Word: businessmen
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Rajesh Rao, a 33-year-old resident of Bangalore, is typical of the new breed of entrepreneurs transforming India. Rao's company, Dhruva Interactive, develops video-game technology, a hot new area of growth for India's tech sector. As is the case with many Bangalore-based businessmen, Rao flies to America several times a year, and all of his clients are abroad. In most other countries, this would mean a few simple phone calls to travel agents, but a budding Indian tycoon faces special problems. "If I want to get on a flight to San Francisco tomorrow or even...
...Businessmen like Rao are faced with immense new opportunities?and familiar obstacles?as India's economy enters a critical period in which it could achieve a China-like breakout or stall once again. India's gross domestic product (GDP) soared 8.4% on an annualized basis in the July-to-September quarter?its best performance in nearly a decade. In the fiscal year ending in March, growth is expected to surpass 7%, making India the second-fastest-growing economy in Asia (after China). The Bombay stock exchange shot up by 73% in 2003, and tens of thousands of Indians joined...
...suffers from loopholes and evasion. This year, the government plans to introduce a single, uniform value-added tax to replace India's jumble of state and local sales taxes; economists expect the new tax regime will widen the government's revenue base and make life easier for India's businessmen...
...India's businessmen are hoping he's right. If the country keeps pushing ahead with reform, the payoff could be enormous. If India's outsourcing industry keeps growing at its current rate, for instance, its revenues are projected to grow to $25 billion by 2008. But if India fails to improve its infrastructure soon, competitors like China could start to steal business from its technology and outsourcing companies. "We still have five years' lead," says Narayana Murthy, chairman of Infosys, a Bangalore-based software giant. "If in five years we've done nothing, there will be an issue." Perhaps...
...patients.) But it was the MMA that gave Musharraf support in the parliamentary maneuvers that last week recognized him as an elected President. Middle-class Pakistanis wonder if he's become yet another slippery pol, although few accuse him of the corruption that tainted civilian administrations of the past. Businessmen think he's the only person who can hold Pakistan together, at least for the next few years. "If he dies," says Nazim Haji, a Karachi-based industrialist, "there will be total chaos and confusion. We don't have institutions...