada Birla by filing caveats in
Kolkata courts on Wednesday.
Mutual
fund request: UTI Mutual Fund, the country's largest mutual fund, has written to the
finance ministry seeking extension of exemption, now proposed for long-term capital gains
on securities, to mutual funds.
Defence vehicles
contract: Ashok Leyland has sought an annual contract for maintaining
defence vehicles. A company official suggested to Vice Admiral P Jaitly, Chief of Material, Indian Navy,
that his company could help keep defence vehicles in good shape. Ashok Leyland
does substantial business with the defence forces.
Thoughts
on transaction tax: After the anguish, the good news. The finance ministry is understood to be working on a proposal to segregate the proposed securities transaction tax into three slabs of 0.15 per cent, 0.015 per cent and 0.0015 per cent. The lower rates would be applicable to arbitrageurs and day traders, respectively.
Service
tax on tech institutes: It will cost more to educate students at computer and other vocational training centres. The courses being offered by private institutions will now become expensive by more than 10 per cent on account of expiry of service tax exemption and imposition of education
cess.
Overall:
Kerry accepted outsourcing: The US
senator who wanted a ban on outsourcing is now saying he wants
friendly ties with India.
Legal battle began for empire: The Birlas and their auditor
Lodha filed caveats in Calcutta courts, signalling the beginning of
a legal battle for the Birla empire.
Transaction tax was given more thought: Day
traders at the stock markets could hear good news soon.
Computer schools got costlier: The
tax holiday is over, and they have to pay a 10 per cent service tax
hereafter.
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