31 May 2018

  |  CBI India

Update

CBI India Update May 2018

May 2018 began with some heartening news on the UK- India trade front.  According to Department of International Trade (DIT) figures, total trade in goods and services between UK and India rose by an impressive 15% at £18 billion in 2017.

CBI India Update May 2018

The trade numbers had been stagnating for a few years. The increase has been on the back of UK exports of innovative machinery and mechanical appliances. Trade in goods alone rose by 19.67% with UK exports in goods to India having increased by an impressive 24.43% to £ 4.07 billion.

However, these figures are nowhere near the top three trading partners of the UK-  United States (£166bn in total trade), Germany (£124bn), the Netherlands (£73bn) and France (£72bn).

Meanwhile the UK’s Digital and Culture Secretary Matt Hancock visited India this month, becoming the UK first cabinet minister to visit India after PM Modi visited the UK. He launched the UK India Tech Partnership and confirmed regional linkages.

Read the FCO press release here. UK Minister of State for Asia and the Pacific, the Rt Hon Mark Field MP, also arrived for two days of high-level talks on technology, cyber security, energy and girls’ education. Read more here.

The UK’s Chancellor of the Exchequer delivered the keynote address at the CBI Annual Dinner on 22 May 2018 which brought together over 600 business leaders. Read more here.

Piyush Goel, the Indian Railway minister is now covering as the country’s Finance Minister as Arun Jaitley is recovering from a renal transplant.

The CBI International Director Ben Digby visited Delhi this month and spent his time meeting key UK, Indian government, World Bank officials and senior representatives of CBI member companies in India.

 

Given below are more highlights during the month:

RBI guidelines on payment system data storage

Last month, the Reserve Bank of India in a notification on Statement on Development and Regulatory Policies has made it mandatory for all system providers to ensure that entire data relating to payment systems operated by them are stored in a system only in India. Read the notification here.

Air India runs inaugural Birmingham–Amritsar Saturday flight

Read more here.

Key WTO member countries to meet in Paris next month

India will be part of a group of key WTO member countries meeting in Paris next month. This was disclosed by the Indian Commerce & Industries minister Suresh Prabhu who stated that global trade was facing one of its toughest times in the last forty years.

India Inc for more women in top roles

The Indian private sector is now focussed on gender balance in leadership. Specific mandates are being given to executive search firms to look for women candidates for top-level posts. Such mandates were earlier given by organisations for mid-level roles to boost their gender diversity ratios. Read more here.

 

MEMBER NEWSMAKERS

Vodafone added 22 million broadband subscribers

Vodafone India closed the FY 2017-18 at close to 60 million broadband subscribers, increasing the numbers by 22 million. Read more here.

TCS becomes first Indian company to breach $100 billion market capitalisation

Read more here.

Kalyani Group, BAE Systems to develop air defence guns 

BAE Systems and the Kalyani Group have formed a strategic partnership to develop air defence guns. This will involve the transfer of technology for developing air defence guns and ammunition. Read more here.

Hindustan Unilever, Vodafone among 16 best employers in India: Survey

According to Aon Best Employer India 2018 study HUL and Vodafone, along with the Indian Aditya Vikram Birla group were adjudged the top three employers in India. Read more here.

 

ON THE RADAR

The Modi government’s four-year report card

The Narendra Modi government in India completed four years last week. The macroeconomic picture looks healthy but the most worrisome aspect seems to be swelling non-performing assets in banks. Take a look here. Read a critical opinion piece here.