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QBiz: RBI Surveys Show General Economy in Pessimistic Zone & More

Here is The Quint’s compilation of top business stories from the previous day. 

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1. RBI Surveys Show General Economy in 'Pessimistic Zone', Jobs Big Worry

A series of surveys undertaken by the Reserve Bank of India (RBI) have indicated that more people see consumer confidence declining, business sentiment in manufacturing dipping, inflation on the rise and growth sliding. The findings are in sync with the RBI’s position in its monetary policy review on 4 October, which slashed growth forecast from 7.3 percent to 6.7 percent for fiscal 2017-18.

The current perceptions of households on the general economic situation remained in the pessimistic zone for four successive quarters, with the outlook worsening, the RBI said.

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2. India May Face Pressure to Open up E-Commerce

India is expected to face pressure to begin talks to open up cross-border digital trade and also ease investment norms in a crucial two-day meeting of trade ministers of key countries in Marrakech beginning Monday. Trade ministers of many developed and developing countries, including India, are meeting on 9-10 October for a mini-ministerial of the World Trade Organisation (WTO) ahead of the ministerial conference in Argentina later in the year.

Commerce and industry minister Suresh Prabhu will represent India at the meet whose outcome would define the broad contours for the December meet. India is likely to reiterate its demand for a permanent solution for public stockholding (PSH) of food grains and the continued relevance of the Doha Development Agenda. The previous ministerial conference in Nairobi in 2015 had culminated in a divided opinion on the issue.

3. Kingfisher Probe: Officials, Directors Under Lens For Violations

The role of bank executives, directors and government officials has come under the scanner for alleged violations at the now-defunct Kingfisher Airlines as multi-agency probes against erstwhile liquor baron Vijay Mallya gather steam, regulatory and banking sources said.

With the Serious Fraud Investigation Office (SFIO) submitting a detailed report on the alleged misdoings at Kingfisher Airlines, which went belly up in 2012, the government, regulators and banks are set to initiate strict actions to zero in on the guilty.

(Source: PTI)

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4. Petroleum Dealers To Go On Nationwide Strike On 13 October

United Petroleum Front (UPF) announced nationwide strike of dealers on 13 October to press for various demands including better margins and inclusion of petroleum products in the Goods and Services Tax.

It warned that if the demands were not met at the earliest, fuel dealers will be forced to stop, indefinitely, purchase and sale operations from 27 October.

(Source: PTI)

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5. Tech Mahindra Files Insolvency Plea Against Reliance Communications

Tech Mahindra Ltd has filed insolvency petitions against Anil Ambani's Reliance Communications Ltd and two units, just days after its merger with Aircel Ltd collapsed, putting focus back on the telecom operator's ability to repay its lenders.

The information technology services company has moved the Mumbai bench of the National Company Law Tribunal, claiming Rs 8.2 crore for unpaid bills for “services allegedly rendered” to Reliance Communications, Reliance Telecom and Reliance Big TV, the telecom operator said in a stock exchange filing.

“We submit that the petitions are misconceived, premature and motivated by extraneous conditions," the filing added.

(Source: BloombergQuint)

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6. Beverage Firms Step up Health Play

Homegrown beverage firms are taking a cue from the shift international companies are making towards healthier options to cater to the changing tastes of consumers.

Players such as Parle Agro, Dabur, ITC, Manpasand Beverages, Hector Beverages (maker of Paper Boat) and Patanjali are all ramping up presence in the good-for-you beverage space.

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7. Suzuki Motorcycle to Focus on Premium Bikes in India

The maker of Maruti Suzuki hopes to replicate its four-wheeler runaway success story in India in the two-wheeler segment by focusing on premium bikes/scooters. It is even toying with the idea of manufacturing smaller versions of its famous big bike GSX out of India.

The Japanese automaker’s two-wheeler subsidiary, Suzuki Motorcycle India, has charted out an ambitious plan to sell one million vehicles per annum by 2020 and take the Suzuki brand’s cumulative business in India to over 3 million.

It hopes to meet this target by more than doubling its volumes in India over the next three years.

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8. Amazon Files Patent for Deploying Exclusive Drones in India

As part of its efforts to use drones to handle some of its operations, online marketplace giant Amazon Inc has filed a patent application in India for exclusive rights on multi-scale fiducials, black and white marks on any object for the self-operating aerial vehicles to identify them from different distances.

The proposed drones can also be used to identify other such objects, along with aircraft, plying within Indian skies, said the company.

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9. Jio Payments Bank Likely to Launch in December

Jio Payments Bank, a 70:30 joint venture between Mukesh Ambani-owned Reliance Industries Ltd (RIL) and State Bank of India (SBI), will begin operations in December, three people aware of the plans said.

“The payments bank was expected to launch its operations in October. The launch got delayed as the RBI had asked them (Jio Payments Bank) to demonstrate its capabilities to ensure it is ready for a glitch-free launch. The launch will now be in December,” said the first of the three persons cited above on condition of anonymity.

(Source: Livemint)

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