World's first "rock star" economist, he coined the popular term "BRIC"
The BRICS Development Bank could become a World Bank in future due to the increasing influence of emerging countries, chairman of Goldman Sachs Asset Management said on Wednesday.
BRIC economies are currently worth around $11-12 trillion.
The growth will happen in the asset management market, as the Indian population is richer and economy would continue to grow.
The Centre on Thursday cleared 14 Foreign Direct Investment proposals worth Rs 1,257 crore, including those of Mauritius-based Essar Telecom Holdings Ltd and US-based Goldman Sachs Asset Management. The proposals include induction of foreign equity worth Rs 500 crore by Essar Telecom Holdings and Rs 200 crore from GSAM. The investment proposals were cleared by Finance Minister P Chidambaram on the recommendations of the Foreign Investment Promotion Board.
Recently, Slice, a payment app, acquired a 5 per cent stake in North East Small Finance (NESF) for $3.42 million - the first such deal by a fintech in a small finance bank. Slice (valued at $1.5 billion, and backed by Tiger Global, Blume Ventures and Axis Bank) will technically get a toehold in a scheduled commercial bank if NESF were to get a licence to morph into one down the line Such a transition is well within the banking regulator's declared framework. The transaction has to be seen in a larger context.
'India poised to be world's 3rd largest economy', says Jim O'Neill who is better known for coining the acronym BRIC.
In last few years, a number of global players have exited the Indian mutual fund business.
Sources said many individual investors were interested in applying for the NFO, due to additional benefits being offered such as upfront discounts and loyalty bonuses.
From lack of big reforms to regressive tax policies, the Modi govt has surrendered its initial momentum, says Shishir Asthana.
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