Saturday, 17 August 2019

India 2015

A special report with IFR Asia magazine 917 (October 31 2015)

India - High expectations

India - High expectations

IFR Asia - India 2015

Eighteen months into Narendra Modi’s government, things are looking up for India. Growth is quickening, inflation is under control, and reforms are coming through. Harnessing that momentum, however, remains a constant challenge, and India’s prime minister will need to work hard if he is to come close to meeting his grand ambitions.

India’s Prime Minister Narendra Modi performs yoga with others during a yoga camp to mark the International Day of Yoga, in New Delhi, India.

The two Indias

IFR Asia - India 2015

One and a half years since taking power, Narendra Modi’s superstar status on the international stage contrasts with mounting frustration closer to home.

Two girls share an umbrella as it rains during India’s 67th Independence Day celebrations in the northeastern Indian city of Agartala.

Emerging haven

IFR Asia - India 2015

A bumper year for equity offerings shows investors are still keen to add Indian exposure, despite troubles elsewhere in Asia.

A woman removes stalks from red chilli at a farm in Shertha village on the outskirts of the western Indian city of Ahmedabad

A touch of spice

IFR Asia - India 2015

India is allowing domestic firms to raise rupee-denominated debt abroad for the first time, but companies may need to improve their balance sheets before they can take full advantage.

Students sign a 500-feet (152 metres) long paper on Teacher’s Day to spread literacy in the western Indian city of Ahmedabad

From a clean slate

IFR Asia - India 2015

Infrastructure finance company IDFC has established India’s biggest new bank in 10 years after winning a coveted banking licence. Rajiv Lall, CEO of IDFC Bank, outlines the opportunities ahead for the new lender.

People gather to get water from a huge well in the village of Natwarghad in the western Indian state of Gujarat.

Filling the hole

IFR Asia - India 2015

Such is the shortage of capital at Indian banks that resorting to the public markets may not enough to plug the gap and more radical solutions may be necessary.

A salesman shows a wall clock to a customer (unseen) at a watch and clock shop inside a shopping mall in Kolkata.

On borrowed time

IFR Asia - India 2015

The Indian government is backing a new bankruptcy code to reform its inefficient banking system and improve productivity in the corporate sector.

Workers walk past a coal port at Mundra in the western Indian state of Gujarat.

Building blocks

IFR Asia - India 2015

Bringing more project financing into the capital markets will be key to overcoming constraints in the banking sector and delivering Modi’s ambitious infrastructure targets.

Labourers change the display of a Lifestyle departmental store at Phoenix market city in Mumbai.

Asset-backed appeal

IFR Asia - India 2015

Indian borrowers are looking at issuance of asset-backed bonds as a means to cheapen their funding sources and broaden their investor bases.

Upendra Kumar Sinha, Chairman of the Securities and Exchange Board of India, speaks during the Asian Financial Forum in Hong Kong.

Strength in depth

IFR Asia - India 2015

UK Sinha, chairman of the Securities and Exchange Board of India, is pushing for a deeper, more efficient market for both debt and equity securities.