Top 10 biz headlines: Big bang agri sector reforms, RInfra's woes, and more

From NITI Aayog meet to Budget 2019, Business Standard brings you stories that made the headlines on Saturday

PM sets up panel on big agri sector reforms, says $5-trn economy achievable

Prime Minister Narendra Modi on Saturday asked chief ministers to increase the economic size of their respective states by 2-2.5 times to ensure $5-trillion national economy by 2024 from the current level of $2.7 trillion. This, he said, would help generate additional jobs and increase the purchasing power of the common man. Read more...

Reliance Infrastructure auditors say unable to give view on annual results

Anil Ambani-promoted Reliance Infrastructure reported a net loss of Rs 3,301 crore for the quarter ended March 2019 compared with a net profit of Rs 134 crore in the corresponding period last year. The firm's auditors said they were unable to give an audit opinion on the annual results and also raised doubts about the company and some of its subsidiaries' ability to continue as a going concern. Read more...

Regulatory scrutiny of audit firms may put tech industry in a spot

As the big four global audit firms and their affiliates face regulatory heat in the country owing to alleged auditing lapses, domestic IT services companies may have to brace for disruption in case any restriction is imposed on these audit firms. Read more...

Big brands wield clout among young homebuyers in tier 2 and 3 cities

Not just metros, but even in tier 2 and tier 3 cities, a realty developer’s brand name is increasingly wielding clout among buyers. More residential buyers are making a shift from unorganised stand-alone players to branded ones. Read more...

Xiaomi inaugurates first component manufacturing plant in India

Smartphone major Xiaomi Saturday said Holitech Technology - one of its global component suppliers - has inaugurated its first component manufacturing plant in India (Greater Noida). Read more...

Fortis Healthcare drops plan to sell stake in RHT Health Trust, RHTTM

Fortis Healthcare said on Saturday that it has decided to close the bidding and search process to explore the possibility of sale of interest in RHT Health Trust and RHT Health Trust Manager Pte Ltd (RHTTM). Read more...

Air India spreads its wings, plans flights for Bali, Nairobi and Toronto

Air India plans to launch services from Delhi to Bali, Nairobi and Toronto in the winter schedule as it looks to consolidate its position as the largest carrier on overseas routes from India. Read more...

At NITI Aayog meet, CMs say centrally sponsored schemes bleeding states dry

At the fifth meeting of NITI Aayog’s Governing Council on Saturday, Karnataka Chief Minister H D Kumaraswamy demanded the Centre extend GST compensation period beyond five years as he feared his state will face “severe financial crunch” when the recompense period ends in 2022. The demand comes ahead of the Goods and Services Tax (GST) Council meeting on Friday. Read more...

IT industry meets Anurag Thakur on tax woes ahead of Union Budget

Ahead of the Budget, representatives of the tech sector and industry bodies Nasscom, Internet and Mobile Association of India (IAMAI) and MAIT met Minister of State for Finance, Anurag Thakur, on Saturday. Read more...

Data boom will wipe out 4G LTE, push migration towards 5G services: Nokia

The internet data boom and rising consumption of content and related services will eventually lead 4G LTE resources to exhaust, leaving operators no choice but to adopt 5G networks, said Alexander Tikhonov, vice-president and global head of customer solutions architects at Nokia. Read more...