Moody's cuts India's economic growth forecast to 5.6% for 2019
Moody's Investors Service today slashed India's economic growth forecast to 5.6 per cent for 2019, saying government measures do not address the widespread weakness in consumption demand.
"We have revised down our growth forecast for India. We now forecast slower real GDP growth of 5.6 per cent in 2019, from 7.4 per cent in 2018," it said. "India's economic slowdown is lasting longer than previously expected." Moody's had on October 10 slashed India's economic growth forecast for 2019-20 fiscal to 5.8 per cent from an earlier estimate of 6.2 per cent.
WPI inflation eases to 0.16% in October due to subdued non-food prices
Wholesale prices based inflation eased further to 0.16 per cent in October, as against 0.33 per cent in September due to subdued prices of non-food articles and fall in prices of manufactured items, government data showed today. The annual inflation, based on monthly wholesale price index (WPI), was at 5.54 per cent in October 2018. The rate of price rise for food articles was at 9.80 per cent during the month, while for non-food articles it stood at 2.35 per cent, showed the data released by the Ministry of Commerce and Industry.
Vodafone Idea, Bharti Airtel tank up to 22% on Govt order to pay AGR dues
Shares of telecom services providers Vodafone Idea and Bharti Airtel were under pressure, plunging up to 22 per cent, in early morning trade on the BSE today on report that the government has directed the telcos to clear their adjusted gross revenue (AGR) dues in 3 months.
The Department of Telecommunications (DoT) has started the initial process of claiming its dues from telcos, directing them to pay up in accordance with the Supreme Court’s October 24 order, under which they have been given three months to fulfill their obligations.
'Religious issue': SC sends women's entry at Sabarimala to larger bench
The Supreme Court today said a larger seven-judge bench will re-examine various religious issues, including the entry of women into the Sabarimala temple and mosques and the practice of female genital mutilation in the Dawoodi Bohra community.
While the five-judge bench unanimously agreed to refer the religious issues to a larger bench, a majority verdict by Chief Justice Ranjan Gogoi and Justices A M Khanwilkar and Indu Malhotra decided to keep pending the pleas seeking a review of its decision regarding the entry of women into Sabarimala.
Rafale verdict: SC finds petitions lacking merit, dismisses review plea
The Supreme Court today rejected petitions seeking a review of decision in 2018 that gave a clean chit to the government in the Rafale fighter jet deal with French firm Dassault Aviation. The bench comprised Chief Justice Ranjan Gogoi and Justices S K Kaul and K M Joseph.
The Supreme Court on December 14 last year had dismissed petitions seeking court-monitored probe into the alleged irregularities in the Rs 58,000 crore deal. The top court had said it was not its job to go into the issue of pricing of fighter planes.
Saudi Aramco IPO: Here's how you can invest in world's biggest public offer
The world’s biggest public float, the initial public offer (IPO) of Saudi Aramco opens on November 17 with the final share price being determined on December 5 – a day after the issue closes for institutional investors. Individual investors, however, will only be able to apply till November 28. Saudi Aramco plans to sell 0.5 per cent of its shares to institutional investors, individual Saudis and other Gulf nationals. Even then, the sale would make the issue the biggest in the world. Being an Indian citizen, you can still invest in the IPO.
Xi to Putin, BRICS leaders rail against 'bullying' protectionism
Leaders of the BRICS group of emerging economies criticized what they view as politically motivated protectionism at a time of a global slowdown and said their countries are doing their best to counter the trend. At their annual summit, the leaders of China, Russia, India, Brazil and South Africa called for greater inter-BRICS trade and investment and urged the group's New Development Bank to pump more funding into infrastructure and sustainable growth. "Protectionist and bullying counter-currents bring shocks to international trade, adding to downward pressure on the world economy," Chinese President Xi Jinping told the summit in Brazil.
India world's most open, investment friendly economy: Modi tells BRICS bloc
India is the world's most "open and investment friendly" economy, Prime Minister Narendra Modi told business leaders of the BRICS group in Brasalia, urging them to invest in the country and take advantage of its "limitless" possibilities. Modi said on Thursday the five countries of the BRICS bloc were reporting economic growth at a time of global economic slowdown.