Business with India

Budget session begins in India, focus on inclusive growth

- by India Writes Network

The crucial budget session of the Indian parliament began on February 23 with President Pranab Mukherjee stressing on the government’s unflinching commitment to inclusive growth, protecting the interest of the poor and tackling pressing national challenges like terrorism, black money and corruption.

“The fundamental tenet of my Government is Sabka Saath Sabka Vikas– All Together, Development of All. Within a span of nine months, my government has articulated and embarked on a comprehensive strategy for unleashing the full potential of our country and its precious resource of 125 crore people,” Mr Mukherjee said in his address to the joint session of Indian parliament.

Alluding to a host of pioneering initiatives taken by the BJP-led NDA government to stimulate national resurgence and economic rejuvenation, the president said: “A strong beginning has been made. A promising future awaits us.”

Prime Minister Narendra Modi, on his part, reached out to the opposition and hoped that the budget session will be an opportunity to work together and produce constructive outcomes for the nation.

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Bridging trade deficit: Taking Chandni Chowk to China

- by India Writes Network

Narrowing India’s $37.85 billion trade deficit with China, a contentious issue between the two Asian giants, will take some out-of-the-box thinking, and greater consumer orientation. Here are some pointers on how it can be done.
A few weeks ago, as my wife Sumona was having a manicure at a nail salon in Shanghai, a thirty-something Chinese lady sitting in the next chair excitedly told her that she was simply in love with a handsome Indian star. Naturally, Sumona assumed it would be one of the Khans. “He has big eyes, a lovely smile, and is quite plump. So different from the skinny Chinese men! Look, I carry his picture on my phone,” she said. Pulling out a crystal-encrusted I-Phone 6, she showed the photo of a smiling Ram Kapoor.
Would you have ever imagined that Bade Achche Lagte Hain, a popular TV drama in India, could be so popular in China? Or that one of the most popular dance performances at last year’s Chinese New Year office parties was Jai Ho? Or that thousands of Chinese youth are enraptured by 3 Idiots (San Geshagua in Mandarin) because it reflects exactly the same kind of pressure that they experience?
The continued growth of both the Chinese market and consumer power offers Indian businesses myriad opportunities. Narrowing the trade gap is a political and economic commitment on both sides of the Himalaya. It’s up to Indian business to make the most of China’s booming consumer markets.

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Smart diplomacy: India, Singapore to focus on smart cities, skills upgrade

- by Manish Chand

Think smart, and Act East. This twin mantra of the Narendra Modi government will be telescoped during Singapore President Tony Tan Keng Yam’s visit to India which will focus on spurring collaboration in smart cities, skill-building and enhancing two-way investment.
Singapore president’s February 8-11 trip to India marks a milestone and is part of the ongoing celebrations of 50 years of mutually nourishing diplomatic ties between the two countries.
The reform-minded India’s prime minister has created much excitement among Singapore’s political leadership and the business class. In May 2014, after the change of guard in New Delhi following the national elections, Singapore’s Prime Minister Lee Hsien Loong congratulated Mr Modi on his election victory on Twitter and Facebook.
Smart cities and skills collaboration are the twin pillars of the new phase of cooperation between India and Singapore. Prime Minister Modi sees Singapore as a key partner in his pet project of building 100 smart cities in India. The forthcoming presidential visit will see some progress in firming up the contours of smart city cooperation. Singapore is also expected to be an important partner in the new Indian government’s skill development mission.

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Modi dreams big for India, promises $20 trillion economy

- by India Writes Network

Buoyed by renewed global confidence in the India story, Prime Minister Narendra Modi has raised the bar by declaring a new ambitious target of scaling up the Indian economy 10-fold to $20 trillion. To make sure that his claim was not seen as grandiose showmanship, the Indian prime minister unveiled a raft of reforms, including reforming country’s the labyrinthine tax system to attract foreign investment and streamlining the governance system to make it faster and more effective.

Underlining the importance of fast-tracking institutional reforms, Mr Modi declared at a business conclave, organised by The Economic Times, that he was preparing the ground to turn India into a $20-trillion economy from $2 trillion. “In 20 years of liberalisation, we have not changed a command-and-control mindset. We think it is okay for government to meddle in the working of firms. This must change,” he said in New Delhi in a speech that was generously interspersed with the word reform and its improvisations.

However, in a carefully-worded formulation, the prime minister made it clear that his government would not cut subsidies that will adversely impact the poor. “I believe that subsidies are needed for them (poor). What we need is a well-targeted system of subsidy delivery. We need to cut subsidy leakages,” he told the country’s industry titans in New Delhi January 16.

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