In an emotional speech on the horrors inflicted by extremist groups, US Secretary of State John Kerry on Friday told an audience in Davos that in the fight against "terror", there was "no room for anti-Semitism or Islamophobia".

With oil prices touching "rock bottom", there is an opportunity for countries to cut energy subsidies worth $2 trillion, International Monetary Fund's chief Christine Lagarde said.

Finance Minister Arun Jaitley has hinted at not raising tax rates and providing incentives for manufacturing in the upcoming Budget while asserting that "structural changes" will have to be made to get the economy to 8-9 per cent growth.