Innholdsfortegnelse for 3 September 2023 i Business Today

INDIA AND the UK appear to be close to concluding the free trade agreement (FTA) that has been in the works since January 2021. Indications are that the talks could be completed by this October or November. Of the 26 chapters proposed in the FTA, the two countries are believed to have agreed on 19. Besides, negotiations are also underway on a separate bilateral investment treaty. The two countries seem to have fast-tracked talks on the pact. Just last month, Union Commerce and Industry Minister Piyush Goyal and Commerce Secretary Sunil Barthwal visited London for the 11th round of bilateral talks, and the next round is currently underway. These talks could also receive a boost at the G20 trade and investment ministerial meeting scheduled to be held in Jaipur in…

VIJAY SHEKHAR SHARMA, Chairman, MD and CEO of One97 Communications that operates fintech platform Paytm, has made a smart move. By acquiring a 10.3 per cent stake in One97 from China-based Ant Group, he has eliminated possible regulatory concerns around Chinese presence in the firm, while consolidating his stake at close to 20 per cent. Now the challenge lies in resolving the pending regulatory issues with the Reserve Bank of India, even as Paytm moves towards profitability. Under the no-cash deal, Ant’s stake will be transferred to Sharma’s Netherlands-based wholly-owned investment company, Resilient Asset Management. In return, Ant will receive optionally convertible debentures (OCDs) worth around $628 million. While there will be no obligation on Paytm to pay any fixed returns on the OCDs, they can be converted into equity.…

THINK OIL AND GAS and think green. If that is hard to grasp, it’s what large companies in the sector are working towards. Take Reliance Industries Ltd (RIL), for instance. The oil-to-telecom-to-retail behemoth mentions the word green as many as 133 times in its 2023 annual report. In fact, the company makes it clear that it “is committed to maximise integration and produce high-value chemicals and green materials for the growing Indian market”. The company has already announced a massive $10-billion investment in new energy. “A switch to cleaner energy sources is key to our decarbonisation strategy and we are making significant strides in establishing a world-class solar energy value chain. We are also progressing on building a green hydrogen ecosystem with a goal to provide affordable green hydrogen as…

THE METALS SECTOR feels that India can push the decarbonisation and green steel agenda as the G20 President. “India can set aspirational goals with a focus on processes wherein policy intervention and R&D is required,” says Vipul Prasad, Founder and CEO of Magadh Capital Advisors. “There is a lot happening in the sector in terms of hydrogen-based output as a part of the industry’s attempts to lower its carbon footprint. The focus will be on green steel and one could see clear long-term goals.” India’s stance and that of Indian steel producers plays an important role as they are big globally. “We are cognisant of our responsibility as the world transitions to a low-carbon future. Our decarbonisation road map enables us to track our progress against well-defined targets for 2030,”…

THE REAL ESTATE sector is betting big on India’s G20 presidency for two reasons: one, it feels that visiting foreign investors and non-resident Indians’ (NRI) interest will be piqued; two, it expects the uptrend in economic activity to benefit. Nayan Raheja, Director of realty major Raheja Developers, says the forum has enhanced the visibility of cities where meetings are being held. “As it highlights India’s potential, the summit will propel foreign and NRI investment.” Realty developers embracing future-ready buildings will unlock sustained growth The spillover impact for cities is the development they are seeing, says Manoj Gaur, Chairman & MD of Gaurs Group, and Chairman of industry body CREDAI. “This has showcased the country’s economic development and its vast investment potential.” Moreover, the vision document prepared by U20, or Urban…

The journey of India's economy has been an awe-inspiring transforma-tion, evolving from an agrarian-based economy to claiming the title of the world's fastest-growing economy. With a population exceeding 1.4 billion and a GDP surpassing US$3 trillion, India proudly stands as the fifth-largest econ-omy globally. This remarkable progres-sion sets the stage for an even more promising future, with India's aspiration to become a US$26 trillion economy by its 100th year of Independence in 2047. The unwavering belief in India's potential is grounded in a multitude of factors – vibrant consumption patterns, rapid digitization, a burgeoning pool of youthful talent, a thriving services sector, global competitiveness, and a dedicated commitment to sustainability. The government's consistent focus on infrastructure and manufacturing further propels the nation's growth trajectory. Amidst acknowledging accomplish-ments and reflecting on…

“India has used its presidency to highlight that… [it] is the partner of choice for countries and companies alike” PRIME MINISTER NARENDRA MODI invoked the Sanskrit term “Vasudhaiva Kutumbakam” (the world is one family) as India took over the presidency of the G20 (group of 20 nations). That is why India has stated that the theme of its presidency will be “One Earth, One Family, One Future”. Addressing the G20 Foreign Ministers’ meeting in India, Prime Minister Modi asserted that the post-World War II multilateral order is in crisis. The two main objectives of post-WWII multilateralism—to prevent wars by balancing diverging interests and to engender international cooperation on issues of common global interest—have not been achieved. If we were to study the experience of the last few years, we have…

CO-ORDINATING RESOURCES, personnel, logistics and delegates from across the G20 (Group of 20) member states, invitee countries and international organisations for the 200 meetings in over 50 cities around the country across 32 different work-streams and spread over a year is no mean feat. But former foreign secretary and diplomat Harsh Vardhan Shringla, who is currently the Chief Coordinator for India’s G20 presidency, seems to be pulling off the task with aplomb. During a recent visit to Mumbai to attend a discussion at Gateway House, a foreign policy-focussed think tank, the 61-year-old Shringla, in a conversation with Business Today, spoke about India’s priorities during its G20 presidency, the progress achieved at various meetings held so far, and the role the country is playing in tackling issues of global importance. Edited…

WELCOMING THE WORLD The Gateway of India illuminated with projections and the G20 India 2023 logo that celebrates the country’s rich cultural heritage, on December 12, 2022, in Mumbai 2. MAKING SPACE The 3,000-seater amphitheatre at the redeveloped International Exhibition-cum-Convention Centre (IECC) in the ITPO complex at Pragati Maidan, New Delhi 3. A VISUAL TREAT A view of the redeveloped IECC in the ITPO complex at Pragati Maidan, New Delhi. The facility also has state-of-the-art meeting halls to host the scheduled G20 Summit meetings 4. HISTORICAL PRESENCE Humayun’s Tomb is seen lit up with the G20 India 2023 logo in New Delhi on December 3, 2022. Many monuments, including UNESCO world heritage sites across the country were lit up for a week to mark India’s presidency of the G20 5.…

ASHWINDER R. SINGH, CEO-Residential at Bhartiya Urban, an integrated urban township in Bengaluru, is a passionate singer. So much so that in his previous job at Citibank, he was referred to as the ‘Singing Sikh’. “I have always loved singing. It was only when I moved to Bengaluru that I recorded a song and put it up on YouTube. Much to my surprise, it got over 60,000 views,” says the 48-year-old. The YouTube response encouraged him to record another song. “We recorded a Punjabi folk song, called Pyar Nal Na Sahi. There was a lot of positive response. Spotify took that song and I became a verified artist on Spotify.” A friend ended up sharing the recording with someone at Saregama and they got in touch with him to record…

DATA AS OF AUGUST 1, 2023 SOURCE GIFTGUJARAT.IN, GIFTSEZ.COM $240 MILLION+ Worth of investments have been committed to GIFT City; it houses over 400 companies from various sectors $20 BILLION+ The average daily trading volume on international exchanges at GIFT City 20,000+ The number of people employed at GIFT City so far; in the future, it is expected to create 500,000 direct jobs and an equal number of indirect jobs…

BILLIONAIRE INDUSTRIALIST Gautam Adani-owned Ambuja Cements announced a deal to buy Sanghi Industries for ₹5,000 crore in early August. From a long-term strategic perspective, Ambuja Cements has a lot to gain from the acquisition of one of the top cement producers in western India. While expanding capacity or gaining a stronger foothold in a particular region (in this case, western and central India) is important for the power-to-ports conglomerate, what is even more critical is the capacity to serve coastal markets. Sanghi’s cement factory, located in Gujarat’s Kutch region, is India’s largest single-location cement and clinker unit by capacity, per a statement from Ambuja. The acquisition also includes a captive jetty and a power plant. This will help Ambuja smoothly transport the commodity to the coastal parts of Maharashtra, Karnataka…

AS MANY AS 1,309 railway stations, 27 states and a planned investment of about ₹25,000 crore for the initial part of the project. In a significant first step towards the execution of the Amrit Bharat Station Scheme, Prime Minister Narendra Modi unveiled the redevelopment of 508 stations on August 7. Pointing out that the identity of the cities was linked to their stations, Modi said, “Over time, these railway stations have now become the heart of the city… Therefore, it is crucial today to transform our railway stations into modern and efficient spaces and ensure the optimum utilisation of railway infrastructure.” This infrastructure upgrade, one of the largest of its kind undertaken by the Indian Railways in post-Independent India, entails developing stations as centres for connecting both sides of a…

AS THE WORLD’S third-largest energy consumer, India aims to have 500 gigawatts (GW) of non-fossil fuel-based capacity by 2030. “G20 energy meetings foster discussions on global energy challenges and opportunities. Emphasising transnational green grids, we envision revolutionary changes in energy systems, successful achievement of climate goals, and millions of green jobs,” says Praveer Sinha, CEO & MD of integrated power company Tata Power. India has taken the lead by co-founding the International Solar Alliance with France. “Together with the G20 community, we pave the way towards a sustainable, resilient and affordable energy sector supported by green finance, green technology, and a robust supply chain,” says Sinha. In January, India launched the National Green Hydrogen Mission. “India leads by example, scaling up installed renewable energy capacity to 173 GW and championing…

INDIA’S INFRASTRUCTURE STORY is reflected in the growth of several sectors. One of them is cement, demand for which cuts across sectors. With a total capacity of around 545 million tonnes per annum, cement is ready for the next phase. And the industry is hopeful that India’s G20 presidency will open up those opportunities. “We can attract foreign investment and collaborate on knowledge transfer,” says Mahendra Singhi, MD and CEO of Dalmia Cement Bharat. The long-term expectation is that reduced trade barriers can expand the market and help with climate change and sustainability. “The G20 economies are responsible for nearly 75 per cent of global emissions and their policy supports both sustainable practices and growth. Therefore, India can lead the transition… which can position [us] for long-term success,” he explains.…

1. ROBUST CONSUMPTION PATTERNS: As we delve into this topic at the summit, we will analyze how evolving consumption patterns are reshaping industries and markets. Discussions will encompass strategies to sustain and amplify these consumption trends, considering factors such as income distribution, changing consumer preferences, and the role of e-commerce in the new retail landscape. We will also explore the potential of emerging sectors like experiential services and sustainable products that cater to the evolving demands of a conscious consumer base. 2. DIGITALIZATION AND INNOVATION: The summit will go beyond celebrating the impact of digitalization and innovation and will delve into how they foster financial inclusion, transform agriculture through agritech startups, and revolutionize health-care through telemedicine and healthtech solutions. It will also explore how digitalization bridges urban-rural divides and enables…

IT’S BEEN A ROUGH few years for start-ups across the world. Funding has plunged after the volatility of the past few years, forcing some firms to fold and others to fire staff, and calls for drastic action to turn the situation around. But when a group of delegates sat together in Hyderabad’s Taj Krishna hotel in January, it was not at all clear that this forum was the answer start-ups were looking for. And yet, eight months since that first meeting of Startup20, the engagement group India launched during its G20 presidency, a glimmer of hope has crept in. The forum has grappled with the big issues plaguing this segment, including the lack of a standard definition of the term start-up. Its efforts have culminated in a policy communiqué that…

Want a phone with a big screen? Check. Want a phone that easily slips into your pocket? Check. Meet the Z Flip5 that gives you both thanks to its foldable form factor. What’s more, you also get the performance of a flagship, and a secondary screen. Cover screen: The Z Flip5 has a sleek and stylish design, with a 3.4-inch secondary screen on the cover. When folded, the cover screen helps access notifications. Responding to WhatsApp messages is a breeze with preset replies or a QWERTY keyboard. It also has useful widgets like calendar, voice recorder, health tracker and phone. But the cover screen supports only a limited number of apps, which need to be enabled in settings. Main screen: Unfolded, the Z Flip5 becomes a regular Samsung flagship. The…

FIGURES INDICATE YEAR-ON-YEAR GDP GROWTH IN PER CENT NOTE LATEST AVAILABLE CALENDAR/FISCAL YEAR DATA; *INDIA FOLLOWS AN APRILMARCH FISCAL YEAR AND ITS DATA IS FOR FY22 AND FY23; SOURCE WORLD BANK, ACUITÉ RATINGS & RESEARCH PRICE PRESSURE Compared to other G20 nations, India appears to be in a better position in terms of annual consumer price inflation NOTE LATEST AVAILABLE CALENDAR/FISCAL YEAR DATA; *INDIA FOLLOWS AN APRIL-MARCH FISCAL YEAR AND ITS DATA IS FOR FY22 AND FY23; SOURCE WORLD BANK, STATISTA; ACUITÉ RATINGS & RESEARCH GROWING STRONGER India and 13 other G20 members witnessed a fall in debt-to-GDP ratio last year NOTE LATEST AVAILABLE CALENDAR/FISCAL YEAR DATA; *INDIA FOLLOWS AN APRIL-MARCH FISCAL YEAR AND ITS DATA IS FOR FY22 AND FY23; SOURCE TRADING ECONOMICS; CMIE ECONOMIC OUTLOOK RETURNS ROSTER India…

INDIANS LOVE EATING out. In fact, the country’s food service market is expected to reach $79.65 billion by 2028, growing at a CAGR of 11.19 per cent from $41.1 billion in 2022, according to the Food Service and Restaurant Business Report 2022-23, by consultancies Francorp and restaurantindia.in. For those looking to eat out, here’s more good news. Aditya Birla New Age Hospitality (ABNAH), the hospitality arm of the Aditya Birla Group, has acquired a 100 per cent stake in KA Hospitality, adding seven restaurants across four brands—Hakkasan, Yauatcha, Nara Thai and CinCin—to its portfolio. While KA has franchise rights to the first three global brands, it owns CinCin. “We continue to believe in the remarkable potential of the premium casual dining space, spurred by rising disposable income and evolving lifestyles…

INDIA HAS ALWAYS been described as a land of paradoxes. Be it India’s culture, diversity, or sheer population size, it is complicated and fascinating. For about two decades now, the engines of the nation’s economic growth have been firing impressively. Companies have become larger and many have left a rather large global imprint. So, India’s presidency of the G20 forum that represents 85 per cent of global GDP and 75 per cent of international trade is hugely important as it comes at an inflection point, when a confident India Inc. is looking to flex its muscles globally after it breezed past the years of the pandemic and emerged relatively unscathed. Nadir B. Godrej, Chairman & Managing Director of Godrej Industries, has seen the transition of India Inc. from close quarters.…

AT THE ONGOING G20 meetings during India’s presidency, the country has pitched itself as a hub for the manufacture of fast electric chargers, electric vehicle (EV) batteries and battery recycling. To emphasise its commitment, the Indian government has set aggressive targets of EV sales penetration of 40 per cent for buses, 30 per cent for private cars, 70 per cent for commercial vehicles and 80 per cent for two-wheelers by 2030. Industry players say that while the targets are clear, the road map is unclear. “One has to very closely watch for that road map because we cannot afford to derail the process as far as EV adoption is concerned,” says Sohinder Gill, Director General of the industry body Society of Manufacturers of Electric Vehicles (SMEV). The country has huge…

IN AN INDUSTRY that is still struggling elsewhere, India’s aviation sector has emerged as the brightest spot. Domestic carriers ferried 88.19 million passengers in the January-July period against 66.95 million in 2022, per data from the Directorate General of Civil Aviation. This amounts to an impressive annual growth of 31.72 per cent and monthly growth of 24.67 per cent. And this was amply on display in June at the Paris Air Show. Of the total orders for narrow- and wide-body aircraft finalised there, the majority were by Indian carriers IndiGo (500), Air India (470) and Akasa Air (4). “You look at the population we have, the economic growth, the geography, the diaspora; and the opportunity to support a much larger fleet is absolutely obvious,” Campbell Wilson, CEO of Air India,…

Prime Minister Narendra Modi is at the forefront of ensuring that the concerns of the Global South are well represented under India’s presidency THE G20 SHERPA is a personal emissary of the leader of a country and has a key role in discussions and negotiations. The Sherpa’s role gets even more magnified for the country that holds the presidency. It is not surprising then that Amitabh Kant, India’s Sherpa to the G20, has been at the forefront of discussions and meetings. In an email interaction with Business Today, Kant sheds light on the key issues on India’s agenda, the status of the negotiations till now at the global platform, and the country’s major achievements at the forum. Edited excerpts: India’s presidency of the G20 has helped cement its status as…

Decarbonising steel will be pivotal to liberating India from its heavy and historic reliance on fossil fuels INDIA’S G20 PRESIDENCY holds immense significance in driving meaningful progress on climate change. Addressing the G20 Environment and Climate Ministers’ meeting in Chennai, Prime Minister Narendra Modi had recently asserted that climate action must follow ‘Antyodaya’, which means that climate policies and initiatives must be designed in a way that they not only address environmental concerns but also social inequalities, and promote inclusivity. The G20 must constitute a high-level group of government and industry representatives from each member for global co-operation, which will help in formulating green, public and corporate procurement policies to accelerate the development of net-zero steel. Establishing an actionable steel decarbonisation road map with considerations for national circumstances, technological innovation…

WHAT IS pale gold in colour, smells of citrus fruits and honey with notes of vanilla and salted caramel, and tastes like heaven? Whisky, of course! And where do you go when you want to explore the best whisky in the world? Scotland, of course! And so it was that I landed in Aberdeen last month and drove to Keith, abode of whisky legends like Chivas Regal and The Glenlivet. Much like Nessie, kilts, and bagpipes, Scotland is inseparable from whisky, its national drink. Whisky has played an integral role in Scottish life since 1494. The term ‘whisky’ comes from the Gaelic ‘uisge beatha’ or ‘usquebaugh’, (don’t even try pronouncing it!) which means ‘water of life’. For whisky to be called Scotch, it must be made in Scotland. There are…

WHILE MANY C-SUITE executives travel frequently for work, only a few seize the opportunity to transform their journeys into a personal exploration. For Vishal Gondal, CEO and Founder of tech-enabled healthcare platform GOQii, work commitments take him on international trips almost once every two months. That’s how his passion for exploring new cultures and cuisines turns his business trips into adventures as well. More than just the thrill of visiting new places, travelling for him is a journey of learning, experiencing and growing, filled with unforgettable moments and invaluable lessons that remain with him long after he has returned. (It helps that Gondal is an avid photographer.) For instance, on a recent business trip to Japan, apart from his meetings, he relished sushi, immersed himself in the tranquil beauty of…