1. Inflation in India soars to 8.1%. Finance Minister delivers grim forecast. India records lowest food inflation. It is the lowest increase compared to 15 other developing countries.
2. India recorded 9% GDP growth rate for the third year in a row. Agriculture sector made up for the moderation in industrial sector growth in 2007-08. The per capita income at current prices works out to be Rs.33,299, an increase of 12.3%
3. The central government slashes central sales tax, a levy on inter-state sale of goods, to 2% from 3% from June 1.
4. In a significant development, state-owned telecom giant Bharat Sanchar Nigam (BSNL) may go public. The company is valued at US$100 billion. The dilution of just 10%equity can fetch over Rs.40,000 Cr.
5. The BSE ‘s 30-share sensex ended at 16,415, a rise of 99 points. In bullion market, gold closed at Rs.12,230/10gm and silver at Rs.23,620/kg.
6. Anil Ambani, the head of Reliance Communications may become the Chairman of the merged entity – RCom- MTN (South African telecom). He may have 35% stake in the merged entity.
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