Newsmakers: Ringing Bells, IMF Christine Lagarde, Smart cities and more

Key business news events for the day

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Ringing Bells comes under excise, I-T departments' scannerAccording to the sources, the I-T Department is looking into the financial structure of the Noida-based company and have obtained documents, including those from the Registrar of Companies (RoC), in this regard.Earlier this week, Ringing Bells launched the world's cheapest smartphone for Rs 251 amid great fanfare.

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IMF re-elects Christine Lagarde to second five-year term as chiefLagarde, who took over the post in 2011, has overseen an easing of Europe's sovereign debt crisis and has implemented changes to give greater influence in the Fund to emerging markets including China and Brazil. Christine Lagarde, the only candidate nominated for the post, was elected "by consensus," the IMF said in a statement.

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Budget to focus on poor, progress, jobs: Jayant SinhaThe uplift of the poor, progress of farmers and employment for the youth will be the focus of the upcoming budget, Minister of State for Finance Jayant Sinha said in a Youtube post on Saturday. "This budget will be a forward-looking budget that will ensure that India will continue to be a haven of stability and growth in a very turbulent and choppy global environment," he said in a rare message ahead of the annual exercise.

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'Smart cities can enhance quality of life for citizens'India's ambitious plan to develop 100 smart cities can enhance quality of life for its citizens and help the country meet all environmental goals, a top US official has said. US Deputy Secretary of Commerce Bruce Andrews, who travelled to India last week leading a high-powered delegation of 18 American companies on a Smart Cities Infrastructure Business Development Mission, said the plan can also offer a unique and important opportunity for American businesses.

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130 start-ups may raise $700 million in a year, to create 5K jobsAs per the report, an industry-wise analysis revealed that irrespective of funding stage, consumer internet and e-commerce are the most popular segments and from a hiring perspective, 97 per cent start-ups felt they were likely to hire new employees where on an average 28 per cent would be on the technology front.