Top headlines: Q2 GDP growth slips to 4.5%, CEA defends tax cut & more

From Mukesh Ambani becoming ninth richest on Forbes' billionaires list to PM Modi announcing $50 million assistance to Sri Lanka, Business Standard brings you the top news of the day

India's GDP growth slips to 4.5% in September quarter

India’s gross domestic product (GDP) growth rate fell to 4.5 per cent in the July-September quarter (Q2) of this financial year, compared with 7.1 per cent in the same quarter of 2018-19, government data showed on Friday. The low rate of expansion was mainly on account of a weak manufacturing, falling consumer demand and private investment, and a drop in exports due to a global slowdown. Read more

Slowdown impact? Core sector output shrinks 5.8% in October

Output of eight core infrastructure industries contracted by 5.8 per cent in October, indicating the severity of economic slowdown, according to the government data released on Friday. Read more

India's April-October fiscal deficit at 102.4% of full-year target

India's fiscal deficit in the first seven months through October stood at Rs 7.2 trillion, or 102.4% of the budgeted target for the current fiscal year, government data showed on Friday. Read more

As RIL shares rise, Ambani becomes 9th richest on Forbes' billionaires list

With a net worth of $60 billion, Reliance Industries chief Mukesh Ambani has been ranked the 9th richest person globally, according to 'The Real-Time Billionaires List' of Forbes, that was topped by Amazon Founder and CEO Jeff Bezos. Read more

Swiss firm Zurich beats Adani, DIAL, wins bid to build Jewar airport

The Zurich Airport International AG was on Friday selected as the concessionaire for developing the Jewar airport, billed to be the biggest airport in India upon completion, officials said. Read more

Cut in corporate tax rate important for investments: CEA Subramanian

Chief Economic Adviser KV Subramanian on Friday said that the government recognised the need to cut the corporate tax to boost investments.

For the last few quarters the cycle of growth has not been as it was earlier, he said at an event here and added that "corporate tax rate is important for investments". Read more

Bank recapitalisation should be done through cash, not bonds: Rangarajan

Former RBI governor C Rangarajan on Friday suggested that recapitalisation of banks should be done through by infusing cash rather than issuing Bonds, as he cautioned that Boards of public sector undertakings, including banks, should maintain "arms length" from the Government. Read more

Modi announces $50 mn assistance to Sri Lanka to deal with terrorism

Prime Minister Narendra Modi on Friday announced a financial assistance of $50 million to Sri Lanka to deal with the challenge of terrorism after holding "fruitful" talks with Gotabaya Rajapaksa, the newly-elected president of the island nation. Read more

SC junks plea challenging post-poll alliance of Sena, NCP and Congress

The Supreme Court on Friday dismissed a plea challenging the post-poll alliance of Shiv Sena, NCP and Congress to form government in Maharashtra.

A bench of Justices N V Ramana, Ashok Bhushan and Sanjiv Khanna said constitutional morality is different from political morality. Read more

Tax refund scheme for exporters to be brought before Cabinet soon: Goyal

The government would soon bring the tax refund scheme for exporters before the Union Cabinet and would notify it, Commerce and Industry minister Piyush Goyal informed Rajya Sabha on Friday. Read more