The report, released by the Bank Information Centre-Europe and Centre for Financial Accountability, titled ‘Financing the future? The Asian Infrastructure Investment Bank and India’s National Investment and Infrastructure Fund’ warns that the AIIB do due diligence at all levels before approving a new $200m deal with India in April for fear of turning the key on some highly-controversial projects now being stalled by the local community.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
5 year analysis financial-managment-idlc-bank istiuq ahmed
This document is an assignment report submitted by three students analyzing the five-year income statement and balance sheet of IDLC Finance Limited, one of the leading financial institutions in Bangladesh. It provides background on IDLC, describes the methodology used for the analysis, and outlines the key products and services offered. It then presents the income statement and balance sheet data from 2014-2018, highlighting trends in revenue, expenses, assets, liabilities, and equity. The overall purpose is to learn about practical financial analysis by examining historical financial performance of a major Bangladeshi financial company.
The Influence of Corporate Social Responsibility Disclosure on Total Accounti...ijtsrd
Disclosure of Corporate Social Responsibility for Growth in Accounting Profits at Financing Companies is one of the things in assessing company performance. This study aims to determine the effect of Corporate Social Responsibility Disclosure on Accounting Profit Growth in Financing Companies Listed on the Indonesia Stock Exchange. Data analysis used statistical analysis consisting of simple linear regression, correlation coefficient, coefficient of determination, and t test. The results of this research are simple linear regression equation Y = 497.045 7.0662X, correlation coefficient 0.84881, and determination coefficient 0.7205 and t count t table 3.915 2.132 . The results showed that Corporate Social Responsibility had a positive and significant effect on the amount of accounting profit at PT. BFI Finance Indonesia, Tbk. Nur Aisyah | Nur Fatwa Basar | Rais Muharram "The Influence of Corporate Social Responsibility Disclosure on Total Accounting Profits at PT. BFI Finance Indonesia Tbk" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd38171.pdf Paper URL : https://www.ijtsrd.com/economics/accounting/38171/the-influence-of-corporate-social-responsibility-disclosure-on-total-accounting-profits-at-pt-bfi-finance-indonesia-tbk/nur-aisyah
BRICS (Brazil, Russia, India, China, & South Africa) - today, signifies the collective economic power of the world’s leading emerging market economies and is charting a new global landscape. BRICS accounts for more than a quarter of the world’s land mass, 41% of the world’s population, and a combined GDP of nearly US$16.2 trillion (in nominal terms) and just over US$ 37.4 trillion (in PPP terms). The common feature that binds these countries is their large fast growing economies.
The need for infrastructure development for integration and economic prosperity of the world cannot be overemphasized as it is seen as a key aspect in encouraging foreign and domestic investment. BRICS economies realizing the importance, are already in the process to evolve an effective regulatory framework for Infrastructure sectors and long term financing of Infra projects. We need to be cognizant that there is a need to better manage the PPP projects with a special focus on disputes, innate uncertainties of finances and regulatory structure.
This edition of multilateral newsletter summarizes the best practices adopted by BRICS countries on PPPs and Infrastructure Financing. In addition, it also provides insights to actions at various multilateral grouping and institutions such as ASEAN, ADB.
Suggestions to Stimulate Financing under Micro and Small Enterprises Yasha Singh
This topic deals with the financing problem faced by micro and small enterprises and suggestions to stimulate financing in micro and small enterprises. This project report contains 5 different chapters.
The report begins with the first chapter which consists introduction to the problem, background of micro and small enterprises, objective of the project etc.
The second chapter is the introduction to the literature review which gives a brief idea regarding theoretical rationale for loan guarantee programs in micro and small enterprises.
The third chapter is about research methodology adopted in preparing this report. It covers the sample procedure, types of data used and the data collection method.
The fourth chapter comprehensive coverage of forecasting concepts and techniques which shows the analysis of data through tabulation, computation and graphical representation of data collected from survey.
The fifth chapter deals with the findings, suggestion and conclusion.
We were born in India and spent our careers investing professionally in the US. Every time we thought about investing in Indian stocks, we worried about corporate governance and shareholder returns. Our answer: INDF. Here is the story of why we like Indian financial companies. For more information and important disclosures, please visit www.indiafinancials.com.
IT and ITES Sector Focused Analysis of Venture Capital Investments in Indiaijtsrd
Could you predict the common factor behind the most popular ventures like Flipkart, Snapdeal, Ola, Inmobi, Hike, Shopclues, Zomato, Paytm, Quikr All these ventures are backed by venture capital. Venture capital has been buzzing word in the last five years. Venture capital industry has endorsed brusque gaits of technology as an inevitable part of life. Venture capital in India following the footsteps of the global trends has been showering its fund in IT and ITES sector. IT and ITES sector has been the major receptor of venture capital investments in India. However, there are only few studies which edify the engrossed drive into venture capital investments in IT and ITES Sector. This paper is attempted to bring solicitous insights through sector focused analysis and reinstate the prominent role of venture capital industry. The eminence of the study is to unleash the potential emerging segments of IT and ITES Sector and driving forces of alluring venture capital investments into the sector. The study reveals that venture capital has upheld its ability to promote any segment and entrepreneurial development. Venture capital still inherits the potential to unleash the untapped pitches of the IT and ITES sector. The study suggests that entrepreneurial growth in these emerging segments with greater implications on productivity, healthcare and resolving plaguing issues has to be supported and promoted by the government. These emerging segments would be next big wave of change and development aspiring the nation. Saranya. S | Dr. Amulya. M "IT & ITES Sector Focused Analysis of Venture Capital Investments in India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29132.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/29132/it-and-ites-sector-focused-analysis-of-venture-capital-investments-in-india/saranya-s
The document provides an overview of the financial services sector in India. Some key points:
- Assets under management by the mutual fund industry reached Rs 23.26 lakh crore in FY2017-18, more than doubling since FY2008.
- The number of high net worth individuals in India increased to 330,400 in 2017 and is expected to double by 2020.
- Initial public offerings raised a total of Rs 84,357 crore in FY2017-18, indicating growing fundraising activity in the capital markets.
5 year analysis financial-managment-idlc-bank istiuq ahmed
This document is an assignment report submitted by three students analyzing the five-year income statement and balance sheet of IDLC Finance Limited, one of the leading financial institutions in Bangladesh. It provides background on IDLC, describes the methodology used for the analysis, and outlines the key products and services offered. It then presents the income statement and balance sheet data from 2014-2018, highlighting trends in revenue, expenses, assets, liabilities, and equity. The overall purpose is to learn about practical financial analysis by examining historical financial performance of a major Bangladeshi financial company.
The Influence of Corporate Social Responsibility Disclosure on Total Accounti...ijtsrd
Disclosure of Corporate Social Responsibility for Growth in Accounting Profits at Financing Companies is one of the things in assessing company performance. This study aims to determine the effect of Corporate Social Responsibility Disclosure on Accounting Profit Growth in Financing Companies Listed on the Indonesia Stock Exchange. Data analysis used statistical analysis consisting of simple linear regression, correlation coefficient, coefficient of determination, and t test. The results of this research are simple linear regression equation Y = 497.045 7.0662X, correlation coefficient 0.84881, and determination coefficient 0.7205 and t count t table 3.915 2.132 . The results showed that Corporate Social Responsibility had a positive and significant effect on the amount of accounting profit at PT. BFI Finance Indonesia, Tbk. Nur Aisyah | Nur Fatwa Basar | Rais Muharram "The Influence of Corporate Social Responsibility Disclosure on Total Accounting Profits at PT. BFI Finance Indonesia Tbk" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd38171.pdf Paper URL : https://www.ijtsrd.com/economics/accounting/38171/the-influence-of-corporate-social-responsibility-disclosure-on-total-accounting-profits-at-pt-bfi-finance-indonesia-tbk/nur-aisyah
BRICS (Brazil, Russia, India, China, & South Africa) - today, signifies the collective economic power of the world’s leading emerging market economies and is charting a new global landscape. BRICS accounts for more than a quarter of the world’s land mass, 41% of the world’s population, and a combined GDP of nearly US$16.2 trillion (in nominal terms) and just over US$ 37.4 trillion (in PPP terms). The common feature that binds these countries is their large fast growing economies.
The need for infrastructure development for integration and economic prosperity of the world cannot be overemphasized as it is seen as a key aspect in encouraging foreign and domestic investment. BRICS economies realizing the importance, are already in the process to evolve an effective regulatory framework for Infrastructure sectors and long term financing of Infra projects. We need to be cognizant that there is a need to better manage the PPP projects with a special focus on disputes, innate uncertainties of finances and regulatory structure.
This edition of multilateral newsletter summarizes the best practices adopted by BRICS countries on PPPs and Infrastructure Financing. In addition, it also provides insights to actions at various multilateral grouping and institutions such as ASEAN, ADB.
Suggestions to Stimulate Financing under Micro and Small Enterprises Yasha Singh
This topic deals with the financing problem faced by micro and small enterprises and suggestions to stimulate financing in micro and small enterprises. This project report contains 5 different chapters.
The report begins with the first chapter which consists introduction to the problem, background of micro and small enterprises, objective of the project etc.
The second chapter is the introduction to the literature review which gives a brief idea regarding theoretical rationale for loan guarantee programs in micro and small enterprises.
The third chapter is about research methodology adopted in preparing this report. It covers the sample procedure, types of data used and the data collection method.
The fourth chapter comprehensive coverage of forecasting concepts and techniques which shows the analysis of data through tabulation, computation and graphical representation of data collected from survey.
The fifth chapter deals with the findings, suggestion and conclusion.
We were born in India and spent our careers investing professionally in the US. Every time we thought about investing in Indian stocks, we worried about corporate governance and shareholder returns. Our answer: INDF. Here is the story of why we like Indian financial companies. For more information and important disclosures, please visit www.indiafinancials.com.
IT and ITES Sector Focused Analysis of Venture Capital Investments in Indiaijtsrd
Could you predict the common factor behind the most popular ventures like Flipkart, Snapdeal, Ola, Inmobi, Hike, Shopclues, Zomato, Paytm, Quikr All these ventures are backed by venture capital. Venture capital has been buzzing word in the last five years. Venture capital industry has endorsed brusque gaits of technology as an inevitable part of life. Venture capital in India following the footsteps of the global trends has been showering its fund in IT and ITES sector. IT and ITES sector has been the major receptor of venture capital investments in India. However, there are only few studies which edify the engrossed drive into venture capital investments in IT and ITES Sector. This paper is attempted to bring solicitous insights through sector focused analysis and reinstate the prominent role of venture capital industry. The eminence of the study is to unleash the potential emerging segments of IT and ITES Sector and driving forces of alluring venture capital investments into the sector. The study reveals that venture capital has upheld its ability to promote any segment and entrepreneurial development. Venture capital still inherits the potential to unleash the untapped pitches of the IT and ITES sector. The study suggests that entrepreneurial growth in these emerging segments with greater implications on productivity, healthcare and resolving plaguing issues has to be supported and promoted by the government. These emerging segments would be next big wave of change and development aspiring the nation. Saranya. S | Dr. Amulya. M "IT & ITES Sector Focused Analysis of Venture Capital Investments in India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29132.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/29132/it-and-ites-sector-focused-analysis-of-venture-capital-investments-in-india/saranya-s
The document provides an overview of the financial services sector in India. Some key points:
- Assets under management by the mutual fund industry reached Rs 23.26 lakh crore in FY2017-18, more than doubling since FY2008.
- The number of high net worth individuals in India increased to 330,400 in 2017 and is expected to double by 2020.
- Initial public offerings raised a total of Rs 84,357 crore in FY2017-18, indicating growing fundraising activity in the capital markets.
Portfolio management and mutual fund analysis for idbi bank by mayur shuklaarun5530
The document is a project report submitted to the University of Pune in partial fulfillment of a 2-year full time MBA program. The project was carried out at IDBI Bank from June 1, 2006 to July 31, 2006. The objective of the project was to understand concepts of portfolio management and mutual funds, analyze various mutual fund schemes, and create an ideal portfolio. The report includes an acknowledgement, contents, executive summary, company profile of IDBI Bank, research objectives and methodology, data analysis of schemes, findings on ideal portfolio creation, and conclusions.
Development banks are financial institutions that promote economic development, especially in developing countries. They provide financing to key sectors like industry and agriculture. Development banks undertake financial risks to promote economic growth. They provide various forms of long-term financing like loans, underwriting, and investments. Development banks differ from commercial banks in that they do not accept deposits from the public and focus on medium and long-term lending. Their objective is public interest over profits.
Nitin Vyakaranam, founder and CEO of Arthayantra, an Indian robo-advisory firm, was considering shifting from a moderate growth, high margin business model to a high growth, low margin model. Arthayantra provides automated financial planning and advisory services using digital platforms. Traditionally, such services were only available to high net worth individuals through expensive advisory firms. However, the emergence of robo-advisors globally has expanded access at lower costs by using technology. This strategic shift being considered by Arthayantra would aim to rapidly scale its customer base by reducing fees but rely more on revenue from executing customers' financial plans.
The document discusses several topics related to the global and Sri Lankan economies. It provides an economic capsule from the Research & Development Unit covering banking & finance, economy & business developments, and the global outlook. On the banking front, it discusses leadership changes at ComBank and awards received. It also covers IMF talks with Sri Lanka, bondholder advisers, and plans to hire a law firm for debt restructuring. Domestically, it discusses tourism numbers increasing, China considering investments, and the condominium market. Globally, it discusses risks facing the global economy like stagflation from the Ukraine war and how lockdowns could impact recovery.
IDFC Bank provides a risk profiling report for a student. The report discusses various types of risks including systematic risk, unsystematic risk, credit risk, market risk, operational risk, and moral hazard. It analyzes IDFC Bank using a SWOT analysis and discusses the bank's mission, values, businesses, and industry landscape. The report also provides an overview of the growth and structure of banking in India.
I2I Funding is an online peer-to-peer lending platform launched in 2015 in India by professionals from top business schools. It connects qualified borrowers seeking personal loans to investors seeking higher returns. The platform has facilitated over 25 loans worth 25 lakhs and has over 600 registered users. I2I aims to become a leading financial technology company in India by addressing the large unmet demand for lending and alternative investment opportunities.
Development banks play an important role in promoting social and economic development. They provide loans and technical support for a variety of development activities aimed at improving people's lives and reducing poverty. The major development banks in India include IFCI, IDBI, ICICI, SIDBI, and NABARD. They work to fulfill objectives like promoting industries, meeting capital needs, and aiding small businesses and rural development through financial and promotional activities.
A Study on Investors Perception towards Mutual Fund Investments (With Special...Dr. Amarjeet Singh
This examination on Investors acknowledgment
towards and late improvement and headway of Mutual Fund
premiums in Alwar city goes under the board an area of
organization publicizing. In the wide thought of organization
publicizing it exclusively centers around the exhibiting of cash
related organization specifically basic resources. Well ordered
Indian budgetary market is getting the chance to be engaged
and the supply of various fiscal instruments ought to be in
parity to the premium perspectives of the monetary
authorities. The prime drive of any hypothesis is to get most
extraordinary returned with a base danger and normal
resources allow to the budgetary masters. The examination
gives an information into the sorts of risks which exist in a
mutual save plan. The data was assembled from shared save
budgetary authorities similarly as non basic store examiners of
this industry. The investigation bases on the association
between theory decision and factors like liquidity, cash related
care, and demography. It was found commonly safe resources
and liquidity of store plot are having influence on the
budgetary authority's acumen for placing assets into the
mutual save. With the more broad thought of the distinctive
components of organization publicizing, thing care, mark
tendencies, and money related authority's satisfaction are the
specific regions of the examination. The other displaying limits
like thing progression publicize division, channels of
exhibiting, thing life cycle, scale headway procedures and their
impact of Marketing are completely disposed of from the audit
of this examination. So likewise the availability of substitute
aftereffect of normal hold units and their impact on this
organization thing it also rejected in the examination. In
reality, even in the normal store monetary authorities lead also
the researcher concentrate only the urban theorists and their
anxiety for this examination work. The rustic speculator's
perspectives are totally barred from the investigation.
This document discusses financial inclusion in India based on a literature review and analysis of key statistics. It begins by providing context on India's economic growth since 1991 and defines financial inclusion. It then reviews literature on various aspects of financial inclusion in India. Key statistics analyzed include the availability of ATMs and bank branches in India compared to other countries, growth in agricultural credit and bank accounts in rural areas, and the progress of banks in expanding access in rural villages. The overall perspective presented is that while progress has been made in expanding access to financial services in India, significant deficiencies still remain, particularly for vulnerable groups, and India still lags globally in terms of access points per population when compared to other nations.
Changing Issues Related to Declining of Non-Performing Assets in Banksijtsrd
This paper explores an empirical approach to the analysis of Non Performance Assets NPAs of public, private, and foreign sector banks in India. the NPAs are considered as an important parameter to judge the performance and financial health of banks. The level of NPAs is one of the drivers of financial stability and growth of the banking sector. This paper aims to find the fundamental factors which impact NPAs of banks. A model consisting oftivo types of factors, viz., macroeco nomie factors and bank specific parameters, is developed arid the behavior of NPAs of the three categories of banks is observed. The empirical analysis assesses how macroeconomic factors and bank specific parameters affect NPAs of a particular category of banks. The results show that movement in NPAs over the years can be explained well by the factors considered in the model for the public and private sector banks. The other important results derived from the analysis include the finding that banks exposure to priority sector lending educes NPAs. The Impact of competitive culture of public,, private, and foreign sector banks in India with in themselves helpes in declining of NPAs from banks. Dr. Mohan S. Rode "Changing Issues Related to Declining of Non-Performing Assets in Banks" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29684.pdf Paper URL: https://www.ijtsrd.com/management/other/29684/changing-issues-related-to-declining-of-non-performing-assets-in-banks/dr-mohan-s-rode
The document discusses the growth of financial services in India. It outlines the key roles of the financial sector in facilitating investments, lending, and savings. It also maps out the structure of India's financial system and regulatory bodies like RBI, SEBI, and IRDA. Exponential growth in household income has led to higher savings and demand for banking, insurance, and financial market products. All major segments are expected to grow 4-5 times by 2020, opening up over 9 million jobs in the large and thriving financial services industry in India.
The document provides an overview of ICICI Bank, one of the largest private sector banks in India. It discusses ICICI Bank's vision, mission, products and services, competitors, SWOT analysis, future growth prospects, and concludes that while expenses are increasing, the bank has maintained reasonable profitability. Key points include that ICICI Bank has grown from a development bank to a major financial conglomerate, offers various banking and financial services, and aims to be the leading provider of financial services in India and a major global bank.
International Finance Corporation (IFC in India)Melvin Mathew
IFC has been a long-term partner for private sector development in India since 1958, with cumulative investments totaling $6.8 billion and a current committed portfolio of $3.6 billion. IFC focuses on supporting inclusive growth in low-income states by increasing access to finance and basic services for underserved populations through partnerships with companies in sectors like agribusiness, healthcare, education, and renewable energy. Going forward, IFC will continue its efforts to promote sustainable and inclusive development in India by addressing barriers to growth, enhancing advisory services for public-private partnerships in infrastructure, and expanding access to resources like water, healthcare and education.
This document provides information on the performance management systems of HDB Financial Services and Mahindra & Mahindra Financial Services. It begins with an introduction to the two NBFC organizations and outlines their product portfolios. It then describes the goal setting process, which involves communicating KRAs, setting targets, mid-term reviews and final performance appraisals. Various assessment tools used are also summarized, including self-appraisals, 180-degree feedback and forced distribution. The document concludes that understanding these NBFCs' PMS procedures provides insight into effectively executing performance management systems.
Credit rating agencies provide letter grades to communicate the level of credit risk and likelihood of default for issuers. There are seven agencies regulated by SEBI in India, with high barriers to entry. Agencies earn revenue from paid ratings where issuers pay for an assessment, or through subscriber fees. The process involves a rating team conducting analysis and presenting to a committee which determines the grade. Multiple factors like financials and debt are considered. Regulators have increased scrutiny of agencies following issues like the 2008 crisis where inaccurate ratings contributed to problems.
This presentation discusses the financial services sector in India. It outlines the role of the sector in facilitating investment and lending, as well as savings and income generation. Key segments of the market like retail brokerage are examined. The presentation also explores the exponential growth of banking, insurance, and financial markets in India, driven by factors like rising household income, savings rates, needs for innovative products, and technological advances. It concludes that India's favorable demographics and high savings position the financial services industry for continued strong growth and increased employment in coming years.
Merisis advisors - Investment activity in the technology sector in 2013sravanthi05
Merisis Advisors has a dedicated team focused on fund raising and M&A in the Technology sector. As part of our internal intelligence work, we spent time recently in understanding the key investment trends in the Technology sector in 2013 - with the expectation that this would give us a heads up on the likely trends for 2014 too. The study was based on secondary research backed by conversations with key VC players to validate some of our hypothesis.
The study threw up some interesting trends, useful to both the technology companies as well as the Investor community. We decided then to take the extra effort to put our findings and analysis in the form of a report for the benefit of the larger audience.
Please visit the link http://merisis.in/investment-activity-in-the-technology-sector-in-2013/ to download the report.
Please drop in a mail with your comments at diwakar@merisis.in or sumir@merisis.in.
Teams will study the existing Financial Sector Regulations of various Regulators in India i.e SEBI, RBI, IRDA, PFRDA, FMC etc, (all or any of them) as well as compare them with regulations by global regulators viz SEC, Regulatory Authorities in UK, Singapore etc.
Development banks play an important role in promoting social and economic development through providing loans and technical support. The document discusses several major development banks in India - IFCI, IDBI, ICICI, SIDBI, and NABARD - and their objectives and functions. IFCI, IDBI, and ICICI provide financing to industries, while SIDBI and NABARD focus on promoting and financing small and medium enterprises and rural development, respectively. Together, these banks work to fulfill capital needs, promote industries, and aid development across sectors in India.
AIIB’s proposed deal with India’s $2.1 billion National Investment and Infrastructure Fund (NIIF) would also threaten to revive a host of stalled projects in the country potentially including coal, power, petroleum, railways and roads – many of which are currently shelved because of high social and environmental risks and opposition by local communities.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Stalling investments in infrastructure and the expanding infra debt burden in...Kyna Tsai
The document discusses stalling investments in infrastructure in India and the growing infrastructure debt burden. It notes that while the government has increased proposed spending on infrastructure, the funding requirement is much larger. Private investment in infrastructure peaked in 2010 but has been declining due to challenges in infrastructure financing. The government is establishing new funds and allowing regulatory agencies to issue bonds to help mobilize the large additional financing needed to close India's infrastructure gap.
Portfolio management and mutual fund analysis for idbi bank by mayur shuklaarun5530
The document is a project report submitted to the University of Pune in partial fulfillment of a 2-year full time MBA program. The project was carried out at IDBI Bank from June 1, 2006 to July 31, 2006. The objective of the project was to understand concepts of portfolio management and mutual funds, analyze various mutual fund schemes, and create an ideal portfolio. The report includes an acknowledgement, contents, executive summary, company profile of IDBI Bank, research objectives and methodology, data analysis of schemes, findings on ideal portfolio creation, and conclusions.
Development banks are financial institutions that promote economic development, especially in developing countries. They provide financing to key sectors like industry and agriculture. Development banks undertake financial risks to promote economic growth. They provide various forms of long-term financing like loans, underwriting, and investments. Development banks differ from commercial banks in that they do not accept deposits from the public and focus on medium and long-term lending. Their objective is public interest over profits.
Nitin Vyakaranam, founder and CEO of Arthayantra, an Indian robo-advisory firm, was considering shifting from a moderate growth, high margin business model to a high growth, low margin model. Arthayantra provides automated financial planning and advisory services using digital platforms. Traditionally, such services were only available to high net worth individuals through expensive advisory firms. However, the emergence of robo-advisors globally has expanded access at lower costs by using technology. This strategic shift being considered by Arthayantra would aim to rapidly scale its customer base by reducing fees but rely more on revenue from executing customers' financial plans.
The document discusses several topics related to the global and Sri Lankan economies. It provides an economic capsule from the Research & Development Unit covering banking & finance, economy & business developments, and the global outlook. On the banking front, it discusses leadership changes at ComBank and awards received. It also covers IMF talks with Sri Lanka, bondholder advisers, and plans to hire a law firm for debt restructuring. Domestically, it discusses tourism numbers increasing, China considering investments, and the condominium market. Globally, it discusses risks facing the global economy like stagflation from the Ukraine war and how lockdowns could impact recovery.
IDFC Bank provides a risk profiling report for a student. The report discusses various types of risks including systematic risk, unsystematic risk, credit risk, market risk, operational risk, and moral hazard. It analyzes IDFC Bank using a SWOT analysis and discusses the bank's mission, values, businesses, and industry landscape. The report also provides an overview of the growth and structure of banking in India.
I2I Funding is an online peer-to-peer lending platform launched in 2015 in India by professionals from top business schools. It connects qualified borrowers seeking personal loans to investors seeking higher returns. The platform has facilitated over 25 loans worth 25 lakhs and has over 600 registered users. I2I aims to become a leading financial technology company in India by addressing the large unmet demand for lending and alternative investment opportunities.
Development banks play an important role in promoting social and economic development. They provide loans and technical support for a variety of development activities aimed at improving people's lives and reducing poverty. The major development banks in India include IFCI, IDBI, ICICI, SIDBI, and NABARD. They work to fulfill objectives like promoting industries, meeting capital needs, and aiding small businesses and rural development through financial and promotional activities.
A Study on Investors Perception towards Mutual Fund Investments (With Special...Dr. Amarjeet Singh
This examination on Investors acknowledgment
towards and late improvement and headway of Mutual Fund
premiums in Alwar city goes under the board an area of
organization publicizing. In the wide thought of organization
publicizing it exclusively centers around the exhibiting of cash
related organization specifically basic resources. Well ordered
Indian budgetary market is getting the chance to be engaged
and the supply of various fiscal instruments ought to be in
parity to the premium perspectives of the monetary
authorities. The prime drive of any hypothesis is to get most
extraordinary returned with a base danger and normal
resources allow to the budgetary masters. The examination
gives an information into the sorts of risks which exist in a
mutual save plan. The data was assembled from shared save
budgetary authorities similarly as non basic store examiners of
this industry. The investigation bases on the association
between theory decision and factors like liquidity, cash related
care, and demography. It was found commonly safe resources
and liquidity of store plot are having influence on the
budgetary authority's acumen for placing assets into the
mutual save. With the more broad thought of the distinctive
components of organization publicizing, thing care, mark
tendencies, and money related authority's satisfaction are the
specific regions of the examination. The other displaying limits
like thing progression publicize division, channels of
exhibiting, thing life cycle, scale headway procedures and their
impact of Marketing are completely disposed of from the audit
of this examination. So likewise the availability of substitute
aftereffect of normal hold units and their impact on this
organization thing it also rejected in the examination. In
reality, even in the normal store monetary authorities lead also
the researcher concentrate only the urban theorists and their
anxiety for this examination work. The rustic speculator's
perspectives are totally barred from the investigation.
This document discusses financial inclusion in India based on a literature review and analysis of key statistics. It begins by providing context on India's economic growth since 1991 and defines financial inclusion. It then reviews literature on various aspects of financial inclusion in India. Key statistics analyzed include the availability of ATMs and bank branches in India compared to other countries, growth in agricultural credit and bank accounts in rural areas, and the progress of banks in expanding access in rural villages. The overall perspective presented is that while progress has been made in expanding access to financial services in India, significant deficiencies still remain, particularly for vulnerable groups, and India still lags globally in terms of access points per population when compared to other nations.
Changing Issues Related to Declining of Non-Performing Assets in Banksijtsrd
This paper explores an empirical approach to the analysis of Non Performance Assets NPAs of public, private, and foreign sector banks in India. the NPAs are considered as an important parameter to judge the performance and financial health of banks. The level of NPAs is one of the drivers of financial stability and growth of the banking sector. This paper aims to find the fundamental factors which impact NPAs of banks. A model consisting oftivo types of factors, viz., macroeco nomie factors and bank specific parameters, is developed arid the behavior of NPAs of the three categories of banks is observed. The empirical analysis assesses how macroeconomic factors and bank specific parameters affect NPAs of a particular category of banks. The results show that movement in NPAs over the years can be explained well by the factors considered in the model for the public and private sector banks. The other important results derived from the analysis include the finding that banks exposure to priority sector lending educes NPAs. The Impact of competitive culture of public,, private, and foreign sector banks in India with in themselves helpes in declining of NPAs from banks. Dr. Mohan S. Rode "Changing Issues Related to Declining of Non-Performing Assets in Banks" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29684.pdf Paper URL: https://www.ijtsrd.com/management/other/29684/changing-issues-related-to-declining-of-non-performing-assets-in-banks/dr-mohan-s-rode
The document discusses the growth of financial services in India. It outlines the key roles of the financial sector in facilitating investments, lending, and savings. It also maps out the structure of India's financial system and regulatory bodies like RBI, SEBI, and IRDA. Exponential growth in household income has led to higher savings and demand for banking, insurance, and financial market products. All major segments are expected to grow 4-5 times by 2020, opening up over 9 million jobs in the large and thriving financial services industry in India.
The document provides an overview of ICICI Bank, one of the largest private sector banks in India. It discusses ICICI Bank's vision, mission, products and services, competitors, SWOT analysis, future growth prospects, and concludes that while expenses are increasing, the bank has maintained reasonable profitability. Key points include that ICICI Bank has grown from a development bank to a major financial conglomerate, offers various banking and financial services, and aims to be the leading provider of financial services in India and a major global bank.
International Finance Corporation (IFC in India)Melvin Mathew
IFC has been a long-term partner for private sector development in India since 1958, with cumulative investments totaling $6.8 billion and a current committed portfolio of $3.6 billion. IFC focuses on supporting inclusive growth in low-income states by increasing access to finance and basic services for underserved populations through partnerships with companies in sectors like agribusiness, healthcare, education, and renewable energy. Going forward, IFC will continue its efforts to promote sustainable and inclusive development in India by addressing barriers to growth, enhancing advisory services for public-private partnerships in infrastructure, and expanding access to resources like water, healthcare and education.
This document provides information on the performance management systems of HDB Financial Services and Mahindra & Mahindra Financial Services. It begins with an introduction to the two NBFC organizations and outlines their product portfolios. It then describes the goal setting process, which involves communicating KRAs, setting targets, mid-term reviews and final performance appraisals. Various assessment tools used are also summarized, including self-appraisals, 180-degree feedback and forced distribution. The document concludes that understanding these NBFCs' PMS procedures provides insight into effectively executing performance management systems.
Credit rating agencies provide letter grades to communicate the level of credit risk and likelihood of default for issuers. There are seven agencies regulated by SEBI in India, with high barriers to entry. Agencies earn revenue from paid ratings where issuers pay for an assessment, or through subscriber fees. The process involves a rating team conducting analysis and presenting to a committee which determines the grade. Multiple factors like financials and debt are considered. Regulators have increased scrutiny of agencies following issues like the 2008 crisis where inaccurate ratings contributed to problems.
This presentation discusses the financial services sector in India. It outlines the role of the sector in facilitating investment and lending, as well as savings and income generation. Key segments of the market like retail brokerage are examined. The presentation also explores the exponential growth of banking, insurance, and financial markets in India, driven by factors like rising household income, savings rates, needs for innovative products, and technological advances. It concludes that India's favorable demographics and high savings position the financial services industry for continued strong growth and increased employment in coming years.
Merisis advisors - Investment activity in the technology sector in 2013sravanthi05
Merisis Advisors has a dedicated team focused on fund raising and M&A in the Technology sector. As part of our internal intelligence work, we spent time recently in understanding the key investment trends in the Technology sector in 2013 - with the expectation that this would give us a heads up on the likely trends for 2014 too. The study was based on secondary research backed by conversations with key VC players to validate some of our hypothesis.
The study threw up some interesting trends, useful to both the technology companies as well as the Investor community. We decided then to take the extra effort to put our findings and analysis in the form of a report for the benefit of the larger audience.
Please visit the link http://merisis.in/investment-activity-in-the-technology-sector-in-2013/ to download the report.
Please drop in a mail with your comments at diwakar@merisis.in or sumir@merisis.in.
Teams will study the existing Financial Sector Regulations of various Regulators in India i.e SEBI, RBI, IRDA, PFRDA, FMC etc, (all or any of them) as well as compare them with regulations by global regulators viz SEC, Regulatory Authorities in UK, Singapore etc.
Development banks play an important role in promoting social and economic development through providing loans and technical support. The document discusses several major development banks in India - IFCI, IDBI, ICICI, SIDBI, and NABARD - and their objectives and functions. IFCI, IDBI, and ICICI provide financing to industries, while SIDBI and NABARD focus on promoting and financing small and medium enterprises and rural development, respectively. Together, these banks work to fulfill capital needs, promote industries, and aid development across sectors in India.
AIIB’s proposed deal with India’s $2.1 billion National Investment and Infrastructure Fund (NIIF) would also threaten to revive a host of stalled projects in the country potentially including coal, power, petroleum, railways and roads – many of which are currently shelved because of high social and environmental risks and opposition by local communities.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Stalling investments in infrastructure and the expanding infra debt burden in...Kyna Tsai
The document discusses stalling investments in infrastructure in India and the growing infrastructure debt burden. It notes that while the government has increased proposed spending on infrastructure, the funding requirement is much larger. Private investment in infrastructure peaked in 2010 but has been declining due to challenges in infrastructure financing. The government is establishing new funds and allowing regulatory agencies to issue bonds to help mobilize the large additional financing needed to close India's infrastructure gap.
Stalling Investments in Infrastructure and the Expanding Infra Debt Burden in...Dharish David
Infrastructure investments have recently been stalling in India, this has been mainly because the companies operating in the infra space have relied excessively on debt financing. With PPP projects peaking in 2010, there has been a steady decline in private sector investments in infrastructure, as companies struggle with higher debt loads. The high financial leverage of these companies have also put pressure on public sector banks that are reaching their exposure limits, with rising NPAs and stressed loans. The government is urgently trying to revive investments in infrastructure to sustain economic growth, by removing regulatory hurdles and providing opportunities for refinancing, while also cleaning up the banking system.
Key Takeaways:
- History of Fund Management in India
- India's Fund Management Potential
- Investing Population in India
- India as an IFSC
- Various Funds and Regulators
- Development Financial Institutions (DFIs) were established by governments to provide long-term financing for industrial and infrastructure projects due to the risky and long-gestation nature of such projects.
- Over time, as financial systems became more sophisticated in risk management, banks and bond markets became better able to finance such projects, reducing the need for DFIs with government support.
- In India, the first DFI was established in 1948 and many more were set up over the subsequent decades to promote development across various sectors, with some focused on long-term lending and others on refinancing.
The document is a project report on Rawat Constructions submitted for a Bachelor's degree. It includes an introduction, acknowledgements, certificate, and initial sections on the construction industry and market in India. The construction industry contributes around 9% to India's GDP and provides 35 million jobs. Investment in infrastructure is estimated to have increased from 5.7% of GDP in 2007 to around 8% by 2012. The real estate market size in India is expected to reach $180 billion by 2020.
Closing down of term finance institutions was a mistake in india AshwathyNair23
RBI Governor C Rangarajan, have long argued that closing down term finance institutions was a mistake and that we need to revive these in order to facilitate long term financing (given that bond markets have not taken off).
A Comprehensive Study on Venture Capital Investments in IndiaDr. Amarjeet Singh
Venture capital investments is India has been a buzz
word over last five years. Venture capital investments have
been considered as alternative financing sources for
entrepreneurs.Venture capital has been established as “risk
finance provided for the promotion of novice business ideas”
across the globe. However, the pattern of venture capital
investments across globe is dissimilar and concentrated in few
regions. Concentration of venture capital investments is found
to be influenced by geographic specific factors. Venture
capital industry in India is in the growth stage and has
witnessed tremendous growth in the last five to eight years. It
is crucial to trace the venture capital investment pattern of the
nurturing venture capital industry like in India to assess the
areas of interest of investments and potential arena of venture
capital investments. This would help to understand the nature
of venture capital investors and their expectations by the
potential entrepreneurs and portray the potential area of
investments to the potential investors.
This document summarizes a research paper on the impact of foreign direct investment (FDI) in India. It discusses how FDI inflows increased after liberalization in the 1990s but then declined in 2010-2011 due to several factors. These included sluggish growth in export sectors, environmental clearance delays for projects, concerns about corruption scandals, and the global economic slowdown. Other factors affecting India's economic growth discussed are high volatility of capital inflows, the need to reduce macroeconomic imbalances, and constraints on achieving the ambitious 10% GDP growth target of India's 12th five-year plan without a significant role for private sector investment.
Portfolio management and mutual fund analysisSupa Buoy
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IDFC is a major provider of infrastructure financing in India. Over the past 5 years, it has tripled its project approvals and nearly doubled its disbursements. It offers a wide range of financial products and services including project finance, private equity, asset management, and investment banking. IDFC has grown significantly in recent years, with its net worth increasing over 2.5 times and total assets growing nearly 3 times from 2005 to 2010. It aims to further support the development of infrastructure across India.
The document summarizes the growth of the venture capital industry in India over four phases:
Phase 1 (1972-1988) saw the establishment of early venture capital funds but the industry remained underdeveloped due to a lack of private sector involvement and policy support.
Phase 2 (1988-1995) saw increased foreign investment and the establishment of regulations, but growth was still slow.
Phase 3 (1995-2003) saw more successful India-focused venture capital firms emerge but investment declined after the dot-com crash until renewed in 2004.
Phase 4 (2004-2009) saw global firms and private equity actively investing across sectors in India, with most deals in later growth stages, as the venture capital industry mature
India faces significant infrastructure bottlenecks that are hindering its economic competitiveness and growth. These bottlenecks include inadequate road and transport infrastructure between ports, rail hubs, and industrial areas. This leads to higher business costs and negatively impacts India's exports. While the government has recognized the need for infrastructure development and established committees to accelerate projects, many initiatives have faced delays and failures due to issues like lack of private investment, land acquisition problems, and bureaucratic red tape. Addressing infrastructure bottlenecks remains a key challenge in allowing India to achieve its economic growth potential.
Global Competitive Insights (GCI) are monthly reports, which discuss the latest activities taking place in a particular sector, across the globe. The reports are published with an objective of providing all the latest and relevant information to the readers in a concise format.
The objective of GCI reports is to keep the readers abreast with the developments in the concerned sectors, while saving their time and resources in compiling all the data and extracting information of it.
In order to book your subscription, please visit www.indalytics.com
NBFC's have played a key role in financing the needs of the Indian industry especially the small and medium enterprises and the small entrepreneurs, both in the urban and the rural areas. While the under-penetration of banking network, rising affluence, large working age population and rising need for financial services point to the tremendous potential for the growth of NBFC's. A vigorous banking and financial sector is critical for facilitating higher economic growth. Financial intermediaries like Non-Banking Financial Companies (NBFCs) constitute a significant element of the financial system and have penetrated into those areas where banks did not dare by taking both the operational and regulatory risks. NBFCs form an integral part of the Indian financial system. They have been very instrumental in contribution to the Government’s agenda of financial inclusion by filling the important gap of supplying credit to retail customers in the relatively under-served and un-banked areas. They play an active complementary role to the banking system by broadening access to financial services, enhancing competition and diversification of financial sector. NBFCs are known for their higher risk taking capacity than the banks. The intention of this study is to analyze the investment strategies of non-bank finance companies (NBFCs) which are providing the financial services.
This document is a research report submitted by Brijesh Kumar for his MBA program. It examines the effectiveness of advertising in the Indian real estate industry. The report provides an introduction to the real estate industry in India, including the impact of globalization and financial reforms. It discusses key sectors like residential and commercial real estate as well as the growing retail and mall development industry. The report also outlines its research methodology and plans to analyze data to draw findings and conclusions about advertising in the Indian real estate market.
Similar to Financing the future? The Asian Infrastructure Investment Bank and India’s National Investment and Infrastructure Fund (20)
This brief report aims to throw light on the critical lapses and breaches which have been committed during the design, pre-appraisal and Strategic Environmental and Social Assessment – Environment and Social Management Framework (SESA-ESMF) procedures for Project PI59808: India- Proposed Amaravati Sustainable Capital City Development Project, by both World Bank [for 300 mn USD] and Asian Infrastructure Investment Bank Project PD000019-PSI-IND [for 200 mn USD]. The report also shares the recent updates from the communities of the project area ear-marked for building the capital city.
This project has now been renamed in 2019 as Amaravati Sustainable Infrastructure and Institutional Development Project (ASIIDP), in both the World Bank and AIIB project pages.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
कैंब्रिज के अर्थशास्त्री, हा-जून चांग का मानना है कि ‘अर्थशास्त्र का 95 प्रतिशत सिर्फ सामान्य समझ है, जिसे गणित और भारी-भरकम शब्दावली का प्रयोग करके मुश्किल बनाया जाता है।’ इससे हम समझ सकते हैं कि लोग वित्त से जुड़े मामलों से दूर क्यों रहते हैं। सरकारें नयी परियोजनाओं, योजनाओं और कार्यक्रमों की घोषणा करती हैं जिन पर भारी मात्रा में जनता के पैसे ख़र्च होते हैं। इन सभी को ‘विकास’ तथा नागरिकों के जीवन में सुधार लाने के नाम पर औचित्यपूर्ण ठहराया जाता है। शायद ही कभी इन परियोजनाओं के वित्तपोषण के स्रोत, इनकी वित्तीय व्यवहार्यता या राजकोष पर इससे पड़ने वाले वित्तीय भार पर कोई सवाल उठाया जाता है। यह काम बस ‘विशेषज्ञों’ पर छोड़ दिया जाता है। कुछेक मामलों में ऐसे कुछ सवाल खड़े भी किए गए तो उन्हें सार्वजनिक भलाई और प्रगति के नाम पर चुप करा दिया गया।
दिल्ली मेट्रो भी एक ऐसा ही उदाहरण है जहाँ इसकी आलोचना से संबंधित सवालों को ज्यादा तवज्जो नहीं दी गई तथा मेट्रो की चमक-धमक और ‘सुविधा’ के कारण बहुत आसानी से ऐसा प्रतीत कराया गया कि सब ठीक-ठाक है।
दिल्ली मेट्रो के प्रभाव, शहर में सड़कों पर भीड़-भाड़ कम करने में इसकी सफलता, इसका खर्च उठाने की हमारी क्षमता, वित्तीय व्यवहार्यता तथा यातायात एवं परिवहन के अन्य साधनों से इसकी तुलना करने के लिए एक समीक्षात्मक अध्ययन किए बगैर इसे अन्य शहरों में बढ़ावा दिया जा रहा है और ‘दुहराया’ जा रहा है।
किसी भी परियोजना की कुल लागत सिर्फ ‘वित्त’ तक ही सीमित नहीं होती। ऐसी कई अन्य लागतें होती हैं जिन्हें पैसे से जोड़कर नहीं देखा जा सकता, जैसे सामाजिक तथा पर्यावरणीय लागत। इस बात को मानते हुए, इस अध्ययन में केवल दिल्ली मेट्रो की वित्तीय लागत तथा व्यवहार्यता पर ही ध्यान दिया जा रहा है।
हम उम्मीद करते हैं कि यह अध्ययन आम लोगों को दिल्ली मेट्रो के वित्तीय पक्षों को समझने में मदद करेगा तथा अन्य शहरों में ‘मेट्रो’ की ‘लागत’ पर एक चर्चा शुरू करने में योगदान देगा, इससे पहले कि उन्हें शहर के नागरिकों पर थोप दिया जाए। इसके अतिरिक्त, हम यह भी आशा करते हैं कि इसके जरिए ‘किसका पैसा’ और उसे ‘किस तरह खर्च किया जा रहा है’ जैसे बुनियादी सवालों को उठाने में भी मदद मिलेगी।
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Public-Private Partnerships — or PPPs — are increasingly being promoted as a way to finance development projects. This report gives an in-depth, evidence-based analysis of the impact of 10 PPP projects, including two from India, that have taken place across four continents and in both developed and developing countries.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
The last five years have been a watershed moment in Indian politics and the economy. The NDA alliance’s grand victory on the agenda of development and good days to come (achhe din) started off on a high note. But after five years, the NDA government stands delegitimized. But what followed was brazen violence against minorities, Dalits, Adivasi, women and marginal sections of the society, systematic destruction of institutions, forced poverty, the decimation of the informal sector, corruption unemployment and a stressed economy. And today, the NDA government stands delegitimized, so much so that it is termed as a quantum leap backwards.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
What’s Simmering Under The Blue Green City: The case study on Amaravati Sustainable Capital City Development
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Delhi Metro is the largest metro system in India and is also considered one of the most “successful” public transport projects. After nearly three decades of construction and operation in Delhi, the demand for creating metro systems in all million plus cities has grown despite being a capital intensive project. Few scholarly articles published in the last decade which have questioned the relevance of metro system in Indian cities have often been dismissed by the policymakers and popular media.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
The Asian region has experienced the emergence of new MDBs over last few years. For many years, the Asian Development Bank was the only development bank in the region and has been dominated by the Japanese owing to the number of votes it has as compared to other members. However, the newly constituted NDB in 2014 has two key Asian members, India and China. The Asian Infrastructure Investment Bank (AIIB) led and initiated by China in 2015, and with a mandate to have at minimum 70% of shares allocated to Asian countries is sure to become another major player to support infrastructure development activities of the region as well as global south. The AIIB and NDB are two separate entities in their operations and constitution even though there are overlaps in memberships of the two banks.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
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The report “Citizens' Report on the “Four Years of the NDA Government, 2014-18: Promises & Reality” – a civil society initiative' is a collective work by experts, development networks and civil society organisations working on diverse concerns and issues with the marginalized and vulnerable population groups – Dalits, Tribals, children, youth, women, LGBTQ, people with disabilities, bonded labour, urban poor to name a few. The report also compiles articles on critical development issues of education, health, water and sanitation, land rights, economy, budgets, fiscal policies, civil society space, media, human rights, labour and employment, environment, parliament functioning, governance to mention some. In addition to the report, various individuals and organisations have used the visual media, making short videos on their critical concerns about the government's performance.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas.
For more information visit http://www.cenfa.org
Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
It is noteworthy that currently, coal-based power projects are under threat due to lack of coal linkages and power purchase agreements, thus stalling many existing power projects and discouraging many companies from expanding to new coal power projects. This would give a boost to hydropower projects in many regions, especially in the Himalayan regions.
Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas.
For more information visit http://www.cenfa.org
Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
FAQ on BRICS, NDB & AIIB
Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas.
For more information visit http://www.cenfa.org
Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
As a result of the frustration of not being let join the top table of the Bretton Woods institutions, the BRICS grouping and its members have gone about setting up their own new IFIs in recent years, as an implicit challenge to the hegemony and financial control of traditional Western powers. While they have often used the language of South-‐South solidarity, and of transforming global dynamics to more genuinely address and include the needs and wants of the majority of the world living in the Global South, but many still see the BRICS financial projects as reflecting not a desire for radical economic transformation, but a wish to establish themselves as new hegemonic global powers, and assert the same control of international economic dynamics that Western powers previously had.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas.
For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance.
The archive can be accessed at http://www.cenfa.org/newsletter-archive/ To subscribe, email us at newsletter@cenfa.org
The document provides an analysis of the Indian government's budget allocations for Dalits and Tribals. It notes that the Tribal Sub Plan and Special Component Plan were established to allocate funds for Dalits and Tribals in proportion to their population. However, an examination of budgets shows that claims of increased allocations are misleading, and in reality funding suffers from the same discrimination faced by these communities. Key features of guidelines for these allocations are also outlined, including that funds should be non-lapsable, non-divertible, and spent only on programs directly benefiting these groups.
Parliamentary Supremacy Undermined? An Analysis of Parliamentary Debates in India on International Financial Institutions (1984-2009)
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
क्लीन लीन एंड ग्रीन? एशिया इन्फ़्रस्ट्रक्चर बैंक के बारे में संक्षिप्त विवरण
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Mapping Coal Project Finances in India
Who finances coal projects in India?
What is the quantum of money behind these large coal projects?
What proportion is financed by international financial institutions and national financial institutions?
Which are the key states with most lending?
These are some of the questions the new report is trying to address.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
New Report, looking into the share of particular sectors -in particular, power, steel infrastructure – in the growing non-performing assets (NPAs) and stressed assets, which has touched at a whopping INR 14 lakh crores.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Clean Lean And Green? A Short Briefing on the Asian Infrastructure Investment Bank
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Blue Economy and Sagarmala have all the ingredients of overoptimism and overcomplexity, poor execution, weakness in organizational design and capabilities, and challenges and potential bankruptcy. Most importantly, what could obviously derail the project is lack of participation of the communities who know their oceans the best.
Financial Analysis of the Blue Economy: Sagarmala’s Case in Point by Dr Himanshu Damle of Public Finance Public Accountability Collective, New Delhi
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
फिनांशियल रेजॉल्युशन एंड डिपॉजिट इंश्योरेंस (एफआरडीआई) बिल, 2017 की एक आलोचना
एफआरडीआई विधेयक के प्रभाव को समझने और अपने सांसद को इस विधेयक का विरोध करने के लिए कहने के लिए http://www.repealfrdi.net पर जाएँ।
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
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Financing the future? The Asian Infrastructure Investment Bank and India’s National Investment and Infrastructure Fund
1. Financing the future?
The Asian Infrastructure Investment
Bank and India’s National Investment
and Infrastructure Fund
2. Co-authors: Kate Geary and Anuradha Munshi
Published by Bank Information Center Europe and Center for Financial Accountability India
Oxfam Hong Kong sponsors the publication but the content of the publication does not
necessarily represent the position of Oxfam Hong Kong.
March 2018
Cover Image: A polluting industry in Meghalaya state.
Photo credits: Joe Athialy
3. Financing the Future?
The Asian Infrastructure Investment Bank and
India’s National Investment and Infrastructure Fund
March 2018
4. Introduction
Financing and building infrastructure - roads, ports, rail-
ways, power plants, and more - is a cornerstone of the
Modi administration in India. “India’s progress is incomplete
without the rapid expansion and upgradation of our basic
infrastructure,” Modi told journalists in 2016.1
Expanding
infrastructure was a priority of his BJP election platform in
2014, which saw the party gain a landslide victory.
In 2017, government spending on infrastructure in India in-
creased by 12 per cent but still falls far short of plugging
the infrastructure financing ‘gap’.2
Estimates of how much is
required over the next ten years vary - and range up to $1.5
trillion, according to Finance Minister Arun Jaitley.3
Jaitley announced this estimate at the first Board of Gov-
ernors meeting of the world’s newest multilateral develop-
ment bank - the Asian Infrastructure Investment Bank (AIIB).
This was no coincidence - the Indian government hopes
that the AIIB, in which India is both donor and recipient, will
invest not only its own funds, but catalyse and attract other
investors with its triple A credit rating.4
It looks like this hope is being fulfilled: India is currently the
largest recipient of AIIB investment; and the country is the
second largest shareholder in AIIB after China and ahead
of Russia, so holds substantial sway over decision-making.
“India is the first country where the Bank has committed
more than $1 billion of financing,” AIIB Vice-President and
Corporate Secretary Danny Alexander told reporters on his
visit to Delhi in December 2017.5
The AIIB’s head money-man, Chief Investment Officer Dr DJ
Pandian, has close ties to the Modi administration, having
served alongside Modi in Gujarat in the early 2010s - named
together as ‘The Men who Rule Gujarat.’6
Testament to In-
dia’s importance at AIIB, the bank’s third ever Annual Gen-
eral Meeting will be held in Mumbai this June.7
The first proposed Indian investment on the AIIB’s books in
2018 reflects both the Indian government’s prioritisation of
infrastructure financing, and the interest of AIIB in both India
and a financial model increasingly popular among MDBs.
This financial model - of investing indirectly through third
parties such as an infrastructure or private equity funds - is
known as financial intermediary (FI) lending. It is becoming
the dominant model of financing at development banks like
the International Finance Corporation - over half of whose
portfolio is FI investments - as well as the Green Climate
4
Fund, the European Investment Bank and others.
The AIIB has dipped its toe into FI lending in 2017, approv-
ing three FI investments: in Indonesia’s Regional Infrastruc-
ture Development Fund, the India Infrastructure Fund, and
the Emerging Asia Fund. Next up is a potential $200 million
commitment to India’s National Investment and Infrastruc-
ture Fund.
The India National Investment and Infrastructure Fund
At its Board meeting in April 2018, the AIIB will consider
approval of India’s National Investment and Infrastructure
Fund (NIIF). This mega-FI - a fund of funds that will invest
in several sub-funds - is a showpiece of the Indian govern-
ment, vital to its plan to attract investors, such as sovereign
wealth funds, insurance and pension funds, endowments,
and other private investors, to the country’s infrastructure
sector.
The NIIF has had a rocky time since its launch in 2015. Tout-
ed as a vehicle that would attract financing from Russia,
UAE, Singapore and other sovereign wealth funds, the NIIF
failed to secure any investment in the first two years since
its approval by Cabinet in July 2015. Industry analysts BMI
Research raised doubts about the NIIF’s ability to attract
institutional investors in the year after its establishment,
blaming a poor investment outlook in India and stalling of
projects: “The country scores below regional average in
both our operational and project risk Index, with particularly
low score for crime and security risk and construction risk,
highlighted by the fact that a third of projects — worth a
combined value of $210 billion — are delayed.”8
Scathing media reports questioned the NIIF’s failure to live
up to its promises: India’s Financial Express wrote “The de-
lay in taking-off of the ambitious NIIF — even two years af-
ter its announcement in the 2015-16 Budget — has raised
eyebrows in some quarters. … despite a flurry of announce-
ments and initial pacts with potential investors — includ-
ing sovereign wealth funds — no investment has flowed in
yet.”9
Moreoever, rather than the “weeks” promised by Fi-
nance Minister Jaitley to recruit a CEO for the Fund, this key
appointment was not made until June 2016 - a delay one of
India’s major potential partners in the Fund, the UAE, said
had deterred investment.10
When the NIIF was established, the corpus was proposed
to be about US$6 billion (Rs 40,000 crore) with the Indian
government investing 49 per cent.The Indian government
5. The problems with hands-off lending through intermediaries
While investing in financial intermediaries can help to mobilise funds and attract private capital for economic
development, this form of third-party or ‘hands-off’ lending also comes with significant risks - in particular around
clients’ adherence to environmental and social (E&S) safeguards. In recent years, the International Finance Cor-
poration (IFC) - over half of whose investment portfolio is channeled via FIs - has come to acknowledge these
risks, and has taken some steps to address them. Following critical findings from both the IFC’s own account-
ability mechanism, the Compliance Advisor Ombudsman (CAO) and from civil society, the IFC’s CEO, Philippe Le
Houérou, has committed to reduce high-risk lending through FIs, saying “we will reduce IFC’s own exposure to
higher risk FI activity, and apply greater selectivity to these type of investments, including equity investments.”41
In March 2017, the CAO released its third monitoring report on the IFC’s financial sector portfolio.42
The report
examined actions taken by IFC to address the findings of the CAO’s 2012 Audit of a Sample of IFC Investments
in Third Party Financial Intermediaries, in which the CAO found, among other things, that the “result of [IFC’s] lack
of systematic measurement tools is that IFC knows very little about potential environmental or social impacts of
its F[inancial] M[arkets] lending.”43
In the 2017 update, the CAO found that the “IFC does not, in general, have a
basis to assess FI clients’ compliance with its E&S requirements.” As the CAO states, this is highly problematic in
relation to FI clients that are supporting high-risk projects, and “where IFC does not have assurance that the de-
velopment of a client’s ESMS [Environmental and Social Management System] is leading to implementation of the
Performance Standards at the sub-project level.”44
Independent research carried out over the last year has supported these findings. Inclusive Development Interna-
tional (IDI) conducted a forensic investigation to track IFC’s investments in financial intermediaries to their end use.
This research examined the business of only a tiny segment of the 700 financial institutions and 220 private equity
funds in the IFC’s FI portfolio; however, IDI found more than 130 projects and companies funded by two dozen
IFC intermediaries that are causing or are likely to cause serious environmental harms and human rights violations.
The projects are located in 24 countries and come from a range of high-risk sectors, including energy, industrial
agriculture, mining, transportation, infrastructure, and even private military contracting. In each of these cases it is
apparent that IFC’s environmental and social Performance Standards are not being applied. IDI has detailed these
findings, in collaboration with Bank Information Center, Urgewald, 11.11.11, Ulu Foundation and Accountability
Counsel, in a four-part investigative series, entitled Outsourcing Development: Lifting the Veil on the World Bank
Group’s Lending through Financial Intermediaries.45
5
One of many polluting industries on the Assam-Meghalaya border. (Photo: Joe Athialy)
6. The structure of the NIIF
The Indian government has already approved its contribution of Rs 20,000 crore towards NIIF, but by mid 2017 - due
to a lack of investors - had not yet disbursed those funds.
porting investments in infrastructure with the objective of
maximizing economic impact through its investments…..
“The Fund will exclusively invest in India and intends to op-
erate mostly through scalable platform companies that will
target infrastructure assets primarily in the following sec-
tors: roads, ports, airports, power (generation, transmis-
sion, distribution), urban infrastructure, and logistics.”
Stalled projects
As well as increasing spending on the infrastructure sector
as a whole, Prime Minister Modi has vowed to revive long-
stalled infrastructure projects, especially in the coal, power,
petroleum, railways and road sectors. “The entire econo-
my of the country is being consumed by these incomplete
schemes,” he told audiences in Rajasthan in 2017. “I have
to put in so much effort to restart these schemes that have
been stuck in this great abyss.”12
According to a government report in 2017, about a quarter
of 1,201 projects valued at $262 billion were delayed as of
January 2017, down from 43 percent two years ago.13
Cost
over-runs had also decreased to 11 percent from 20 percent
has already approved its contribution of Rs 20,000 crore
towards NIIF, but by mid 2017 - due to a lack of investors -
had not yet disbursed those funds.
Potential AIIB support for NIIF
In its project document describing the potential investment,
the AIIB states that the NIIF “has created a fund with an
aggregate target corpus of US$2.1 billion (the Fund) for in-
vestments into Indian infrastructure assets. The Bank will
consider a commitment of US$200 million to the Fund.”11
This suggests that the NIIF may be creating a sub-fund in
which AIIB is considering investment.
According to the AIIB project proposal:
“The objective of the Fund is to mobilize more private sector
capital into infrastructure sectors, and increase infrastruc-
ture investment in India. These investments will include op-
erating companies and new ventures. The platform could
also consider investments into other commercially viable
investments within the broader strategy of the Fund.
“The Fund is expected to play the role of a catalyst for sup-
6
Source: Arthapedia.46
Rs 1 crore = Rs 1 million = circa $160,000
Structure and Composition of NIIF
Government of India
Market Borrowings
Anchor Partners
• Multilateral/Bilateral institutions
• Sovereign Wealth Funds
• Pension Funds
• Policy institutions
NIIF
• Incorporated as a trust/other legal entity
• Governing Council for oversight (separate legal
entity if required)
• Council Members - government; investors’ experts
in international finance, economics, infrastructure
Supported by
an investment
team and/or fund
managers(s)
Infrastructure
Projects
Stalled
Infrastructure
Projects
AMC 1
NBFCs/
FIs
Debt (as and when feasible)
Up to Rs. 20,000
crore per annum
Equity
Equity/Debt
Corpus Equity
AMC 2 AMC 3
7. from March 2015.
A 2017 OECD analysis of India’s economy14
lays the blame
for sluggish infrastructure development at the door of both
financial and social/environmental factors:
Average time and cost overruns for infrastructure proj-
ects remain high, however, raising the cost of capital
of these companies, and ultimately weighing on banks’
balance sheets. Stretched budgets at the central gov-
ernment and state levels, complex and uncertain land
acquisition process, stringent environmental and social
clearances, combined with restrictive pricing rules for
public utility services (in particular electricity and wa-
ter), have also affected infrastructure investment.
The OECD analysis continues: “To attract equity invest-
ments for infrastructure, the government launched the Na-
tional Infrastructure Investment Fund.”
The creation of the NIIF is intended to address the finan-
cial barriers to infrastructure expansion, and NIIF’s mandate
explicitly includes funding ‘stalled’ projects.15
At the same
time, the Indian government has enacted reforms to over
100 policies and procedures including setting up an online
land allotment system, creating a single window system for
granting construction permits, and reforms to labour laws.
While such changes have resulted in India leaping 30 points
up the World Bank’s ‘Ease of Doing Business’ scale,16
critics
argue that the reforms have resulted in the watering down
of many essential environmental and social protections to
facilitate speedy investment.
Raising finance to re-start stalled projects brings with it high
social and environmental risks. The reason many projects
are stalled, as the OECD notes, often relate to land, and en-
vironmental and social restrictions in place. In other words,
local resistance has stalled projects - such as coal mines
and power plants - because of their potential impacts:
threatening to displace and impoverish communities, de-
stroy forests or pollute rivers. A recent report by the Right
and Resources Institute and the Bharti Institute for Public
Policy stresses the role that disputes over land and resourc-
es have played in delaying projects:
Analysts have seriously underestimated the role that
land-related conflicts play in stalling investment proj-
ects, and the magnitude of the cost imposed by these
conflicts on the Indian economy and society. Out of
80 high-value stalled projects, more than a quarter (21
projects) are stalled due to land disputes.17
Restarting such projects brings with it a host of risks - not
Who’s who at the NIIF47
Sujoy Bose: In June 2016, the Indian government ap-
pointed Sujoy Bose as CEO of NIIF Ltd. Previously, Bose
was Director and Global Co-Head, Infrastructure and
Natural Resources at the International Finance Corpora-
tion.48
Mr Bose has previously pushed for IFC investment
in India for renewable energy. He has 20 years experience
in emerging markets private equity and debt investments
at IFC, where he was responsible for several major trans-
actions in Asia, Africa, Latin America and the Middle East.
From 2006-10, he headed the IFC’s office in Mumbai.49
Rajiv Dhar: Previously Executive Director finance for
Omar Zawawi Establishment LLC (OMZEST), a holding
company of the largest and most diversified conglomer-
ate in the Sultanate of Oman. OMZEST comprises of 65
companies and employs over 20,000 people.
Prakash Rao: Previously Head of Commercial and Retail
Banking operations of State Bank of India in Tamil Nadu
and Pondicherry.
Vinod Giri: Previously Director of IDFC alternatives. IDFC
Alternatives is IDFC’s alternative asset management ver-
tical and manages over US$3 billion on behalf of institu-
tional investors from across the world.
Saloni Jhaveri: Previously Vice President HDFC invest-
ments.
Nitin Singh: Previously Assistant VP, SBI capital Venture
Limited
Saurabh Jain: Previously Chief Financial Officer, ACTIS
Karthikeyan M: Previously Chief Investment officer
Inquest Infra
7
least the reputational risk to any financier involved.
The question is whether these are risks potential investors
such as the Asian Infrastructure Investment Bank are wiling
to shoulder?
AIIB President Jin was very clear when he told attendees of
2017’s AGM in Jeju, South Korea, “there are no coal projects
in our pipeline, and we will not consider any proposals if we
are concerned about their environmental and reputational
impact.” However, a risk that comes with financing projects
via intermediaries - especially ones as huge as NIIF - is that
it is very difficult to track where the money actually ends up.
There is a strong risk that such an investment could end up
financing coal or other harmful projects by the back door.
The question for potential investors is whether such contro-
8. versial stalled projects will once again be brought forward if
funding becomes available from the NIIF?
Powering the future?
It is not only stalled projects that the NIIF could end up
funding, but also greenfield and brownfield projects, such
as power plants and transmission lines. For Modi, energy
generation is at the heart of infrastructure expansion: “The
power and energy sectors are the biggest constituents of
the infrastructure sector. If you ignore them, no develop-
ment will happen,” Modi told the Wall Street Journal when
he was Chief Minster for Gujarat.18
Today, India is at an energy crossroads: with a burgeoning
solar industry and massive untapped renewable potential,
a big shift to clean energy is already underway. But at the
same time, India is historically dependent on coal.19
What
happens next is crucial, given that energy demand - which
has doubled since 2000 - will continue to rise as India’s
economy grows, contributing fully one quarter of the world’s
predicted rise in demand. The International Energy Agency
predicts this growth will be fuelled by coal, “Surging con-
sumption of coal in power generation and industry makes
India, by a distance, the largest source of growth in global
coal use.”20
The NIIF has the potential to play a catalytic role in shaping
India’s energy future, if the right choices to back sustain-
able and clean energy options are made. However there is
a strong risk that NIIF could end up financing coal by the
back door, as its peer - the International Finance Corpora-
tion (IFC) - has done, despite commitments from the World
Bank’s President to shun coal. President Kim committed
in 2013 that the World Bank would only fund coal “in ex-
ceptional circumstances” and for the Bank’s direct lending
portfolio, that commitment has held. However, in its indirect
lending - through policy loans21
and through FIs - the Bank
remains, however inadvertently, steeped in coal. In just
three countries, India, the Philippines and Vietnam, recent
research uncovered over 40 coal mines and plants backed
by the IFC through FIs since that 2013 pledge.22
This was
not part of some deliberate strategy to back coal secretly -
rather it happened because stringent protections and exclu-
sions to ensure such damaging projects did not slip through
the net were either absent or not enforced.
An old lady sitting dejected in front of the partly demolished structure which was once her home. Mumbai witnessed massive urban
demolitions in the recent times, that has left many thousands homeless. (Photo: Joe Athialy)
8
9. Anatomy of a stalled project
While the National Investment and Infrastructure Fund is yet to name the projects that it is considering financing, it
is worth taking a look at the types of stalled projects that form part of the Indian government’s plans - and there-
fore could be eligible for NIIF support.
Power projects continue to dominate stalled projects: 39.04% of total stalled projects by value is in the electricity
sector. One such project is the highly controversial Srikakulam Thermal Power Station in Andhra Pradesh. This
project was originally proposed as a 2,400 MW coal plant by Andhra Pradesh Power Generation Corporation (AP-
GENCO). However, in December 2014 it was reported that APGENCO had signed a Memorandum of Understand-
ing with Japan-based Sumitomo Corporation for a 4,000 MW coal plant in Srikakulam district. In August 2015, it
was reported that the government of Andhra Pradesh after witnessing the growing protest by the farming com-
munity told Sumitomo that the company would be limited to 1,650 acres of land, rather than the 3,000 acres that
the company had sought. The government argued that the amount of land needed to store coal could be limited
by bringing coal by conveyer belt, due to the project’s seaside location. By limiting the acreage of the plant, the
government was reportedly seeking to minimise the amount of land that would need to be acquired from local
farmers.50
The project was opposed by local farmers: villagers in Thotada, Rallapalli and Susaram objected to the plant on
the basis that the government did not actually possess the 1,300 acres that it claimed to have available for the
project. Since the area comprised fertile agricultural land, local communities were not prepared to let the govern-
ment acquire their land. Opposition parties also extended their support to the farmers, while representatives of
farmers’ associations accused the government of trying to intimidate opponents of the plant by deploying a heavy
police presence to the area. On 29 April 2017, the government of Andhra Pradesh took the decision to defer con-
struction of the 4,000 MW plant until 2022.
Similarly, a 4000 MW supercritical thermal power project was proposed in Cheyyur, Kancheepuram district, Tamil
Nadu. The project has been mired in controversy and has faced significant opposition. Local villagers - all of
them either fishermen or farmers - are opposing the project since they view it as a ‘death knell’ to their farming
and fishing livelihoods. The construction of jetties to off-load coal would put an end to coastal fishing and several
hundred families would be deprived of their livelihood. Of the 1,110 acres the government proposed to acquire
for the project, a majority is fertile, cultivable land. According to a report by the Institute for Energy Economics
and Financial Analysis (IEEFA), “The 4,000 MW coal-fired Cheyyur UMPP is likely to be a non-starter at best or
a financial disaster for consumers, TANGEDCO and the state government if it actually gets built.”51
In November
2013, the National Green Tribunal restrained the authorities from awarding the project. The Tribunal’s order came
in response to a petition filed by local villagers challenging the grant of environmental clearance for the project,
alleging large-scale violation of standards. The petitioners, representing largely the fisherfolk community, claim
that the green clearance was based on false information contained in the Environmental Impact Assessment
report. A report by Community Environmental Monitoring (CEM), “Science, Non-Science and the Dubious Role of
‘Experts’ in Environmental Due Diligence: A Case Study of Cheyyur UMPP”, is a scathing indictment of how rules
were allegedly bent and facts overlooked to grant clearance for the project. “The Cheyyur case exposes how the
procedures under the EIA Notification of 2006 are rendered meaningless by corrupt consultants, uncaring project
proponents, intellectually dishonest experts and crony regulators,” the report claims.52
The bid for the project has
now been deferred to 2022.
In the Indian transport sector, construction of highways has faced similar delays. Back in 2015, as many as 403
road projects were stalled,53
but according to an Economic Survey tabled in Parliament by Finance Minister Jaitley
in early 2018, 88 per cent of those had now been resurrected.54
At a summit organised by the Indo-American Chamber of Commerce the Minister for Road Transport and High-
ways explained how the stalled projects had been re-started: “Land acquisition, environment, forest clearance,
etc., were the problems. Now, we have cleared all these things”.55
9
10. So does the NIIF or the AIIB have the systems in place to
ensure this same mistake is not repeated? The AIIB’s Pres-
ident has similarly expressed his doubts around coal; but
does his team have the means to ensure FI investments do
not end up backing coal?
The answer is a resounding no. The AIIB’s Energy Sector
Strategy has extremely promising commitments to uphold
the Paris Agreement but leaves the way open for coal fi-
nance;23
the Bank’s Environmental and Social Framework
is not sufficiently robust to stop coal; and its safeguards
applying to Financial Intermediaries have the same weak-
nesses as the IFC’s, which allowed coal to slip through the
net in the first place.24
These loopholes can and should be tightened, to bring AIIB
into line with current international best practice at other
IFIs, and to ensure its lending through intermediaries such
as NIIF does not end up financing harmful projects such as
coal by the back door. Recommendations for simple steps
the AIIB can take to address these challenges can be seen
on page 12.
Where does the money end up?
Transparency challenges
As previously mentioned, the NIIF is not the first infrastruc-
ture fund the AIIB has financed in India. In June 2017, during
its Annual General Meeting in Jeju, South Korea, the AIIB’s
Board approved a $150 million equity investment in the In-
dia Infrastructure Fund.25
Leading up to the Board’s decision, CSOs in India and in-
ternationally raised concerns about the investment, arguing
that the India Infrastructure Fund was heavily exposed to
the coal industry.26
However, it transpired that the AIIB’s in-
vestment was into a different India Infrastructure Fund (IIF).
The confusion arose from the fact that no information was
publicly available about the AIIB’s IIF, save a very vague
project information document posted on AIIB’s website.27
Any google search to this day turns up the ‘wrong’ IIF.28
It is
impossible to find out more about the AIIB’s IIF: no informa-
tion at all is publicly available about the investments it has
made or is considering. Despite assurances to civil society
at a meeting in Jeju from AIIB’s DJ Pandian that there was
no obstacle to releasing that information,29
eight months
later there has been no word. It is therefore impossible for
concerned Indian citizens, potentially affected communi-
ties, and civil society to assess whether the AIIB is ensuring
that its social and environmental protections are being im-
plemented in this investment.
It is unclear whether the AIIB’s Board - which stipulated in
its revisions to the AIIB’s Energy Sector Strategy which was
also approved in June 2017, that “In the case of financial
intermediaries, attention will be paid to their capacity for en-
vironmental and social management and careful screening
of subprojects”30
- has any idea which subprojects the IIF
has supported to date.
Nor is there much concrete information about the subproj-
10
Activists meeting to discuss the Delhi Mumbai Industrial Corridor. (Photo: Joe Athialy)
11. ects the NIIF might fund. Back in 2016, the interim invest-
ment adviser of the NIIF told the press that eight projects
were under consideration, inducing the Konkani railway, a
power transmission project in the north of India and various
road projects.31
NIIF’s promotional video32
mentions “ex-
citing opportunities” in roads and highways, railways and
freight corridors, ports infrastructure, meeting power gener-
ation and transmission in solar, oil and gas pipelines, plans
for 100 smart cities, and airports. But there is no detail.
It is essential that project documents be made available to
stakeholders before project approval and that high and sub-
stantial risk projects financed through infrastructure funds
or financial intermediaries be disclosed publicly. Not only
does such transparency ensure accountability to affected
communities (and the opportunity of redress should things
go wrong), but it is crucial in allowing risk identification, su-
pervision and management.
Spotting and managing risks up front is often cheaper and
less time-consuming than having to rectify mistakes later.
Allowing stakeholders to participate and contribute their
views and knowledge is key to ensuring the full impacts of
projects are known and addressed (or avoided) early-on in
the project cycle.
The AIIB ESF is not sufficiently robust in its disclosure re-
quirements. It does not, for example, commit to disclose
documents a specific number of days before project ap-
proval, nor does it mention information disclosure relating
to financial intermediary investments.
The AIIB’s draft Public Information Policy,33
released for
public consultation at the time of writing, is not reassuring.
It does not specifically mention information disclosure in fi-
nancial intermediary lending, despite this being a high risk
and relevant investment activity. Furthermore, the draft pol-
icy puts in place restrictions which could presume against
information disclosure by FIs, such as: “the Bank shall not
disclose information, if doing so would prejudice the finan-
cial worth or competitiveness of a natural individual person
or the Bank or any other corporate entity, or their assets.”
Nor does the draft policy commit to time bound disclosure
of project information - an essential step in ensuring infor-
mation is available early enough in the project cycle for risks
to be spotted and managed or averted.
In response to a letter34
sent by the NGO Forum on ADB
on behalf of 30 non-governmental organisations (NGOs) re-
questing a number of reforms to AIIB’s FI lending (whose
recommendations are listed in the section below), the
bank’s Vice President for Policy and Strategy commits to
ensure that both FI clients and the AIIB release information
about FI subprojects. Joachim von Amsberg told the NGOs
that FIs would disclose “relevant social and environmental
documentation” in a manner “proportionate to the associ-
State police officials standing on guard at a project site, acquired from farmers for a factory in Singur, West Bengal. (Photo: Joe Athialy)
12. ated environmental and social risks and impacts”. He also
wrote that “For its part, the Bank undertakes to … disclose
relevant environmental and social documentation on these
subprojects.”
This commitment falls short of defining exactly which sub-
project information will be made available (for example, en-
vironmental and social impacts assessments, resettlement
actions plans, indigenous peoples plans etc) and crucially
when.
As mentioned above, a check on the AIIB’s investment in
the India Infrastructure Fund, approved in June 2017, re-
veals that this commitment is not currently being fulfilled:
there is no information at all on subprojects being consid-
ered by the Fund.35
First steps to reform: learning lessons from the IFC
Responding to the problems outlined in the above section:
The problems with hands off lending through intermediar-
ies, the IFC’s CEO recently announced that the IFC has cut
its high-risk lending from 18 to just 5 investments,36
and
has committed to increase the number of FI investments
ring-fenced for such ends as climate mitigation and wom-
en-owned SMEs.37
In addition, the IFC has also begun
“tracking FI clients’ exposure to coal, and plans to incor-
porate a reporting requirement on coal exposures in legal
documents with all new FI clients”.38
In this context, it is crucial that the AIIB learn from the IFC’s
problematic experience with its FI portfolio and act to avoid
the associated social, environmental and reputational dam-
age, especially as it moves to approve more and more FI
investments, including the NIIF.
The AIIB can do so by putting in place robust policies and
systems around financial intermediary investments to en-
sure transparency, accountability and efficient channels of
communication with all stakeholders. These requirements,
in AIIB’s policies, investment decision-making and con-
tracts with FI clients should be mandatory and include:
• Scrutinising the existing project portfolio and pipeline of
proposed FI clients to ensure that all projects are in line
with the bank’s policies and strategies;
• Ensuring that the proposed FI client has in place a ro-
bust environmental and social management system be-
fore the investment is approved;
• Reviewing the track record of the FI client in applying
the environmental and social framework and making
this assessment public;
• Ensuring that FI clients require sub-projects to be com-
pliant to all AIIB policies specially the Environmental and
Social Framework (ESF), Complaints Handling Mecha-
nism (CHM), Public Information Policy, and all relevant
sectoral strategies and guidelines. This should enable
FI sub-projects to remain accountable to AIIB oversight
and due diligence at all levels of the project cycle;
• Monitoring the proposed client’s social and environ-
mental due diligence and supervision of its investment;
and
• Ensuring FI sub-project affected communities have ac-
cess to redress, including through the AIIB’s account-
ability mechanism.
In addition, it is crucial that the AIIB contractually require the
FI client to disclose publicly all of its investments and per-
mit the AIIB to disclose the information on its website. This
will help ensure that affected communities and other stake-
holders are aware that the sub-projects must comply with
environmental and social standards and can alert the client,
the AIIB, and its Board at early stages if those standards
are not being met. A provision requiring this disclosure of FI
sub-projects should be included in the AIIB’s forthcoming
Public Information Policy, which is open for public consul-
tation to March 2018.39
In this regard, as a first step, the
AIIB could follow the ADB’s policy requiring 120-day public
disclosure of draft environmental and social assessments
“where the subprojects financed by the FI … through either
credit-line, other loans, equity, guarantee, or other financing
instruments, have potential for significant environmental or
social impacts.”40
Such information would enable the Board, bank manage-
ment, civil society and potentially affected communities to
monitor whether the AIIB’s standards are appropriately ap-
plied to these investments, greatly increasing transparen-
cy and facilitating and incentivising better management of
environment, social, and governance issues across AIIB’s
financial sector portfolio.
Recommendations specific to NIIF:
• For FI clients such as NIIF, there needs to be clarity and
transparency as to project information. This is especial-
ly so in the case of NIIF which has clearly stated that it
will support stalled projects and that a number of such
projects have been stalled because of serious environ-
mental and social concerns.
• No funds should be disbursed and no loans granted
12
13. until there is clarity as to which particular project is being supported by the fund and there is public disclosure of that
information.
• Until all Environmental and Social and transparency policies are approved after a thorough process of consultation with
all stakeholders including CSOs and affected communities, and an adequate complaints and accountability mecha-
nism is in place, no further projects should be approved, whether co-financed or through FIs.
• All policies which are applicable to AIIB financed projects financed directly should also be applicable to FI projects
such as NIIF.
• Communities should be informed of the relevant AIIB policies and the availability of a complaints and accountability
mechanism in a language and manner they can understand and their consent should be sought before a project is
approved.
Endnotes
1 http://indianexpress.com/article/india/india-news- india/indias-progress- incomplete-without- infrastructure-expansion- pm-naren-
dra-modi- 2992363/
2 https://reconnectingasia.csis.org/analysis/entries/indias-59b- infrastructure-push/
3 https://economictimes.indiatimes.com/news/economy/infrastructure/india-needs- 1-5- trillion-for- infrastructure-arun-jaitley/article-
show/52922015.cms
4 https://www.aiib.org/en/news-events/news/2017/20170718_001.html
5 http://www.thehindubusinessline.com/money-and- banking/india-is- the-first- country-where- aiib-has- committed-over- 1b-of-financ-
ing/article9992492.ece
6 http://www.thehindu.com/todays-paper/tp- national/the-men- who-rule- modis-gujarat/article5984153.ece
7 https://www.aiib.org/en/news-events/news/2017/20170616_004.html
8 https://store.bmiresearch.com/india-infrastructure-report.html
9 http://www.financialexpress.com/economy/national-investment-infrastructure-fund-set-to-end-hiatus-nears-first-major-deal-with-abu-
dhabi/869372/
10 http://www.rediff.com/business/report/delay-in- 75bn-investment- fund-due- to-india- says-uae/20170124.htm
11 https://www.aiib.org/en/projects/proposed/2017/_download/india-infrastructure- fund/national-investment- infrastructure-fund.pdf
12 https://www.narendramodi.in/text-of- pm-s- speech-at- the-inauguration- and-laying- of-foundation- stone-of- various-major-high-
way-projects- in-rajasthan- 536756
13 Cited in ‘Prime Minister Narendra Modi’s efforts to push delayed infrastructure projects are paying off’, Bloomberg 10
May 2017: ‘https://www.bloomberg.com/news/articles/2017-05- 10/modi-diktat- paying-off- india-infrastructure- projects-on-a-roll
14 https://www.oecd.org/eco/surveys/INDIA-2017- OECD-economic- survey-overview.pdf
15 https://economictimes.indiatimes.com/industry/banking/finance/niif-ready- to-provide- last-mile- funding-to- stressed-projects/article-
show/59110245.cms
16 http://www.thehindubusinessline.com/economy/policy/india-makes- it-to- top-100- in-ease- of-doing-
business/article9935450.ece
17 http://rightsandresources.org/wp-content/uploads/2016/11/Land- Disputes-and- Stalled-Investments- in-India_November-2016.pdf
18 https://blogs.wsj.com/indiarealtime/2012/08/29/qa-gujarat- chief-minister- narendra-modi/
19 https://www.iea.org/publications/freepublications/publication/IndiaEnergyOutlook_WEO2015.pdf
20 https://www.iea.org/publications/freepublications/publication/IndiaEnergyOutlook_WEO2015.pdf
21 http://bic-europe.org/world- bank-development- policy-loans/
22 http://bic-europe.org/wp- content/uploads/2017/11/Outsourcing-Development- Disaster-for- Us-and- the-Planet.pdf
23 Paragraph 37 of the AIIB”s Energy Sector Strategy states “Carbon efficient oil- and coal- fired power plants would be considered if
they replace existing less efficient capacity or are essential to the reliability and integrity of the system, or if no viable or affordable alternative
exists in specific cases.” See https://www.aiib.org/en/policies-
strategies/strategies/sustainable-energy- asia/.content/index/_download/aiib-energy- sector-Strategy- 2017.pdf
24 For detailed analysis of the ESF and the FI provisions compared to IFC, see http://bic-europe.org/wp-
content/uploads/2017/12/AIIB-India- Infrastructure-Fund_FINAL.pdf
25 https://www.aiib.org/en/news-events/news/2017/20170615_001.html
26 http://bic-europe.org/wp- content/uploads/2017/12/AIIB-India- Infrastructure-Fund_FINAL.pdf
14. 27 https://www.aiib.org/en/projects/approved/2017/india-infrastructure- fund.html
28 http://www.idfc.com/alternatives/infra-equity/india- infrastructure-fund.htm
29 AIIB Chief Investment Officer DJ Pandian told NGOs including Oxfam and Bank Information Center Eurpe that there was no obstacle to
releasing information about IIF’s sub-project investments.
30 https://www.aiib.org/en/policies-strategies/strategies/sustainable- energy-asia/.content/index/_download/aiib- energy-sector-Strategy-
2017.pdf
31 http://www.livemint.com/Companies/lI3QqngchIvMdQ4skDqjjN/Indias-sovereign- wealth-fund- identifies-first- eight-project.html
32 http://niifindia.in
33 https://www.aiib.org/en/policies-strategies/operational- policies/public-consultation/.content/_download/draft_policy_on_public_infor-
mation.pdf
34 http://bic-europe.org/news/aiib- urged-to- take-on- lessons-learned- in-risky- lending/
35 https://www.aiib.org/en/projects/approved/2017/_download/India/summary/India-Infrastructure- Fund.pdf
36 https://www.devex.com/news/opinion-here- s-how- the-ifc- is-working- with-financial- institutions-91223
37 https://medium.com/@IFC_org/re-examining- our-work- with-financial- institutions-208c4161d9e3
38 IFC 2017 Improving IFC’s Approach to Environmental and Social Risk Management: Listening, Learning, and Adapting (updated April
2017). See: https://www.ifc.org/wps/wcm/connect/77c11449-261e- 484b-a885- f9d77b087386/Improving-IFCs- +Approach-to-ES-Risk-
Management-Updated- April-2017.pdf?MOD=AJPERES
39 https://www.aiib.org/en/policies-strategies/operational- policies/public-consultation/
40 ADB Safeguard Policy Statement, 2009. SAFEGUARD REQUIREMENTS 4: SPECIAL REQUIREMENTS FOR DIFFERENT FINANCE
MODALITIES
41 https://medium.com/@IFC_org/re-examining- our-work- with-financial- institutions-208c4161d9e3
42 http://www.cao-ombudsman.org/newsroom/documents/documents/CAOMonitoringReport_FIAudit_March2017.pdf
43 http://www.cao-ombudsman.org/newsroom/documents/Audit_Report_C-I- R9-Y10- 135.pdf
44 http://www.cao-ombudsman.org/documents/CAOMonitoringReport_FIAudit_March2017.pdf
45 https://www.inclusivedevelopment.net/what/campaigns/outsourcing-development/
46 http://arthapedia.in/index.php?title=National_Investment_and_Infrastructure_Fund_(NIIF
47 http://niifindia.in/#team
48 http://www.pionline.com/article/20160628/ONLINE/160629870/ifcs-infrastructure- co-head- to-lead- indias-new- national-infrastruc-
ture-fund
49 https://www.bloomberg.com/research/stocks/private/person.asp?personId=216840905&privcapId=5532122
50 http://www.thehindu.com/news/national/andhra-pradesh/govt- decides-to- minimise-land- acquisition-for- 1600-acres- for-sumito-
mo-project/article7565838.ece
51 http://www.financialexpress.com/industry/cheyyur-umpp- electricity-to- be-unaffordable- report/337353/
52 http://www.business-standard.com/article/economy- policy/cheyyur-power- project-trips- over-environmental-clear-
ance-113112001126_1.html
53 http://www.thehindubusinessline.com/money-and- banking/dont-be- wary-of- funding-road- projects-gadkari- tells-banks/arti-
cle9864068.ece
54 https://economictimes.indiatimes.com/news/economy/policy/proactive-steps- led-to- reduction-in- stalled-road- projects-survey/arti-
cleshow/62699187.cms
55 http://www.thehindubusinessline.com/money-and- banking/dont-be- wary-of- funding-road- projects-gadkari- tells-banks/arti-
cle9864068.ece