These are the top five business stories of the day so far:
1) Growth likely to decelerate in Apr-Jun; may remain subdued in FY17: Ambit
Economic growth in the first quarter of the current fiscal may have decelerated and is unlikely to pick up for rest of the year due to slowing private capex and restricted bank credit, a report said.
As per an analysis by financial services and investment research firm Ambit, the first quarter data for 2016-17 suggests that "economic growth in all probability decelerated over April-May 2016".
Further, growth is unlikely to accelerate in the current fiscal and is expected to remain "flat" compared to 2015-16. Read more here.
2) India needs to transform its unorganised food system: US think tank
India's food system is largely unorganised and highly fragmented, a report by an American think-tank said, underlining that the country must reform government procurement, tariff and tax policies affecting urban food delivery to feed its growing cities.
The prestigious Chicago Council on Global Affairs in its report said that substantial public investments are needed to expand and increase the quality of storage, handling and transportation infrastructure. Read more here
3) Max Life, Max Fin Services to merge into HDFC Standard Life
In the biggest consolidation in the country's private insurance sector, Max Life Insurance and Max Financial Services will merge into HDFC Standard Life Insurance.
"The Board of Directors of HDFC Standard Life Insurance Company, Max Life Insurance Company Ltd and Max Financial Services Ltd... approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life Insurance Company Ltd and Max Financial Services Ltd into HDFC Life by way of a scheme of arrangement," HDFC said in a NSE filing. Read more here.
4) Exports fall for 18th month; govt to take steps to boost outbound shipments: Nirmala Sitharaman
Government said fall in India's exports have been arrested in May and now it is time to extend incentives to boost the overseas shipments.
Although the pick up in exports may be slow but the bottoming out has happened, Commerce and Industry Minister Nirmala Sitharaman said.
"I think from now, it will show slow but steady rise... Read more here.
5) 5 things govt is doing to check price rise in pulses
As pulses continued to soar to touch up to Rs 200 per kg, the government has decided to take certain measures to make sure prices don't inflate much higher.
Urad dal was selling at as high as Rs 196 per kg, while chana was also seen moving closer to Rs 100 per kg level. Tur dal continued to rule high at Rs 166 per kg, while moong and masur were being sold at Rs 125 and Rs 105 per kg, respectively, as per the latest government data. Here are 5 things the government has announced to check prices
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