Two decades ago as India's minister of finance, Manmohan Singh pushed through reforms to end the "licence raj", a nightmare web of central planning permits and regulation that had sealed India's economy off from global trade and investment.
The reforms, most of them enacted while PV Narasimha Rao was prime minister, jump-started an Indian economic boom that helped hundreds of millions rise from poverty.
Today Mr Singh is prime minister himself, and he presides over a country that needs a new wave of reforms if its economy is ever going to lift the hundreds of millions of Indians still mired in poverty. A Supreme Court ruling on Friday points the way.
The world hears often and at length about India's corruption in high and low places and also about its appallingly pre-modern infrastructure. Indeed, both of these are all-too-effective brakes on development.
A third problem, less reported but no less serious, is the pervasive wariness, even hostility, about outside private investment. Twenty years after the licence raj, foreign investors are too often perceived as menacing, rather than essential partners in the growth India needs.
On Friday, the Supreme Court ruled in favour of Vodafone, the British telecom company, in a capital gains tax matter springing from its 2007 acquisition of an Indian mobile-phone firm. The ruling will spare Vodafone some $2.6 billion (Dh9.55bn) in taxes.
This is a legal ruling on a specific case. But over the years of legal combat, the Vodafone matter has acquired great symbolic significance, and has been watched attentively wherever investors aspire to do business with India. UAE-based Etisalat, which entered the Indian market in 2008 and is involved in its own legal battle, is among those paying attention.
The ruling may, as we hope, serve as a clarion call to Indian lawmakers and bureaucrats, helping them to understand that an unpredictable, avaricious bureaucratic climate is a damaging deterrent to investment. Tax policy, labour law, regulatory delays and other aspects of the country's business climate all need attention. So, as always, do the wider problems of infrastructure and corruption.
To be sure, India's complex, tumultuous politics can slow progress to a crawl. The government has recently had to abandon much, though not all, of a plan to allow foreign retailers into the country, for example.
But if Mr Singh and his allies can rediscover the spirit that led to the reforms of the early '90s, all Indians will stand to benefit.
Dunki
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Pakistanis%20at%20the%20ILT20%20
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
COMPANY%20PROFILE
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
UAE currency: the story behind the money in your pockets
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
AT%20A%20GLANCE
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
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The%20specs
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
COMPANY%20PROFILE
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Honeymoonish
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WHAT ARE NFTs?
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.
This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
Fight card
1. Featherweight 66kg: Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg: Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg:Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg: Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg: Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg: Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg: Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg: Mostafa Radi (PAL) v Ahmed Abdelraouf of Egypt (EGY)
9. Featherweight 66kg: Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg: Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
COMPANY%20PROFILE%20
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Company%20Profile
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now