1China assures wider market access for Indian products
- China assured India that it will act on giving greater market access to domestic products to bridge the widening trade deficit.
- The meeting held between Nirmala Sitharaman and Wang Shouwen, China.
- India’s exports to China was USD 9 billion, while imports were USD 61.7 billion, leaving a trade deficit of USD 52.7 billion.
2Govt approves Rs 1,955-cr road link project
- The Cabinet approved construction of a road link between Sahibganj in Jharkhand to Manihari in Bihar, including a bridge on the Ganges.
- The estimated project cost of Rs. 1,955 crore, 4,076 mondays are required for construction of one kilometre
- The total length of the road to be developed is about 22 kms with a concession period of 19 years.
3BRICS Renewable energy capacity targets
- BRICS countries will require additional annual investment of USD $51 billion on average.
- The Institute for Energy Economics and Financial Analysis (IEEFA) said that overall nearly $10 billion would need to come in annually from public finance institutions to channelise sufficient private funds to meet the renewable energy capacity targets of BRICS nations.
4Bharti Airtel’s debt to rise by $2 billion on spectrum buys: Moody’s
- Bharti Airtel’s debt will increase by $2 billion due to the recent spectrum purchase in next 6-12 months, Moody’s Investors Service said.
- India’s largest mobile operator with over 257 million subscribers, won 173.8 Mhz of airwaves for Rs 14,244 crore in the just-concluded spectrum auction.
5Monexo looks to raise $5-10 mn. for P2P business in India
- Monexo Innovations, the latest entrant in the Indian peer-to-peer lending space, plans to raise about $5-10 million to scale up its business.
- The Reserve Bank of India (RBI) released a discussion paper in April on the proposed guidelines for the participants.
- “Currently, They have not raised any funds externally but they will need to raise in the range of $5-10 million to scale their operations,” CEO Mukesh Bubna said.
6Foreign investors sue Toshiba over accounting scandal
- A group of investors are suing Toshiba in a Tokyo court for $162.3 million in damages, over a $1.3 billion accounting scandal uncovered last year.
- The 45 unnamed shareholders were seeking compensation for damages caused by its “inappropriate accounting”.
- Tepco shareholders in 2012 sued the utility’s executives for a record 5.5 trillion yen.
7Centre backs low GST rate, EU FTA to spur textiles jobs
- The government is going all out to make the textile sector more competitive by pursuing a lower Goods and Services Tax rate and is even willing to allow automobile and wine imports from the European Union.
- “We are at a critical juncture for Indian textiles as China is moving out of global markets due to increase in labour costs and higher domestic demand. It’s the right time for us to occupy the space, especially in countries where China was exporting, besides the EU and the U.S.”