India market: Emerging markets such as China and India will grow old before they grow rich

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Prime Minister Narendra Modi said the government will ensure that "strictest punishment" is given to those responsible for the worst train accident in the country in decades, which claimed at least 288 lives and injured more than 1,099 people when Coromandel Express derailed on Friday night and its bogeys lying on two adjacent tracks led to collision with two other trains.

The Centre has initiated an investigation into the train accident in Odisha that claimed over 288 lives. Indian Railways has set up a high-level committee to look into the cause of the mishap involving Bengaluru-Howrah Yesvantpur Express, Coromandel Express and a goods train at Bahanaga Bazar Station in Balasore district.

The World Bank's new president Ajay Banga on Friday asked the lender's 16,000 staff to "double down" on development and climate efforts as he seeks to accelerate the bank's evolution to tackle the most pressing global problems.

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