Air India sell-off turns out to be a damp squib
In a major setback to the government's plans, the offer to sell a majority stake in debt-ridden Air India did not attract any bid as the deadline closed on Thursday. "As informed by the Transaction Adviser, no response has been received for the Expression of Interest floated for the strategic disinvestment of Air India," the Civil Aviation Ministry said in a tweet. Air India, known for its Maharaja mascot, has some of India's most lucrative international and domestic landing and parking slots that are key for airlines.
India clocks world's fastest GDP growth in Q4
The Indian economy posted a growth rate of 7.7 per cent during the January to March quarter, enabling the country to retain its position as the fastest growing major economy, data released by the Central Statistics Office showed on Thursday. India shot past China's 6.8 per cent growth for the January-March quarter. However, for the fiscal year that ended March 31, India's growth rate works out to 6.7 per cent, down from 7.1 per cent in 2016-17.
Nike's new sandals to have a pocket!
What good are shoes if all we do is wear them - something no one asked perhaps, till someone asked it one day. The folks at Nike heard it and decided to do something about it. The result is what they are calling Benassi "Fanny Pack" Slides. Not only can you wear them, you can also keep things in them. Nike is offering these sandals in bright pink, green and black colours. The colours plus the fanny pack seems to be a nod to 90s aesthetic. The moulded and textured footbed too seems like it is made for maximum comfort. While Nike is yet to officially unveil the sandals but pictures of the product are already making rounds of social media. The pricing of the product is yet to be released.
GST monthly collection at Rs 94,016 crore in May
Riding on better compliance after introduction of e-way bills, the government collected Rs 94,016 crore in the form of goods and services tax (GST) against an average of nearly Rs 90,000 crore per month in FY 2017-18. The total revenue earned by Central Government and the State Governments after settlement in the month of May, 2018 is Rs.28,797 crore for CGST and Rs 34,020crore for the SGST.
Manufacturing PMI growth slows in May, inflationary pressures pick up
Activity in India's manufacturing sector grew at a weaker pace in May from the previous month, a business survey showed, while inflationary pressures picked up again amid rising oil prices. This is another sign that an interest rate hike is around the corner. The survey yet again showed a build-up of inflationary pressures that would no doubt be watched closely by policymakers. A surge in oil prices over the past few months means India's retail inflation has remained above the RBI's target of 4 percent for six months, increasing pressure on the central bank to act sooner than previously expected.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today