Top 10 business headlines: GDP estimates for Q1FY20, CG Power fiasco & more

From a probe at CG Power finding fraudulent related-party transactions to the IL&FS board seeking NCLT approval to sell 7 wind assets to Orix Corp, here are the top business headlines for Wednesday

1) Economists estimate GDP growth of 5.5-5.6% in Q1 FY20 amid slowdown 

Amid slowdown in various sectors, experts believe the Indian economy grew by 5.5-6 per cent in the first quarter (Q1) of the current financial year (2019-20 or FY20). The lower range of these projections means the economy has slowed further. In the fourth quarter (Q4) of 2018-19 (FY19), it grew 5.8 per cent. The higher range points to a slight recovery.

Growth was at a 20-quarter low in Q4FY19. GDP numbers for Q1FY20 are scheduled to be released on August 30. (Read more here) 

2) CG