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EDITORIAL |
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Dear Reader,
Greetings. India's relations with
Russia, the main constituent of
the former Soviet Union, have
not only been steady but have
been on the upswing during the
last two decades. Ever since the
demise of the Soviet Union in
1991, Russia has shed the shackles
of Communism to emerge as a strong
free market economy. This journey
has also coincided with India's
own tryst with globalization through
economic reforms. No wonder, relations
between India and Russia have
become strategic for both countries
especially in such crucial areas
as civilian nuclear energy and
defence technology. India's President
Pratibha Patil's recent state
visit to Russia has further fortified
this strategic bond. The cover
story of the current issue of
Indo-CIS Business brings into
focus the endeavour of both nations
to broaden their bilateral trade
to achieve a target of $10billion
by 2010. The Indian economy, though
battered and bruised by the current
global financial crisis, has remained
intact and resilient. In fact,
India continues to be a favourite
destination for foreign direct
investment (FDI). A joint study
by New Media and Indicus reveals
that some Indian States have between
themselves created a bright investment
skyline to draw FDI in huge sums.
We carry the study in the focus
section. With the country's economic
development crucially linked to
its power generation, India is
seriously looking at renewable
and alternative forms of energy.
Wind energy is one area in which
India has done well. The issue
carries a study by the Export-Import
Bank of India (Exim Bank) highlighting
the potential the wind energy
holds for the country. There is
another Exim Bank study, a country
focus on Russia, whose economy
is expected to start recovering
in 2010 after having been hit
by the current global recession.
We carry a thought-provoking speech
by Kazakhstan President Nursultan
Nazarbaev, who traces the roots
of the current global financial
crisis to the existing 'defective'
world currency system and calls
for its demolition. Kazakh President
Nazarbaev's unhindered focus on
socio-economic development of
his country has vastly improved
the quality of life for his people.
We carry a report. The issue presents
a 2009 KPMG Business Outlook Survey,
covering around 1,800 firms across
the BRIC (Brazil, Russia, India
and China) region and highlighting
how their economies are rebounding
in the aftermath of the financial
crisis. We carry the usual Russian
section besides news and other
regular features. Finally, we
take this opportunity to salute
Mr. T.C. Venkat Subramanian, Chairman
and Managing Director of the Export-Import
Bank of India, who has been the
inspiration behind this publication
since its inception, and who is
relinquishing office shortly at
the end of a distinguished career
as a banker par excellence, spanning
more than three decades. We are
sure he will continue to guide
us and many others even after
retirement from the present eminent
post.
Wish
you happy reading.
Satya Swaroop
Managing Editor
Satya@newmediacomm.biz
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