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Confederation of Indian Industry

Invest North 2013

A CII-KPMG study

Uttar Pradesh State Profile

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

firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 1

Uttar Pradesh: a snapshot

Uttar Pradesh (UP) is the biggest

state economy in the northern

region with a share of

approximately 31 percent in the

region’s GDP. It is mainly driven by

the services sector and within the

services sector, trade, hotels, real

estate, transport, storage and

communications are the prominent

sectors

Source: Find Data website, www.finddata.in, accessed on 12 August 2013

http://www.finddata.in/



Uttar Pradesh: a snapshot (cont.)

Overview

Geographic and demographic indicators

■ Geographical area (sq Km): 240,928

■ Total population (million): 199.6

■ Population density (persons per sq Km): 828

■ Literacy rate (percent): 69.7

Economic indicators*

■ GSDP: INR4,451.7 billion (USD81.8 billion) in FY13 compared to INR3,222.1 billion

(USD80.1 billion) in FY08, CAGR of 6.7 percent

■ GSDP composition (FY13): Agriculture (21.9 percent), Industry (23.2 percent), Services

(54.9 percent)

■ Sector-wise CAGR (FY08-FY13): Agriculture (3.0 percent), Industry (4.6 percent), Services

(9.5 percent)

■ Per capita income (FY13): INR18,891 (USD347.3)

Sources: Census 2011; MOSPI; Find Data website, www.finddata.in, accessed on 12 August 2013

*At constant 2004-05 prices, GSDP and per capita income data is as of 1 August 2013, GSDP composition and sector-wise CAGR data is as of 27 February 2013





■ Installed power capacity, June 2013 (MW)

■ Road length, March 2011 (Km)

■ No. of domestic airports, April 2013

■ Wireless subscribers, April 2013 (million)

■ Wire line subscribers, April 2013 (million)

Units

14,294

390,256

6

122.0

1.7

Investment

■ FDI: INR16.4 billion (USD351 million)

during April 2000-May 2013

(This is aggregate for UP and Uttarakhand)

Physical infrastructure

Sources: CEA; TRAI; DIPP and CMIE; Find Data website, www.finddata.in, accessed on 12

August 2013

48

112

140

31

FY10 FY11 FY12 FY13

Trend in FDI Inflow (USD million)

Note: aggregate of Uttar Pradesh and Uttarakhand FDI

Source: DIPP





Opportunities

Policy Key highlights

Infrastructure and

Industrial Investment

Policy, 2012

Envisions establishing UP as the most preferred investment

destination by accelerating industrial development, creating a

conducive business environment and developing high-end

infrastructure facilities in order to create new employment

opportunities

Solar Power Policy, 2013 Aims at promoting generation and use of clean and green energy

in the state by harnessing solar energy. Also, targets at stimulating

private sector participation in the sector

IT Policy, 2012 Aims at using IT as a vehicle for economic development of UP with

inclusive growth to create a vibrant society with a high quality of life

Infrastructure

Food Processing Tourism

IT/ITeS Sugar

Solar Power

Source: Udyog Bandhu ; Find Data website, www.finddata.in, accessed on 12 August 2013

The State Government has announced several new policies to promote private

investments across sectors including industry, infrastructure, IT, food processing, solar

energy and poultry




Sector-wise opportunities ‒ Infrastructure

■ Accounts for about 9.45 percent of the total National Highway (NH) network

■ Largest railway network in the country spanning over 8,763 Km

■ Six domestic airports at Agra, Allahabad, Gorakhpur, Kanpur, Lucknow and Varanasi; one

international airport at Lucknow

■ 165-Km six-lane Yamuna Expressway was recently inaugurated reducing the distance

significantly between New Delhi and Agra

■ 5.14 Km long Buddh International Circuit in Greater Noida, spread across an area of 875

acres, is India’s first circuit for F1 motor racing

Key highlights of the sector

Sources: Udyog Bandhu; Yamunaeway.com; “UP seeks fresh proposal from Jaypee on Ganga Expressway”, Business Standard, 14 March 2013

■ Attractive fiscal incentives offered under the Infrastructure and Industrial Investment

Policy, 2012:

− 100 percent stamp duty concessions given to private sector infrastructure development

projects excluding PPP projects

− Reimbursement of 25 percent of stamp duty, if a private developer completes

development of industrial estate or area within three years of purchasing land out of

which at least 50 percent land is sold

Key enablers



Sector-wise opportunities ‒ Infrastructure

Sources: Udyog Bandhu; Yamunaeway.com; “UP seeks fresh proposal from Jaypee on Ganga Expressway”, Business Standard, 14 March 2013

− Infrastructure interest subsidy scheme: Interest on loan taken by industrial units for

developing infrastructure facilities for self-use, such as road, sewer, water drainage and

power line will be reimbursed at the rate of 5 percent points with a ceiling of INR10

million/annum for a maximum period of five years

■ Established Udyog Bandhu, which is an industrial development agency to facilitate

investment, operation and establishment of industrial undertakings in UP

Key enablers (cont.)

Jaypee Infratech

■ Noida, UP-based Jaypee Infratech is an infrastructure development company which was

founded in 2007

■ It has successfully developed 165 Km long six-lane access controlled Yamuna Expressway

in UP connecting Noida and Agra

■ The company has also been awarded 1,047km long Ganga Expressway Project (GEP),

which will connect Greater Noida and Ballia

Success stories

■ Jaypee Group, Reliance Infrastructure, DLF, Gayatri Projects, SEW Infrastructure

Existing companies



Sector-wise opportunities ‒ Infrastructure (cont.)

■ Investment worth INR230 billion planned for 2,500 Km of state highway projects

■ 6,730 Km identified as core network by the World Bank, of which 2,466 Km has been

developed by UP Public Works Department (UPPWD)

■ Concession agreement signed for four roads of 463 Km, costing INR38.7 billion

■ Feasibility study has been completed and proposals for VGF are being sent to the Central

Government for 11 roads of 977 Km, costing about INR71.3 billion

■ 11 hi-tech townships and 31 integrated townships are being developed by private

developers in major cities of the state

■ One National Manufacturing Investment Zone being planned each in Jhansi and Auraiya

■ Airports on PPP model – near Agra in the vicinity of Delhi Mumbai Industrial Corridor

(DMIC) to provide facility of dry-cargo transport along with aircraft maintenance hub and at

Kushinagar in eastern Uttar Pradesh to promote industrial development and tourism

■ DMIC: Immense opportunities for development of an industrial corridor along the alignment

of dedicated freight line

■ The Government of UP (GoUP) envisages Industrial Estates and Logistic Hubs along

Eastern Dedicated Freight Corridor (EDFC)

Sector opportunities

Source: Udyog Bandhu




Key infrastructure projects in PPP


Project Size capacity Project cost (INR

billion)

UP State Highways Authority

Delhi-Saharanpur-Yamunotri Road (SH-57) 206 Km 17.2

Varanasi - Shaktinagar (SH-5A) 115 Km 12.1

Pallia – Shahjahanpur – Hardoi – Lucknow

Road (SH-25)

162.4 Km 12.9

Akbarpur – Tanda – Jaunpur – Mirzapur –

Dudhi Road (SH-05)

237 Km 18.7

Yamuna Expressway Development Authority

Yamuna Expressway Construction (Noida to

Agra – 165 Km long)

165 Km 103.7

UP Expressways Industrial Development Authority

08-Lane Access Controlled Expressway from

Greater Noida to Ballia

1,047 Km 300

06-Lane Access Controlled Expressway from

Agra to Lucknow

na 95.5

08-Lane Access Controlled Expressway on the

right bank of Upper Ganga Canal from Sanouta

Bridge (Greater Noida) to near Purkaji (Dist

Muzaffarnagar)

148 Km 89.1




Key infrastructure projects in PPP (cont.)


Project Size capacity Project Cost (INR

billion)

UP Expressways Industrial Development Authority

Development of 06-Lane Access Controlled

Expressway on the right bank of Upper Ganga

Canal from Sanouta Bridge (Greater Noida) to

Kanpur-Fatehpur

363.8 Km 78.96

Agra to Kanpur Access Controlled Expressway 243 Km 73.2

Jhansi-Kanpur-Lucknow-Gorakhpur to Kushinagar

08-Lane Access Controlled Expressway

626 Km 192.9

Lucknow-Barabanki-Nanpara Link Expressway 133 Km 29.8

Kotdwar-Bijnor-Moradabad to Fatehgarh Access

Controlled Expressway

313 Km 80.7

Narora to 10Km before Uttarakhand border Access

Controlled Expressway

151 Km 28.9

UP Power Corporation Ltd.

3x660 MW Bara Thermal Power Project (Tehsil-

Bara, district Allahabad)

1,980 MW 115

2x660 MW Karchhna Thermal Power Project

(Tehsil-Karchhna, district Allahabad)

1,320 MW 79.2

2x660 MW Jawaharpur Thermal Power Project,

district Etah

1,320 MW 66.0




Key infrastructure projects in PPP (cont.)


Project Size capacity Project Cost (INR

billion)

UP Power Corporation Ltd.

3x660 MW Dopaha Thermal Power Project

(Sonebhadra)

1,980 MW 120

Transport

Selection of Private operators/ investors to operate

stage carriage buses

- 16



Sector-wise opportunities ‒ IT/ITeS

■ UP is considered the IT hub of North India, contributing around 38 percent of the region’s

export of software and services

■ UP figures among the top IT exporter states in India

■ Lucknow is ranked among the top 10 cities in India for fastest job-creation and has

emerged as a ‘Science City,’ with numerous national level laboratories, engineering and

management institutes

■ Agra has also emerged as preferred investment location due to its world-class

infrastructure and proximity to IT hubs, such as Noida and Gurgaon

■ Software Technology Parks at Noida, Lucknow, Kanpur and Allahabad

■ Two Export Promotion Industrial Parks (EPIPs) have been developed by UP State

Industrial Development Corporation Ltd. (UPSIDC) – one at Gautam Buddh Nagar on 200

acre and other at Agra on 100 acre

■ Noida and Greater Noida have emerged as major IT/ITeS Hubs in the country with a

number of Special Economic Zones and Software Technology Parks


Source: Udyog Bandhu; Press articles

■ IBM, TCS, HCL, Nasscom , Birlasoft, Wipro, Polaris, EXL, Patni, ST Microelectronics,

Moser Baer and Xansa

Existing companies



Sector-wise opportunities ‒ IT/ITeS (cont.)

■ Attractive fiscal incentives offered under the new Information Technology Policy 2012:

− Interest subsidy on term loans and working capital loans from the date of commencement

of commercial operations

− Exemption of stamp duty on purchase/lease of land/office space/ buildings for IT/ITeS in

Tier II/Tier III cities

− IT/ITeS projects being setup in Tier II and Tier III cities provided land at a rebate of 25

percent on the prevailing sector rates, on purchase of land from state agencies

− Registered IT units established in IT cities, Technology Parks, Software Technology

Parks are allowed 100 percent additional floor space index (FSI) on the allowable FSI up

to a maximum of the FSI allowed for Residential/Office purposes (whichever is more) in

Tier II/Tier III cities

− Permission to IT/BPO units which employ between 20 and 50 persons to establish unit

anywhere irrespective of the master plan or land use classification, barring specific land

usage

− Industrial promotion subsidy equivalent to 50 percent of the incentives admissible for new

units (except rebate on land purchased from state agencies), admissible to the existing

units

Key enablers




Sector-wise opportunities ‒ IT/ITeS (cont.)

■ Availability of highly skilled manpower for IT/ITeS industry – premier institutes including IIT

Kanpur, IIM Lucknow, IIIT Allahabad, IMT Ghaziabad, C-DAC Noida and IT-BHU are

located in the state

■ The UP Government is planning a 100-acre ‘IT City,’ which would come up on Lucknow-

Sultanpur highway

■ The IT park project in Lucknow is proposed to be developed at an estimated cost of

INR2,850 million on an area of approximately 130,000 sq meter by Lucknow Industrial

Development Authority (LIDA)



HCL Technologies

■ One of the pioneers in the Indian IT space, the company delivers end-to-end IT solutions

across applications and infrastructure

■ It has a network of offices in 31 countries and 10 offices of the company, including the

global headquarter, which is located at Noida in UP

Success stories



Sector-wise opportunities ‒ Food processing

■ Abundant raw material as UP dominates India’s agricultural production, accounting for

about 20 percent, 34 percent, 19 percent and 30 percent of food grain, wheat, fruits and

vegetables, respectively, produced in the country

■ Largest livestock population in the country and tops in milk production

■ UP is the largest producer of sugarcane, accounting for 35 percent of total production and

ranks second in the production of sugar

■ It has four Agri Export Zones for Potatoes, Mangoes, Vegetables and Basmati rice


Sources: Udyog Bandhu; Press articles

■ 2,101 agriculture marketing hubs being set up for grain storage, farmer service centers,

banks and primary processing units costing INR3.5 billion

■ With a population of 200 million, UP offers the largest market for consumption of food

products

■ Huge opportunity exists as currently only 2 percent of total produce of fruits and vegetables

is commercially processed

■ Presence of relatively low-cost skilled workforce

■ Favorable policy environment




Sector-wise opportunities ‒ Food processing (cont.)

■ Attractive fiscal incentives offered under the new Food Processing Policy 2012:

− 100 percent exemption from stamp duty on purchase, lease or acquisition of land by new

food processing industrial units anywhere in the state

− 100 percent exemption from Mandi fee to new export oriented units using perishables

− Interest subsidy on the loan taken for plant, machinery and spare parts by new food

processing units in the state

− Capital investment subsidy on the cost of plant, machinery and technical civil works for

setting up, expansion and modernization/ up-gradation of the food processing industrial

units

− Capital investment subsidy for setting up of integrated cold chain and processing

infrastructure for non-horticultural produce under the National Food Processing Mission

− Assistance for global competitiveness, quality and standardization

− Assistance for market development to new units

− Implementation of warehouse receipt system for availing the loan facility on the issued

receipts by the accredited Warehouse under Warehouse Act

■ Sound infrastructure

− Four Agri Export Zones for Potatoes, Mangoes, Vegetables and Basmati rice

− Mega Food Park at Jagdishpur envisioned under the new Industrial Policy

Key enablers




Sector-wise opportunities ‒ Food processing (cont.)

■ Coca Cola, Pepsico, ITC, Dabur, Paras, Parle Agro, Cargill, Goldiee, JVL, Priyagold and

Heinz

Existing companies


Dabur India Ltd.

■ Ghaziabad, UP-based Dabur India is among the top 4-5 FMCG companies in India with a

turnover of INR52.8 billion in FY12. The company manufactures a wide range of products

in healthcare, personal care and food

■ It has a strong presence in UP

Success stories



Sector-wise opportunities ‒ Manufacturing

■ Manufacturing sector of Uttar Pradesh grew at a CAGR of 3.5 percent during FY08-FY13

■ Industrial investment in Uttar Pradesh grew at a CAGR of 134.5 percent during FY08-FY12

■ Capital investment in heavy industries rose from INR50.5 billion in FY11 to INR193.1 billion

in FY12

■ Uttar Pradesh ranks third in terms of number of micro small and medium enterprises

(MSMEs) in India

■ 175,000 MSME units set up during the 11th Five Year Plan with a total investment of

INR220 billion

■ In FY12, 33,532 small scale industries (SSIs) were established with an investment of

INR34.5 billion


Sources: MOSPI, Udyog Bandhu; Press articles



Sector-wise opportunities ‒ Manufacturing (cont.)

■ Proactive investor facilitation through Udyog Bandhu and Nivesh Mitra

■ Availability of skilled/semi-skilled and traditionally skilled manpower – net exporter to other

states in India

■ Rapidly improving physical connectivity - new expressways, power projects and international

airports

■ Highly attractive Infrastructure and Industrial Investment Policy 2012 which offers a number

of fiscal incentives, such as

− 100 percent exemption from stamp duty to industrial units in all sectors on purchase, lease

or acquisition of land in Eastern UP, Central UP and Bundelkhand region

− Exemption from entry tax and other taxes

− Capital interest subsidy scheme: Interest on loan taken for plant and machinery by new

industrial units set up in Eastern UP, Central UP and Bundelkhand, reimbursed at 5

percentage points with a ceiling of INR5 million per annum for a maximum period of 5 years

− Industrial quality development subsidy scheme: Interest on loan taken by industrial

association, group of industrial units for establishing testing labs, quality certification lab,

tool rooms, etc. reimbursed at 5 percentage points with a ceiling of INR10 million per

annum for a maximum period of 5 years

− Exemption from Electricity Duty for 10 years to new industrial units and to captive power

generating units for own consumption

− Investment Promotion Scheme: Interest-free loan equivalent to value added tax and

central sales tax paid by industrial units or 10 percent of the annual turnover whichever is

less provided for 10 years and repayable after 7 years from the date of first disbursement

Key enablers





■ Large consumer base of 200 million with growing per capita income

■ Proposed industrial infrastructure: Plastic City at Auraiya; Leather Mega Cluster at Kanpur,

Agra, Hardoi; Integrated Dairy Park at Lucknow; Mega Food Park at Jagdishpur; Textile

Park at Fatehpur

Key growth and opportunity segments in Uttar Pradesh



Segment Key strengths and opportunity areas

Engineering

Goods

• Noida and Ghaziabad are home to several original equipment manufacturers

(OEMs) and auto component suppliers

• Centre of National Automotive Testing and R&D Infrastructure Project (NATRIP) is

being set up

• A centre for providing complete homolocation service to agri-tractors, off-road

vehicles, diesel generation sets as per Indian and global standards

Leather • Second largest producer after Tamil Nadu

• Contributes about 28 percent to India’s total exports of leather and leather products

• Over 900 acres of land sanctioned for setting up two Leather Parks in Sandila

(District Hardoi) and at Ramaipur (District Kanpur) which will attract an estimated

investment of INR20 billion

• Kanpur and Agra are notified as ‘Towns of Export Excellence’ for leather products

• Multi level skill development centre at a total project cost of INR92.4 million and

testing laboratory in Kanpur at a project cost of INR97.6 million are planned by the

Council for Leather Exports at Kanpur

• Footwear Design and Development Institute (at Noida) – a one stop solution provider

for footwear, leather products and allied industries




Sector opportunities (cont.)

Existing companies


Segment Key Strengths and Opportunity areas

Sugar • Second largest sugar producer of India accounting for about 28 percent of

total output

• Easy access to raw material and huge potential of establishing new units in

Eastern UP

• Huge demand for by products

• Conducive policy support to harness the sector’s high potential

Cement • Ninth largest in production of cement with production of 7.05 million tones

per annum

• Abundant availability of raw material in Bundelkhand area ideal for setting

up cement manufacturing plants

• Major investments by leading groups for establishing new cement plants

and expansion of existing plants

Textiles • The state offers complete range of handloom products like home furnishing,

floor coverings, bed covers, bed sheets and dress material and a vast range

of woven and printed saris made of cotton and silk

• Accounts for approximately 5.6 percent share of total weaving units in

handloom sector in India

• Mirzapur and Bhadohi are major centers for the production of carpet floor

coverings and account for approximately INR20 billion of export





Sector opportunities (cont.)

■ Reliance, Tata Motors, Coca Cola, Honda, Pepsico, ACC Ltd., Dabur, Jubilant Life

Sciences, Denso etc.

Existing companies


Segment Key Strengths and Opportunity areas

Chemicals and

Fertilizers

• Produces approximately 6 percent of India’s total production of Chemicals

• Home to some of the major chemical manufacturers, such as Tata

Chemicals, Kanoria Chemicals and Jubilant Life Sciences

• Abundant availability of raw material for production of fertilizers in

Bundelkhand area

• Rock phosphate found in Lalitpur is sold as a direct fertilizer and used as

raw material for phosphorus plants


ACC Ltd.

■ ACC, one of the largest manufacturers of cement and concrete in India, has 16 cement

factories and more than 40 ready mix concrete plants

■ Its plant is located at Tikaria in Uttar Pradesh

Success stories



Key projects specific investment opportunities

Agra to

Lucknow access

controlled

expressway

project

Potato flakes

and potato

based Vodka

manufacturing

■ Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) has been

nominated as the nodal agency for the development of this project

■ The expressway will start from proposed Agra Ring Road and end at proposed Lucknow

Ring Road; It will reduce the distance between Lucknow and Agra to 270 Km from the

current 335 Km

■ Concept report has been prepared and the request for quote/request for proposal

(RFQ/RFP) is expected to be floated by the middle of 2013

■ The expressway is proposed to be linked through Link Expressways from existing and

potential commercial/agricultural hubs, such as Firozabad, Shikohabad, Etawah, Kannauj

and Malihabad

■ The state tops in the production of potatoes accounting for 34 percent share in the country’s

potato output

■ A plant has already been established near Hapur for potato flakes manufacturing

■ The State Government is planning to incentivize potato-based vodka manufacturing

keeping in view its huge potential

■ A major distillery is in the process of establishing a vodka manufacturing plant near Rampur

Sources: Udyog Bandhu ; Press articles



Key projects specific investment opportunities (cont.)

Noida and

Lucknow Metro

rail

Information

Technology City,

Lucknow

■ 29.5 Km long rail link on the Noida-Greater Noida route from Noida City Centre to Boraki to

be developed by 2017 at an estimated cost of INR50 billion

■ The State Government has approved the formation of special purpose vehicle (SPV) —

Noida Metro Rail Company — to implement the project

■ The UP Cabinet has also given its approval to the first phase of 23 Km-long Lucknow Metro

Project, which is estimated to be completed by March 2018

■ The first phase of the project to cost around INR70 billion

■ For this also, an SPV – Lucknow Metro Rail Corporation — will be formed

■ The UP Government is planning a 100-acre ‘IT City’ on Lucknow-Sultanpur highway

■ The proposed city will be built on about 100 acres of government land at Gajaria farms on

Sultanpur Road in Lucknow




Key projects specific investment opportunities (cont.)

Plastic City

Dibiyapur

(Auraiya)

Export

Promotion

Industrial Park

■ 100 acre at Auraiya district

■ First Plastic City project of UP , to be developed through PPP

■ MoU signed with GAIL for smooth supply of raw material

■ 200 MW power plant being built adjacent to the site

■ Excellent Railway Connectivity

■ Excellent Road connectivity to major cities like Agra, Lucknow, Kanpur, Gwalior

Agra

■ 102 acre land at a cost of INR 21 cr for setting up export oriented units

■ Construction activities on allotted plots ( ~80% )

Greater Noida

■ Over 200 acre land

■ Infrastructure facilities at par with international standards

■ Production & exports commenced in 4 units. Construction of factory building in 11 units




Initiatives undertaken and projects underway

■ An international airport at Kushinagar under PPP mode is underway

■ Lucknow Haat building under construction

■ An international airport at Agra to be ready by 2017

■ INR1.4 billion allocated to develop an area near the Taj

■ The World Bank has approved USD410 million project to develop pro-poor tourism in Braj-

Mathura and the Buddhist circuits

Tourism

Residential and urban planning

■ Under ‘Sabke Liye Awas Yojana’, State Government to provide 40,000 residential plots and

houses

■ An international centre, Jaiprakash Narayan International Centre, to come up in Lucknow

■ Metro rail network for Lucknow has also been approved

■ Several development projects worth INR33.4 billion underway in Noida, Greater Noida and

Yamuna Expressway

■ With a Sewage treatment plant to treat 100 percent produced sewage, Noida has become

the first city of its kind

■ The World Bank has extended a loan facility to implement the Uttar Pradesh State Road

Project Source: Rail Bandhu, June 2013



Initiatives undertaken and projects underway (cont.)

■ Seeds, urea and pesticides provided to farmers during rabi season at a pre-determined

price

■ A scheme, ‘Bhoomi Sena Yojana’ introduced to enable farmers convert their flood-affected,

barren, unproductive land for agriculture use

■ Conducted program, ‘Apni Mitti Pehchane’, to discuss fertilizer quantity to be used

■ Distributed Kisan Credit Cards to farmers

■ Markets created at every 10 Km for enabling easy purchase and sale of agricultural

produce

■ Under the ‘Janeshwar Mishra Gramya Yojana’ and development works, over 1,000 villages

selected and allotted more than INR2.5 million each

Agriculture

Work under progress Plans to develop

Agra inner ring road Food park in Jagdishpur

Ghaziabad northern peripheral road Plastic city in Auraiya

Four-lane highways to connect district

headquarters

Agro park in Shahjahanpur

Agra and Kushinagar international airports -

Source: Rail Bandhu, June 2013

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.

Documents

Invest North 2013investnorth.in/Editor/ckfinder/core/connector... · services sector, trade, hotels, real estate, transport, storage and communications are the prominent ... if a