A look at the headlines in the sector right now:
- World Bank reduces India’s GDP forecast from 7.6% to 7% for 2016-2017: The report said the Centre’s note ban would continue to affect business and household economic activities in the short term.
- Demonetisation has opened up economy, put India back on global radar, says Arun Jaitley: The Union finance minister said the Goods and Services Tax would help further by making the country ‘one common marketplace’.
- Sensex crosses 27,000 mark to end at a two-month high: Positive cues from Asian and European markets and anticipation over Donald Trump’s first press conference as US president-elect influenced the numbers.
- Demonetisation drags December automobile sales growth to 16-year low, says report: Sales of two-wheelers and three-wheelers were hit the hardest, particularly in rural areas, said data from the Society of Indian Automobile Manufacturers.
- Trai allowed Reliance Jio to flout regulations, Airtel alleges in new affidavit, say reports: The operator accused the telecom authority of failing to hold the new entrant accountable for violating the interconnect usage base charge of 14 paise a minute.
- SC gives Vijay Mallya three weeks to respond to banks’ plea seeking $40 million from him: The SBI-led consortium has accused the beleaguered businessman of violating court orders by transferring money – given to him by Diageo – to his son.
- Centre tells EC Budget cannot be postponed despite upcoming Assembly elections: The government told the poll panel that the Budget date needed to be advanced so that adequate provisions are allocated across sectors before April 1.