The business wrap: Nirmala Sitharaman calls for 2% RBI interest rate cut, and six other top stories
US retailers will investigate Welspun India's products following Target's accusation, and Monsanto withdrew its application for GM cotton seeds.
A look at headlines in the sector right now:
- Nirmala Sitharaman calls for 2% RBI rate cut to boost MSME growth: The minister said the Micro, Small and Medium Enterprise sector is ‘hard pressed for money’ because of the current interest rate set by the central bank.
- Walmart, other US retailers to investigate Welspun India products after Target cancels contract: The textile company’s market value dropped by nearly 50% after Target accused it of passing off standard cotton sheets as premium Egyptian ones.
- Centre, Monsanto dispute escalates as company pulls GM cotton seeds to protest technology sharing: The biotech giant and the government are also at odds over how much can be charged for its genetically modified seeds.
- Railways to start talks with Facebook to offer free Wi-Fi at rural stations, nearby villages: The social media company recently concluded a pilot programme for its Express Wi-Fi service across 125 locations in rural India.
- Government may soon allow calls and Wi-Fi facilities in Indian airspace, says aviation secretary: Earlier, security agencies did not have technology to monitor data transmission over Indian airspace, which the Centre is now hoping to resolve.
- Tata Power crosses 2 million consumer base in India: The country's largest integrated power firm said it remains committed to provding reliable and uninterrupted power supply at competitive prices.
- Centre approves rail infrastructure projects worth Rs 24,000 crore: The Cabinet Committee on Economic Affairs cleared the massive line expansion programme, which involves track construction of a total length of 1937.38 km at an estimated cost of Rs 24,374.86 crore.
