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Biz EOD: FM Sitharaman unveils NIP; RIL enters online grocery business; current account deficit shrinks

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twitter-logoBusinessToday.In | December 31, 2019 | Updated 21:57 IST
Biz EOD: FM Sitharaman unveils NIP; RIL enters online grocery business; current account deficit shrinks
Top stories from the world of business and economy.

Finance Minister Nirmala Sitharaman said at a press conference that the government has identified infrastructure projects to the tune of Rs 105 lakh crore. Mukesh Ambani-led Reliance Industries has started its new commerce venture with JioMart. Current account deficit (CAD) narrowed to 0.9 per cent of the GDP in September quarter on the back of lower trade deficit, showed data released by the Reserve Bank of India. Read for more top stories from the world of business and economy:

1. Nirmala Sitharaman unveils Rs 102 lakh crore of infra projects for next 5 years

The FM said that these projects are over and above the Rs 51 lakh crore spent by the centre and the states in the last six years.

2. Reliance announces entry into online grocery business with JioMart; to take on Amazon, Flipkart

JioMart is Reliance Retail's initiative to connect offline to online and link producers, traders, brands and consumers through technology.

3. Lower trade deficit pushes current account deficit to 0.9% of GDP in September quarter: RBI

Private transfer receipts, which primarily represent remittances by Indians employed overseas, rose to $21.9 billion during the September quarter, increasing by 5.2 per cent from their level reported in the previous year.

4. Businesses with Rs 50 crore annual revenue to be penalised for not providing RuPay, UPI

The government will charge a penalty of Rs 5,000 per day in case of failure to provide these platforms; the penalty will be applicable from February 1, 2020.

5. Telecos break 10-month losing streak to add 9.7 million subscribers in October

Reliance Jio's gross subscribers grew 9.1 million to 364 million - commanding 30.8 per cent market share. Since February 2019, its active subscribers have been 70 per cent of gross subscribers.

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