These are the top five business stories of the day.
These are the top five business stories of the day
1) IMF retains India's growth estimate at 7.5% for 2016, 2017
The International Monetary Fund has retained its growth forecast for India this year at 7.5%, largely driven by private consumption even as weak exports and sluggish credit growth weigh on the economy.
India's growth momentum is expected to be underpinned by private consumption, which has benefited from lower energy prices and higher real incomes, IMF said and called on the policymakers to speed up the structural reform implementation.
In its latest Regional Economic Outlook for Asia and the Pacific, IMF said weak exports and sluggish credit growth (stemming from weaknesses in corporate sector and public sector banks' balance sheets) will weigh on the economy.
"India has benefited from lower oil prices and remains the fastest-growing large economy in the world, with GDP expected to increase by 7.5% this year and next," IMF said. Read more here.
2) India to pay 1.5% interest on $6.5 billion Iran oil dues as goodwill gesture
India has agreed to pay Iran an interest of 1.5% on $6.5-billion (nearly Rs 43,242.9 crore) that refiners like Essar Oil and Mangalore Refinery (MRPL) owe it in oil dues, as a 'goodwill gesture'.
Iran had sought an interest rate of Libor-plus 75 basis points on the $6.5 billion Indian refiners owe it in past oil dues, to make up for the foreign exchange losses.
"Although we believe there is no interest due, but as a goodwill gesture oil companies have agreed to pay the interest rate," a Finance Ministry official said. "Seven days US Libor plus 75 basis points equals to an interest rate of about 1.5%." Read full story here.
3) Kishore Biyani is now managing director Bharti Retail
Future Group's Chief Executive Kishore Biyani has been appointed managing director of Bharti Retail as part of the reconstitution of the board following their merger pact announced last year.
Besides, Rakesh Biyani, who is also a director at Future Group, has also been appointed as Joint Managing Director of Bharti Retail, which will be later renamed as Future Retail Ltd and listed on stock exchanges. Read more here.
4) Govt mobilised 2.3 tonnes so far under Gold Monetisation Scheme
The government has so far collected 2.8 tonnes of gold under the Gold Monetisation Scheme (GMS), which has been in force for a little over six months, Parliament was informed.
"Gold Monetisation Scheme which was announced in the Union Budget 2015-16, was launched on November 5, 2015, and a total of 2.8 tonnes of gold have so far been deposited by 105 depositors under this scheme," Minister of State for Finance Jayant Sinha said in a written reply to the Rajya Sabha. Read more here.
5) Diesel taxi ban: Delhi govt moves SC for more time; gets till 4 pm to submit report
The Delhi Government moved the Supreme Court on Tuesday, seeking more time to phase out diesel taxis in the state.
Responding to this, the apex court has asked the Delhi government to submit a "suitable detailed plan" for the phasing out of the diesel taxis. The plan needs to be submitted by 4 pm Tuesday.
The Kejriwal-led government said that a sudden lack of taxis was causing inconvenience to the people. Read more here.
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