News digest: Road ministry's budget allocation, Amazon's loss, and more

From Ashok Lavasa's concerns over GST proceeds to Bhushan Steel's potential way out of insolvency, BS brings you up to speed with latest news

Bharatmala: Finance Ministry explores cut in road ministry's budget allocation

At a time when Union Road Minister Nitin Gadkari has spelt out an ambitious plan to execute highways projects, including Bharatmala, at an estimated cost of Rs 7 lakh crore, the finance ministry is mulling over a reduction in its budgetary allocation. Read more

War with Flipkart drives up Amazon's international losses

Seattle-based online retail giant Amazon’s international losses soared to $936 million in the three months that ended September on account of its bullish investments in India to overtake rival Flipkart. Read more

Concern regarding fiscal deficit is real, says Ashok Lavasa

Outgoing Finance Secretary Ashok Lavasa would be remembered as a bureaucrat during whose tenure the Narendra Modi government implemented demonetisation and the goods and services tax (GST). Days before his retirement, Lavasa tells Business Standard there is still lack of clarity regarding GST proceeds for this year and, hence, the fiscal deficit target is being watched closely. He, however, ruled out any fiscal stimulus this year. Read more

SBI asks Odisha to take equity in Bhushan Steel

State Bank of India (SBI), the country’s largest lender, might have found a way out for Bhushan Steel, currently going through a Reserve Bank of India-mandated insolvency process. In a rare move, SBI Chairman Rajnish Kumar has written to Odisha Chief Minister Naveen Patnaik seeking equity participation in the stressed steel firm. Read more

Lenders prefer sectoral guidelines for choosing buyers in insolvency sales

Banks that are part of the consortium of lenders for companies referred to the National Company Law Tribunal (NCLT) have come to a consensus that there should be sectoral guidelines for selection of bidders among those who show an interest in acquiring any of the stressed assets put up for sale. Read more