 "News digest: Modi's big announcement, steel imports rise, and more")
Markets see worst plunge in 10 months
The stock markets suffered their worst setback in 10 months on concern that the government’s stimulus plan for the economy could disturb the fiscal math, and hurt the rupee and interest rates. Market players said the sell-off was triggered by pessimism that the government may not be able to balance growth with macro-stability. Read more
Modi likely to announce big-bang economic package on Monday
Prime Minister Narendra Modi is likely to announce some big-ticket measures on Monday — also the birth centenary of Sangh Parivar icon Deendayal Upadhyaya — to stimulate the economy, which saw growth plunging to a three-year low of 5.7 per cent in the first quarter of 2017-18. Read more
Steel imports surge 16% in FY18
After a year’s respite, steel imports increased 15.9 per cent to 3.4 million tonnes (mt) during April-August as compared to the corresponding period last year, said the Joint Plant Committee (JPC). The rise was sharper in August. Overall imports in the month were up 20 per cent over July and 62 per cent over August 2016. Read more
National High Speed Rail on bullet mode
A week after the inauguration of the high-speed train corridor between Ahmedabad and Mumbai, National High Speed Rail Corporation Ltd (NHSRCL) has sprung into action. The company’s office at Asia Bhavan in Delhi’s Dwarka Colony has become active even though it has only 22 employees. Read more
Drop in cost puts telcos on path of recasting business strategy
Telecom regulator Trai on Wednesday had asked telecom companies to bring down their voice call costs to the level of over-the-top (OTT) applications, such as WhatsApp. The dramatic drop in voice call rates has been possible because of a new technology — the shift of telcos from circuit switches to packet switching-based networks enabled with voice over LTE. Read more
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