Top headlines: Over 500 trains cancelled; FinMin flags slowing economy

India faces slowing growth but low risk of stagflation: Finance Ministry

The Finance Ministry said on Monday that while India faces a lower risk of stagflation than other nations, there is now an upside risk to gross budget deficit due to additional welfare and subsidy spending and recent cuts in excise duties, and the economy faces slowing growth due to global factors.

In its latest Monthly Economic Report (for the month of May), the Finance Ministry stated: “India faces near-term challenges in managing its fiscal deficit, sustaining economic growth, reining in inflation and containing the current account deficit while maintaining a fair value of the Indian currency.” Read more

Bharat Bandh over ‘Agnipath’: More than 500 trains cancelled across India

Protests against the Agnipath recruitment scheme for armed forces continued to disrupt the railways and road traffic movement for the sixth day, as several organisations called for ‘Bharat Bandh’ on Monday, June 20.

Indian Railways cancelled around 530 trains on Monday in the wake of major losses suffered from arson and damage in the violent protests over the last five days. It included both passenger trains and express mail from different divisions. Nearly 350 trains were cancelled in Bihar alone as a precautionary measure. Read more

VIL board meeting on Jun 22 to consider Rs 500-cr fundraising from promoter

Vodafone Idea’s Board is scheduled to meet on June 22, to consider and approve a proposal for raising funds to the tune of Rs 500 crore.

The fundraising will be through the issuance of equity shares or convertible warrants on a preferential basis to one or more entities belonging to Vodafone Group (one of the promoters of the company). Read more

Large potential for employment of Agniveers in corporate sector: Mahindra

Mahindra Group Chairman Anand Mahindra on Monday expressed dismay over the violence against the Centre’s Agnipath scheme while asserting that the farm equipment to aerospace conglomerate welcomes the opportunity to recruit trained, capable and young people under the programme.

Expressing his opinion on the scheme to recruit youths between the age of 17 and-a-half and 23 years for a four-year tenure in defence services amid widespread violence across states against it, he said there is a large potential for employment of “Agniveers” in the corporate sector. Read more

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