India’s equity markets closed at a new all-time high on Friday, beating the record set in the previous session, while Arvind Kejriwal, head of the anti-corruption Aam Admi Party was refused an appointment with Narendra Modi, the opposition Bharatiya Janata Party’s prime ministerial candidate. Continue reading »
Remember that note from Goldman Sachs? The one where the US investment bank upgraded its assessment of the Indian economy on hopes that Narendra Modi, the pro-business prime ministerial candidate for the opposition Bharatiya Janata Party (BJP), would lead India’s next government?
Then, New Delhi was up in arms and accused Goldman of interfering. Now, it seems Goldman was only saying what all investors were thinking. Indian markets closed at record highs on Thursday and again on Friday, after the Election Commission announced dates for the voting and opinion polls showed Modi gaining popular support. Continue reading »
Its population is bigger than Brazil’s. The way its people vote can decide the direction taken by world’s largest democracy. No state in India is more important in the country’s forthcoming general election than Uttar Pradesh, the underdeveloped northern state of 200m people.
Of the 814m eligible voters mentioned by the Election Commission when it announced the April and May polling dates this week, 134m are in Uttar Pradesh. Continue reading »
The first official day of electioneering in India, after the Election Commission announced dates and details for the polls. The benchmark Sensex index hits an all-time high. Continue reading »
Rare is the Indian who complains that politics is boring: at least in Madhya Pradesh – the big, landlocked state at the heart of India – there is undisguised excitement about the general election that was announced on Wednesday.
The majority of those we interviewed on the streets after the Election Commission’s announcement said the election (to be held on nine separate voting days between April 7 and May 12) would bring a much-needed change of government in New Delhi. Continue reading »
India’s forthcoming election is often described as a festival of democracy, a reflection of the country’s passion for noisy, rambunctious electioneering. But the contest is less good news for India’s other great love: cricket.
The lucrative but controversial Indian Premier League tournament takes place between April and May each year — slap bang in the middle of the forthcoming polling, which is due to kick off in early April and run for just over a month.
In theory, both events could happily coincide: even the maddest of cricket fans ought to be able to cogitate on their democratic choices during the daytime, before heading out to enjoy the match at night. Continue reading »
If electoral success were measured by publicity alone, Arvind Kejriwal could rightly claim victory in the tumultuous first day of the Indian election campaign.
Hours after the Election Commission announced dates and details of the general election to be held in April and May in the world’s biggest democracy, Mr Kejriwal of the Aam Aadmi (Common Man) Party was publicly arrested in Gujarat, the stronghold of his main rival Narendra Modi of the Bharatiya Janata Party. Continue reading »
By Saurabh Mukherjea of Ambit Capital.
Why has wage inflation, especially at the bottom of the labour pyramid, kept surging ahead even as India has suffered its sharpest economic downturn in the last 15 years? This puzzle has flummoxed most Indian economists.
A rural wedding 300km from Mumbai offered me some clues to resolve this conundrum. It appears that sharp improvements in transport and communications have contributed to a situation of “labour scarcity” in rural India which is propelling wages at the bottom of the pyramid higher by 15 to 20 per cent per year. Continue reading »
It’s official. Jaiprakash Associates, the Indian energy and infrastructure conglomerate, has sold off two hydroelectric plants in northern India.
The last time one of the group’s subsidiaries did something similar, its shares rallied on hopes that the move would bring down the group’s debts. But this time the stock has tanked because of signs the plants may have been sold too cheaply. Continue reading »
A further twist in the tumultuous case of Vodafone and the Indian tax authority.
After deciding to scrap conciliation talks with Vodafone India just two weeks ago, the Indian government has put the offer back on the table – just as the opposition Bharatiya Janata Party (BJP) is making noise about resolving these kinds of conflicts if it comes to power following this year’s general election.
It is just the latest in a protracted $2.6bn dispute over capital gains taxes allegedly due in connection with Vodafone’s acquisition of Hutchison Essar back in 2007. Continue reading »
Last year, eBay began a partnership with Snapdeal, an Indian online marketplace, investing an undisclosed sum. Now it has said it will lead a funding round of over $133m in the company.
It is part of a wider move by international groups to foster the Indian ecommerce industry and a sign of consolidation in a sector which still has a lot of scope for growth. Continue reading »
Maruti Suzuki, India’s largest car maker by sales, may have thought it would appease investors and critics with an empty set of clarifications on Wednesday, following a backlash against the company’s controversial $500m factory tie-up with its Japanese parent group.
Indian markets are closed for a holiday on Thursday, muting the reaction, but it seems the announcement is unlikely to mollify investors. Continue reading »
He lives in a property modelled on the White House. He had his company’s name emblazoned on the shirts of India’s beloved cricket team. And his group owns some of the world’s most prestigious properties, including London’s Grosvenor House.
Subrata Roy, head of Sahara India Pariwar, an unlisted hotel to sugar conglomerate, doesn’t jump at anyone’s demand. Or so he thought. Continue reading »
Eleven parties came together on Tuesday to launch a ‘third front’ in India’s elections, seeking to overcome the incumbent Congress party and its main opposition, the Bharatiya Janata Party (BJP).
Commentators warn that such a nebulous grouping – though unlikely to come to power – wouldn’t provide the strong leadership and decision making India needs to get economic reforms off the ground and kick start its sputtering economy. Continue reading »