Category — Foreign Companies in India

HSBC: India to be a $7 Trillion Economy in 2028

British financial services giant  HSBC said India is likely to overtake Japan and Germany to become the third largest economy in the next 10 years but needs to be consistent in reforms and focus more on the social sector.

Thire brokerage’s estimates show that India will be a $7 trillion economy in 2028, as compared to less than $6 trillion and $5 trillion for Germany and Japan, respectively. Currently, India is at the fifth spot in global rankings with a GDP of about $2.3 trillion (fiscal 17), reports BusinessLine.

Rs. 50 currency notes

Other takeaways from the report:

  • Demographics and macro stability were key strengths for the country
  • India needs to create an ecosystem of continuous change
  • An avenue of job creation can be the social sector
  • India will continue to be a services oriented economy but it needs to pay extra attention on manufacturing and farm sectors as well

“Apart from services, other hallmarks of the India story over the next decade will be higher investment and capital goods flows as its focus on manufacturing increases; Indian consumers forcing foreign brands to turn ‘glocal’; and a two-way human capital footprint that will see many skilled people traveling overseas. It (India) needs to broaden its specialization (beyond just IT in business and cricket in sports) if it wants to run harder and fly higher,” the report added.

September 22, 2017   No Comments

Global Entrepreneurship Summit Will Showcase U.S.-India Partnership

U.S. Commerce Secretary Wilbur Ross said that the Global Entrepreneurship Summit to be held in Hyderabad, India, will be another demonstration on how India and the U.S. can work together to advance the digital economy and entrepreneurial skills of their citizens.

To be hosted jointly by India and the U.S. from November 28-30 this year, the theme of this Summit is “Women First, Prosperity for all” and it will focus on supporting women entrepreneurs and fostering economic growth globally. Ivanka Trump will lead the United States delegation to the Summit, reports India Today.

GES Logo

India’s ambassador to the U.S., Navtej Sarna said, “The focus of the summit will be on four key areas: energy and infrastructure, health care and life sciences, financial technology and the digital economy and media and entertainment. This is the first time GES will be hosted in South Asia.”

GES will help participating U.S. companies better understand how to play a role in India’s new business start-up culture, said Alice Wells, Acting Secretary of State for South and Central Asia.

September 22, 2017   No Comments

USTDA to Work with Airports Authority of India

The U.S. Trade and Development Agency signed a memorandum of understanding with the Airports Authority of India to support a 20-year master plan aimed at expanding the operational capacities of the Kolkata and Lucknow international airports, two of the fastest growing airports in India.

State-owned Airports Authority of India selected the Cincinnati-based company Landrum & Brown to conduct the master planning, and modernize these vital transportation hubs.

Jet Plane

“We are pleased to support this important project that will support India’s rapid aviation growth, while connecting U.S. businesses with new export opportunities,” said Thomas R. Hardy, Virginia-based USTDA’s Acting Director.

As the world’s ninth largest aviation market, India’s civil aviation sector is on a high growth trajectory, poised to be the third largest national market by 2020 and, potentially, the largest by 2030, reports Money Control.

September 22, 2017   No Comments

Accenture Inaugurates Innovation Hub in India

Dublin, Ireland-headquartered Accenture, launched its first Innovation Hub in Bangalore. The Hub features capabilities in artificial intelligence, intelligent automation, quantum computing, machine learning, robotics, Internet of Things, data and analytics, intelligent applications, intelligent platforms, liquid applications management, and experience-led transformation, among others.

A look inside the new Accenture Innovation Hub in Bangalore

BusinessWire reports that the facility comprises 440,000 square feet of space through 10 floors, and it offers the:

  • Accenture Lab —  incubates new concepts through applied R&D
  • Accenture Liquid Studio — offers development and prototyping of applications and the design and creation of digital services
  • Accenture Innovation Center —  builds and scales solutions across technologies and industries, and
  • Avanade — provides innovative digital and cloud services, business solutions and design-led experiences through the Microsoft ecosystem and is majority-owned by Accenture

Paul Daugherty, Accenture’s chief technology and innovation officer, said, “Innovation is part of our DNA. As an innovation-led company, we are passionate about identifying, developing and even inventing the latest innovations to help our clients grow their businesses.”

 

September 20, 2017   No Comments

Sequoia Capital India to Acquire Faces Cosmetics

Venture capital firm Sequoia Capital India will acquire Faces Cosmetics Canada, an Ontario, Canada-based color cosmetics brand, as well as the Faces brand from Indivision India Partners. Faces has a product portfolio of over 350 color cosmetics and skin care products in India.

cosmetics

“The color cosmetics market is the fastest growing category in personal care and we see a huge opportunity for the Faces brand. The Sequoia team will work with the Faces management to make significant investments and deploy operational expertise to unlock the brand’s full potential, as well as expand its portfolio and reach,” said Abhay Pandey, managing director, Sequoia Capital India Advisors.

Live Mint reports that Sequoia India is an active investor in the Indian consumer space. Last year it invested in beer brand Bira 91, in Hector Beverages Pvt Ltd, which manufactures soft drinks and beverages under the Paper Boat brand, and in Ahmedabad-based Vini Cosmetics Pvt. Ltd, the maker of Fogg deodorants.

September 19, 2017   No Comments