News digest: Etihad likely to pilot Jet, GDP back-series data, and more

Jet Airways may cede reins to Etihad, puts Tatas' proposal on back burner

Naresh Goyal-run Jet Airways is said to have agreed to give up its controlling stake, paving the way for Abu Dhabi-based Etihad Airways to increase its holding in the troubled Indian airline up to 49 per cent — the maximum permissible limit for a foreign entity.

At present, Etihad owns 24 per cent of Jet Airways, while Goyal holds a 51 per cent stake.

According to sources, founder and chairman Goyal, who has been reluctant to give up control, is now preferring Etihad’s offer to the ones being discussed with Tata Sons and other private equity funds. Read more…

Govt releases GDP back-series data, slashes growth rate during UPA era

After junking the gross domestic product (GDP) numbers released by a government panel, the Central Statistics Office (CSO) on Wednesday came out with official back series data that shows economic growth was higher under Prime Minister Narendra Modi’s government than in the previous Congress-led United Progressive Alliance (UPA) regime.

According to this set of data, India’s GDP grew at an average of 6.7 per cent in nine years of the UPA regime, 2005-06 to 2013-14, in comparison to growth under the current National Democratic Alliance government, which stands at 7.3 per cent. GDP growth for all years prior to 2010-11 has been revised downwards. Read more…

Unilever edges out Nestle for GSK's Horlicks nutrition business

Unilever has edged out Nestle SA in the contest for GlaxoSmithKline Plc’s $4 billion Indian consumer-health unit, according to people with knowledge of the matter.

The Anglo-Dutch maker of Ben & Jerry’s ice cream is in talks to buy the Glaxo business that owns the popular malted-milk brand Horlicks, the people said, declining to be identified as the deliberations are confidential. Nestle has dropped out, they said. Read more…

Economists expect a 'pause' in RBI's Dec 5 policy review: BS poll

Almost nobody expects the six-member Monetary Policy Committee of the Reserve Bank of India (RBI) to tinker with the policy rate on December 5, given the low oil prices and the rupee finding some support because of that.

The same sentiment is reflected in the Business Standard poll of 12 economists and market experts, who said the central bank would exercise ‘pause’ in the upcoming bi-monthly policy review as well as during the rest of the financial year. Read more…