Recent analysis
Fourteen States "Reimburse" Investors' SGST. None of Them Can Actually Refund GST.
Wednesday, September 09, 2026
Fourteen Indian states currently promise investors some version of “SGST reimbursement” as part of their investment-promotion incentive...
Read the piece →India's State Incentive War: Gujarat's Execution Edge, Karnataka's FDI Inversion, and Why Nobody Can Tell You Who Actually Got Paid
Wednesday, August 05, 2026
Gujarat, Uttar Pradesh, Tamil Nadu and a dozen other states are locked into an incentive arms race for the same pool of manufacturing inves...
Read the piece →Announced vs. Delivered: Five Indian State Industrial Policies, Checked Against the Numbers
Sunday, August 02, 2026
Every state industry department publishes a policy PDF full of targets. Far fewer publish what actually happened afterward. We went looking...
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Umashankar Triplicane Dwarakanathan
Investment Promotion & Energy-Sector Leader · Chennai, Tamil Nadu, India