Finance Minister Arun Jaitley dismissed the Congress party's demand that the cap on the Goods and Services Tax (GST) be specified in the Constitutional amendment bill as "preposterous." He was speaking at a discussion organised by NDTV at the World Economic Forum in Davos.

The projection by the World Economic Forum (WEF) assumes a total loss of 7.1 million jobs, offset by a gain of 2 million new positions.

Europe's migrant crisis and devastating terror attacks will combine with the plunging oil price and China's economic slowdown to give the elite of the political and business worlds plenty to talk about when they gather in Davos from Tuesday.