With a GDP of 150 billion USD, Calcutta is the commercial and financial heart of eastern India. Ever since the liberalization of India’s economy during the 1990s, the commercial and financial success of this important port city has been on the steady increase.
As well as being the home of the famous Calcutta Stock Exchange, Calcutta also boasts a vast array of economy boosting industries and the headquarters of some of India’s largest corporations. Some of the major industries in the city, funded by both the public and private sectors, include steel, mining, cement, pharmaceuticals, processed foods, agriculture and electronics. Each of these businesses supplies huge numbers of jobs to the people of Calcutta.
Many notable companies are based in the heart of the city’s business district, such as ITC LTD, Bata India, Merlin Projects, Coal India and many more. There is a high demand for expats with experience in IT and financial services, telecommunications as well as the research and manufacture of pharmaceuticals.
Any expats relocating to Calcutta with the purpose of finding gainful employment must be in possession of an employment visa. These work permits are issued to foreigners who intend on working for an organization which is registered in India or those who are doing volunteer work in the country.
Depending on the applicant’s profession and the job at hand, employment visas are valid for any amount of time between two and five years, although it is possible to apply for an extension. Extensions and renewals of the employment visa can be granted by the Indian Ministry of Home Affairs, which has an office in Calcutta.
Income tax in Calcutta is charged on a progressive scale. The entirety of an individual’s net income is liable to be taxed, including salary earned, profits gained and income from other sources such as rent. Individuals who earn less than 250,000 INR per year or senior citizens who earn a salary of under 300,000 INR a year are not eligible to pay any income tax. The maximum amount that any person can be charged for income tax is 30%. This rate applies to anyone earning upwards of one million INR, regardless of age.