The Centre’s peace initiative in Kashmir in the Islamic holy month of Ramzan brought not peace but greater bloodshed. The Hurriyat leadership, blinkered and defiant, spurned the olive branch. The PDF-led State government of Chief Minister Mufti Mehbooba in Srinagar remained anchored to its policy of indulgence towards mobs of jihadi stone throwers even as it kept wailing at the accelerating cycle of jihadi violence.
The assassination of the Sujaat Bukhari, Editor of Rising Kashmir, and the abduction and murder of soldier Aurangzeb were clearly the last straw for the Jammu-based BJP partner in the PDF-led coalition, a fraught alliance at the best of times, hence the BJP sought a quick way out with an abrupt divorce, bringing closure to what was fast becoming a farce (Times of India, Economic Times, Hindu, Mint June 20) See Comment Page 3.
Subramanian resigns
The Government’s Chief Economic Adviser Arvind Subramanian has resigned and will leave for the US for what he said were personal reasons. Speaking to the press in New Delhi, Dr Subramanian said: ‘This is the best job I have ever had and probably ever will.’ He joined the Finance Ministry in 2014 on a three-year contract and was persuaded to extend it by another year to October 2018. However, for urgent personal reasons, he asked to leave within a month or two (Hindu, Times of India, Economic Times June 21).
Mercedes to use Pune base
Germany’s Mercedes-Benz, the world’s top luxury carmaker plans to manufacture electric vehicles at its Chakan facility, Pune, as part of a plan to stem pollution across India’s major cities. ‘As the Indian market moves towards electrics, we will be investigating local manufacturing here. As part of our long-term perspective (on India), we want to manufacture here,’ said Michael Jopp, Mercedes-Benz Vice President India (Sales and Marketing) (Times of India June 20)
Rise in dollar Millionaires
There has been a 20 per cent rise in the numbers of India’s US dollar millionaires in the 2017-18 financial year ending March 31, 2018, according to the French tech firm Capgemini’s report. The numbers of these millionaires as they currently stand is 200,60. Their collective wealth tops $1 trillion. Their numbers have risen by around 20 per cent, higher than the global average 11.2 per cent. ‘India is the fastest growing market globally,’ opined the report (Times of India June 20).
India’s wealth more evenly distributed
According to the Boston Consulting Group’s Global Wealth Report 2018, Indian wealth distribution has been more even than generally perceived. Personal wealth in India grew 12 per cent from 2017 to 2018. The character of personal wealth, in India, says the report is changing. Those with personal wealth exceeding $1 billion account for 16 per cent of the country’s total wealth. While investable wealth – listed equity, bonds, investment funds, currency and deposits etc – accounted for 64 per cent in 2012 and is expected to increase to 70 per cent in 2022. The 17 per cent category of personal wealth holders in 2012, rose to 22 per cent in 2017 and is expected to grow to 32 per cent by 2022 Hindu June 16).
Japan investments in Indian start-ups surpass China, US
Japanese investments in Indian start-ups soared 13-fold in 2017 to pass China and US figures. According to data collated by research and analytics platform Tracxn. Japan led venture capital investments placed Japan in pole position in India’s ecosystem. At $4.9 billion from the earlier $387 million in a single year, this truly is surge. Investments from the USSS and China were $4.6 billion and $3.5 billion respectively.
Different styles
Sandeep Aggarwal Founder and CEO droom.in, which has eight Japanese investors said: ‘Japanese investors are detail-oriented; for them chemistry with founder is very important. I have equal exposure with Chinese investors and they are also equally amazing, but they have a different style.’
Several start-up evangelists believe Japan will continue to surpass China in 2019 too. They are reliable reports of a large fund being set up by Masayoshi Son’s brother, Tazo Son. Furthermore (Business Line June 20).
India hits back at US tariffs
In a cycle of rising tensions with the US tariff impositions, India has written to the World Trade Organization notifying it of its counter tariffs on 30 US items worth $240 million. ’India hereby reiterates its decision to suspend concessions or other obligations notified to the council for Trade in Goods on 18 May 2018…that are substantially equivalent in amount of trade affected by the measure imposed by the United States. The proposed suspension of concessions or other obligations takes the form of an increase of tariffs on selected products originating in the United States, based on the measures of the United States. India reserves the right to further suspend substantial equivalent concession and other obligations based on the trade impact of the resulting from the application of the measures of the United States.’ (Hindu June 17, 22).
The increase of US tariffs on steel and aluminium by 25 per cent and 10 per cent respectively, provoked the robust Indian response.
Indonesian envoy for stronger trade links
Addressing a meeting at the Nehru Memorial Museum and Library in New Delhi, Indonesian Ambassador to India, Sidharto Reza Suryodipuro, called for the diversification of bilateral trade with India from exports of palm oil and coal, to cooperation in high-tech areas, and in improved connectivity. The current state of India-Indonesian relations was the best in seven decades, he claimed, with expectatios of increasing the value of bilateral trade from its present $20 billion level to $50billion by 2025 (Mint June 21).
China’s Xiaomi plans for Indian market
Chinese firm Xiaomi that strategizes its marketing through third party outlets, plans more of its products manufactured in India, from television sets to t-shirts and much else in a varied list. ‘We are definitely exploring possibilities of setting up more factories for all other products,’ said Xiaomi Vice President India Manu Jain.
Popular in India for its Mi and Redmi brands of smartphones, Xiaomi now sells the first hand-held devices manufactured in six facilities across Andhra Pradesh, Tamil Nadu and Noida (on the outskirts on New Delhi). Of these, five belong to Foxconn. Jain said: ‘We don’t own a factory anywhere in the world, not even in China…don’t manufacture anywhere in the world. Only design them.’ Sixty-five per cent of Xiaaomi sales are online, but this is likely to change as the company establishes a presence in India’s Tier cities (Hindu June 21).
Indian couple spice up Moscow World Cup
Restaurateurs Prodyut and Sumana Mukherjee brought Indian flavours to the FIFA World Cup in Russia through their eateries, ‘Talk of the Town and ‘Fusion Plaza.’ Both are full between 6pm and 9pm. According to FIFAS sales agency ‘Cutting Edge Events,’ India is amongst the top ten countries with numbers of tickets for the games.
Prodyut came to Russia from Kolkata several years ago to study engineering, moved to pharmaceuticals, before moving on to the restaurant business (Hindu, June 18).
PM buoyant on farm sector
Prime Minister Narendra Modi, addressing a farmers’ conference in New Delhi, affirmed that the ‘unprecedented progress’ in the farm sector in the past several years had resulted from record production of crops and welfare schemes for the farming community. The budget for agriculture had doubled to Rs 2.12 trillion, he told his audience, promising hopefully to double farmers’ incomes by 2022, despite the climate of pessimism spread by critics. The spate of farmers’ suicides across the country was surely a major cause for such pessimism? (Mint June 21).
