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10 - JUNE - 2016



Narendra Damodardas Modi completed two years as the Prime Minister of India. The ascendance of Bharatiya Janata Party-led National Democratic Government’s (NDA) to power is of significance to the India politics because of two reasons:

i. The Government came into power at a juncture where India needed a decisive leadership that is free of corruption, policy paralysis and coalition compulsions.

ii. High expectations from the ruling party as it was for the first time in the last 30 years that a single party could garner majority seats in the Lok Sabha. Previously, Rajiv Gandhi won 404 seats in the 1984 elections that were conducted in the aftermath of assassination of Indira Gandhi.

To fulfill the poll promise of Sabka Saath, Sabka Vikas, the government unveiled new policies and set up new institutions. Against this backdrop, it is pertinent to examine the key initiatives, achievements and challenges before the Narendra Modi-led NDA Government.

Key initiatives

1. Make In India: The campaign was launched to make India as a world-class hub of manufacturing by leveraging demographic dividend and attracting foreign directing investment by way of improving ease of doing business.

To make this campaign successful, the government came up with a slew of plans and programmes including Skill India campaign, National Capital Goods Policy 2016, Start Up India, MUDRA Bank Yojana, etc.

2. Agriculture: The stated objective of the government is to double the farm income by 2022. For this, a slew of initiatives including Pradhan Mantri Fasal Bima Yojana, Pradhan Mantri Krishi Sinchayee Yojana, Soil Health Card scheme, etc were launched.

3. Swachh Bharat Abhiyan: The Clean India Mission was launched in October 2014 to mark the 145th birth anniversary of Mahatma Gandhi. The objective of the campaign is to make India clean by 2019 by constructing toilets, improving waste management and launching massive awareness campaigns.

The campaign seeks to underscore the importance of sanitation in achieving key health objectives as nearly 21% of communicable diseases in the country are related to unsafe water and India is home to 24% of global under-5 deaths out of which 90% occur due to diarrhea.

4. Digital India: The campaign was approved in August 2014 to create digital infrastructure, deliver e-government services and improve digital literacy. The scheme aims to leverage opportunities offered by the digital economy, improve transparency and reduce corruption.

5. JAM Trinity: It seeks to leverage the opportunities provided by interconnecting three platforms – Jan Dhan Yojana, Aadhaar and Mobile number. The objective of this initiative is to bring financial inclusion, efficiency in the execution of schemes, targeted subsidies and mobile governance.

6. NITI Aayog: It is one the key reforms as it replaced the decades old Planning Commission that commanded greater influence in the socio-economic policy sphere. In it’s over 16-months of existence NITI Aayog emerged as the primary advisory body of the Government of India, providing both directional and policy inputs.

At the core of NITI Aayog’s creation are two hubs – Team India Hub and the Knowledge and Innovation Hub that reflect the two key tasks of the Aayog. While Team India Hub is aimed at nurturing cooperative federalism, Knowledge Hub builds think tank capabilities.

7. External relations: It has been one of the priority areas of the government for the last two years. The thrust on building the existing bilateral and trilateral relations has been primarily aimed at meeting the ‘mundane’ objectives of investments, economic growth and development rather than pursuing ‘altruistic’ or ‘idealistic’ agenda.

Among other things, Act East Policy has been implemented with vigour and thrust. This policy builds upon the Look East Policy of the PV Narsimha Rao Government and in sync with the Pivot to Asia doctrine of Barack Obama that mandates pro-active engagement with the Asia Pacific region.

8. Infrastructure: To sustain the present growth momentum and to achieve the desired over 10% growth rate in the near term, it is necessary for India to upgrade the social and economic infrastructure.

To this end, the government came up with a number of initiatives including Smart Cities Mission, Rurbar Mission, Sagar Mala, Setu Bharatam, National Smart Grid Mission, Deen Dayal Upadhyaya Gram Jyoti Yojana, etc.

9. Welfare: A slew of initiatives were launched to address the needs of SC, STs, minorities and BPL population. Major programmes include Pradhan Mantri Ujjwal Yojana, Pradhan Mantri Suraksha Bima Yojana, Padhan Mantri Jeevan Jyoti Yojana, USTAAD, Stand Up India, etc.

10. Administrative reforms: In the last 2-years the emphasis of the administration has been on ‘Minimum Government and Maximum Governance'. A series of steps to achieve this goal have been initiated that include simplification of procedures, identification and repeal of obsolete/archaic laws/rules and leveraging technology to bring in transparency in public interface.

Some of the key initiatives in this segment are Digital India Plan, JAM Trinity, Task force on rationalising government staff, BS Baswan committee on civil services exam and GARV application among others.


1. Economy: As per the Economic Survey 2015-16, the growth rate of GDP at constant market prices was projected to increase to 7.6% in 2015-16 from 7.2% in 2014-15.

It was a significant achievement considering the fact that India grew by 5% and 4.7% in 2012-13 and 2013-14 respectively.

As per the World Economic Outlook of the IMF, India will retain its position as the fastest growing major economy in 2016-17 growing at 7.5%, ahead of China. This development is of significance for India because the world economy is expected to grow at 3.2% in 2016 and 3.5% in 2017.

2. Foreign investments and Ease of doing business: In 2015, India was for the first time emerged as the leading country in the world for FDI. It surpassed the USA and China that attracted $59.6 billion and $56.6 billion investment respectively.

As per the World Bank’s Doing Business 2016 report, India could improve its ease of doing business ranking by 12 places to 130 rank among 180 countries surveyed.

Besides, India emerged as the largest remittance receiving country in 2015 with an estimated 72 billion US dollars.

3. Human development: In the 2015 HDR, India, with a score of 0.609, was ranked 130 out of 188 countries in terms of Human Development Index (HDI). In the 2014 report, India was ranked 135 out of 187 countries.

The incidence of poverty declined from 37.2 per cent in 2004-5 to 21.9 per cent in 2011-12 for the country as a whole with a sharper decline in the number of rural poor.

The Global Gender Gap Report 2015 of World Economic Forum placed India at the 108th position in terms of Gender Gap Index. Compared to the 2014 report, it accumulated 0.020 points and improved ranking by 6 places.

4. Fiscal deficit: The fiscal deficit for 2015-16 was within the targeted 3.9 per cent of GDP which gives enough leverage for the government to focus on socio economic development with increased capital expenditure.

5. External relations:Considerable achievements were made by the NDA Government in the last 2 years. Foreign visits of Narendra Modi resulted in signing of various agreements covering economic, security, technology spheres.

Most important among them are India, US Logistics Exchange Agreement, Agreement to develop Chabahar port in Iran, civil nuclear cooperation agreements with Australia and Japan.

Key challenges

1. Black Money: Despite the initiatives like Income declaration scheme, formation of Justice MB Shah-headed Special Investigation Team and revision in Double Taxation Avoidance Agreements with various countries progress in recovering block money is not on expected lines.

At the end of September 2015, undisclosed foreign assets worth only 3770 crore rupees were recovered compared to billions of dollars of unaccounted money.

2. Security threats: India has been facing security threats from multiple sources including cross border terrorism, left wing extremism, etc. The Global Terrorism Index 2015 of the Institute for Economics and Peace declared India as the 6th most affected State by terrorism in 2014.

3. Relations with neighbours: Though bilateral relations with Bangladesh improved to a large extent with the signing of Land Boundary Agreement, relations with Pakistan, Nepal and Sri Lanka have become tricky and needed a great push.

4. Socio-economic development: Employment creation is one of the biggest challenges for the economy. Though the growth rates were pegged at over 7%, the Ministry of Labour’s 27th Quarterly Employment Survey estimated that there were 43000 job losses in the first quarter of FY 2015-2016 in eight employment intensive industries.

As per the Global Report on Urban Health 2016 of the UN, urbanization and its associated lifestyle changes have triggered a health transition in favour of non communicable diseases (NCDs) in India.

As per the World Health Statistics 2016, global life expectancy for children born in 2015 was 71.4 years (73.8 years for females and 69.1 years for males), while in India it was 68.3 (66.9 for males and 69.9 for females).

As per the Global Talent Competitiveness Index 2015-16, India slipped 11 places to rank 89th compared to its 78th rank during 2014-15. This Index was prepared by INSEAD and measured ability of 109 to countries to retain talent.

5. Banking sector: Indian banking sector is facing a huge challenge in terms of non-performing assets (NPAs). If restructured assets are taken into account, stressed assets will be accounted for 10.9 percent of the total loans in the system. As per the International Monetary Fund (IMF), around 37 percent of the total debt in India is at risk.


India emerged as the fifth largest producer of e-waste in the world, but the second largest mobile market with 1.03 billion subscribers as per the ASSOCHAM-KPMG joint study that was published.

Highlights of the study

• India discards roughly 18.5 lakh metric tonnes of electronic waste each year with telecom equipment alone accounting for 12 percent of the e-waste.

• Over 100 million handsets have been manufactured last year.

• The unorganised sector in India is estimated to handle around 95 percent of the e-waste produced in the country.

• In the last 15 months alone, operators have invested over 30 percent of the cumulative investment made in 20 years prior.

Recommendations of the Study

• With more than 100 crore mobile phones in circulation, nearly 25 percent of mobiles end up in e-waste annually.

• It is suggested that e-waste collection targets are implemented in a phased manner with lower and practically achievable target limits.

• The detailed implementation of procedures for collection of e-waste from the market needs to be followed.

• The phased manner for implementation of e-waste collection targets needs to be introduced.

• The steps should be taken to rationalize the various audits being conducted by various authorities, to ensure that same areas are not audited on a repeated basis.

• The guidelines should be issued by Department of Telecom (DoT) with respect to locations of tower and clearance requirements should be adopted across states to smoothen tower set up process.

United Nations' Global E-Waste Monitor 2014 report

As per the Global E-Waste Monitor 2014 report by United Nations, India was the fifth biggest producer of e-waste in the world at that time as well. The report was compiled by UN think tank United Nations University (UNU).

In 2014, India discarded 1.7 million tonnes (Mt) of electronic and electrical equipment.


Indian American student Rishi Nair won the prestigious National Geographic Bee competition 2016.

As National Geographic Bee champion, Nair received a 50000 US dollars college scholarship and a lifetime membership in the National Geographic Society. He also won a trip to Alaska and Glacier Bay National Park.

Highlights of 28th annual National Geographic Bee

• This Year, Indian-origin contestants maintained their dominance by sweeping all the top three slots.

• Nair, a sixth grader from Florida, took top honours at the 28th annual National Geographic Bee held at the National Geographic headquarters in Washington DC.

• Eighth-grader Saketh Jonnalagadda from Massachusetts was the runner up and recipient of the 25000 US dollars college scholarship.

• Third place and a 10000 US dollars college scholarship was grabbed by Kapil Nathan, a sixth-grader from Alabama.

• The seven other finalists, who won 500 US dollars each, were Grace Rembert of Montana, Rishi Kumar of Maryland, Pranay Varada of Texas, Lucas Eggers of Minnesota, Samanyu Dixit of North Carolina, Thomas Wright of Wisconsin and Ashwin Sivakumar of Oregon.

This is the fifth consecutive year that an Indian-American has won the prestigious national tournament. In 2015, Karan Menon had won the competition.


Strides Shasun announced that it has received tentative approval from the U.S. Food and Drug Administration (USFDA) for Efavirenz tablets USP, 600 mg.

The final approval will be received after patent expiry in August 2018. The company will manufacture the product at its oral dosage facility in Bengaluru.

About Efavirenz

Efavirenz is a non-nucleoside reverse transcriptase inhibitor (NNRTI).

It is used as part of Highly Active Antiretroviral Therapy (HAART) for the treatment of a Human Immunodeficiency Virus (HIV) type 1.

It is also used in combination with other antiretroviral agents as part of an expanded postexposure prophylaxis regimen to reduce the risk of HIV infection in people exposed to a significant risk.

It was discovered at Merck Research Laboratories.

It is on the WHO Model List of Essential Medicines, the most important medication needed in a basic health system.

About Strides Shasun

Strides Arcolab is an Indian pharmaceutical company, headquartered at Bangalore in southern India.

The company manufactures pharmaceutical products, over-the-counter drugs and nutraceuticals.

The company has 15 manufacturing sites in six countries and marketing presence in 50 countries.

The company's stock trades on the Bombay Stock Exchange and on the National Stock Exchange of India.

Strides Arcolab changed name to Strides Shasun Ltd after an amalgamation of Shasun Pharmaceuticals with Strides Arcolab.

Arun Kumar is the founder and Group CEO, and has been on the Board as Managing Director since its inception.


The Indian Coast Guard Ship (ICGS) ARUSH was commissioned by the Coast Guard Commander (Western Seaboard) Additional Director General SPS Basra at Kochi.

The ship has been named ICGS ARUSH that means first ray of sun. ARUSH is the seventeenth ship in the series of twenty Fast Patrol Vessels (FPVs), designed and built by M/s Cochin Shipyard Limited.

Highlights of the ICGS ARUSH

• The 50 meter indigenous FPV displaces 421 tonnes and can achieve a maximum speed of 33 knots with an endurance of 1500 nautical miles at economical speed of 13 knots.

• It is equipped with state-of-the-art weaponry and advanced communication and navigational equipment.

• It makes an ideal platform for undertaking multifarious close-coast missions such as surveillance, interdiction, search and rescue and medical evacuation.

• The special features of the ship include an Integrated Bridge Management System (IBMS) and Integrated Machinery Control System (IMCS).

• It will be based at Porbandar under the administrative and operational control of the Commander, Coast Guard Region (North West).

• The ship is commanded by Commandant Pramod Pokhriyal and has complement of four officers and 33 enrolled personnel.

The Fast Patrol Vessels (FPVs) are the work horses of Indian Coast Guard. The coastal security has become of utmost importance keeping in view the asymmetric threats from the sea and ensuring the maritime safety.

Indian Coast Guard will be a 150 ships/boats and 100 aircraft maritime force in next few years. In addition to these operational assets, a coastal surveillance network is being established with 46 stations to ensure real time coastal surveillance.


The Union Government approved establishment of a National Investment and Manufacturing Zone (NIMZ) in Odisha. This is the third NIMZ of India involving a massive area of 163 square kilometers. The project will come up at Kalinganagar industrial area in Jajpur district of Odisha.

For execution of the project, the Union Ministry of Commerce and Industry has approved the 4241 crore rupees. Of this fund, estimated 3816 crore rupees will be invested for the first phase of the project which will be completed by 2020.

Key facts of the project

• It will create job opportunities for around 1.5 lakh people

• It will help Odisha grow as a manufacturing hub and help Paradip port's growth

National Investment and Manufacturing Zones (NIMZs)

In order to boost manufacturing sector, the Union Government in 2014 announced setting up of sixteen national investment and manufacturing zones (NIMZs) under National Manufacturing Policy (NMP).

The NMP aims to enhance the share of manufacturing in GDP to 25 per cent and creating 100 million jobs over a decade.

Till 2013-14, 16 NIMZs have been set up. Of these, eight are along the Delhi Mumbai Industrial Corridor (DMIC). These are:

• Ahmedabad-Dholera Investment Region, Gujarat

• Shendra-Bidkin Industrial Part city near Aurangabad, Maharashtra

• Manesar-Bawal Investment Region, Haryana

• Khushkhera-Bhiwadi-Neemrana Investment Region, Rajasthan

• Pithampur-Dhar-Mhow Investment Regioin, Madhya Pradesh

• Dadri-Noida-Ghaziabad investment Region, Uttar Pradesh

• Dighi Port Industrial Area, Maharashtra

• Jodhpur-Pali-Marwar Region in Rajasthan

Besides, eight other NIMZs have been given in-principle approval and they are:

• Nagpur in Maharashtra

• Chittoor in Andhra Pradesh

• Medak in Andhra Pradesh (now Telengana)

• Prakasam in Andhra Pradesh

• Tumkur in Karnataka

• Kolar in Karnataka

• Bidar in Karnataka

• Gulbarga in Karnataka


Indian para athlete Amit Kumar Saroha clinched gold medal in men's club throw (F-51) at the 2016 French Open Athletics Championship in Paris.

Saroha’s effort of 26.58 meter broke the Asian record which he had himself set at 2015 World Championships in Doha.

The French Open Athletics Championship was part of his preparation for Rio 2016. The athlete has already qualified for the 2016 Rio Paralympics.

About Amit Kumar Saroha

Amit Kumar Saroha is a Paralympian who competes in the F51 category in Discus throw and Club throw.

He is one of India's top Para athletes and the first quadriplegic to represent India at a Paralympic Games (London 2012).

He currently trains at the Sports Authority of India in Sonipat and is being supported by the GoSports Foundation.

In 2010, he took part in his first Asian Para Games in Guangzhou, China, where he won a silver medal in Discus throw.

In 2012, he won a Gold medal in the Olympic qualifier event in Kuala Lumpur, Malaysia.

He has also been conferred the Arjuna Award by the President of India, in recognition of his outstanding sporting achievements.

At the 2014 Asian Para Games in Incheon, Korea, he won two medals for India. He grabbed a Gold in Club throw with a distance of 21.31 m and a Silver in Discus throw with a distance of 9.89 m. His club throw distance was another Asian record, and the medal winning performance earned him an automatic qualification for Rio 2016.


  • The Election Commission of India has written to the Centre seeking amendment to the Representation of the People Act to confer specific powers on the election watchdog to postpone or countermand polls based on evidence that money power was used to influence voters.
  • In a letter to the Legislative Secretary in the Law Ministry, the Commission said a new clause ‘58 B’ be inserted in the Act to allow adjournment or countermanding of election in the affected polling areas on the grounds of use of money power.
  • The provision would also empower the Commission to re-schedule the elections in such areas.
  • The Commission said in Clause 58 A and the proposed provision 58 B, the expression “countermand the election” would mean ab initio rescinding of the entire electoral process in the constituency.
  • Clause 58 A empowers the Election Commission to cancel polls only if there is an evidence of booth-capturing or use of muscle power to influence the outcome of elections.


  • In a major boost to its diplomatic push for Nuclear Suppliers Group (NSG) membership, Indiamanaged to win crucial support from Switzerland ahead of a key meeting of the 48-nation bloc.
  • Two countries also agreed to step up cooperation in unearthing black money stashed by Indians in banks in that country.
  • Swiss President announced his country’s support for India’s membership to the elite NSG after holding comprehensive talks with Prime Minister Narendra Modi on a range of bilateral and global issues.
  • Switzerland is a key member of the NSG and its support for India’s bid for membership is seen as crucial in the backdrop of China harping on the need for consensus as India was not a signatory to the Nuclear Non-Proliferation Treaty (NPT).
  • In his remarks, the Prime Minister thanked the Swiss President for Switzerland’s “understanding and support” for India’s membership of the NSG.
  • The U.S. and many other NSG member countries have supported India’s inclusion, based on its non-proliferation track record.
  • The NSG works under the principle of unanimity and even one country’s vote against India will scuttle its bid.


  • Former Maldives Vice-President Ahmed Adeeb was jailed for 10 years on on a terrorism charge, weeks after ex-leader Mohamed Nasheed was granted asylum in Britain.
  • With Adeeb’s sentencing, almost all of President Abdulla Yameen’s key rivals are either in jail or living in exile.
  • A court official said the case record will not be released to the public as it was considered a matter affecting national security.
  • Adeeb (34), once a close confidant of Mr. Yameen, had enjoyed a meteoric rise until he was dramatically impeached in November after being accused of trying to assassinate his boss by blowing up his speedboat.
  • Mr. Yameen was unhurt in the explosion last September, but his wife and two others were injured. A trial related to those allegations is yet to conclude.
  • He was jailed for 12 years after being tried under a controversial 1990 anti-terrorism law for allegedly inciting unrest during an anti-government rally in May 2015 on the capital island.


  • North Korea may have reactivated a plant for reprocessing plutonium for use in nuclear weapons, the UN atomic watchdog said, citing satellite imagery.
  • North Korea mothballed the Yongbyon reactor in 2007 under an aid-for-disarmament accord, but began renovating it after its third nuclear test in 2013.
  • The director of U.S. National Intelligence, James Clapper, warned in February that the North could begin recovering plutonium from the reactor’s spent fuel “within a matter of weeks to months”.


  • Prime Minister Narendra Modi and Swiss President agreed to expand cooperation in tackling the problem of Indians stashing black money in Swiss banks besides resolving to step up ties in areas of trade, investment and vocational training.
  • Speaking after talks between the two leaders, Mr. Modi said both the sides had also agreed to support each other for their respective bids for the non-permanent membership of the UN Security Council.
  • Indian tax authorities are probing cases of tax evasion and black money stashed abroad.
  • Referring to energy security, Mr. Modi said reliance on renewable energy, rather than on fossil fuels would be India’s “guiding motto“.
  • “I invite the Swiss companies to avail of this great opportunity to be a key partner in India’s economic growth. Ultimately, the economic prosperity of 1.25 billion plus would also benefit the entire world,” Mr. Modi said.


  • “Advancing the ambitious climate change and clean energy agenda” and “further enhancing our security and diplomatic cooperation across the Indo-Pacific region,” would be focus of the discussions between India and the U.S.
  • PM is scheduled to arrive in Washington for a three-day tour. Mr. Modi will have a bilateral meeting with President Barack Obama, to be followed by a lunch, at the White House.
  • Mr. Modi will address a joint session of the U.S. Congress, which will be a demonstration of the bipartisan support that the India-U.S. relationship has acquired.
  • Mr. Modi will interact with U.S. CEOs and investors at the annual meeting of the U.S-India Business Council. Mr. Modi is visiting the U.S — the fourth time since he took over as Prime Minister in 2014 — at Mr. Obama’s behest.
  • USIBC president Mukesh Aghi said the USIBC event would have CEOs of 25 Fortune 500 companies attending it.
  • The event would also honour Amazon Founder and CEO Jeff Bezos, and Founder and Managing Director of Sun Pharmaceuticals Dilip Shanghvi with the Global Leadership Awards.
  • The USIBC is also lobbying with the U.S and Indian governments to restart the negotiations for a bilateral investment treaty.
  • Mr. Modi is facing protests from groups in India on the intellectual property rights policy that his government announced recently.
  • The government has claimed the new policy does not compromise the country’s ability to ensure affordable drugs, but several campaign groups believe the Modi government is coming under U.S. pressure on the issue.


  • Public sector banks will be empowered and protected from witch-hunting so that they can close commercially prudent settlements of stressed assets and bad loans, according to Union Finance Minister.
  • The proposals will be fine-tuned after taking into consideration suggestions from the Indian Banks’ Association (IBA).
  • The new provisions being mooted are aimed at encouraging bankers to enter into ‘reasonable and fair settlements’ with regard to stressed accounts, “without fears of fishing expeditions of investigative agencies later on.”
  • This is expected to quicken the pace of recovery and cleaning up of banks’ balance sheets.
  • The Finance Minister also said cumulatively the state-owned banks had reported losses of Rs.18,000 crore in 2015-16.
  • Although the reported operating profits were “substantial” at Rs.1.40 lakh crore, losses were due to higher provisioning for bad loans made in the previous two quarters, he said.
  • Mr. Jaitley said the Reserve Bank of India was expected to report the cumulative level of non- performing assets (NPA) for public sector banks. It was expected to be higher than the previous year’s level.
  • The feedback from banks was that the steel and infrastructure sectors were slowly recovering, leading to an improvement in the NPA levels arising out of outstanding loans to companies in these industries.
  • Reiterating that the government had earmarked Rs.25,000 crore for recapitalisation of these banks in the Budget, he said that would commit to more funds if needed.


  • The Telecom Regulatory Authority of India (TRAI) issued a consultation paper seeking stakeholders’ views on evolving a framework for in-building facilities to enable telecom operators obtain efficient access on reasonable terms and conditions.
  • While many infrastructure related issues have been dealt with by the authority in the past, there are issues related to in-building access that are still faced by the telecom service providers and therefore, remain to be addressed, it added.
  • In-building deployment is currently done through commercial agreements between incumbent mobile operators and building owners, building developers or Resident Welfare Associations (RWA).
  • As such, the speed of deployment is often hindered by building owners/developers delaying the negotiations or requesting exorbitant rents.
  • TRAI said telecom operators are often forced to enter into agreement at the terms set by the other party, as they cannot leave places like malls uncovered from their mobile network.
  • Also due to restricted access to premises, the resident of the building cannot avail services of the operator of his own choice and his preference is limited to the TSP(s) who could get access to the building after entering into a commercial settlement with the builder.
  • It added that competition not only helps in controlling prices but also forces the service providers to offer/maintain good quality of service.


  • Foreign investment banks are fast losing turf to their Indian counterparts, in managing initial public offers (IPOs) in the domestic market given - the latter’s consistent performance and efficient handling of pre and post-listing functions.
  • This is in sharp contrast to the trend visible earlier when global banking entities were the preferred choice for Indian companies looking to list.
  • It was perceived that foreign bankers were better place to rope in foreign investors to subscribe to a public issue.
  • ICICI Securities, Edelweiss, Axis Bank, Kotak Mahindra Capital and IIFL Securities, rank at the top among investment banks winning IPO mandates so far in 2016, according to data compiled by Bloomberg.
  • The list of top 10 investment banks includes only one foreign entity — HSBC — which was one of the investment bank that managed the IPO of Equitas Holdings.
  • Companies mulling an IPO need to appoint investment bankers to do the mandatory due diligence process as laid down by the Securities and Exchange Board of India (SEBI).
  • For the current calendar year, IDFC Bank, State Bank of India, JM Financial and Elara Capital also feature in the top 10 list.
  • Many foreign investment banking entities such as Standard Chartered, RBS, Barclays, UBS and Citi have either shut or downsized their India equity operations in the last couple of years.
  • In most cases, the business decision has been in line with their respective global strategy of either moving out of or reducing operations in certain geographies to rationalise costs.

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Last Updated on Saturday, 11 June 2016 02:37