Newsmakers: Economy may grow 8.8%, Nestle India earnings and more

India to see average growth of 8.8% in next decade: D&B
India's economic landscape is expected to undergo a major transformation over the next decade and is likely to achieve an average growth rate of around 8.8 per cent, a Dun & Bradstreet report says.

Volkswagen India likely to recall 1 lakh cars
Volkswagen AG's Indian unit is likely to recall 100,000 cars in the country impacted by the diesel emission scandal, television channel CNBC-TV18 reported on Thursday, citing sources. The recall in India, expected to happen before November 8, would mostly affect cars fitted with engines that have been imported and would also include 20,000 diesel vehicles made in the country, the television channel reported.

SpiceJet COO Sanjiv Kapoor quits abruptly
SpiceJet's Chief Operating Officer Sanjiv Kapoor on October 29, 2015 put in his papers, nearly ten months after original promoter Ajay Singh took over the reins of the budget airline. Kapoor, 48, was appointed to the post by then owner Kalanithi Maran in November 2013. His abrupt resignation comes over a year before the expiry of his employment contract, SpiceJet sources said. Kapoor is believed to have been sidelined after the new management took over earlier this year following the Marans offloading their entire holding to Singh.

Nestle India's profit falls 60% on Maggi crisis
Nestle India said its quarterly profit dropped 60 per cent, as the company reels from the impact of a ban on its Maggi instant noodles in the country. The India unit of Nestle SA, the world's largest packaged food company , posted a profit of Rs 124 crore  for the quarter ended September 30, compared with Rs 311 crore a year earlier. Net sales fell 32 per cent to Rs 1,736 crore.

India announces $10 bn credit for Africa
Prime Minister Minister Narendra Modi on October 29, 2015 announced a credit of $10 billion to Africa which will be in addition to the ongoing credit programme. "To add strength to our partnership, India will offer concessional credit of $10 billion over the next five years. This will be in addition to our ongoing credit programme," said Modi. He was speaking on the last day of the India-Africa Summit Forum in New Delhi.