Economy
India set to grow fastest at 7.5 percent
Washington : Growing at the fastest pace, India is projected to grow at 7.5 percent in 2016 and 2017 fiscal as China slows to 6.3 percent in 2016 and 6.0 percent in 2017, according to the IMF.
 
The slower pace of China's growth primarily reflects weaker investment growth as the economy continues to rebalance, the International Monetary Fund said in its January update of the World Economic Outlook (WEO).
 
India and the rest of emerging Asia are generally projected to continue growing at a robust pace, although with some countries facing strong headwinds from China's economic rebalancing and global manufacturing weakness.
 
Growth prospects in parts of Asia have diminished somewhat as a result of the unexpectedly big external spillovers from China's growth transition, the WEO said.
 
In contrast, India, a major net commodity importer, continues to grow at the fastest pace among emerging economies.
 
Growth forecasts for most emerging market and developing economies reveal a slower pickup than previously predicted.
 
Still, growth is projected to increase from 4 percent in 2015- the lowest rate since the 2008-09 financial crisis- to 4.3 and 4.7 percent in 2016 and 2017, respectively.
 
Global growth, currently estimated at 3.1 percent in 2015, is projected at 3.4 percent in 2016 and 3.6 percent in 2017 with growth in advanced economies projected to rise by 0.2 percentage point in 2016 to 2.1 percent, and hold steady in 2017.
 
The pickup in global activity is projected to be more gradual than in the October 2015 WEO, especially in emerging market and developing economies.
 
In advanced economies, a modest and uneven recovery is expected to continue, with a gradual further narrowing of output gaps.
 
Risks to the global outlook remain tilted to the downside and relate to ongoing adjustments in the global economy: a generalized slowdown in emerging market economies, China's rebalancing, lower commodity prices, and the gradual exit from extraordinarily accommodative monetary conditions in the United States.
 
If these key challenges are not successfully managed, global growth could be derailed, the WEO warned.
 
In emerging market and developing economies, policymakers need to manage vulnerabilities and rebuild resilience against potential shocks while lifting growth and ensuring continued convergence toward advanced economy income levels, the WEO suggested.
 
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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Selfie turns fatal for Rajasthan tourist
Jaipur : The craze for a selfie turned fatal for a 23-year-old tourist to the Mehrangarh Fort in Rajasthan's Jodhpur city on Tuesday, police said.
 
The man named Nikhil was trying to click a selfie on Tuesday evening when he fell down from the ramparts of the fort in Jodhpur, over 350 km from here.
 
"Nikhil had gone to the fort with his friends in the afternoon. While he was trying to click a selfie, he lost his balance and fell down near a temple from where he was rushed to the Mahatma Gandhi Hospital where he was declared dead," a police official told IANS over phone.
 
The deceased man's family has been informed, while police have launched an investigation.
 
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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Jaitley supports limited practice by foreign lawyers in India
London : Finance Minister Arun Jaitley has expressed support for enabling foreign lawyers to establish a presence in India.
 
Britain's Justice Minister Shailesh Vara welcomed the announcement.
 
Jaitley made the statement in course of the 8th UK-India Economic and Financial Dialogue which he held with his counterpart George Osborne.
 
Britain has been seeking access to the Indian market to offer legal services for several years.
 
Jaitley's support was for foreign lawyers to "provide legal advice on non-Indian law".
 
Such advice is to be rendered as per regulations to be framed, which are likely to include employing or entering into partnerships with Indian lawyers.
 
The implementation in the matter is subject to a memorandum of understanding being signed between the Law Society of England and Wales, the Bar Council of England and Wales and the Bar Council of India.
 
Justice Minister Vara commended the positive discussions on liberalisation of the Indian legal services sector at the Economic and Financial Dialogue.
 
Welcoming Jaitley's support for the process, Vara said: "I am delighted with the progress made in seeking to liberalise the Indian legal sector and I commend Finance Minister Arun Jaitley's commitment.
 
"This is a cause that I have been championing personally for many years, ever since I saw the value liberalisation would bring when working as a solicitor.
 
"The UK's experience of an open legal services sector has been a hugely positive one, giving business the access it needs to international legal advice and helping make London the global legal hub it has become.
 
"I am confident that India's decision to move down this path will benefit everyone, and be a real catalyst for bilateral trade and investment. My department stands ready to help the Indian government progress this important reform in any way that would be helpful."
 
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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