Economy & Trade
Startups in Delhi winning in race for investors
According to data collected by LetsVenture, startups in the Delhi National Capital Region (NCR) – which includes the capital Delhi and its satellites Gurgaon and Noida – have closed more investment deals over the past year than their counterparts in Bangalore. According to the data, 328 startups in the NCR received investments, in comparison to only 261 in Bangalore. However, the investments in the NCR totaled US$2.50 billion, in contrast to the US$2.52 billion that startups in Bangalore received.
Russia and India are becoming closer partners both politically and in trade. India is negotiating a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU) and will become a full member of the Shanghai Co-Operation Organization (SCO).
The SCO provides a uniquely eastern and central Asian political and development platform for India. Founding members China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan will be joined by India, Iran, and Pakistan. Observer states include Afghanistan, Belarus, and Mongolia, while dialogue partners Armenia, Azerbaijan, Cambodia, Nepal, Sri Lanka, and Turkey also participate. As can be seen, many of these states are within India’s sphere of interest.
Any US H-1B visa change to affect IT talent pool
The debate in the US over bills designed to tighten H-1B visa rules has become a cause for worry among many major Indian IT companies. While the operations of many multinationals will be impacted by tighter restrictions for the visa, the biggest impact for HR managers in India will be related to the availability and cost of talent.
By Koushan Das
The Aadhaar is a 12-digit unique identification number issued by the Indian government to every Indian citizen. The number serves as proof of identity and address, but now the government will expand its functionality to include digital payments.
An Introduction to Doing Business in India 2017, the latest publication from Dezan Shira & Associates, is out now and available to subscribers as a complimentary download in the Asia Briefing Bookstore.
By Dezan Shira & Associates
Foreign observers could be forgiven for expecting fireworks from India’s 2017-2018 budget. India has one of the fastest growing economies in the world and has been dubbed the last BRIC standing.
Finance Minister Arun Jaitley, however, has rarely used the budget for bold initiative. Across Jaitley’s four budgets, the finance minister has instead attempted to find something for everyone.
This year’s budget is no different in that regard: tax relief for the middle class as well as SMEs; incentives and reforms to combat black money; assistance for sectors hurt by demonetization; a commitment to developing infrastructure.
If November’s shock demonetization caused foreign observers to worry about the unpredictability of the government, this budget reconfirms that India is committed to steady, piecemeal reform.
By Dezan Shira & Associates
As Finance Minister Arun Jaitley delivers the 2017-2018 union budget speech today, we look at the performance of the 2016-2017 Union Budget. Ease of doing business was at the forefront of last year’s agenda, while digitalization, job creation, infrastructure, and investments were some of the other key budgetary priorities.
How did the government do? This article briefly assesses the impact of the 2016-2017 budget and what it means for businesses in India.
By Zolzaya Erdenebileg
In May 2015, Narendra Modi became the first Indian Prime Minister to visit Mongolia. In a trip that included patting a horse and trying his hand at bow and arrow, Modi also made a significant announcement hinting at the future of diplomatic relations between India and Mongolia – a US$1 billion credit line, as well as promises of increased trade and support. Mongolia, which has always held a third-neighbor policy to decrease the looming presence of Russia and China, welcomed the announcement, highlighting the religious and political affinities of the two nations.
A possible India-Mongolia alliance has economic and geopolitical significance. This was highlighted throughout Modi’s visit, and further underlined when Mongolia announced its intent to use the US$1 billion credit line to invest in oil refineries and energy capability. At present, Mongolia imports most of its refined oil from Russia. Oil refining capabilities would go a long way towards increasing the energy independence of the country, and flowering other subsequent industries, such as chemicals production.