Currency Chaos in India Aimed at Corruption

Currency Chaos in India Aimed at CorruptionWhen Indians elected Narendra Modi as their ultra-nationalist prime minister two and a half years ago, they were voting for change in the way that the country is run, just as American voters did last week when Donald Trump was elected president, albeit by a minority popular vote. But they didn’t vote for the countrywide…

UK’s May runs into EU-style blockages in New Delhi

UK’s May runs into EU-style blockages in New DelhiTheresa May has discovered in India during her first bilateral visit outside Europe that she runs into the same blockages over free trade and movement of labor internationally as she does in her post-Brexit discussions with the European Union. The lesson, which is highly significant for Britain as it prepares to leave the EU, is…

Patriarch of India’s Tata Takes Back his Empire

Patriarch of India’s Tata Takes Back his EmpireThe fallout from the Oct. 24 sacking by Tata patriarch Ratan Tata of his chosen successor Cyrus Mistry as chairman of Tata Sons, the group’s holding company, continues: In an email to the company, leaked in the media, Mistry has warned that the conglomerate may face $18 billion in write-downs because of five unprofitable businesses he…

South Asian Art Prices Recover in London

South Asian Art Prices Recover in LondonSotheby’s earlier this week dispelled some of the gloom and uncertainty emanating from a poor Christie’s US$3.8 million auction of South Asian art in New York last month when its annual London auction yielded sales totaling £4.02 milliion – US$4.90 million at the depleted pound’s current post-Brexit level. The top lot was a memorable depiction…

BPO Fraud in India on the Rise

BPO Fraud in India on the RiseHigh-profile raids across India's commercial capital Mumbai last week have blown the lid off a multi-million dollar scam involving 630 employees of a fake business outsourcing company that has cheated and robbed US citizens of thousands of dollars over a year. The episode, police say, suggests the existence of an entrenched international racket with its…

India Seeks a Place at the Arms Bazaar

India Seeks a Place at the Arms BazaarNew Delhi: India's international diplomacy is increasingly taking on a newer and more assertive dimension – of combining high-level discussions with sales and exports of defense equipment. This has been evident in the country's recent engagements with countries including Vietnam, Afghanistan Myanmar, Sri Lanka, Mauritius, Russia and Maldives.  Modi, 66, one of India's most peripatetic…

Defense Units of Five Countries at Sea over Scorpene Hack

Defense Units of Five Countries at Sea over Scorpene HackThe navy chiefs of India, Australia, Malaysia, Chile and Brazil - countries that operate variants of the scandal-ridden Scorpene submarine – are huddling at a global symposium hosted by the US Navy in Newport, Virginia, to discuss, among other significant maritime issues, leak scandal that is roiling India More than 22,000 pages of top secret…

Another Scorpene Submarine Scandal

Another Scorpene Submarine ScandalThe massive leak of secret documents on Scorpene military submarines purchased by Australia and India recently from French shipbuilder DCNS, possibly by a competitor, once again calls up the murky world of military procurement and the enormous bribes that are often paid. Nobody knows who leaked the documents, which give detailed technical information about the…

India Gets its Guns

India Gets its GunsDriven partly by its developing rivalry with China, India is welcoming global gun manufacturers to set up shop to produce small arms including handguns, rifles, carbines, sub-machine guns, light machine guns and grenade launchers.  New investment rules allow private players to establish manufacturing units, sell to Indian defense forces and even cater to export orders. Forty-nine per cent…

India at last takes a leap forward on tax reforms

India at last takes a leap forward on tax reformsIt has taken 16 years, which is sluggish even by India’s dreadfully slow approach to change, but finally it has happened – late on Aug. 3 the upper house of  India’s parliament passed a constitution (amendment) bill that paves the way for the introduction of an epoch-making tax reform known as the goods and service tax. The…