EDITORIAL I S S U E 5 SEPTEMBER 29, 2015 Placement Week - SIP for batch of 2015-17 CONTENT The Summer Placement Week for the batch of 2015-2017 began in the last week of September. The campus saw some high profile corporates and esteemed companies visiting. World Bank Chief praises PM Modi | 2 With almost half the batch placed, the placement scenario looks good and hope for remaining students is on high as many important companies are lined up for the following Emission norms in week. Club FinNiche appreciates the work done by Placement Committee and congratulates India | 3 all placed students. Effect of European Refugee Crisis on Prior to the placement week, the campus also witnessed a couple of pre-placement lectures Global economy | 5 which were not only helpful for the placement preparations but also were quite informative Future of Japan and its about the current trends and challenges being faced by respective industries. The Student growth | 7 Affairs and Welfare Committee of IMT has organized Cyclothon'15 - a social initiative to raise awareness about the Environmental Sustainability in Delhi. This campaign saw more 300 TRENDING NEWS | 9 enthusiastic people cycle on a beautiful Sunday morning on Oct 13th. We also wish good luck MARKET | 10 to all the teams participating in the prestigious Inter B-School fest hosted by college - FIN-WORD | 11 PASSION after the scintillating inauguration ceremony. Passion is a 3 day event starting Oct 9th and ending Oct 11th. May the odds be ever in your favour. Do take part in passion to PERSONALITY | 13 unleash your passion. As always we are ready with insightful national and international articles and much more at your disposal. Club FinNiche welcomes any comments, suggestions or criticism regarding the magazine. Please do write to us and share your ideas. Happy Reading! Regards The Editorial Team Club FinNiche P A G E 1 NATIONAL BY ABHISHEK GUPTA World Bank Chief praises PM Modi SNIPPETS World Bank President Jim Young Kim has coming up of Goods and Services Tax (GST) praised the Indian Prime Minister Narendra legislation things will get even Jim Young Modi for all the reforms initiated by the NDA better. World Bank is keen on supporting the Kim all hail for Indian Government in the past 1 Year. He said that projects for Indian Railways, 100 Smart Cities Reforms the reforms have had a huge impact on the way and Skilling India. India is looked at by the world. He She raised the fact that for prosperity to World Bank acknowledged the fact that the kind of happen involvement of women at the MD hopes of reforms happening in India were a lot different workplace still holds a key. She was India to be a economic from what is happening around the world. concerned regarding the lower employment of powerhouse Reforms such as the ‘CLEAN GANGA’ and women despite the rise in education level for ‘SWACHH BHARAT’ have gathered women all over India. India is been GDP growth appreciation from all over the world and the recognized as a key partner in ending poverty rate expected to be 7% world bank stands as an important partner in globally, thus to support the cause these programme. International Development Association (IDA) ‘Swachh Bharat’ campaign was launched on Oc- deputies have provided Transitional IDA funds tober 2 last year to cover 4041 statutory worth $3.4 billion for the next three years. For towns, to clean the streets, roads and International Bank for Reconstruction and infrastructure of the country. ‘Clean Ganga’ Development (IBRD) lending, the single programme was launched for rejuvenating and borrower limit for India has recently been making the river Ganga pollution-free. Clean increased to $20 billion from $17.5 billion, and Ganga programme aims to generate 175 the Government of India agreement to gigawatts of renewable energy. purchase Special Private Placement Bonds of up to $4.3 billion - all geared to help create Momentum on Reforms additional borrowing options for India. World Bank Managing Director Sri Mulyani World Bank in India Indrawati was on a 3 day visit to India and she World Bank assistance to India during the also said that the global slowdown is not going period from June’14 to June’15 amounted to to impact the Indian Economy and India will $3.8 Billion. As of June’15 total World Bank surely become a economic powerhouse if it commitments amounted to $24.9 Billion across keeps coming up with reforms for the 86 projects. This figure is expected to increase prosperity of poor people. She emphasized that with time as the credibility for India will surely achieve the growth rate of 7 Indian projects grows worldwide. percent for the next financial year and with the P A G E 2 NATIONAL BY NISHANT RATHI Emission Norms in India SNIPPETS Volkswagen’s diesel emissions fraud highlights debilitates the working of particulate Over the last 18 how India trails developed countries in filters, catalytic converters and other months, while emission norms. Volkswagen is looking at a pollution-treatment devices in automobiles. the Indian fine of around $18 Billion as it did not meet No wonder World Health Organization crude basket the stringent US regulations for cases as back says India ranks among the world's worst has fallen as year 2009. On the contrary, VW cars are for its polluted air. Out of the 20 around 23% in still satisfying all the emission norms most polluted cities in the world, 13 are dollar terms, prescribed in India. in India. Report submitted by Saumitra local petrol prices have come down only by 4% Air pollution leads to around 620,000 early deaths in India Capital expenditure of Rs 80,000 crore is required for implementation of BS V Current Scenario Chaudhuri called for a Sulphur cess of 75 Penetration of Most of India still use Bharat Stage III diesel paise per Litre on diesel/petrol to meet the BS-IV petrol in and petrol norms, with Sulphur content as estimated capital expenditure of Rs 80,000 the domestic high as 500 parts per million (ppm) which crore over a five year period. With the fall market is just is 10 times the cap achieved 10 years ago in global oil prices the government can 24% in mature markets. It has already missed step up the cess and supply the entire the 2014 timeline for rollout of BS IV and nation with BS V quality fuel by the year has extended it to the year 2017. The 2017. In parallel, the rules in the Motor norm in major cities is BS IV, with Sulphur Vehicles Act can also be suitably amended capped at 50 ppm. But BS V or Sulphur of to make it mandatory for commercial 10 ppm is planned no earlier than 2020 and vehicles to retro-fit catalytic converters BS VI only by 2024. and particulate filters within 24 months. The high Sulphur content in BS III diesel P A G E 3 Taxation Scenario on Petrol and BS5 quality fuels. BS-4 vehicles and fuel are Diesel more expensive than BS3. Hence, public Excise duty on Petrol and Diesel including buys BS3 vehicles and fuels from peripheral Education Cess as on September 2015 is Rs towns to evade registration taxes. Also 17.46 and Rs 10.26 respectively. Excise duty diesel to petrol usage ratio in India is almost was Rs 9.20 on Petrol and Rs 3.46 on Diesel (4.5): 1 hence there is more pollution. on 1st November 2014 which has been increased gradually and are now almost 90% However, this increase in private cost is higher for Petrol and 200% higher for offset by savings in health costs for the Diesel. This cess can be used for meeting public, as there is lesser amount of disease the capital expenditure requirement for fast causing particulate matter and pollution in forwarding to ultra low-sulphur fuel to the air. Exposure to air pollution can lead to hugely reduce vehicular pollution of nitrogen respiratory and cardiovascular diseases, oxides and particulate matter. which is estimated to be the cause for 620,000 early deaths in 2010, and the health Bharat Standard : Limitation cost of air pollution in India has been Four refineries in the North East- Guwahati, assessed at 3 per cent of its GDP. So faster Digboi, Numaligarh and Bongaigaon - their rollout of stringent emission standards has equipment outdated, cannot produce BS4, became the need of the day. P A G E 4 INTERNATIONAL BY BHAGIRADH SISTA The European Refugee Crisis - its effect on Global Economy SNIPPETS In the summer of 2015, Europe million have fled the country. The vast experienced the highest influx of refugees majority of them reside now in the camps Over 4 million since the second world war. Why? The in neighboring countries, who are taking Syrians have fled the country main reason is that Syria has become the care of the 95% of the refugees, while the world’s top source of refugees. Syria is Arab states of the Persian Gulf (Saudi New opportunity located in the Middle East, an ancient Arabia, Kuwait etc.) together have for ISIS for fertile land settled for at least 10,000 years. accepted “0” Syrian refugees which has creating political Since, the 1960’s it has been led by the been called shameful by Amnesty chaos in Arab regimes al-Assad family, who have ruled it as International. quasi-dictators until the Arab Spring that Even the UN and World Food Program Fears in the happened in 2011, a revolutionary wave of were not prepared for a refugee crisis on Western World protests and conflicts in the Arab World this scale.