ASBM Business
Updates is a Weekly Selective Compilation of Business News from Various
Sources. To find details follow the links.
BANKING
The central bank has proposed working with the government to introduce
interest-free banking to tackle financial exclusion for religious reasons,
potentially opening Islamic finance to the largest Muslim minority population
in the world.
The Reserve Bank of India made the proposal in its annual report last
week, as departing central bank governor Raghuram Rajan handed over the reins
to close ally Urjit Patel.
The proposal marks a shift in stance by the RBI, which has previously
said Islamic finance could be offered through non-bank channels such as
investment funds or cooperatives.
That has meant an estimated 180 million Muslims in India, the country's
second-largest religious group, have been unable to access Islamic banking
because of laws that require banking to be based on interest, which is
forbidden in Islam.
The RBI said it would explore introducing interest-free banking
products in consultation with the government, a key detail as this opens the
prospects of supportive legislation.
“This is definitely a significant development as it is the first time
that the RBI has concretely mentioned that it will now work with the government
to introduce Islamic banking,” said Saif Ahmed, managing partner at
Bangaluru-based Infinity Consultants, which specialises in Islamic finance.
“For Islamic banks to function in India, separate parallel legislation
or an amendment needs to be passed by Parliament and that can only happen with
the active support of the incumbent government.”
LOGISTICS
Airbus
Defence and Space has opened a new logistics center in Bremen, Germany, the
company announced Wednesday.
About
$56 million will be invested in project planning, development and operation of
center-related efforts through 2024, the company, a division of Airbus Group, said in a statement.
The
32,000-square-foot facility, located in Bremen's Lloyd Industriepark, is close
to the airport and will help meet increasing civil and military demands, the
company said.
It
was established in conjunction with Kühne + Nagel.
The
center will initially be used mostly for A400M aircraft production.
In
the future it is poised to taken on space applications as well.
The
location offers excellent road, rail and air connections, the company said, and
can be operated by about 100 employees.
It
replaces three old warehouses and will harmonize and streamline processes while
allowing Airbus Defence and Space to meet increasingly complex requirements for
punctual and continual delivery to production lines.
RETAIL
The government has said it will not be possible to allow FDI in
multi-brand retail trading in India unless small traders and farmers are
“empowered” and can face market competition.
“At the moment, India can create several Walmarts of its own. We
welcome anybody...but if some way this dialogue is moving towards, why not (FDI
in) multi-brand retail in India? My answer is, ‘not yet’,” Commerce and
Industry Minister Nirmala Sitharaman said at The Economist India Summit 2016
here.
She was replying to the question as why to India is not permitting FDI
in retail trade.
Explaining the “thinking behind” this, the minister said there is an
issue of last mile connectivity, adequate infrastructure and financial
inclusion of those segments such farmers and small traders.
These things were absent all the while but now this government is
making every effort to bridge these gaps, she said.
“If that happens, and if they (farmers and small traders) are
adequately empowered to tackle the market themselves... But today we are trying
to bridge those gaps. We are still not ready to have them and face a
competition where there would not be a level playing field,” Sitharaman added.
Although the current foreign direct investment (FDI) policy permits
foreign players to hold 51 per cent stake in an Indian company, BJP had opposed
foreign investment in this segment in its election manifesto.
__________________________________________________________
Source of
Information for this issue: Google alert accessed on Sept 12, 2016
We welcome your suggestions in improving this information updating service.
Knowledge Is Power. Be Informed, Be Knowledgeable, Be Powerful.
Best wishes
Compilation
Sabita Sahu
Sabita Sahu
Asst Librarian
Information and
Documentation Division, Chanakya Central Library
Asian School of
Business Management
Shiksha Vihar Bhola,
Barang Khurda Road,
Chandaka
Bhubaneswar-754012
Tel:0674-2374832, 2374833
E-mail:library@asbm.ac.in, 
Sabita Sahu, Asst Librarian, Knowledge and Information Services Unit, Chanakya Central Library, Asian School of Business Management, Bhubaneswar. library@asbm.ac.in ; www.asbm.ac.in
No comments:
Post a Comment