• SERVICES
  • INDUSTRIES
  • PERSPECTIVES
  • ABOUT
  • ENGAGE

POWER GENERATION

by EOS Intelligence EOS Intelligence No Comments

USA-China Solar Dispute – Will Sanctions Really Aid the US Solar Market?

587views

Trade disputes are not a rare sight in the current competitive era. Especially the USA and China have a history of such disputes in last couple of decades and both have locked horns again, this time over solar equipment trade. Chinese manufacturers are being accused of unfair trade practices as they sell solar modules at a considerably lower prices than producers from other countries, using government subsidies to finance their operations and to create a glut of imports. In response to such a practice, American manufactures filed a petition with US International Trade Commission (USITC) seeking steep tariffs and a floor price for the Chinese solar imports. The commission voted on the merits of the petition in late September 2017, and decided that there has indeed been a considerable damage to the US manufacturers. The USITC’s recommendations for sanctions will be sent to the White House to decide the course of action in the following month. If sanctions are introduced, will the US producers be the ultimate winner after the final verdict in November?

The solar power generation technology was invented in the USA which have dominated the solar industry for last three decades of 20th century. The global solar industry is now a US$100 billion market, a fact that leads to a large number of players being interested in grabbing their share of this mammoth opportunity. As solar energy is considered clean and renewable, countries suffering from high pollution levels increasingly demand efficient and cheap solar energy generation equipment.

This strong demand is expected to continue, luring many players around the globe towards venturing into solar equipment manufacturing and this in turn has led to intense competition in this market. With China rising as a manufacturer of cheaper solar equipment since 2011, it has become increasingly difficult for other players to compete with China, and many producers, especially in the USA, are not very pleased with that.

This strong demand is expected to continue, luring many players around the globe towards venturing into solar equipment manufacturing and this in turn has led to intense competition in this market.

This is not the first solar battle between the USA and China. The countries were in a solar dispute back in 2011 when the USA hit China with 25-70% tariffs on solar module exports. It was due to a trade complaint filed by SolarWorld Americas along with six other US manufacturers about unethical trade practices undertaken by their Chinese counterparts. And now, Suniva, a Georgia-based solar cell and module manufacturer, filed a Safeguard Petition with the USITC in April 2017, just one week after it had filed for chapter 11 bankruptcy.

The USITC, in its unanimous vote, agreed that the US companies suffered injury from cheap imports. Following these developments, the markets are waiting for the president Trump’s decision over the case in November, and if the White House follows with sanctions and remedies, this might be the beginning of a significant wave of changes in the solar equipment market.

China has not always been the market leader for solar products. Way back in 1990s, when Germany could not meet its rising domestic demand for solar equipment, it started working with Chinese players to manufacture the equipment for German market. Germany did not only provide the capital and technology but also some of their solar energy experts to those Chinese manufacturers.

The high demand was a result of German government’s incentive program to use the rooftop solar panels. Needless to say, those Chinese players happily accepted the opportunity. Further they got lured with the rising demand for solar equipment in other European countries such as Spain and Italy, where similar incentive programs started to be rolled out. The Chinese producers started hiring experts and expanding their capacities to tap the surge in demand.

With rising pollution levels and global demand for cleaner energy, solar industry became an attractive opportunity for China, and this resulted in the government’s willingness to invest as much as US$47 billion to develop China’s solar industry. With the beginning of 21st century, China started inviting foreign companies to set up plants in the country and take benefit of its cheap labor.

The Chinese government also introduced loans and tax incentives for renewable energy equipment manufacturers. By 2010, the solar equipment production in China increased at such levels that there were almost two panels made for every one demanded by an importer. In 2011, China took the German route and started incentivizing domestic rooftop solar installations, which rocketed the domestic demand so much that it surpassed Germany’s in 2015 to become the largest globally. China deployed 20 GW capacity in the first half of 2016, whereas the entire US capacity at that time was 31 GW.

The Chinese government started perceiving solar power generation as a strategic industry. It started a range of initiatives to help the domestic manufacturers to increase production of solar equipment, be it through subsidies for the purchase of the land for factories or through lower interest loans from banks. These moves and gigantic Chinese production capacities drove the global solar panel prices down by 80% from 2008 to 2013, which further increased China’s exports as its prices were the lowest.

Before 2009, the USA used to import very little from China in the solar domain and by the end of 2013, the Chinese imports rose to over 49% of total solar panels deployed in the USA. This increase in the imports resulted in 26 US solar manufacturers filing for bankruptcy in 2011, one of which was SolarWorld which also filed a trade complaint. The situation was not very different in several European countries.

The Chinese government started perceiving solar power generation as a strategic industry. It started a range of initiatives to help the domestic manufacturers to increase production of solar equipment.

China was accused of unfair trading and dumping exports below market prices which led the Obama government and EU to imposing import duties of 25-70% on Chinese solar products in 2011 for the following four years. In return, in 2012 China threatened to impose tariffs on US imports of polysilicon used in solar cells, and actually announced tariffs of 53.5% to 57% in 2013. Also, finding loopholes in the tariff system imposed by the Americans, Chinese manufacturers set up facilities in countries such as Malaysia and Vietnam, as the tariffs were not applicable for imports from those countries. The US imports of Chinese solar products continued.

The current Suniva’s case has received a mixed support within the US solar industry. While the US solar installers, for obvious reasons, will not support the case, some of the well-known manufacturers in the country have also stood up against it. They think the tariffs will almost double the prices of solar equipment in the USA which will eventually lower the demand of their products as well.

Following the USITC vote agreeing with Suniva’s petition, the industry is awaiting the final decision on the extent of the recommended tariffs and remedies, which are expected to affect jobs, innovation, and growth of the solar industry in various ways.

Impact of tariff decision on jobs in solar industry

Out of the total 260,000 US solar jobs, installers accounted for more than 80%, and around 38,000 people were working in manufacturing in 2016, a 26% increase over 2015. As the prices of solar panels dropped to around US$0.4/watt in 2016 from US$0.57/watt in 2015 thanks to the availability of cheap Chinese imports, solar installations boomed in the USA.

Manufacturers and experts supporting the Suniva case (supporters) argue that if the suggested tariffs of US$0.4/watt on imported cells and a minimum price of US$0.78/watt on panels are implemented, it will help the domestic manufacturing and around 114,800 new jobs will be created. The installers and some manufacturers opposing the case (adversaries) say that the tariffs on import will hurt everyone including the manufacturing sector. If the prices increase, this will cause the demand to go down which is likely to affect around 88,000 jobs in the US solar industry.

A group of 27 US solar equipment manufacturers including companies such as PanelClaw, Aerocompact, IronRidge, SMASHsolar, Pegasus Solar, on behalf of their combined 5,700 employees, wrote a letter to trade commissioners not to impose new import tariffs. With Chinese solar imports as high as 49% of the total US requirement, increased prices are expected to affect thousands of jobs in the solar installation sector which is the primary sub-sector of solar industry.

However, if the Chinese imports continue at the current rate, the demand for solar equipment will eventually decrease. Over long term, the manufacturers will have to lower their production and installers will have no new clients. So, the economy of scale effect will not work after that and that might affect the US solar jobs.

Impact of tariff decision on innovation in solar industry

The one factor that genuinely seems affected with the rise of China in the solar industry is innovation. Being the pioneers of the solar power generation technology, Americans are undoubtedly good at innovation. However, with dozens of US companies being on the verge of bankruptcy and lowering sales for remaining manufacturers because of glut of cheaper Chinese imports, the innovation budgets have seen a large blow in the country.

China is still producing the first generation, traditional solar modules and doing little, if anything at all, to improve the efficiency of the existing products. Chinese are not known for investing much in R&D departments and top seven Chinese solar manufacturers invested a mere 1.25% of total sales in R&D in 2015. Compared with what electronics firms invested in 2015 towards R&D, this number is six times lower. Compared with US clean energy firms, Chinese firms patent 72% less.

However, the US innovation receives targeted help and support from the government, which is not the case for Chinese innovation. US Department of Energy has come up with a loan program of US$32 billion to help clean energy companies innovate efficient solar products while still being price competitive with Chinese products. Nonetheless, US innovations are expected to dry up if the Chinese solar equipment dumping continues.

US-China Solar Dispute

Impact of tariff decision on solar industry growth

Growth of the solar industry should probably be the prime factor to consider for the Trade Commission and the White House while deciding about the potential introduction of solar tariffs.

As of 2016, US solar industry is worth roughly around US$23 billion. Moreover, solar energy accounted for 40% of new generation in the US power grid and 10% of total renewable energy generated in the USA in 2016, while the recent cost declines have led American utilities to procure more solar energy. This energy has witnessed 68% of average annual growth rate in terms of new generation capacity in the USA in last decade and as of first half of 2017, over 47 GW of solar capacity is installed to power 9.1 million American houses. There are currently about 9,000 solar companies in the USA employing around 260,000 people. In 2016, solar power generation was at 0.9% of total US power generation, a share that is expected to grow to more than 3% in 2020 and hit 5% in 2022.

The Suniva case supporters believe that this growth can slow down once the solar equipment demand is satisfied through Chinese imports, which is likely to eventually lead to job cuts and no innovation that in turn will put a break on any further growth in the US sector. They also argue that the solar equipment manufacturing sector in the USA will be destroyed if the right steps are not taken to safeguard the manufacturers from cheaper imports.

After the tariffs are introduced, for some time, the prices will be parallel for locally manufactured as well as imported solar products. Later on, with innovation and competitiveness between the domestic manufacturers coming back (currently absent from US solar market), the prices are expected to go down as per the allies.

At the same time, the Suniva case adversaries believe that the dream run for solar industry’s growth in the USA should not be hindered by imposing tariffs on imports as it will jeopardize even up to half of all solar installations expected to be demanded by 2022. In case of US$0.78/watt minimum module price scenario, US solar equipment installation is expected to fall from 72.5 GW to 36.4 GW between 2018 and 2022 or to 25 GW in case of US$1.18/watt minimum price scenario.

Solar energy is believed to be price sensitive and if the government aims to motivate the clean energy development, the origin of equipment used for this development should not matter. Some of the US solar equipment manufacturers are even opposing the tariffs which means they think there is still potential in the domestic manufacturing industry and with innovation they can gradually increase their share in the market.

EOS Perspective

The US government will have to take a responsible decision on the trade tariffs. The issue looks very sensitive and can directly affect the growth of the US energy sector. A win-win situation seems impossible if the tariffs are levied, and in its deliberations the government should consider the effects of the past US tariffs imposed on Chinese products. When the USA took anti-dumping steps against Chinese steel, China fired back with tariffs on caprolactam, a textile material. China re-imposed duties on US broiler chickens, after the USA announced duties on Chinese tires in June 2015.

So, none of the trade wars have proved to be beneficial for either of the sides. In the current dispute, the stakes are also high, and the wrong decision might have repercussions in a range of sectors. For instance, China placed a US$38 billion order to Boeing for commercial aircraft in 2015, an order that has not been delivered yet. This aspect should be kept in mind by the USA.

China currently dominates solar products supply with 80% of global solar equipment manufacturing capacity. The USA need to understand that their role in the global solar market is decreasing, and is no longer what it used to be. It would be beneficial for the USA to focus on strengthening the role in innovation of solar technology rather than looking to be the leading solar equipment manufacturer by volume.

Even if the US government supports the manufacturers by slapping tariffs on imports, the country is not ready with the required infrastructure for solar generation equipment manufacturing to satisfy the domestic demand in absence of the imports from other countries. Solar equipment producers cannot instantly set up infrastructure to manufacture a number of solar products, such as solar cells, junction boxes, extruded aluminum, glass, etc., that too in a cost-effective model. President Trump’s support for reviving local manufacturing, while at the same time favoring fossil fuels over the green energy (also manifested through his withdrawal from Paris Climate Accord), makes the outcome of the case uncertain, and interesting to follow.

by EOS Intelligence EOS Intelligence No Comments

OBOR – What’s in Store for Multinational Companies?

1.7kviews

One Belt One Road (OBOR) Initiative, also known as Belt and Road Initiative (BRI), is part of China’s development strategy to improve its trade relations with countries in Asia, Europe, the Middle East, and Africa. OBOR envisions to not just bring economic benefits to China but to also help other participating countries by integrating their development strategies along the way. It has the potential to be one of the most successful economic development initiatives globally. Opportunities are countless for investment along this route. Multinational companies are looking to make the most out of this project, however, capitalizing on this opportunity will not be easy. To benefit from this initiative, companies need to understand that assiduous research and effective long-term planning is crucial, as the nations involved, though offer economic growth, will also present a series of geopolitical risks and challenges.

Chinese President Xi Jinping unveiled OBOR in 2013, aiming to improve relations and create new links and business opportunities between China and 64 other countries included in the OBOR. The initiative has two main segments: The Silk Road Economic Belt (SREB), a land route designed to connect China with Central Asia, Eastern and Western Europe, and the 21st-Century Maritime Silk Road (MSR), a sea route that runs west from China’s east coast to Europe through the South China Sea and the Indian Ocean, and east to the South Pacific. These two routes will form six economic corridors as the framework of the initiative outside China – New Eurasian Land Bridge, China-Mongolia-Russia Corridor, China-Central Asia-West Asia Corridor, China-Indochina Peninsula Corridor, China-Pakistan Corridor, and Bangladesh-China-India-Myanmar Corridor.

OBOR brings opportunities and challenges

Multinational companies will have a plethora of opportunities to explore along these economic corridors – for instance, trading companies can take advantage of these routes for logistics, while energy companies can use these corridors as gateways for exploring new sites of natural resources such as oil and natural gas. Along with dedicated routes, OBOR will require huge investment which is proposed to come from three infrastructure financing institutions set up as a part of this initiative – Asian Infrastructure Investment Bank (AIIB), The Silk Road Fund (SRF), and The New Development Bank (NDB).

The development of OBOR opens up a range of opportunities for overseas businesses. However, with the initiative being launched by the Chinese government and all the six corridors running across the country, it is clear that China will play a major role in most of the business collaborations. Thus, multinational companies investing in OBOR can prefer to partner with Chinese companies and leverage the partnership to access projects and assignments in other countries. Companies are also likely to be able to access new routes to sell products cheaply and efficiently, but looking for opportunities across OBOR would definitely involve initial partnerships between multinationals and Chinese state-owned enterprises.

OBOR – What’s in Store for Multinational Companies

Oil, gas, coal, and electricity

OBOR has the potential to open up opportunities for collaboration in the areas of oil, gas, coal, and electricity. Several energy opportunities may emerge with the OBOR initiative, and these energy-related investment projects are likely to be an important part of OBOR. For instance, the Gwadar-Nawabshal LNG Terminal and Pipeline in Pakistan includes building an LNG terminal in the Balochistan province and a gas pipeline between Iran and central Pakistan. Estimated at a total value of US$46 billion, the project was announced in October 2015 along the China-Pakistan Economic Corridor.

Energy projects along OBOR include initiatives largely by Chinese companies due to funds coming in from China-led financial institutions. In another investment, General Electric, an American corporation, signed a pact with China National Machinery Industry Corporation (Sinomach), in 2015, to offer project contracting (for supply of machinery and hardware tools) for developing a 102-MW Kipeto wind project in Kenya. The project aims to set up 2,036 MW of installed capacity from wind power by 2030. Kipeto wind project was originally a part of US president Barack Obama’s ‘Power Africa’ initiative, but with Sinomach joining in hands, it is clear that more initiatives like this can be expected to come up in the near future as a part of OBOR.

Logistics

Players in the logistics industry can also benefit from the improved infrastructure along the OBOR. In 2015, DHL Global Forwarding, providing air and ocean freight forwarding services, started its first service on the southern rail corridor between China and Turkey, a critical segment of China’s OBOR initiative. This rail corridor is expected to strengthen Turkey’s trading businesses along with benefiting transport and freight industries of Kazakhstan, Azerbaijan, and Georgia. Logistics companies can also initially partner with local postal or freight agencies to set up new business in these regions. OBOR can provide fast, cost-effective, and high-frequency connections between countries along the route. Improved infrastructure, reduced logistics costs, and better transport infrastructure will also contribute to driving e-commerce businesses in the regions.

Tourism

Tourism is expected to also see a major boost as a result of OBOR initiative. As connectivity between countries improve and new locations become easily accessible, the tourism industry is expected to see positive growth in the coming years. To support tourism, Evergreen Offshore Inc., a Hong Kong-based private equity firm, in 2016, launched a US$1.28 billion tourism-focused private equity fund called Asia Pacific One Belt One Road Tourism Industry Fund to boost relations between China and Malaysia by investing in tourism sector. The company invested in Malaysia as the country is considered an ideal investment destination for a long-term gain. This is in sync with the long term vision of OBOR to promote tourism sector in countries and regions along the MSR.

As OBOR develops, new markets along the routes are likely to open to business. The already existing routes will experience business diversification as infrastructure and connectivity improves. Trade barriers will most likely reduce as developing countries become more open to international investment which brings new jobs, better infrastructure, economic growth, and improved quality of life. There is bound to be growth in consulting business, professional services, and industrial sectors apart from trade and logistics.

EOS Perspective

While OBOR initiative assures opportunities for multinational companies, the path may not be smooth for all. Investing in these new geographies, companies will come across various economies with different legal and regulatory frameworks. Political stability is also a matter of concern – some regions may have sound political structures while others may be dealing with ineffective government policies. In fact, political instability and violence are some of the key challenges in the development of OBOR. Weak government policies and lack of communal benefit lead to political instability including terrorism and riots. These factors influence the availability of resources, negatively impact the setting up of businesses locally, thus resulting in financial losses for multinationals. Local investments need policies and investment protection backed by the governments to facilitate growth which is far more difficult to achieve in case of political and economic instability. Taking advantage of the opportunities associated with OBOR may be of strategic importance, but the companies need to be cautious about the obstacles associated with it.

While OBOR initiative assures opportunities for multinational companies, the path may not be smooth for all. Political instability and violence are some of the key challenges in the development of OBOR.

Local competitors will also present obstacles to multinational firms. The competition is stiff for international players as local companies can operate better in riskier environment at low operating costs. Not only will regional companies pose a threat for survival of multinationals, in many scenarios, partnering with Chinese companies will also be a massive challenge. Many Chinese companies do not implement a clear structure while partnering with other international companies. Decision making and profit sharing is often not properly documented. Lack of clarity in business dealings give these state-owned enterprises an upper hand.

Complexity and lack of transparency in local regulatory framework for setting up a new business is also a hindrance for investments in many geographies along the OBOR. Absence of clear policies and delays in decision-making processes can prove too challenging for companies to adapt to which may even lead to financial losses or failed attempts to establish local operations. Issues such as corruption, challenges associated with supply chain security, and financial risks are some of the other obstacles that companies are likely to face while setting up businesses in new countries along the OBOR route.

Complexity and lack of transparency in local regulatory framework are a hindrance for investments in many geographies along the OBOR.

OBOR is still in the initial years of implementation. The initiative offers great potential for developing regions in need for improved infrastructure and economic growth but what this really means for multinational companies is still somewhat unclear. It encourages participation from international companies to turn the initiative a success, but there are no clear guidelines on how these investments would be integrated into the OBOR. With a major part of investment coming from China-based institutions, dominance of Chinese companies in major projects cannot be avoided. While the underlying aim of the initiative is to reduce China’s industrial overcapacity and to strengthen its economy, there are concerns about the part being played by multinational companies. To what extent would they participate, who would be the main investor (Chinese company or multinational companies), and how much share and what say would the multinational company have in a project, etc., are some of the questions that still remain unanswered.

With major part of investment coming from China-based institutions, dominance of Chinese companies in major projects cannot be avoided.

In view of these risks and challenges, we believe it is too early to estimate the scale of potential monetary benefits for companies wanting to invest along the OBOR route to expand their businesses. It will surely not be easy for multinational companies to compete for benefits from OBOR in an environment heavily dominated by Chinese companies. Developing business policies and financing schemes through related institutions can help the multinational firms to benefit from this initiative in the long run. There is no doubt that OBOR has the potential to open new markets for doing business by redrawing the global trade map, however, with no clarity and transparency on the role MNC’s as part of OBOR initiative, companies need to correctly identify the best opportunity by accessing the right market and find effective ways to mitigate a wide range of associated risks. For now, the future role of MNC’s in this environment is uncertain. They will have to wait and watch to work out a stable business arrangement. But in current times of global geopolitical turbulence, such a harmony is never guaranteed.

by EOS Intelligence EOS Intelligence No Comments

India – Reducing Reliance on Diesel

  • India’s subsidy on diesel currently stands at about INR 950 billion (~ USD 19 billion).
  • Total diesel consumption was 64.74 million tons in 2011.
  • Diesel accounts for about 38% of India’s total fuel consumption.
  • 3 million ton of diesel is consumed in private power generation.

On 17th January 2013, the Indian government took a major step towards the deregulation of diesel prices. A monthly (duration, undecided) hike of INR 0.50 (USD 0.01) for retail customers and INR 11.00 (USD 0.20) increase in diesel price for bulk customers has been proposed. This move is expected to reduce India’s fuel subsidy burden by about INR 150 billion (~ USD 3 billion) annually.

Why such high dependence on diesel?

Agriculture and power generation account for 20% of India’s diesel demand.

The agriculture sector, the mainstay of India’s economy, accounts for about 12% of India’s total diesel demand. For a typical Indian farmer engaged in semi-mechanized farming operations, diesel can account for up to 20% of the input cost. This primarily consists of expenses towards fuel used to plough field and a substantial amount used to operate water pumps for irrigation purpose.

The power sector demand for diesel is largely driven by inadequate and inefficient power generation, transmission and distribution infrastructure. As per available statistics, there is about 10% supply-demand gap in India’s power sector, which results in regular outages. Though India added about 20GW of generation capacity in 2011, more would be required if the country aims to match global per capita electricity consumption standards of 2,700Kwh. At present, India’s per capita consumption is about 900Kwh.

This mismatch in supply-demand of power is met by private power generation, accounting for 8% of India’s diesel demand. Shopping malls, housing societies, large hospitals and telecom towers are among the major consumers of diesel-generated power.

  • Across the country, diesel generators operate for 8-10 hours every day, to supplement government-supplied electricity, thus leading to excess demand for diesel.

  • According to government statistics available for 2011, private power generators and mobile phone towers consumed 4.6% and 1.93% of diesel, respectively.

Power is also lost in the form of aggregate technical and commercial losses, which amount to about 30% of the total power produced in the country. With a generation capacity of 205GW, approximately 60,000MW is lost while transmitting and distributing power to end-users.

  • As an indicator, reduction of these losses by even 50% can ensure power to about 8 million diesel pumps of 5 HP rating thereby saving of about 4-8 million litres of diesel per hour.

  • If the government took necessary steps to improve power availability by 50% of the current outage time (assumed to be eight hours daily as an average) then it is estimated that it would lead to the reduction of diesel usage in private power generation by about 4.5 million litres annually.

So, how can the heavy reliance on diesel be reduced?

  • Reduce price differential – Minimizing the price differential between petrol (gasoline) and diesel, which can be up to 30%, could go a long way in helping reduce the burden on diesel. Artificially-kept low diesel prices (coupled with better efficiency of diesel engines vis-à-vis petrol engine) have led to increased demand for diesel vehicles in India, thus resulting in greater diesel consumption. In 2012, diesel cars accounted for more than 50% of all passenger vehicles sold in India. In 2011, approximately 16% of diesel sold in India was consumed by passenger vehicles. Economists have often questioned the rationale behind selling subsidized diesel to passenger vehicle owners who can afford it at the market price. Policymakers have also mulled options to discourage the sale of diesel cars, which include higher taxes on diesel cars. However, such moves have been opposed by the Indian automobile industry. Industry experts admit that parity in diesel and petrol prices can shift balance in favour of petrol vehicles with a sales ratio of 55:45. For instance, if achieved in 2013, this could reduce the consumption of diesel by 200 million litres (based on a conservative estimate).

  • Alternate sources of power – Adoption of renewable sources of energy for power generation could also help in reducing the current diesel burden of India. Renewable power currently accounts for only about 12% of total installed capacity. For instance, an Indian telecom service provider Airtel has installed a 100 KW solar power plant in one of its major routing centres in Northern India. This is expected to save 26,000 litres of diesel annually. The company is planning to install similar system in six other locations as well.

  • Other measuresBetter roads and highways would result in improved fuel efficiency of vehicles leading to lesser use of vehicles. Efficient intermodal logistics infrastructure, with a larger share of railways would reduce dependence on road transport.


Diesel demand in India would remain high due to its close linkage with day-to-day economic activity. However, it is apparent that current diesel usages are more than the actual requirement due to infrastructural shortcomings in the power sector. Therefore, addressing these issues would directly help in reducing diesel demand in India.

In the near term, it would be interesting to see how the gradual hike in diesel prices impact the economy at large, and more so, the budgets of the common man. As with several such measures in the past, the step towards change has to be politically driven and with general elections in sight in 2014, only time will tell how effective this much awaited reform is for India.

Top