11 October 2018

  |  CBI India

Update

CBI India Update September 2018

Find out all about the forthcoming India UK FutureTech Festival and other India-related highlights in this month’s India Update.

CBI India Update September 2018

The British High Commission in India recently announced a call for sponsors and partners for the India UK FutureTech Festival, a thought-leadership summit which will bring together business, policy makers, venture capital, scientists and entrepreneurs, slated for 11 and 12 December 2018.

The CBI Director General Carolyn Fairbairn has confirmed her attendance at the Festival. She will be joined by Felicity Burch, CBI Director Innovation and Digital.

Meanwhile, Communities Secretary Rt Hon James Brokenshire, led a 3- day trade mission to India in early October to promote trade, technology and investment ties between the Midlands engine and India. Read more

Back in CBI India, we had Dr Rajiv Kumar, Vice-Chair, NITI Aayog speak to the CBI’s India Advisory Group in September. On 12 October 2018, we will have the Lord Mayor of London and his senior delegation interacting with the group.

Through the month of September, the Indian rupee continued on its downward spiral. Currently at around INR 74 to a dollar, the rupee value has fallen by more than 10% since January this year. Read more

Meanwhile, IL&FS Ltd or Infrastructure Leasing & Finance Services, one of India’s core sector investment company, defaulted on payments to lenders triggering panic in the market. Read more

In order to promote the 9th Vibrant Gujarat road show slated to be held in January 2019, the Chief Minister of Gujarat Mr Vijay Rupani will address a business event and interact with delegates on 16 November 2018 in New Delhi. Find RSVP details in the invitation.

Between 3 and 5 October 2018, the CII organised the 2nd Global RE-Invest 2018, an investor’s meet and expo hosted by the Ministry of New and Renewable Energy, Govt of India. Read about the speakers at the UK country session.

Here are some more of the highlights of the past month.

  • Cabinet approves 100% electrification of Indian Railways by 2021-2022 - The cabinet has approved electrification of 108 sections of Indian Railways covering 13,675 route kilometres of railway tracks at a cost of Rs 12,134.50 crores. Read more
  • Decline in number of Indian students in UK universities: MAC Report - The UK's market of students from India has fallen sharply in recent years, while remaining stable for those students from China. Read more
  • Indian govt to unveil plan to make India the world’s third largest economy - States and central government ministries have given detailed suggestions for new plan, which will set out targets. Read more
  • Digital India 'making rapid strides' as country moves up 28th from 36th in govt e-payments adoption - The survey said while the country has done well on financial inclusion, its overall performance in inclusiveness dropped due to a lack of government integration of the informal economy. Read more

MEMBER NEWSMAKERS

Infosys and TCS Among 12 Indian Firms in Forbes' List of World’s Best Companies

Entertainment giant Walt Disney, with a market cap of USD 165 billion topped the list, followed by hospitality major Hilton and Italian carmaker Ferrari at the second and third spots respectively. Read more

Diageo looks at small towns to grow premium scotch portfolio

The India unit of Diageo has about a 45% volume share in the three million case per year scotch whisky market. Read more

British Airways, Vistara announce flying partnership

In early September, British Airways and the Tata group’s private airline Vistara announced plans to fly each other’s passengers. The agreement means that British Airways customers will now be able to visit 13 new destinations across the region, opening up cities such as Ahmedabad, Amritsar, Bhubaneswar, Chandigarh, Goa, Kolkata, Kochi, and Pune that have previously been more difficult to access from the UK. Read more

ON THE RADAR

Salaries are expected to grow by an average 10% in India. This is going to be the highest in the Asia Pacific region in 2019. Read an analysis of a recent Wills Towers Watson report.