India’s economy is likely to grow at 5.5% this year though private investments haven’t shown real signs of picking up yet, a finance ministry report said on Friday, even as it hinted that the Reserve Bank of India was unlikely to cut interest rates before March.
A clutch of investors lead by former director and co-founder Ajay Singh is set to pick up a significant stake in the embattled SpiceJet, leading to an immediate capital infusion of Rs. 1200-1500 crore in the budget carrier that is staring at a shut down.
The government on Thursday released draft rules for e-auction of cancelled coal mines in an approach paper that is open for public consultation. The coal ministry has sought comments from stakeholders by Monday.
Markets rallied for the second consecutive day on Friday as investors cheered the government’s estimate of 5.5% economic growth in 2014-15 amid strong global cues. A rally in IT stocks after Accenture Plc raised its revenue forecast for the current fiscal also boosted sentiment.