The business wrap: Volkswagen begins its emissions recall in India, and six other top stories
The Cabinet approved the merger of the railway and general budgets, and Moody’s said reviewing India’s sovereign rating will take at least another year.
A look at the headlines right now:
- Volkswagen to begin emissions recall in India with older Skoda Superb model: The vehicle was fitted with the same 2.0-litre EA 189 diesel engine that is directly linked with the illegal software in the German automaker's cars.
- Cabinet advances Union Budget by a month, merges railway and annual budgets from next year: Finance Minister Arun Jaitley said the actual date of presenting the Budget will be decided after taking into consideration Assembly election dates.
- Moody's unlikely to change India's sovereign rating for a year or two: The agency said it needs ‘more evidence’ of fiscal consolidation and reforms.
- Online furniture marketplace Pepperfry secures Rs 210 crore from existing investors: The company recorded sales worth Rs 1,000 crore in March 2016.
- Financial Technology founder Jignesh Shah arrested in MCX licence renewal case: The CBI raided nine locations, including the promoter's home and offices of FTIL and four senior officials of Sebi, and registered a case against them.
- Google launches 'smart messaging app' Allo to compete with WhatsApp, Facebook Messenger: It is enabled with a preview version of Google Assistant, the company’s attempt at chat-bot technology, which is supposed to intuitively gauge the user's needs.
- Flipkart becomes first Indian e-commerce platform to reach 100 million users: The company says the number represents 63% of broadband internet users in the country.
