Vishal Kampani, JM Financial, applauds the Indian budget

Commenting on the recent Indian Budget, Vishal Kampani, Managing Director, JM Financial Group, said “the Finance Minister has laid the foundation for next-generation growth and deserves a big round of applause.”

The Union Budget 2021-22 presented by Finance Minister Nirmala Sitharaman on Monday has laid out the road map for India to achieve sustainable growth in the years to come by delivering on key expectations. By choosing growth imperatives over fiscal puritanism, the FM has clearly indicated where the government’s focus and priorities rightly lie.

Read more at:

https://www.fortuneindia.com/macro/budget-to-propel-growth-but-implementation-is-the-key/105141

India’s “vaccine diplomacy” a template for the region

We have heard about soft power diplomacy and hard diplomacy, but India is showing another way through “vaccine diplomacy”. It could show Australia and other Indo-Pacific Region countries an alternative diplomacy template.

Right now, Australia is too often the first country to call others out, it is known for “hard talking diplomacy” (sometimes at great cost such as the recent trade dispute with China) and Australia is also known predominately as a close ally of the United States of America. These are not positions that find much favour in a rapidly changing region.

How has India created an alternative diplomacy?

First, India accepts global realities, such as the future dominance of China and the USA, so it tries to find the right niche or niches for itself. It has worked hard to develop and promote a reliable reputation in global pharmaceuticals, to the point it is more trusted in this area of production than Russia or China. The UN Secretary General Antonio Guterres has called India’s vaccine manufacturing capacity the “best asset in the world.”

Second, in a distinctively Indian way, India has built generosity into its diplomacy. India has already supplied more than five million vaccines to its neighbouring countries—Bangladesh, Sri Lanka, Nepal, Bhutan and Myanmar—as well as additional quantities to other emerging economies like Brazil. This Vaccine Maitri (Vaccine Friendship) will not be forgotten by the people of those countries.

To put this generosity in context, India is the worst affected by Covid19 in terms of numbers and needs to vaccinate 700 million people at home.

Third, Indian Prime Minister Narendra Modi is a strong advocate of business and of building transparency and trust across business activities. This, in part, has led to the development of a globally competitive pharmaceutical and biotech industry in India. The “vaccine diplomacy” is built on this foundation of strong private industry.

Part of the success of India’s pharmaceutical industry is an almost accidental outcome of long-term price controls in their domestic markets which forced the pharmaceutical sector into world markets, thereby becoming more competitive with higher quality.  

It is one thing to have a strong pharmaceutical sector – it is quite another creative step to use “vaccine diplomacy” as India seeks to define its niche in the modern world.

For countries that struggle with the subtleties required in diplomacy, India has created a template – accept the reality of global power, find your niche and use “out of the square” thinking such as generosity to reinforce that niche.

Australia Day honours for Robert Johanson – still changing relations of India and Australia for the better

Below (L-R) Robert Johanson, Chairman Bendigo Bank and Australian Friends of Asha Slums; Dr Kiran Martin; Anne Rathbone, Owner of Yering Station Winery, and Harish Rao from Friends of Asha Australia

Robert Johanson AO was honoured in the Australia Day honours by appointment as an Officer of the Order of Australia. This recognises his distinguished service to the banking sector, to relations between Australia and India, and to tertiary education governance and financial administration.  
Robert has brought respect for all and considered commentary to his many roles and especially as Chair of the Australia India Institute – from 2010 to 2019.   He served for 31 years on the board of the Bendigo and Adelaide Bank, 13 of which were as Chair of the bank’s board.
 
Robert was also Deputy Chancellor of University of Melbourne from 2007 to 2017.   He has also been the Chair of the Board of the Australia India Institute in Delhi since its inception in 2015, a role which thankfully he continues to hold – this continues his relationship with India and ongoing support of Australia India connections. 
 
Robert has a strong personal commitment to making a difference for those in need and has served as the Chair of the Australian Friends of Asha, the Australian branch of Asha India. Asha is a charitable organisation created by Dr Kiran Martin in 1988 which works with people in India residing in slums and benefiting more than 700,000 people from over 91 slum colonies of Delhi. Australian Friends of Asha was launched by former Governor of Victoria The Honourable Alex Chernov AC QC in November 2012 and aims to provide support to Asha and promulgate its work throughout Australia.

Gandhi exhorted us to “be the change you want to see in the world” and Robert has contributed more than any other to the positive change in the relationship between Australia and India.  
Below is Robert Johanson with Mahinder Shrivas who thanks to Asha went from a Delhi slum to Trinity College at Melbourne University

India Budget 2021 – analysis by Nangia Andersen India

Rakesh Nangia, Chairman, Nangia Andersen India

Easy to use and understand analysis of the India Budget by our friends at Nangia Andersen India:

“The Finance Minister delivered a growth oriented reformative budget giving due thrust on capital investment.  Amidst the high expectations of a pandemic-struck India, FM treaded the tightrope successfully, maintaining a balance between revenue gap and government’s commitment to the pained sectors of the economy, viz. infrastructure, healthcare, public transport system, auto, textiles, digital India. While the budget maintained the status quo on tax rates, incentives were accorded to units of IFSC and start-ups. Additionally,  steps have been taken to improve the efficiency of tax administration system, rationalization of MAT, equalization levy, etc”

We hereby present the ‘India Budget 2021: Snapshot with Industry Experts’ Take

Will your “reset” include new approaches to India?

Australia and India have never been closer. The last year has seen major advances in strategic and defence engagement and cooperation.

Now, as business and organisations reset, does India play a role in your future plans?

Growth in India is outstanding and assured – largely because of a young population boosting domestic demand.

It is a complex and very different market, but one which rewards the right entry strategy and long term engagement plans.

Time for India to be part of your reset?