International Monetary Fund cuts India's growth rate to 7.2% in FY21 : Bulletin: Business Today
Business Today

International Monetary Fund cuts India's growth rate to 7.2% in FY21

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July 24, 2019

IMF cuts India's growth rate to 7.2% in FY21

The IMF on Tuesday projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3 per cent for both the years, saying its GDP will now grow respectively at the rate of 7 and 7.2 per cent reflecting a weaker-than expected outlook for domestic demand.

Govt orders probe into fire in MTNL, BSNL buildings in Mumbai, Delhi, Kolkata

The government on Tuesday ordered a high-level inquiry into the fire incidents in MTNL and BSNL buildings in Mumbai, Delhi and Kolkata, and asked the two firms to conduct fresh fire and safety audits in a time-bound manner. The fire outbreaks - which occurred in all these buildings on the same day - were controlled by the fire departments, and no casualties were reported.

ED files money laundering case against Amrapali Group, promoters

The Enforcement Directorate has filed a criminal case of money laundering against embattled real estate major Amrapali Group and its promoters, who allegedly failed to give possession of flats to over 42,000 home buyers in Noida and Greater Noida, officials said on Tuesday. The central agency's zonal office in Lucknow filed a case under the Prevention of Money Laundering Act (PMLA) early this month after taking cognisance of at least 16 FIRs registered against the group by the Noida Police

Steel magnate Lakshmi Mittal's brother held in Bosnia

Indian industrialist Pramod Mittal, the younger brother of steel magnate Lakshmi Mittal, was arrested Wednesday in Bosnia for suspected fraud and "abuse of power", a prosecutor said. The case is related to the running of a coking plant in the northeastern town of Lukavac, which Pramod Mittal has co-managed since 2003. It has a 1,000 employees.

Facebook to pay $5 billion penalty to settle allegations of 'mishandled user privacy'

The Federal Trade Commission is set to announce on Wednesday that Facebook Inc has agreed to a sweeping settlement of significant allegations it mishandled user privacy and pay $5 billion, two people briefed on the matter said. As part of the settlement, Facebook will agree to create a board committee on privacy and will agree to new executive certifications that users' privacy is being properly protected.

India Inc to witness double-digit salary hike this year: report

Salaries across sectors are likely to witness a moderate double-digit rise this year. The median increment would be 10.95 per cent, TeamLease Services has stated in its annual Jobs & Salaries report 2019 report, which was released on Tuesday. The median salary increment was 11.46 per cent last year.

Britain's new leader: Brexiteer Boris Johnson to be prime minister

Boris Johnson, the ebullient Brexiteer who has promised to lead Britain out of the European Union with or without a deal by Halloween, will replace Theresa May as prime minister after winning the leadership of the Conservative Party on Tuesday. His victory catapults the United Kingdom towards a Brexit showdown with the EU and towards a constitutional crisis at home
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