The business wrap: Economist Arvind Panagariya quits Niti Aayog, and six other top stories
Other headlines: India’s manufacturing production dipped at the fastest rate since 2008, and Mukesh Ambani became richer by $12.1 billion this year.
A look at the headlines in the sector right now:
- Arvind Panagariya resigns as the vice chairman of Niti Aayog: The economist said he will return to academics in the United States.
- Lowest Purchasing Managers’ Index in eight years indicates GST hit the manufacturing sector hard: The industry has not seen a dip this steep since the 2008 global financial crisis.
- Reliance Industries Chairman Mukesh Ambani is now the second richest man in Asia: Ambani is richer by $12.1 billion this year, according to the Bloomberg Billionaires Index.
- Sensex, Nifty close at an all-time high: The Sensex closed up 60.23 points at 32,575.17, while the Nifty ended higher by 37.55 points at 10,114.65.
- Flipkart completes merger with eBay India: The Indian e-commerce major will now own and operate eBay.in, which will remain an independent entity.
- Staff strength at Infosys, TCS and Tech Mahindra declines for the first time: The combined workforce at the three companies dropped by nearly 5,000 in the first quarter of 2017-18.
- Government stops $1.3 billion Chinese bid for Gland Pharma: Officials said there were “genuine concerns” over proprietary technology developed by an Indian company going over to a Chinese pharma major.