Top headlines: Q1FY21 GDP contracts 23.9%; Pranab Mukherjee passes away

Business Standard brings to you a snapshot of stories that made it to the headlines today

1. First economic contraction in 4 decades: India's GDP shrinks 23.9% in Q1, FY21

India’s gross domestic product (GDP) contracted 23.9 per cent in the April-June quarter of 2020-21 from that in the same quarter last financial year, showed official data released by the National Statistics Office (NSO) on Monday. Read on...

2. Former President Pranab Mukherjee passes away at 84

Former President Pranab Mukherjee died on Monday in Delhi’s Army’s Research and Referral (R&R) Hospital, where he had been admitted a few days ago for a brain surgery. He was 84. Mukherjee had tested positive for the coronavirus disease before undergoing a successful surgery to remove a brain clot. Read more...

3. Core sector output shrinks for fifth straight month in July, down 9.6%

The fall in the output of the eight core sectors of the economy further slowed in July as the economy reopened, but the year-on-year decline was still 9.6 per cent as industry battled demand slump, an acute liquidity crisis and labour shortages in the aftermath of the nationwide lockdown. Read on...

4. Adani acquires 74 per cent stake in Mumbai International Airport

Gautam Adani-led Adani Group has acquired 74 per cent stake in Mumbai International Airport Limited (MIAL) that operates India’s second largest airport in Mumbai. Under the transaction Adani Group will acquire 50.5 per cent stake of GVK group. Additionally, Adani will also acquire 23.5 per cent stake of minority partners Airport Company of South Africa (ACSA) and Bidvest. Read on...

5. Fine of Re 1 for Bhushan in contempt case, failing which 3-month in jail

The Supreme Court on Monday imposed a token fine of Re 1 on advocate Prashant Bhushan, convicted in a contempt case for tweets against the judiciary, which if he failed to deposit by September 15, the penalty will then be 3 months in jail and the senior advocate will be barred from practicing law for three years. Read on...

6. Chinese troops violate agreement in Pangong Tso, Indian Army pre-empts move

Months after the deadly border clash, the situation in Eastern Ladakh flared last night when troops of China's People's Liberation Army (PLA) violated the "previous consensus" arrived at during military and diplomatic engagements. Read more...