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New Delhi, The inter-ministerial board of approval, on request of a developer of an IT/ITeS sector special economic zone, can permit demarcation of non-processing area of that zone, according to an official notification. The inter-ministerial Board of Approval is the highest decision making body on <keyword id="69055" type="General" weightage="20" keywordseo="special-economic-zones" source="Orion">special economic zones</keyword> (SEZs). It is chaired by the commerce secretary. The <keyword id="6365809" type="General" weightage="20" keywordseo="commerce-ministry" source="Orion">commerce ministry</keyword>'s notification said that a non-processing area under such SEZs can be used for setting up and operation of businesses engaged in Information Technology (IT) or Information Technology Enabled services (ITeS) sector. For this, the ministry has amended the Special Economic Zones (Fifth Amendment) Rules, 2023. Inserting a new rule, the notification said: "...the Board of Approval, on request of a developer of an IT or ITeS SEZs, may permit demarcation of a portion of the built-up area of an IT or ITeS SEZ as a non-processing area of the IT or ITeS SEZ to be called a non-processing area." In the processing area, units are located for manufacturing of goods or rendering of services. Non-processing areas are where supporting infrastructure is created. It also said that the board would permit the demarcation "only" after repayment, without interest, by the developer. "Demarcation of a non-processing area shall not be allowed if it results in decreasing the processing area to less than fifty per cent of the total area...," it added. The notification also said that the businesses engaged in these zones in a non-processing area would not avail any rights or facilities available to SEZ units. It added that no tax benefits shall be available on operation and maintenance of common infrastructure and facilities of such an IT/ITeS zone. Welcoming the move, Sanjay Dutt, MD &amp; CEO, <keyword id="672851" type="General" weightage="50" keywordseo="tata-realty-and-infrastructure-ltd" source="Orion">Tata Realty and Infrastructure Ltd</keyword>, said that this revised policy not only facilitates the expansion of companies' office spaces but also extends the benefits of SEZ areas to non-SEZ entities. "It's a proactive move by the government, optimizing the utilization of real estate resources," he said, adding, "presently, the country boasts around 170 million square feet of ready IT SEZ office space in the top 6 cities, with nearly 20 per cent (over 30 million square feet) lying vacant. Additionally, about 10 million square feet of SEZ spaces are under construction and set to be completed within the next 2 years."

Inter-ministerial approval board can permit demarcation of non-processing area under IT sector SEZs

Two more Japanese banks are set to join 10 foreign and 16 local banks in the <keyword id="880043" type="General" weightage="20" keywordseo="tax-free" source="Orion">tax-free</keyword> <keyword id="6424024" type="General" weightage="20" keywordseo="gift-city" source="Orion">GIFT City</keyword>, where more than 550 businesses with assets worth USD 47 billion have registered and begun operations, an official said.. This marks a significant expansion of the GIFT City's <keyword id="34510" type="General" weightage="20" keywordseo="financial-sector" source="Orion">financial sector</keyword>, which is expected to play a key role in India's economic growth, International Financial Services Centres Authority (IFSCA) chairman K Rajaraman said here. "We also want Indian origin funds and businesses that are located in tax-free jurisdictions to return home and be part of the growing GIFT City hub," said Rajaraman, giving this update on the Ahmedabad-based city free trade zone, where ease of doing business procedures, processes and laws have become a benchmark for international standards. IFSCA is the regulatory body for the Indian special economic zones such as the GIFT City. Rajaraman said his recent delegation to Tokyo has resulted in two Japanese banks registering in the GIFT City, and more are expected as he continued discussions with potential businesses at the Singapore Fintech Festival being held 15-17 November 2023. "We are at Singapore Fintech Festival to promote the advantages of being in Tax-Free GIFT City," he underlined. He informed that 78 fund managers with 88 alternative investment funds, 82 funds with a corpus of USD 90 billion, as well as five insurance companies and two stock exchanges - GIFT CITY Nifty of National Stock Exchange and a bullion exchange are already part of the business community that the Indian government wants to establish and be part of the global financial network. "We believe a lot of India-focus business will certainly work out of GIFT City and a lot of fast growth is seen, he said, pointing out that 122 aircraft assets have been leased out tax-free city. "We have three electronic trading platforms - international trade finance solutions for bill factoring while there are insurance companies with international joint venture partners," said Rajaraman. The Singapore Fintech Festival had 650 companies from across the world.

Two Japanese banks set to start operations in GIFT City: IFSCA chief

Ahmedabad (Gujarat) [India], November 9 (ANI): AdPorts and Special Economic Zone Ltd. (APSEZ) has reported robust financial results for the second quarter and the first half ending September 30, 2023, showcasing remarkable growth across key metrics. According to a press release by Adani, APSEZ witnessed a substantial YoY revenue growth of 26 per cent, reaching Rs 12,894 Crores during H1 FY24. The company's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) recorded an impressive YoY growth of 49 per cent, amounting to Rs 7,429 Crores. Profit After Tax (PAT) increased by 33 per cent YoY, reaching Rs 3,881 Crores. The port EBITDA margin expanded by 220 basis points (bps) YoY to 72 per cent in H1 FY24. APSEZ achieved record cargo volumes of 203 MMT during H1 FY24 across its 8 ports and terminals. Mundra Port, the flagship port, celebrated 25 years of successful operations, handling over 16 MMT of cargo in a month and achieving the 4 Mn TEUs milestone in just 203 days. APSEZ expanded its logistics business, adding 11 rakes, Loni ICD, and warehouses at Mumbai and Indore during H1 FY24. Karan Adani, CEO and Whole Time Director of APSEZ expressed satisfaction with the company's outstanding performance, citing a 14 per cent YoY increase in cargo volume and improved operational efficiencies contributing to the 72 per cent domestic ports EBITDA during H1 FY24. Adani said, "APSEZ achieved another milestone by registering its highest ever half-yearly revenue of Rs 12,894 Crore, EBITDA of Rs 7,429 Crore and cargo volumes of 203 MMT during H1 FY24. The splendid performance was on the back of a 14 per cent YoY increase in cargo volume coupled with improving operational efficiencies at our ports, which has resulted in our domestic ports EBITDA improving by 220bps YoY to 72 per cent during H1 FY24." APSEZ's under-construction port in Sri Lanka secured a funding commitment of USD 553 million from the US International Development Finance Corporation (DFC). The logistics business recorded significant growth, with rail volumes up 25 per cent YoY and GPWIS volumes up 42 per cent YoY during H1 FY24. APSEZ achieved an emission intensity reduction of 48 per cent and a water intensity reduction of 58 per cent from the base year (FY2016) as of H1 FY24. The company completed a mangrove plantation of 4,200 Ha against its 2025 target of 5,000 Ha. S&amp;P (DJSI) provided APSEZ with a score of 65 (out of 100), ranking it in the top 4 per cent globally in the Transport and Transport infrastructure sector in its 2023 ESG assessment. APSEZ remains poised for sustained growth, with strong financials, strategic expansions, and a commitment to environmental sustainability. (ANI)

Adani ports and Special Economic Zone Ltd. records stellar H1 FY24 performance

The <keyword id="19987636" type="General" weightage="20" keywordseo="Bihar-government" source="keywords">Bihar government</keyword> is making serious efforts to give a fillip to <keyword id="23049947" type="General" weightage="20" keywordseo="small-scale-and-medium-enterprises" source="Orion">small-scale and medium enterprises</keyword> which would play a crucial role in the overall <keyword id="352701" type="General" weightage="20" keywordseo="economic-development" source="Orion">economic development</keyword> of the state, a top official of the Industries department said. Around Rs 2,900 crore have been disbursed to nearly 74,540 beneficiaries under two schemes, one of which was launched only last year, for promoting Micro, Small and Medium Enterprises ( <keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) in the state, the official said. <keyword id="19903647" type="General" weightage="20" keywordseo="bihar" source="keywords">Bihar</keyword> has a strong MSME base. To promote innovation ecosystem and unlock the enormous entrepreneurial potential of the state, the Mukhya Mantri Udyami Yojana (MMUY) and <keyword id="23049946" type="General" weightage="20" keywordseo="Bihar-Laghu-Udyami-Yojana" source="keywords">Bihar Laghu Udyami Yojana</keyword> (BLUY) were launched in 2018 and 2023 respectively focusing on promotion of MSMEs in the state. "A total of Rs 2,697 crore was disbursed to 34,441 beneficiaries from 2018 till now under MMUY. Similarly, till date Rs 200 crore of the first instalment has been disbursed to 40,099 beneficiaries under BLUY", Secretary, Department of Industries, Bandana Preyashi told PTI. On the one hand, Bihar is getting big ticket investments for major manufacturing units and on the other hand, the state government is also enabling an ecosystem where the MSMEs can thrive on the ground level for the benefit of the rural economy, Preyashi said. The Bihar Laghu Udyami Yojana aims to provide job opportunities to at least one member of poor families whose monthly income is less than Rs 6,000 a month, she said. The state government is providing Rs 2 lakh to each beneficiary in three instalments to set up and run micro and small industrial and processing units, Preyashi said. The government's objective is promotion of MSMEs through awareness, training and handholding support, the Industries secretary said. The state government is encouraging entrepreneurs and investors through the provision of a safe and sound work environment and basic infrastructural facilities which include land, roads, electricity, and water availability, she said. The Industries secretary further said, "With new policies of the state government, Bihar is witnessing significant investment promotion activities, reinforcing its position as an emerging business and industrial hub in the country. During the Bihar Business Connect 2023, 278 companies signed MoUs, committing to investments totalling Rs 50,530 crore." the secretary said. The state government has implemented the Bihar Industrial Investment Promotion Policy (BIPP), Bihar Logistics Policy 2023, Ethanol Production Incentive Policy 2021 and Textile and Leather Policy 2022 to promote industrial growth and investment in the state. "Under these policies, stage-1 clearance was given to 481 applications, with a proposed investment amount of Rs 4,512.85 crore. A total of 175 units were given clearance for financial incentives with an investment of Rs 2,195.10 crore, an all-time high, since the inception of the state investment promotion policies," she said. In 2023-24, 255 startups were recognized in the state and a total of Rs 11.92 crore has been disbursed as seed funding to these startups. From April 2023 to January 2024, Bihar Industrial Area Development Authority (BIADA) allotted plots/sheds to 427 units having a total investment size of Rs 6,145 crore covering 492 acres of land and also creating 35,224 employment in the state, said the secretary. "Infrastructure development in industrial areas was given top priority. Funds of Rs 409.33 crore were approved under Part I and Rs 212.68 crore for construction of unity mall under special assistance to states in 2023-24. In the current financial year of 2024-25,149 units have been granted stage I clearance for a proposed investment amount in Rs 3,950.48 crore in Bihar State Investment Promotion Board", she said. At present, Bihar's proposal to establish a multi-sector Special Economic Zone (SEZ) in Nawanagar and Kumarbagh has been approved by the Government of India. "Authorities concerned are also working on the establishment of Export Promotion Councils (EPCs) in Bihar that will help Bihari Exporters to expand their businesses to international markets", said the secretary. Bihar Chief Minister <keyword id="19907431" type="General" weightage="20" keywordseo="nitish-kumar" source="keywords">Nitish Kumar</keyword> on August 3 this year laid the foundation stone for Rs 1,600 crore cement grinding unit of Ambuja Concrete North Private Limited, a subsidiary of Adani group's Ambuja Cements, in Warisaliganj block in Nawada district. This is considered the largest investment in the state by a cement industry player. "The project is expected to create 250 direct jobs and 1,000 indirect jobs on the site. The project will meet the growing infrastructure needs of Bihar. Adani Group has decided to invest additional Rs 5,500 crore in Bihar in various sectors, including cement manufacturing (in Muzaffarpur), logistics (near Patna) and projects related to agro-industry in Araria, Kishanganj and Begusarai. A total of 40,000 employment will be generated by these investments", said the statement issued by the CMO after the conclusion of the event on August 4.

Bihar government disburses Rs 2,900 crore to 74,540 beneficiaries for promoting MSMEs: Official

<ul><li><keyword id="841459" type="General" weightage="20" keywordseo="APSEZ" source="Orion">APSEZ</keyword> witnessed a 62% YoY growth in rail cargo through the Indian Railways' General Purpose Wagon Investment Scheme. </li><li><keyword id="46519" type="General" weightage="80" keywordseo="mundra-port" source="Orion">Mundra Port</keyword>, operating under APSEZ, has managed over 15,000 container trains in FY23.</li><li>Mundra Port witnessed a 4.3% year-on-year growth in double-stack container trains in FY23.</li></ul><keyword id="1697348" type="General" weightage="20" keywordseo="Adani-Ports-and-Special-Economic-Zone" source="Orion">Adani Ports and Special Economic Zone</keyword> (APSEZ), the flagship company of Adani Group, handled the highest ever rail cargo of 120.51 million metric tonnes (MMT) in FY23. It had handled a volume of 98.61 MMT in FY22. APSEZ witnessed a 62% YoY growth in rail cargo through the Indian Railways' General Purpose Wagon Investment Scheme (GPWIS). Mundra Port managed over 15,000 container trains in FY23. In FY23, APSEZ generated an impressive revenue of approximately ₹14,000 crore from rail cargo operations in collaboration with Indian Railways. Mundra Port witnessed a 4.3% year-on-year growth in double-stack container trains in FY23. The utilization of the double stack loading technique for containers on trains ensures energy efficiency and reliability in transportation, leading to reduced per unit cost and enhanced customer satisfaction, the company said. The company said that Mundra Port’s utilization of rail transport significantly reduces the carbon footprint associated with freight transportation. Moreover, the efficient handling of container trains minimizes the reliance on additional truck transport, leading to further reductions in carbon emissions. APSEZ, a subsidiary of Adani Group, has transformed from a port company into an Integrated Transport Utility, offering end-to-end solutions from its port gate to the customer gate. It holds the distinction of being India's largest port developer and operator, with six strategically positioned <keyword id="6413000" type="General" weightage="80" keywordseo="ports" source="Orion">ports</keyword> and terminals on the west coast (Mundra, Dahej, Tuna, and Hazira in Gujarat, Mormugao in Goa, and Dighi in Maharashtra). It also has five ports and terminals on the east coast of India (Dhamra in Odisha, Gangavaram, and Krishnapatnam in Andhra Pradesh, and Ennore, Karaikal, and Kattupalli in <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>). These ports and terminals account for 24% of the country's total port volumes, enabling the handling of significant amounts of cargo from coastal regions and the hinterland.

Adani Ports records highest-ever rail cargo of over 120 mmt in FY23

Billionaire Gautam <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword>'s group on Tuesday said it will prepay USD 130 million of debt as it looks to boost investor confidence post being targeted by a US short-seller. <keyword id="895682" type="General" weightage="20" keywordseo="Adani-Ports" source="Orion">Adani Ports</keyword> and <keyword id="6365230" type="General" weightage="50" keywordseo="special-economic-zone" source="Orion">Special Economic Zone</keyword>, the ports company of the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>, had last month floated a tender to buy back as much as USD 130 million of its July 2024 bonds and similar amounts in each of the next four as it looked to regain investor confidence by showing that its liquidity position is comfortable. In a stock exchange filing, APSEZ said an aggregate principal amount of USD 412.7 million was validly tendered. "Since the principal amount of notes validly tendered and not validly withdrawn on or prior to the early tender date (of May 8) exceeded the maximum acceptance amount of USD 130 million in aggregate principal amount of the outstanding notes, the company will accept such notes for purchase subject to the proration factor of 34.2649 per cent," it said. Shares of Adani group companies pummelled after <keyword id="9916845" type="General" weightage="50" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> in a January 24 report accused it of accounting fraud and improper use of offshore tax havens for stock manipulation. The group has denied all allegations. APSEZ said the buyback programme for its 3.375 per cent 2024 maturity dollar-denominated bonds closed on May 8. "The purpose of the tender offer is to partly prepay the company's near-term debt maturities and to convey the comfortable liquidity position," it had said in a statement last month. The company had engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, <keyword id="4370138" type="General" weightage="50" keywordseo="first-abu-dhabi-bank" source="Orion">First Abu Dhabi Bank</keyword>, PJSC, <keyword id="17366045" type="General" weightage="50" keywordseo="mufg-securities-asia-singapore-branch" source="Orion">MUFG Securities Asia Singapore Branch</keyword>, <keyword id="616606" type="General" weightage="50" keywordseo="smbc-nikko-securities" source="Orion">SMBC Nikko Securities</keyword> (Hong Kong) and <keyword id="127691" type="General" weightage="50" keywordseo="standard-chartered-bank" source="Orion">Standard Chartered Bank</keyword> to serve as dealer managers for the offer. In addition to the principal amount, the company will pay accrued interest, in respect of any notes purchased in the tender offer from, and including, the last interest payment date. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/possibility-of-rival-bids-for-go-airlines-it-is-a-hypothetical-question-says-ceo-kaushik-khona/articleshow/100100179.cms">Possibility of rival bids for Go Airlines? It is a hypothetical question: says CEO Kaushik Khona</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/need-to-step-up-quickly-to-install-refining-capacity-anand-mahindra-on-lithium-reserves-discovery-in-rajasthan/articleshow/100099312.cms">Need to step up quickly to install refining capacity: Anand Mahindra on lithium reserves discovery in Rajasthan</a>

Adani group to prepay USD 130 million debt to boost investor confidence

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

<ul><li><keyword id="6363321" type="General" weightage="20" keywordseo="audi" source="Orion">Audi</keyword> has launched a limited edition version of the Q8 model in India.</li><li>The limited edition <keyword id="-162" type="General" weightage="20" keywordseo="audi-q8" source="Orion">Audi Q8</keyword> SUV has been launched with a price tag of ₹1.18 crore.</li><li>The <keyword id="10080932" type="General" weightage="100" keywordseo="audi-q8-limited-edition" source="Orion">Audi Q8 limited edition</keyword> features the same engine as its regular counterpart.</li></ul>German luxury automaker Audi on Monday showcased the limited edition Q8 in India ahead of the festive season. The car has been launched with an improved exterior design, while retaining the same engine as the standard Q8. “The Audi Q8 is the most versatile SUV in our product portfolio. We are happy to begin the festive season with the launch of a limited-edition Audi Q8 for customers who are looking for a car that is a blend of comfort, elegance, and a technology-rich experience,” said Balbir Singh Dhillon, Head of <keyword id="148913" type="General" weightage="50" keywordseo="audi-india" source="Orion">Audi India</keyword>. <cmsannotation type="cmsannotation" annotationid="Audi Q8 limited edition price and availability" comment="subhead" text="Audi Q8 limited edition price and availability"><keyword id="18732661" type="General" weightage="20" keywordseo="audi-q8-limited-edition-price" source="Orion">Audi Q8 limited edition price</keyword> and availability</cmsannotation> The Audi Q8 limited edition has been launched with an ex-showroom price of ₹1.18 crore. The car is available in three colour options – Mythos Black, Glacier White and Daytona Gray. Audi has said that the car will be sold in a limited number only. <cmsannotation type="cmsannotation" annotationid="Audi Q8 limited edition features" comment="subhead" text="Audi Q8 limited edition features">Audi Q8 limited edition features</cmsannotation> The Audi Q8 limited edition comes with a blacked-out grille, wing mirrors and roof rails. The car is equipped with the company’s S-line exterior package. The car is also equipped with four-zone climate control, five-spoke 21-inch alloy wheels and a Bang and Olufsen speaker system. The limited edition retains the same 3.0-litre turbo-petrol engine mated with a 48V mild-hybrid system. The engine is capable of delivering a maximum power output of 340 hp and 500 Nm of peak torque. The car offers a top-speed of 250 km per hour and can go from 0 to 100 in just 5.9 seconds. The limited edition SUV is equipped with a button-less navigation touchscreen. It is equipped with a 10.1-inch infotainment screen and an 8.5-inch screen for controlling the HVAC. As it is a premium car, it is equipped with several safety features as well. It comes with 8 airbags, electronic stabilisation program, Audi Park Assist with Parking Aid Plus, a rear-view camera and more. Limited edition or special edition cars are not new to India. BMW India launched the BMW 6 Series Gran Turismo M Sport Signature limited edition in India with a price tag of ₹75.6 lakh. Similarly, Skoda had launched the special editions for its popular cars Kushaq and Slavia earlier this month. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tata-nexon-new-ev-facelift-introduced-revamped-design-up-to-465-km-range-and-more/slidelist/103498973.cms">Tata Nexon EV facelift introduced – revamped design, up to 465 KM range &amp; more</a> <a href="https://www.businessinsider.in/business/auto/news/volvo-c40-recharge-with-530-km-range-launched-in-india-for-61-25-lakh/articleshow/103382328.cms">Volvo C40 Recharge with 530 km range launched in India for ₹61.25 lakh</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-new-cars-in-india-in-september-2023/slidelist/103247552.cms">Tata Nexon to Aston Martin DB12 – Cars launching in India this September</a>

Audi Q8 limited edition races into the festive season with a ₹1.18 crore price tag

<ul class="summary-list"><li>Elite executives visited Davos, Switzerland, for the World Economic Forum last week.</li><li>The hottest hotel for even the most high-powered attendees was a budget chain: the Hilton Garden Inn.</li></ul>751 locations at an average of roughly $120 a night isn't exactly exclusive among hotel chains, but in Davos over the last week, elite executives visiting the <a target="_blank" href="https://www.businessinsider.com/davos-switzerland-world-economic-forum-spectacular-winter-scenery-alps-2024-1">World Economic Forum</a> clamored for a room at the Hilton Garden Inn.<a target="_blank" href="https://www.wsj.com/lifestyle/travel/bad-hotels-and-not-enough-wine-a-week-with-billionaires-1634c75c?mod=hp_lead_pos7">The Wall Street Journal</a> reported A-listers visiting Switzerland for the conference — including Bridgewater hedge-fund investor <a target="_blank" href="https://www.businessinsider.com/ray-dalios-bridgewater-spent-one-million-renovating-rockstar-bus-book-2023-11">Ray Dalio</a>, former President Trump's son-in-law <a target="_blank" href="https://www.businessinsider.com/who-is-jared-kushner-2018-1">Jared Kushner</a>, and <a target="_blank" href="https://www.businessinsider.com/princesses-beatrice-eugenie-fraud-case-tied-to-prince-andrew-report-2022-4">Princesses Eugenie and Beatrice</a> — stayed at the budget Hilton chain this year as they attended events for the upper echelons of business, finance, and tech.The Hilton Garden Inn chain, with locations near most major airports, offers an accessible version of the luxury the hotel giant is known for with their properties like Waldorf Astoria Resorts or Conrad Hotels. Hilton Garden Inns feature more double-bed rooms than grand suites, a traditional buffet breakfast, and a dinner service that one visitor to the Davos location described in a Google review as "a bit bland and simple."But while the World Economic Forum is in town — this year featuring extensive discussion about <a target="_blank" href="https://www.businessinsider.com/davos-global-elite-saying-about-ai-behind-closed-doors-2024-1">the future of AI</a> — the budget chain is a hot spot for some of the ultrawealthy who'd usually be more likely spotted at a <a target="_blank" href="https://www.businessinsider.com/ritz-carlton-second-luxury-cruise-ship-ilma-yacht-2023-3">Ritz-Carlton</a> or <a target="_blank" href="https://www.businessinsider.com/four-seasons-at-the-surf-club-miami-luxury-hotel-review-2023-12">Four Seasons.</a>Stanley Bergman, the CEO of the medical device supplier Henry Schein, who has stayed at the hotel annually since 2016, had to leverage his connections at the hotel to snag two tables at the lobby restaurant due to limited space, The Journal reported."If you really know the right people you can get a customized egg," Berman told the outlet in an apparent quip about the available amenities being so limited that even a breakfast order isn't made to preference.Representatives for Hilton did not immediately respond to a request for comment from Business Insider.More luxurious accommodations for the World Economic Forum, such as the <a target="_blank" href="https://www.businessinsider.com/world-economic-forum-davos-hotel-wef-preparations-2023-1">Grandhotel Belvédère</a> are limited, and due to the popularity of the conference, rooms there run at least 50% more than the typical non-WEF price tag of $325 to $670 a night.Davos, Switzerland, has a population of just over 11,000, meaning the 3,000 attendees to the World Economic Forum easily overrun the hotels in town. Though a tourism site for Davos shows 80 hotels in the tourism-driven region, only a few are located within the WEF security zone, which authorities set up to prevent unauthorized guests from entering.In preparation for the event, a major driver of annual revenue, the Grandhotel Belvédère increased its staffing by roughly 150%. While it remains unclear if the Hilton Garden Inn also hired more staff to cover the weeklong event this year, <a target="_blank" href="https://www.theguardian.com/business/2017/jan/13/army-of-staff-descends-on-davos-to-serve-wef-super-rich">The Guardian</a> reported in years past on the "army of staff" that descends upon Davos to cater to the visiting elite.And even being among the celebrities and politicians in attendance can't grant you easy access if you manage to snag a room inside: Business Insider reported that high-profile attendees waited up to an hour to enter the Grandhotel Belvédère due to <a target="_blank" href="https://www.businessinsider.com/wealthy-davos-attendees-annoyed-waiting-long-lines-report-2024-1">enhanced security measures</a>.

The hottest hotel for elites at the World Economic Forum costs around $120 a night in the states

The Covid-induced work from home (<keyword id="1384155" type="COMPANY" weightage="20" keywordseo="WFH">WFH</keyword>) norms at workplaces has presented special challenges even for the government to mould tax regulations that take note of the new norm. One such issue is coming in the IT and ITeS sectors, who have become the flagbearers of country's resilience to the pandemic, growing both their operations and revenues even during the current difficult period. The pandemic-induced WFH has created doubts over continuation of income tax holiday extended to IT and <keyword id="10650622" type="UNKNOWN" weightage="20" keywordseo="ites-units-operation">ITeS units operation</keyword> from <keyword id="69055" type="COMPANY" weightage="20" keywordseo="Special-Economic-Zones">Special Economic Zones</keyword> (<keyword id="45393" type="COMPANY" weightage="20" keywordseo="SEZ">SEZ</keyword>) as the current functioning of staff is akin to employees delivering services virtually from their home location and not from the SEZs. "There is a need to clarify, whether services delivered by employees of SEZ-based IT-ITeS units, virtually from their home location, shall be eligible for income-tax holiday. This would not only ensure that future litigation is minimised but also provide some elbow room to the sector to drive higher operational efficiencies," said Naveen Aggarwal, Partner, Tax, KPMG in India. While the tax officials said that this issue should not be a concern as the department is constantly working to see that pandemic-induced disruptions do not impact functioning of businesses, sources said that a clarification over treatment of services rendered from work from home in case of IT and ITeS companies may come in Budget 2021-22. This would provide big relief to companies operating in the sector where WFH had almost acquired levels of permanency. Some organisations have announced long term plans on WFH while a few have already made this arrangement permanent. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/new-realme-stores-in-india-and-ceo-says-there-is-plan-for-new-devices/articleshow/80443801.cms" data-type="tilCustomLink">Realme plans to open 500 new stores in 2021⁠— the CEO reveals the company will go beyond smartphones in the 5G era</a> <a href="https://www.businessinsider.in/budget/news/indias-co-working-sector-wants-recognition-under-real-estate-tax-benefits-as-flexible-workspaces-aim-for-a-significant-revival-in-the-post-covid-era/articleshow/80431768.cms" data-type="tilCustomLink">India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era</a>

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