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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

<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

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

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

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>

WFH induced tax challenges a burden for India's IT cos, analysts seek clarification in Budget 2021

<keyword id="895682" type="COMPANY" weightage="20" keywordseo="Adani-Ports">Adani Ports</keyword> and <keyword id="6365230" type="UNKNOWN" weightage="20" keywordseo="special-economic-zone">Special Economic Zone</keyword> Limited (APSEZ) on Monday announced the completion of the acquisition of <keyword id="9624334" type="COMPANY" weightage="20" keywordseo="krishnapatnam-port-company-ltd">Krishnapatnam Port Company Ltd</keyword>, (KPCL) for an enterprise value of Rs 12,000 crore. It will result in APSEZ having a controlling stake of 75 per cent in KPCL from the CVR Group and other investors. This acquisition will accelerate APSEZ's stride towards 500 MMT by 2025 and is another step in implementing APSEZ's stated strategy of cargo parity between west and east coasts of India, <keyword id="76451" type="COMPANY" weightage="20" keywordseo="Adani">Adani</keyword> Ports said in a regulatory filing. <keyword id="1033941" type="PERSON" weightage="20" keywordseo="Karan-Adani">Karan Adani</keyword>, Chief Executive Officer and Whole Time Director of APSEZ said: "This transformational acquisition enables us to roll out world class customer service to an increased customer base and provide pan-India solution to them. He added that the company's experience of turning around acquisitions like Dhamra and Kattupalli ports will enable it in harnessing the potential of KPCL. "With a vast waterfront and land availability of over 6,700 acres, KPCL is capable of replicating Mundra and would be future ready to handle 500 MMT. We will replicate our operations and maintenance philosophy at KPCL, continue to focus on environment, reduce emission levels and have zero tolerance for fatalities and thus improve returns to stakeholders," Adani said.

Adani Ports completes ₹12,000 crore  acquisition of Krishnapatnam Port Company

<keyword id="895682" type="COMPANY" weightage="20" keywordseo="Adani-Ports">Adani Ports</keyword> &amp; Special Economic Zone Ltd. has raised Rs 900 crore through allotment of <keyword id="6355663" type="UNKNOWN" weightage="20" keywordseo="non-convertible-debentures">non-convertible debentures</keyword> (NCD) on private placement basis. In a regulatory filing issued on Friday, the company said that the <keyword id="92012" type="CITY" weightage="20" keywordseo="NCDs">NCDs</keyword> will be listed on the Wholesale Debt Market segment of BSE Ltd. "The company has raised Rs 900 crore today by allotment of 9,000 Rated, Listed, Secured, Redeemable, Non-Convertible Debentures (NCDs) of the face value of Rs 10,00,000 each on private placement basis," the filing said. <keyword id="1697348" type="PERSON" weightage="20" keywordseo="Adani-Ports-and-Special-Economic-Zone">Adani Ports and Special Economic Zone</keyword> Ltd. (APSEZ) has presence across 10 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.

Adani Ports lands ₹900 crore through non-convertible debentures

The newest recommendation by <a href="http://www.dgtr.gov.in/sites/default/files/Solar-Final_Finding-English.pdf">India’s Directorate General of Trade Remedies (DGTR)</a> has stated that a 25% <keyword id="720164" type="PERSON" weightage="20" keywordseo="safeguard-duty">safeguard duty</keyword> should be implemented on solar cells that come into the country from China and Malaysia. The request actually came in from the domestic industry. Stakeholders from the industry say that without at least an interim safeguard duty in place to protect the manufacturers, there would be ‘irreparable damage’. Concerns The conclusions published by the <keyword id="911840" type="PERSON" weightage="20" keywordseo="DGTR">DGTR</keyword> were ascertained after analysing the interests and submissions from over 200 entities. The primary concern was that a blanket safeguard duty is against the interests of the indigenous manufacturers who operate out of <keyword id="69055" type="ORGANIZATION" weightage="20" keywordseo="Special-Economic-Zones">Special Economic Zones</keyword> (<keyword id="68447" type="COMPANY" weightage="20" keywordseo="SEZs">SEZs</keyword>). According to the concerned parties, since 60% of solar cell and 40% of the module manufacturing facilities fall under SEZs. A safeguard duty would actually be counterproductive because SEZs are essentially treated as duty-free zones and foreign territory for trade. The official statistics from the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/manufactures-suppliers-systems">MNRE</a>) suggest, there are only 20 manufacturers of solar cells and 117 manufacturers of solar modules in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>. Considering that the country’s government is aiming to install 100 gigawatts (GW) of solar power grids by 2022, the current domestic industry only needs 10% of the annual demand. Therefore, though the domestic industry may benefit in the short run, in the long run the measure can potentially create a demand-supply gap. The opposition states that rather than an influx of imports, the domestic industry is lagging because there is no manufacturing base for polysilicon, ingots and wafers. This leads to a lack of setup, absence of economies of scale and obsolete technologies. Justification According to the DGTR’s conclusions, there has been a significant increase in imports, in absolute terms and also relative to domestic production. Over 2014-15 and 2017-18, market share and profitability have slipped and imports have consistently increased. But keeping the concerns of everyone in mind, the safeguard duty will also be rolled back in a phased manner. 
	<div type="image" title="Safeguard Duty Recommendations" msid="65041698" hostid="261"></div>



 Since, the imports from other nations don’t exceed 3% individually and 9% collectively, the safeguard duty is also only specific to imports coming from China and Malaysia.

India’s government may offer the domestic solar manufacturing industry some protection

By the entrance of the main office in Cambodia’s Sihanoukville <keyword id="6365230" type="UNKNOWN" weightage="20" keywordseo="special-economic-zone">Special Economic Zone</keyword> is a crimson message from the country’s prime minister, Hun Sen. Written in flowing Khmer and Mandarin is a quote from the China-friendly strongman likening the area to “my own son”. On the opposite wall is a quote from Chinese President Xi Jinping hailing the zone – one of the first industrial estates in Asia funded and jointly run by Chinese investors – as a landmark model of cooperation. The zone is home to dozens of Chinese firms and is just 12km (7 miles) from Cambodia’s only deep-sea port, a facility that was developed with the help of China’s strategic rival, Japan. The port, which handles about 70 per cent of Cambodian imports and exports, is a major link in a chain of some 600 facilities in 200 countries connected by China’s “<a href="https://www.scmp.com/topics/belt-and-road-initiative" class="link-text">Belt and Road Initiative</a> ”.China launched the scheme in 2015 to spur trade along ancient Silk Road land and sea routes linked to Asia, Africa and Europe. Cambodia is one of the poorest and least developed countries in the world and has become a haven for Chinese investors, with capital inflows reaching an estimated US$3.9 billion last year. The growth in investment in places like Cambodia comes despite mounting criticism and resistance, and underlines Beijing’s accelerated push for the world’s most ambitious project amid China’s economic wrangling with the United States and European powers and their unfolding geopolitical rivalry. Those ambitions will be in the spotlight this week when 37 heads of state, including Hun Sen and Russian President Vladimir Putin, head to Beijing for the Belt and Road Forum, the second of its kind in less than two years. But neither India nor the US will send senior representatives. <h3 style="margin-bottom: 2.35714rem; font-variant: inherit; font-weight: 300; font-stretch: inherit; font-size: 1.71429rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"><a href="https://www.scmp.com/news/china/diplomacy/article/3006893/cooperate-or-stop-criticising-chinas-foreign-minister-wang-yi" class="link-text">‘Cooperate or stop criticising’, China’s foreign minister says </a></h3>Observers say the event is aimed at both domestic and foreign audiences, with Beijing keen to showcase the popularity of Xi’s foreign policy and gauge the level of interest and commitment among participants in the project. But there is also expected to be much questioning and scrutiny of China’s global ambitions. While Beijing wants to convince the world of its peaceful rise and its desire to promote regional connectivity and growth in Eurasia and Africa by using government capital, state-owned enterprises and projects abroad, it still has a lot of explaining to do. “A significant part of the Belt and Road Initiative is projecting the rejuvenation of China inherent in Xi’s ‘Chinese dream’,” Steve Tsang, director of the SOAS China Institute at the University of <keyword id="6354968" type="LOCATION" weightage="20" keywordseo="london">London</keyword>’s School of Oriental and African Studies, said. “It is not about solving the world’s problems but about making Xi’s China appear great and successful.” The big picture When Xi first proposed the belt and road six years ago, he said it was a vision for greater connectivity and trade along an economic land belt and maritime routes linking China to Africa and the Mediterranean, reminiscent of the ancient Silk Road centuries ago. In a speech at Kazakhstan’s Nazarbayev University in September 2013, Xi said the idea would be to “build a community of interests” by deepening economic ties, cooperation and development between Eurasian countries. Two years later, he said the initiative would be “a real chorus comprising all countries along the routes, not a solo for China itself”. At the first <a href="https://www.scmp.com/topics/belt-and-road-2017-summit" class="link-text">Belt and Road Forum in 2017</a>, billed as the country’s most important diplomatic event of the year, Xi waxed poetically about the ancient Silk Road routes as a “great heritage of human civilisation”. He spoke about how its modern version, the belt and road programme, would complement different countries’ development strategies rather than “reinvent the wheel”. At the time, more than 100 countries and international organisations had signalled they were on board with the plan.The approach is not entirely new and is often compared to the US’ post-second world war Marshall Plan and Japan’s “flying geese” development strategy in Southeast Asia in the 1990s. Over the years, the initiative has evolved and deepened into a much more comprehensive strategy, becoming the centrepiece of Xi’s economic and foreign policy, which is aimed at transforming Beijing into an international leader on a par with Washington and reclaiming its greatness on the world stage. The initiative was also enshrined in the Communist Party’s constitution in 2017 along with Xi’s eponymous political thinking. According to Beijing’s top diplomat <a href="https://www.scmp.com/news/china/diplomacy/article/3003966/chinas-top-diplomat-says-40-state-leaders-will-attend-belt-and" class="link-text">Yang Jiechi</a> , a Politburo member and former foreign minister, more than 120 countries in Asia, Europe, Africa, Latin America and the Caribbean have signed on to the plan.Diplomats, officials and observers say that the evolution of the initiative, which is still to be thoroughly deliberated and clarified, coincides with a fast-changing global economic and political order, including the rise of China, further integration of Europe and Asia, and the decline of American hegemony. <h3 style="margin-bottom: 2.35714rem; font-variant: inherit; font-weight: 300; font-stretch: inherit; font-size: 1.71429rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"><a href="https://www.scmp.com/news/world/europe/article/3006915/china-asks-britain-help-boost-image-belt-and-road-initiative" class="link-text">China asks Britain for help to boost image of belt and road </a></h3>Moritz Pieper, a lecturer in international relations at the University of Salford in Britain, said that no matter what is the main driving force behind the initiative, China is growing as a power in Eurasia. “Regardless of whether one subscribes to the view that it [the belt and road] is driven first and foremost by Chinese domestic economic motivations such as industrial excess capacity or to the view that China aims to ‘go out’ and make a distinctive contribution to globalisation on Chinese terms, there can be no doubt that China has arisen as a Eurasian power as a precondition for global ‘great power’ status,” Pieper said.<h2 style="margin-top: 1.14286rem; margin-bottom: 0.428571rem; font-variant: inherit; font-stretch: inherit; font-size: 1.71429rem; line-height: 2.21429rem; font-family: Merriweather, serif; vertical-align: baseline;"></h2>Yun Sun, co-director of the East Asia programme at the Stimson Centre think tank, said the belt and road served both economic and strategic goals. “It helps China to absorb domestic economic overcapacity; expand foreign markets and trade relations; consolidate political relations with recipient countries; further military ties and security influence; and eventually all these serve to shape a different order with China playing a much more prominent role,” she said. Tilting East As China has continued to expand its presence in some of the world’s busiest and strategically important trade arteries in the past two years, the US, Japan, Germany, Russia, India, Australia and other governments have fretted that Beijing is gaining economic and political influence at their expense. Many of the countries that have signed up for the initiative are less-developed economies in Africa and the Asia-Pacific as well as struggling parts of Europe, and “in today’s global economic conditions money talks”, according to Gal Luft, co-director of the Washington-based Institute for the Analysis of Global Security. “Many developing countries as well as struggling European economies like Italy and Greece are in financial dire straits,” Luft said. “The IMF and the World Bank are no longer viewed as the salvation. China is the only country that is willing to offer tangible resources and with almost no strings attached. Washington on the other hand is all threats and criticisms and very low on actual deliverables.” <h3 style="margin-bottom: 2.35714rem; font-variant: inherit; font-weight: 300; font-stretch: inherit; font-size: 1.71429rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"><a href="https://www.scmp.com/news/china/diplomacy/article/2189332/italy-signs-belt-and-road-infrastructure-summit-china" class="link-text">Italy signs up for belt and road infrastructure forum in China </a></h3>Joshua Meservey, an expert on Africa and the Middle East at the Heritage Foundation in Washington, said Beijing aimed to translate that influence into something bigger. “I think Beijing does see Africa [and other underdeveloped continents] as very important to its overall foreign policy goals which are intimately linked to its domestic policy goals of maintaining its rule,” he said. “The Chinese Communist Party wants the world to adopt its model of internet governance and sovereignty. But what they’re really talking about is the government’s ability to control and censor and repress the internet as CCP does in mainland China … It is just one example of how they explicitly promote the illiberal global norms especially among developing countries. Developing countries are very much the junior partners to China and so are somewhat at China’s mercy on these questions.” Suspicions of Chinese geostrategic intentions have seen other countries invest more deeply in their rival investment or connectivity initiatives: the European Union moved to expand the bloc’s Europe-Asia connectivity plan, Russia pushed forward the Eurasian Economic Union, and the United States led the creation of an Indo-Pacific infrastructure investment partnership with Australia and Japan, which India was in talks to join. China and Japan are vying for influence in the Cambodian city of Sihanoukville. Photo: Alamy Even in Cambodia, China has a fierce competitor: Japan, which is vigorously vying for influence in the once sleepy seaside city of Sihanoukville and across the underdeveloped nation. Japan is Cambodia’s second-biggest overseas investor, with US$889 million invested in eight major projects, according to the Council for the Development of Cambodia. Chansok Lak, lecturer and researcher at the Royal University of Phnom Penh, said a marked increase in Japanese investment in Cambodia since 2017 might reflect Tokyo’s efforts to counterbalance Chinese influence in the country. Many researchers say that the increasing integration of Europe and Asia looks set to reshape the global economic and political order, replacing the dominating transatlantic routes in world trade. According to Nicholas Moes at Bruegel, a Brussels-based think tank, Eurasia trade in goods, which peaked at US$1.8 trillion in 2013, is consistently more than double the transatlantic trade in the past decade. <h3 style="margin-bottom: 2.35714rem; font-variant: inherit; font-weight: 300; font-stretch: inherit; font-size: 1.71429rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"><a href="https://www.scmp.com/news/china/diplomacy/article/3006438/swiss-belt-and-road-deal-be-signed-during-president-ueli" class="link-text">Switzerland to sign belt and road deal during President Ueli Maurer’s China trip </a></h3>Bruno Marcaes, a former Europe minister in Portugal, said that trade between Europe and Asia vastly exceeded transatlantic and transpacific trade. The world’s political and economic centre of gravity is shifting from West to East, claimed Marcaes, the author of The Dawn of Eurasia and Belt and Road: A Chinese World Order, both published in 2018, with the emergence of a Eurasia century in the midst of a fast-changing world order. According to a report by Dutch multinational bank ING last year, trade between Asia and Europe (excluding trade between EU countries) accounted for 28 per cent of world trade. Making trade flows easier between countries along the belt and road corridors, especially those in Central and Eastern Europe, the Middle East and Southeast Asia, could boost international trade by as much as 12 per cent.

Dominance or development? What’s at the end of China’s New Silk Road?

From Ambanis and <keyword id="261423" type="COMPANY" weightage="100" keywordseo="Adanis">Adanis</keyword> to <keyword id="3686670" type="UNKNOWN" weightage="20" keywordseo="premjis">Premjis</keyword> and <keyword id="242899" type="ORGANIZATION" weightage="20" keywordseo="Khorakiwalas">Khorakiwalas</keyword>, several generation-next leaders of India's leading family-run businesses have joined crorepati club when it comes to their salaries and other perks. 
 
With a number of corporate houses promoting sons and daughters of their promoters to leadership positions, many of these companies have begun giving hefty remuneration packages to them for their "increased responsibilities" and "active involvement" in exploring new business opportunities, as per a news report by an agency. 
 Still, the annual pay of these next-generation leaders remains relatively low, as against the overall average payout of over Rs 20 crore for CEOs of India's top-listed companies forming part of <keyword id="6484188" type="CITY" weightage="20" keywordseo="Sensex">Sensex</keyword> and only a fraction of the same in the US at close to $20 million (about Rs 130 crore). 
 <keyword id="6369979" type="COMPANY" weightage="20" keywordseo="Gujarati">Gujarati</keyword> industrialist <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>'s son <keyword id="443" type="ENTERTAINMENT" weightage="20" keywordseo="Karan">Karan</keyword>, who was appointed CEO of <keyword id="1016113" type="UNKNOWN" weightage="20" keywordseo="Adani-Ports-and-Special-Economic-Zone-Ltd">Adani Ports and Special Economic Zone Ltd</keyword>, did not draw any remuneration from the company for fiscal 2015-16, but the board has approved an annual remuneration for him of up to Rs 1.5 crore, including salary, perks and other benefits, with effect from September 1, 2016. 
 
As Chairman and Managing Director of the company, Gautam Adani got total remuneration of Rs 2.8 crore in 2015-16, while Whole Time Director Malay Mahadevia got Rs 10.7 crore. 
 In case of <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>'s son <keyword id="141180" type="PERSON" weightage="20" keywordseo="Anmol">Anmol</keyword>, who was recently appointed as Director on the board of the group's financial services arm <keyword id="6360090" type="CITY" weightage="20" keywordseo="Reliance-Capital">Reliance Capital</keyword>, the company has proposed a salary of Rs 10 lakh per month. 
 Reliance <keyword id="36749" type="ORGANIZATION" weightage="20" keywordseo="capital">Capital</keyword> will seek shareholders' approval on the upcoming AGM on September 27 for various proposals, including <keyword id="3591294" type="PERSON" weightage="20" keywordseo="Anmol-Ambani">Anmol Ambani</keyword>'s appointment as Executive Director for a period of five years as well as for the remuneration to be paid. 
 
In the shareholders' notice, the company said his salary would be Rs 10 lakh per month. 
 In addition to the salary, perquisites and allowances, he will also be entitled to receive commission based on next profit of the company. Anmol,24, has been working in various financial services businesses within Reliance Capital since 2014 and has a degree from <keyword id="174907" type="ORGANIZATION" weightage="20" keywordseo="Warwick-Business-School">Warwick Business School</keyword> in the UK. 
 Salaries of <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>'s children -- <keyword id="8372" type="PERSON" weightage="20" keywordseo="Akash">Akash</keyword> and <keyword id="2464" type="PERSON" weightage="20" keywordseo="Isha">Isha</keyword> -- could not be ascertained, though they are said to be playing key roles in <keyword id="6355199" type="CITY" weightage="20" keywordseo="Reliance-Industries">Reliance Industries</keyword> group's telecom and retail ventures. 
 <keyword id="267060" type="PERSON" weightage="20" keywordseo="Sudarshan-Venu">Sudarshan Venu</keyword>, son of TVS Motor's <keyword id="130465" type="PERSON" weightage="20" keywordseo="Venu-Srinivasan">Venu Srinivasan</keyword>, got annual remuneration of Rs 9.59 crore for 2015-16, while the company last month sought shareholders' approval for revising his remuneration as Joint Managing Director. 
 
Explaining the proposal, the company said in its AGM notice, "The board reviewed the remuneration payable to him after taking into consideration his active involvement in all spheres of management for exploring business opportunities both in India and abroad and felt that, JMD can be compensated by way of enhanced commission. 
 
"The board was of the opinion that the existing remuneration was considerably inadequate, when compared with the industry norms and similarly placed senior management personnel of the company."

The new generation of Ambanis
and Adanis joins the crorepati club

Back in 2007 when Narendra Modi was Gujarat’s Chief Minister, he had proposed a special economic zone (SEZ) in Kutch and had even obtained permission from the then Government. 
 
However, now his Government at the Centre has scrapped the proposal. 
 
Modi had pushed for SEZs for handicrafts and artisans on 132 hectares of land in Moti Chiral village in Kutch district. Even though it got a nod by the board of approval, which operated under the Ministry of Commerce and Industry then, the project was cancelled in February 2015. 
 
Economic Times reported that during the same meeting, yet another proposal for an SEZ in Savli near Gandhinagar for biotechnology had come perilously close to getting cancelled. 
 
However, the validity of the permission was extended citing some investment made in the project. 
 While the one in Kutch was to be developed by Gujarat Growth Centres Development Corporation (GGCDC), the one in Gandhinagar is being developed by <keyword id="2856235" type="UNKNOWN" weightage="80" keywordseo="Gujarat-Development-Corporation">Gujarat Development Corporation</keyword> (GDC). 
 
The formal approval for the SEZ for handicrafts was first granted in June 2007, but it was extended up to June 2011. 
 
The central department took up the matter several times with the GGCDC to no avail. An official note from the department reads "no communication has been received from the developer.” 
 
The note added since the developer has failed to initiate any development activity, DC has recommended for cancellation of formal approval. 
 
Sources told ET that the government was not too keen on developing the SEZ at all. While the state government had sought to change the sector of the SEZ from handicrafts and artisan development to mere handicrafts and use it for value addition to imported timber, it had also sought to reduce the total area from the initial 131 hectares to just 15 hectares in 2010. 
 
(Image: Reuters)

What CM Modi did, PM Modi doesn’t

<keyword id="1697348" type="UNKNOWN" weightage="100" keywordseo="Adani-Ports-and-Special-Economic-Zone">Adani Ports and Special Economic Zone</keyword> (AP<keyword id="45393" type="ORGANIZATION" weightage="100" keywordseo="SEZ">SEZ</keyword>), part of the Ahmedabad-based <keyword id="76451" type="COMPANY" weightage="100" keywordseo="Adani">Adani</keyword> Group, has received environmental clearance and other nods from the Union Ministry of Environment and Forests for its 8,481 hectares SEZ at Mundra port in Gujarat. This would facilitate setting up of facilities like desalination and effluent treatment plants and also boost exports. 
 In January, the Gujarat High Court had ordered suspension of all commercial and development activities in the 12 manufacturing units situated at Mundra on a public interest litigation. It had also asked the <keyword id="68998" type="ORGANIZATION" weightage="100" keywordseo="environment-ministry">Environment Ministry</keyword> to examine the issue again within 30 days, after taking into account the High Court’s observations as well as the Sunita Narain committee’s report that had highlighted violation of norms by the APSEZ. 
 
The court had said the APSEZ did not have valid environmental clearance and it did qualify for deemed environment clearance which the company had claimed. The units in the SEZ were ordered to shut down operations. 
 
However, the units moved the Supreme Court which granted them interim relief and allowed them to continue operations, but did not allow further expansion and construction. 
 
The ministry’s nod will now allow APSEZ to set up a mega desalination plant, an effluent treatment plant and intake of sea water. 
 
“The grant of environmental clearance to the Mundra SEZ by the Environment Ministry will encourage investment in the SEZ and development is expected to be at a much faster pace as it provides seamless connectivity through sea, rail and road,” said Gautam Adani, chairman, Adani Group.

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