World
Emerging markets face slow growth in near-term: World Bank
Emerging markets, with the exception of India, are facing the fifth consecutive year of slow growth, a latest World Bank report has said.
 
According to report, the slowdown is expected to continue for some time.
 
"After enjoying years of enviable economic performance, emerging markets are coming under strain, with a marked divergence in growth among them," Kaushik Basu, the World Bank's chief economist and senior vice-president said in the report. 
 
In a new policy research note titled "Slowdown in Emerging Markets: Rough Patch or Prolonged Weakness?", the World Bank said emerging market growth, since 2010, has been buffeted by factors like weak international trade, slowing capital flows and slumping commodity prices, which have compounded domestic problems such as blunted productivity and periods of political uncertainty.
 
"As some of these economies slow down, the goal of eradicating extreme poverty will become harder as it burrows in and becomes more concentrated in regions most affected by conflict," Basu said.
 
"Growth in BRICS, with the exception of India, has been slowing significantly after 2010. These slowdowns are expected to continue over the near term," the World Bank report said.
 
Since 2010, emerging market growth has been falling and has slid from an average 7.6 percent in 2010 to less than 4 percent projected for the current year.
 
China, the Russian Federation and South Africa have all posted three consecutive years of slowing growth, the report said.
 
It said while many emerging markets have implemented reforms in specific areas, a few have announced comprehensive structural reform plans, including China, India, and Mexico.
 
Though the pace of reform implementation remains a concern, these initiatives have been well received by investors, it added.
 
India has formally adopted inflation targeting in 2015, strengthening the credibility of the Reserve Bank of India, eliminated diesel subsidies while raising excise duties on transport fuels, has further eased rules for foreign investment in insurance, telecommunications and railway, and committed to increasing public investment, the report said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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Lok Sabha passes Indian Trusts (Amendment) Bill amid ruckus
The Lok Sabha on Wednesday passed the Indian Trusts (Amendment) Bill, 2015, amid chaos as the opposition Congress created ruckus in the house over the National Herald case involving Sonia and Rahul Gandhi for the second consecutive day.
 
The bill, which seeks to amend the Indian Trusts Act, 1882 (Principal Act), was introduced in the Lok Sabha by Finance Minister Arun Jaitley on 13th August. The Bill regulates functioning of private trusts and trustees. It also outlines the manner in which surplus funds of the trust may be invested for future use of the trust.
 
As the house met at 2.15 p.m. after lunch, leader of Congress in the Lok Sabha Mallikarjun Kharge said how bills could be discussed and passed "when the house was not in order".
 
He appealed to the speaker not to allow any discussion on the bill as nothing could be heard.
 
As Kharge was making his point, Parliamentary Affairs Minister M. Venkaiah Naidu got up and said the Congress and other opposition parties do not respect the rules.
 
"Since they do not respect the rules, let's take up business," Naidu said.
 
Kharge and Naidu were engaged in heated exchanges while putting forth their points of view.
 
"Today (Wednesday) we are protesting as the government is disregarding and disrespecting the opposition. The bills should not be passed (in situation like this)," Kharge said, adding that if the government is so interested in normal business of the house "they must sack V.K. Singh".
 
The Bill lists seven categories of securities in which trust money can be invested. These include some pre-Independence references such as securities issued by the United Kingdom, by municipalities of Presidency towns, Rangoon, and port trust of Karachi.  In addition, the Act allows investment in any security expressly authorised by the instrument of trust or by the central government by notification, provided that consent is taken of any person who is competent to contract and entitled to receive the trust income for his life.

The Bill amends the Principal Act to retain only the last item, and deletes all the other investment avenues specified in the Act.
 
The bill was passed by a voice vote amid sloganeering.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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COMMENTS

Kanchan Kumar

12 months ago

Had 2-3 lines about the main points of ammendment added in this article, it would have been maor informative and useful to readers.

Salman case: HC finds bodyguard's testimony 'unreliable'
The Bombay High Court on Wednesday said it was difficult to believe the testimony of late Ravindra Patil, the police bodyguard assigned to Bollywood actor Salman Khan who was in the vehicle during the September 28, 2002, hit-and-run accident case involving the Bollywood star.
 
Terming him as "an unreliable witness" Justice A.R. Joshi said it was difficult to accept Patil's answer that the car tyre burst due to the impact" (of the crash).
 
The court also observed that in his police statement recorded hours after the accident that day, Patil made no mention about Salman being drunk, but said this only on October 1 (that year) after the blood sample tests reports were received.
 
Since Monday, the judge is in the process of dictating in an open court his verdict on the appeal filed by the actor challenging the Sessions Court order of May 2015.
 
By that order the Sessions Court sentenced Salman Khan to five years' jail on, among other things, charges of "culpable homicide not amounting to murder".
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Vaibhav Dhoka

12 months ago

As in Tamil Nadu CM case and this case if one goes by criminology every Indian is right to accept that we have different class of Justice dispensation system.The high court is not interested in Ravindra Patils disappearance,if the case would not had celebrity high court would have called for CBI inquiry.A SHAM System.

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