With a range of investments in recent weeks, Indian companies are on a job creation spree in the US.
A US-based academic analyses how the Indian IT industry is coping with an intensifying squeeze on HI-B visas.
In recent months, the US government has been exerting pressure to curb the H-1B visa programme for companies that rely on them and is stressing the importance behind its Hire America policies. The H-1B programme has come under severe scrutiny, much to the concern of its biggest benefactors: Indian tech companies. Indian firms, however, are trying to adapt.
S. Thangapandian, Chief Executive Officer of Essar Oil UK, takes time out for ‘India Global Business’ to explain why the company is investing heavily in its Stanlow Refinery in Britain and the story behind turning a loss-making unit into a promising asset.
What are the company’s investment plans for the UK?
Essar Oil (UK) Ltd, which owns and operates the Stanlow Refinery, will be investing further $250 million in the refinery. We have already invested over $800 million to turn around the business since we acquired the Stanlow refinery. This reaffirms the group’s commitments to stay invested in core sectors. These investments will ramp up the throughput from 68 million bpd to 75 million bpd.
Investment will also deliver enhanced yields of high value products, reduce crude costs and drive revenue growth.
Dr B.R. Shetty is the Founder and Non-Executive Chairman of the Abu Dhabi based NMC Healthcare and Chairman of UAE Exchange, which most recently hit the headlines for its acquisition of forex major Travelex. The Karnataka-born and UAE-based entrepreneur opens up to ‘India Global Business’ on his journey, his inspirations and future plans.
What makes the UAE a good base for your enterprises?
In the last four decades, I have learnt so much about different cultures, made many Emirati friends and have realised that there is no place like the UAE to conduct business in.
I have got so many perspectives on life, learnt so much about world cultures that it has rounded me as a human being and a successful businessman. In the early Seventies, I came searching for a job and today, under the patronage of the royal family, I have 50,000 employees and a multi-billion-dollar empire spanning the globe.
With an open economy that has one of the world’s highest per capita income, with a sizeable annual trade surplus, the UAE has undergone an unprecedented transformation into a modern state with a high standard of living.
Some of the remarkable reasons for doing business in the UAE are: corporate tax and personal taxes are almost nil, import duties in the UAE are very low, there are Double Taxation Agreements, Free Trade Agreements and then there is a strong and competitive economy with a world-class infrastructure.
The Netherlands, Singapore and Mauritius have emerged as leading destinations for outbound Indian FDI. The attractions are benign tax laws, ease of doing business, easy access to international markets and robust regulatory frameworks.
The two top destinations for outward foreign direct investments (FDI) from India are Mauritius and Singapore. Three more tax havens – Jersey, Switzerland and British Virgin Islands – also figure in the list of Top 10 outward destinations. These jurisdictions are obviously bases from which the investments are routed to their ultimate destinations where actual physical assets and IPRs are located.
Indian Prime Minister Narendra Modi has brought about a paradigm shift in India’s quest for oil, gas, uranium by forging close relations with the five ‘Stans’ – Uzbekistan, Kyrgyzstan, Kazakhstan, Tajikistan and Turkmenistan.
The controversial and much delayed Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline is finally getting a move on – a full 22 years after it was conceived.
Following the groundbreaking ceremony last December, India will host the next meeting of the Steering Committee which has been formed for the $7.6-billion, 1,814-km-long pipeline that will transport gas from the Central Asian republic of Turkmenistan to India to feed its power plants and meet its energy security needs.
Arundhati Bhattacharya is the first woman to chair the State Bank of India (SBI), India’s largest state-owned bank. Just before her retirement in early October, she took time out for ‘India Global Business’ during a visit to the UK to delve into Indian banking reforms and the promise of measures like demonetisation and Goods & Services Tax (GST) having a positive impact on the economy in the long term.
What does the new SBI bond index series launched in the UK mean for the Indian bond market?
In respect of the Indian government bond market, we didn’t have any international indices on which the international investors could take a call. The Indian bond market is around $1.7 trillion. With the launch of this index alongside FTSE Russell on the London Stock Exchange (LSE), our intention is to give people a benchmark based on which they can make investment calls.
Indian banks and investment banks are investing in global financial centres such as London, New York, Singapore and Dubai to better serve the growing and very lucrative market for cross-border deals involving Indian companies.
Here’s a quiz question: Which Indian bank has the largest presence outside India?
The answer is not as easy and straightforward as it looks. The top spot is claimed by two banks – Bank of Baroda, which has 51 branches in foreign countries, and State Bank of India, which has 48 foreign branches and four subsidiary banks in London, New York, Nepal, and Mauritius.
A financial expert delves into how reforms in the sector are set to transform the Indian economy.
The last few years have been a seminal period for the Indian economy, not only in terms of the overall progress on the macroeconomic front, but more importantly in the structural reforms undertaken, many of which will have deep-rooted, long-term effects.
Be it the Insolvency & Bankruptcy Code (IBC), Demonetisation or Goods and Services Tax (GST), each of these reforms has targeted a specific segment of the problems faced by our economy and tried to root out the underlying issues to create a lasting rather than a transitory solution which would have relied on superficial, short-term panaceas. While there might be some short-term pain involved, there is no denying the long-term benefits that will accrue through these reforms.
The Indian Renewable Energy Development Agency (IREDA) has become the latest Indian entity to launch a new Green Masala Bond on the London Stock Exchange.
The Indian Renewable Energy Development Agency (IREDA) listed new a new Green Masala Bond on International Securities Market (ISM) to raise funds to finance renewable energy projects across India.