Business with India

Rely on Modi’s India, Ambani unveils $16.5 billion investment

- by India Writes Network

Upping the stakes in the India growth story, India’s billionaire tycoon Mukesh Ambani unveiled plans for mammoth $16.5 billion (Rs 1,00,000 crore) investments across diverse sectors, and projected that India was on the path to become the world’s fastest growing economy.
The investments will be focused on expanding the RIL petrochemical production capacity and launching the 4G broadband services, which will provide a big boost to Prime Minister Narendra Modi’s pet projects, including Make in India and Digital India initiatives.
Speaking at the 7th Vibrant Gujarat Summit here, the biggest investor conclave being held in India since the Modi government took charge in May 2014, Mr Ambani, the world’s richest energy billionaire and India’s richest man, underlined that “India is marching forward with a clear vision to emerge as global power even when as most of the world is struggling with low growth.”

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Modi expected to visit UK after the elections

- by Manish Chand

The India-UK relations are poised to move into a higher trajectory, with India’s Prime Minister Narendra Modi expected to visit Britain after the May elections in that country.
Mr Modi was speculated to visit Britain towards January-end, with British Prime Minister David Cameroon keen that the Indian prime minister travels to his country early this year.
However, with the upcoming elections, the plan appears to have changed.
A group of NRIs and PIOs from the UK met Mr Modi on the sidelines of the Pravasi Bharatiya Summit in Gujarat’s capital Gandhinagar.
The prime minister conveyed that he will be visiting Britain after the elections, Lord Diljit Rana, veteran entrepreneur and member of the House of Lords, told India Writes Network (www.indiawrites.org) in an interview. The visit is likely in September-October, said Lord Rana, president of the Global Organisation of People of Indian Origin, (GOPIO) said.

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Reshaping Indonesia-India relations critical to 21st century Asia

- by India Writes Network

Vibrant democracies, emerging powers, and partners in the unfolding Asian resurgence. India-Indonesia relations have a rich past, and is looking to zoom into a rich future, bristling with possibilities. Co-founders and fellow-travellers of the Non-Aligned Movement, India and Indonesia have imparted a contemporary strategic dimension to their multi-faceted relationship. From President Sukarno gracing the first Republic Day celebrations of 1950 to India hosting Indonesia’s then President Susilo Bambang Yudhoyono as Chief Guest at the Republic Day celebrations in 2011, the India-Indonesia partnership in the 21st century is acquiring new layers and depth.

The year 2014 saw a change of guard in both New Delhi and Jakarta, propelling self-made politicians from humble backgrounds to the top of the power ladder. The new leaderships in both countries are keen to seize the moment to infuse a new energy and vitality into this robust relationship.

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Banking reforms: How to cure KYC headache?

- by India Writes Network

A far-reaching reform would be to use the PAN database for giving KYC clearances for banking and investment services as well. Do we really need three separate and parallel systems for customer data for tax, banks and mutual funds? Merging the KYC process of the banking and investment services into the PAN system of the Tax department would greatly improve efficiency all around. Indian citizens and thousands of NRI/PIOs and foreigners would be spared the nuisance of doing the KYC process which simply reuses the same data and does not add any value.
Prime Minister Modi is to be lauded for pushing against bureaucratic resistance in giving millions of Indians access to the banking system through the Jan Dhan Yojana. When reforms are proposed there is opposition from the establishment. But where a decision is made, the bureaucracy will find a way to implement it. Now the prime minister has the chance to simplify and streamlining the outdated, repetitive and inefficient KYC process by basing it on a single database of the PAN system. This will save an enormous amount of time and money for customers, bank employees, and be more effective in tracking down tax evaders and criminals. He will be thanked for this service by millions of users.

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Converting SAARC sceptics: Modi says it’s time to act and make dreams flower

- by Manish Chand

It’s time to make a new beginning in South Asia and convert cynicism and skepticism shadowing the SAARC grouping into a ripe field of opportunity through deeper integration and freer movement of goods, people and dreams. This was the overarching message of India’s Prime Minister Narendra Modi’s debut speech at the SAARC summit in the Nepali capital as he unveiled new unilateral initiatives in areas of education, business, public health and IT, and offered to launch a SAARC satellite by 2016.
The prime minister spelt out the five pillars that underpin India’s vision for the region, which includes trade, investment, assistance, cooperation in every area, contacts between people – and, all through seamless connectivity.
In his speech, Mr Modi, who is attending a SAARC summit for the first time, provided a trenchant prognosis of what ails the 8-nation South Asian Association for Regional Cooperation, and exhorted the SAARC leader to convert cynicism into a new narrative of hope and opportunity to bind the region together in an intimate mesh of trading, rail, road and air links.

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UK promises exceptional welcome to Modi, upbeat about India Story: Baroness Verma

- by India Writes Network

The multifarious ties between India and Britain are headed for a marked upswing. Moments after he met India’s Prime Minister Narendra Modi on the sidelines of the G20 summit in Brisbane, British Prime Minister David Cameron tweeted: “Relations with India are at the top of the priorities of UK’s foreign policy.” “Your’s is a very inspiring vision, U.K. wants to partner in any way we can,” Mr Cameron said in another tweet.
The British leader’s enthusiasm seems to be shared across the spectrum in Britain. Soon after the Modi-Cameron meeting, Manish Chand, Editor-in-Chief of India Writes Network (www.indiawrites.org), caught up with UK Parliamentary Under Secretary of State for Energy and Climate Change Baroness Sandip Verma, and found her brimming with enthusiasm about the trajectory of the India-UK relations and the India growth story.
The 55-year-old politician and businesswoman, who has been made a Conservative peer for life, is also a visible emblem of the success of the Indian diaspora in Britain. In this wide-ranging interview with indiawrites.org in New Delhi, the Amritsar-born Sandip Verma speaks about how Britain is eagerly looking forward to offering Prime Minister Modi “exceptional welcome,” the success of the Indian community in Britain and soaring expectations about the India story under the leadership of a reform-minded prime minister.

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