Core elements of the global banking industry are moving to India
Statistics, data management and cloud-based operations are among its strengths
FINANCIAL CENTRES, like delicate plants, thrive in the right conditions. Those include a vibrant private sector, banks that direct capital based on the prospect for profit, analysts with direct access to companies and investors, openness to foreign people and institutions, and business-friendly, consistent laws. For good measure, throw in the cultural amenities that attract the sorts of employees who could choose to live anywhere.
India is not such a place. Its laws are many and perplexing; its domestic markets, inefficient and politicised. Though saving is unrewarding, capital is still costly for entrepreneurs. International firms are mostly limited to cross-border activities. It often scores badly on quality of life.
This article appeared in the Finance & economics section of the print edition under the headline "On the way to Wall Street"
Finance & economics August 10th 2019
- The trade war escalates, and the fog of war descends
- How yuan-dollar became the world’s most closely watched asset price
- The surprising departure of HSBC’s chief executive
- The Fed says it will build a real-time interbank payments system
- As yields turn negative, investors are having to pay for safety
- Core elements of the global banking industry are moving to India
- Prices for many goods do not move the way economists think they should
From the August 10th 2019 edition
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