Indian IT exporter LTIMindtree bags $450 million deal, its largest-ever
Indian software services exporter LTIMindtree bagged a $450 million multi-year deal, its largest-ever, the company said on Monday.
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Straits Times
an hour ago
- Straits Times
Carney, Modi hold talks to reset India and Canada ties after tense two years
Canadian Prime Minister Mark Carney and India's Prime Minister Narendra Modi shake hands before posing for a photo during the G7 Leaders' Summit in Kananaskis, in Alberta, Canada, June 17, 2025. REUTERS/Amber Bracken Carney, Modi hold talks to reset India and Canada ties after tense two years KANANASKIS, Alberta - The leaders of India and Canada on Tuesday held their first bilateral meeting since then-Canadian Prime Minister Justin Trudeau accused New Delhi in 2023 of involvement in the killing of a Canadian Sikh separatist. Relations have been poor for almost two years but there was no sign of tension when Prime Minister Mark Carney warmly welcomed Indian counterpart Narendra Modi to the Group of Seven summit he is chairing in Alberta. India denied Canada's allegations of involvement in the murder, and both nations are looking to shore up global partnerships as trade tensions and wars are recasting long-standing alliances. Carney has previously said he invited India, which is not a G7 member, due to its importance in global supply chains. "It is my great honor to have you here," Carney told Modi, saying their meeting was a "testament to the importance of your country" and the issues they needed to tackle together. These included energy security, artificial intelligence, and the fights "against terrorism" and against transnational repression. Carney did not mention the furor sparked when Trudeau accused India's government of involvement in the murder of Hardeep Singh Nijjar on Canadian soil. Modi did not mention the case either. Speaking through an interpreter, he said the two nations could work together to strengthen democratic values. "I'm sure, under your leadership, we will be able to work together in a positive way," said Modi, paying his first visit to Canada for a decade. India is Canada's top source of temporary foreign workers and international students, as well as an important market. Greg Cherewyk, president of the Pulse Canada industry group, said Canadian farmers hope to export more agricultural products to the world's most populous nation, including lentils. Canada's Sikh community, the largest outside of the Indian state of Punjab, has voiced outrage over Modi's visit, saying Canada should have set conditions before inviting him. A few dozen Sikh protesters in downtown Calgary tore apart Indian flags in protest on Tuesday. Modi's government has denied involvement in the killing and accused Canada of providing a safe haven for Sikh separatists. Last year, Canada expelled six Indian diplomats, linking them to Nijjar's murder and alleging a broader government effort to target Indian dissidents in Canada. Four men have been charged with his murder. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
CNA
an hour ago
- CNA
Commentary: The myth of the suppressed Chinese consumer
NEW YORK: The great half-truth about China is that its economy consumes too little and invests too much. Over-investment is a real problem, but underconsumption is not. So the mounting calls on the country to 'rebalance' by encouraging more consumer spending are misguided. In the standard telling, China set out to become a manufacturing power in the 1980s and has since suppressed spending by consumers, so it could pour their savings into building ports and factories. But the suppressed consumer is a myth. So far this century, in real terms, private consumer spending in China has grown more than 8 per cent a year, faster than in any other economy – by far. Over the past few years, consumer spending growth has slowed in most countries, due to ageing populations and falling real incomes, and it has fallen in China as well to 5 per cent a year. But that is still higher than in any other major economy except Turkey, where consumption was boosted by a credit boom and refugee inflows. The myth rests in good part on the consumption share of China's gross domestic product, which is just 40 per cent – well below the global norm. But the reason for this anomaly is not that consumption has grown slowly, it is that the other big component of GDP, investment – in infrastructure, real estate, export industries – has grown even faster, averaging 10 per cent a year in this century. That pace, too, is the fastest for any major economy by a significant margin. Corrected for this long-term pattern of over-investment, the consumption share of China's GDP would be around 55 per cent, closer to normal. Consumer spending has also grown much faster in China than in established and newer Asian manufacturing powers, from Japan and South Korea to Indonesia and Malaysia. And when the original miracle economies were reaching the level of development in China today, they too saw sharp slowdowns in consumer spending growth. Yet, somehow, calls to free the Chinese consumer persist alongside mounting evidence of the steady growth in their spending. It's difficult to spot symptoms of repression among the Chinese shoppers in luxury stores from Shanghai to Paris. Drill down into consumer spending, and growth looks to be weakening mainly for services, not goods. But this, too, is partly illusory. If one factors in services provided by China's government at little or no charge, including healthcare and education, consumption rises significantly as a share of GDP. CONSUMPTION VS INVESTMENT Investment, on the other hand, is clearly excessive at 40 per cent of GDP and roughly equal to consumption. In a typical economy, investment is lower than consumption as a share of GDP but more important to the economic cycle. Consumers can't stop spending on necessities in a downturn but businesses can stop investing, at least for a while. This binge has been extreme. Only 10 countries have ever seen investment peak above 40 per cent of GDP, briefly. At that level, so much capital flows to unnecessary projects that the binge tends to reverse quickly, slowing growth. China, uniquely, has managed by debt engineering to keep investment above that for two decades now. Relentless over-investment is fuelling tension with trading partners, since China ends up exporting a lot of its excess production and breeding dysfunction at home. Over time, such binges tend to divert capital into less productive targets such as real estate – which helps explain China's debt-soaked property market today. The outsiders urging China to focus instead on the consumer can cite genuine 'structural' obstacles to their spending. Internal migration controls block many rural Chinese from moving to higher paying urban jobs. Meagre pensions compel many workers to save for retirement rather than spend. The weakening real estate market and other negative 'wealth effects' further discourage spending. China's leaders seem to be heeding some of this advice. An 'action plan' announced in March promised to 'vigorously boost consumption', but so far the action has been light on structural reform and heavy on subsidies for purchases of goods such as home appliances – which have only a passing effect. Consumers rushing to buy rice cookers now won't be buying them in coming years. China's consumer spending has been growing at a world-beating pace and doesn't have much room to accelerate, particularly not when many households are deep in debt. That debt has tripled in the past 15 years to over 60 per cent of GDP, among the highest in emerging markets and close to that in the heavily consumer-driven US economy. The country can't solve the real problems caused by over-investment – from geopolitical tensions to dysfunction at home – by attacking the phantom problem of underconsumption. The crux of the imbalance is that the state has been pushing too much investment for too long in the name of hitting its inflated growth target, now set at 5 per cent. The answer is not to shift the focus of state meddling to boosting consumption. It is to accept that China is weighed down by a shrinking population, declining productivity and a huge debt load. It has a real potential growth rate closer to 2.5 per cent than 5 per cent. And as growth slows to a more realistic pace, consumption will naturally expand as a share of the economy.
CNA
5 hours ago
- CNA
Singapore Tonight - Tue 17 Jun 2025
47:53 Min Singapore Tonight From business to politics, health to technology, we bring you up-to-date with the latest news on Singapore and analyze how these events may affect you tomorrow. Singapore Tonight About the show: From business to politics, health to technology, we bring you up-to-date with the latest news on Singapore and analyze how these events may affect you tomorrow.
