Confederation of Indian Industry
Invest North 2013
A CII-KPMG study
Himachal Pradesh State Profile
August 2013 Himachal Pradesh: a snapshot
Himachal Pradesh is regarded as one of the most dynamic hill states of India which is high on human development indices. The state has strong hydro- power base because of its abundant water resources and topography. It’s rich pool of semi- skilled and unskilled labor makes it an attractive investment destination.
In order to provide further impetus to the economy, the state is working towards improving the core infrastructure, making more land available for prospective entrepreneurs, and improving the reach of railways and promoting industrial growth
Sources: Find Data website, www.findthedata.in, accessed on 12 August 2013; Government of Himachal Pradesh
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 1 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. Himachal Pradesh: a snapshot (cont.)
Overview
Geographic and demographic indicators
■ Geographical area (sq Km): 55,673
■ No. of districts: 12
■ Capital city: Shimla
■ Key cities: Bilaspur, Chamba, Dharamsala, Manali, Palampur, Dalhousie, Hamirpur, Una , Sirmour, Solan and Mandi
■ Total population, Census 2011 (million): 6.9
■ Population density, Census 2011 (persons per sq Km): 123
■ Literacy rate, Census 2011 (percent): 83.8
Sources: Government of Himachal Pradesh; Himachal Pradesh Population Census data 2011, http://www.census2011.co.in/census/state/himachal+pradesh.html, accessed on 12 August 2013 © 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 2 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. Himachal Pradesh: a snapshot (cont.)
Overview
Economic indicators
■ GSDP*: State GDP recorded a CAGR of 5.1 percent during FY08-FY13
■ GSDP composition**: Contribution of services has increased in the past five years
■ Sector-wise CAGR**: Agriculture (1.7 percent), Industry (7.8 percent), Services (10.4 percent)
■ Per capita income, FY13*: INR51,586 (USD948.3)
GSDP (INR billion)* GSDP composition (in percent)**
600 8.0 7.6 516 468 489 100 500 435 417 6.0 400 5.4 80 38.0 39.5 39.9 42.0 42.0 4.4 4.5 300 4.0 60 3.8 200 2.0 40 41.0 41.0 100 43.3 41.2 40.7 0 0.0 20 FY09 FY10 FY11 FY12 FY13 21.0 17.3 19.0 16.8 17.2 0 GSDP (INR billion) Growth (%) FY09 FY10 FY11 FY12 FY13
Note: I USD = INR 54.4 in FY13 Agriculture Industry Services *At constant FY05 prices (as of August 2013) **At constant FY05 prices (as of February 2013) Source: MOSPI © 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 3 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. Himachal Pradesh: a snapshot (cont.)
Physical infrastructure Units
■ Installed power capacity, June 2013 (MW) 3,770.1
■ Road network, March 2011(Km) 47,963
■ No. of airports, August 2013 3
■ Wireless subscribers, April 2013 (million) 6.9
■ Wireline subscribers, April 2013 (million) 0.2
Investment
■ FDI: INR55.6 billion (USD1.2 billion) FDI (USD million) during April 2000 to April 2013 (This is 500 aggregate data for Himachal Pradesh, 416 Chandigarh, Punjab and Haryana) 400 300 ■ FDI investment has been greatly 224 impacted by global slowdown. 200 130 Positively, past trend shows increased 100 potential for investing in the state 47 0 FY10 FY11 FY12 FY13
Note: 1 USD = INR 46.3 during April 2000 to April 2013 Sources: CEA; TRAI; Ministry of Road Transport and Highways; Airports Authority of India; Ministry of Commerce and Industry
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 4 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. State’s sector specific strengths: Pharmaceuticals
Key enablers
■ Abolition of licensing for manufacturing of drugs and pharmaceuticals except bulk drugs produced through recombinant DNA technology, requiring in-vivo use of nucleic acids and specific cell/tissue targeted formulations ■ Various exemptions provided to new and existing units (planning expansion): ‒ Capital investment subsidy @15 percent on plant and machinery with maximum cap of INR3million to existing units
■ 100 percent FDI permitted under automatic route
■ Automatic approval to Foreign Technology Agreements for bulk drugs (including intermediates and formulations with exceptions)
■ Extended weighted deductions facility of 150 percent to expenditure on ‒ Patents filing ‒ Obtaining regulatory approvals ‒ In-house research and development including in biotechnology ‒ Clinical trials
■ Patents (Second Amendment) Bill has provided a patent cover for 20 years
Sources: Department of Pharmaceuticals, Government of India; First Pharmaceutical Survey of India, FY11; Government of Himachal Pradesh; Press articles
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 5 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. State’s sector specific strengths: Pharmaceuticals (cont.)
Sector opportunities
■ Opportunities exist in:
‒ Drug manufacturing ‒ R&D ‒ Packaging/labeling ‒ Transportation
■ Solan offers good investment opportunities. Past performance reveals the preference for the district (in particular tehsils such as Baddi, Nalagarh and Parwanoo) to have attracted high investment
■ A Biotechnology Park (BTP) in Aduwal, Solan had been cleared for development under Public Private Partnership (PPP) mode. Park would be spread over 35 acres and will have an incubation center and an industrial cluster. It is expected that the project will witness investment inflow of INR2 billion and generate 500 new jobs
■ State also developed an Export Promotion Industrial Park at Baddi at an investment of INR200 million 3,106 State-wise Pharmaceuticals units in India (FY11) Himachal Pradesh is among the leading growth areas for the pharmaceutical (pharma) 1,524 704 667 sector in the northern region. With 364 pharma 552 525 434 376 364 334 units, state stood third after Delhi and Uttar Pradesh
Sources: First Pharmaceutical Census of India, FY11; Government of Himachal Pradesh; Press articles
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 6 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. State’s sector specific strengths: Pharmaceuticals (cont.)
Existing companies
■ Ranbaxy Laboratories, Cipla, Morepen, Torrent Pharmaceuticals, Panacea Biotec, etc.
Success stories
Cipla
■ Incorporated in 1935, Cipla is among the world’s largest generic companies with more than 30 manufacturing facilities
■ In Himachal Pradesh, the company’s manufacturing facility is located at Baddi
■ This facility is located over 54,200 sq meter and employs about 461 people
Sources: Company website; WHO
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 7 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. State’s sector specific strengths: Tourism
Key enablers
■ Himachal Pradesh’s snowcapped mountains, religious shrines and ancient monuments attract a variety of tourists every year
■ Its Tourism Policy 2005 aims to make tourism the prime engine of economic growth by positioning the state as a leading global destination by 2020
‒ Proposes to increase the share of Tourism in the state’s GSDP to 15 percent by 2020
■ State Government’s emphasis on promoting the role of private sector in developing tourism related infrastructure without disturbing existing ecology
■ State Government plans on initiating measures to attract more foreigner tourists by offering multi- lingual guides, websites and other services
■ NABARD also has schemes for development of ‘Tourism Clusters’, especially in areas of rural tourism, wherein they promote work of rural artisans to attract tourists. One such cluster promoted in Himachal Pradesh has been Blacksmithy cluster in Thatchi district Total tourist arrivals in Himachal Pradesh (million) 15.1 16.1 Existing companies 13.3 11.4 9.8 8.0 8.8 7.1 ■ Radisson, Oberoi, Sitara International, among many others
2005 2006 2007 2008 2009 2010 2011 2012
Sources: NABARD; Press articles; Himachal Pradesh Economic Survey, 2013; Government of Himachal Pradesh
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 8 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. State’s sector specific strengths: Tourism (cont.)
Sector opportunities
■ State government proposed to upgrade civic infrastructure in major tourist destinations like Shimla, Manali, Dalhousie, Mcleodganj, Kasauli and Chailon on priority through funds raised from the Government of India (GoI) under the latter’s various schemes and through private investment
■ In order to increase the duration of the stay of the visitors/tourists, a special emphasis is being placed on development of activity-based tourism and opening up new sub destinations
■ GoI has sanctioned INR36.8 million for development of eco-tourism in the state. Of this amount, INR29.4 billion has been released for the following identified circuits ‒ Shimla( Mandli-Dodra Kwar) ‒ Kullu (Kullu-Manali-Kothi) ‒ Kinnaur (Shongtong-Pooh) ‒ Bilaspur (Shri Naina Devi Ji) ■ Other investment opportunities include:
Parking Entertainme Ropeways Developing Recreational Spas Resorts Ski slopes areas nt centres tourist sites centers Tourist Amusement Hotels Travel & tour Shopping Airports Multiplexes Golf course centres parks operations complexes
Success stories
■ Oberoi Hotels & Resorts is operating 11 properties in India, of which 2 — Oberoi Cecil and Wildflower Hall — are in Himachal Pradesh; Wildflower Hall has been recognized among India’s leading Spa resorts
Source: Government of Himachal Pradesh
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 9 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. State’s sector specific strengths: Cement
Key enablers
■ With total limestone deposit estimated to be 8,630 million tonnes as of FY12, Himachal Pradesh offers immense potential for growth of cement industry
■ This is supported by growing demand emanating from development of infrastructure sector and towns/cities
District-wise limestone deposits (including cement), FY12 (in million tonnes)
1,800 1,650 1,650 1,600 1,400 1,250 1,120 1,200 1,020 1,000 1,000 800 500 600 410 400 200 10 20 0 Bilaspur Chamba Kangra Kullu Mandi Sirmour Shimla Solan Lahaul Spiti
Source: Annual Administration Report FY12, Department of Industries, Government of Himachal Pradesh
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 10 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. State’s sector specific strengths: Cement (cont.)
Sector opportunities
■ Opportunities exist in: ‒ Mining ‒ Crushing/grinding ‒ Manufacturing ‒ Packing ‒ Equipment providers ‒ Transportation companies
■ Four upcoming cement plants in Mandi and Shimla have been proposed by companies like Lafarge, Dalmia, Harish Cements and India Cements
■ JP Associates is also in the process of setting up two new plants in Solan and Chamba
■ Total production capacity of the proposed plants is estimated to be 12.02 million tonnes per annum
Capacity of proposed cement plants (in million tonnes per annum) 3 2.8 2.0 2.0 2.0 2.0 2 1.3 1
0 JP Associates JP Associates Harish Cements Lafarge India India Cements Dalmia (Solan Plant) (Chamba Plant)
Source: Annual Administration Report FY12, Department of Industries, Government of Himachal Pradesh
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 11 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. State’s sector specific strengths: Cement (cont.)
Existing companies
■ The state is home to all the major players in the cement industry, including Gujarat Ambuja Cement, Associated Cement Companies, Cement Corporation of India and JP Associates. Their plants are located in Solan, Bilaspur and Sirmour
■ Total production capacity of the existing plants is estimated to be 10.1 million tonnes per annum
Existing capacity of cement plants (in million tonnes) 5 4.4 4 3.4 3 2.1 2 1 0.3 0 Gujarat Ambuja Cement Associated Cement Cement Corporation of JP Associates Companies India Success stories
■ Jaypee has several cement plants in India, of which two are located in HP (in Baga and Bagheri)
■ Productivity indices (mt) in FY13 was as follows:
Limestone Raw material Clinker Cement grinding Cement despatch crushing grinding production including clinker sale Baga 43,56,199 44,89,885 29,77,761 3,79,512 3,72,803 Bagheri - - - 16,80,768 16,74,898
Sources: Annual Administration Report FY12, Department of Industries, Government of Himachal Pradesh; Company Website
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 12 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. State’s sector specific strengths: Agriculture and Horticulture (cont.)
Comparative advantages
■ Diverse agro-climatic conditions enable growth of a variety of vegetables, fruits and cereals
■ High quality commercial production of apple, stone fruit, off-season and exotic vegetables
■ Low use of chemicals and pollution free environment
■ Diversification of farming through high value cash crops Sector opportunities
■ Contract farming: Maize, potato, ginger, garlic, tea
■ Organic farming: vegetables and pulses
■ Support services, such as bio-fertilizers, organic manures, bio-pesticides, seeds for promoting organic farming
■ Private sector participation can increase in seed production
■ Setting up micro-propagation units
■ Scope for private sector participation in agri-clinics and agri-business centers
■ Advanced post-harvesting facilities including cold storages and units for producing packaging trays and cartons
■ Fruit processing units including alcoholic beverages and marketing services
Source: Government of Himachal Pradesh presentation
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 13 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. State’s sector specific strengths: Information Technology and Biotechnology
Information Technology: comparative advantages
■ Quality power provided to IT companies at competitive rate
■ Special packages for investment proposals above USD2.5 million or for Fortune 500 companies
■ Companies operating in Business Process Outsourcing (BPO) sector not taxable in the state
■ Adequate internet bandwidth throughout the state
■ Fiscal incentives provided by the state
■ Proposed IT park at Waknaghat, Solan Biotechnology: comparative advantages
■ Emerging potential herbal-based industry including industrial feeding units, industrial production units and industrial processing units
■ Commercial micro-propagation
■ Bio-pesticide and bio-fertilizer for organic farming and sustainable growth
■ Processing units for aromatic oils and fruits
■ Production units for pharmaceuticals and bio-drugs
■ R&D and production around fruit-flori/herbiculture
■ Development of Biotech industrial clusters, biotechnology parks with incubation facilities Source: Government of Himachal Pradesh presentation
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 14 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. Project-wise opportunities
State Data Centre (SDC)
Project details
■ Department of Information Technology (DIT), Himachal Pradesh is building the SDC for the all government departments
■ SDC project would be setup through Public Private Partnership (PPP) model and selected agency would operate and maintain the same for five years
■ Status of project as on July 2013
‒ SDC is being built at Mehli; infrastructure put in place by Himachal Pradesh Housing and Urban Development Authority
‒ Request for Proposal floated for selection of SDC operator; pre-bid meetings held; corrigendum being prepared
‒ Go-Live of SDC: Six months post signing agreement with successful bidder
Project background
■ Under National e-Governance Plan, SDC identified as one of the core supporting components to consolidate services, applications and infrastructure to provide efficient electronic delivery of business services
■ These services can be rendered through common delivery platform supported by core connectivity infrastructure, such as State Wide Area Network and Common Services Centre connectivity extended down to Panchayat level
Source: Project Status, Department of Information Technology, Government of Himachal Pradesh
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Identification of Tourism Circuits across India
Project details
■ For HP, three tourist circuits have been identified :
‒ Circuit 1: Chandigarh- Swarghat- Bilaspur- Mandi- Kullu- Manali- Manikaran- Naggar ‒ Phase II, Circuit 1: Kalka- Berog- Solan- Shimla- Chail- Kufri- Naldara (private sector opportunity: INR250 million) ‒ Phase II, Circuit 2: Kangra-Dharamshala-Palampur-Dalhousie- Chamba (private sector opportunity: INR500 million)
■ In Phase I, study estimates investment opportunity to the tune of INR1.5 billion to build multi-level car parking, 5- star hotels, public toilets and rest rooms, beautification and landscaping, water sports centre, convention centre, motels and camping sites in Circuit 1 alone on PPP basis
Sources: Ministry of Tourism, Government of India; IL&FS
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 16 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. Project-wise opportunities (cont.)
Tourism, Housing and Infrastructure
■ Himachal Pradesh Infrastructure Development Board (HPIDB) is the nodal agency for executing a variety of projects, such as Tourism, Housing, and Infrastructure on commercial/PPP mode
■ Around 29 tentative projects have been identified which include -
‒ A INR10 billion tunnel-cum-over bridge project between Kalka and Shimla
‒ Three expressway corridors:
■ Una-Mandi ■ Una-Dharamshala ■ Solan-Rohru
‒ 15 nursing and 5 para medical colleges
‒ One integrated tourism development project
‒ A Himalayan Ski village
‒ Integrated IT and Biotechnology Parks
‒ A Special Economic Zone in Kangra district
Source: HPIDB (http://himachal.nic.in/hpidb/HPDIB_EOC.htm)
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 17 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. Government initiatives
Major policies Industrial Policy 2004 ■ Emphasis on development of key infrastructural sectors, such as Power, Housing and Social Infrastructure by means of fiscal incentives ■ Addresses issues impeding industrial growth such as procedures for setting up of industry and obtaining permissions required under various labor laws ■ Identifies 18 thrust industries for state, including Floriculture, horticulture and agro-based industries, sugar, pharmaceuticals, paper and paper products and wool products
Hydro Power Policy 2007 ■ Details policies around production, distribution and sale of powers generated in small hydro power plants ‒ Production up to 2 MW, reserved for state residents and Cooperative Societies comprising state residents ‒ Production up to 5 MW, preference to state residents or any private investor/PSU/co-operative societies comprising state-residents ‒ Production above 5 MW, power can be produced by any Private Investor /Cooperative Society comprising the bonafide state residents ‒ Not more than two projects to any independent power producers (IPP) ‒ Up to 5 MW, state government to acquire land for permanent structures; land for other purposes on lease basis on government approved rates
Tourism Policy 2005 ■ Increase share of tourism to 15 percent of GSDP by 2020 ■ Focuses on developing infrastructure in major tourist destination; also focuses on developing lesser known areas ■ Outlines Tourism sub-plan which integrates and coordinates with other departments to surmount budget deficit
Source: Annual Administration Report FY12, Department of Industries, Government of Himachal Pradesh
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Major policies IT Policy 2001
■ Aims at increasing investment in segments such as IT hardware, software, IT enabled services, telecom, e-commerce etc.
■ Encouraging use of IT in industries where state has competitive advantage
■ Aims at diversifying local industries into being web-enabled and attract IT companies from elsewhere in India and overseas
■ Promotion of e-governance and e-tourism
■ Department of Information Technology (DoIT) to act as a single point interface for setting up an IT unit
■ Applications for setting up IT units placed before State Level Single Window Committee
■ IT Software/Services deemed to be manufacturing activity for the purpose of incentives as per GoI approved policy
■ IT units with connected load >100 kW to be charged at concessional rate of electricity duty @10 paisa per unit for five years from start of commercial production
■ Special packages for investment proposals >USD2.5 million or if company belongs to Fortune 500 list
■ Continuous power supply to IT industry
Biotechnology Policy 2001
■ Emphasis on development of new technology in biotechnology stream for agriculture, animal husbandry and healthcare
■ State to provide infrastructural support to R&D institutions for skill development in biotechnology
■ Focus on conservation and commercial utilization of available resources
Source: Annual Administration Report FY12, Department of Industries, Government of Himachal Pradesh
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 19 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. Government initiatives (cont.)
Incentives
■ Package of concessions, incentives and facilities to small scale enterprises in thrust sector includes: ‒ Allotment of land/plot/ industrial sheds at 50 percent lower premium than normally applicable; Out of turn allotment of land ‒ Excise duty exemption for seven years to new thrust industries manufacturing wine/cider by using locally produced fruits ‒ New thrust industrial enterprises based on Horticulture/Vegetable /Maize/ herbal produce enterprises located in ‘B’ and ‘C’ category areas entitled to incentives ■ Interest subsidy at the rate of 5 percent per annum on term loan with maximum cap of INR200,000 per annum for three years
■ Additional incentives to special category of entrepreneurs for setting micro and small units: ‒ Reimbursement of 90 percent expenditure incurred towards cost of preparation of feasibility report with ceiling of INR25,000 ‒ 100 percent subsidy on carriage and installation cost of plant and machinery
■ Scheme for registration of agro/ horticulture produce/tourism and other allied sectors as 'specified category of activities‘ includes: ‒ Concession on electricity duty ‒ Interest subsidy at the rate of 5 percent per annum on term loan and working capital with maximum cap of INR100,000 per annum for three years ‒ Fixed capital investment subsidy at the rate of 15 percent with maximum cap of INR500,000 on cost of structure, building, plant and machinery ‒ Sanction of water and electricity connection on priority ‒ Exemptions: Luxury tax and entertainment tax for five years from start of commercial production
Source: Annual Administration Report FY12, Department of Industries, Government of Himachal Pradesh
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Land availability, identification of investment zones and infrastructure Single window clearance and institutions development Land availability Single Window System
■ Department of Industries formed a land bank consisting of government and ■ State Level Single Window Clearance and private land that are available for setting up industries Monitoring Authority (SLSWC&MA) constituted under Chairmanship of Chief ■ Department of Industries will facilitate land acquisition by entrepreneurs Minister to clear projects in-principle and ■ More than 7,600 bighas of land identified in eight districts — Hamirpur, ensure speedy approval from various Sirmour, Kangra, Una, Mandi, Bilaspur, Shimla and Solan departments or agencies ■ Approvals provided to: ‒ Large scale enterprises Identification of investment zones ‒ Negative listed enterprises ■ In order to provide infrastructural facilities to the entrepreneurs, 41 industrial ‒ Forest based enterprises areas have been established at places like Bilaspur, Gwalthai, Garnota, Hatli, Hamirpur, Nadaun and Nagrota Bagwan ‒ Extensive power consumption enterprises (>1,000 kW ) ■ Similarly 15 industrial estates have been developed with the relevant infrastructure facilities at places like Sultanpur, Parel, Shivnagari (Holi) and Kangra Key institutions ■ Industries Department, Government of Himachal Pradesh Infrastructure development ■ HP State Industrial Development Corporation ■ Strong focus on hydel power generation capacity development ■ HP State Land Use and Wasteland ■ Development of industrial clusters and estates Development Board
■ Other areas under consideration are eco-friendly rapid mass transportation (including goods), construction of eco friendly buildings suited to Himachal’s terrain, railway network under PPP mode and Shimla-Parwanoo cable car
Source: Annual Administration Report FY12, Department of Industries, Government of Himachal Pradesh
© 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member 21 firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. The views and opinions expressed herein are those of the interviewees and do not necessarily represent the views and opinions of KPMG in India. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. © 2013 KPMG Global Services Private Limited, a company incorporated under the laws of India and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.