The cost of climate change, Indian Railways' punctuality jugaad, and more top news

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India could lose nearly 3% of its GDP to climate change by 2050. A World Bank report says that average temperatures are likely to increase by 1.5-3 degrees celsius, which along with "changing monsoon patterns," can hurt the living standards of 600 million people (nearly half of the country's population). The solution? Enhancing education, reducing water stress, and improving job opportunities in non-farm sectors. The 2018 Economic Survey warned that climate change may shave off up to a quarter of agricultural incomes in unirrigated areas.

Indian Railways has devised a novel solution to its poor on-time performance problem. Indian Express reports that the national transporter is extending the official running time of trains to factor in any potential delays. “If the time table shows a train is to reach at 8 (am/pm), and it regularly reaches at 9 (am/pm), there’s no point," said Southern Railway's RK Kulshreshta. Earlier, railway minister Piyush Goyal warned zonal heads that unpunctual train services will cost them promotions. Three in 10 trains were late in 2017-18, with Northern Railway (under 50% punctuality) faring the worst.

The money stashed away by Indians in Swiss banks rose over 50% to ?7,000 crore last year, PTI reports citing official data. The spike is somewhat unexpected – funds parked by Indians in Swiss banks fell 45%, 33% and 10% in 2016, 2015 and 2014, respectively, following the government's clampdown on suspected black money. India and Switzerland have a pact in place for automatic sharing of tax-related information to fight the black money menace.

State-run banks could soon be jostling for customers' attention on an online loan marketplace. Economic Times reports that lenders are considering launching a website to offer instant personal, home and auto loans at competitive rates. "There could be a common checklist that banks can use to assess a borrower’s creditworthiness,” a finance ministry official said. Credit growth at state-run banks in FY18 stood at 4.7% compared with 21% for private banks.

India's dollar millionaire population will treble to almost a million by 2027, according to a New World Wealth report. The rise will mainly be driven by an entrepreneurial boom and lucrative salaries, thanks to strong underlying economic growth. Another report by Capgemini showed that the collective wealth of India's millionaires rose 21% to over $1 trillion last year, outpacing the global average of 12%.

Idea of the Day: A can-do attitude and a willingness to learn are traits we can all adopt from the best business school graduates, says former executive editor of Fast Company and Bloomberg Businessweek, John A. Byrne.

“They accepted that they didn’t have all the answers or that every deliverable need not be perfect. These leaders understood that they were just starting out and could make mistakes.”

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