Monday morning news brief, October 16

Monday morning brief Oct 16 2017
Good morning!
Here’s everything you need to know to start your day…
A study showed that Jan Dhan accounts keep villagers sober and help slow rural inflation. The study, conducted by the economic research wing of SBI, suggests that people investing in the Jan Dhan Yojana may be saving more and cutting back on their consumption of both alcohol and tobacco. The study using retail inflation data showed that states with more than 50% share of Jan Dhan accounts in villages had a “meaningful drop in inflation”. Read more
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IMF chief Christine Lagarde said that India’s economy is on a ‘solid growth track’. The current slowdown due to implementation of the Goods & Services Tax and demonetisation is short term, Lagarde said. She was confident that jobs will be created in India on the back of reforms unveiled by the government.
China’s President Xi Jinping may be named mentor in the country’s Communist Party’s statute. So far, this honour was reserved for Communist stalwarts Mao Zedong and Deng Xiaoping. Two past presidents, Jiang Zemin and Hu Jintao, who jointly ruled for two decades, have not been mentioned by name in the party constitution.
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As many as 4,000 institutes, including IIM-C and IIT-K, didn’t file tax returns. The organisations still have time to submit their annual returns as the home ministry had, in a public notice issued last month, given them a grace period of 30 days to do so after paying a penalty. The extended deadline for compliance ends on October 18.
India beat Pakistan 3-1 to top Pool A of the Asia Hockey Cup. Chinglesnsana Singh (17th minute), Ramandeep Singh (44th) and Harmanpreet Singh (45th) scored the goals for India, while Pakistan’s lone strike came from Ali Shan in the 49th minute.
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