Category: Opinion

  • Dinesh Dhamija: The Hydrogen Revolution is Here

    Dinesh Dhamija

    Within a few years, the gas that fuels your central heating could have changed to hydrogen, without you even realizing.

    Further into the future, hydrogen could power everything from household electricity to fertilizer and industrial steel production.

    According to a report from the US Geological Survey, there are billions of tonnes of untapped but accessible hydrogen beneath the earth’s surface, enough to supply the world’s needs for hundreds of years.

    “A gold rush for hydrogen is coming,” said Mangli Zhang of the Colorado School of Mines at a conference in February this year. “Geologic hydrogen represents an extraordinary opportunity to produce clean hydrogen in a way that is not only low carbon, but also low land footprint, low water footprint and low energy consumption,” added Paul Harraka at energy start-up Koloma. Geologic hydrogen is simply extracted from the ground, in contrast to ‘blue’ hydrogen, made from natural gas, with carbon emissions captured, ‘grey’ hydrogen, without carbon capture, and ‘green’ hydrogen made from water using electrolysis from renewable energy sources.

    Now that its potential for replacing fossil fuels is becoming clear – and the imperative to decarbonize has increased – hydrogen’s time has come. In a similar way that natural gas was once viewed as a useless byproduct of oil extraction, hydrogen exists in vast quantities, but has largely been ignored so far. In the central African country of Mali, a steady stream of hydrogen has jetted out of the ground in a village called Bourakébougou since 2012, providing their first electricity supply. At a chromite mine in Albania, an estimated 200 tonnes of hydrogen per year , researchers discovered earlier this year.

    In Australia, the government plans its own version of Joe Biden’s clean energy subsidies to stimulate hydrogen production and transform its industrial base. One major energy developer, with backing from Danish and British energy firm, expects to begin commercial hydrogen production in 2025.

    India and China have both announced ambitious hydrogen production developments, partly based – like Australia – on their ready access to solar energy, as a means of creating green hydrogen. In the UK, where sunshine is less abundant, plans for hydrogen plants have flared and dimmed, as doubts over government subsidies and relative costs compared with natural gas power have delayed investment. UK chemicals company Ineos, Indian-owned Essar Group and US company Phillips 66 have all published plans for hydrogen-based facilities but haven’t yet green-lighted them.

    I’d say it’s only a matter of time before this revolution properly kicks in. The economics of creating clean fuel from water and sunlight, or extracting it from the ground, are compelling.

    Dinesh Dhamija founded, built and sold online travel agency ebookers.com, before serving as a Member of the European Parliament. Since then, he created the largest solar PV and hydrogen businesses in Romania. His latest book is The Indian Century.

     

  • Saison Review by Ronel Lehmann: “If only our politics could be as sweet as this’

    Saison Restaurant Review, by Ronel Lehmann

     

    It was absolutely bucketing down. There was only one thing for it. My guest was coming from the Palace of Westminster, and it seemed sensible to book a table with the shortest stroll to the Old War Office. This is one of the great buildings from the Edwardian Age, originally completed in 1906 and recently reincarnated as Raffles, with an eye watering refurbishment.

    Having parted with my umbrella, I arrived a few minutes early in this Mediterranean all-day dining atrium. The waiter was quick and attentive and sparkling mineral water was immediately served. I decided to use the wine list to cover the uplighter spotlight which was beaming from the floor right in between me and my companion.

    The first thing that I noticed after my retina had adjusted was my side plate appeared to be used. On closer inspection, the waiter explained that this was the design of the plate to incorporate the yellow splashings of citrus. After the reassurance that it wasn’t uric acid, I felt able to place my freshly baked focaccia on the plate. The focaccia was so airy and melted in the mouth with a dunking of olive oil.

    Over the years, my surname has been refashioned as lemon, layman, leeman and lenor, and the table theme continued with a fresh lemon and lime decoration in keeping with the celebrated Argentine Chef, Mauro Colagreco’s philosophy, and approach to seasonal cuisine.

    We elected to have a main course only. Parliamentarians are under pressure to be able to vote at short notice and the ravioli dish was hastily ordered. The presentation of the Pumpkin Ravioli was exquisite, small wheels of patterned pasta, roasted chestnut, more lemon confit, and winter black truffle. We were hungry and didn’t notice that parmesan wasn’t offered. The seasonal leaves described as a Crate to Plate Salad with herb vinaigrette was a colourful accompaniment to the ravioli.

    By this time, we had looked at the other tables and had begun to recognise other notable Members of Parliament and strategists deep in conversation.

    Rather than be distracted further, we decided to share the Citrus Tart and lemon leaf ice cream. When it arrived a reduction of fruits and herbs were gently poured over the pudding. I was thinking if only our politics could be as sweet as this, and then why did we share, when overcome by such a rich and divine lemon taste. The espresso cup was served in a cacophony of colours together with a small freshly baked biscotti.

     

    Before we left the Attrium, there was time for a photograph. This place is Instagram heaven and I suspect that the waiters are getting used to being paparazzi. If there was a criticism after the faultless cuisine and service, the piped music didn’t match the grandeur of the establishment. I am reminded of the famous quote “Winter passes and one remembers one’s perseverance.” It is a bit like that, I might visit Saison again in the Spring.

     

    To book go to: https://www.raffles.com/london/dining/saison/

  • China’s Looming EV Dominance

    Dinesh Dhamija

     

    It’s now a decade since Tesla launched its Model S in the UK – the first battery-powered luxury car to reach the market – and there are now just over 1 million all-electric models, of all brands, on British roads. EVs are a common sight.

     

    What’s coming next? Rather than more Teslas, Nissan Leafs, VW ED-3s and Kia e-Niros, a new wave of cheap, mass-produced Chinese EVs is on its way. The highest number of electric vehicles produced by any company in the world is no longer Tesla, it’s the Chinese manufacturer BYD, which sold three million vehicles in 2023 and already has the capacity to make four million per year. It’s developing a new factory in Hungary to serve the European market, alongside others in Brazil, Thailand and Uzbekistan, with further plans for Mexico (to attack the vulnerable US market) and Indonesia.

     

    Just a couple of weeks ago, BYD launched a new plug-in hybrid model that had a good all-electric range and costs just £10,000. The company now plans to flood global markets with its vehicles, just as low-cost Chinese toys and electronic goods have proliferated for years. “The price will make petrol car assemblers tremble,” said BYD on the Chinese social media platform Weibo, as it launched its new model.

     

    It is not just the traditional carmakers that are trembling. Apple just announced this week that it is discontinuing its electric car making efforts, after spending billions on development and promising in 2020 to launch a model in 2024 or 2025. Even Tesla has scaled back its investment, faced with rising interest rates and softening demand. Things are even tougher at the traditional automakers: Ford reportedly lost more than $64,000 on every EV that it sold in 2023 and has delayed opening new battery plants, while GM has also had a troubled EV production history. All the big US manufacturers make their profits from selling pick-up trucks and SUVs. They are desperately trying to create EVs to compete with Tesla and the coming tide of Chinese electric vehicles, but it may already be too late. The same applies in Europe.

     

    Looking at the big picture, more EVs should be a good thing. They will hasten the spread of charging infrastructure, bring down the overall costs for consumers and make electric transportation available to the general public. But for the next few years, there could be a virtual bloodbath in the auto industry, as conventional market models are turned upside down.

     

    Dinesh Dhamija is a renewable energy investor and entrepreneur. He owns a solar energy and hydrogen business in Romania. Earlier, he founded, built and sold ebookers.com and served as an MEP. His latest book The Indian Century has just been published.

     

  • Heidi Mallace on the potential impact of AI on democracy in 2024

    Heidi Mallace

     

    2024 is poised to be the largest election year in history. There will be 74 elections and an estimated 4 billion voters globally, half the world’s population. Countries such as the USA, UK, India, Russia, South Africa, and Nigeria are among those involved. With over 25 years in the communications and reputation management industry, I’ve witnessed the crucial role of effective communication in achieving success. Communication not only shapes opinions and reputations but also influences beliefs. This is a pathway to power for political leaders. 2024 marks a pivotal moment where AI generative communications and democracy converge.

     

    The radical evolution of communications in the 21st century

    Throughout human history, communication has been a remarkable fabric of society. Prehistoric humans relied on verbal means—spoken language, storytelling, and gestures—to share information and coordinate group activities. The development of written language around 3200 BCE marked a significant leap forward in recording and sharing information. Johannes Gutenberg’s invention of the printing press in 1440 enabled the mass production of books and pamphlets, facilitating the widespread dissemination of knowledge and transforming access to information.

    The invention of the Telegraph, over 400 years later, introduced long-distance communication through Morse code. Alexander Graham Bell’s invention of the telephone allowed real-time voice communication over long distances. The 20th century witnessed the rise of electronic communications through radio and television. In 1989, Sir Tim Berners-Lee’s creation of the World Wide Web revolutionised global communications.

    In the past 20 years, social media and smartphones have dominated our communication landscape. According to Kepsios, 61.4% of the world’s population uses social media, with Facebook alone boasting +3 billion users. AI generative models like ChatGPT represent the latest frontier, capable of understanding and generating human-like text, enabling advanced conversational interfaces, content creation, and personalized communication. Upon its launch in November 2022, ChatGPT acquired 1 million users in 5 days. By December 2023, it had 180 million active weekly users, with 1.5 billion website visits in October 2023 alone. The scale and pace of AI development are almost unimaginable. Its impact will potentially influence democracy this year.

    Alerting all communications professionals and voters

     

    Communication strategists and campaigners are poised to integrate AI like never before. However, a recent report by Golin has analysed the impact of AI tools on crisis management and issues. The research reveals that nearly 60% of communications professionals have yet to adapt their reputation management strategies to account for AI. This poses a concern for prominent figures, businesses and politics.

    Jessica Shelver, Managing Director at Digitalis, a firm specialising in digital risk and online reputation, expressed concern, stating, “There’s a significant risk of miscommunication or misinterpretation. Generative AI might produce responses that are inaccurate or not aligned with the intended messaging, potentially leading to misunderstandings, reputational damage, and privacy breaches.”

    This holds considerable implications for elections. It will be as poignant as Barack Obama’s 2008 presidential campaign, a turning point in leveraging social media for political purposes. James Hann, Managing Director and Head of Risk at Digitalis, whose Government Practice assists governments in understanding and navigating the digital landscape and managing its risks, highlighted, said: “2023 has been characterised by the widespread and accessible use of generative AI tools, especially in the online landscapes surrounding conflicts. These tools bring unique challenges, and with some social media platforms actively cutting back on moderation and safety teams, we are looking ahead to the obstacles we expect clients to face next year.”

    The threat posed by misinformation and disinformation to our societies is now well-acknowledged. Recent geopolitical events have underscored the growing nature of this threat with the use of AI. Hann said, “Mis and disinformation are often used interchangeably, but there’s a subtle difference. Misinformation refers to false or inaccurate information spread unintentionally, whereas disinformation involves deliberately spreading false information to deceive people.” He further expressed concern about the use of deepfakes in the Slovak elections. It illustrated how AI technology can be used to manipulate public opinion and undermine democracy. It’s a worrisome trend in today’s landscape of rapid AI and social media advancements creating fresh challenges for governments.

     

    Understanding AI’s Perils, Pitfalls, and Potential

     

    The interplay between human influence and AI technologies has reached a critical juncture. Navigating these AI-driven communications requires a prudent approach. The dynamics between humans and AI in shaping reputations and political landscapes call for careful scrutiny and vigilant oversight.

    As we navigate this terrain, it’s crucial to acknowledge the immediate risks, concealed threats, and opportunities brought forth by AI in communication and democracy.

    Tackling these challenges demands a multifaceted approach involving policy frameworks and media literacy. Strong AI governance, ethical guidelines, and transparent AI-generated content can mitigate misinformation risks and uphold the integrity of democratic processes.

    Despite the risks involved, AI harbours immense potential to enhance human capabilities and drive positive change. Utilising AI for swift and accurate content creation can expand information accessibility. However, in this era of hyperconnectivity, discerning between genuine human-generated content and AI-generated narratives has grown increasingly complex. As we step into this year, we should adhere to three golden rules.

    Perform a Digital Audit: Since ChatGPT gathers information from online sources like Wikipedia, websites, and digital media, consider conducting a digital reputation audit. Companies like Digitalis use proprietary technology to trawl the internet and social media to source information about you or your organisation. This enables you to identify potential threats and inaccuracies, which you can then potentially correct or request to be taken down.

    Be Cautious with Information: Human psychology heavily influences trust in AI-generated content. Trust builds when AI communication aligns with human expectations of authenticity and reliability. Algorithms cater to preferences, so fact-check and don’t blindly trust all information generative AI produces.

    Explore and Learn: Take the time to comprehend how AI can aid effective communication for you or your organisation. Understanding your audience and crafting a compelling narrative is key to utilising AI effectively.
    Knowledge is power, but remember, you control what you see, hear and read. Human brains got us this far. Now, it’s time to use our brains to manage AI tools and our votes wisely.


    Heidi Mallace is the Co-Founder of Curayio, a communications consultancy which advises, coaches and trains individuals, teams and businesses for success.

     

     

     

  • “So, What Do You Do?”: Carter-Ruck lawyer Katherine Hooley on a career in the law

    Katherine Hooley

     

    “So, what do you do …?” That ubiquitous and seemingly simple question intended to glean insight into one’s life, can carry unexpected weight for a lawyer. We often find ourselves navigating preconceptions about our profession. You might recall Shakespeare’s much-quoted line from Henry VI Part II “let’s kill all the lawyers”, a sentiment amusingly echoed during an encounter with a stranger who inquired if I belonged to the “blood sucking” variety of lawyers!

     

    As a lawyer, we are bound by professional obligations such as client confidentiality. This restriction can significantly limit our ability to discuss specifics of our day to day work and our clients’ identities, making the answer to “What do you do?” even more complex.

     

    I am a Senior Associate at the law firm Carter-Ruck and work in the media law team, which specialises in reputation management, involving (among other areas of law) defamation, privacy, data protection, copyright and harassment law.

    We are known for our 40-year history of being at the forefront of the development of law within our practice areas, particularly privacy and reputation, which can be seen with the cases of NT1 & NT2 v Google LLC and a leading Supreme Court decision in PJS v News Group Newspapers Ltd, which, while perhaps not immediately recognisable to laypeople, have been pivotal in shaping privacy law including the ‘Right to be Forgotten’. Only a few weeks ago my colleagues were in the Supreme Court against the Home Office, in what is likely to be a landmark judgment on important issues of defamation law.

    Despite our firm’s association with claimant litigation and advisory services, our practice is multifaceted. We represent both Claimants and Defendants.

    Our clients are global and include governments, heads of state, Members of both Houses of Parliament, multinational companies, corporate and commercial entities, entrepreneurs, shareholders, directors, private family offices, celebrities, sports personalities, private individuals who find themselves temporarily in the public eye, academics and academic institutions. The scope of work is incredibly varied and ranges from litigation to advisory work (including advising on Parliamentary investigations and complaints) across our different practice areas. We also act for global broadcast and media entities, which involves both pre-publication work and dealing with legal and regulatory complaints post publication. Our recognised international law practice spans human rights issues, international arbitration and sanctions work.

    For me, one of the most fulfilling aspects of working at Carter-Ruck is that the client base and work is as broad and diverse as it is interesting and although my mainstay is media law the diversity of our practice presents a variety of opportunities. My recent heavy involvement in a commercial law case centring on an unfair prejudice claim against our client, as well as having the opportunity to work with the International law team on a high-profile international arbitration matter, exemplifies this. Additionally, our internal team structures offer unique benefits when it comes to opportunities for juniors at all levels, even trainees and paralegals, to work closely with Partners, benefitting from their experience and guidance and gaining invaluable experience and responsibility.

    Daily life as a media lawyer requires good time management and communication skills. These are key. Any one Associate will be working across multiple matters, with different partners, balancing client expectations and court deadlines. In litigation, deadlines are mostly set by the court, and although extensions can be obtained in certain situations, often they are immovable. On media matters, at pre-publication stage, my schedule can be dictated to some extent by the media’s publication deadlines, which can be unpredictable. We might get an enquiry on a new matter on a Thursday or Friday to which we need to respond within a short timeframe ahead of a weekend publication deadline.

    As with all law, the media law landscape is an evolving one and so it is also important to keep up to date with case law. The media law blog Inforrm provides great insight and updates on cases and current issues in the field. Barristers’ chambers like 5RB and Matrix, with which we work closely, also publish regular case updates and host conferences and roundtable events which encourage active discussion on case law and developments within our practice areas. These types of events are invaluable for junior lawyers to forge connections within the profession.

    Defamation law cases have traditionally involved individuals challenging print media publications over allegations about them that they contend are untrue, not in the public interest, private and/or confidential and causing harm to their reputation. The legal landscape has had to expand and evolve in response to the internet and the consequential boom of publication of material online (both by traditional media and, increasingly, by the general public). It remains the case (by virtue of them being of interest to the public) that legal complaints often still involve high profile individuals, from celebrities to politicians, about whom something has been published which cases serious harm to their reputation. When these cases go to trial they often attract significant press coverage. The recent “Wagatha Christie” case transcended the media law legal circles and became a topic of national interest and debate. Unusually, I found I was being asked for my professional view by family, friends and even acquaintances on what had by then turned into an almost globally talked about trial. The same was true with the Depp trials.

    Ordinarily when litigation is brought, this means the case and key information about it, including the parties’ names and the basis of the claim and any defence, are put on the court record which means that that information becomes publicly available. Any court hearings and the trial are usually held in public, which is consistent with the “open justice” principles we have in this country. However, some of our cases involve private and confidential information, which can require deviation from the usual open justice principles. This can mean that even the identities of the parties are protected (usually through anonymised ciphers), let alone details of the private information itself, as further dissemination of that information is likely to harm the parties and/or undermine the case. This can be the case even if the matters involve high profile individuals and court hearings, although it is up the court to decide what measures it considers proportionate in the circumstances, which will involve it balancing the competing rights of the parties and also what is in the interests of the public.

    In recent times, social media has become a source of information and news for many of the population in competition with traditional print media. The democratisation of social media allows anyone to become a commentator or ‘citizen journalist’. However, while trained journalists might be expected to take a course in legal issues journalists face, such as defamation and privacy law and data protection, and the steps they need to take to ensure that their work is responsible and legally defensible and avoids infringing other people’s rights, no such tests apply to the populations of Twitter, Instagram, Facebook and TikTok. The recent Online Safety Act tries to grapple with some of these issues in its creation of new communications offences aimed at those sending false or threatening messages online or encouraging self-harm. In addition, case law enables the law to evolve and adapt as society changes.

    AI is the latest frontier, with its impact on various industries, including law, being a topic of much debate. In some industries, the use of generative AI technology looks likely to be game changing, but while its abilities are undoubtedly impressive, it has also already courted controversy. There has been more than one instance where generative AI has won a photography or art prize, which has caused some debate around the threat it poses to those trying to make a livelihood as a creative. As lawyers, in addition to our professional obligations of confidence, we have obligations and duties of honesty. Generative AI’s ability to have “hallucinations” (i.e. create new information that is false, which it can attribute wrongly to a source or insist is correct) makes it necessary to treat the technology with a high degree of caution. I think this is a particular concern for lawyers, where we need to be certain of the veracity of the information we are presenting. There is also the risk that using generative AI could breach duties of confidentiality where the information provided to the platform might be accessible to the platform provider. It raises extremely interesting questions from a media law perspective as well. If hallucinations involve false and defamatory allegations against individuals, which they repeat to multiple users, this raises questions as to whether ChatGPT could be held liable for defamation. One such case has already been brought in Florida by a radio host called Mark Walters whom ChatGPT alleged, falsely, had committed financial crimes. It is very much a case of ‘watch this space’ in the world of ‘AI Law’.

    Looking ahead, the fast-changing world in which we inhabit will require an ever changing and evolving legal system. This shifting legal landscape offers lawyers the opportunity to shape and adapt our legal system to keep pace with societal and technological advancements, which is quite something to be a part of. Perhaps I should lead with that next time I am asked ‘What do you do?”…

     

     

     

  • Chelo Review by Ronel Lehmann: “the welcome doesn’t live up to the quality of the food”

    Chelo Review by Ronel Lehmann

    I was invited to Jin Kichi, a Japanese restaurant in Hampstead. I always like on such occasions to drink hot saké, wine made by fermenting rice which has been polished to remove the bran. During our discussion about the cuisines that we most enjoy, my host mentioned another restaurant which I hadn’t heard of: Chelo, which serves Persian food. I made a note to try it.

    Chelo is based in Maida Vale, it can just about at a squeeze seat 13 people on four tables inside and has a buzzing community which doesn’t seem to mind sitting outside under heaters adjacent to the pavement. I had made a reservation for two and managed to park right outside the restaurant.

    There was only one available table inside and after having confirmed our name, we were seated by the window. Then came a warning that the table was required within 90 minutes which was suddenly discourteously downgraded to one hour and telling us that we had booked outside.

    I explained that we were expecting to be seated inside and wouldn’t be moving from our comfortable chairs. The waiter did apologise for any confusion and the menus were provided somewhat in haste. Looking at the other diners’ table spreads and the continuous barrage of takeaway drivers collecting food, we were clearly in for a freshly prepared treat.

    We ordered Zeytoon, marinated mixed olives and they didn’t disappoint. As soon as these had arrived, our other chosen dishes followed in quick succession, including Mast Khiar, yogurt, cucumber and mint dip, Truffle Olovieh, potato salad with chicken, pickled cucumber and mayonnaise, Shirazi Salad, chopped cucumber, tomato and onion with lemon and oil dressing, hummus, chickpea and tahini dip with extra virgin olive oil, Kashk Bademjian, grilled aubergine, caramelised onion, yoghurt, walnuts and mint, and naan bread.

    I must admit the hummus was delicious, but I found it a bit over drenched in olive oil. No sooner had we finished our starters, Tahchin Morgh was served, a chicken fillet de-skewered with saffron rice. We elected not to have the dish baked and topped with Zereshk, silvered pistachios and almonds.

    There was no room for desserts, in fact we had run out of time. The bustle of collections and new hungry diners queuing outside, meant that we could not really overstay our allotted time slot. This is a wonderful restaurant. The food is prepared with a good deal of care, and I could see why it is so popular. It isn’t a place where you can have a leisurely meal. The accommodation is completely outstripped by demand.

    I think that the staff are under extreme pressure to ensure that as many people can get served as possible. This means that the welcome doesn’t live up to the quality of the food, which is a shame. I couldn’t fault what we ate or the service, but just wish that we hadn’t been so rushed. You couldn’t move away from the front door which reminded you when ajar with a cold draft blowing, that you would soon have to be on your way. As we left, my mind raced back to Jin Kichi and the warmth of the carafe of hot saké.

  • Dinesh Dhamija: Sunny Side Up

    Dinesh Dhamija

     

    Ten million Indian households stand to benefit from a new solar power project, announced this week.

    ‘PM Surya Ghar: Muft Bijli Yojana’ – which translates as ‘The PM’s Sun House: Free Electricity Scheme’ – will offer 300 units of electricity per month to households who install solar panels on their rooftops.

    Prime Minister Narendra Modi has pledged Rs 750 billion ($9 billion) to fund the plan, with subsidies going directly to people’s bank accounts. A National Online Portal will administer the scheme, as part of a drive to switch India from hydrocarbons to renewable power.

    Besides the environmental benefits, this move promises to reduce household power bills, increase their income and generate employment. These are all laudable ambitions and very much in line with Modi’s thinking over many years. He was an early pioneer of solar investment when Chief Minister in Gujarat, attracted millions of dollars to new facilities.

    As Prime Minister, he has continued to push for businesses and individuals to opt for solar energy where possible, with novel developments including lakes covered with solar panels, taking advantage of natural cooling properties, and sports stadiums powered by panels on their exteriors. The other great motivator for solar energy is security: both in supply and in geopolitical terms. While India imports 70% of its energy needs, the more that the country can be self-reliant, the better.

    As a leader of the Global South movement, India’s move towards energy independence is a great example. Indeed, as one of the hottest and sunniest countries in the world, it could eventually become an exporter of solar energy, rather than an importer of hydrocarbons. In the medium term, the government has set a target of 500GW of energy generation to come from non-carbon sources, including 450GW from wind and solar, by 2030. Just as the country is massively upgrading its roads, rail, ports and airports, a similar effort is underway to boost its energy infrastructure.

    I would argue that this is just as important, if not more so. You can’t grow an economy if you’re lacking power. And there remain plenty of regions of India where power cuts are a regular part of life. As India’s solar energy proponents might say: “the future’s sunny”.

     

    Dinesh Dhamija is a solar energy entrepreneur, with a major project in Romania. He founded, built and sold online travel agency ebookers.com, before serving as a Member of the European Parliament. Dinesh’s latest book, The Indian Century, has just been published.

     

  • India’s New Wave of IPOs

    Dinesh Dhamija

     

    From just $17 million raised by Indian IPOs in January 2023, this year they totalled $678 million – a 40-fold increase – according to a report in the Financial Times.

    A further 66 companies are expected to list in the coming months, as India’s Sensex stock index rose 20 per cent in the past 12 months and both domestic and international investors remain hungry for more. Standout companies proposing to list include Ola Electric and fintech group MobiKwik.

    What accounts for this huge increase? It’s partly the ongoing transfer from Chinese markets, as political tensions have risen, and a series of Chinese stocks have crashed – notably the property giant Evergrande. It’s partly a new approach among Indian businesses, to welcome outside investment and to recognise the advantages of listings. But it’s also the mood of growth and possibility in the Indian economy more generally.

    On 1 February, the government announced a new infrastructure investment programme totalling $134 billion to improve India’s railways, airports and road networks, up by 11 per cent on previous spending. Finance minister Nirmala Sitharaman said that the decision would “have a large multiplier impact on growth and investment.”

    This ability to trade more efficiently and quickly, through better transport links, is bound to have a knock-on effect on the wider business environment.

    India’s newfound love of mobile transactions has turned a new generation into potential stock investors, widening participation in the equity markets to 140 million trading accounts. And the sustained repetition of positive economic news about India has woken international fund managers to the country’s potential. Foreign investors bought $20 billion worth of Indian stocks in 2023, versus $8 billion worth of Chinese stocks. The economy as a whole is expected to grow by 7 per cent this year.

    Not everything is rosy. Fintech start-up Paytm, which listed with great fanfare in 2021, has struggled recently after the Reserve Bank of India forbade it from taking deposits and offering banking services. Its shares now trade at 70 per cent below the IPO price. Some experts fear that some Indian stocks are overvalued, after months of bullish markets.

    Doubtless there will be fluctuations and some IPOs will under-perform, but that’s true wherever you go.

    The longer-term story is that India is becoming an investable location, and its companies are rapidly learning what it means to operate in the global financial system. The outlook is overwhelmingly positive.

     

    Dinesh Dhamija founded, built and sold online travel agency ebookers, before serving as a Member of the European Parliament. His latest book, The Indian Century, is published in February.

     

  • Tim Clark’s ‘Better Schools, the Future of the Country’: Education Improvement Report, an introduction by Ronel Lehmann

    An Introduction to Tim Clark’s Education Improvement Report, by Ronel Lehmann

    We often hear at first-hand from our mentees about their own journeys and experiences in school and it is for this reason that we have been encouraged to publish a bi-annual report, which makes practical suggestions for improvement. It is not intended to criticise current or previous practices, but to constructively debate the issues.

    Tim Clark, an acclaimed Head and author, writes from real-life and wide experience. His whole career has been devoted to supp (more…)

  • Dinesh Dhamija: UK Indians Trending Conservative

    Dinesh Dhamija

    With a UK General Election less than a year away, political minds are focusing on Britain’s many floating voters.

    Will they stick with the Brexit-delivering Conservative Party, or move to the “Remain” Liberal Democrats or place their faith in a resurgent Labour Party led by Kier Starmer?

    While national polls show that Labour has a significant lead, British Indians are trending in the opposite direction. Since 2010, when almost two-thirds of UK Indians voted Labour, support has halved to around 30 per cent, according to a report in the Guardian.

    What accounts for this collapse in support? One factor is economic demography. As the Indian community has grown wealthier, it has become more inclined to move to the Right.

    A majority of Hindu voters in the UK – the wealthiest minority in the country – supported the Tories in the 2019 election.

    Then there are specific flashpoints. Under Jeremy Corbin’s leadership, Labour advocated an independent Kashmir, something that few British Indians would support. Rishi Sunak’s election as Conservative leader (and therefore Prime Minister) drew many British Indians to his party. It gave the community a sense of pride and belonging at the heart of British democracy. “It’s really good how he’s brought the Indian community into the traditions of 10 Downing Street,” said one British Indian recently.

    I felt the same way. As a British Hindu who has spent more than 50 years in this country, there is a palpable sense of political and social acceptance. Having a Hindu Prime Minister has been transformative – how could we face prejudice and discrimination if the man at the top is one of us?

    To see Diwali being celebrated in Downing Street, or hearing examples of Sunak’s religious beliefs helps to normalise British Indians’ own experiences.

    For Labour, these are concerning times. Indian voters are the UK’s largest minority ethnic group and could determine the fate of several parliamentary seats, especially in some ‘Red Wall’ areas of Northern England. The party is sending two senior shadow ministers – David Lammy and Jonathan Reynolds – to Delhi this weekend to rustle up some good press.

    This magnified role in British politics is just one aspect of the Indian diaspora that I explore in my new book The Indian Century. An excerpt looking at the diaspora and its extraordinary impact on global society, business and politics appears in the next edition of Finito World magazine and online. The book itself will be published in the next few weeks.

     

    Dinesh Dhamija founded, built and sold online travel agency ebookers, before serving as a Member of the European Parliament. His latest book, The Indian Century, is published in February.