Relying on Rivals
India’s Prime Minister Narendra Modi must invest trillions of dollars on roads and other critical infrastructure if he’s to pull the economy out of its slump, with at least half coming from provincial governments that are out of his control. India will need to spend 235 trillion rupees ($3.3 trillion) on infrastructure over the coming decade to return economic growth rates to more than 7.5%, according to Crisil Infrastructure Advisor. That means Indian states will have to more than triple their contributions from the current decade, it said. “Unless states contribute nearly 50% of infrastructure investments, India’s build-out momentum could taper sharply,” Sameer Bhatia, president of the S&P Group company, said in the report published Tuesday.
What We’ve Been Reading
This is what’s caught our eye over the past 24 hours.
- China’s $40 trillion man has the toughest job in global finance.
- I took a Chinese DNA test. The results were weird.
- The EU is saying the forest fire emissions from Indonesia are worse than the Amazon.
- This Australian state is touting tech in a bid to fend off climate criticism.
- Sri Lanka faces a new hurdle as Asia’s most prolific debt issuer.
- Kim Jong Un quietly increases nuclear threat as Trump talks stall.
- Investment management is still a boys’ club, according to Goldman Sachs research.