Economy
Modi faces tough task to make India business-friendly: Canadian daily

Modi's message that India was 'open for business' as a rising economic power was what made his visit to Canada all the more 'significant', the daily said in an editorial

 

Prime Minister Narendra Modi will have an uphill task in trying to open up his country's economy for business, notwithstanding his "rock star" image in India and among the Indian community abroad, Canadian daily Toronto Star has said.
 
Modi's message that India was "open for business" as a rising economic power was what made his visit to Canada all the more "significant", the daily said in an editorial on Tuesday.
 
"But Modi and his Hindu nationalist Bharatiya Janata Party (BJP) have their work cut out creating conditions that favour trade. And rock star status isn't forever," the editorial cautioned.
 
Modi reached Canadian capital Ottawa on Tuesday on the last leg of his three-nation tour after successful visits to France and Germany. He is the first Indian prime minister to visit Canada in 42 years since Indira Gandhi visited in 1973.
 
In Canada, Modi will meet Canadian Prime Minister Stephen Harper and the captains of major Canadian companies, apart from addressing the Indian diaspora there.
 
As in France and Germany, he will hard sell the "Make in India" initiative in Canada, calling for investments.
 
"From Canada's perspective, Modi's modernising, pro-growth, pro-foreign-investment agenda can make India a prime trading partner, provided he makes good on promises to pry open his country's centrally-directed and overly-protected economy and to rein in official corruption," the daily said.
 
"India is a vast market. It has a population of 1.2 billion, a middle class of 350 million, an economy that's growing three times faster than ours and a potentially huge demand for the know-how and resources we sell," it added.
 
There was demand in India for Canadian expertise in information and communication technologies, education, infrastructure, oil and gas extraction, and power generation, the daily said, adding that Canadian resources like food, fertilizers, minerals, and now uranium were highly sought after.
 
"Yet cooperation has been slow to develop. Back in 2009, we vowed to boost our paltry $3-billion two-way trade to $15 billion by this year. It never happened. Last year we did just $6 billion worth, compared to $77 billion with China. And hopes for a Canada-India free trade pact remain aspirational at best," the editorial lamented.
 
However, it was optimistic that a "feel-good" visit to Canada, like the one undertaken by Modi, would help.
 
The daily has maintained that Canada and India had a lot in common.
 
It, however, pointed out that the bilateral ties suffered a setback following the testing of nuclear weapons by India in 1974 and 1998.
 
"Former US President George Bush, who saw India as an ally against China, eventually turned the page when he endorsed selling India 'civilian' nuclear technology, a policy adopted in 2008. Soon Harper was off to India to 'revitalize relations'," the editorial said.
 
The daily, while acknowledging Modi's "stunning mandate" in the general elections last year, noted that a year later, his delivery has been "modest" and that "his popularity shows signs of fading".
 
Modi was "still struggling to overcome a trust deficit", it said, adding, "When he was chief minister in Gujarat in 2002, anti-Muslim rioting killed 1,000 or more. Many Sikhs, too, mistrust the BJP's nationalism."
 
"In Canada, Modi is spreading the word that India is a profoundly-changed place, where the smart money is headed. Back home, he needs to be the change he wants to see," the daily said.

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COMMENTS

B. Yerram Raju

2 years ago

The message, a stunning one, that 'backhome Modi has to be the change he wants to see'is the one that deserves utmost attention. We have to get rid of sycophancy and help the PM to take actionable agenda with speed of action and continual evaluation.

Former railway official held for Rs. 85 crore cheating
A former railway official has been arrested for duping 350 people of Rs. 85 crore under the garb of trading through National Stock Exchange (NSE) and other financial institutions, police said on Tuesday.
 
Ashok Kumar, 68, a resident of Mehrauli in south Delhi, was arrested on Monday.
 
A case was registered against Kumar on April 10 following the allegation that the directors and other employees of Kassa Finvest Pvt. Ltd., Kassa Holdings & Consultants Pvt. Ltd. and its sister concerns, have committed misappropriation of funds, breach of trust and cheating.
 
It was being done under the garb of having authorisation of financial activities and trading by NSE, SEBI and others.
 
It was found that the accused used to operate through a network of branches in major metropolitan cities of the country and contacted the gullible investors through their executives. 
 
"The investors initially invested small amounts, but kept on increasing their investments on inducement by promise of high returns. It was represented that money of the buyers would be kept as securities and they would be paid Loyalty bonus. 
 
"But they used the money in meeting the official expanses and expansion of their business, in the process making wrongful gains at the cost of investor's money," a police official said.
 
A reference from NSE was also received in which it has been alleged that about 350 complaints of investors valuing around Rs. 85 crores have been received in their office against the alleged companies," the official said.
 
The company used to induce the investors to invest their money, scripts with the alleged company by assuring them that no trading will be done with the amount so invested and the same will be kept in the account of the alleged company as margin money.
 
However, the alleged company sold all the scripts and invested the amount so raised in meeting the official expenses of the company and in the expansion of its business, in the process of gaining personal enrichment for their own vested interests.
 
Kumar, a B-tech, claims to be a gold medalist and having topped the combined engineering services exam conducted by the UPSC. 
 
He joined the Indian Railways in 1960 and worked at senior positions and took retirement in 1995. 

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COMMENTS

Vaibhav Dhoka

2 years ago

In the same manner I was cheated by Kotak sec.Ltd through it franchisee Mateo Cons.Ltd in Pune.On one hand SEBI says unregistered intermediary are not allowed and principal broker is liable for any action of franchisee.franchisee of Pune police says SEBI is liable to take action,at the instance of Kotak official.SEBI never acts.Its MIRSD department IS SHOWPIECE WITH HAND IN GLOVE WITH BROKER.No action.Small investors are not safe in hands of SEBI.

India's wholesale inflation decelerates further
India's annual rate of wholesale inflation decelerated further to (-)2.33 percent (March 2015 over March 2014) from (-)2.06 percent for the previous month on the back of a major decline in prices of fuels and minerals, official data showed on Monday.
 
The commerce ministry data on wholesale price index (WPI) showed that among the three major groups which form the general index, primary articles rose a bit to 0.8 percent, while manufactured goods and fuels fell to (-)0.19 percent and (-)12.56 percent.

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