Singapore 2nd June 2011
Now here is an interesting country…those who have travelled there probably know what I mean. After China, India is the biggest economic engine of this region, a country with more than a billion people. China and India together represent about 1/3 of the human population on earth. They form part of the so called BRIC countries (Brasil, Russia, India and China) and are huge economies…Today I read that while all these economies are slowing down (but from double digit growth figures) India was the only one to record a drop in investments.
Now this has my interest as I am quite invested in India myself with several projects on the go there. It specifically caught my attention as it happens against the background of several high profile scandals, fraud and scams that has hit the country in recent times, like the Commonwealth Games, the 2G scam. It is therefore not surprising that business confidence is down a tat. It seems these figures support that view.
I can personally testify as I am sort of a a victim of the 2G scam too. It does not happen every day that your client is sent to jail, but one of the casualties of the 2G scam, that saw the former telecoms minister land in jail, is also my client. Besides his real estate and hospitality business he also runs a telecommunications company which has been implicated in this 2G scam and which has landed him and his partner in jail too. I can’t comment on whether he is guilty or not, I really don’t know. I do know his company is very well respected; one of the biggest in the country and their appreciation towards us as consultants has always been excellent. However we find ourselves now in a situation where banks may be thinking twice about extending any further credit for his projects and it is therefore not surprising that pending the investigations most of their projects have been halted or slowed down.
Always expect the unexpected! India remains however one of the super powerhouses in the region and even though I am personally affected by this particular case, it has not reduced my confidence and enthusiasm for doing projects in India…just one of those things 🙂
In Light Watch today a tribute to India which undoubtedly has to be the Taj Mahal. I had the opportunity to visit Agra many years ago on one of my trips…The Taj is said to be particularly beautiful at full moon. The building itselfs reflects light in an amazing way…
Light Watch 102: Taj Mahal, India