From oil block auction to GST Council meet, here're the top 10 headlines

Here are the top 10 stories that made news on Sunday

Apple to hold talks with Indian govt after battering in China market. 

After a year-long lull, iPhone maker Apple is again warming up to India as a manufacturing and retail hub, it is learnt. The two sides are back on the negotiating table, following Apple’s China setback, multiple sources in the government and the industry indicated. Click here to read.

Govt to launch delayed second round of oil block auction on Monday

After months of delay, India will today launch the second auction of 14 blocks for prospecting of oil and gas in an attempt to raise domestic output to cut imports. Officials said the Open Acreage Licensing Policy (OALP) bid round-II, with 14 blocks measuring 29,333 square kilometres in aggregrate area on offer, will be launched by Oil Minister Dharmendra Pradhan on Monday. (Read on)

Will clear dues, but oppose Ericsson's media trial and sensationalism: RCom

Debt-laden Reliance Communications Sunday accused Swedish telecom gear maker Ericsson, which is an operational unsecured creditor of the company, of attempting media trial and sensationalising the issue of dues recovery, saying it might put interest of even secured lenders at risk. (Click here to read)

IAF holds back Rs 20,000 crore from HAL, as foreign vendors get paid

By the end of this financial year, the Indian Air Force (IAF) will soon owe Hindustan Aeronautics Ltd (HAL) dues of Rs 20,000 crore, says its Chairman, R Madhavan, including Rs 7,000 crore carried forward from last year. While the IAF has held back HAL’s payments during this two-year period, it has paid foreign vendors on schedule. MoD sources say Dassault Aerospace has got close to Rs 20,000 crore towards 36 Rafale fighters contracted in September 2016. (Click here to read)

Small businesses likely to be off GST radar; council to decide on Thursday

The Goods and Services Tax (GST) Council will take a decision on increasing the turnover threshold for mandatory registration under the ambit of GST on Thursday, the group of ministers said on Sunday. The threshold, currently at Rs 20 lakh, is likely to be increased to about Rs 50 lakh, which will benefit small businesses and micro-small and medium enterprises (MSMEs) with turnover Rs 20-50 lakh. (Read on)

Farmers to join nationwide strike called by central trade unions on Jan 8-9

Farmers across the country under the aegis of the Left peasant wings would join the two-day nationwide general strike on January 8 and 9 called by central trade unions against the alleged repressive policies for workers adopted by the Narendra Modi-led BJP government. (Click here to read)

Every $10 per barrel hike in oil price raises CPI by 0.49%, says study

For every $10 per barrel increase in oil price, inflation in India rises by about 49 basis points (bps), or pushes up the fiscal deficit by 43 bps, if the government decides to absorb the entire price shock, according to a staff study of the Reserve Bank of India. (Read on...)

What’s driving the deal-making frenzy in auto components sector?

Over the last 12 months the auto parts sector has seen heightened funding and acquisition activity, with over 15 transactions in 2018, Livemint reported. This is more than double that of 2017. The focus on the sector is driven by strong tail winds driving impressive growth across vehicle segments.

Why 2019 interim Budget will be a thinly disguised election manifesto 

The only function of economic forecasting is to make astrology look respectable,’ quipped John Kenneth Galbraith, one of the most brilliant, yet underrated economists of the 20th century. Privately, most economists might agree. But come January, they get back to their favourite business of making astrologers look respectable. But I’m going to play safe. I’m going to restrict my predictions to the forthcoming interim Budget. It’s a safe bet. By definition (and convention), an interim Budget doesn’t give government elbow room to do many of the things that make the Union Budget one of the most keenly watched economic events of the year.

UDAN faces turbulence as regional airlines flounder

Even as the government attempts to add remote airports to the country’s aviation map through a subsidy scheme, at least eight regional airlines have ceased operations in the last two years, in a grim reminder of the challenges facing Indian carriers, particularly small operators.