India GDP growth rate slumps to 5.7% in Q1 in challenge for economy
India’s economic growth unexpectedly slowed to 5.7% in the June quarter, the slowest pace in three years, underlining the disruption caused by the uncertainty related to the rollout of the goods and services tax (GST) even as the Indian economy is struggling to recover from a shock demonetisation. A survey of economists by Reuters saw GDP growth picking up by 6.6% in the June quarter. The gross domestic product grew 6.1% in the preceding three months.
Indian Bank plans FPO by year end, starts roadshow in Hong Kong
Indian Bank Ltd is considering making a follow-on public offering (FPO) in the last quarter of the current fiscal, two people close to the development said. The bank plans to raise around Rs1,400 crore to strengthen its capital base and reduce government shareholding. “The bank wants to bring down government’s stake from 82% to 75%,” the first person cited above said, declining to be named. The move will help the bank strengthen its capital base.
Telecom companies may get more time for spectrum payments
India’s telcos, many burdened by debt and payments to the government, and facing competition from a well-heeled and aggressive new entrant, may finally have something to cheer about. An inter-ministerial group (IMG), studying their problems, has completed its report and recommended stretching the duration of spectrum payments telcos have to make to the government to 16 years and also lowering the interest rate on interest payments, according to a person familiar with the matter who asked not to be identified.
Till March, Rs 2,000 notes made up 50% of all notes, reveals RBI annual report
Till March 2017, Rs 2,000 notes made up half of the total notes in circulation, while Rs 500 notes were sharply down compared to the year-ago period, explaining the difficulties faced by people in carrying on their day-to-day activities. But, the Reserve Bank of India (RBI) did ramp up the supply of Rs 100 notes, partly because it released old bank notes into the market. RBI’s annual report showed that as of March, Rs 2,000 notes made of Rs 6.57 lakh crore of the total notes in circulation, which was 50.2 per cent of Rs 13.1 lakh crore of notes issued so far. The total value of Rs 500 notes at the end of March was Rs 2.94 lakh crore, or 22.5 per cent of the total notes. In the year-ago period, the share of Rs 500 notes was 47.8 per cent of Rs 16.42 lakh crore, which made up Rs 7.85 lakh crore.
Boost to Make in India: Hyundai plans to shift production of Verna from Korea to India
The new souped-up Verna is going to be more than just another car for India and the local unit of Hyundai Motor. The South Korean company is shifting the production of the mid-size sedan entirely from its home base to India. In what could further boost the ‘Make in India’ initiative, Hyundai will use its manufacturing facility near Chennai to supply the Verna to almost all its global markets starting January.
Homebuyers of Jaypee Wish Town banking on IRP
Homebuyers of Jaypee Wish Town are banking on the corporate insolvency resolution process for getting their homes delivered, while keeping the plan to move the Supreme Court on hold. Buyers say lawyers have advised them to wait and watch the situation, before taking any decision. “We have decided to wait for the insolvency resolution professional (IRP) to provide a solution. We want our flats and we can only get them through a concrete proposal by IRP,” said Devendra Yadav, a member representing 10 associations of Jaypee Infratech’s Wish Town projects, comprising over 2,500 homebuyers.
The Kapil Sharma Show goes off the air for now; old episodes to get repeat telecast
Comedian-actor Kapil Sharma’s poor health has been the talk of the town for quite some time now. The latest development is that Sony Entertainment channel, which hosts The Kapil Sharma Show, has decided to take a break from airing fresh episodes till Kapil recovers completely. “Kapil has been under the weather for sometime now. Due to this, we have mutually agreed to take a short break. However, once Kapil has recovered completely, we will start shooting again. We value our relationship with Kapil and wish him a speedy recovery,” an official spokesperson from the channel told us.
Outgoing home secretary is new CAG; Sunil Arora new 3rd election commissioner
The government on Thursday designated outgoing home secretary Rajiv Mehrishi as the new Comptroller & Auditor General, while former information and broadcasting secretary Sunil Arora was appointed as the third election commissioner. This came along with the appointment of 17 new secretaries and additional secretaries. Mehrishi got a new job within hours of demitting office as home secretary and will take over as CAG once Shashi Kant Sharma’s tenure ends on September 24.
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