The International Monetary Fund has tracked the stimulus packages of 193 countries and found that the Indian measures are much larger than analysts’ estimates and among the biggest for emerging economies.
India’s defence budget overtook the UK for the first time in 2017 to be counted among the world’s top five. India’s actual spend of $52.5 billion (including defence pensions) in 2017 makes it the fifth-largest in the world, overtaking the UK to reach the ‘Top 5’ slot for the first time, according to the authoritative annual ‘Military Balance 2018’ published last month by the International Institute for Strategic Studies (IISS), the London-based think-tank I work for. According to the IISS, [...]
The last few weeks have brought some cheer for those tracking the investment climate in India. Credit rating firm Moody’s upgraded India’s sovereign rating by one notch, a move seen as a clear endorsement of the economic reform agenda underway in the country. A key plank of this agenda has been the ambition to improve the ease of doing business in the country, which also received a major boost with India moving into the top 100 in the World Bank’s [...]
Vedanta to invest $9bn in India London-based Vedanta Resources Plc will invest roughly $9 billion in India over the next few years to expand its hydrocarbons, metals and mining businesses and meet more of India’s requirements of these commodities locally. Anil Agarwal, founder and chairman, Vedanta Resources Plc, said: “We are planning to invest $2.5 billion in oil and gas to step up our production to half of India’s crude oil output (from 26 per cent in 2016-17). "The other [...]
The notion of globalisation is not under threat as a result of Britain’s vote to leave the European Union, writes a senior academic. A day after the crucial Brexit Vote, it seemed the world had opened its eyes to a new world. An island within Europe had willingly decided to split from the European Union (EU) forever. Soon after, while there was opposition and emotional outcry by people who were not observant of current realities. Brexit isn’t as surprising as [...]
It is time for the Commonwealth to introspect on its role for the 21st century and look at adding new members and acquiring a sharper financial focus. As a British citizen of Indian origin born in Uganda, I enjoy a triple connection with the Commonwealth. I was therefore drawn towards speaking in a recent debate on the Commonwealth in the House of Lords — almost like a magnetic field. The focus of my remarks was on two themes. Firstly, the [...]
‘India Global Business’ calls out for government hand-holding to make the most of opportunities arising out of this seismic shift in the global order.
A lot has been written on how Brexit will affect the Indian economy. But a disproportionate amount of attention has been paid on the impact on India’s domestic economy and its export prospects. Not enough has been spoken about how it could affect India Inc’s appetite for acquiring British and EU assets – both production facilities and brands – that could help domestic Indian companies ramp up their global presence.
India’s banking chief Raghuram Rajan is recognised worldwide among a handful of those who had foreseen risks in the system before the 2008 financial crisis. As governor of Reserve Bank of India (RBI), he has become a leading voice for the developing world in international fora. During a recent visit to the UK, he articulated his traffic signal model to move the world towards a more responsible monetary policy.