India’s economy could take a sharp upturn to 7.1 per cent in FY2021 from 5.7 per cent in FY2020, Bloomberg Economics has said. The report said the structural measures taken by the Modi government to boost the economy would play a crucial role in bringing in foreign indirect investment, which would be crucial for India in times of trade wars. “We expect gross domestic product growth to rise sharply in fiscal 2021 ending March, to 7.1 per cent from an estimated 5.7 per cent in fiscal 2020,” said the report.
Finance Minister Nirmala Sitharaman said in a written response to a question in Lok Sabha on Monday that while the economy has slowed down, India is still the fastest growing country among the G-20 nations. Sitharaman said that India is still projected by the International Monetary Fund to be the fastest growing G-20 country in 2019-20.
India climbed 14 rungs in the World Bank’s Ease of Doing Business 2020 survey to stand at 63, among 190 countries, making it the one of world’s top 10 most improved countries for the third consecutive time.
The sharp rise in the ranking underscores the reformist credentials of the Narendra Modi-led National Democratic Alliance (NDA) government and may help the country lure multinational companies, looking at alternatives to China for investment amid Beijing’s trade war with the US.
The first Oklahoma Annual Investors Conference will be held Thursday, November 7 at the Colcord Hotel in Oklahoma City. The conference will connect the financial ecosystem by welcoming institutional investors, fund managers and prominent public figures from across the world to participate in a full day of panel discussions, keynote presentations and networking opportunities.
India’s government escalated efforts to repair economic growth with a surprise $20 billion tax cut, taking the rate for companies to one of the lowest in Asia. Domestic companies will pay 22% tax on their income from April 1, 2019, versus 30% previously, Finance Minister Nirmala Sitharaman said Friday. The effective rate, including all additional levies, will be 25.2% and applicable on companies that aren’t availing any incentives or exemptions. India’s key S&P BSE Sensex rose 5.3% in Mumbai, the biggest gain in a decade, and the rupee rallied after the announcement. Sovereign bonds slumped as fiscal concerns came sharply back to the fore.
Private equity and venture capital investments in India crossed $8 billion in July — the highest fund infusion in a month by PE/VC funds — amid strong investment activity in infrastructure and real estate asset classes, an EY report said on Monday. According to EY’s private equity deal tracker, July 2019 recorded investments worth $8.3 billion across 106 deals against $1.8 billion in July 2018 through 70 deals.
The freezing ski resort of Davos, Switzerland in January 2018 was the first witness of Prime Minister Narendra Modi’s ambition of seeing India as a $5 trillion economy by 2025. True to the theme of the World Economic Forum’s annual event, “Shared Future in a Fractured World”, Modi invoked the oldest Upanishad — Isha Upanishad — to assure the global business community that Indians consider the world one big family, and that our future lay together. “We are moving towards becoming a five trillion US dollars economy by 2025. We will become 3rd largest consumer market in the World by 2025.
Sovereign wealth funds are piling into India, buying stakes in everything from airports to renewable energy, attracted by political stability, a growing middle class and reforms making it more enticing for foreigners to invest.
Wealth and state pension funds are expanding their horizons to private markets, to complement an existing focus on stocks and bonds. “India is popular with sovereign wealth funds,” said Tihir Sarkar, London-based partner at Cleary Gottlieb, which counts several prominent sovereign funds as clients.
A last-minute technical snag kept the Goldman Sachs CEO from visiting India, in what would have been his first since taking over as the boss of the one of the world’s largest investment bank. But he took time out for a freewheeling interview over video conference to discuss a wide ranging topics about growth in India, trade wars, the fintech disruption, Breaking up Big Tech and the backlash against Wall Street bankers.
VIKASA Capital is pleased to share the results of the 2019 Indian Prime Minister election. Mr. Narendra Modi will continue to lead the nation for a second 5-year term. Modi’s Bharatiya Janata Party (B.J.P.) is poised to win with an even bigger majority than in the first term. Mr. Modi is viewed as good for business. He has simplified the tax system and cut down on corruption, and one of the signature achievements of his term was an overhaul of the country’s corporate bankruptcy system.