Author
Minhaz Merchant is the biographer of Rajiv Gandhi and Aditya Birla and author of The New Clash of Civilizations (Rupa, 2014). He is founder of Sterling Newspapers Pvt. Ltd. which was acquired by the Indian Express group
Turning points come rarely in history. We are seeing one now as the conflict in Ukraine causes economic disruptions and a shift in the balance of global power. Notwithstanding the challenges India faces, it could prove a defining geopolitical moment for the country
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India will continue to buy Russian oil and gas at discounted prices. As the government pointed out to the spate of foreign ministers who visited New Delhi recently, Europe is continuing to buy Russian oil and gas in large quantities – far larger than India’s purchases – despite strict sanctions on Russia
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India is exploring options to circumvent the sanctions by paying for Russian crude in rupees and enhancing rupee-ruble trade in other sectors
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Privatised PSUs will be accountable to public shareholders. Their management will be scrutinised. Unlisted PSUs are often warrens of corruption and inefficiency
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Scale and range need large investments. Timely shipping requires impeccable logistics, quick local transport, low taxes and flexible labour. Quality obviously needs skilled manpower.
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Following the 2022-23 Union Budget, if the government now doubles down on privatisation, lower personal income tax and implementation of labour legislation, the mood in the stock market can turn swiftly.
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India’s second endemic weakness is the glacial pace at which the judiciary operates. India needs separate commercial courts where corporate disputes like Amazon-Future and Zee-Invesco can be settled quickly, transparently and professionally.
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With India entering a decade of high economic growth and China’s economy slowing to 4.5 per cent a year, the gulf in per capita income is set to narrow further.
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The way young startup founders do business is also changing. The valuations of their startups, many of which are not yet profitable, have skyrocketed. The market valuation of Byju’s, for example, is estimated to be $48 billion (Rs. 3.75 lakh crore) in a future Nasdaq IPO. That is more than the combined market capitalisation of Tata Motors and Mahindra & Mahindra.
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While it speeds up its third generation reformist agenda, the Modi government is obviously mindful of the seven key assembly elections due in 2022
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