Top 10 biz headlines: GDP growth, core sector data, unemployment and more

From slump in core sector data, to slippage in GDP growth, Business Standard brings to you stories that made the headlines on Friday

1. GDP growth slips to five-year low on slowdown in investment, manufacturing

India’s economic growth fell to 5.8 per cent in the January-March period of 2018-19, the lowest in 20 quarters, due to a sharp slowdown in investment and manufacturing growth as well as a contraction in agricultural production. Read on...

2. Growth of core sector slumps to 2.6% in April on sluggish infra performance

Growth in the core sector of the economy fell to 2.6 per cent in April, down from 4.9 per cent in March, as most sectors saw growth tapering off while the usual performers in the infrastructure segment put up a poor show. Read on...

3. Nirmala Sitharaman's appointment as finance minister surprises Dalal Street

The benchmark indices came off sharply from the day’s high after the government announced the portfolios of cabinet ministers on Friday. Many at Dalal Street were surprised by Prime Minister Narendra Modi’s decision to appoint Nirmala Sitharaman as the next finance minister. She was the defence minister in first Modi government. Read on...

4. Job crisis for real as unemployment hits 6.1%, highest in 45 years

A day after taking took oath, the National Democratic Alliance (NDA) government released the first periodic labour force survey (PLFS) which showed the unemployment rate at a 45-year-high of 6.1 per cent in 2017-18. Read on... 

5. PM Modi's first cabinet meeting rolls out funds for farmers, traders

The new Union Cabinet, headed by Prime Minister Narendra Modi, in its first meeting approved a number of schemes aimed at the rural sector and traders. Read on... 

6. Modi govt meets revised fiscal deficit target of 3.4% for 2018-19

The Centre’s full year fiscal deficit for FY19 came in at Rs 6.45 trillion, slightly above the revised estimate of Rs 6.34 trillion, showed official data released on Friday by the Controller General of Accounts. Read on... 

7. L&T may launch open offer for Mindtree shareholders on June 17: Sources

Engineering major L&T is likely to launch its open offer for Mindtree shareholders on the second week of June as sources in the know said the company had already received market regulator Sebi’s approval for the same. Read on...

8. Swachh Bharat Mission may get a major boost in Modi government’s second term

Under PM Modi-led NDA government’s second term, its flagship programme Swachh Bharat Mission is likely to get a major boost, reports the Livemint.

9. ONGC’s R&D arm developing tech to use microbes to convert residual oil in wells into methane

The Keshava Deva Malaviya Institute of Petroleum Exploration (KDMIPE), which is the R&D arm of ONGC, has made progress in its quest for identifying microbes that can convert ‘residual oil’ in oil wells into methane, reports The Hindu Business Line

10. Amitabh Kant's task force prepares to take India into the world-class infra club 

A task force on project management led by Niti Aayog chief executive Amitabh Kant has pitched for a dedicated policy framework for public-private partnerships and public sector projects to improve efficiency, reports The Economic Times.