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Indian September 24, 2010 Log on to www.iwk.co.nz Volume 2, No. 13 New Zealand’s first Indian weekend magazine Indian FOR FREE DISTRIBUTION Fiji | 10 Community | 12 Community | 19 “India-ADB-USP collaborate From Mehendi to Foundation plans medical for ICT, education” Moko assistance in Fiji Indian Weekender | September 24, 2010 | www.iwk.co.nz 1 Indian New Zealand ‘It’s now up to NZ companies to come forward’ DEV NADKARni The Indian Government’s top finance ministry offi- more evenly balanced, par- go down.” good we must not have bubbles.” cial, Finance Secretary Ashok Chawla, was recently ticularly in view of the fact Top Indian Mr Chawla said the Mr Chawla hoped Bank of Baroda’s New Zealand in New Zealand to explore the possibility of increased of the Indian economy’s government India had set no time- business could rope in business enough to encourage interaction between India and New Zealand. size in relation to New Zea- frames for the full con- other Indian banks to follow suit in establishing op- New Zealand and Australia were part of India’s land’s, he added. official wants vertibility of the rupee erations here. “On BOB’s success will depend the “look east” policy, which included the ASEAN states As a result of the to increase as yet. “There is no commercial response of other banks.” extending all the way to the Oceania region. “We are global economic crisis, India-NZ roadmap and no time- The articulate, widely experienced senior official looking at increased engagement in the Asia Pacific Indian exports flattened table. The recent finan- politely refused to hazard a guess on the size of India’s region,” Mr Chawla told Indian Weekender in Auck- while imports increased trade cial crisis has also made highly speculated parallel economy. But he said, with land. because of India’s contin- us more cautious. But rationalised tax rates that were increasingly in line India has progressively liberalised its Foreign ued growth even during we will get there at some with international best practice, direct tax collection Direct Investment policy and was further fine-tuning the downturn in the west. point,” he said. had increased. and calibrating it on an ongoing basis, Mr Chawla “As the world economy picks up we’ll see a correction With foreign exchange reserves at an impressive He also added that Swiss authorities had tax said. FDI inflows have been toting up to US$30-35 in this,” he said. US$280 billion, there was no restriction on repa- sharing agreement providing more specific access for billion annually. Indian companies are investing a Replying to a question from Indian Weekender triation of funds but for conforming to tax laws and Indian authorities in relation to persons and banks. similar quantum in foreign countries. about the growing chasm between imports and Reserve Bank of India regulations. For the same “We’ll have to see how well it works with not only Not much in terms of FDI was forthcoming from exports with China, Mr Chawla said it was a concern. reasons, the government did not see merit in issuing the Swiss but also other countries. It is also part of New Zealand but “We are impressing upon them “Indian companies need to be more competitive – sovereign paper denominated in foreign currency for the greater transparency in transactions that is being for more joint ventures in agriculture, agro process- that’s the bottomline. Chinese companies are able to NRI investors, Mr Chawla said. pursued by G20 leaders,” he said. ing, investment in areas where 100% ownership is export at much better prices – that’s why we have a Storm in a teacup The affable Mr Chawla did not agree with indus- allowed. Let’s hope it carries forward,” the finance deficit. We need to do more to export higher quanti- An IAS officer of 1973 batch of the Gujarat cadre, Mr try captains like Wipro chairman and one of India’s secretary said. ties to China.” Chawla, who has held several senior positions in the richest men Azim Premji that expenditure on the “Our regulations are open and liberal and we When asked why India was still exporting natural Government of India, dismissed recent demonstra- Commonwealth Games could have been put to better don’t get a sense that there is anything that’s holding resources to China in raw form rather than value tions in Mumbai against New Zealand dairy products and more productive use. this back. We are also regularly communicating about added products that would yield better realisation, as a storm in the teacup. “The direct expenditure on the Games is not sub- access to financial systems, permissions and other Mr Chawla replied: “These are certain phases in the “More was made of it here in New Zealand than in stantial given the size of the country. Total expendi- matters. Besides our High Commissioner in Welling- process of economic development and these issues are India.” He added it was a provincial party that staged ture like that on the Delhi Metro should not all be laid ton is doing his best. And so is the newly set up Bank being looked at, I can assure you.” (India exports iron the protest and that there was no possibility of such at the door of the CWG. Besides, these are events and of Baroda.” ore and imports steel from China). action creating create “any foul stink” in the ongoing activities that bring together countries, sportsmen, All systems were now in place and it was now There was no single “silver bullet” to tackle defi- discussions with New Zealand. “We’ve made the have a certain significance to the overall profile of up to New Zealand companies to come forward, Mr cits, Mr Chawla said pointing out the Central Govern- point to New and it has understood it well.” the country. Purely doing cost benefit analysis in rela- Chawla said. ment’s deficit was about 6.2% of the national GDP. Replying to a question on the Vedanta episode tion to such activity is neither beneficial nor relevant. Deficit problems The overall deficit was just under 10%. The aim is to where the multibillion-dollar project was red signaled There will always be a fringe opinion that will think Mr Chawla admitted that India’s trade deficit needed drive it down to the ideal figure of 3%, which will take by the courts, Mr Chawla said regulatory approvals otherwise.” to be addressed. In the case of New Zealand, India a few years, he said. “Prior to economic crisis it was had to be obtained before implementation. With the controversies surrounding the Games exported only half the value of the goods and services 2.6%. Increased spending during crisis is what con- Capital markets were booming, he said, and if that almost threaten their very staging, the numbers that it imported. While a trade deficit was not neces- tributed to the deficit. That is now being rolled back. anything, “it’s a little too much on the higher side,” sharing Mr Premji’s view must be growing by the sarily a bad thing, it would be good to have the trade That coupled with increased eco activity should see it he said. “While an active and vibrant stock market is minute. for January, May and September 2011 semesters UP TO HOME LOANS *Conditions Apply MASTER OF BUSINESS ADMINISTRATION 95% NZ’s largest MBA (Level 9), weekend classes and top lecturers For First Home Buyers & Property Investors Majors in • Finance • International Business • Marketing • Operations and Logistics CALL US TODAY TO DISCUSS YOUR FINANCIAL NEEDS INFORMATION TECHNOLOGY Earn NZD50k in an IT career Bachelor in IT (includes Diplomas Level 5 and 6) Graduate Diploma Level 7 (includes National Diploma Level 7) Mortgage Brokers & Tax Consultants INTERNATIONAL BUSINESS Majors in • Accounting • E-Business • Management Additional Services • Marketing • International Trade Accredited member of Diplomas Level 5 and 6, Graduate Diploma Level 7 - Life/Trauma/Medical Insurance Bachelor or Postgraduate Diploma in International Business - Redundancy /Mortgage TOURISM MANAGEMENT NZ’s biggest industry Protection insurance Diplomas Level 5 and 6, Graduate Diploma Level 7, Bachelor of Tourism Management - Kiwisaver/Retirement Saving Scheme HOSPITALITY MANAGEMENT - Rental Property returns/LAQC setup 17000 workers needed in the industry - Small Business Tax returns National Certificate in Hospitality Level 3 Barista included Personal attention for academic success - Advice on wills and trusts Bachelor of Hospitality Management A disclosure statement as required under Ravi Mehta Rohit Takyar Graduate Diploma Level 7 021 181 0076 021 172 8962 Subject to NZQA Approval Securities Act 1988 is freely available on request Email: [email protected] and [email protected] Professional Financial Solutions Ltd 40 A Fowlds Ave, Sandringham, Auckland Ph: 09 846 9934 Email: [email protected] www.professionalfinancial.co.nz 2 Indian Weekender | September 24, 2010 | www.iwk.co.nz Indian New Zealand “Good progress” on FTA second round The second round of New Zealand’s FTA/CECA ment, trade and labour and trade and environment. Search on for Papatoetoe negotiations with India was held in New Delhi from While there are difficult issues to be worked 10-13 August. through, it was encouraging that in many areas there Good progress was made at the second round was a good measure of convergence at the level of poll roll fraud perpetrators with an encouraging measure of convergence around principle. A range of intersessional follow-up steps the shape of many of the chapters contemplated for was agreed to help move various aspects of the ne- The Registrar of Electors has complet- Papatoetoe ward.

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