GDP of India likely to grow at around 7% in FY20, as per CEA Krishnamurthy Subramanian. IndiGo headed for NCLT as differences arise between promoters. Jet Airways lenders and Etihad offer Hinduja Group stake in the grounded airline. ED expands probe in Chanda Kochhar-Videocon-ICICI loan case. Paytm Mall detects cashback fraud worth c. INR10cr. Kerala lists masala bonds on London Stock Exchange's International Securities Market. Amazon invests in British food delivery startup Deliveroo. Donald Trump set to overhaul immigration system, to propose merit-based immigration; to replace Green Card with 'Build America' visa. China plans to increase levies on $60bn in US imports.
Moving on to the top Business news of the week.
Retail inflation hits six-month high of 2.92% in April. WPI inflation slips to 3.07% in April. GDP likely to grow at around 7% in FY20, as per CEA Krishnamurthy Subramanian.
Invest in Inflation..It’s the Only Thing Going Up!: India's inflation based on Consumer Price Index (CPI) or retail inflation touched a six-month high in April to 2.92% vs 2.86% in March on back of spike in food prices, including vegetables, meat, fish and eggs. This is below the RBI target of 4 (+/-2) per cent.
The previous spike was recorded in October 2018, when the rate was 3.38%.
Chart: India Consumer Price Index (CPI) trend here.
Some Highs, Some Lows: India’s wholesale price-based (WPI) inflation slipped to 3.07% in April vs 3.18% in March and 3.62% in April 2018 on cheaper fuel and manufactured items, even as prices of food articles remained high.
Vegetables inflation was at 40.65% in April, up from 28.13% in the previous month. Inflation in food articles basket was 7.37%, up from 5.68% in the previous month. Inflation in ‘fuel and power’ category cooled to 3.84%, from 5.41% in March. Manufactured items too saw easing of prices with inflation at 1.72% in April, against 2.16% in March.
Chart: India Wholesale Price Index change here.
Candid: In an interview with Business Standard, CEA Krishnamurthy Subramanian projects India’s gross domestic product (GDP) growth for 2019-20 to be around 7%. He adds that the next government should focus on capital, labour and land reforms, and that the debate on the accuracy of the official data is misinformed.
ED expands probe in Chanda Kochhar-Videocon-ICICI loan case. Paytm Mall detects cashback fraud worth c. INR10cr.
Kerala lists masala bonds on London Stock Exchange's International Securities Market. Amazon invests in British food delivery startup Deliveroo.