Narendra Modi-The Most Powerful P.M India has ever seen

Narendra Damodardas Modi , born 17 September 1950) is the 15th and current Prime Minister of India, in office since 26 May 2014.Modi, a leader of the Bharatiya Janata Party (BJP), was the Chief Minister of Gujarat from 2001 to 2014 and is the Member of Parliament (MP) from Varanasi. He led the BJP in the 2014 general election, which gave the party a majority in the Lok Sabha (the lower house of the Indian parliament) – a first for any party since 1984 – and was credited for 2014 BJP electoral victories in the states of Haryana, Maharashtra, Jharkhand and Jammu and Kashmir.

Since taking office as Prime Minister, Modi's administration has focused on reforming and modernising India's infrastructure and government, reducing bureaucracy, encouraging increased foreign direct investment, improving national standards of health and sanitation and improving foreign relations. Modi has been appreciated for starting initiatives like Swachh Bharat Mission, Make in India and Digital India. Known for his tech savvy image, he is the second most followed politician on social media after U.S. President Barack Obama.

 

PM Narendra Modi world's 9th most powerful person in Forbes list

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NEW YORK: Prime Minister Narendra Modi has been ranked as the world's ninth most powerful person by Forbes magazine in a 2015 list which is topped by Russian President Vladimir Putin.

Modi was placed 14th in the 2014 Forbes list of world's powerful people.

Forbes while releasing the list today at the same time said governing 1.2 billion people in India requires more than "shaking hands" and that Modi must pass his party BJP's reform agenda and keep "fractious opposition" under control.


German Chancellor Angela Merkel is at the second spot followed by US President Barack Obama (third) and Pope Francis (fourth) and Chinese President Xi Jinping (fifth).

Apart from Modi who is at the ninth position, others in the top ten are Microsoft Founder Bill Gates at the sixth place, US Federal Reserve Chairperson Janet Yellen (7), UK Prime Minister David Cameron (8) and Google's Larry Page(10)

About Modi, the magazine said that India's "populist" Prime Minister presided over 7.4 per cent GDP growth in his first year in office, and "raised his profile" as a global leader during official visits with Barack Obama and Xi Jinping.

"A barnstorming tour of Silicon Valley reinforced his nation's massive importance in tech. But governing 1.2 billion people requires more than shaking hands: Now Modi must pass his party's reform agenda and keep fractious opposition under control," it said.

To compile the list of world's most powerful people, the magazine said it considered hundreds of candidates from various walks of life all around the globe, and measured their power along four dimensions. They are whether the candidate has power over lots of people, financial resources controlled by each person, whether the candidate is powerful in multiple spheres and whether the candidates actively used their power.

The only other Indian in the most powerful people's list is Reliance Industries Chairman Mukesh Ambani who is ranked at the 36th position.

Among Indian-origin people, steel tycoon Lakshmi Mittal is at the 55th spot while Microsoft CEO Satya Nadella is ranked 61st.

About Putin, the magazine said he "continues to prove he's one of the few men in the world powerful enough to do what he wants -- and get away with it".

"International sanctions set in place after he seized Crimea and waged war-by-proxy in the Ukraine have kneecapped the Ruble and driven Russia into deepening recession, but haven't hurt Putin one bit: In June his approval ratings reached an all-time high of 89 per cent," it noted.

The magazine said that German Chancellor Angela Merkel continues her reign as the most powerful woman on the planet for 10 years running.

About Obama, Forbes said there is no doubt that the US remains the world's greatest economic, cultural, diplomatic, technological and military power.

"But as Obama enters the final year of his presidency, it's clear his influence is shrinking, and it's a bigger struggle than ever to get things done.

"At home, his approval ratings are perpetually stuck under 50 per cent; abroad, he's outshined by Angela Merkel in Europe, and outmaneuvered by Putin in the Middle East," it added.

 

No place for intolerance in India, Prime Minister Narendra Modi says in UK



Describing the UK as India's "gateway to Europe", Prime Minister Narendra Modi, on his maiden visit to London, 13 years after he was barred from entering, basked in a hero's welcome as London rolled out the red carpet to receive the first PM from India in a decade.

Addressing the issue of growing intolerance in India, Modi said clearly there was no place for intolerance in India. Describing India as the land of Gandhi and Buddha, he acknowledged there had been some incidents saying, "Any event in any corner of India - it doesn't matter if there are even one or two incidents - we will not tolerate it and the law will deal with it strictly," he said. "It does not matter whether such an incident is significant for a country of 125 crore people. For us, every incident is serious."

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UK rolls out red carpet for Modi amid some protests
India, he said, "will not accept anything that goes against our social values". He added: "India is a vibrant democracy where the lives, views and thoughts of ordinary citizens are protected under the Constitution. We are committed to this."

Addressing a joint press conference, one of Modi's rare ones, Cameron said trade deals worth £9 billion (12.7 billion euros, $13.7 billion) would be announced. After talks with Cameron, Modi became the first Indian premier to address Britain's parliament and was feted with a flypast by the Red Arrows aerobatics team, which trailed smoke over London in the colours of India's flag. Cameron also announced that £1.0 billion of rupee-denominated bonds would be traded in London. "We want to forge a more ambitious, modern partnership, harnessing our strengths and working together for the long term to help shape our fortunes at home and abroad in the 21st century," he said.

In his statement at the news conference, Modi said the two countries had agreed to intensify political dialogue and hold regular bilateral summits.

READ ALSO:Full text of PM Modi's address to British parliament

"The conclusion of the civil nuclear agreement is a symbol of our mutual trust and our resolve to combat climate change. The agreement for cooperation in India's Global Centre for Clean Energy Partnerships will strengthen safety and security in the global nuclear industry," Modi said. NO details of the civil nuclear agreement was available. India and UK first signed that agreement in 2010.

Modi's Air India aircraft landed at Heathrow at 10 am where he was received by Hugo Swire, minister of state in the foreign office and Priti Patel, the employment minister.

Modi who is accompanied by chairman of Tata Sons Cyrus P Mistry, Sunil Bharti Mittal, chairman, Bharti Enterprises Limited and N Chandrasekaran, CEO of Tata Consultancy Services checked into the iconic St James' Court Hotel and made an impromptu stop outside to shake hands with cheering crowds who were waiting to catch a glimpse of the Indian prime minister.

He interacted with supporters as they chanted slogans like "Modi, Modi" and "Bharat Mata ki Jai".

READ ALSO:As it happened: PM Modi's UK visit

Cameron said UK wants to be India's "number one partner for supporting the finance needed for prime minister Modi's ambitious plan to transform India and also make London the world's centre for offshore rupee trading. According to Cameron "we're getting that started with plans already in place today to issue over £1 billion in bonds right here in London".

One of his first meetings in London was with the Sikh community. There has been reports of increasing radicalization of this community, and Modi was expected to discuss this with Cameron.

Plans announced by the two leaders included that to make UK a centre of offshore Rupee bonds - with Indian companies expected to announce the intention to issue debt denominated in their own currency in London.

Cameron also announced a partnership to develop three 'smart cities' in India.

David Cameron said "This isn't just a historic visit; it's a historic opportunity. It's an opportunity for two countries, tied by history, people and values, to work together to overcome the biggest challenges of our age. Prime Minister Modi and I intend to grab that opportunity with both hands. Because in doing so, we can make two of the greatest countries in the world even greater".

READ ALSO:India signs civil nuclear agreement with Britain

Modi -- who is on a three-day maiden visit to the UK -- was officially welcomed with a Guard of Honour by Cameron at the Treasury Quadrangle after which the two leaders drove off to the British prime minister's official residence, 10 Downing Street, for bilateral talks.

Modi has called the UK and India an "unbeatable combination" whilst Cameron has talked of a "special relationship" between the two countries.

Modi is stopping over in London on his way to Turkey to attend the G20 leader's summit in Antalya scheduled for November 15 and 16.

Britain has been trying to get Modi to visit UK ever since he won the Indian elections with a majority but had failed.

He was expected to visit London to inaugurate the Mahatma Gandhi statue at Britain's parliament square earlier this year.

Modi cancelled his plans because UK was itself going into elections in May.

READ ALSO:PM Modi first Indian head to address British parliament

For UK, the visit is of utmost importance. UK is now the largest investor in India among all G20 countries with combined revenue of more than $54 billion in India.

The World Bank recently identified India as the world's fastest growing economy. By 2030, India will have the world's largest workforce.

According to Britain, around 550 British businesses are now in India. It said "Around two years ago, Vodafone invested three billion dollars in expanding its network into India's rural areas - citing population as one reason for their long-term commitment. Marks & Spencer is already one of India's largest foreign clothing chains - with plans for 100 stores in India by 2016. And companies like JCB, Standard Chartered and HSBC are already household names across India. The Indian government has already set out its target of moving India to number 50 in the World Bank's "ease of doing business index" by 2017. This will be crucial for fuelling the engine of India's growth in years to come".

Cameron was actually among the first to congratulate Modi on his landslide election victory and had "promised to engage with his government with open arms".

Britain had imposed a diplomatic freeze on Modi for 10 years over the anti-Muslim riots in his home state of Gujarat in 2002. But economic interests made James Bevan, UK's High Commissioner in India meet Modi on October 22, 2012 and end the boycott.

Britain had long been critical of Modi's failure to stop anti-Muslim rioting that left at least a 1000 people dead.

Modi will have lunch with Queen Elizabeth II as the Red Arrows Royal Air Force (RAF) Aerobatic Team will fly over the Buckingham Palace.

Modi will stay the night of Thursday at prime minister Cameron's country residence at Chequers

 

PM Modi’s proactive environmental diplomacy in Paris puts India at centrestage

Environmentalists demonstrate during a street parade as part of the 'Global Village of Alternatives' events held in Montreuil, near Paris, France


The Paris Climate Change Conference is a unique opportunity for prime ministerNarendra Modi to steer the world towards a low-carbon horizon. Modi is the key to not just a final agreement in Paris but also to shaping long-term solutions to environmental degradation.

According to The New York Times, Modi could "make or break" US president Barack Obama's quest to carve out his climate legacy. Despite disagreements, the latter has "welcomed India's leadership on this issue", while the UN Secretary General Ban Ki-moon commented that Modi is providing "the kind of bold leadership the world needs" in green energy.

A Clean Past

Why is the world so focused on what India does in Paris and thereafter? Firstly, as the fastest growing major economy which has emitted only 3 per cent of energy-related carbon dioxide since 1890, India has a relatively clean past but also an increasing responsibility for the future of the earth and the atmosphere.

Although we are proud of not harming the environment until now, India's ambitious economic modernisation in the coming decades will likely triple its carbon dioxide emissions by 2030. The intensity of these emissions are expected to decline by up to 35 per cent from 2005 levels, but the absolute addition to emissions is inexorable.

Our per capita emissions are indeed far lower than those of China, the US and European nations, but the fact that we are industrialising later than them means maximum global interest in how India manages its rise. The timing of India's ascent is such that we are willy-nilly in the hot seat.

The second factor that puts India in the limelight at Paris is Modi's proactive environmental diplomacy. In the words of power minister Piyush Goyal, Modi is under no compulsion or pressure from any other country, but is rather driven by a deep "passion" and India's civilisational ethos of protecting nature.

The PM's Global Solar Alliance, comprising all the 121 countries falling within the tropics, has won rave praise in Paris as a literal ray of hope for alternative energy sources to become more viable and replace fossil fuels. The host in Paris, President Francois Hollande, hailed Modi's brainchild as a "paradigm shift" that can guide the way we tackle myriad environmental challenges.

The Right Mix

Thanks to technological advances rendering renewables more competitive that carbon-emitting coal and gas, international cooperation for sharing of knowhow and transmission of clean energy across borders has never looked more promising. Modi's Solar Alliance is the right nostrum at the right moment. It is part of what Indian foreign secretary S Jaishankar terms as India's strategy at Paris to "change the narrative from a negative one on emissions capping to a more positive one on cleaner energy".

So, while we have no mentionable carbon reduction pledge, our declared national commitment at Paris to generate 175 gigawatts of renewable energy by 2022 is considered by all as a huge progress.



Our contention is that even if we emit more carbon in the near term for a justifiable cause of lifting our people out of poverty, this would not be forever since 40 per cent of our energy mix can come from renewables by 2030.

Modi's proactive environmental diplomacy in Paris towards shaping long-term solutions to environmental degradation has made India the cynosure of all eyes Green Signal Narendra Modi (centre) at Mission Innovation in Paris on Monday Progress on initiatives such as the Solar Alliance and 'Breakthrough Energy Coalition' can help meet the grand goal of keeping global temperatures from rising above 2 degrees Celsius from the preindustrial levels.

Though environmentalists in India and skeptics in the West contend that Modi's tall promises on climate change are "more style over substance", it is heartening that our installed capacity for renewables has jumped by 13 per cent since he assumed office last year.

If the Solar Alliance, as well as the parallel 'Breakthrough Energy Coalition' launched by corporate titans like Bill Gates, Jack Ma, Mark Zuckerberg, Ratan Tata and Mukesh Ambani take off, the financing of green technology innovations can accelerate and help meet the grand goal of keeping global temperatures from rising above 20 Celsius from the pre-industrial levels.

France's announcement that "India will be one of the founding beneficiaries" of the new publicprivate 'Clean Tech Initiative' gives Modi's domestic green transformation agenda a financial leg up. Indian negotiators at Paris have shown flexibility on coal usage by saying we could reduce it if more funding was forthcoming from rich countries to make renewables cheaper and installable.

Sadly, on the vital issue of financing, the US, Canada and Australia are playing hardball in Paris by insisting that top developing economies such as China, India and Brazil are obliged to also contribute to climate finance pools instead of demanding money transfers and acting as recipients.

Anticipating this line of attack, Modi has reiterated that climate change is "not of our making" and that it is "morally wrong" to shift the burden on to the shoulders of developing countries. Donning the traditional mantle as a leader of the Global South, which deserves climate reparations for historical injustices from the Global North, has been a vital bargaining chip for India at Paris.

But apart from this time-tested defensive approach, Modi brought to the table a counteroffensive technique of forging new international coalitions and launching catchy initiatives that capture the global imagination

 

PM Narendra Modi becomes the second most followed world leader on Twitter

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Already the third most-followed celebritiy on popular micro-blogging site Twitter in India, Prime Minister Narendra Modi has set another record as he moved past the 15 million follower mark and has become the second-most followed world leader on Twitter after US president Barack Obamawho has 64.3 million follower.

With 17 and 15.3 million followers respectively, Amitabh Bachhan andShahrukh Khan are the only two ahead of Narendra Modi on Twitter in India.

Very active on Twitter, PM Modi uses the platform to express his ideas and views on almost every subject. With an extra-ordinary increase in the last one year, PM Modi’s account has gathered 8.8 million followers. This is also the largest increase in terms of followers for any Indian account in a 12-month period.

He already holds the world record for the most number of retweets for his tweet right after the 2014 Lok Sabha election victory

 

PM Narendra Modi’s Digital India push in Silicon Valley: Top 15 highlights




Prime Minister Narendra Modi is visiting the tech capital of the world Silicon Valley to further his dream of ‘Digital India.’ Here he met Microsoft’s CEO Satya Nadella, Google’s Sundar Pichai and leaders of other tech giants.

Modi pitched for a connected India in a new world where “Facebook, Twitter and Instagram are seen as neighbourhoods”. PM also urged some of the smartest brains in the Silicon Valley to take interest in his pet projects – Digital India, smart cities and Make India. Here are the top 15 points he underlined in his speech:

1. PM Narendra Modi: We recognize that a Digital India could not be built without bridging the digital divide. Like airports, we will also have WiFi at 500 railway stations, we are working with google on that.

2.PM Narendra Modi: From large corporates to young professionals in this centre of innovation, each can be part of DigitalIndia story. We will connect all schools and colleges with broadband, expanding our public WiFi hotspots.

3. PM Narendra Modi: Identified applications that would make governance faster by using the internet. Access also means content in local languages.

4. PM Narendra Modi: SocialMedia connects people on the the strength of human values and not identities. We must ensure that technology is accessible, affordable, and adds value.

5. PM Narendra Modi: After MyGov.in, we have just launched the Narendra ModiMobile App. They are helping me stay in close touch with people.

6. PM Narendra Modi: I will now speak of mGovernance. That is the way to go in a country with one bn cell phones, growing at high double digit rates

7. PM Narendra Modi: Digital India is an enterprise for India’s transformation on a scale that is, perhaps, unmatched in human history. Farmers in Maharashtra have made a Whatsapp group to share farming tips and techniques.

9. PM Narendra Modi: See tech as a means to empower and as a tool that bridges the distance between hope and opportunity. In this digital age, we have an opportunity to transform lives of people in ways that were hard to imagine a couple of decades ago.

10. PM Narendra Modi: The pace at which people are taking to digital technology defies our stereotypes of age, education, language and income.

11. PM Narendra Modi: I have met many of you in Delhi & New York, on Facebook, Twitter, Instagram & LinkedIn. Facebook, Twitter, Instagram are the new neighbourhoods of our new world

12. PM Narendra Modi: Since my govt came to office we attacked poverty by using power of networks & mobiles to launch a new era of empowerment.

13. PM Narendra Modi: The most fundamental debate for our youth is the choice between Android, iOS or Windows

14. PM Narendra Modi: California is one of the last places in the world to see the sun set. But, it is here that new ideas see the first light of the day.

15. PM Narendra Modi: Here on stage you see a perfect picture of India-US partnership in the digital economy.

 

PM Narendra Modi takes Swachh Bharat, Smart Cities to UN summit


Prime Minister Narendra Modi

When he addresses the United Nations Summit on Sustainable Development Friday, Prime Minister Narendra Modi, as the leader of the third largest economy, will be heard keenly by over 150 world leaders because his speech will outline where India, which has fiercely defended its right to manufacturing and industrialisation to pull its 1.2 billion people out of poverty, stands on the sustainable development agenda.

The summit is expected to adopt new sustainable development goals, the sequel to the 2015 Millennium Development Goals. The draft agenda has 17 new goals that aim to end poverty, promote prosperity and protect environment by 2030.


Officials said Modi is expected to underline that his government has already begun implementing several of these development goals.

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“If you look at the 17 goals, India has already started work on 11,” an Indian official told The Indian Express. The government’s efforts on two of these — Clean Water and Sanitation, and Affordable and Clean Energy — are especially noteworthy, the official said. The government is expected to highlight how the Swachh Bharat campaign, with the Prime Minister’s commitment to building toilets and ending open defecation, is a vehicle for the Clean Water and Sanitation goal. Modi has also emphasised the need to shift from dependence on fossil fuels to renewable sources of energy. In this respect, the official said, the government’s commitment to produce 175 gw of electricity from solar and other renewable sources by 2022, and double that by 2030, is significant. The Sustainable Cities and Communities goal mirrors India’s smart cities project, while the Life Under Water goal recalls Modi’s pitch for more focus on the “blue economy”, officials said. On Climate Action, which is goal number 13, there are high expectations from India which is one of the big economies that has yet to announce its Intended Nationally Determined Contribution (INDC) ahead of December’s climate change conference in Paris (COP21). An announcement on INDCs timed with Modi’s visit to the US was widely anticipated, also because the deadline for submission is October 1, and only a few weeks remain for the final round of negotiations in November before COP21. Officials said there was no likelihood that the Prime Minister will use the UN platform to make any announcement on INDCs, although climate change is an important aspect of the sustainable development agenda.

 

World Bank retains India growth forecast at 7.5% for 2015-16


NEW DELHI: The World Bank says India, now the world's fastest growing economy, is relatively well-positioned to weather the global volatility and even set for a modest acceleration in growth in the years ahead.

"The latest India Development Update expects India's economic growth to be at 7.5% in 2015-16, followed by a further acceleration to 7.8% in 2016-17 and 7.9% in 2017-18," the development lender said in its biannual report "India Development Update" released on Thursday. "However, acceleration in growth is conditional on the growth rate of investment picking up to 8.8% during FY16 to FY18," the bank warned listing a number of reforms the country needs to undertake flagging the goods and services tax as most urgent.

It said the country has got a big boost from the lower energy prices that has helped repair external account and left India less vulnerable. "India has low trade exposure to China, while Indian financial markets (local bond markets in particular) are fairly closed. India's considerable foreign exchange reserves (9 months of retained imports) provide additional buffer," the bank said.

"Resources from lower subsidies and higher taxes have been well utilised in lowering deficits and increasing capital expenditure," said World Bank India's Senior Country Economist Frederico Gil Sander at the launch of the report. The softer oil has allowed India to eliminate fuel subsidy and the reduction in current account deficit has led to fast accumulation of forex reserves, further cushioning the country against potential disruptions in the financial markets when the US begins to raise rates.

The softer oil prices together with the structural reforms has also given a boost to domestic demand and allowed India to achieve faster growth despite sluggish exports.

However, it warned, "sustaining high rates of GDP growth over a longer period will require a recovery of export growth" and there was uncertainty about the growth momentum with the high frequency indicators giving a mixed picture.

"High-frequency indicators have been mixed, with credit growth and wages of rural workers displaying varying degrees of weakness, while vehicle sales, in dustrial production and public investments point to an accelerating economy," the report noted fluffing revamp of the PPP model and power sector reforms as key to resolving the issue of bad loans of banks.

"Public sector banks, which account for three-fourths of domestic credit, are under stress, with a rising share of non-performing assets," Gil Sander noted. The report noted the higher devolution of resources to the states after the 14th Finance Commission, but wondered if the states could use the resources judiciously. "The challenge going forward is to ensure that the states can deliver on their mandates given oftenlimited capacity in the area of expenditure management, and that the centre can mobilise additional revenues to fulfil its own mandates in a continentsized country," it said.

 

India world’s 7th most valued ‘nation brand’; US on top




India has moved up one position to become the world’s seventh most valued ‘nation brand’, with an increase of 32 per cent in its brand value to USD 2.1 billion. The US remains on the top with a valuation of USD 19.7 billion, followed by China and Germany at the second and the third positions respectively, as per the annual report on world’s most valuable nation brands compiled by Brand Finance.

The UK is ranked 4th, Japan is at fifth position and France is sixth on the list. While India and France have moved up one position each since last year, all the top-five countries have retained their respective places. However, the surge of 32 per cent in India’s ‘nation brand value’ is the highest among all the top-20 countries on the list.


China has retained its second position despite a decline of one per cent in its brand value to USD 6.3 billion. Brand Finance said it measures the strength and value of the nation brands of 100 leading countries using a method based on the royalty relief mechanism employed to value the world’s largest companies.

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The nation brand valuation is based on five year forecasts of sales of all brands in each nation and follows a complex process. The Gross domestic product (GDP) is used as a proxy for total revenues.

The report also said that India’s ‘Incredible India’ slogan has worked well, while Germany suffered due to the Volkswagen crisis. About the US, the report said it remains a powerful brand with an inviting business climate.

“However its value comes in large part from the country’s sheer economic scale… The US’ world-leading higher education system and the soft power arising from its dominance of the music and entertainment industries are significant contributors too. This soft power will help the US to retain the most valuable nation brand for some time after China’s seemingly imminent rise to become the world’s biggest economy,” it added.

The study further said that China’s recent stock market turbulence and slowing growth will also extend the US’ tenure of the top spot. Among the BRICS nations, India is the only country to have witnessed an increase in its brand value with all others – Brazil, Russia, China and South Africa – seeing a dip in their respective brand valuations.

India is the second most valued among these emerging economies after China, followed by Brazil, Russia and South Africa.

 

India's GDP growth will overtake China's over 2016-18: Goldman Sachs

A day after global brokerage firm Macquarie painted a rosy picture of the Indian economy and raised its target level for the stock indices for the next 12 months, Goldman Sachssaid India was set to overtake China and become the fastest-growing emerging market during 2016-18.

Goldman Sachs India managing director and chief Indiaeconomist Tushar Poddar and chief Asia-Pacific strategist Timothy Moe said on Thursday they believed the Indian economy was beginning a new growth cycle, driven by reduced macro imbalances, benign global conditions (lower commodity prices) and structural reforms.

The Asia-Pacific research division of the foreign investment banking firm believes the Indian economy is on the mend. In 2015, Goldman Sachs expects the markets to give 13 per cent returns (after factoring in currency depreciation). The brokerage expects Nifty to close at 9,500 by the end of 2015, which is, however, less than 9,960 predicted by Macquarie.

Structural reforms and the focus on reviving the economy is expected to boost India’s gross domestic product (GDP) growth to 6.3 per cent in calendar 2015 (6.5 per cent in FY16) and 6.8 per cent in calendar 2016 (7 per cent in FY17), forecasts Goldman Sachs. In contrast, it expects China to grow by seven per cent in 2015 and 6.7 per cent in 2016. India’s growth is expected to accelerate in the coming years, while China would witness a gradual slowdown in growth, which economists prefer to describe as “long-landing”.

China's growth in the coming years is expected to remain below seven per cent, while India’s growth revives in the coming years, making it the fastest-growing emerging market. Other emerging markets such as Brazil, Russia and South Africa are expected to grow at a much slower pace on weaker commodity prices.

Even though Prime Minister Narendra Modi has been faulted for his many foreign trips and absence of “big bang” reforms, Goldman Sachs believes that a cyclical recovery has already begun with demand picking up. Financial conditions have significantly eased and liquidity conditions have improved. The government is looking at easing investment conditions in India and focusing on project clearances. Also, 2015 is expected to see a rush of foreign direct investments (FDI) coming into India, thanks to liberalising the defence, insurance and construction sectors.

Moe believes Modi’s recent foreign trips will result in close of $36 billion of FDI in the next calendar year. If the monthly inflow of $3 billion of FDI flows materialises, as anticipated by Goldman Sachs, it would outpace the $29 billion that came into Indian equities in 2010 — the highest in 10 years. In calendar 2013, foreign institutional investors poured in $20 billion into Indian equities, while this year has seen inflows of $16 billion so far.

Goldman Sachs also expects the Indian rupee to remain largely stable against the dollar, thanks to the capital flows. This means that even as the US Federal Reserve begins to increase rates next year, India will not see the kind of turmoil seen in 2013. However, India's rupee could appreciate strongly against other developed market currencies such as the euro and the British pound.

The biggest risk to India's growth story will come from the tardy implementation of reforms. The government has its task cut out as far as reforms in the financial sectors and in governance, labour and technology are concerned. Goldman Sachs believes the government will be able to push through reforms to boost manufacturing and infrastructure, implement goods and services tax, use technology to cut red tape and create a more friendly business environment. However, where the government can falter are labour reforms and pushing through changes in the civil services