News Update

Nexus between Election Manifesto and Budget 2024 in July!Clearing the Air: Airtel's SC Decision provides clarity on test of AgencyGST implications for Corporate Debtor under IBCI-T- Petitioner's CIBIL score lowered due to same PAN being issued to another assessee who defaulted on loan; I-T Deptt to inform CIBIL of remedial measures taken: HCBrazil’s proposal to tax super-rich globally finds many takers in G20 GroupI-T- Additions framed on account of unconfirmed cash loans upheld in part, where assessee is unable to discharge onus of proving source of cash deposits : ITATCPM manifesto promising annihilation of all weapons of mass destructions including nuclear, draws flak from Defence MinisterI-T- Registration of trust u/s 12A denied due to inadvertent error by assessee in filing Form 10AB but with wrong selection code; case remanded for reconsideration: ITATBiden favours higher steel tariff on ‘cheating’ China + may up tariff on dominant solar tech suppliersI-T- Enhancement of income is not sustainable if CIT (A) not follow sec 251 and no notice given to assessee of enhancement : ITATUS Poll: Biden trumps Trump in money race by USD 75 mnI-T- Assessee is entitled for depreciation on goodwill arising out of difference between cost of acquisition and net value of assets and liabilities as per book value of CAPL : ITATNetanyahu says Israel to decide how and when to respond to Iran’s aggressionI-T- There is no scope of extrapolation in search assessment based solely on assumptions and surmises in absence of any tangible material qua the relevant assessment year: ITATGoogle slays costs by laying off staffers & shifting roles outside USI-T- Re-assessment cannot be sustained where based on borrowed satisfaction & where conducted in a mechanical manner: ITATHeavy downpours drown Dubai; Airport issues travel advisoryCus - There cannot be an exercise of jurisdiction to injunct invocation of BG, as it is a settled principle of law that bank guarantee constitutes an independent contract between the bank and the party in whose favour BG is furnished: HCHM pledges to make India completely Maoist-freeGST - Except for holding that the taxpayer had availed ITC which is blocked credit u/s 17(5), no reasons are specified - Order set aside and matter remanded: HCMicrosoft to inject USD 1.5 bn in AI Group G42 of UAEGST - Injustice would be caused unless petitioner is provided another opportunity to contest tax demand on merits - Subject to deposit of 10% of demand, matter is remanded: HCCanadian budget proposes more taxes on higher income groups & tax credits for EVsGST - Petitioner has an appellate remedy against the impugned order - As petition was filed within the original period of limitation, it is just and appropriate that petitioner be permitted to present statutory appeal: HCWorld leaders appeal for quick ratification of UN Ocean TreatyGST - Once the notification itself has been declared as ultra vires, applying it would amount to applying an illegal notification: HCUK House debates ban on smokingGST - Transfer of development rights is amenable to GST and cannot be brought within the purview of Entry 5 of Schedule-III: HCGlobal economy to grow at 3.2% in current year and also 2025: IMFGST - Challenge to notification 11/2017-CTR clarifying the aspect of transfer of development rights being attracted to GST/TGST is devoid of merits: HCGreat Barrier Reef in Australia suffers serious bleachingGST - Conclusions were recorded in the assessment order without providing a personal hearing - Order set aside and matter remanded: HCUS to impose fresh sanctions on Iran’s missile programmeCus - Mere fact that Commissioner of Customs has filed an affidavit would not denude an officer, otherwise empowered under the Act/Rules to issue and adjudicate a SCN even though the officer may be below the rank of Commissioner: HCDelhi Police nabs woman for thieving luxury SUVsCus - As wife of appellant has already been penalized for the offence related to importation of BMW M5 Car, no reason found to impose penalty against appellant for same offence: CESTAT
 
World's population - India projected to surpass China in 7 years; Nigeria to surpass USA for third place

By TIOL News Service

NEW YORK, JULY 31, 2015: THE world's population is projected to reach 8.5 billion by 2030, 9.7 billion by 2050 and exceed 11 billion in 2100, with India expected to surpass China as the most populous around seven years from now and Nigeria overtaking the United States to become the world's third largest country around 35 years from now, according to a new United Nations report released yesterday.

Moreover, the report reveals that during the 2015-2050 period, half of the world's population growth is expected to be concentrated in nine countries: India, Nigeria, Pakistan, Democratic Republic of the Congo, Ethiopia, Tanzania, the United States, Indonesia and Uganda.

Wu Hongbo, the UN Under-Secretary-General for Economic and Social Affairs, whose department produced the 2015 Revision of World Population Prospects , the 24th round of official UN population estimates and projections, noted that understanding the demographic changes that are likely to unfold over the coming years "is key to the design and implementation of the new development agenda."

United Nations Member States are currently in the process of crafting a successor agenda to the landmark Millennium Development Goals (MDGs), which wrap up at the end of this year. A new framework, focused on poverty eradication, social inclusion and preserving the health of the planet, is set to be adopted at a special UN summit , in New York this September.

According to the report's projections, the current world population of 7.3 billion is expected to reach 8.5 billion by 2030, 9.7 billion in 2050 and 11.2 billion in 2100.

"Most of the projected increase in the world's population can be attributed to a short list of high-fertility countries, mainly in Africa, or countries with already large populations," according to the report.

At present, China and India remain the two largest countries in the world, each with more than 1 billion people, representing 19 and 18 per cent of the world's population, respectively, but by 2022, the population of India is expected to surpass that of China, according to the report's projection.

Among the 10 largest countries in the world currently, one is in Africa (Nigeria), five are in Asia (Bangladesh, China, India, Indonesia, and Pakistan), two are in Latin America (Brazil and Mexico), one is in Northern America (US), and one is in Europe (Russian Federation).

"Of these, Nigeria's population, currently the seventh largest in the world, is growing the most rapidly," said the report. Consequently, the population of Nigeria is projected to surpass that of the United States by about 2050, at which point it would become the third largest country in the world.

The report also projected that by 2050 the populations of six countries are expected to exceed 300 million: China, India, Indonesia, Nigeria, Pakistan, and the United States.

And with the highest rate of population growth, Africa is expected to account for more than half of the world's population growth over the next 35 years.

During this period, the report said, the populations of 28 African countries are projected to more than double, and by 2100, 10 African countries are projected to have increased by at least a factor of five: Angola, Burundi, Democratic Republic of Congo, Malawi, Mali, Niger, Somalia, Uganda, United Republic of Tanzania and Zambia.

"The concentration of population growth in the poorest countries presents its own set of challenges, making it more difficult to eradicate poverty and inequality, to combat hunger and malnutrition, and to expand educational enrolment and health systems, all of which are crucial to the success of the new sustainable development agenda," said John Wilmoth, Director of the UN's Population Division.

In contrast to the growth projections, a significant ageing of the population in the next several decades is projected for most regions, starting with Europe where 34 per cent of the population is projected to be over 60 years old by 2050. In Latin America and the Caribbean and in Asia, the population will be transformed from having 11 per cent to 12 per cent of people over 60 years old today to more than 25 per cent by 2050.

Further to the report, life expectancy at birth has increased significantly in the least developed countries in recent years. The six-year average gain in life expectancy among the poorest countries, from 56 years in 2000-2005 to 62 years in 2010-2015, is roughly double the increase recorded for the rest of the world. While significant differences in life expectancy across major areas and income groups are projected to continue, they are expected to diminish significantly by 2045-2050.


POST YOUR COMMENTS
   

TIOL Tube Latest

Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.




Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.