Women’s magazine eShe carried a profile about MIRR Investments founder Namrata B Durgan in its June 2018 issue. eShe is a Delhi-based monthly magazine which “looks at the world through ‘the female gaze’, and through the lives of its women, their joys and challenges.”
The magazine’s name is derived from the Hindi word “Ishi” which is another name for Goddess Durga.
The profile on Namrata covered how she was inspired to launch MIRR Investments to help Indian women discover financial freedom.
How India looks like for overseas investors at a time of global uncertainty, as explained by economics and NRI expert Kul Bhushan.
Dear overseas Indian investor, where will you keep your money safely? In the UK? Really, after Brexit and the emerging economic slide?
In the USA? What with its huge deficit, debt and slow economy.
Perhaps anywhere in the west, then? What about the almost negative rates of interest after you deduct inflation from your returns? Add to that the global political scenario getting bleaker with increased violence.
So let’s face it, India is the best bet right now. In the current global economic slowdown, India is the fastest growing economy with over seven per cent growth.
The passing of the constitutional bill for goods and services tax (GST) on 3 August 2016, marked a historic day in the economic history of the nation. As a major economic reform post the liberalisation of 1991, the passage of the GST bill will finally lead to the realisation of the ‘One Nation One Market’ dream.
Flipkart co-founder Sachin Bansal calls GST ‘Brexit in reverse’ which means that while Britain left the bigger market of Europe, India has created its own bigger single market for goods and services.
This means extra economic growth estimated at between two and three per cent after the bill comes into action which is targeted for 1 April 2017.
“This is India’s biggest single tax reform since independence,” wrote an Indian management consultant settled in the USA.
Simply put, GST is a single tax on goods and service that includes VAT, service tax, central sales tax, excise duty, entertainment tax, additional customs duty, special customs duty, octroi and entry tax, purchase tax, luxury tax, and taxes on lottery, betting and gambling, and many other taxes at the state level.
GST will simplify the taxation system, bringing in more revenues and efficiency. But how does it all impact the overseas Indian investor?
Higher economic growth means better returns for investment. India seems to be at the cusp of a new era of economic growth and development and this bodes well for investors to look at equity investments as a powerful tool for long-term wealth creation.
When overseas Indians deposit their savings in India, they can expect higher returns than in the west.
When they invest in equities or mutual funds, they can hope for even better returns as the market will become more bullish and when they invest in industry, the single market could bring in higher profits.
The real test of GST will however lie in its implementation. The digital infrastructure for collecting GST is claimed to be in place but tax officials will have to be re-trained by April 2017.
If India fails in the proper implementation of GST, then it may result in little or no benefit in economic growth and lower inflation.
But chances are that the Modi government – which worked hard to get GST passed – will make it a success. And that makes India the top destination for diaspora funds and investment.