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State Bank of India (SBI), country’s largest bank, revises its one-year retail fixed deposit rates up to Rs 1 crore to 6.50 percent, down by 25 basis points (bps).

Revision in interest rates on retail domestic term deposits (below Rs 1 crore) with effect from 01.10.2017, SBI said on its website.

Senior citizens will get an interest rate of 7 percent, down from 7.25 percent.

From October 1, SBI also reduced its base rate to 8.95 percent p.a. (from 9 percent) while its MCLR or marginal cost based lending rate continued to be at 8 percent on one-year tenure loans.

Currently, SBI and most other banks including HDFC and ICICI Bank are offering home loans starting from 8.35 percent for women borrowers and 8.40 percent for the rest.

This comes as a precursor to the key interest rate decision on Wednesday and the Reserve Bank of India is widely expected to keep the repo rate unchanged at 6 percent.

SBI’s decision to reduce rates also comes just in three months as the rates were previously revised in July.

SBI, which accounts for more than a fifth of India’s banking assets, had revised its interest rates by 15 bps lower to 6.75 percent.

The interest rate payable to SBI Staff and SBI pensioners will be 1.00 percent above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50 percent above the rate payable for all tenors to resident Indian senior citizens i.e. SBI resident Indian Senior Citizen Pensioners will get both the benefits of Staff (1 percent) and resident Indian Senior Citizens (0.50 percent).

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Railways minister Piyush Goyal on Thursday said the flexi fare scheme of the Railways, which helped it earn an additional Rs 540 crore in less than a year, may be amended to ensure that it brings in revenues without taxing passengers.

"People have brought to my notice the issue of the flexi fare scheme. It could be made better in a way that it does not hurt people's (pockets) and also meets the revenue target," Goyal told reporters.

He was responding to question on whether he had reviewed the flexi fare scheme after taking charge of the ministry earlier this month.

Asked if there could be any amendments to the scheme, Goyal said, "There is a possibility of making some change".

The scheme, launched on September 9 last year and applicable to premium trains such as the Rajdhani, Shatabdi and Duronto, allows 10 percent of the seats to be sold at normal fare and thereafter increasing it in phases by 10 percent with every 10 percent of berths sold, with a ceiling of a 50 percent rise.

The Railways earned an additional revenue of Rs 540 crore from September 2016 to June 2017 through the scheme, its data show.

The minister said the railways was also working to ensure efficient and faster services.

"It is proposed to increase the speed of around 700 trains with effect from November 1, 2017. This exercise will help in converting 48 Mail Express trains to the Super Fast Express category," he said.

He said all stations and trains will have high-speed wi-fi connectivity, but did not specify when this would be implemented.

To ensure transparency, all Railway Protection Force (RPF) staff and Travel Ticket Examiners (TTEs) will be in proper uniform while on duty, Goyal said.

The RPF staff will not check tickets, which is the function of the TTEs, but they will assist ticket checking squads, he said.

He added that India's space research body, ISRO, had offered to map all railway assets.

"We also plan to eliminate 5,000 unmanned level crossings in a time-bound manner," Goyal added.

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The rupee wiped off early gains against the dollar today, slipping 6 paise to 65.51, following fresh spell of month-end dollar demand from importers and banks and a higher greenback overseas.

The rupee resumed higher at 65.35 as against yesterday's closing level of 65.45 at the interbank foreign exchange (forex) market here.

Later, it slipped to 65.60 before hitting 65.51 at 1030 hours. Persistent capital outflows and subdued domestic equities hurt rupee sentiment, dealers said.

FPIs withdrew over Rs 1,915.54 crore on net basis from stock markets yesterday, as per provisional exchange data. Overseas, the US dollar traded higher against a basket of currencies, which was underpinned by remarks from the Federal Reserve chief on the need to continue with rate hikes.

The euro was seen licking its wounds amid political uncertainty after the German election. Meanwhile, the BSE Sensex dropped 196.16 points, or 0.62 per cent, to 31,403.60 today.

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In what is being billed as a major announcement, Prime Minister Narendra Modi is set to unveil 'Saubhagya - Pradhan Mantri Sahaj Bijli Har Ghar Yojana' in Delhi on Monday.

The scheme aims at providing 'last mile electricity connectivity to all rural and urban households'.

The televised announcement, set to be made at the Bharatiya Janata Party (BJP)'s National Executive meet in the capital, will reinforce the ruling party's Electricity-for-All target, which was recently advanced from 2019 to 2018.

The announcement will be made on the occasion of the birth centenary celebration of Bharatiya Jana Sangh politician and Rashtriya Swayamsevak Sangh (RSS) ideologue Pandit Deendayal Upadhyaya.

Minister of State (MoS) for Power RK Singh on Friday had hinted that PM Modi was likely to make a 'major announcement' regarding the power sector on September 25.

"There will be a major announcement relating to the power sector on September 25 by the Prime Minister. We are excited about it. It will be very important for the people," Singh had told CNBC-TV18's Shereen Bhan.

The Prime Minister had in 2015 said that the government has set a 1,000-day target to electrify over 18,000 villages that don't have access to electricity at all.

A year later in his Independence Day speech, PM Modi said, "I can say that not even the half of the 1,000 days have passed, we are far away from the half-way mark, and yet 10,000 villages out of 18,000 have received electricity."

However, even as the government has made some headway in electrifying villages, there have been concerns over whether the government would be able to achieve its dream of providing stable, 24-hour power to all households.

The prime minister is also expected to dedicate Deendayal Urja Bhawan - ONGC's new corporate office in Delhi along with Booster Compressor Facility in Bassein Gas Field-Western Offshore, Mumbai High and ONGC's Paperless Office Project (DISHA) in Gujarat.

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The finance ministry on Thursday dismissed reports that Chief Economic Adviser (CEA) Arvind Subramanian has resigned.

There is speculation that Subramanian may be given an extension, making his tenure co-terminus with the current term of the Narendra Modi-led National Democratic Alliance (NDA) government till 2019.

Subramanian was appointed on October 16, 2014 for three years as the CEA, a post that had been lying vacant since September 2013 after Raghuram Rajan took over as the Reserve Bank of India (RBI) governor.

Over the last three years, Subramanian has assumed the role of the main go-to person for advice for finance minister Arun Jaitley on macro-economic matters and has been the principal author of the annual Economic Surveys.

He also authored the highly acclaimed “Report on the Revenue Neutral Rate and Structure of Rates for the Goods and Services Tax (GST)” in December 2015, which laid down the broad contours for implementing GST in India from July 1, 2017.

Subramanian has used the Economic Survey to recommended policy changes, sometimes even sweeping measures. This year, for instance, the survey recommended the rollout of Universal Basic Income (UBI), a poverty alleviation plan involving direct money transfer to people’s bank accounts.

In 2015, he introduced the phrase ‘JAM’—Jan Dhan, Aadhaar, Mobile—to the Indian policy lexicon. The ‘JAM agenda’ refers to the potential of largescale, technology-enabled, real-time cash transfers to improve the economic lives of the poor, and raise efficiency by reducing leakages and market distortions. Over the past two years much progress has been made in spreading JAM across India’s economy, also because of the push towards digital payments following demonetisation.

In 2016, the Economic Survey constructed an index to measure states’ preparedness to implement two varieties of JAM programmes: direct benefit transfer (DBT) and BAPU—Biometrically Authenticated Physical Uptake. BAPU differs from DBT in that there is no transfer of money. Beneficiaries simply authenticate their identities and physically collect benefits or subsidised goods as they do presently.

He also brought in a changed structure in the Economic Survey, presenting it in two parts. The Survey’s first part was tabled in the last of week of January following the budget’s advancement by a month, prompting a modification to a new construct of two volumes presented nearly six months apart.

The second volume was presented in August. This is a departure from the past where the survey, often described the government’s official economic report card, came as a single volume divided into two parts—commentary and outlook in the first, and statistics in the second.

Subramanian, whom the Foreign Policy magazine had named him as one of the world's top 100 global thinkers in 2011,  has also been ranked amongst the top 1 per cent of the world's academic economists in terms of citation of research, according to the widely used REPEC rankings. He has studied at St. Stephens College, Delhi; the Indian Institute of Management at Ahmedabad, India; and University of Oxford.

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Topic :- Time:2.30 PM

Nifty is trading flat and dull big trades should be avoided.

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Topic :- Time:12.40 PM

COPPER Trading View:

COPPER is trading at 425.80. If it breaks and trade below 425 level then some decline is possible in it and if it manages to trade and sustain above 426.30 level then some upmove can follow in it.

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Topic :- Time:12.25 PM

At least 224 killed as buildings crumble in Mexico after 7.1 magnitude quake:

A magnitude 7.1 earthquake stunned central Mexico today, killing at least 224 people, including 117 in the capital, said Interior Minister Miguel Osorio Chong. Thousands fled into the streets in panic, and many stayed to help rescue those trapped.

The dead included at least 21 children crushed beneath a primary school that collapsed on Mexico Citys south side during the 7.1-magnitude quake, authorities said.

Dozens of buildings tumbled into mounds of rubble or were severely damaged in densely populated parts of Mexico City and nearby states. Mayor Miguel Angel Mancera said buildings fell at 44 places in the capital alone as high-rises across the city swayed sickeningly.

Hours after the quake, rescue workers were still clawing through the wreckage of a primary school that partly collapsed in the citys south looking for any children who might be trapped. Some relatives said they had received Whatsapp message from two girls inside.

The quake is the deadliest in Mexico since a 1985 quake on the same date killed thousands. It came less than two weeks after another powerful quake caused 90 deaths in the countrys south.

Luis Felipe Puente, head of the national Civil Defence agency, tweeted Tuesday night that the confirmed death toll had risen to 139.

His tweet said 64 people died in Morelos state, just south of Mexico City, though local officials reported only 54. In addition, 36 were killed in the capital, 29 in Puebla state, nine in the State of Mexico and one in Guerrero state, he said.

The count did not include one death that officials in the southern state of Oaxaca reported earlier as quake-related. Mancera, the Mexico City mayor, said 50 to 60 people were rescued alive by citizens and emergency workers in the capital. Authorities said at least 70 people in the capital had been hospitalised for injuries.

The federal interior minister, Miguel Angel Osorio Chong, said authorities had reports of people possibly still being trapped in collapsed buildings. He said search efforts were slow because of the fragility of rubble.

It has to be done very carefully, he said. And time is against us.

At one site, reporters saw onlookers cheer as a woman was pulled from the rubble. Rescuers immediately called for silence so they could listen for others who might be trapped. Mariana Morales, a 26-year-old nutritionist, was one of many who spontaneously participated in rescue efforts.

She wore a paper face mask and her hands were still dusty from having joined a rescue brigade to clear rubble from a building that fell in a cloud of dust before her eyes, about 15 minutes after the quake.

Morales said she was in a taxi when the quake struck, and she got out and sat on a sidewalk to try to recover from the scare. Then, just a few yards away, the three-story building fell.

A dust-covered Carlos Mendoza, 30, said that he and other volunteers had been able to pull two people alive from the ruins of a collapsed apartment building after three hours of effort.

We saw this and came to help, he said. Its ugly, very ugly.

Alma Gonzalez was in her fourth floor apartment in the Roma neighbourhood when the quake pancaked the ground floor of her building, leaving her no way out, until neighbours set up a ladder on their roof and helped her slide out a side window.

Gala Dluzhynska was taking a class with 11 other women on the second floor of a building on trendy Alvaro Obregon street when the quake struck and window and ceiling panels fell as the building began to tear apart.

She said she fell in the stairs and people began to walk over her, before someone finally pulled her up.

There were no stairs anymore. There were rocks, she said.

They reached the bottom only to find it barred. A security guard finally came and unlocked it.

The quake sent people throughout the city fleeing from homes and offices, and many people remained in the streets for hours, fearful of returning to the structures.

Alarms blared and traffic stopped around the Angel of Independence monument on the iconic Reforma Avenue.

Electricity and cellphone service was interrupted in many areas and traffic was snarled as signal lights went dark.

The US Geological Survey said the magnitude 7.1 quake hit at 1:14 pm (2:15 pm EDT) and was centred near the Puebla state town of Raboso, about 123 kilometres southeast of Mexico City.

Puebla Governor Tony Gali tweeted there were damaged buildings in the city of Cholula, including collapsed church steeples.

Earlier in the day, workplaces across Mexico City held earthquake readiness drills on the anniversary of the 1985 quake, a magnitude 8.0 shake that killed thousands of people and devastated large parts of the capital.

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Topic :- Time:12.00 PM

Nifty is trading flat ahead of Fed outcome. Nifty spot is trading at 10144. If it manages to trade and sustain above 10150 level then expect some quick upmove in the market however 10170 will act as immediate resistance to watch out for and if it breaks and trade below 10130 level then some profit booking can be seen in Nifty. Avoid big trades for the time.

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Topic :- Time:12.00 PM

Just In:

224 dead after powerful 7.1 earthquake in Mexico, says government: news agency AFP.

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Topic :- Time:11.00 AM

News Wrap Up:

1. Bad news likely soon for HNIs, businesses paying less advance tax than previous year

2. Tata Steel and Thyssenkrupp sign MoU for JV

3. SBI Lifes $1 billion IPO opens today

4. 7.1 magnitude quake kills nearly 150 in Mexico

5. Trai cuts interconnect charges to 6 paise a minute 

6. Bharti Airtel, Idea Cellular slip; Reliance hits new high as Trai cuts interconnect usage charge

7. Shell crackdown: Govt makes public names of over 55,000 debarred directors

8. 18 McDonalds outlets reopen in Delhi

9. Equity funds sitting on Rs 50,000-crore cash pile

10. L&T gains on winning contract worth Rs 1,700 crore in Kuwait

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Topic :- Time:10.55 AM

Just In:

India third worst-hit country by natural disasters: UN chief

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Topic :- Time:10.40 AM

After positive opening nifty is now trading in negative zone. Nifty spot if breaks and trade below 10140 level then some softness can be seen in the market and if it manages to trade and sustain above 10160 level then some upmove can be witnessed in the Nifty.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 20 Sept,2017:

Nifty to turn volatile as the day progresses. Good stock specific movement is expected in the market.

Nifty spot if manages to trade and sustain above 10180 level then some upmove is expected in the market and if it breaks and trade below 10120 level then some profit booking can be seen in the market. 

Please note this is just opening view and should not be considered as the view for the whole day.

Do visit this section regularly during trading hours for Live stock market tips, Share market trading view, commodity tips and various commodities views.

Stay updated and earn good money from trading.

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The Assam government has become the 12th state to bring into effect a two-child policy for state government employees after passing its State Population Policy recently, reported Times of India.

Under this policy, anyone who has more than two children cannot be elected or nominated to Panchayat and other local bodies' elections or government jobs.

According to the report, Assam health and family welfare minister Himanta Biswa Sarma said that the service rules for state government employees will soon be changed to give effect to the two-child policy.

The policy states that it would also propose to the Centre to set the two-child norm as a yardstick for candidates who want to contest Assembly elections.

"In case any MLA from the state flouts the family planning norms, say MLAs having more than two children, he/she may be disqualified from hisher membership and be debarred from contesting polls," read the policy.

The policy was drafted by the Health & Family Welfare Department and the state government keeping in mind the strain of the growing population on the natural resources and environment.

According to the 2011 Census, the population of Assam increased to 3.2 crores from 2.66 crore in 2001 and recorded a decadal growth of 17.07.

Although there was a decline in the decadal growth of population, the rate of increase is at an unsustainable level, the government stated.

The Population Policy draft is aligned with the country's National Population Policy that aims at reducing or stabilising India's population by 2045.

As per the latest World Population Prospects released by United Nations (revised in 2015), the estimated population of India will be 1419 million (approximately) by 2022, outpacing China as the world’s most populous nation.

Assam is not the only state that has implemented two-child policy to meet the national target. Bihar, Himachal Pradesh, Madhya Pradesh, Rajasthan, Haryana, Andhra Pradesh, Odisha, Chhattisgarh, Gujarat, Maharashtra and Uttarakhand have at some point implemented two-child policy for state government employees.

Madhya Pradesh, Chattisgarh, Haryana, and Himachal Pradesh later revoked their two-child policy laws.

Even though the goal of the policy is to provide access to quality education, healthcare and employment opportunities, the policy is criticised for its possible side-effects, similar to the ones China is facing now such as demographic changes following the implementation of one-child policy.

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Topic :- Share Market Closing Note

Gripped by volatility through the day on the back of escalating tensions on the North Korean front, benchmark indices ended the week on a flat note, with the Nifty ending above 10,050.

The Sensex closed up 30.68 points at 32272.61, while the Nifty ended down by 1.20 points at 10085.40. The market breadth was negative as 1099 shares advanced against a decline of 1466 shares, while 154 shares were unchanged.

Midcaps ended on a flat note, while other Nifty sectoral indices ended in the red, barring Nifty IT. The index closed almost a percent higher.

Among stocks, ONGC and Bajaj Auto were the top gainers on both indices, while BHEL, Dr Reddys Laboratories and IndusInd Bank were the top losers.

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Topic :- Time:3.10 PM

Nifty spot if manages to close above 10090 level then expect some quick upmove in the market in coming trading sessions and close below above mentioned level will result in some sluggish movement. Avoid open positions for Monday.

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Topic :- Time:2.45 PM

Just In:

More trouble for Vijay Mallya: UKs Serious Fraud Office to launch probe.

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 29960. If it breaks and trade below 29950 level then it is likely to show some quick fall and if it manages to trade and sustain above 29980 level then some upmove can be seen in it.

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Topic :- Time:2.00 PM

As mentioned in the morning note market is still flat and dull today. Nifty spot immediate support is at 10050-10040 levels and above 10080 level only some upmove can be seen.

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Topic :- Time:1.00 PM

There is no movement in the market as such. Big trades should be avoided as off now. Nifty spot if breaks and trade below 10040 level then some profit booking can be seen in Nifty and if it manages to trade and sustain above 10070 level then some upmove can be seen in Nifty.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 421.30. If it manages to trade and sustain above 421.60 level then expect some upmove in it and if it breaks and trade below 420 level then some decline can be seen in it.

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Topic :- Time:12.25 PM

Just In:

Godrej Prop partners debt-laden Nirmal Ventures.

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Topic :- Time:12.00 PM

Nifty spot is trading at 10057. If it manages to trade and sustain above 10070 level then expect some upmove and if it breaks and trade below 10030 level then some profit booking can be seen in the market. Avoid big trades as off now as nifty is trading in a very small range.

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Topic :- Time:11.30 AM

News Wrap Up:

1. ICICI Lombards Rs 5,700 cr IPO is finally out.

2. North Korea fires missile over Japan 

3. Railways to start its biggest track renewal exercise

4. A company with no assets raises $600 million in IPO

5. Mistrys to vote against Tata Sons move to become a private limited company

6. Commodity derivatives volumes lowest since 2010

7. Birla Sun Life Mutual Fund faces Sebi flak for renaming schemes

8. GST on fuel can help rein in prices

9. Modi-Abe meet: Take a look at Indias major imports and exports with Japan

10. Maruti will make electric cars in Gujarat.

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Topic :- Time:11.00 AM

After negative opening nifty is still trading in negative zone. Nifty spot if breaks and trade below 10040 level then further decline can be seen in the market and if it manages to trade and sustain above 10080 level then some upmove can follow in the nifty.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 15 Sept,2017:

Stock specific action is expected in the market. Avoid big trades.

Nifty spot if manages to trade and sustain above 10120-10130 levels then expect some upmove and if it breaks and trade below 10060 level then some profit booking can be seen in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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India's informal sector got badly affected by demonetisation and may take further hit due to GST, a UN report today said, lowering country's growth projection to 6.7 per cent for 2017 from 7 per cent in 2016.

UNCTAD's Trade and Development 2017 report notes that the world economy in 2017 is picking up but not lifting off. The growth is expected to reach 2.6 per cent, slightly higher than in 2016 but well below the pre-financial crisis average of 3.2 per cent.

Referring to India and China, it said at the current levels of growth, the countries are unlikely to serve as "growth polls" for the global economy in near future.

India's "output growth" is likely to slowdown to 6.7 per cent in 2017 from 7 per cent in the previous year, it said. The report retained the growth projection for China at 6.7 per cent, the same as 2016.

India's growth performance, it said, depends to a large extent on reforms to its banking sector, which is burdened with large volumes of stressed and non-performing assets, and there are already signs of a reduction in the pace of credit creation.

Indian banks are saddled with non-performing assets of about Rs 8 lakh crore.

Since debt-financed private investment and consumption have been important drivers of growth in India, the easing of the credit boom is likely to slow GDP growth, it said.

"In addition, the informal sector, which still accounts for at least one-third of the country's GDP and more than four-fifths of employment, was badly affected by the government's 'demonetisation' move in November 2016, and it may be further affected by the rollout of the GST from July 2017," it said.

Thus, even if the current levels of growth in both China and India are sustained, "it is unlikely that these countries will serve as growth poles for the global economy in the near future".

The report said the gradual slowdown of China is expected to continue as it moves ahead with rebalancing its economy, towards domestic markets.

However, the explosion of domestic debt since the crisis is proving to be a major challenge for a sustained growth.

Thus, the dependence on debt makes the boom in China and India difficult to sustain and raises the possibility that when the downturn occurs in these countries, deleveraging will accelerate the fall and make recovery difficult, it said.

"Expecting these countries to continue to serve as the growth poles that would fuel a global recovery is clearly unwarranted," the report said.

Referring to global growth, it said most regions are set to register small gains, with Latin America exiting recession and posting the biggest turnaround, even if only at 1.2 per cent growth.

The eurozone is expected to see its fastest growth since 2010 (1.8 per cent) but is still lagging behind the US.

The United Nations Conference on Trade and Development (UNCTAD) report also said that unregulated finance remains at the heart of today's hyper-globalised world and the failure to tame it and address the deep-seated inequalities, it has generated threatens efforts to build inclusive economies.

The report calls for a serious examination of market power, rent-seeking behaviour and "winner-take-most" rules of the game, which have generated exclusionary outcomes.

In response to the political slogan of yesteryear - "there is no alternative" - the report outlines a global new deal to build more inclusive and caring economies.

This would combine economic recovery with regulatory reforms and redistribution policies, and do so with speed and at the requisite scale.

"The successes of the New Deal of the 1930s in the United States owed much to its emphasis on counterbalancing powers and giving a voice to weaker groups in society, including consumer groups, workers' organisations, farmers and the dispossessed poor. This is no less true today," it said.

It further said a decade after sparking a massive global crisis that absorbed trillions of dollars of taxpayers' money in bailouts, the dominant financial sector has barely changed.

The report also examines other sources of anxiety linked to robots and gender discrimination, which are affecting job prospects in developed and developing economies alike.

"While automation and increased female participation should be welcome developments, they appear threatening because they coincide with a world of austerity and excessive competition, leading to a race to the bottom in job markets," the report said.

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Indian market is on the cusp of breaking its record milestones. Sharing his outlook with CNBC-TV18, Sridhar Sivaram, Investment Director, Enam Holdings said the rally is due to the gush of liquidity. The market did not seem to be in a bubble, he said.

“This is a part of a global rally…emerging markets are at a 3-year high, US markets are up,” Sivaram said in an interview.

So, where does an opportunity lie for an investor in such times?  Sridhar said one could look at leveraged companies with a reasonable business model. Transmission of interest rates have been undertaken, which is reflected in about 100 basis points cut in not so well-rated companies as well, he noted.

Additionally, there are huge deposits floating in the market. All of these, are giving opportunities in terms of earnings growth and we are looking at that chance, Sridhar said. Total debt in the corporate world is Rs 40 lakh crore and one percent reduction in the rate could mean a big impact on the financials.

It would also be good to look at banks, Sridhar said. He is optimistic on the bankruptcy process and by March, he said, we will know if banks have provided enough or not. This makes it easier for the government as well to decide on how much capital is needed.

Pharmaceutical space, he felt has become stock specific. The business model has changed and patent issues are playing out now. There are changes in the US distribution setup as well, he told the channel. So, it is very difficult to take a call on the overall sector, he added.

Among non-banking financial companies (NBFCs), Sridhar said housing finance is a worrisome segment and is in a bubble. “Most of the companies have 50-55 percent of the book as mortgage. Large part is builder and corporate finance. Even then, with this high risk profile, they are trading at higher valuations,” he added.

Within NBFCs too, microfinance institutions is another space to be seen with caution, he said. Credit rating agencies have pointed out red flags for the sector, which also sees risks due to political intervention in terms of a loan waiver. This is subprime and non-collateralised lending, which is a worry.

Stating his views on multiple insurance IPOs hitting the primary market, he said investors must look at the 61-month persistency ratio as they tend to make money only after five years. In fact, from that point, they earn till the tenth year. Currently, we are at a persistency ratio of 50 percent, which is very low, he added.

For the uninitiated, this ratio helps in understanding whether investors look to hold on to their policies with the said insurer. It will help investors in understanding the customer base and the track record of the company.