by admin | May 25, 2021 | Banking, Corporate, Corporate finance, Corporate Governance, Economy, Finance, Investing, News, Politics
Mumbai : Looking at ways to boost economy amid a slowdown, Finance Minister Arun Jaitley on Friday said that encouraging private investment and improving capacity of banking system to support growth are the two major challenges for which best solutions have to be found.
“There are two major challenges – encouraging private sector investment and improving capacity of banking system to support growth. We have done adequate analysis as to the cause of these challenges,” he said addressing the 70th annual general meeting of Indian Banks’ Association (IBA) here.
“Now as a dynamic society we have to look for best solutions and ensure resolution of these issues faster.”
Jaitley said that there was also a major challenge with regard to increase in stressed assets.
“I think this is the core area of concern today. India has adequately demonstrated its ability to reform, grow at a reasonable pace when world was going slow. Indian administration is supportive of reforms. India’s ability to face challenges in economy is much better, higher than what it traditionally has been,” he said.
The Finance Minister said that the government had amended laws to bring a speedy resolution of the bad debts of banks, including Insolvency and Bankruptcy Code, 2016 (IBC).
“IBC is now in full swing now. Speed is of essence. Resolution is to be made in good faith. Certain trust in the decision making of these institutions is essential. If we work on these principles, we should be able to accept some early harvest,” he said.
Pledging support to the revival of the banking system, Jaitley said that all government efforts were directed to make banks stronger in terms of resources.
“In this challenge, the government stands one with the banking system. Whatever steps are required to be taken, we will expeditiously work with banking system to strengthen it.”
“All government efforts, whether be it toward erosion of black money, Goods and Services Tax (GST), other reforms, have been to make sure that the ability of the state is strengthened in terms of resources… to find resources for the banking system,” Jaitley said.
“I do believe that India itself has great resilience, which enables it to find solutions. Banks have very important role to play,” he added.
Crediting the banking system for efficiently carrying out operations during demonetisation followed by the remonetisation process, he said that the banks with the constraint of time dealt with the large inflow of cash and distribution of new currency.
“In a matter of few weeks, the whole process of deposit of old currency and remonetisation and distribution of new currency, without any major incident, was implemented by the banking system. The programe where millions of people were involved will occasionally throw a black sheep but the banking system was robust to take action.”
“Implementing it in a few weeks starting from November, and do it conclusively was a great credit to the banking system. Banks were flooded with large deposits, they showed ability to deal with them,” he said.
Jaitley said that demonetisation created a new normal wherein cash transactions have been visibly reduced and tax base has expanded.
“There was a conscious effort being made to alter both the behaviour and spending pattern of society. A new normal was sought to being created.”
“Cash dominated transactions were sought to be replaced with alternate spending culture. There has been reduction in cash spending,” he said.
He said that the new mechanism of indirect taxes — GST — was going smoother than expected and more people are likely to come under the taxation net.
“These are early days of implementation of the alternate taxation system. So far it is going smoother than expected. The decision making mechanism on top has been reasonably institutionalised. The mechanism to issue day to day issues has been created and is robust.”
“The number of people coming within the (GST) network is likely to gradually expand,” he said.
—IANS
by admin | May 25, 2021 | Muslim World
Iraqi Minister of Industry and Minerals Mohammad Al Sudani (L), during his meeting with Jordanian Prime Minister Hani Al Mulki in Amman.
Amman : Jordanian Prime Minister Hani Al Mulki met with Iraqi Minister of Industry and Minerals Mohammad Al Sudani here on Sunday. During the meeting, Al Mulki voiced Jordan’s keenness to boost relations with its neighboring country in various fields.
The meeting was attended by Jordanian Minister of Industry, Trade and Supply Yaroub Al Qudan and the Iraqi Ambassador to Jordan Safia Al Suhail. Al Mulki said that the reopening of the land route between the two countries will contribute to enhancing trade and economic ties between the two countries. “The reopening of the Tureibil border crossing is a strong indication of the return of stability in Iraq after the victories that have been achieved against terrorism”, he added.
The prime minister voiced Jordan’s readiness to actively contribute to the reconstruction of Iraq, provide it with the expertise to achieve development and build on the historical partnerships between the economic sectors in both countries, Petra reported.
He also highlighted the need to finalize the list of Jordanian commodities that will be exempted from Iraqi customs fees, adding that the Port of Aqaba is qualified to be a gateway for Iraqi imports and exports.
For his part, the Iraqi minister stressed the strong ties between Amman and Baghdad and said priority would be given to Jordanian companies and the private sector in reconstruction projects in his country.
—SM/IINA
by admin | May 25, 2021 | Muslim World
Khobar : Saudi Arabia has issued a regulatory framework for electricity consumers to operate their own, small-scale solar power generating systems and export unused power to the national grid, the government said on Monday.
The rules will come into force on July 1, 2018, and cover small photovoltaic facilities with generating a capacity of no more than 2 megawatts, the Electricity and Cogeneration Regulatory Authority said.
Consumers will have their excess power offset against their future consumption, and after a year they will receive cash payments at a tariff approved by the authority. “What has been achieved is an essential step forward toward the realization of the deployment of renewable energy in the Kingdom of Saudi Arabia,” said Fayez Al-Jabri, the authority’s director-general of technical affairs.
Saudi Arabia, the world’s top oil exporter, currently has few renewable energy facilities but has said it aims to generate 9.5 gigawatts of electricity from such sources annually by 2023 through 60 projects, investing between $30 billion and $50 billion.
Solar energy is expected to lead the renewables drive. The energy ministry is drawing up an incentive program to encourage both companies and households to generate their own solar power, but no timetable for its introduction has been set, an industry source told Reuters.
A second source said the scheme was feasible at current Saudi electricity tariffs and further power price rises could make it more attractive. Seeking to save money in an era of cheap oil, the government raised ultra-low electricity tariffs for major industrial and residential users in early 2016, Arab News reported.
It initially planned another round of fare hikes in mid-2017; this has now been put on hold, partly to avoid hurting sluggish economic growth, but it is expected to go ahead late this year or early next. The government has not made a firm decision on timing, industry sources said. Households account for about half of power consumption in the desert kingdom, much of it for air conditioning.
—SM/IINA
by admin | May 25, 2021 | Halal Industries, Muslim World
National Musuem in Riyadh. Image from AP
Jeddah, (IINA) – The Saudi Commission for Tourism and National Heritage (SCTNH) disclosed on Sunday that the domestic and inbound foreign tourism revenues reached SR53.7 billion this year, according to its latest report.
Meanwhile, last year, outgoing Saudi tourists spent SR24.1 billion abroad. The report noted that local tourism increased by about six percent compared to 22 percent of Saudis who left to spend their holidays abroad last year. Despite this, local tourism grew by one percent overall, while inbound tourism increased by 5.6 percent over the year, Arab News reported.
According to the source, SCTNH works to stimulate domestic tourism in various seasons, especially during the holidays, indicating that the number of tourists at home reached 15.4 million in 2015 with an annual growth rate of up to three percent, compared with 6.4 million departing tourists annually.
Further, local tourism expenses amounted to SR15.3 billion in 2015, while inbound tourism expenditure amounted to SR38.4 billion, even though the number of tourist arrivals did not exceed 7.5 million people.
The report found that inbound tourism expenditure is the highest spending group within the county’s tourism sector at SR5,120 per capita, compared to SR3,020 per capita for the outbound tourism sector.
by admin | May 25, 2021 | Corporate, Corporate Governance
Prime Minister,Narendra Modi and the Facebook Chairman and CEO,Mark Zuckerberg at Townhall Q&A session, at Facebook HQ, in San Jose, California
San Jose (California):(IANS) Prime Minister Narendra Modi on Sunday said he dreamt of making India a $20 trillion economy and that he was pleasantly surprised by the change of perception about his country in a short period of time.
Attending a question and answer ‘town-hall’ session with Facebook chief Mark Zuckerberg at their office at Hackers Square here, the prime minister also said a lot had to be done to bridge the digital divide in India.
“We are an $8 trillion economy today. My dream is for India to become a $20 trillion dollar economy,” Modi said, adding: “Amazing, how perception about India has changed in a very short time. We have brought in a new level of confidence.”
Zuckerberg said India was personally very important to the history of Facebook.
“Early on, before things were going well, we saw Steve Jobs,” he said, referring to the legendary chief executive of Apple Inc, now deceased.
Modi also sought to tell Zuckerberg that India has other things to offer as well.
“When you came to India, you went to a temple. And look where you have reached today,” he said.
The Facebook chief had announced the Indian prime minister’s visit on his page earlier this month and invited users to post questions. Tens of thousands of comments were made in reply, with questions on internet expansion in India, unemployment and also Modi’s human rights record.
“We’ve received more than 40,000 questions for this town-hall,” Zuckerberg said.
Typical to the US, a town hall meeting refers to an informal public event, open to all, where those who attend ask questions from invited guests, generally public figures or functionaries, and also give ideas and seek their grievances to be redressed.
Modi said that in the last one to one-and-half years, “the perception of India has changed a lot”.
“If you look at tourism for example, India has tremendous potential. Technology has really helped the industry and has brought the world together,” Modi said.
Prompted by Zuckerberg to talk about his experience of being an early adopter of internet in India, Modi said: “I did not have the privilege to become a very educated person growing up. My world could revolve around a few words.
“But social media has filled the gap for me,” he said.
“You are associated with the service sector, and I have seen the power of it,” Modi said.
Before the townhall began, Modi and Zuckerberg had a one-on-one meeting.
Patriotic songs like “Des Rangila Rangila” and “Dhoom Machale” from Bollywood films played in the hall.
The insights wall at the Facebook headquarters flashed about its ‘India Connection’.
Earlier as Modi, dressed in a white shirt and black pants and a black Nehru jacket arrived for the townhall, he was greeted by Zuckerberg and his wife Priscilla Chan.
In the background, the music of “Chak De India” played to welcome Modi and the gathered crowd chanted “Modi, Modi”.
At the usually very casual Facebook headquarters, Zuckerberg came dressed in a black suit and purple tie. There were many others also dressed in suits and ties.
Ahead of his interaction with Modi, Zuckerberg changed his profile picture to support ‘Digital India’. Within minutes, Modi too changed his picture to thank him.
“I changed my profile picture to support Digital India, the Indian government’s effort to connect rural communities to the internet and give people access to more services online. Looking forward to discussing this with Prime Minister Narendra Modi at Facebook today,” posted Zuckerberg on Facebook.
Within minutes, Modi also changed his profile picture to thank him.
Zuckerberg’s new picture shows his side profile overlaid with the saffron, white and green colours of the Indian flag.
Modi’s new picture shows his front with the colours of India similarly overlaid.
