Thursday, 18 July 2019

India 2016

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  • Kite-maker Jagmohan Kanojia displays kites, made with Indian national symbols and pictures of freedom fighters, in the northern Indian city of Amritsar.

    India: Ready for take-off

    It has taken some deep surgery, but India’s capital markets are at last on a much stronger footing. Now that regulators have done their part, it is up to investors and business leaders to take the economy to the next level.

  • Reserve Bank of India (right) Governor Urjit Patel is seen next to his predecessor Raghuram Rajan in this file picture.

    Consensus builder

    Urjit Patel, the new head of the Reserve Bank of India, is viewed as a harmonising figure. His first challenge: to clean up the country’s public banks, and get them to lend again.

  • India’s captain Virat Kohli dives to catch the ball during a practice session ahead of their fourth and final test cricket match against South Africa, in New Delhi, India.

    Moving target

    India’s bank capital gap is coming down, but for the wrong reasons. Banks are putting the brakes on lending instead of raising equity and holding onto unrealistic price expectations in the offshore bond market.

  • A man walks past the signboard displayed at the State Bank of India main branch in Mumbai.

    Sovereign proxy

    State Bank of India is contemplating a range of funding options after setting onshore and offshore benchmarks for Indian bank capital.

  • Brokers trade at their computer terminals at a stock brokerage firm in Mumbai, India.

    One bright spot

    India’s equity markets are emerging as a bright spot in a challenging Asian landscape, as investors look to diversify away from China and more companies seek growth capital.

  • Boman Kohinoor (3rd L), the 93-year-old co-owner of the Britannia and Co. restaurant, waits for customers in Mumbai.

    First bite

    HDFC’s landmark offshore rupee issue finally unlocked the Masala bond market in July, but familiar concerns over pricing, liquidity and regulation threaten to cast a shadow over its long-term development.

  • Boys practice “Malkhamb” (traditional Indian gymnastics) during a rehearsal for the annual Rath Yatra, or chariot procession, in Ahmedabad.

    Brave new world

    Cheap credit and regulatory reforms are luring Indian companies to the revived domestic bond market, taking market share from the capital-constrained banking sector.

  • Workers carry a photovoltaic panel inside a solar power plant in Gujarat, India.

    Rays of light

    As India sets about becoming a leader in clean energy, capital markets are stepping up to the plate to make up for waning bank credit and the lack of a dedicated investor base.

  • Workers from Indian conglomerate Essar Group construct a new port in Sittwe, Myanmar.

    Call to action

    Sweeping regulatory changes are giving banks new powers to enforce recoveries on non-performing assets, breaking with a culture of routine deferments and debtor unaccountability.