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Houston: Petroleum minister <keyword id="19968713" type="General" weightage="20" keywordseo="Hardeep-Singh-Puri" source="keywords">Hardeep Singh Puri</keyword> lauded India's economic growth under Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>, saying the country has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. Speaking at a community reception, organized by Consul General of India in Houston, D C Manjunath, at India House here, Puri emphasized Houston's pivotal role in the global energy sector, particularly in green hydrogen and aerospace. Expressing his thoughts about deepening <keyword id="22356868" type="General" weightage="20" keywordseo="US-India-collaboration" source="keywords">US-India collaboration</keyword> in the clean energy sector, Puri praised India's refining capacity and initiatives in biofuel blending, aiming to boost refining capacity to 300 million metric tons per annum. He termed the US-India Strategic Clean Energy Partnership as a cornerstone of future collaboration between the two countries. He acknowledged the political successes of Prime Minister Modi's party in the recent elections and said the country under Modi's regime has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. The minister also pointed towards the Indian government's ambitious urban development initiatives, saying that the country has committed USD 25 billion (Rs 1.57 lakh crore) to urban schemes from 2017 to 2024. He compared this investment to constructing a new Chicago each year, illustrating the rapid expansion of urban infrastructure, including new metro systems and airports. He also noted that India's civil aviation sector is set to grow significantly, with the number of airports increasing from 74 to 150. Puri lauded Houston as a global hub for energy innovation and said events like "Howdy Modi" in 2019 showcased the strength of Indian-American relations. The minister paid tribute to the contributions of the Indian diaspora in various fields, particularly in medicine and engineering, while emphasizing the importance of maintaining cultural traditions, even while living abroad. He expressed gratitude for the warmth and hospitality received from the Indian community in Houston, acknowledging their role in enhancing India's global image.

India advanced from 10th place in 2014 to become 5th largest economy in 2019: Petroleum minister Hardeep Singh Puri

<keyword id="20253141" type="General" weightage="20" keywordseo="Bharti-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Global" meta.hostid="268" meta.entityid="Bharti Global">Bharti Global</keyword>, the international <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> arm of Bharti Enterprises, will acquire about 24.5 per cent stake in <keyword id="20115879" type="General" weightage="20" keywordseo="BT-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="BT Group" meta.hostid="268" meta.entityid="BT Group">BT Group</keyword>, Britain's largest broadband and mobile company, from <keyword id="22756191" type="General" weightage="20" keywordseo="Altice-UK" source="keywords" meta.keywordsubtype="org" meta.entityname="Altice UK" meta.hostid="268" meta.entityid="Altice UK">Altice UK</keyword>, a release said on Monday. Although it did not divulge the size of the deal, market watchers say that at BT's valuation of roughly USD 15 billion dollars, the deal could be in the ballpark of USD 4 billion. The shares will be purchased through Bharti Televentures UK, which is wholly-owned by Bharti Global. Bharti Televentures UK has inked an agreement with Altice UK to acquire about 9.99 per cent stake of BT Group's issued capital imminently with the rest about 14.51 per cent of BT's share capital is to be acquired post regulatory clearances. Telecom billionaire Patrick Drahi's Altice UK, the largest shareholder in BT, has been struggling with high debt. "Bharti Global, the international investment arm of Bharti Enterprises, a leading Indian business group with world-class companies in telecoms, digital infrastructure and space communications, has reached an agreement to acquire an interest in 24.5 per cent of the issued share capital of BT Group plc from Altice UK," Bharti said in a release. Bharti hopes the investment will further help create new synergies in the telecom sector between India and UK in the areas of AI and <keyword id="19916120" type="General" weightage="20" keywordseo="5G" source="keywords">5G</keyword> R&amp;D and core engineering among others, "offering great potential to collaborate on industry best practices and emerging technologies". It is pertinent to mention here that Bharti and BT have a relationship going back more than two decades. In 1997, BT acquired a 21 per cent stake in Bharti Airtel, and hence Bharti's latest move to acquire a 24.5 per cent chunk in the iconic British company marks a defining moment for the Indian telecom conglomerate. Sunil Bharti Mittal, Chairman of Bharti Enterprises said: "Bharti and British Telecom (BT) have an enduring relationship going back more than two decades wherein BT owned 21 per cent stake along with two board seats in Bharti Airtel Limited from 1997-2001. Today marks a significant milestone in Bharti Group's history as we invest in BT - an iconic British company". Bharti's investment in BT aims to support the commitment of Prime Minister Narendra Modi towards his vision in elevating and broadening the India-UK ties, the release said. It noted that during the recently concluded visit of UK Foreign Secretary, David Lammy to India, the UK-India Technology Security Initiative was announced to expand collaboration in critical and emerging technologies across priority sectors including telecom. Sunil Mittal said: "This investment in BT aims to support the commitment of our Prime Minister towards his vision in elevating and broadening the India-UK ties. Bharti's own record of owning and operating telecom and broadband networks around the world is underpinned by placing customers, digital innovation and operational efficiency at the heart of its business". Shravin Bharti Mittal, Managing Director of Bharti Global said: "We review global investment opportunities in the world of technology from digital infrastructure to software. BT is well known to us from the long association with Bharti, so we are pleased to have this opportunity to acquire a significant stake in the company." Bharti believes that BT is poised for leadership in the telecom arena, especially home broadband services, he added. Meanwhile, BT Group, in a separate statement said the investment from Bharti is a strong vote of confidence in the future of the British telecom carrier and its strategy. Allison Kirkby, Chief Executive of BT said: "We welcome investors who recognise the long-term value of our business, and this scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy". "BT has enjoyed a long association with Bharti Enterprises, and I'm pleased that they share our ambition and vision for the future of our business. They have a strong track record of success in the sector, and I look forward to ongoing and positive engagement with them in the months and years to come," Kirkby said. Barclays Bank PLC, acting through its Investment Bank served as the sole financial advisor and Linklaters LLP served as legal advisor to Bharti Global in connection with the transaction. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

Bharti to acquire about 24.5% stake in BT Group from Altice UK; deal estimated at $4 bn

Congress leader P. <keyword id="6362104" type="General" weightage="90" keywordseo="chidambaram" source="Orion">Chidambaram</keyword> on Wednesday took a swipe at the government citing a debate in UK <keyword id="6354721" type="General" weightage="40" keywordseo="parliament" source="Orion">Parliament</keyword> between Prime Minister <keyword id="221875" type="General" weightage="70" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword> and opposition members after his return from India following G20 Summit, and said he wished such a debate took place in India's Parliament. Chidambaram in his post on X said, "Please read the reports of the debate in the House of Commons when MPs questioned Prime Minister Rishi Sunak on his talks with Prime Minister (Narendra) Modi. Hard questions by the Opposition, prompt answers by the Prime Minister." "It is not important who prevailed in the debate. What is important is that a debate took place in Parliament within hours of the Prime Minister's return to Britain. How I wish such a debate took place in India's Parliament. Such questions and answers were normal in Parliament when Jawaharlal Nehru was prime minister," the former Union minister said. His remarks came after Sunak returned to the UK after attending the G20 Summit in India and answered the questions of opposition leaders. The Congress has been critical of the Modi government over not allowing debates in Parliament over important issues. The Congress has on previous occasions accused the government of not allowing the opposition members to speak in Parliament on several pressing issues.

Wish such debates took place in India: Chidambaram after Sunak answers in UK Parliament

Narendra Modi, elected leader of the National Democratic Alliance (NDA) will take oath as <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s prime minister for a historic third term on Sunday evening at 7:15 PM. After a decade of full majority governance, Modi will now run a <keyword id="20018803" type="General" weightage="20" keywordseo="coalition-government" source="keywords">coalition government</keyword>, with the Telugu Desam Party and Janata Dal (United) as key partners. Despite being in coalition, experts feel that there won't be much change in the new government's economic agenda. Economists believe that <keyword id="20509939" type="General" weightage="100" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> will not slow down the reforms and to achieve the goal of Vikshit Bharat by 2047, <keyword id="20404815" type="General" weightage="20" keywordseo="economic-reforms" source="keywords">economic reforms</keyword> and policy reviews need to be continued across multiple sectors, including infrastructure, labour, and manufacturing. These reforms are deemed essential to drive economic growth and development in India. "The oft-repeated target of becoming a developed country by 2047 requires far-reaching reforms in the factor market, opening up of the economy and infrastructure development and a thrust towards labour intensive manufacturing. In a coalition environment it may not be easy to carry out big bang reforms, but the thrust of incremental reforms should be in this direction," said M Govind Rao, Member, Fourteenth Finance Commission and former Director, National Institute of Public Finance and Policy. Economists have noted that spending on <keyword id="20229510" type="General" weightage="20" keywordseo="populist-measures" source="keywords">populist measures</keyword> will increase because of coalition politics, however, the government will continue with its focus on "<keyword id="20054650" type="General" weightage="20" keywordseo="Made-In-India" source="keywords">Made In India</keyword>" reforms. Sectors like infrastructure and manufacturing will remain the priority of the government. "There's likely to be a swerve towards greater populist spending and some commitment of resources to states of alliance partners is also likely. But India's public finances are in relatively robust health and to be augmented by significant reserves from the RBI. India's infrastructure spending will continue apace but perhaps with greater private sector participation. Expenditure on defence modernisation and indigenisation will also undoubtedly continue" said Gautam Sen, retired political economist London School of Economics and author, Former member of the Indo-UK Roundtable and Senior Consultant UNDP. The full budget expected to be announced in July, will reflect the economic agenda of Modi 3.0. Many economists expect the Budget will likely see a spurt in welfare and support schemes mainly for farmers and poor. The Budget will indicate the policy priorities for the new coalition government and decide the growth trajectory for the next five years, On the economic front, economists have cautioned the government about the potential setbacks from a sluggish global economy and geopolitical crisis. "One constraint remains the sluggish world economy, which could suffer worse setbacks next year, though Indian growth has risen despite it. The unknown is the impact of external shocks of intensifying wars and uncertainty over energy prices" added Sen. Meanwhile, in a significant boost to the start of Modi 3.0, the Reserve Bank of India on June 7 revised upwards the <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> projection for the current fiscal to 7.2 per cent from 7 per cent on rising private consumption and revival of demand in rural areas. RBI Governor Shaktikanta Das said estimates released by the National Statistical Office (NSO) placed India's real gross domestic product (GDP) growth at 8.2 per cent in 2023-24.

Economists expect big bang reforms to continue under Modi 3.0

<ul class="summary-list"><li>Indian stocks plummeted on Tuesday, suffering a $390 billion wipeout.</li><li>The flagship NSE Nifty 50 index dropped nearly 6%, posting its worst day in more than four years.</li></ul>Indian stocks had their worst day in more than four years on Tuesday as <a target="_blank" href="https://www.businessinsider.com/india-election-results-narendra-modi-bjp-congress-2024-6">Narendra Modi's narrower-than-expected election victory</a> rattled markets.Mumbai's NSE Nifty 50, the main stock market index, tumbled as much as 8.5% before ending 5.9% lower as investors reacted to news that the coalition led by the ruling Bharatiya Janata Party (BJP) is expected to win about 300 seats in the Indian parliament.That would give Prime Minister Modi a slim majority, but fall well short of the 400-seat landslide predicted by earlier exit polls.It was the Nifty 50's worst trading session since the start of the pandemic in 2020, erasing nearly $390 billion in market value, per data from <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-04/india-s-stock-futures-rise-as-investors-await-election-result">Bloomberg</a>.Meanwhile, yields on <a target="_blank" href="https://www.marketwatch.com/investing/bond/ldbmkin-10y?countrycode=bx">10-year government bonds</a> edged up, and the <a target="_blank" href="https://markets.businessinsider.com/currencies/usd-inr">Indian rupee</a> fell by around 0.5% against the US dollar.On Monday, stocks climbed to record highs as traders bet on a landslide win for Modi — but Tuesday's results could make it much tougher to push through policy changes, analysts said."The sudden shift in the early counts and polls that suggest a reduced majority for PM Modi and the BJP is proving to be a nasty shock for Indian financial markets," AJ Bell investment director Russ Mould wrote in a morning note."Just as the 10-year bond, rupee and headline Sensex equity index had strengthened as voting closed, in anticipation of a Modi landslide, all three are now giving up some of those gains.""There had been so much expectation built into the Nifty that we've seen it rise to a record this year," Kathleen Brooks, research director at XTB UK, told Business Insider. "The results aren't showing that supermajority, so Modi won't be able to push through his very pro-growth agenda, and that's why we're seeing this big sell-off."Several stocks tied to the Indian conglomerate Adani were among Tuesday's worst-performing stocks, with Adani Enterprises sinking 19% and Adani Ports tumbling 21%. Every member of the group racked up double-digit losses.

Indian stocks post their biggest losses since the pandemic after Modi fails to win a landslide

<ul class="summary-list"><li>India's Prime Minister Narendra Modi won a narrower-than-expected reelection victory.</li><li>But the setback likely won't deter his global ambitions.</li></ul>India's Prime Minister <a target="_blank" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6">Narendra Modi</a> emerged from Tuesday's election victory with his air of invincibility damaged.The strongman leader of the world's largest democracy had been predicted to win reelection for a third term by a landslide.But his Bharatiya Janata Party <a target="_blank" href="https://www.businessinsider.com/india-election-results-narendra-modi-bjp-congress-2024-6">failed to gain enough seats</a> to claim outright victory, and it will need the support of coalition partners to form a government.The result, though, is unlikely to deter Modi, as he continues to pursue one of the core goals of his decade in power: transforming India into one of the world's most powerful nations.<h2 id="272ba8df-0d6b-4e4a-960e-7da93df8450f">A leader of the Global South</h2>Under Modi, India's growth has put it <a target="_blank" href="https://www.forbes.com/sites/benjaminlaker/2024/02/23/india-to-become-third-largest-economy-by-2027-implications-for-leaders/?sh=58b178754fd5">on the path</a> to becoming the world's third-biggest economy by 2027 — and it has become an important and increasingly abrasive global power player.Modi wants to position India as a leader of the Global South — a term often used to describe a group of developing nations — and for it to have a permanent position on the UN Security Council to mark its new global status.He has strengthened ties with the US, a long-standing ally, but he's also sought to build ties with Russia and has clashed with Asia's chief power, China.Modi will work to cement his foreign-policy legacy in his third term.<h2 id="c3e5a4c5-0e40-407e-a012-9b6448008edc">Countering Chinese aggression</h2>Richard Rossow, a senior advisor at the Center for Strategic and International Studies, told Business Insider that countering China's aggression and seeking foreign investment will be key focuses for Modi going forward."India's main priorities will remain unchanged," he said.A clash between India and China in June 2020 over a long-simmering Himalayan border dispute resulted in the death of 20 Indian soldiers. Meanwhile, tensions in the Indian Ocean are escalating, with <a target="_blank" href="https://www.businessinsider.com/china-produces-vast-undersea-maps-submarine-warfare-report-says-2024-1">a report from earlier this year</a> finding that China is mapping vast undersea areas in preparation for a potential naval conflict with the rival regional power.<div type="image" title="Biden Modi" height="2666" width="4000" msid="110739802" hostid="261"></div>India is part of the Quadrilateral Security Dialogue with the US, Australia, and Japan, and it'll be looking to counter China's aggression by strengthening these strategic relationships."On security affairs, India wants to continue building partnerships that can help it manage belligerent actions China is taking today and in the future. This includes robust engagement with nations in its own neighborhood, particularly in the maritime domain," Rossow said.<h2 id="1c4bdd94-6b6b-4a40-a00c-8ff78e101722">A dark side</h2>India's new assertiveness under Modi has a dark side.<a target="_blank" href="https://www.google.com/search?q=wapo+india+assassination&amp;rlz=1C5GCEM_enGB1112&amp;oq=wapo+india+assassination+&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIICAEQABgWGB4yCAgCEAAYFhgeMg0IAxAAGIYDGIAEGIoFMgoIBBAAGIAEGKIEMgoIBRAAGIAEGKIEMgoIBhAAGIAEGKIEMgoIBxAAGIAEGKIEMgoICBAAGIAEGKIE0gEINDg2N2owajeoAgCwAgA&amp;sourceid=chrome&amp;ie=UTF-8">The Washington Post in April</a> reported that India's security services were behind the assassination of a dissident in Canada last June and the attempted assassination of a Modi critic in the US, claims that India has denied.Modi's disappointing election result is unlikely to change his often abrasive and aggressive pursuit of foreign goals."This election result is unlikely to have much of an impact on India's international security actions," Rossow said.<div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="110739803" hostid="261"></div>But Modi will face serious challenges in his efforts to cement India's new global status.India has bought vast quantities of Russian oil, and that money has been used by Putin to fund his war in Ukraine. This move has aggravated the US, which <a target="_blank" href="https://www.youtube.com/watch?v=aQ9WiQPyLFk&amp;ab_channel=Reuters">has reportedly</a> pressured Modi to stop the purchases.Putin's "no limits" relationship with China's Xi Jinping presents another strategic conundrum for Modi, who seems keen to retain good ties with Putin but is wary of China's global might.Modi's core challenges in the years ahead will be ensuring regional stability by avoiding war with China and Pakistan and continuing India's economic rise through vital domestic reforms."India's journey towards true great power capabilities is thus likely to be long and arduous," <a target="_blank" href="https://eastasiaforum.org/2024/04/21/indias-arduous-road-to-achieving-its-great-power-ambitions/">Ashley J. Tellis</a>, an analyst at the Carnegie Endowment for International Peace, wrote.Correction: June 5, 2024 — An earlier version of this story misstated which countries are part of the Quadrilateral Security Dialogue. It's a group consisting of India, the US, Australia, and Japan; the UK is not part of it.

You Searched For "Modi in UK" and got 6 results

India advanced from 10th place in 2014 to become 5th largest economy in 2019: Petroleum minister Hardeep Singh Puri

PTI

Bharti to acquire about 24.5% stake in BT Group from Altice UK; deal estimated at $4 bn

PTI

Wish such debates took place in India: Chidambaram after Sunak answers in UK Parliament

IANS

Economists expect big bang reforms to continue under Modi 3.0

ANI

Indian stocks post their biggest losses since the pandemic after Modi fails to win a landslide

George Glover

Modi is on a mission to assert India's global power. His election setback won't deter him.

Tom Porter

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