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India must undertake financial reforms in three key areas — sound regulations for non-banking financial companies (NBFCs), allow private sector banks in a big way in the banking sector and deepen capital market to aide growth — World Bank group President David Malpass said during a media interaction on Saturday.
Malpass, who is on a three-day visit to India, earlier met Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and members of the Niti Aayog and discussed financial sector reforms with them as well.
“We (Malpass and Modi) discussed the ways in which the financial sector can move forward. The Indian financial sector has made quite a bit of progress. It has made progress in terms of monitoring of assets, the bankruptcy process and deepening of the banking system.
“I am looking forward to encouraging progress in three primary areas — to allow growth of the banking sector, including the private sector; allow and encourage deepening of capital market bonds, mortgages; and the third is regulations for NBFCs which have grown in importance in the Indian financial system, but entails some risks.
“Having sound regulations for NBFCs, which is vital to India’s overall growth, will help India’s financial sector. Prime Minister Modi has the goal of a $5 trillion economy. That’s a powerful vision that needs to be assisted by innovations in the financial sector,” Malpass said during the media interaction.
The NBFCs have caused credit squeeze in the financial sector. Default in IL&FS bonds sparked a liquidity squeeze that spread to other NBFCs. It led to credit squeeze, over-leveraging, excessive concentration and massive mismatch between assets and liabilities. The government has since been observing the sector quite closely.
Malpass also called for more reforms to support growth.
“My prescription is that openness to reforms and innovations, and improvements in the government structures will allow for faster growth. India has undertaken important reforms in the last few years,” he noted.
Replying to a query as to whether demonetisation has caused lower growth in India, the World Bank chief said, “Economists made lots of forecasts… They were saying India has been affected by the global environment and has slowed from the higher past growth rates and it is very much related to the slowdown in global growth.”
Recently the World Bank sharply cut India’s growth forecast for the current fiscal to 6 per cent, down from the 7.5 per cent forecast it made in April.
Malpass said the main policy challenge for the country is to address the sources of softening private consumption and the structural factors behind weak investment.
The World Bank President said that stronger courts, modern land management and land permits and enforcement of contracts will benefit India.
He also said that the possibility of setting up fast track courts for dispute resolution should be considered.
To modernise land management, India could digitise land records, which will facilitate quick transactions, he said.
Malpass also said that global trade uncertainty, Britain’s plans of leaving the European Union and the low investment rate in the world were among the factors affecting growth.
“I think what is to be done is to have better growth programmes country by country,” he said.
Malpass said the World Bank will continue with the $6 billion lending target for India. Ninety-seven projects are currently being executed with loan assistance from the World Bank in India.
“The World Bank right now has 97 projects in India with a commitment of $24 billion. We expect the programmes to continue,” he said.
Praising the recent corporate tax cut, Malpass said, “India has taken a good step with the recent cut in corporate tax rate which will add to its growth.”
The government recently cut the effective corporate tax rate from 35 per cent to 25 per cent and those not availing any other incentive will have an effective tax rate of 22 per cent. (IANS)
Amitabh Bachchan is adored by the public for his unforgettable on-screen performances as well as his magnetic demeanour. Not only do fans love Amitabh Bachchan's outstanding performance, but the actor's heartwarming words are also highly regarded. A much moved Amitabh Bachchan, during his speech to the crowd of over 80,000 people at the Reliance Industries' annual event, said that the legacy left by Dhirubhai has had a positive impact on millions of people's lives worldwide.
When Bollywood superstar Amitabh Bachchan became bankrupt in the late 1990s, Dhirubhai Ambani stepped forward to give him financial assistance. In his speech, Bachchan remembered that Dhirubhai had sent Anil Ambani to offer him financial assistance during the crisis, which he had respectfully declined. Lenders began knocking on his door, losses mounted, and his bank account dwindled to nothing. He said, "Dhirubhai's money might have gotten me out of the problem quickly. However, I respectfully declined his offer and gradually began to find work again, which let me pay off my debt."
Amitabh Bachchan is adored by the public for his unforgettable on-screen performances as well as his magnetic demeanour. | Flickr
Later, after Bachchan had recovered from the bankruptcy, one day he was invited to an event at Dhirubhai's residence; Bachchan added, "Dhirubhai was standing and having a chat with his industrialist friends when he saw me there, he called me, firstly I felt shy even to present myself in front of such big industrialists but then, I went there, and Dhirubhai declared in front of all of them that 'This young man had fallen but managed to get back up on his own, I have a lot of respect for him because of that.' Those words of his were worth much more to me than any amount of money that he could have offered me."
It was the "Reliance Family Day" event and was attended by members of the Ambani family from all generations. The event commemorated the company's 40-year journey since its inception. It also celebrated the 85th birthday of the late Dhirubhai Ambani, RILs (Reliance Industries Limited) founder.
Keywords: Bollywood, Reliance, Amitabh Bachchan, Dhirubhai Ambani, event
In comparison to adults, children are prone to getting traumatized by troubling events easily, and this makes it important for parents to help their children when the times are tough. It could be a brutal accident, an unprecedented pandemic, a violent crime, or other disasters but with the right parental support, children have a higher chance of coming out stronger from an awful situation.
Anuja Kapur, Psychologist shares few tips wherein you can assist your child when tough times comes calling:
Every child responds differently to disturbing events: What children feel about a current disaster in their life and how they react to it can come and go in waves. Children can act moody and withdrawn at times, struck with sorrow and fear at other times. There's no absolute "right" or "wrong" way to feel after a traumatic event so make sure not to dictate what your child or how your child should feel and react to the event.
Children can act moody and withdrawn at times, struck with sorrow and fear at other times. | Photo by Kat J on Unsplash
Encourage your child to be transparent: Just make sure you let your child know that whatever feelings they're experiencing is normal. The unpleasantness will pass if your child opens up about it and that the phase is temporary. While many teens may be reluctant to talk about their feelings with a parent, encourage them to confide in another trusted adult such as a family friend, relative, or a counselor and teacher. It's important to talkeeven if it's not with you.
Just make sure you let your child know that whatever feelings they're experiencing is normal. | Photo by Sebastián León Prado on Unsplash
Deter your child from reliving the disturbing event: Dwelling over, watching the footage, or imagining the event can be overwhelmingly stressful for children and this stress can even block their nervous system. However, to negate such things from happening encourage activities that keep your child's mind occupied so they're not obsessive about the event. You could encourage your children to read, play games together, or simply watch an uplifting movie.
Dwelling over, watching the footage, or imagining the event can be overwhelmingly stressful for children and this stress can even block their nervous system. | Photo by Юлія Дубина on Unsplash
Cocoon your child with warmth: In order to reassure your child that they are safe with you and feel secure, that the worst is over your physical affection is important in making them feel safe again. Teens may try to be tough through it and avoid being held, but they still need the proximity.
In order to reassure your child that they are safe with you and feel secure, that the worst is over your physical affection is important in making them feel safe again. | Photo by adrianna geo on Unsplash
Maintain routines. Establishing a predictable structure and schedule for your child's life can help to make the world seem more stable again. Try to maintain regular times for meals, homework, and family activities. Make sure your child accommodates time and space for rest, play, and fun. Keeping up with a schedule can help countercheck the obnoxious feeling of stress and worry in children about the future being dark, hopeless, and unpredictable.
Try to maintain regular times for meals, homework, and family activities. | Photo by Paico Oficial on Unsplash
Acknowledge and validate your child's concerns. The disastrous events in life may give place to unrelated fright and concerns in your child. However, understanding and accepting your child's present state is a comfort for the child. If at any point the child blames himself for the event make sure to make it clear and crisp the event was not their fault, you love them, and it's okay for them to feel upset, angry, or scared but not guilty.
Understanding and accepting your child's present state is a comfort for the child Photo by Jeremiah Lawrence on Unsplash
Irrespective of the age of your child, it is vital for parents to offer that extra support and assistance following an unsettling event. The traumatic event may bring up unrelated fears and issues in your child. However, by accepting their thoughts and replacing their fear with your love and direction, the ominous feelings will start to fade away. Eventually, the child will be able to return to a normal and healthy life. (IANS/ MBI)
Keywords: Kids, Help, stress, cope, routine, warmth, understanding, encourage, psychology, children
The European Commission, the executive arm of the European Union (EU), has announced plans for smartphone and other electronics manufacturers to fit a common USB-C charging port on their devices in an effort to reduce waste. In addition to phones, the rules will apply to other devices like tablets, headphones, portable speakers, videogame consoles, and cameras, reports The Verge. The decision will have a huge impact on Apple, as the company still uses its own Lightning connector to charge iPhones. The proposals only cover devices using wired, not wireless and a USB-C port is only mandatory for devices that charge using a cable.
"Chargers power all our most essential electronic devices | Photo by Solen Feyissa on Unsplash
"Chargers power all our most essential electronic devices. With more and more devices, more and more chargers are sold that are not interchangeable or not necessary. We are putting an end to that," the report quoted EU commissioner Thierry Breton as saying.
The Commission also wants to unbundle the sale of chargers from the sale of electronic devices, which it says will improve the consumers' convenience. "With our proposal, European consumers will be able to use a single charger for all their portable electronics - an important step to increase convenience and reduce waste." In addition, the Commission will require manufacturers to provide relevant information about charging performance. (IANS/MBI)
Keywords: Electronic Devices, Chargers, Cable, smartphone, Adapters, Charging Cord