Indian farmers protest in Amritsar ahed of nationwide elections. Narinder Nanu / AFP 
Indian farmers protest in Amritsar ahed of nationwide elections. Narinder Nanu / AFP 

India's next leader must support the most vulnerable



India is more like a continent than a country. Its 29 states are enormously diverse, each with their own dazzling array of languages, cultures, communities and religions. Differences in states make regional governors extremely powerful; seven chief ministers govern states with a population of more than 68 million people. Appealing to a diverse electorate of more than 900 million people is remarkably difficult; coming up with policies to suit every sector is even harder. Prime Minister Narendra Modi promised much in 2014 with his new vision for India. He committed to providing a modern, developed economy with jobs for all, efficient and honest government and a fierce national security apparatus – all of it rooted in the traditions of India's Hindu majority. But ahead of fresh elections, which begin today and will last for six weeks, there is some discontent. Although Mr Modi remains personally popular, many who voted for him in 2014 have unmet expectations.

Mr Modi insists economic growth is higher than ever before but for many Indians, both rural and urban, suggestions of a transformation seem far-fetched and remote. Unemployment is rising, particularly among youth. And one group in particular, farmers, have faced increased pressure during Mr Modi's tenure. With his anti-inflation policies lowering incomes and the rising effects of climate change, Indian farmers have many concerns. Smallholder farmers, who represent two-thirds of the Indian electorate, count among their ranks some of the country's poorest and most vulnerable citizens. It is the responsibility of elected leaders to come to their assistance – not with unrealistic promises but with genuine support.

Recent opinion polls put Mr Modi's ruling BJP slightly ahead of the opposition Congress party, run by Rahul Gandhi, grandson of the former prime minister Indira Gandhi and widely viewed as too much of a symbol of the epoch of political dynasties. Meanwhile, the horrific terror attack in disputed Kashmir in February, in which 40 Indian soldiers were killed, allowed Mr Modi to shift the conversation towards national security. After launching airstrikes on terrorists within Pakistan, he authorised an anti-satellite missile test, declaring India had joined the space "super league". This week, in his campaign pledges, he promised to address some of the issues troubling rural workers with a vital $300 billion cash injection, including an annual handout for the 250m poorest farmers. Throughout the run-up to the election, the BJP has leaned heavily on Hindu nationalist rhetoric.

This is shaping up to be a tight election but if Mr Modi secures victory again, Indian voters will be hoping he follows through on his electoral promises. India is the world’s fifth largest economy, growing faster than China last year and with strong ties around the world. Mr Modi has already overseen the construction of vital infrastructure, including roads, housing and metro networks, as well as bringing electricity to millions of homes. Nevertheless, he must act promptly if re-elected to help those most in need, to prevent millions of Indians being left behind.

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The%20specs
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Match info:

Wolves 1
Boly (57')

Manchester City 1
Laporte (69')

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

COMPANY%20PROFILE
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Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
RESULTS

2pm: Handicap (PA) Dh40,000 (Dirt) 1,000m
Winner: AF Mozhell, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)

2.30pm: Maiden (PA) Dh40,000 (D) 2,000m
Winner: Majdi, Szczepan Mazur, Abdallah Al Hammadi.

3pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Athabeh, Tadhg O’Shea, Ernst Oertel.

3.30pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Eshaar, Bernardo Pinheiro, Khalifa Al Neyadi

4pm: Gulf Cup presented by Longines Prestige (PA) Dh150,000 (D) 1,700m
Winner: Al Roba’a Al Khali, Al Moatasem Al Balushi, Younis Al Kalbani

4.30pm: Handicap (TB) Dh40,000 (D) 1,200m
Winner: Apolo Kid, Antonio Fresu, Musabah Al Muahiri

Company%20profile
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