Newsmakers: RJio launches 4G, mkt heads for worst ride in 4 yrs and more

Key business news events for the day

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Reliance Jio will create a new digital economy: Mukesh AmbaniIn a glittering star-studded soft launch of Reliance Jio, the 4G digital service of Reliance Industries, the chairman Mukesh Ambani said that the new entrant would change India's digital economy and spurt unprecedented growth. "When it comes to India, I am an eternal optimist. I have no doubt that Jio and Jio-enabled Indians will create a whole new digital economy, and we will witness a period of unprecedented growth, empowerment, employment and prosperity for our nation," he said.

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Tax payers with over Rs 10 lakh annual income not to get subsidised LPG Tax payers with annual income of more than Rs 10 lakh will not get subsidised cooking gas (LPG) from next month as the government decided to limit supply of under-priced fuel to cut subsidies. At present, all households are entitled to get 12 cylinders of 14.2-kg each at subsidised rate of Rs 419.26, while the market price is Rs 608. The government had asked well-off people to voluntarily give up using subsidised LPG and instead buy cooking fuel at market price, Oil Ministry said in a statement.

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Microsoft to work with T-Hub to develop startups: NadellaMicrosoft chief executive officer Satya Nadella said the tech giant would like to work with T-Hub to develop accelerators and startups. He said it during his visit to T-Hub, billed as India's largest technology incubator. "Indian talent in the area is dramatically growing and we can see their dominance in the field," he said while addressing budding entrepreneurs.

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Dalal Street heads for worst ride in 4 yrsAfter a roller-coaster ride, Dalal Street is headed for its worst performance in four years in 2015-when foreign investors pushed the benchmark Sensex to a life-time high before puncturing the rally by pulling out billions of dollars from their 'favourite' market. With just four days of trading to go, the Sensex has lost 1,660 points or over six per cent in 2015, after gaining nearly 30 per cent in the previous year. The index had last registered an yearly loss in 2011 when it fell 24 per cent.

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Snapdeal to invest in logistics to speed up delivery Indian online marketplace Snapdeal, backed by Japan's SoftBank Group Corp and others, will spend more on logistics and technology to better compete with Flipkart and Amazon's Indian unit, its co-founder said on Monday.