Top stories from the world of business and economy.
The government, in a desperate move to boost market sentiments and investments in the country, slashed corporate tax rates from 30 per cent to 22 per cent. Sensex and Nifty, which were trading flat before the announcement, zoomed over 5% each after the corporate tax rate cut. India Inc welcomed the govt's 'bold move' and said that the tax cuts will bring in more investment. Read for more top stories from the world of business and economy:
"Government policies take time to play out and unfold. But at the RBI, the market reacts very fast when a Governor or a deputy governor says something. So the responsibility is far higher," said RBI Governor.
Reliance Jio is waiting to get a critical mass of 10-15 films and 20 million broadband-connected homes to begin 'First Day First Show' service. The cost of the movies is expected to be in the range of Rs 15-20 crore.