10 ways india has changed over the last decade

What is the impact of James Owen\'s decade on India?
10 years ago, India was a different country when Control Risks set up offices in Delhi.
It has just begun to get rid of the inertia that has hindered its slow growth for decades.
In 2007, it was the world\'s 12 largest economy by nominal value.
Today is the seventh largest.
Third, if calculated at purchasing power parity.
In 2013, India joined several countries that successfully completed the mission to Mars.
According to a statistic, by 2012, the number of multinational companies in India quadrupled in just over a decade.
The change of the decade is not only reflected in numbers.
Profound changes have taken place in politics and policy, diplomacy and digitalization, art and sports.
Well, maybe not that much in sports-except India has won the Cricket World Cup twice this time.
To be sure, India has changed a lot in many ways over the past 10 years.
Some of these changes have not only affected the country\'s economic development.
3 billion people-but the same is true in other parts of the world.
At a time when India controls risk for 10 years, we have chosen 10 of the most important changes we have seen in the decade. 1)
As one of the largest economies, India\'s recent economic expansion has lifted a record number of people out of poverty.
The growing middle class has driven impressive consumer growth.
It is the third largest smartphone market in the world today and the sixth largest car market in the world.
India\'s software industry employs more than 4 million people directly and indirectly employs more than 10 million people.
The breadth and depth of this growth is reflected in the wide range of project control risks undertaken during this period.
But India is not only one of the largest economies in the world,
It is also the youngest.
Today, nearly half of India\'s population is under the age of 26.
While this unique demographic structure is promising to make India an important engine of the world economy, it also poses an amazing challenge to find jobs for millions of people
Strange Indians who enter the job market every month, not to mention providing health and education for such a large country. 2)
Gaining diplomatic influence has brought greater strategic influence.
The neruvia era of the Cold War has passed, when India led the global
Align motion.
In 2008, the then government approved the United States by a parliamentary majority.
Civil nuclear treaty of India
This indicates that India will become a global nuclear elite.
Over the past three years, India has provided more aid than it has received, with its neighbors Bhutan, Afghanistan and Nepal receiving the most.
All this together gives India more power in diplomatic negotiations.
Ministers from the largest economies can often see a straight forward for Lacina Hill, the power seat of the country\'s capital-including those keen to agree
Brexit trade agreement
India has also reached out.
The Indian government is the first government to continue diplomacy in the international business language.
Since taking office in May 2014, Prime Minister Modi has made more than 70 diplomatic visits.
He is as comfortable on Facebook and Google\'s campus as a crowded expat event at Madison Square Garden in New York and London\'s Wembley Stadium.
Given his focus on trade and investment, Modi is widely promoting the fact that India has jumped 30 places on the World Bank\'s business facilitation list, ranking 2018 to 100. 3)
Ten years ago, many of our multinational customers saw India as a single homogeneous market rather than a gathering of 29 states.
Over the past decade, the federal structure has become more prominent and more policy-oriented.
Transfer of power and funds to panchayats in the States and villages (
Local government).
The mantra of cooperative federalism has evolved into a competitive federalism in which states-many states and people of great powers-compete with each other for investment.
Our clients now need to assess the political and regulatory situation at the federal and state levels and focus on the state --
The business rankings published every year are wise.
In 2017, India implemented the boldest tax reform in history.
It replaces dozens of state and federal taxes with a national tax called GST or GST.
Our idea is to create a more unified national market, and although it has had some trouble in the early days, we expect new taxes to bring in a more efficient and attractive business environment. 4)
Another unprecedented policy initiative was announced in November 8, 2016.
When the world woke up to hear about the election of Donald Trump, Prime Minister Modi announced the immediate withdrawal of two senior officials
Currency notes of value.
In an amazing operation, 86% of the money was sucked out of circulation and gradually replaced by new bills.
The announcement was aimed at cracking down on black money and counterfeit goods.
Although its success is still in debate, it clearly shows one thing: this government is fighting against it.
Declaration of corruption-willing to tear up the rules manual in order to push the agenda.
This determination is also reflected in other aspects.
The Money Laundering Prevention Act, which was implemented in 2005, has received more support in recent years, and an expanded law enforcement agency is the federal agency responsible for combating money laundering.
Between April 2017 and August, the law enforcement bureau, the Indian securities and exchange administration, the CSRC, at least 331 shell companies in violation and 100 brokers were responsible for assisting in money laundering.
This government has implemented the world\'s largest biometric system, aadhar, which was initiated by the previous government with the aim of eliminating identity duplication and protecting welfare programs from corruption --
Related leaks. 5)
Developing a stricter compliance regime to control risks has been working with foreign and domestic Indian companies that care about their exposure to additional risks
Territorial opposition
Corruption legislation such as the US Anti-overseas Corruption Act and the UK Bribery Act.
Today, however, we are also seeing a strain on the application of a more stringent domestic compliance system.
The company law of 2013 against the company
Corruption and anti-corruptionfraud measures.
The Reserve Bank of India, the Central Bank of India, gained more power in 2017 to act on lenders.
Our customers today are not just trying to solve a problem;
They are looking to instill a culture of preventive compliance in their businesses.
The challenge here is to be able to break down previously entrenched relationships-such as those on the supply chain or with government officials-which may require short-term transactions by companies
Long term financial shockTerm elasticity.
The good news is that India and multinationals are increasingly adopting this approach, although it is always difficult. 6)
The emergence of modern Indian multinationals-which have expanded their international footprint over a decade-has changed in a more important way.
Salt, January 2007to-
Tata Group, the software giant, bought Corus Steel for $13 billion.
Next month, Hindalco, an aluminum company of Aditya Birla Group, announced the acquisition of Canada\'s Novelis for $6 billion.
In the second year, Tata Motors bought the Jaguar Land Rover car business from Ford Motors for $2. 3 billion.
Some of the global growth is also organic: Tata Consulting Services, a $17 billion software company with more than 370,000 employees in 46 countries.
These acquisitions have helped change the culture of Indian businesses, embedding international best practices in some of India\'s top companies.
At the same time, some of the world\'s leading companies, especially those in Silicon Valley, have appointed Indians to the highest positions.
However, the family
The operating group remains the largest component of the country\'s business environment, and the sharp controversy still makes headlines, a trend that could last for some time. 7)
In September there was another dark shadow in India.
Gauri Lankesh, an award
The award-winning reporter, his job is to criticize the ruling power.
BJP wing was shot at close range in front of Bengaluru\'s home.
It was a reflection of a terrible murder, and before I came to India in 2006, I worked in Russia for six years.
Like an award, Anna politkov, Kaya.
Award-winning journalists who often criticize the ruling regime have been shot dead in her apartment in Moscow.
This is an extreme example of India\'s increasingly apparent shift to far right and intolerance.
Business leaders are certainly not immune to this growing right --
Right-wing nationalism
A few months ago, I had the opportunity to discuss the changing business environment with the heads of some of India\'s largest multinational companies.
If the leaders of these different industries face some common problems, it is nationalism in business decision-making and policy.
With the world\'s most populous democracy heading for another national election in the first half of 2019, this position is unlikely to soften soon. 8)
In an atmosphere full of rights, more and more \"God\" wealth
The integration of religion and politics and commerce is better than ever.
This can give power to all shades of God man Superman.
Think about it: the fastest growing FMCG company in China today is patanghali, founded 10 years ago by Baba Ramdev, a yoga preacher, his religious sermon on his TV channel was watched by tens of millions of people every day. His diet-biscuit-to-dish-
The washing machine company is now $1.
The success of the 6 billion giants forced several multinational giants to rethink their market strategy.
On August 2017, police arrested a guitar.
He waved the \"rock star\" instructor gulmet Ram Rahim in his large compound 260 km kilometers away.
When the police rushed to control his tens of thousands of followers after his arrest, our customers in the area found it impossible to ship their products, operational challenges that confuse and frustrate them to the same extent. 9)
Security challenges have changed over the past decade.
In November 2008, ten members of the religious Armye-
Pakistan-based Islamic terrorist group Taiba launched a coordinated attack at different locations in Mumbai, India\'s financial capital.
The event lasted four days, killing 164 people, changing India\'s attitude towards terrorism and instilling determination to fight terrorism in a more coordinated way.
Another internal security threat at that time-the ultra-left-wing Maoist rebels-has subsided over the years, despite the fact that Boud (
Or stop strike)
It still happens frequently.
Today\'s customers are looking at a wider range of security risks, such as those associated with labor activities, restructuring and cyber extortion.
It is essential to develop mitigation measures appropriate to these situations, not to mention business continuity measures in response to natural disasters such as the Chennai floods or community protests in 2015, for example, in 2016, when the ethnic Jat community paralyzed the state of Haryana for more than a week, and cut off the main water supply in Delhi for several days in a row.
Bad air conditions in Delhi are a challenge, and compared to other polluting cities such as Beijing, this has not caused the government to take any meaningful action.
The worsening pollution is ringing the alarm bells of \"duty of care\" at embassies, multinationals and Indian companies in one of the world\'s most populous capitals. 10)
Enter the digital future: one of the dividends of India\'s young population is that a large number of Indians are fast adopters of new technologies.
The country should have 62 internet connections per 100 people, although there are huge differences in access levels between urban and rural areas and between men and women.
The Modi government has launched the Digital India campaign to improve India\'s digital infrastructure and provide more government services online.
There is a price for this amazing growth.
Indian citizens are increasingly concerned about data privacy and censorship, and there may be good reasons to link aadhar ID biometric details with transactions, such as opening a bank account, acquiring a new mobile phone and submitting tax returns.
On September 2017, the Supreme Court decided to confirm the inalienable right to privacy-or the right to be left alone-was not easy to accept the government\'s Digital Mission, but the agenda continued and many Indian companies were taking advantage of AI, through data analysis and machine learning, we can subvert the market and improve the competitive advantage.
These 10 extraordinary changes remind us that as risk control enters the second decade of India, the challenges and opportunities before us are very different from the challenges and opportunities faced by us and our customers ten years ago.
We have a great team to face these challenges.
What we can assure you is that we will pay close attention to the future.
James Owen is a senior partner of global risk advisory experts in risk control.
He is responsible for South Asia and is headquartered in Delhi.