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QBiz: GDP To Drop To 7.1% in 2016-17; Uber Hikes Fare in Delhi

The Quint brings you the top business news from dailies across the country.

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1. GDP Growth to Slow to 7.1% in FY17: Govt

India’s economic growth is likely to decelerate to 7.1percent in 2016-17 from 7.6 percent the previous year, chiefly due to an industrial slowdown, the government said on Friday, sidestepping the possible impact of demonetisation.

The growth projection by the Central Statistics Office (CSO) was released a month before it is due to help the government prepare the budget, whose presentation has also been advanced by a month to 1 February.

Chief statistician of India TCA Anant said that for the most part, data up to October had been used while in a few cases November data has also been incorporated.

(Source: Livemint)

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2. Uber Rides Get Costlier in Delhi

Transportation app Uber has hiked fares of its entry-level offering 'UberGO' by up to 50 percent in Delhi-NCR. The US-based firm has increased ride time charge to Rs 1.5 per minute from Rs 1 earlier.

Uber charges Rs 6 per km up to 20 km and Rs 12 per km thereafter at a base fare of Rs 60 for UberGO. The ride time charges – calculated on the basis of total time of the ride – for 'UberPOOL' and 'UberX' have also been hiked to Rs 1.5 per minute.

When contacted, an Uber spokesperson said: “Starting 5 January 2017, we have made some changes to our pricing structure in Delhi, NCR in order to serve the city better.”

(Source: BloombergQuint)

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3. Tata Sons Calls for Meet on 6 Feb to Oust Mistry

After ousting him as Chairman, Tata Sons has called a shareholders' meeting on 6 February to remove Cyrus Mistry as director of the holding company of the $103-billion Tata Group.

Tata Sons had abruptly removed Mistry as its chairman on 24 October and sought his ouster from operating companies like Tata Motors and TCS. Mistry subsequently resigned from the board of six companies, but dragged Tata Sons and his interim successor Ratan Tata to the National Company Law Tribunal.

After the board meeting of 24 October 2016, Tata Sons had resolved that Mistry shall, notwithstanding his ceasing to be the Chairman, continue as a director of the company.

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4. NRIs Can Deposit Old Notes Till 30 June

Indian citizens who are not resident of India will be able to exchange old Rs 500 and Rs 1,000 notes at RBI offices till 30 June, the External Affairs Ministry announced on Friday.

The Ministry said the provision to exchange the notes would be subject to the regulations of the notification – Foreign Exchange Management (Export and Import of Currency) Regulations, 2015 which put the limit of bringing back currency into the country at Rs 25,000 per person.

(Source: Economic Times)

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5. SpiceJet to Buy 92 Boeing 737 Jetliners Worth $10.1 Billion

Indian budget airline SpiceJet Ltd. is poised to order at least 92 Boeing Co. 737 jetliners as the carrier plots rapid expansion in the world’s fastest growing aerospace market.

The transaction, which would be more than double SpiceJet’s 40-plane fleet, may be closed within weeks after lengthy talks that pitted Boeing against rival Airbus Group SE, people with direct knowledge of the decision said.

The deal includes firm orders for at least 50 of Boeing’s 737 Max, and renegotiated terms for 42 of the single-aisle jets that SpiceJet originally ordered in 2014, said the people, who asked not be identified because the discussions are private. The 92 Max jets would be valued at about $10.1 billion at current list prices, before the discounts that are customary for large purchases.

(Source: Livemint)

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6. Government to Sell 26% Stake in BEML

The government will sell 26 percent stake in state-owned heavy machinery manufacturer BEML Ltd. via strategic sale.

The Cabinet Committee on Economic Affairs gave its in-principle approval for the strategic stake sale, BEML said in a stock exchange filing on Friday. After the sale, the government will hold 28.03 percent in the Bengaluru-based company compared to 54.03 percent currently.

According to BloombergQuint’s calculations, the government will sell around 1.13 crore shares for a total value of Rs 1,121.6 crore as per the current market price.

(Source: BloombergQuint)

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7. SC Threatens to Cancel Aircel’s 2G Spectrum Licence

The Supreme Court on Friday restrained Aircel Ltd from selling and trading 2G spectrum allotted to it in 2006, casting a shadow on the proposed merger between the company and Anil Ambani’s Reliance Communications Ltd (R-Com).

Maxis Group, owned by Malaysian businessman T Ananda Krishnan, has a 74 percent stake in Aircel. A special Central Bureau of Investigation (CBI) court has ordered Krishnan to appear before it, but he hasn’t complied. The CBI has set a 27 January deadline for him to appear before it.

A bench headed by Chief Justice JS Khehar said that it may cancel Aircel’s use of the 2G licences it acquired in 2006 if Krishnan continued to avoid appearing before Indian courts.

(Source: Livemint)

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8. Per Capita Income to Cross Rs 1 Lakh in FY17

India’s per capita income, a gauge for measuring living standard, is estimated to cross Rs 1 lakh in 2016-17, up from Rs 93,293 in the previous fiscal.

As per the ‘First Advance Estimates of National Income, 2016-17’ released by the Central Statistics Office (CSO), the per capita net national income during 2016-17 is “estimated to be Rs 1,03,007” at current prices.

This is higher by 10.4 per cent compared to Rs 93,293 during 2015-16.

“The per capita income in real terms (at 2011-12 prices) during 2016-17 is likely to attain a level of Rs 81,805 as compared to Rs 77,435 for the year 2015-16,” the estimates said.

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9. EPFO Makes Aadhaar Mandatory for Its Pensioners, Members

Retirement fund body EPFO has made it mandatory for its about 50 lakh pensioners and around four crore subscribers to provide either Aadhaar or a proof that they have applied for it till month-end to remain the beneficiary of its social security schemes.

“At present it is the correct position that the pensioners as well as members would have to provide Aadhaar or enrolment slips by 31 January 2017, to continue services provided by the EPFO,” Employees’ Provide Fund Organisation’s Central Provident Fund Commissioner VP Joy told PTI.

“We will review the situation by month-end and may give more time to subscribers as well as pensioners to provide the 12 digit Aadhaar number,” Joy said further.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

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Topics:  SpiceJet   Tata Sons   GDP 

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