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Now on BBC News, Talking Business. | 0:00:00 | 0:00:04 | |
Japan has tried it all. | 0:00:04 | 0:00:07 | |
Negative interest rates and even possibly handing out free cash. | 0:00:07 | 0:00:10 | |
With a sluggish economy, what policy tools does Japan have left? | 0:00:10 | 0:00:14 | |
As the country hosts the Group of Seven Leaders meeting this week | 0:00:14 | 0:00:18 | |
to discuss global growth, we talk to the man in charge | 0:00:18 | 0:00:21 | |
of growth at home, the central bank governor Haruhiko Kuroda. | 0:00:21 | 0:00:31 | |
Welcome to Talking Business. | 0:00:49 | 0:00:51 | |
I've come to Sendai to speak with the man in charge of steering | 0:00:51 | 0:00:55 | |
Japan's economy on the sidelines of the G7 meetings. | 0:00:55 | 0:00:59 | |
Parts of the city were destroyed during the 2011 tsunami and it's | 0:00:59 | 0:01:01 | |
been chosen as a location for some of these meetings | 0:01:01 | 0:01:07 | |
because it is an example of Japan's resilience | 0:01:07 | 0:01:09 | |
and reconstruction efforts. | 0:01:09 | 0:01:13 | |
But Japan's efforts to rejuvenate its economy | 0:01:13 | 0:01:15 | |
haven't been as successful. | 0:01:15 | 0:01:16 | |
Earlier this year, it implemented negative interest rates. | 0:01:16 | 0:01:19 | |
The theory is that it should have weakened the yen and got consumers | 0:01:19 | 0:01:22 | |
and companies spending again, but that didn't happen. | 0:01:22 | 0:01:26 | |
The yen strengthened and consumption has slowed down. | 0:01:26 | 0:01:30 | |
So when will negative interest rates start having an impact | 0:01:30 | 0:01:32 | |
in the real economy? | 0:01:32 | 0:01:34 | |
A question I put to the Japanese Central Bank governor, | 0:01:34 | 0:01:37 | |
Haruhiko Kuroda. | 0:01:37 | 0:01:39 | |
Yes, after we announced the policy, initially the yen appreciated | 0:01:39 | 0:01:48 | |
and the stock market rose for two days and thereafter, | 0:01:48 | 0:01:52 | |
the market almost reversed. | 0:01:52 | 0:01:59 | |
But these are the outcomes of global financial markets. | 0:01:59 | 0:02:09 | |
You say that it is going to take time. | 0:02:11 | 0:02:13 | |
That's right. | 0:02:13 | 0:02:14 | |
But how much time does Japan have? | 0:02:14 | 0:02:16 | |
It's not one year or two years, it's a matter of months. | 0:02:16 | 0:02:19 | |
We introduced the new policy in January this year | 0:02:19 | 0:02:24 | |
and we are now in May. | 0:02:24 | 0:02:27 | |
I think, already, as I said, major impact on the financial | 0:02:27 | 0:02:31 | |
markets, we can see. | 0:02:31 | 0:02:35 | |
And the impact will spread to the real economy in due course. | 0:02:35 | 0:02:42 | |
I am quite sure that this new policy will have stimulated | 0:02:42 | 0:02:47 | |
an impact on the economy. | 0:02:47 | 0:02:51 | |
I don't think we have to wait half a year or a year or two years. | 0:02:51 | 0:02:59 | |
I don't think so. | 0:02:59 | 0:03:00 | |
You think we'll see an impact from negative interest rates | 0:03:00 | 0:03:02 | |
by October? | 0:03:02 | 0:03:03 | |
Before that. | 0:03:03 | 0:03:06 | |
And what happens if this policy measure, if it doesn't do | 0:03:06 | 0:03:10 | |
as you intended? | 0:03:10 | 0:03:12 | |
How much further will you go and what options do you have left? | 0:03:12 | 0:03:17 | |
I think that our economic policy is not targeted to exchange | 0:03:17 | 0:03:21 | |
rates or real GDP growth. | 0:03:22 | 0:03:23 | |
Monetary policy is targeted to inflation rate and our | 0:03:23 | 0:03:33 | |
inflation rate target is 2%. | 0:03:34 | 0:03:41 | |
At this moment, the inflation rate is close to zero but underlying | 0:03:41 | 0:03:45 | |
inflation trend show slightly more than 1%. | 0:03:45 | 0:03:55 | |
Compared with 2% target, we're only halfway. | 0:03:55 | 0:03:58 | |
So we think that under the current policy framework, inflation rate | 0:03:58 | 0:04:05 | |
will gradually accelerate and reach the target some time | 0:04:05 | 0:04:10 | |
in the next fiscal year. | 0:04:10 | 0:04:12 | |
But if we decide another additional measure in order to achieve | 0:04:12 | 0:04:22 | |
the target, we will mobilise the three dimensions, quantity, | 0:04:24 | 0:04:34 | |
quality and interest rate. | 0:04:34 | 0:04:37 | |
Do you feel that the burden of fixing the economic problems | 0:04:37 | 0:04:41 | |
in Japan has been placed solely on you? | 0:04:41 | 0:04:44 | |
I must say that Bank of Japan certainly has been making very | 0:04:44 | 0:04:53 | |
accommodating monetary policy to achieve inflation targets | 0:04:53 | 0:04:57 | |
while the government has been utilising fiscal policy | 0:04:57 | 0:05:01 | |
for short-term fiscal stimulus and the government is on track | 0:05:01 | 0:05:08 | |
to achieve prosperity. | 0:05:08 | 0:05:17 | |
Do you wish that the government was doing more? | 0:05:19 | 0:05:21 | |
I think the government is doing exactly appropriately, as far | 0:05:21 | 0:05:24 | |
as fiscal conservation is content. | 0:05:24 | 0:05:28 | |
Now, you mention a third element, structural reforms. | 0:05:28 | 0:05:29 | |
Yes, certainly, some structural reforms have already been made | 0:05:29 | 0:05:36 | |
but some others are awaiting to be implemented. | 0:05:36 | 0:05:40 | |
So are you satisfied with the rate at which structural | 0:05:40 | 0:05:42 | |
reform has been taken? | 0:05:42 | 0:05:44 | |
It is very difficult. | 0:05:44 | 0:05:49 | |
I am satisfied with significant impact on the economy, | 0:05:49 | 0:05:52 | |
but I still think that there are many structural reforms | 0:05:52 | 0:05:56 | |
to be done, including labour market reform, | 0:05:56 | 0:06:03 | |
Social Security reform and TPT, which is Trans Pacific Free Trade | 0:06:03 | 0:06:08 | |
agreement, agreed among 12 countries, including | 0:06:08 | 0:06:09 | |
the US and Japan. | 0:06:09 | 0:06:19 | |
The United States has come out with a statement saying that all G7 | 0:06:20 | 0:06:23 | |
countries should refrain from competitive currency devaluation. | 0:06:23 | 0:06:29 | |
In the past they have put Japan and China on a currency watchlist. | 0:06:29 | 0:06:33 | |
What is your reaction to this and has the issue of currency | 0:06:33 | 0:06:36 | |
caused a rift between you and the United States? | 0:06:36 | 0:06:46 | |
Bank of Japan is not involved in exchange-rate policy | 0:06:46 | 0:06:48 | |
or exchange rate intervention. | 0:06:48 | 0:06:52 | |
I know that among the G20 or G7 or whatever, it is agreed that | 0:06:52 | 0:06:56 | |
competitive devaluation must be avoided. | 0:06:56 | 0:06:58 | |
But at the same time, excessive fluctuation or exchange | 0:06:58 | 0:07:03 | |
rate not reflecting economic fundamentals, are not good | 0:07:03 | 0:07:07 | |
for the economy, fortunately. | 0:07:07 | 0:07:14 | |
Exchange rate policy or intervention are not, as far as Japan | 0:07:14 | 0:07:20 | |
is concerned, the responsibility of the central bank and also | 0:07:20 | 0:07:25 | |
I understand in the US or UK, this issue is in the hands | 0:07:25 | 0:07:31 | |
of finance ministry and not the central bank. | 0:07:31 | 0:07:36 | |
Is the ammunition running out and what options do central banks | 0:07:36 | 0:07:39 | |
have now given that these controversial monetary | 0:07:39 | 0:07:41 | |
policy tools don't appear to be working any more? | 0:07:41 | 0:07:46 | |
You see, I think that, not just in the US but also | 0:07:46 | 0:07:50 | |
in the Eurozone as well as Japan, monetary policy has been making | 0:07:50 | 0:07:55 | |
significant positive impact on the economy, | 0:07:55 | 0:08:02 | |
the recovering of the economy. | 0:08:02 | 0:08:09 | |
Avoiding serious disinflation or inflation. | 0:08:09 | 0:08:16 | |
So, in that sense, monetary policy has worked. | 0:08:16 | 0:08:21 | |
I don't think at this stage, monetary policy has reached | 0:08:21 | 0:08:23 | |
the limit, I don't think so. | 0:08:23 | 0:08:25 | |
I think still we have enough room to further | 0:08:25 | 0:08:28 | |
these monetary conditions. | 0:08:28 | 0:08:34 | |
Policy tools are high on the G7 agenda this year but corporate Japan | 0:08:38 | 0:08:42 | |
says they are simply not enough to boost growth on their own. | 0:08:42 | 0:08:46 | |
Structural reforms need to be sped up and the government needs | 0:08:46 | 0:08:49 | |
to do more. | 0:08:49 | 0:08:51 | |
We'll be talking about all of that in just a minute | 0:08:51 | 0:08:54 | |
with a panel of guests. | 0:08:54 | 0:08:55 | |
But first, what actually happens at these global summit behind | 0:08:55 | 0:08:59 | |
the media spotlight? | 0:08:59 | 0:09:02 | |
Well, our comedy consultant has been pondering that question. | 0:09:02 | 0:09:08 | |
Whenever I see on the news that the G7 are meeting, | 0:09:08 | 0:09:11 | |
I can't help wondering what goes on behind closed doors. | 0:09:11 | 0:09:15 | |
Now, scandalously, I have failed to be invited yet | 0:09:15 | 0:09:20 | |
again to a G7 meeting, so in order to help me | 0:09:20 | 0:09:23 | |
answer the question, I have created my own | 0:09:23 | 0:09:25 | |
global council of leaders, consisting entirely of me. | 0:09:25 | 0:09:27 | |
It's the C7. | 0:09:27 | 0:09:34 | |
C7. | 0:09:34 | 0:09:35 | |
Sorry I'm late. | 0:09:35 | 0:09:40 | |
I have a few questions about these high-powered global meetings. | 0:09:40 | 0:09:45 | |
Are there serious disagreements between the members? | 0:09:45 | 0:09:47 | |
I want the truth. | 0:09:47 | 0:09:48 | |
You can't handle the truth. | 0:09:48 | 0:09:50 | |
Are there are secret alliances between others? | 0:09:50 | 0:09:52 | |
How does translation work? | 0:09:52 | 0:10:02 | |
Don't worry, guys, I can speak all of your languages. | 0:10:03 | 0:10:07 | |
One second. | 0:10:07 | 0:10:17 | |
OK, the G7 is obviously a lot more than a lot of men wearing the same | 0:10:21 | 0:10:24 | |
suit but different ties. | 0:10:25 | 0:10:26 | |
So, I've talked to somebody else who knows a lot more on the topic. | 0:10:26 | 0:10:29 | |
Hugh Dobson is Professor of Japanese Studies | 0:10:29 | 0:10:30 | |
at Sheffield University | 0:10:31 | 0:10:31 | |
and he has written extensively on the G7 and also on Japan. | 0:10:31 | 0:10:34 | |
Japan's traditional role in the G7 can be understood in two ways. | 0:10:34 | 0:10:38 | |
First of all, the status that being a member brings to Japan | 0:10:38 | 0:10:44 | |
as a contemporary power. | 0:10:44 | 0:10:48 | |
The other important role is that Japan is the only Asian country | 0:10:48 | 0:10:51 | |
that is a member of the G7, | 0:10:51 | 0:11:00 | |
so it assigned itself the role of representative of Asia. | 0:11:00 | 0:11:03 | |
Obviously, there's important business at hand as the leaders can | 0:11:03 | 0:11:05 | |
the global perspective. | 0:11:05 | 0:11:06 | |
It is an informal mechanism. | 0:11:06 | 0:11:10 | |
It doesn't have the legitimacy or the legal status | 0:11:10 | 0:11:12 | |
of the United Nations. | 0:11:12 | 0:11:13 | |
It doesn't have the mechanism to enforce any decisions | 0:11:13 | 0:11:15 | |
that it might make. | 0:11:15 | 0:11:19 | |
But the idea is that it's about informally, intimacy. | 0:11:19 | 0:11:28 | |
Informality? | 0:11:28 | 0:11:29 | |
That suits me fine. | 0:11:29 | 0:11:30 | |
But when it comes to hosting the G7, all these international summits, | 0:11:30 | 0:11:33 | |
Japan does put on a show. | 0:11:33 | 0:11:34 | |
Sort of like the Olympics. | 0:11:34 | 0:11:35 | |
Economics and Olympics. | 0:11:35 | 0:11:36 | |
That is not a bad analogy. | 0:11:36 | 0:11:38 | |
Some economists like aritifical stimulus, some Olympians | 0:11:38 | 0:11:40 | |
like artificial stimulants. | 0:11:40 | 0:11:47 | |
China will be hosting the G20. | 0:11:47 | 0:11:49 | |
Both countries will be making efforts to ensure that the summit | 0:11:49 | 0:11:53 | |
they are respectively hosting is regarded as the main | 0:11:53 | 0:11:55 | |
show in town. | 0:11:55 | 0:11:58 | |
It is a double mechanism of reinforcing the G7's position | 0:11:58 | 0:12:01 | |
and downplaying the G20 position. | 0:12:01 | 0:12:04 | |
Because he G20 challenges all those aspects of the G7 | 0:12:04 | 0:12:09 | |
that Japan holds dear. | 0:12:09 | 0:12:10 | |
Its status as a great power and Asian representative. | 0:12:10 | 0:12:16 | |
That is it from my report. | 0:12:16 | 0:12:18 | |
Time to network and chill. | 0:12:18 | 0:12:19 | |
If you enjoyed that report, you can catch more of his | 0:12:19 | 0:12:25 | |
material on our website. | 0:12:25 | 0:12:30 | |
Now, back to the topic at hand. | 0:12:30 | 0:12:35 | |
Earlier you heard from Haruhiko Kuroda, the Central Bank | 0:12:35 | 0:12:37 | |
governor of Japan about his plans to revitalise Japan's economy. | 0:12:37 | 0:12:40 | |
But what does corporate Japan make of this? | 0:12:40 | 0:12:45 | |
I'm joined by the CEO of Standard Chartered Bank of Japan, | 0:12:45 | 0:12:52 | |
the GMS global adviser and the Japan Institute | 0:12:52 | 0:12:54 | |
of International affairs. | 0:12:54 | 0:13:04 | |
Haruhiko Kuroda said that negative interest rates | 0:13:04 | 0:13:06 | |
will have an impact on the real economy in the next fiscal year. | 0:13:06 | 0:13:09 | |
Do you think that's realistic? | 0:13:09 | 0:13:10 | |
I do believe that negative interest will have a positive impact over | 0:13:10 | 0:13:19 | |
that time and I do hope it will come out in a visible manner | 0:13:19 | 0:13:22 | |
by the end of this year, but monetary policy is not | 0:13:22 | 0:13:25 | |
the only factor. | 0:13:25 | 0:13:27 | |
We have uncertainties. | 0:13:27 | 0:13:29 | |
Brexit and the Chinese economy slow-down and US interest-rate hike. | 0:13:29 | 0:13:32 | |
So, it will have an impact but the overall economy | 0:13:32 | 0:13:42 | |
needs to go forward. | 0:13:42 | 0:13:46 | |
Monetary policy, as we have been discussing, is not the only arrow | 0:13:46 | 0:13:52 | |
within the strategy to boost growth in Japan. | 0:13:52 | 0:14:02 | |
Structural reforms are very much a part of this and part | 0:14:10 | 0:14:12 | |
of that is to include more women in the workforce. | 0:14:12 | 0:14:15 | |
Do you think that is happening? | 0:14:15 | 0:14:16 | |
The administration initially set two targets related to women. | 0:14:16 | 0:14:18 | |
The first one is to have at least one woman on the board of directors | 0:14:18 | 0:14:22 | |
of companies and that aspect, yes, it has started to increase. | 0:14:22 | 0:14:25 | |
And the second target was to create a society in which women can | 0:14:25 | 0:14:28 | |
continue working after marriage and in which the infrastructure, | 0:14:28 | 0:14:30 | |
including nursery facilities, would be dramatically increased. | 0:14:30 | 0:14:37 | |
In this aspect, yes, to a certain extent, | 0:14:37 | 0:14:40 | |
it has hit the target. | 0:14:41 | 0:14:50 | |
Do you think it is happening fast enough, for actual | 0:14:52 | 0:14:55 | |
structural changes to be made within the economy? | 0:14:55 | 0:14:56 | |
The Prime Minister saying that now the Japanese government is to push | 0:14:56 | 0:14:59 | |
this element forward has created a mindset among Japanese CEOs | 0:14:59 | 0:15:02 | |
that they can do that. | 0:15:02 | 0:15:03 | |
So it's a very positive impact. | 0:15:03 | 0:15:05 | |
Let's talk about that mindset change. | 0:15:05 | 0:15:08 | |
Within corporate Japan, there has appeared to be some | 0:15:08 | 0:15:13 | |
resistance to change. | 0:15:13 | 0:15:18 | |
What is taking them so long to alter their mindset? | 0:15:18 | 0:15:24 | |
If your company is making a cautious decision. | 0:15:24 | 0:15:26 | |
On aggregate, the corporate sector as a whole, it doesn't look | 0:15:26 | 0:15:36 | |
like it is changing rapidly. | 0:15:36 | 0:15:37 | |
They are investing heavily overseas. | 0:15:37 | 0:15:39 | |
Look at the high level of emergent acquisition, | 0:15:39 | 0:15:43 | |
particularly in Southeast Asian countries. | 0:15:43 | 0:15:46 | |
Japanese and these are during very much. | 0:15:46 | 0:15:50 | |
But when it comes to issues like the wage, they tried | 0:15:50 | 0:15:55 | |
to accommodate the government push, but because of an opaque external | 0:15:55 | 0:15:57 | |
economic environment, I think that this year, | 0:15:57 | 0:15:59 | |
the wage hike is sort of fizzling out and this is not only corporate | 0:15:59 | 0:16:09 | |
Japan but throughout the world. | 0:16:10 | 0:16:20 | |
While corporate Japan is investing overseas, as we have been | 0:16:23 | 0:16:29 | |
discussing, it's not doing the same back at home in Japan. | 0:16:29 | 0:16:39 | |
In fact, companies are sitting on piles of cash | 0:16:42 | 0:16:45 | |
and not raising wages. | 0:16:45 | 0:16:46 | |
They are not creating new jobs or making new investments here at home. | 0:16:46 | 0:16:49 | |
Why is that and what needs to be done to get them to change? | 0:16:49 | 0:16:52 | |
GDP number does not necessarily capture the real shape | 0:16:52 | 0:16:54 | |
of the Japanese economy. | 0:16:54 | 0:16:56 | |
As you mentioned, corporate Japan continues to be investing overseas | 0:16:56 | 0:17:00 | |
and the domestic economy has peaked. | 0:17:00 | 0:17:10 | |
Why aren't the going to spend some of those profits here in Japan? | 0:17:11 | 0:17:14 | |
Management of corporate Japan is taking a very cautious approach | 0:17:14 | 0:17:16 | |
and they are also reluctant to incur the cost because their first | 0:17:16 | 0:17:19 | |
responsibility is to deliver their dividend | 0:17:19 | 0:17:20 | |
to shareholders, so that is the right decision on a micro level | 0:17:20 | 0:17:23 | |
but in terms of our entire economy it is not working well. | 0:17:23 | 0:17:33 | |
What can be done to boost productivity in the labour market | 0:17:38 | 0:17:48 | |
Everybody is watching each other. | 0:17:55 | 0:17:56 | |
If someone does it and is successful, everybody follows. | 0:17:56 | 0:17:59 | |
Once the change starts, usually, Japanese aggregate corporate | 0:17:59 | 0:18:01 | |
world will move forward. | 0:18:01 | 0:18:05 | |
Even in the productivity area, right now, as I mentioned, | 0:18:05 | 0:18:12 | |
the Japanese companies are now moving one step ahead | 0:18:12 | 0:18:16 | |
and increasing diversity, related to women and non-Japanese, | 0:18:16 | 0:18:18 | |
and basically we have realised that unless we change, | 0:18:18 | 0:18:24 | |
long working hours and the productivity, the male culture, | 0:18:24 | 0:18:27 | |
women cannot succeed. | 0:18:27 | 0:18:37 | |
Do you feel that too much burden has placed on Mr Kuroda to fix | 0:18:40 | 0:18:43 | |
the economy when everything that we have talked about really has | 0:18:43 | 0:18:50 | |
to do with structural reforms, corporate Japan taking more | 0:18:50 | 0:18:54 | |
of an active role and far less to do with monetary policy. | 0:18:54 | 0:18:57 | |
It is not just him. | 0:18:57 | 0:19:04 | |
The central bankers have been placed in a sort of very difficult position | 0:19:04 | 0:19:07 | |
because the other options, the fiscal policy, structural | 0:19:07 | 0:19:14 | |
policies, need to catch up with this rapid change in monetary policy. | 0:19:14 | 0:19:20 | |
The other possibility of introducing new types of fiscal managers, | 0:19:20 | 0:19:33 | |
-- The other possibility of introducing new types | 0:19:33 | 0:19:35 | |
of fiscal measures, | 0:19:35 | 0:19:36 | |
for instance, supporting families with younger children, | 0:19:36 | 0:19:38 | |
I think some head of fiscal support may be needed and the structural | 0:19:38 | 0:19:42 | |
adjustment policies, the TPT, this could make an impact. | 0:19:42 | 0:19:51 | |
But apart from that, there are still many | 0:19:51 | 0:19:53 | |
areas that need reforms. | 0:19:53 | 0:20:01 | |
Do you think that Japan is on the right track | 0:20:01 | 0:20:04 | |
and what is the biggest risk to the economy going forward? | 0:20:04 | 0:20:12 | |
We see the right trend, such as the introduction | 0:20:12 | 0:20:21 | |
of the corporate governance code and it will help to improve | 0:20:21 | 0:20:24 | |
the health of corporate Japan, but you mentioned that culture, | 0:20:24 | 0:20:33 | |
Japanese people in the mind and nature, nobody wants to be | 0:20:33 | 0:20:37 | |
so different from others, so that Japan is a highly | 0:20:37 | 0:20:42 | |
homogenous society. | 0:20:42 | 0:20:45 | |
That makes some risks. | 0:20:45 | 0:20:55 | |
Corporate Japan makes decision similar to others and decision | 0:21:11 | 0:21:13 | |
making needs to be improved. | 0:21:13 | 0:21:14 | |
Briefly, I would like to ask you all, is Japan | 0:21:14 | 0:21:17 | |
moving on the right track | 0:21:17 | 0:21:18 | |
and what is the biggest risk to the economy moving forward? | 0:21:18 | 0:21:21 | |
I think it is going in the right direction and I think it's up | 0:21:21 | 0:21:24 | |
to the administration whether they can basically | 0:21:24 | 0:21:26 | |
keep their promises that they have made, but my feeling | 0:21:26 | 0:21:28 | |
of the risk is geopolitical, rather than all these | 0:21:28 | 0:21:30 | |
powers and North Korea. | 0:21:30 | 0:21:37 | |
It is more a political risk that we are facing in Japan | 0:21:37 | 0:21:40 | |
rather than economic. | 0:21:40 | 0:21:40 | |
Structural reforms do require a stable political environment. | 0:21:40 | 0:21:43 | |
And of course there are external factors that are very, very big. | 0:21:43 | 0:21:46 | |
We do not know what is going on in China, we don't know | 0:21:46 | 0:21:56 | |
what to happen in the United States or in Europe. | 0:21:56 | 0:21:59 | |
For instance, breaks, we do not know. | 0:21:59 | 0:22:04 | |
-- For instance, Brexit, we do not know. | 0:22:04 | 0:22:06 | |
But nonetheless, as far as Japan is concerned, | 0:22:06 | 0:22:10 | |
the political situation is very stable and this | 0:22:10 | 0:22:12 | |
will continue for another couple of years at minimum so we have | 0:22:12 | 0:22:15 | |
to take advantage of this space of political stability. | 0:22:15 | 0:22:21 | |
Thank you all for joining us with your insights. | 0:22:21 | 0:22:25 | |
That's it for this episode of Talking Business. | 0:22:25 | 0:22:27 | |
Next week, Talking Business will be in Mumbai to look at the challenges | 0:22:27 | 0:22:32 | |
working women face in India. | 0:22:32 | 0:22:39 |