A quick look at the top business stories buzzing in leading media houses
Words by: FWD Media Image: Hindustan Times
India likely to peg 7.5% growth this fiscal: Arvind Panagariya
NITI Aavog Vice Chairman Arvind Panagariya said that India is likely to clock a 7.5 per cent economic growth in the current fiscal. While commenting of the current fiscal, he also acknowledged that creation of “good jobs” in the country remains a big challenge. According to the report by ET, Panagariya said that India’s better-performing sectors such as automobile, auto parts, engineering goods, petroleum refinery, pharmaceuticals and IT enable services are not very employment-intensive.
Overseas remittances fall as fewer Indians head to Gulf countries seeking jobs
Slowing economies in the GCC countries has led to a decrease in the number of Indians traveling to the Gulf countries for work over the last couple of years bringing down vital cash flow through remittances. Political instability fuelled by attacks by the Islamic State, weakening oil prices as well as a have affected the perceptions about the region as a lucrative job market, reasons Economic Times.
RBI to hire 12 currency verification systems to identify fake notes
In order to segregate fake notes from scrapped notes of Rs 500/1000 denomination, The Reserve Bank of India will lease currency verification systems for six months. According to report by Economic Times, In May, RBI has floated a global tender for leasing of 18 ‘Currency Verification and Processing System (CVPS). Later, the tender was canceled and now a fresh one has been put forth to lease 12 such systems.
Women comprise 78% of the beneficiaries of Mudra loanees
Around Rs 1,78,313 crore of loans were sanctioned to women under the scheme to help micro businesses which often struggle to get bank loans and official assistance. Women account for 78% of Mudra loanees. According to TOI, Self-employed women running businesses such as bakeries, paper products, food parlours, hair dressing and personal care will be benefited by these loans. Computer assemblers and roadside vendors run by men and women could be also included in other micro businesses.
OLA receives fresh funding of Rs 100cr
Cab aggregator Ola pumps Rs100 crore into its car leasing subsidiary Ola Fleet technologies. The proposal has been given the board’s green signal according to reports filed with the corporate affairs ministry. The move comes in the backdrop of competing for rival Uber’s fight for supremacy in the Indian market. Surprisingly, the fresh investment comes close on the heels of the Rs1,675 crore that Ola had already received in April this year.
PE firm Blackstone looks to explore ARC in India
Global private equity firm Blackstone Group looks at setting up an asset reconstruction company (ARC) in India as the bad loan market hits Rs 10 trillion, according to people aware of the development. As recently as June, RBI had listed 12 major defaulters and asked banks to initiate insolvency proceedings against them under the insolvency and bankruptcy code. The events are being watched closely by foreign private equity investors interested in stressed assets.
World Cup: PM Narendra Modi applauds Indian women cricket team’s performance
After a tight competition with England women cricket team, Indian women cricket team lost by 9 runs in one day match played in London. England scored 229 runs. Applauding Indian Team’s performance, PM Narendra Modi said that that the team had shown remarkable tenacity and skill through the World Cup. Proud of the team, he tweeted. According to TOI report, He also appreciated Captain Mithali Raj for leading from the front and praised HarmanpreetKaur whose masterly innings in the match against Australia had propelled India into the finals.
Chinese tech-major Lenovo plans more after-sales services as laptop sales dip
Tech-major Lenovo moves focus to after-sales services in a bid to stay relevant as laptop and notebook sales slowdown. The Chinese company plans to introduce a QR code scan option on its PCs that will help customers retrieve all product-related support info in a mobile app. According to news reports, the QR-code scan options will in all likelihood be available across all new devices by September.
Milk prices to remain stable for next 12 months
Due to low commodity prices and with a substantial drop in the export of milk powder, milk prices are expected to remain stable over the next six to 12 months. According to ET report, Dairy majors Gujarat Cooperative Milk Marketing Federation (GCMMF), Parag and Hatsun Agro announced this change amid cooling food inflation. Most dairies had increased milk prices during the lean period of the summer season taking ‘full fat’ milk to Rs 52/litre and double toned milk to Rs 38/litre.