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QBiz: Nov Inflation at 3-Year High, Oct Industrial Output at 3.8%

Here are the top business stories of the day.

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1. Retail Inflation Gallops to 5.54% in November

India's retail inflation rate in November stood at 5.54 percent, according to data released by the Central Statistics Office (CSO) on 12 December.

Retail inflation for October stood at 4.62 percent in October. Food prices, which is a gauge to measure changes in kitchen budgets, grew 10.01 percent in November, against 7.89 percent in October.

(Source: MoneyControl)

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2. Industrial Output Contracts 3.8% in October

India's industrial output contracted 3.8 percent in October from a year earlier, government data showed on Thursday.

Analysts polled by Reuters had forecast October industrial output to fall 5 percent.

(Source: NDTV Profit)

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3. Centre Committed to Paying GST Compensation to States, Says FM

With States not being paid compensation for loss of revenue due to GST implementation since August, Finance Minister Nirmala Sitharaman on Thursday said the Centre will honour its commitment and no one should doubt that.

Replying to the debate on supplementary demands for grants, she said the Centre has released ₹9,783 crore in excess of collections made from GST cess.

(Source: The Hindu Business Line)

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4. India's Economy to Grow at 4.3% in December Quarter: Nomura

India's economy is expected to grow at 4.3 percent in December quarter this year amid concerns over crisis in the NBFC sector, according to Nomura.

The Japanese financial services major also believes that the first quarter of 2020 will see a "weak" uptick in GDP growth at 4.7 percent.

(Source: NDTV Profit)

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5. Paytm Parent Raises Over ₹4,700 Cr From Alipay, SVF, T Rowe Price

One 97 Communications Ltd, which operates digital payments company Paytm, has raised ₹4,724 crore (around $660 million) from Alipay Singapore E-commerce Private Ltd, SVF Panther (Cayman) Ltd, T Rowe Price Growth Stock Fund Inc. and others.

The board of directors of One 97 Communications Ltd has recently approved the allotment of 2,592,472 equity shares at $254.58 a share, according to a regulatory filing that has been accessed by business intelligence platform Tofler.

(Source: Livemint)

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6. GST Anti-Profiteering Authority Pulls up Nestle, Asks to Deposit Rs 73.15 Crore

The National Anti-Profiteering Authority (NAA) has ordered FMCG major Nestle to deposit Rs 73.15 crore with Consumer Welfare Fund for not passing GST rate reduction benefit to consumers.

Reacting to the order, Nestle India said it would consider appropriate action after studying the same.

(Source: Moneycontrol)

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7. RBI Has Not Put Banks on Alert: Shaktikanta Das

The Reserve Bank of India on Thursday said it has not put banks on alert, as reported by a section of media, but asked lenders to remain prepared to face emerging and new challenges.

RBI Governor Shaktikanta Das was in the city to attend a central board meeting. He also met Chief Minister Naveen Patnaik in the state capital.

(Source: The Economic Times)

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8. Govt Creating Framework for Deployment of Secure 5G Services: Prasad

The government is creating an enabling framework for deployment of affordable and secure 5G services in India, Telecom Minister Ravi Shankar Prasad said on Thursday.

No case of any first world countries disapproving 5G spectrum services due to security reasons has come to its notice, he added. During the question hour in the Rajya Sabha, the Minister said the standards for IMT (International Mobile Telecommunications) 2020, also known as 5G technologies are being finalised.

(Source: The Hindu Business Line)

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9. Small Traders Hold Protests Against Amazon and Flipkart

Small traders backed by The Confederation of All Indian Traders (CAIT) staged a protest against Amazon and Flipkart in the capital on Thursday raising concerns around the recent announcement made by both the online retailers to work with MSME’s across India, that representatives of CAIT called a “collusion between the government with Amazon & Flipkart".

Representatives of CAIT also continued to raise concerns around steep discounts offered by e-retailers that they said are distorting the retail market in India—an issue that has been a point of contention between small traders and e-retailers for years now.

(Source: Livemint)

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Topics:  Inflation   Indian Economy   QBiz 

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