With both food and fuel inflation numbers looking up, the next government may not enjoy the privileges that the Narendra Modi govt did. The new govt should ease land acquisition rules, as per CEA Krishnamurthy Subramanian. Merger of PNB, OBC, Andhra Bank and Allahabad Bank likely to ensue post the appointment of the new administration. DHFL halts accepting fresh deposits, puts premature withdrawals on hold. Snapdeal close to acquiring ShopClues in an all-stock deal. Flipkart plans to open brick-and-mortar stores in India to sell food items. Tata Motors’ debt grows to $14bn, further burdened by the fallout of the ThyssenKrupp deal in Europe and fall in volume of JLR sales in China. Apple to tweak the design of its butterfly keyboard once again. Hyundai bets on electric vehicles run on hydrogen fuel cells.
Moving on to the top Business news of the day.
With both food and fuel inflation numbers looking up, the next government may not enjoy the privileges that the Narendra Modi govt did. The new govt should ease land acquisition rules, as per CEA Krishnamurthy Subramanian.
The Times Are A Changing: While the exit polls predict a landslide victory for the Narendra Modi led NDA government, the Indian economy may not enjoy the same privileges it did during Modi’s first term.
Beginner's Luck: The first term of the Narendra Modi govt enjoyed a benign inflation both on the fuel and food fronts. However, the same may not be the case for the next govt as both food and fuel inflation numbers are looking up.
New Laws: India’s next government should make it easier for companies to acquire land and scrap archaic laws around hiring workers as part of its first reform measures, enabling them to compete globally, as per Krishnamurthy Subramanian, Chief Economic Advisor.
The CEA also emphasized on the need for regular monitoring of asset-liability mismatch and availability of more information on short term ratings.
The new government will also have to continue to clamp down on wilful defaulters, money laundering, and tax evasion in order to cut down on cronyism to restore confidence in the corporate sector, he added.