Toronto: The Canada-India Business Council (C-IBC) sees the recent changes in Indian retail law for foreign companies, as an important development that can benefit companies wanting to expand into India.
India will begin allowing 100 percent ownership for foreign single brand companies in India from the previous 51 percent, which are expected to give a big boost to major brands such as Ikea and Starbucks (which is rumoured to be opening its first café in Mumbai next month, after signing an MOU with Tata Coffee Ltd.). Major companies like Ikea and Starbucks will put a spotlight on India and attract more large Canadian Companies.
Rana Sarkar, President & CEO, Canada-India Business Council points out, “This reform, which requires the use of a smaller Indian Company for at least 30 % procurement, has already shown positive economic potential in India. Pantaloon, one of India’s largest retailers’ stocks soar 10 percent after the announcement was made. The hope is this reform will allow liberalization in the Indian market and potentially revolutionize Indian supply chains and lower consumer prices.”
Sarkar believes that this policy change may even change the political climate and make it easier for India to pass a reform on multi-brand retail allow companies such as Wal-Mart, and Carrefour to enter the Indian market. “I also see a real opportunity for the establishment of a cold supply chain in India; for example, one Canadian Company that has seen enormous success in the Indian market through their potato production, is McCain Foods. With an established cold supply chain, other food product companies will be able to grow their brand and surpass their original intent in India.”
India has a 400 billion dollar retail market which has a huge potential for Canadian Companies. With the ongoing CEPA agreement between Canada and India, this reform will encourage more Canadian brands such as clothing retailers; Joe Fresh, Lululemon and Aritzia, to invest and expand their business into India.
Sarkar is aware of all the political football that is being played in India over the issue. But he is optimistic of the long term outcome. He explains, “Although there has been ongoing political turmoil in this area, the direction of travel is certain, a retail revolution is going to happen in India, which will forever change and improve the India economy.”
Pakistani Anti-graft body wants travel ban on Nawaz Sharif, kin
Pakistan’s anti-corruption watchdog has asked authorities to place ousted premier Nawaz Sharif, his daughter and son-in-law on the Exit Control List to prevent them from leaving the country.
The National Accountability Bureau (NAB) sent a formal request to the ministry of interior. The interior ministry officials confirmed that the NAB wrote that names of Sharif, his daughter Maryam Nawaz and son-in-law Capt (retd) Muhammad Safdar should be put on the Exit Control List (ECL), which listed individuals not allowed to leave Pakistan.
The NAB argued that as the trial of the three nears its conclusion, it is feared that they would leave the country.
Earlier, a similar request to place name of finance minister Ishaq Dar on ECL was not accepted, allowing him to go to London and never return.
Sharif, 68, and his family this week filed an application with the accountability court seeking a fortnight’s exemption from personal appearance from February 19 onwards to let them go to London to see Sharif’s ailing wife. Three cases were filed against Sharif and his family last year, including Avenfield properties, Azizia & Hill Metal Establishment, and Flagship Investments.
Maryam and Safdar are accused only in Avenfield properties case. The NAB had filed two supplementary references against Sharif, his sons Hasan and Hussain regarding Al-Azizia Steel Mills & Hill Metal Establishment and Flagship Investment cases.
Pakistan “breaches obligations’ on nuclear arms reduction, UN court told
The Hague: Pakistan is violating its “obligations” to the international community by failing to reduce its nuclear arsenal, the Marshall Islands told the UN’s highest court on Tuesday.
The small Pacific Island nation is this week launching three unusual cases against India, Pakistan and Britain before the International Court of Justice.
Majuro wants to put a new spotlight on the global nuclear threat, its lawyers said yesterday, by using its own experience with massive US-led nuclear tests in the 1940s and 1950s.
“Pakistan is in breach of its obligations owed to the international community as a whole,” when it comes to reducing its nuclear stockpile, said Nicholas Grief, one of the island nation’s lawyers.
DeBrum warned that even a “limited nuclear war” involving the two countries would “threaten the existence” of his island nation people.
Pakistan and India have fought three wars since independence from Britain in 1947, two of them over the disputed Himalayan territory of Kashmir.
In 1998, the rival neighbours both demonstrated nuclear weapons capability.
The ICJ’s judges are holding hearings for the next week and a half to decide whether it is competent to hear the lawsuits brought against India and Pakistan — neither of which have signed the 1968 nuclear Non-Proliferation Treaty (NPT).
A third hearing against Britain — which has signed the NPT — scheduled to start on Wednesday will be devoted to “preliminary objections” raised by London.
The Marshalls initially sought to bring a case against nine countries it said possessed nuclear arms: Britain, China, France, India, Israel, North Korea, Pakistan, Russia and the United States.
Israel has never admitted to having nuclear weapons.
But the Hague-based ICJ, set up in 1945 to rule in disputes between states, has only admitted three cases against Britain, India and Pakistan, because they have accepted the ICJ’s compulsory jurisdiction.
Pakistan’s lawyers did not attend Tuesday’s hearings.
It did however file a counter-claim against Majuro’s allegations saying “the court has no jurisdiction to deal with the application” and insisting that the case is “not admissible”, said ICJ President Ronny Abraham.
Bangladesh to drop Islam as official religion following attacks on Hindus
New Delhi: Bangladesh is likely to drop Islam as its official religion following a series of attacks on people from other faiths in the country. The country’s Supreme Court is hearing a plea challenging the status of the official religion of the country to Islam.
Bangladesh, which was declared a secular country after its formation in 1971, was declared an Islamic country following a constitutional amendment in 1988.
According to a report in the Daily Mail, the plea has challenged the declaration of Islam as the national religion of the country.
The move is being supported by leaders from the minority communities like Hindus, Christians and Muslim minority Shiites.
Bangladesh has 90 per cent of Muslims, 8 per cent Hindus and remaining constitutes Christians and Muslim minority Shiites.
In last month, a Hindu priest was hacked to death following an attack on a temple in Panchgarh district. Two others were seriously injured in the attack. There have been several lethal attacks on writers and bloggers.
According to a report in the Independent, Islamist groups Jumatul Mujahedeen Bangladesh and Ansarullah Bangla Team are believed to have carried out at least seven attacks on foreign and minority people in Bangladesh in the past year.