Outlook for the Indian economy after 2016 Union Budget

On 29 February Indian Finance Minister Arun Jaitley presented the 2016-2017 Union Budget. For the 2015/2016 fiscal year ending March 2016, the Indian Government estimates GDP growth to be 7.6 per cent. That growth is higher than the previous fiscal year of 7.2 per cent.

Prime Minister Narendra Modi has launched several innovative programmes to boost the economy such as the Make in India programme which aims to transform India into a global manufacturing hub and create jobs, as well as more recently Startup India. He has also opened up several sectors such as defense and insurance and he has spearheaded the development of industrial corridors and smart cities across the country. However, the fiscal situation remains grim and the promised privatisation of many state-owned firms has not taken place.  Modi has also failed to get a number of significant economic  reforms through the Indian Parliament such as the Good and Services Tax (GST). Is he running out of time to transform the Indian economy?

To discuss the 2016-2017 Budget and the outlook for the Indian economy KPMG India CEO Richard Rekhy; Partner at Clayton, Dubilier & Rice Vindi Banga; and Arup Group Deputy Chairman David Whittleton will brief Asia House corporate members.

Richard Rekhy has been the Chief Executive Officer of KPMG India since October 2012. Mr. Rekhy served as the Chief Operating Officer of KPMG India from July 2006 to October 2012. Mr Rekhy qualified as a Chartered Account in November 1983. Before this, he was the Head of Risk Advisory Services within KPMG. Prior to joining KPMG, he was a Partner with Ernst & Young in their Risk and Business Solutions group heading South India and with Arthur Andersen in their Assurance and Business Advisory division before that.

Vindi Banga joined the London office of U.S. private equity firm, Clayton, Dubilier & Rice (CD&R), in 2010 after a 33-year career at Unilever. He is currently the Chairman of Mauser Group GmbH, a CD&R acquisition. He is the former President, Foods, Home and Personal Care and member of the Unilever plc Executive Board. He served on the Indian Prime Minister’s Council for Trade & Industry from 2004 until 2014. Mr Banga is the Senior Independent Director on the Board of Marks and Spencer plc; the Senior Independent Director designate on the Board of GlaxoSmithKline plc, and a Non-Executive Director on the Board of the Thomson Reuters Corporation. He is Chairman of the Confederation of British Industry’s (CBI) Economic Growth Board.

David Whittleton is the Deputy Chairman of Arup, a trust-owned firm of consulting engineers, designers, planners and business consultants with a global reputation for innovative and sustainable design. During his career, David has been instrumental in the planning, design and management of a wide variety of high-profile projects worldwide, including industrial plants, infrastructure works and commercial facilities. David joined the Arup Group Board in 1999 and became Group Chief Operating Officer in 2008, with overall responsibility for the operational and commercial performance of the global Group. In addition, he is the Chairman of the firm’s Commercial and Management Executives, as well as the firm’s India Executive committee. David sits on the UKIBC Advisory Council and Co-Chairs the Smart Cities Committee.

This event is open to Asia House corporate members only.

For further information, please contact: Jeremy Wimble, Business & Policy Team at jeremy.wimble@asiahouse.co.uk or call 0207 307 5454.