A bear hug, a riverfront stroll and a swing-set session helped Prime Minister Narendra Modi win more than $53 billion in loans and investment pledges from China and Japan this month. Hell need to make progress on cutting Indias red tape to turn those promises into reality.
Chinese President Xi Jinping yesterday in New Delhi pledged $20 billion in investment for Modi over the next five years to narrow Indias largest trade deficit with any single country. That adds to the $33 billion in loans and investment Japanese Prime Minister Shinzo Abe promised on Sept. 1.
Modis ability to draw funds from Asias two biggest economies is crucial to meeting his $1 trillion investment target by 2017 to revive Indian growth lingering near a decade low. Doing so will require him to streamline a bureaucracy that held up more than $350 billion in projects under former Prime Minister Manmohan Singh, who lost power to Modi in May.
Its very difficult to pinpoint a number which these countries can reach because of the economic climate, Siddhartha Sanyal, chief India economist at Barclays Plc, said by phone from Mumbai. India needs to prioritize removing of the bottlenecks so that it can compete.
During a 2010 visit to India, former Chinese premier Wen Jiabao signed pacts valued at $16 billion, including $10 billion in equipment sales from Shanghai Electric Group Co Ltd. for three Reliance Power Ltd. power plants. Since then, units of one plant have been commissioned while the others are stalled due to lack of fuel and land permits.
Japanese and Chinese foreign direct investment to India has totaled $17.5 billion since April 2000, with just $410 million of this from China. More than doubling that in the next five years will require a complete overhaul of Indias investment climate, said C. Uday Bhaskar, a distinguished fellow with the Delhi-based Society for Policy Studies.
Indias capacity for being able to ingest and take in this kind of investment is limited, Bhaskar said by phone from Delhi. India needs to acquire that capacity and do so in a speedy manner. They have not demonstrated that ability yet and remain mired in red tape and procedural delays.
Singh formed a committee in June 2013 to clear 463 blocked investments worth 22 trillion rupees ($362 billion). While 176 proposals worth 6.48 trillion rupees have been approved so far, only 60 have begun construction, said Anil Swarup, who heads the committee, known as the Project Monitoring Group.
The pace at which things are happening is faster than what we saw in the past, Swarup said in a Sept. 3 interview. In the previous government, our job was just to see that the clearances would happen and we would assume that it was translating to work on the ground. The present government has asked us to do the leg-work and make sure that it is.
India ranked 134 of 189 economies in the World Banks Ease of Doing Business 2013 index, with China at 96. Since he came to power, Modi raised foreign investment ownership caps in defense and railways, and pledged to revive Indias manufacturing to reduce its reliance on imports.
Read more:
Modis $53 Billion Xi-Abe Windfall Hinges on Red Tape War
- Hang onto your hats--More Redheads RFL Shopping 🙂 - November 8th, 2009 [November 8th, 2009]
- Why I Relay -- from Daaneth Kivioq - November 8th, 2009 [November 8th, 2009]
- Two Upcoming Events! - November 8th, 2009 [November 8th, 2009]
- We had fun AND ... - November 8th, 2009 [November 8th, 2009]
- Why I Relay -- from Edith Halderman & Envy Watts - November 8th, 2009 [November 8th, 2009]
- Toga! Toga! We had fun and raised 5k for RFL! - November 8th, 2009 [November 8th, 2009]
- "Duel of the DJ's" --THIS Sunday, April 19 at 1pm - November 8th, 2009 [November 8th, 2009]
- Dressing for Relay Events... Lag in Style! - November 8th, 2009 [November 8th, 2009]
- "Duel of the DJ's" -- TODAY Sun, April 19 at 1pm - November 8th, 2009 [November 8th, 2009]
- Relay Shopping Made Easy! Our Very Own Store! - November 8th, 2009 [November 8th, 2009]
- We have a winner! - November 8th, 2009 [November 8th, 2009]
- Not to Miss! Frogg & Jaycatt Saturday at 1pm SLT - November 8th, 2009 [November 8th, 2009]
- Thank You Frogg, Jaycatt, Lomgren and Luskwood! GO RELAY! - November 8th, 2009 [November 8th, 2009]
- Upcoming Events in Redhead-land - November 8th, 2009 [November 8th, 2009]
- In Memory of ... Lachlan Campbell - November 8th, 2009 [November 8th, 2009]
- More Goodies in Our RFL Store - November 8th, 2009 [November 8th, 2009]
- The BIG Blowout Event! 12-3pm SLT Tomorrow! - November 8th, 2009 [November 8th, 2009]
- ONE WORLD, ONE HOPE! - November 8th, 2009 [November 8th, 2009]
- We miss you Fimi! - November 8th, 2009 [November 8th, 2009]
- Redheads Know How To Partay!!! - November 8th, 2009 [November 8th, 2009]
- We had a BALL! And the SILENT AUCTION continues... - November 8th, 2009 [November 8th, 2009]
- RenFaire! - November 8th, 2009 [November 8th, 2009]
- Rocking With Yahshvah Shinja - November 8th, 2009 [November 8th, 2009]
- WOW! - November 8th, 2009 [November 8th, 2009]
- What a weekend that was! - November 8th, 2009 [November 8th, 2009]
- 2010 Blog! - April 4th, 2010 [April 4th, 2010]
- Brian Scalabrine - The World's Greatest - Video - March 29th, 2012 [March 29th, 2012]
- Red strength hint in caution notice - April 25th, 2012 [April 25th, 2012]
- Emma Roberts turns heads at Coachella - April 25th, 2012 [April 25th, 2012]
- Cartoon of the Day: Chelsea's battered bus leaves Terry behind and heads for Munich after rolling over Barcelona - April 25th, 2012 [April 25th, 2012]
- Kaskade Heads Out On 'Freaks Of Nature' Tour, Gives Us Full-Body Chills (VIDEO) - April 25th, 2012 [April 25th, 2012]
- Red shirts divided over Prem meet - April 25th, 2012 [April 25th, 2012]
- Snobby Mr. Douchey - Ep: 6 - Video - May 4th, 2012 [May 4th, 2012]
- Ep. 3 MALLSCAPADE: Squaresville (A new free web show about growing up bored in the suburbs) - Video - May 4th, 2012 [May 4th, 2012]
- My Sisters: Problematic to Practically Perfect - Ep: 2 - Video - May 4th, 2012 [May 4th, 2012]
- Backstage Girls- Episode 2: Bobby Brown's Every Little Step - Video - May 4th, 2012 [May 4th, 2012]
- Red Heads for Red Heads with Cornelia Frances for The Orangutan Project - Video - May 4th, 2012 [May 4th, 2012]
- More Theatre of Life: Gay Witchcraft - Video - May 4th, 2012 [May 4th, 2012]
- Asian Red Head - Video - May 4th, 2012 [May 4th, 2012]
- Red Devils baseball team wins play-in game vs. North Sevier, heads to 2A tourney - May 5th, 2012 [May 5th, 2012]
- Ask Nick: Is something wrong with Gonzalez? - May 5th, 2012 [May 5th, 2012]
- Red Bluff Lady Spartans blast Lassen 13-0 - May 5th, 2012 [May 5th, 2012]
- Camelot heads 2,000 Guineas field - May 5th, 2012 [May 5th, 2012]
- Tech baseball heads to College Station for final time - May 5th, 2012 [May 5th, 2012]
- Joe Stortini heads list of local all-state basketball players - May 5th, 2012 [May 5th, 2012]
- 'White Rabbit, Red Rabbit' review: never the same - May 7th, 2012 [May 7th, 2012]
- Red sea of Clippers fans lifts team to win - May 7th, 2012 [May 7th, 2012]
- Reynolds and Hammel carry Orioles past Red Sox 8-2 - May 7th, 2012 [May 7th, 2012]
- Gillard, Abbott promote Red Cross - May 7th, 2012 [May 7th, 2012]
- The Duchess of Cambridge turns heads with glamorous cream dress - May 10th, 2012 [May 10th, 2012]
- Royals 4, Red Sox 3: Two out of three is bad - May 10th, 2012 [May 10th, 2012]
- The power of a sign - May 10th, 2012 [May 10th, 2012]
- Met Ball 2012 Red Carpet: Stars Shine In Metallic Frocks - May 10th, 2012 [May 10th, 2012]
- Morning Mail: Red Sox fan wears bag on head, starts social media storm - May 13th, 2012 [May 13th, 2012]
- 'Food Truck Wars' heads for Monmouth Park - May 13th, 2012 [May 13th, 2012]
- Obama to talk mortgages in Reno, Romney heads to North Carolina, plus more to watch for this weekend in politics - May 13th, 2012 [May 13th, 2012]
- Losing heads while salmon fishing - May 13th, 2012 [May 13th, 2012]
- West Ottawa boys track & field wins stunning relay at OK Red meet - May 13th, 2012 [May 13th, 2012]
- Sexy Redheads - Video - May 13th, 2012 [May 13th, 2012]
- Red Sox Look to Build Momentum Against Mariners: Fan Preview - May 16th, 2012 [May 16th, 2012]
- Red-cockaded woodpecker gets care and protection in Alabama (with video and gallery) - May 16th, 2012 [May 16th, 2012]
- Beckett takes Red Sox from Fenway to Bushwood - May 16th, 2012 [May 16th, 2012]
- Greek uncertainty leaves US stocks in red - May 16th, 2012 [May 16th, 2012]
- Greece Heads Toward New Elections - May 16th, 2012 [May 16th, 2012]
- On Soccer: Red Bulls rise to top of Eastern Conference with help from trio of young American defenders - May 16th, 2012 [May 16th, 2012]
- Frankel heads Lockinge confirmations - May 16th, 2012 [May 16th, 2012]
- Kevin Spacey heads to South Africa for movie project premiere - May 16th, 2012 [May 16th, 2012]
- Red Poppy brings new voices to art scene - May 16th, 2012 [May 16th, 2012]
- Gold Heads Into The Red In 2012 - May 17th, 2012 [May 17th, 2012]
- Betty White heads to Washington to see the animals - May 17th, 2012 [May 17th, 2012]
- Outdoors: Losing your heads against fishing rules - May 17th, 2012 [May 17th, 2012]
- Betty White heads to nation's capital to see National Zoo, indulge passion for animal watching - May 17th, 2012 [May 17th, 2012]
- Canadian wave heads to Cannes Film Festival - May 17th, 2012 [May 17th, 2012]
- Pippa Middleton Wears Sexy Red Dress at Scottish Wedding - May 20th, 2012 [May 20th, 2012]
- Touchdowns for a cure - May 20th, 2012 [May 20th, 2012]
- TSX heads higher; Facebook shares rise after delayed start of trading - May 20th, 2012 [May 20th, 2012]
- Woman heads to Uganda to bring cheer to children - May 20th, 2012 [May 20th, 2012]
- World Premiere of Disney•Pixar’s “Brave” Heads to Hollywood for Grand Opening of the Dolby Theatre - May 20th, 2012 [May 20th, 2012]
- Toronto stock market heads higher amid cautious buying at end of bruising week - May 20th, 2012 [May 20th, 2012]
- Red Bluff brings home 11th section title; McColpin throws shutout vs. Wolves - May 20th, 2012 [May 20th, 2012]