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The Lok Sabha cleared the Banking Laws (Amendment) Bill, 2011, after Finance Minister P Chidambaram agreed to drop the contentious proposal on allowing banks to do futures trading.
The government on Tuesday cleared the decks for the Reserve Bank of India ( RBI) to initiate the process to issue new banking licences and widened the window for infusion of capital into the banking sector.
The Lok Sabha on Tuesday approved the much-awaited Companies Bill, 2011, making it mandatory for profit-making companies to spend on activities related to corporate social responsibility (CSR). If a company does not do so, it will have to explain the reasons for it.
The Bill, aimed at improving corporate governance, also contains provisions to strengthen regulations for companies and auditing firms.
Bookies feel BJP won't even score 100
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Who should you believe? National pollsters or Gujarat's bookies? The pollsters, through exit polls, have predicted 120-140 seats for BJP in the 182-seat state assembly. The latter are offering odds that suggest the party will find it tough to cross 100 seats.
If the pollsters are right, Modi's national ambitions get the boost. If the bookies get it right, the Gujarat chief minister may be coping with a win that comes packaged with a loss of face.
Gujarat's betting market for the elections, say local observers, is big - bets worth around Rs 5,000 crore have been placed. Therefore, big money will change hands in the widely participated but illegal betting market. And that market is pricing a Modi victory margin differently now.
An Ahmedabad-based bookie said the higher-than-expected voter turnout of 71% has made him and others offer bigger odds against a big Modi win.
Six days ago, bookies were willing to offer 114 paise for every 100 paise bet on BJP winning 100 seats. Today, the betting market is willing to pay 117 paise for 100 paise for the same bet.
The higher the payout promised to the punter, the bigger the bookie's confidence that his own prediction - in this case, the BJP will not hit or cross 100 seats - has a better chance than the punter's. Following the same logic the market is ready to pay 250 paise (per 100 paise) if the BJP wins more than 120 seats, which bookies now consider a fairly low probability outcome. Six days ago, the rate was 120-123 paise.
The current odds for BJP getting 110 seats have also lengthened. Earlier, punters were offer 145 paise payout for 100 paise bet. Now, they are getting 156 paise for a 100 paise punt on BJP hitting 110.
However, the bookies have not altered the 500 paise reward for the Congress winning more than 65 seats - the least likely outcome from the point of view of the betting market.
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Surpassing China, India will become the world’s largest economy by 2050, says a report.
“China will overtake the US to become the world’s largest economy by 2020, which in turn will be overtaken by India in 2050,” according to Wealth Report 2012 by Knight Frank & Citi Private Bank.
According to the report, the Indian economy will reach a size of $85.97 trillion in terms of purchasing power parity by 2050, while the Chinese GDP would be $80.02 trillion during the same period.
The US — currently the world’s largest economy — is expected to have a GDP of $39.07 trillion by 2050.
Other nations in the top ten list of world’s largest economies would be Indonesia (4th), Brazil (5th), Nigeria (6th), Russia (7th), Mexico (8th), Japan (9th) and Egypt (10th).
In terms of growth from 2010-2050, India would be the second fastest with its economy growing at the rate of eight per cent in the period.
With a pace of 8.5 per cent, Nigeria would be the fastest growing economy during the same period, the report said.
In 2010, India was the world’s fourth largest economy with a value of $3.92 trillion compared to China’s $9.98 trillion and America’s $14.12 trillion.
The report named Surat and Nagpur among the fast-growing cities to watch in 2050.
“We believe the cities to watch in 2050 are the 400 emerging market middleweights — fast growing cities with populations between 200,000 and 10 million.
“This dynamic group includes many cities that are not household names today: Linyi, Kelamayi and Guiyang in China; Surat and Nagpur in India; Concepcion and Belem in Latin America,” it said.
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