Union Cabinet approved the Fugitive Economic Offenders Bill, 2017

The Union Cabinet on Thursday approved the Fugitive Economic Offenders Bill, 2017 that particularly seeks to protect the interest of lenders left high and dry by absconding corporate defaulters. Once voted into law, the new legislation will empower investigating agencies to confiscate, and vest with themselves, any property of the absconding offenders without encumbrances. The Bill is likely to be tabled in Parliament in the second the part of the Budget session that starts March 6. The government, stung by the twin absconding cases of Nirav Modi and Vijay Mallya, would be hoping for a smooth passage of the Bill in the two Houses.

India regains title of world’s fastest-growing major economy

India has regained its title as the world’s fastest-growing major economy, after figures confirmed it grew more than 7 per cent on an annualised basis in the three months to December, overtaking China after a year of lagging behind. Data released on Wednesday show the Indian economy grew at an annual rate of 7.2 per cent in the final quarter of last year, continuing its bounceback from a sharp slowdown in the middle of 2017. The Chinese economy grew 6.8 per cent on an annualised basis in the same period.