India to benefit from shifting of global supply chains from China: Survey

India could benefit from the likely shift in global supply chains from to other economies in the aftermath of the COVID-19 pandemic, according to a survey.

The Ficci-Dhruva Advisors Survey conducted this month covered more than 150 companies in India.

“Another major outcome of COVID-19 is the likely shift in global supply chains away from to other economies. Nearly 70 per cent of the survey participants have said India could benefit from this move and they expect a fair share of manufacturing to shift from to India in the near future,” said Ficci on the findings of the survey.

Moreover, the prospect of introduction of a vaccine against COVID-19 early next year has improved the confidence level of businesses, with almost 74 per cent of the participants foreseeing a significant positive impact on their business once the vaccine is made available, the survey revealed.

However, to capitalise on the opportunities that could come India’s way, there is need to strengthen its manufacturing ecosystem. Under the Aatmanirbhar Bharat package, the government has introduced several measures to address the immediate pain points of the economy as

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FM Logistic plans to double warehousing capacity in next 3-4 years

CEO Soufiani expects sales to return to pre-Covid levels by March 2021 as 90 per cent of the business has already recovered by December

logistics | Warehousing sector

FM Logistic plans to double its warehousing space to 12 million sq ft in 3-4 years, from 60 lakh sq ft at present, as it expects demand for such facilities to increase, its MD and CEO Alexandre Amine Soufiani said.

He expects sales to return to pre-Covid levels by March 2021 as 90 per cent of the business has already recovered by December.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic,

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Guide to understanding Research & Development Tax Credit for large companies

The HM Revenue & Customs or HMRC has made it easy for a large company to avail tax relief from their research and development expenditure.

By applying for a tax credit relief, you can improve your business cashflow, reduce your tax rate and lessen your income tax expenses. This might just be the perfect solution for your business.

Things that can help you qualify for an R&D tax relief

Not a lot of business owners know that they can apply for R&D tax relief. Despite the efforts of the UK government to encourage technical innovation in businesses, only 19% percent classify their business as innovation active and file for an R&D tax incentive.

If your business belongs to the technology and science industry, you should try applying for a R&D tax credit privilege. To start, you need to ensure that your business meets the following criteria:

Developing products improved by technology

If you manufacture products and you constantly innovate your production process by conducting research and product testings, you may qualify for an R&D tax relief. It doesn’t matter if you succeed or fail in your product improvement. You can still claim a tax credit by submitting the necessary paperwork.You

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