BJP activist shot dead in West Bengal's North 24 Parganas district

New Delhi, Mar 6: Union Finance Minister Nirmala Sitharaman on Friday will move the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 for consideration and passing in Lok Sabha.

In December last year, the Union Cabinet had approved a proposal to promulgate an ordinance to amend the Insolvency and Bankruptcy Code (IBC) 2016.

The amendments will remove certain ambiguities in the IBC 2016 and ensure smooth implementation of the code, an official statement said.

The move is aimed at easing the insolvency resolution process and promoting the ease of doing business. Aimed at streamlining of the insolvency resolution process, the amendments seek to protect last-mile funding and boost investment in financially-distressed sectors.

Under the amendments, the liability of a corporate debtor for an offence committed before the corporate insolvency resolution process will cease.

The debtor will not be prosecuted for an offence from the date the resolution plan has been approved by the adjudicating authority if a resolution plan results in change in the management or control of the corporate debtor to a person who was not a promoter or in the management or control of the corporate debtor or a related party of such a person.

The amendments are aimed at providing more protection to bidders participating in the recovery proceedings and in turn boosting investor confidence in the country's financial system.

Washington, Feb 5: Experts warned a US government panel last night that India's Muslims face risks of expulsion and persecution under the country’s new Citizenship Amendment Act (CAA) which has triggered major protests.

The hearing held inside Congress was called by the US Commission on International Freedom, which has been denounced by the Indian government as biased.

Ashutosh Varshney, a prominent scholar of sectarian violence in India, told the panel that the law championed by prime minister Narendra Modi's government amounted to a move to narrow the democracy's historically inclusive and secular definition of citizenship.

"The threat is serious, and the implications quite horrendous," said Varshney, a professor at Brown University.

"Something deeply injurious to the Muslim minority can happen once their citizenship rights are taken away," he said.

Varshney warned that the law could ultimately lead to expulsion or detention -- but, even if not, contributes to marginalization.

"It creates an enabling atmosphere for violence once you say that a particular community is not fully Indian or its Indianness in grave doubt," he said.

India's parliament in December passed a law that fast-tracks citizenship for persecuted non-Muslim minorities from neighboring countries.

Responding to criticism at the time from the US commission, which advises but does not set policy, India's External Affairs Ministry said the law does not strip anyone's citizenship and "should be welcomed, not criticized, by those who are genuinely committed to religious freedom."

Fears are particularly acute in Assam, where a citizens' register finalized last year left 1.9 million people, many of them Muslims, facing possible statelessness.

Aman Wadud, a human rights lawyer from Assam who traveled to Washington for the hearing, said that many Indians lacked birth certificates or other documentation to prove citizenship and were only seeking "a dignified life."

The hearing did not exclusively focus on India, with commissioners and witnesses voicing grave concern over Myanmar's refusal to grant citizenship to the Rohingya, the mostly Muslim minority that has faced widespread violence.

Gayle Manchin, the vice chair of the commission, also voiced concern over Bahrain's stripping of citizenship from activists of the Shiite majority as well as a new digital ID system in Kenya that she said risks excluding minorities.

More than 40 people were killed last week in New Delhi in sectarian violence sparked by the citizenship law.

India on Tuesday lodged another protest after the UN human rights chief, Michele Bachelet, sought to join a lawsuit in India that challenges the citizenship law's constitutionality.

The World Bank says that a lack of credit and drop in private consumption have led to a gloomy growth outlook for India with a steep cut in growth rate for the current fiscal year and only a modest gain projected for the next year.

India's growth rate is forecast to be only 5 per cent for the current fiscal year, weighed down by a growth of only 4.5 per cent in the July-September quarter, according to the 2020 Global Economic Prospects report released on Wednesday.

"In India, [economic] activity was constrained by insufficient credit availability, as well as by subdued private consumption," the Bank said.

The growth rate is forecast by the Bank to pick up to 5.8 per cent in the next fiscal year and to 6.1 per cent in 2021-22.

India's growth rate was 6.8 per cent in 2018-19.

The 5 per cent growth rate projection for the current financial year is a sharp cut of 2.5 per cent from the 7.5 per cent forecast made by the Bank in January last year, toppling it from the rank of the world's fastest growing economy.

India's performance follows a global trend of lowered growth weighed down by developed economies.

The report estimated world economic growth rate to be only 2.4 per cent last year and forecast it to edge up 0.1 per cent to 2.5 per cent in the current year.

Even with the lower growth rate of 5 per cent in the current fiscal year and 5.8 per cent forecast for the next, India holds the second rank among large economies, behind only China with an estimated growth rate of 6.1 per cent for 2019 and 5.9 per cent this year.

The report blamed "weak confidence, liquidity issues in the financial sector" and "weakness in credit from non-bank financial companies" for India's slowdown.

The Bank predicated India's recovery to 5.8 per cent in the coming financial year for India but "on the monetary policy stance remaining accommodative" and the assumption that "the stimulative fiscal and structural measures already taken will begin to pay off."

It also warned that sharper-than-expected slowdown in major external markets such as United States and Europe, would affect South Asia through trade, financial, and confidence channels, especially for countries with strong trade links to these economies."

The Bank said that the growth of advanced economies was 1.6 per cent last year and "is anticipated to slip to 1.4 per cent in 2020 in part due to continued softness in manufacturing."

In contrast the growth of emerging market and developing countries is expected to accelerate from 3.5 per cent last year to 4.1 per cent this year, the report said.

In South Asia, Bangladesh is estimated to have the highest growth rate of 7.2 per cent in the current fiscal year, although down from 8.1 per cent last fiscal year.

But its higher regional growth rates are coming off a lower base with a per capital gross domestic product of $1,698 compared to $2,010 for India.

Bangladesh is expected to grow by 7.3 per cent in the next financial year.

Pakistan's growth rate is estimated at only 2.4 per cent in the current fiscal year and is projected to rise to 3 per cent in the next, according to the Bank.

The Bank blamed monetary tightening in Pakistan for a sharp deceleration in fixed investment and a considerable softening in private consumption for the fall in growth rate from 3.3 per cent in the 2018-19 fiscal year.

Sri Lanka's growth rate was estimated to be 2.7 per cent last year and forecast to grow to 3.3 per cent this year.

Nepal grew by an estimated 6.4 per cent in the current fiscal year and will rise to 6.5 per cent in the next.