The business wrap: Moody’s backs reforms, upgrades India’s credit ratings, and 7 other top stories
Other headlines: The Cabinet cleared setting up a National Anti-profiteering Authority under GST, and the markets ended the week on positive note.
A look at the headlines in the sector right now.
- Moody’s upgrades India’s credit rating, says government reforms will boost ‘high growth potential’: Finance Minister Arun Jaitley said this move will force those with doubts about India’s economic reforms to “seriously introspect on their positions”.
- Cabinet approves setting up a National Anti-profiteering Authority under GST: The authority will ensure that consumers are protected from arbitrary increases in prices in the name of the Goods and Services Tax.
- Sensex and Nifty end the week on a positive note after Moody’s upgrades India’s credit rating: The BSE Sensex closed higher by 235.98 points and the Nifty ended 0.67% up.
- ICICI Bank, Paytm tie up to offer short-term digital loans: Under the Paytm-ICICI Bank Postpaid service, users can avail loans up to Rs 20,000 for a maximum of 45 days.
- US-based firm to study feasibility of hyperloop routes in Maharashtra: Virgin Hyperloop One also signed a pact with Karnataka for a similar study
- New Google Assistant feature will allow developers to create apps in Indian English: It will help the company provide users with a customised experience, said Brad Abrams, the group product manager for Google Assistant.
- Sebi to investigate how company earnings were leaked on WhatsApp groups: The investigation comes after a Reuters report documented at least 12 cases of prescient messages about major Indian firms being circulated in chatrooms.
- US House of Representatives passes bill to cut corporate tax from 35% to 20%: The legislation now needs the approval of the Senate, where Republicans hold a narrow majority.
