Gaurav Bhandari Managing Partner, Long Arc Capital

104 Pages·2017·14.85 MB·English

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India’s Foremost Outbound Investment Magazine CIA
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Published by O
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May 2017
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Launching
28 76 86
EXCLUSIVE BOOK REVIEW PROFILE
Not a time to pull up the Winning Partnership: The woman behind calls
drawbridge New road for India-UK for ‘Scexit’
by Liam Fox, UK Secretary of ties Nicola Sturgeon, First
State for International Trade by Arnab Mitra Minister of Scotland

SPECIAL EDITION
UK & India: Where are we heading?
Our cover story this time is aptly titled ‘Yeh Dosti.’ greased. At the same time, India must accept the
Indian readers will be familiar with the eponymous compulsions of Her Majesty’s government to respect the
song from the iconic Bollywood blockbuster Brexit sentiment, which was, in essence, a vote against
‘Sholay,’ which, even 42 years after its release, remains untrammelled immigration.
synonymous with undying friendship and renewal
of relationships. But movement has been slow. For instance, several
months ago Britain’s international trade minister, Dr Liam
To dwell a little further on the renewal analogy, here in Fox, announced a working group to start pencilling in
the UK, we have the custom of spring cleaning, where in the contours of a new post-Brexit trade and investment
anticipation of sunny times, and coming out of the winter relationship with India. This is a welcome step forward.
months, we clear out the clutter and put our house But we must avoid bureaucratic fudges. Its work must
in order. be open, transparent, and allow a wide cross-section of
stakeholders to engage in a meaningful manner.
The tide of history has brought India and the UK to such a
turn in the road. Coincidentally, PM Narendra Modi’s vision Modi has called the Indian diaspora in the UK the “living
of embracing globalisation to expand India’s economy and bridge” between the two countries and has actively sought
realise its ambitions of taking its rightful place at the global to engage them in the process of bilateral cooperation.
high table has some resonance with PM Theresa May’s But does the DTI or British High Commission in India have
ambition of a post-Brexit “Global Britain”. a strategy for diaspora engagement? Taking a leaf from
Modi’s book, May’s government, too,
There are, or will emerge, vast areas can reach out to this living bridge – and
INDIA AND THE UK
of synergies the two countries can the ongoing India-UK Year of Culture
exploit for mutual benefit as well as NEED TO RE-IMAGINE presents just the right platform.
for the greatest common good of all THE RELATIONSHIP, RE-
humanity. Or, in Narendra Modi’s CALIBRATE THE SCALES My fabulous team has made a
language: “Sabka Saath, Sabka small beginning by recognising and
BY WHICH WE JUDGE
Vikas”. But it will not be a straight celebrating the achievements of such
PROXIMITY AND WARMTH
and easy road. The challenge is people with the India Inc. curated ‘UK
AND DO IT FAST.
to prevent the relationship from India 100’ list of most influential people.
becoming transactional. There will
always be the clear and present danger that we may have The potential is there for all to see. The tide is right and
become too comfortable. India and the UK need to re- if May and Modi can take it at the flood, it can lead on
imagine the relationship, re-calibrate the scales by which to a great future for both countries. History is replete
we judge proximity and warmth and do it fast. with examples of individual leaders transcending their
situations to lead their countries to ever greater heights.
Trade is the obvious area of synergy. India is the third- In the UK and India alone, there are examples such as
largest source of FDI into the UK and the UK is the largest Winston Churchill, Mahatma Gandhi and, potentially,
G20 investor in India. Despite this, UK trades more with Modi himself.
Sweden, which has a GDP that’s just about a fourth of
India’s, than with India. We can obviously do better. And, Can he and May move to the melody of ‘Yeh Dosti’? If they
despite my view that the UK should have remained in the do, they will have re-written the future of UK-India ties in
EU, Brexit could just offer that opportunity. golden letters.

A renewed relationship also means May’s government
must show greater empathy for Indian demands for
concessions on immigration, as higher education for its Manoj Ladwa
youth and free movement of its professionals are key to Publisher & CEO, India Inc.
keeping the wheels of its services-dependent economy @manojladwa
www.indiaincorporated.com May 2017 3

SPECIAL EDITION
CONTENTS
This Special Edition of ‘India Global Business’ celebrates the “special” relationship between India and the UK. It is
packed with exclusive interviews and columns that capture the essense of the bilateral engagement.
10 28 EXCLUSIVE
An all-weather
relationship
Not a time to pull up the drawbridge
by Liam Fox, UK Secretary of State for
International Trade
FACE TO FACE
30
India has become a pivotal power of the
21st century
by M.J. Akbar, MoS External Affairs, India
32 UK-India can capture a carbon
collaboration
INDIA-UK
by Aniruddha Sharma, CEO, Carbon
Clean Solutions Limited (CCSL)
18 As May files for EU divorce,
wooing India must be a priority
by Manoj Ladwa, Founder & CEO, India Inc.
COMMONWEALTH
20 A dealmaker’s guide to getting things done
by Alpesh Patel, UK Government Dealmaker
34 A Commonwealth agenda
for growth
FACE TO FACE by Lord Marland, Chairman,
Commonwealth Enterprise and
22
Investment Council
36 INDIA-CANADA
Blended finance is the answer to sustainable
development
Exclusive with Suma Chakrabarti, President,
European Bank for Reconstruction and
Canada and India can take Commonwealth lead
Development (EBRD)
Exclusive with François-Philippe Champagne,
Canada’s Minister for International Trade
26 Indian companies propel Brexit-bound UK
6 May 2017 INDIA GLOBAL BUSINESS
SPECIAL EDITION
40 India must share leadership of the 72 Britain holds on to position as largest G20
Commonwealth investor into India
by Lord Jitesh Gadhia, UK-based businessman and
investment banker BOOK REVIEW
43 India is a major Brexit trade priority OUT
by Tim Hewish, Director, Policy & Research, Royal SOON
Commonwealth Society
76 Feature :
New road for
THE AMERICAS
India-UK ties
by Arnab Mitra
47 H1B: The visa that bites
by India Inc. Staff
53 Indian investment flow rests on
HOTSPOT
openness of US economy
by Chandrajit Banerjee, Director-
General of the Confederation of 80 Scotland vies for Indian investments
Indian Industry
INDIA-AFRICA
56 Innovation is in the Godrej DNA
Exclusive with Vivek Gambhir,
Managing Director,
Godrej Consumer Products Limited
86 The woman behind calls for ‘Scexit’
60 A renaissance of India-South
Nicola Sturgeon, First Minister of Scotland
Africa ties
by Kingsley Makhubela
Chief Executive Officer, Brand South GLOBAL INDIAN
Africa
89 Being a Global Indian is part of
INDIA INVESTMENT JOURNAL
my DNA
Exclusive with Baroness Usha Prashar,
Deputy Chair, British Council
EXCLUSIVE
62 India is the
most open, least
protectionist OTHER HIGHLIGHTS
economy today
Exclusive with
95 Indian fever catches on in Britain
Arun Jaitley, Indian
Finance Minister
98 Tips for a stress-free passage
from India to the UK
by Anirudh Singh, Head - UK &
66 In aid of a collaborative new relationship
Europe, VFS Global
68 Indian-made jet engines all set
100 Sedentary work life, pain killers and therapy
to take flight
by Keerti mathur, Associate, Gait and Posture
Exclusive with Chris Cholerton,
President – Defence Aerospace,
102 Robust growth in external trade to drive GST
Rolls-Royce
success
www.indiaincorporated.com May 2017 7
SPECIAL EDITION
Yeh Dosti...
[THIS FRIENDSHIP]
Everyone agrees that UK-India relations have tremen-
dous potential. Everyone involved in its daily workings
TEAM also say ties between the two countries can only get
better. But almost every such person also admits that the
relationship is falling seriously short of potential.
Chief Executive
Manoj Ladwa This is a paradox as the breadth and depth of the
relationship is significant and much more can be done. It
[email protected]
is actually surprising that a lot of the engagement does
not actually materialise into concrete results.
Editor
Aditi Khanna
The areas in which the two countries can – and do –
[email protected] cooperate are clearly evident and obvious for everyone
to see. Trade, defence technology transfers, fundraising
Commercial Director in London, people-to-people ties and soft power exports
are the obvious areas of convergence.
Erik van Kaathoven
[email protected]
Our cover package, Yeh Dosti… [meaning “this
friendship”] follows the theme song of the iconic
Operations Director
1975 Bollywood blockbuster ‘Sholay,’ which tracks the
Sanjay Kara adventures and friendship of two young men who live
[email protected] and die for each other while overcoming all manners
of hurdles.
VP Operations
That is the kind of bonding that we foresee between the
Rajvi Singhi
UK and India – with very good reason.
[email protected]
British Prime Minster Theresa May’s vision of a Global
Special Projects Director
Britain that does not retreat into isolation after Brexit
Nomita Shah has huge synergies with Indian Prime Minister Narendra
[email protected] Modi’s vision of a globalised India, fully integrated into
the international supply chain, finding its place at the
global high table. Reimagining the Commonwealth as
Events Manager
a modern 21st century-ready free trade bloc is another
Dina Ladwa
obvious area of cooperation.
[email protected]
Then, India is the third largest foreign investor in the UK
www.indiaincorporated.com
and the UK the largest G20 investor in India but bilateral
© India Inc. Limited, all rights reserved. trade has flattered to deceive. Even Sweden, which was
Reproduction in whole or in part without ranked as the UK’s 14th largest trade partner in 2016,
our written permission is prohibited. Views ranked higher than India.
expressed by our contributors are their own and
do not necessarily represent the views, policies This needs to change… and fast. The real engines of this
of India Inc. While every effort is made to change will have to be the many famous personalities
achieve total accuracy India Inc cannot be held and some unsung heroes who work tirelessly to fulfil the
responsible for any errors dream of closer UK-India ties. In the following pages,
‘India Global Business’ honours 100 such individuals for
or omissions.
their contributions to forging closer ties between these
NOT FOR SALE
PUBLISHED IN LONDON two countries.
Read on to find out more.

COVER FEATURE SPECIAL EDITION
An all-weather
relationship
‘India Global Business’ analyses UK-India relations and identifies
key areas of cooperation that the two countries must build upon
and key areas of divergence that they must bridge in order to fulfil
the potential of the relationship.
The potential of the relationship electoral endorsement, embarks on eye to eye on them.
is massive, but India and the implementing the next generation of
UK are barely scratching the economic reforms, we take a look at Global Britain, globalised India
surface. The optimism that the two three areas where the UK and India May has made it clear that she
countries would sign a trade deal in views the Brexit vote as a mandate
the immediate aftermath of Brexit and for making Britain even more global
BRITAIN HAS BEEN
signal closer all round ties has waned and integrated with the world and
considerably but leaders and analysts AT THE CENTRE OF asserted in no uncertain terms that
on both sides remain confident about THE GLOBALISED she does not want her country to
the future. WORLD SINCE THE retreat into isolationism.
VERY BEGINNING OF
The two countries share too much in “We all want to live in a truly global
GLOBALISATION FIVE
history, culture, people-to-people ties Britain that gets out and builds
CENTURIES AGO AND
for the relationship to head anywhere relationships with old friends and
CAN HELP INDIA, AMONG
else but closer. But realists also admit new allies around the world,” she had
that despite the synergies in thinking THE LAST COUNTRIES said shortly after setting in motion the
and world views, there are also TO BE CONVERTED TO process for Britain to exit from the
considerable areas of disagreement THIS MANTRA, IRON OUT European Union.
between the two governments.
THE ROUGH EDGES IN ITS
As British Prime Minister Theresa This vision fits very well into Modi’s
STRATEGIES.
May leads her country into an own worldview that sees India as a
unscheduled election seeking a freer globalised economic and strategic
hand on the Brexit negotiations and can cooperate with each other and power that finds its seat in the global
her Indian counterpart Narendra three other areas that need lots of high table. This convergence of the
Modi, strengthened by a mid-term hard work before the two sides can visions of the two prime ministers
10 May 2017 INDIA GLOBAL BUSINESS