Category: Economy
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BRICS bank not to replace global institutions: Putin
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By Hardev Sanotra Russian President Vladimir Putin says that the BRICS Bank set up by five countries with a capital of $100 billion will not challenge the existing multilateral institutions…..reports Asian Lite News. Putin, who was interacting with a dozen visiting wire service reporters said, the intention behind the bank and the reserve currency pool…
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Real wages have grown faster indicate official stats
In further proof that the jobs market is continuing to grow, there are over 2.4 million more people working in the private sector than in 2010, with annual private sector pay growth now up to 3.3%…reports Asian Lite. According to official government figures more than 400,000 extra people are in work compared to a year…
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Jaitley assures foreign investors on reforms
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Finance Minister Arun Jaitley has assured foreign investors on their concerns about the speed of India’s reforms process, as well as about an adversarial tax regime. “Concerns that the process of reforms must expedite, which we are trying to do. Concern at the stability of policy, which has been assured because the government’s movement is…
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Trade missions aimed to boost UK exports
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UK Trade & Investment (UKTI) is currently organising high-profile trade missions to Singapore and Malaysia, Turkey, Japan and Latvia…reports Asian Lite. The mission to Singapore and Malaysia, from 25 July to 5 August, will include receptions and events organised by the British High Commission, while the visit to Turkey (11-15 October) – which is…
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Takeaways from US Fed projections
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By Vatsal Srivastava US Fed chief Janet Yellen was presented with yet another opportunity to prepare financial markets for a September interest rate hike. But Yellen sang in the same old dovish tune, repeatedly emphasising on the fact that market participants should not worry too much about when the monetary tightening will begin but…
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US Fed Reserve signals rate hike
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By Arun Kumar The Federal Reserve, America’s central bank, has decided not to raise interest rates in June, but signalled that the long-awaited rate hike could come in September as the economic activity picks up. “The committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace,” the bank known as…
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Kerala IT exports touch Rs.10,000 crore
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With Information Technology exports from Kerala for the 2014-15 fiscal touching Rs.10,000 crore, time was ripe for ‘ghar wapsi’ (home return) of Kerala IT professionals working outside the state and the country, an official said…. reports Asian Lite News. IT exports from the southern Indian state grew from Rs.7,000 crore in 2013-14 to touch the…
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Summer Sales Begin
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The chancellor rush to sell the state assets rekindled the memories of former Conservative majority governments. Political pundits say the summer sale is just on and more to come…reports Kaliph Anaz Chancellor George Osborne announced the sale of 80% stake in the Royal Bank of Scotland in his annual Mansion House speech in London. This…
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US requests Cuba to open its markets
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The US Undersecretary of Commerce for International Trade Stefan Selig has invited Cuba to open its market and make reforms as part of the process of normalisation with the US at the inauguration of a conference on the island’s economic future. Selig said if Cuba opens its economy and begins the necessary reforms it will…
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TASWEEK eyeing India’s ‘smart cities’
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Dubai based TASWEEK Real Estate Development and Marketing, has announced that it is exploring the possibility of engaging in ‘smart city’ projects in India in collaboration with local partner MAMS Holdings Group, reports Asian Lite one of the leading newspapers in UK read by British Asians. This is in support of Indian Prime Minister Narendra…
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RBI marginally lowers lending rate
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Giving in to overwhelming demands for an easing of the monetary policy, the Reserve Bank of India lowered its short-term lending rate by 25 basis points in a move that could potentially reduce the cost of borrowings on personal and corporate loans. In his bi-monthly monetary policy review for the current fiscal year at the…
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Uncertainty clouds RBI rate hikes
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Biswajit Choudhury writes in UK’s largest Asian newspaper Asian Lite about the uncertainty of rate hike by RBI As the Reserve Bank of India (RBI) prepares for its bi-monthly monetary policy update here, uncertainty remains over Governor Raghuram Rajan cutting interest rates, despite requests to do so from stakeholders — right from the government to…
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Housing registrations are rising
A number of new homes registered across the UK continue to outperform 2014 levels, reports Asian Lite best newspaper for British Asian families. According to NHBC report, for the rolling quarter (February – April), registrations increased by 20% compared to the same period last year (41,307 in 2015; 34,451 in 2014). This follows the strong…
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India can’t do without coal
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Amit Bhandari writes in Asian Lite, Britain’s leading Asian newspaper on India’s addiction with coal. Coal generates over 75 percent of India’s electricity and is among the cheapest energy sources available. Its main advantage over other feasible alternatives is that it is largely immune to interference from nature — quakes, floods, droughts-economic vagaries and artificial accidents. India…
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New housing registrations rise: NHBC
The number of new homes registered across the UK continues to outperform 2014 levels, according to NHBC. For the rolling quarter (February – April), registrations increased by 20% compared to the same period last year (41,307 in 2015; 34,451 in 2014). This follows the strong Q1 growth reported by NHBC earlier this month. The private…
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Indian students bring $3.3 billion to the US economy
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Last year alone Indian students in the US contributed $3.3 billion to the US economy. US Ambassador Richard R. Verma said Indian students played an important role in helping build closer ties between the two countries. “You are doing this for maybe your individual career pursuits, but I also want to tell you how important…
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US media see challenges for Modi
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Reflecting on the completion of one year of Prime Minister Narendra Modi’s government, the US media on Monday underlined various challenges facing his government, saying he “must face the reality that much of his agenda is still only potential”. “After soaring through India’s political stratosphere on the economic promise ‘achche din aa gaye’ or ‘better…
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India needs explore deeper into Latin America
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By Deepak Bhojwani Prime Minister Narendra Modi has set a crackling diplomatic pace for his government. Barely two months after being sworn in, he was in Brazil in July 2014, where he met 12 Latin American leaders on the sidelines of the BRICS Summit. This triggered a more active engagement with a region benignly ignored…
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The feel good factor of the Indian economy
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Biswajit Choudhury and Aparajita Gupta writes on the Indian economy in Asian Lite the leading asian newspaper in UK Recent reviews of global institutions and the prevailing investor confidence suggest a striking change in the perception about the Indian economy cover the past year. Yet, some crucial agenda remains for Prime Minister Narendra Modi’s government as…
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SBI net profit increases 20 per cent
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State Bank of India (SBI) said its net profit during the 2014-15 fiscal increased by over 20 percent at Rs.13,102 crore against Rs.10,891 crore during 2013-14 along with an improvement in asset quality. India’s largest commercial bank’s net interest income during the review period rose by over 12 percent at Rs.55,015 crore compared to the…
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India create a million jobs in green energy
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By Chaitanya Mallapur As India, the world’s third-largest emitter of greenhouse gases but 127th in terms of per capita emissions, ponders over an energy-balanced growth, jobs creation and environment protection in the future, there is encouraging news. The renewable energy sector, a particular focus of attention for Prime Minister Narendra Modi, has generated 400,000 jobs…
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Sweden keen on India’s smart city projects
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Fourteen Swedish companies, including the famed Volvo Group, are showcasing their technologies at the three-day Smart City Expo here . Sweden is the official partner country at the expo. “The embassy of Sweden and Business Sweden in India are participating with a number of ministries of the government of India for Smart Cities India 2015,”…
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Britain should remain in EU: Osborne
Britain’s Chancellor of the Exchequer George Osborne said in a keynote speech that he wants Britain to remain in the European Union (EU) — but doesn’t want to see the country run by Europe. Speaking at the 50th anniversary annual dinner of Britain’s leading business organisation, the CBI, Osborne fired the first salvo in what…
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Asia largest investor destination: Unctad
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Asia has become, for the first time, the world’s largest investor region with $440 billion invested in 2014, followed by North America ($390 billion) and Europe ($286 billion), according to a report releasedby the UN Conference on Trade and Development (Unctad). The global investment trend monitor published by Unctad showed that among the 20 largest…
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India tops in consumer confidence survey
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India, with a score of 130, ranked the highest in consumer confidence among 60 markets. The online survey released was measured by American agency Nielsen. India’s score of 130 was one point higher than the fourth-quarter of 2014, followed by Indonesia (123), the Philippines (115) and the United Arab Emirates (115), Nielsen said of its…
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UK inflation turns negative
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The measure of UK inflation turned negative in April for the first time, with the rate falling to -0.1%. It is the first time Consumer Price Index (CPI) inflation has turned negative since 1960, based on comparable historic estimates, the Office for National Statistics said. The biggest contribution to the fall came from a drop in…
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India is the fastest growing economy: UN
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By Arul Louis The UN has now raised its projections for the Indian economy’s growth this year by 1.7 percent to 7.6 percent and by 1.4 percent to 7.7 percent next year from the estimates it made in January. The Mid-Year Update to the World Economic Situation and Prospects 2015 released Tuesday puts India on…
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China unveils ‘Made in China 2025’
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China’s State Council has unveiled a national plan, dubbed “Made in China 2025”, focusing on promoting manufacturing, Xinhua news agency reported. The plan was authorised by Premier Li Keqiang, the report stated citing a government notice issued in this connection. “Made in China 2025” is the first 10-year action plan designed to transform China from…
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Indian businesses explore Ethiopia
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By Hadra Ahmed A delegation of Indian investors from various sectors came on a three-day visit here during the course of which they met Ethiopian officials to discuss multi-sector projects that would benefit the two countries and strengthen the long standing Ethiopian-Indian diplomatic and socio-economic relations. The 24 business delegates came from sectors including IT,…
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South Korea offers India $10-bn fund
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By Rohit Vaid As Prime Minister Narendra Modi commenced his two-day visit to Seoul , South Korea has offered to set up a $10-billion fund to support several of his ambitious projects, from bullet trains to smart cities, the country’s envoy to India Joon-gyu Lee has said. “My country is offering India a financial package…
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Modi bags $22 bn in new business
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India is ready to do business and is constantly improving the ease of doing business, Prime Minister Narendra Modi said on Saturday at the India-China Business Forum here that saw 21 business agreements worth $22 billion being signed. In his address to the India-China Business Forum, Modi said that India offers historic opportunity for Chinese…
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Rolls plan to cut jobs draw flak
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Despite winning a £6.1 billion flight engine deal, Rolls-Royce is going ahead with its plan to terminate 3,000 jobs…writes Kaliph Anaz for Asian Lite, UK’s No 1 newspaper for British Asians Prime Minister David Cameron is facing a dilemma as one of the prestigious British Company begins the process to terminate 3000 skilled jobs…
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Bank of England cuts growth forecast to 2.5%
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The Bank of England has cut its 2015 growth forecast from 2.9% to 2.5%, and for next year from 2.9% to 2.6%, as governor Mark Carney unveiled his quarterly inflation report. And he told MPs interest rates would rise only in about a year’s time. Mr Carney also said deflation could emerge during the year,…
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Modi wants to take the silk route with China
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Prime Minister Narendra Modi has said that he wants to work on a roadmap to qualitatively upgrade economic relations with China. He also said that he was open to discussing regional connectivity, including the Silk Road concept, with Chinese leaders. “I look forward to working out a roadmap for qualitatively upgrading our economic relations and…
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Building the pillars of good governance
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By Shrimoyee Bhattacharya and Sujaya Rathi The second budget of the Narendra Modi government has been presented. The Smart Cities programme and 500 habitations under the National Urban Rejuvenation Mission (NURM) together have been allocated Rs. 6,000 crore (approximately $1 billion). This is more than one third of the total allocation under the Ministry of…
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Modi and Manmohan index
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The economy rebounded; exports and imports declined, foreign-exchange reserves grew; coal production, electricity generation and petroleum consumption rose, non-performing assets (NPAs) in banking soared. There are great similarities between Prime Minister Narendra Modi’s first year in office – which he completes on May 26 – and the corresponding first year of his predecessor, Manmohan…
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Can Modi’s nuclear deals clean up India’s Air?
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Amit Bhandari India’s civil nuclear accords may be part of the solution to air pollution problems as it tries to move away from highly-polluting coal, which accounts for almost 80 percent of its electricity generation, towards a clearer and greener option. An agreement with the Canadian company Cameco, one of the world’s largest uranium producers,…
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US business urged to seize India’s potential
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By Arun Kumar With India moving quickly on its commitment to reform, the new Indian ambassador to the US, Arun K. Singh, has expressed confidence that American business and industry will seize the potential to reinforce India-US strategic ties. “We are in a very momentous phase of our relationship,” he said in an address Wednesday…
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India one of world’s fastest growing economies: IMF
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By Arun Kumar India’s growth rate is expected to rise to 7.5 percent this year and next, making it one of the fastest growing economies in the world, according to the IMF’s latest economic health check. The other Asian giant China’s economy is slowing to a more sustainable pace – 6.8 percent GDP growth in…
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UK economy slows
The rate of economic growth halved in the three months to the end of March, official figures show, marking the slowest quarterly growth for two years. The UK economy grew by 0.3% in the quarter, the office for national statistics said. That compares with 0.6% in the last three months of 2014 reported BBC. The…
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Indian businesses exploring Ghana
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By Francis Kokutse A 20-member Indian business delegation is currently on a visit to Ghana to explore business opportunities in this West African nation. The delegation has been brought by Ghana’s High Commissioner to India, Sam Pee-Yalley. Indian High Commissioner in Accra, Jeeva Sagar, asked the businessmen “to take Ghana seriously because the country is…
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Moody’s pegs India growth at 7.5%
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A week after it revised its outlook on India to positive from stable, international credit rating major Moody’s pegged India’s growth at 7.5 percent for 2015. “India’s economy is on a cyclical upswing. Forward looking indicators suggest domestic demand is gathering momentum,” said Faraz Syed, associate economist, Moody’s Analytics. According to the ratings agency, low…
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India assures a modern tax regime
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Arun Kumar India’s Finance Minister Arun Jaitley has assured foreign investors that the government of Prime Minister Narendra Modi was working on a more modern tax regime as part of ongoing reforms to increase investment and reduce regulations to realise double-digit growth. “In order to realise double-digit growth we need to undertake a number of…
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Target double digit growth: Jaitley
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To reap the dividend of India’s “major demographic shift”, the country has to target a double digit growth rate, Finance Minister Arun Jaitley said . “India is on the brink of a major demographic shift, with the proportion of working-age population between 15 and 59 years likely to increase from 58 percent in 2001 to…
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World Bank pegs India’s growth at 8%
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The World Bank has forecast India’s growth accelerating to 8 percent for the next fiscal and said the country is well-placed in a region that has not only logged the highest economic expansion but would benefit the most from cheap oil. According to the bank’s South Asia Economic Focus report, which is released twice a…
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India Inc. can outsmart Chinese : Havells India
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By Gokul Bhagabati With manufacturing at the core of Prime Minister Narendra Modi’s “Make in India” campaign and labour costs in China eating into margins, India’s electrical goods manufacturers see little threat today from cheap imports, says Havells India chief Anil Rai Gupta. “The competition will be there. But the threat of unhealthy competition is…
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Modi in Hannover
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Prime Minister Narendra Modi got down to business, meeting top German CEOs, immediately after his arrival in Hannover as part of his two-day visit to Germany. Commerce and Industry Minister Nirmala Sitharaman was also part of the round-table with the CEOs. “Movers & shakers of German economy/industry meet with PM @narendramodi,” tweeted the external…
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Jaitley happy with Moody report
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Sixteen months after it warned of a downgrade, ratings agency Moody’s raised its outlook on India to positive, hoping for further steps from the Narendra Modi government to push growth. The finance ministry said this was significant and promised more. “India has grown faster than similarly-rated peers over the last decade due to favourable…
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Modi, Merkel to open Hanover 2015
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The country will have a unique opportunity to present the ‘Make in India’ initiative and its technological prowess at the world’s largest industrial fair Hanover Messe, German Ambassador to India Michael Steiner said here. Prime Minister Narendra Modi and German Chancellor Angela Merkel will jointly inaugurate on Sunday this year’s Hanover fair where India…
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Saudi keen to Make in India
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By Ranjana Narayan Saudi Arabia, the largest supplier of crude oil to India, is keen to participate in the Make in India initiative of the Narendra Modi government and has asked its business people to explore the opportunities in India under the scheme, the kingdom’s envoy has said. “I think it is a very good…