IMF says global growth led by Indian growth

Delhi, Aug 9 (Agency): International Monitory Fund (IMF) has stated that India is a source of growth for the global economy. IMF has also said that Indian growth will be important for the world for the next few decades and it could be what China was for the world economy some years ago. 

"India now contributes, in purchasing power parity measures, 15 per cent of the growth in the global economy, which is substantial," Ranil Salgado, International Monetary Fund's mission chief for India, told PTI. This is next to only China and the US, he said."But of total global growth in Purchasing power parity (PPP) terms, it's 15 per cent of total global growth. Trading is not as high as China trade levels," Salgado said as the IMF Executive Board released the report of its annual consultations with India.

PNB 1vipul Ambani

PNB case: Nirav’s aide knew about the fraud, claims CBI

Photo Courtesy: Internet

Special court today remanded aide Vipul Ambani, the president (finance) of Nirav Modi, and nephew of Reliance Industries founder Dhirubhai Ambani till March 5 in connection with the Rs 11,400 crore in Punjab National Bank (PNB).

Five more were arrested yesterday in connection with two FIRs registered by the CBI involving Modi and his uncle Mehul Choksi, the owner of Gitanjali Gems.


Aircel warns 5k employees to brace for 'difficult' times

Photo Courtesy: Internet

India's smallest mobile operator Aircel is moving towards calling bankruptcy amid competition in the sector, the company has warned a minimum of 5,000 employees to brace for "difficult" times in the wake of "serious funding issues", as per the media reports.

Aircel's Chief Executive Officer (CEO) Kaizad Heerjee, in an email sent to employees this week, said the company is under severe pressure as it has received "no funding for some time and has been dependent on cash generation" from existing business operations. 

(With agency inputs)

Vijay Mallya

Mallya, Lalit Modi fraud case: CBI denied sharing expense details

Photo Courtesy: Internet

While claiming immunity from disclosures under the RTI Act, CBI has refused to share details of expenses incurred to bring back to India fugitive businessmen Lalit Modi and Vijay Mallya.

Pune-based activist Vihar Dhurve had approached the agency asked for the details of expenses incurred by the government to bring back Mallya, wanted in India on charges of Rs 9,000-crore fraud and Modi, who is facing a money laundering probe.

Both Modi and Mallya have denied allegations of their wrongdoings.

Mallya had fled the country in March, 2016 after the CBI diluted its lookout circular against him.

After which the agency has sent its team manya times to London for the embattled liquor tycoon.

The RTI application was forwarded to the CBI by the Finance Ministry. The agency transferred it to the Special Investigation Team (SIT) looking after these cases.

In its response to the RTI plea, the CBI said it is exempt from making any disclosures under the RTI Act through a government notification of 2011.

According to Section 24 of the RTI Act, a few organisations are exempt under the transparency law.

However, the Delhi High Court had earlier underlined that organisations listed under Section 24 cannot claim exemption from disclosure if the information pertains to "allegations of corruption."

(With agency inputs)