Biz EOD: Petrol, diesel price hikes to pause; online video viewing highest in India; GDP to contract in FY21

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After a record increase in prices of petrol and diesel over the last 18 days, the government said that the days of such a steep hike in domestic prices of fuel are over. Indian viewers ranked highest among the world in terms of watching online video content during coronavirus pandemic, according to a new survey. India Ratings and Research (Ind-Ra) forecasted India's gross domestic product (GDP) will contract 5.3 per cent in FY21. Read for more top stories from the world of business and economy:

1. Diesel no longer cheaper than petrol; should you still buy a diesel car?

A petrol car is cheaper, easier to maintain, less noisy, refined and is available across all price band of cars. Diesel was initially the choice of heavy vehicles with trucks and buses preferring it due to the high torque that made it suitable for hauling heavy load.

2. RBI flags concerns over non-transparency, violation of norms in digital transactions

Banks and NBFCs, irrespective of whether they lend through their own digital lending platform or through an outsourced lending platform, must adhere to the fair practices code guidelines in letter and spirit, says RBI.

3. Good news! Govt to pause petrol, diesel price hikes after 18-day run

Petrol prices have gone up by almost 12 per cent or Rs 8.5 per litre in the national capital Delhi since June 7. Prices of diesel have risen even faster at over 14 per cent or Rs 10.49 per litre in the same period.

4. Indians watch over 5 hours of online video content per day, most in the world: survey

The global average of online video viewing has jumped four times to four hours and 3 minutes per day from a single hour average measured in the State of Online Video 2019 study just six months ago.

5. India's GDP to contract 5.3% in FY21, will rebound in FY22: Ind-Ra

This would be the lowest GDP growth in India's history (since data became available in FY51) and sixth instance of economic contraction, others being in FY58, FY66, FY67, FY73 and FY80; the previous low was negative 5.2 per cent in FY80.