In absence of a relief regarding AGR dues, Vodafone Idea will be forced to close operations, putting 10,000 jobs in danger, company's advocate Mukul Rohatgi told the Supreme Court. Tax exemptions in Union Budget 2020 lifted consumer confidence in February after a substantial slump in the previous month. FM Nirmala Sitharaman assures that prices will not increase in the short-term due to the coronavirus outbreak. Read for more top stories from the world of business and economy:
Mukul Rohatgi, the senior counsel for Vodafone Idea said that if the telco shuts shop, the whole telecom sector would be impacted, eventually wiping out competition and leaving just two firms in the market.
While the Primary Consumer Sentiment Index (PCSI) employment confidence in jobs sub-index rose by 0.6 per cent over last month, the economic expectations sub-index moved up by 4.7 per cent.
Sitharaman said she would hold a meeting with the secretaries of concerned ministries on Wednesday to chalk out steps to deal with the situation in consultation with Prime Minister's Office.
SBI Cards and Payment Services, the credit card arm of State Bank of India, plans to raise Rs 9,600 crore through the public issue. SBI Cards may be valued at Rs 60,000 crore, experts say.
The pharmaceutical sector in India could face shortages in finished drug formulations from April in case the supply chains from China are not restored by the first week of March.