An overview of the Indian business environment
30 November 2017
CBI India Update November 2017
India delivered a stunning improvement in the Ease of Doing Business ranking of the World Bank by climbing up 30 places from 130 to 100. Read all about it and the CBI India Business Confidence Review November 2017 in this month’s India Update.
The CBI’s Annual Conference 2017 was held on 6 November 2017 at the Intercontinental Hotel O2 overlooking the spectacular Canary Wharf area. Keynote speeches were delivered by the UK PM Rt Hon Theresa May, Labour Party leader Jeremy Corbyn and the US Secretary of Commerce Wilbur Ross.
Read another related news story on the CBI Annual Conference 2017 in the Eastern Eye.
The CBI India team also attended in the CBI Global Growth Conference 2017 at Newcastle, UK where I was part of a panel discussion on ‘Emerging Markets, Emerging Opportunities’. See related tweets and blogs.
The CBI also released the CBI India Business Confidence Review Report November 2017. Read the report. Thanks to all members who contributed their valuable inputs.
Meanwhile, India delivered a stunning improvement in the Ease of Doing Business ranking of the World Bank by climbing up 30 places from 130 to 100. India scored much higher than previous years on its performance in paying taxes, resolving insolvency, getting credit, protecting minority shareholders. While there was some improvement on two tough and challenging parameters- enforcing contracts and dealing with construction permits- these indicators still need catching up. India has done poorly in two categories- starting a business and registering property.
After a 14-year hiatus, Moody’s Investor Services improved India’s credit rating to Baa2 from Baa3. The outlook has also changed from positive to stable for India. These developments will go a long way in improving the international perception about India which is currently dealing with a slowed growth rate as a consequence of structural reforms like demonetisation and introduction of Goods and Services Tax.
Index to rank states on start-up ecosystem likely soon
The Department of Industrial Policy and Promotion (DIPP) is expecting to roll out by next month an index to rank states on the basis of measures being taken by them to promote start-ups. Read more
Indian economy likely to grow to 6.3% in Q2
Citing the need for health and education to be made the two top priorities in the next budget, the NITI Aayog Chair Mr Rajiv Kumar has predicted that Indian economy will grow around 6.2% to 6.3% in the second quarter of the current financial year. Read more
GST compliance may get MSMEs more sops
The finance ministry maybe introducing more incentives for micro, small and medium enterprises (MSMEs) that comply with the requirements of the new goods and services tax (GST) regime, including access to loans at discounted rates, in an attempt to reward early adopters and encourage others to comply.
Rolls-Royce, TCS tie up for IoT deals
Tata Consultancy Services is working on several larger Internet-of-Things-based deals after securing Rolls-Royce as a marquee IoT client. Read more
GSK Health names Navneet Saluja as India sub-continent head
After having served GSK Consumer Healthcare as Area General Manager in the Middle East and Africa. Navneet Saluja has recently been appointed as the India sub-continent head of GSK. Read more
Aviva India sees green shoot emerging in SME focus
Insurance heavyweight Aviva India is seeing a spurt in business from small and medium enterprises (SMEs) and expects the segment to come up on its own. Read more
Tesco India builds fraud prevention platform for online businesses
Tesco India has recently set up a team focused on combating fraud for online businesses (food and non-food), buyer-supplier collusion fraud and colleague fraud at checkout tills. Read more
On the Radar
Here are some interesting new facts and figures related to the UK-India relationship.
- One of the largest healthcare projects in the world is a result of UK-India collaboration. Eleven Indo-UK Institutes of Health across India will build a capacity of 11,000 beds, 5,000 doctors, 25,000 nurses and generate direct and indirect employment for over 300,000 Indians and are designated for the provision of integrated healthcare facilities to all Indians. The deal was announced during Indian PM Mr Narendra Modi’s November 2015 visit to the UK. This £100 million collaboration between India and the UK, a world first, is a sign of the huge global export market for the UK healthcare and life sciences sector.
- According to Invest India, India’s nodal investment promotion agency, besides healthcare, UK enquiries have mainly focused on the following sectors:
- Renewable Energy
- Food Processing
- Auto Spare parts