Urban Inflation

Combined inflation for urban and rural areas eased from 7.73% in August 2014 to 6.46% in September 2014, the lowest since the inception of the index. Inflation in urban areas eased to 6.34% in September from 7.04% in August. Food inflation in urban areas eased to 7.60% in September from 8.27% in August. Inflation for vegetables in urban areas eased significantly, to 5.01% in September from 7.68% in August. Inflation related to fuel & power declined to 2.46% in September from 2.69% in August. Inflation for housing remained steady at around 8%. Inflation for clothing stayed around 7% and miscellaneous items declined to 4.21% in September from 5.46% in August.

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Devendra Fadnavis to stake claim as Maharashtra's new CM

After days of rhetoric and u-turns, Devendra Fadnavis set to become new Maharashtra CM

 

Devendra Fadnavis was elected the leader of the BJP's legislative party by the party's MLAs at a meeting of the party's newly elected MLAs and senior leaders in Mumbai.

 

Rajnath Singh as Central Observer of the BJP, party general secretary (state in-charge) JP Nadda, state poll in-charge OP Mathur and former state in-charge Rajeev Pratap Rudy attended the meeting of the party’s newly elected MLAs to select the CM candidate.

 

Fadnavis was widely tipped to be the leader of choice in Maharashtra, however, there had been conflicting reports of Nitin Gadkari and Eknath Khadse both lobbying for the post with both of them putting up a show of strength and support from MLAs.

 

Eventually, Gadkari and Khadse both backed off, after discussions in Nagpur and among the BJP central leadership. Rajiv Pratap Rudy told the media that the MLAs had unanimously elected Fadnavis as their leader.

 

The BJP legislators led by Fadnavis are expected to visit the Governor soon and stake claim to form the government.

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Softbank invests $627 million in Snapdeal and $210 million in Olacabs

Japanese technology major Softbank's latest cash infusion into two hotly contested fields makes the competition even harder for the incumbents

 

Softbank Internet and Media Co has announced that it is buying stake worth $627 million in the e-commerce company Snapdeal. Just when India's e-commerce market could not have got any tougher, Snapdeal has added considerable muscle to its operations in India.


This is not a new space for Softbank, it reportedly already owns 34% in the Chinese e-commerce major Alibaba. With this investment, ex-Google honcho and current Softbank VP Nikesh Arora will be the latest addition to the Snapdeal board.


Other than Snapdeal, Softbank is reportedly leading a $210 million investment round in Ola Cabs. The Mumbai based cab aggregator has been facing stiff competition from other newer operators and lately from the likes of Uber.


Masayohi Son, Chairman of Softbank Corp. said, “Since SoftBank’s foundation, our mission has been to contribute to people’s lives through the Information Revolution. We believe India is at a turning point in its development and have confidence that India will grow strongly over the next decade. As part of this belief, we intend to deploy significant capital in India over the next few years to support development of the market.”


Other than these two investments, Softbank Chairman Son also met the PM and other senior Ministers today. He has committed to invest $10 billion in India over the next few years.


SoftBank already has made investments in many Indian companies such as InMobi and Bharti Group-promoted instant messaging platform Hike. With a market cap of $ 92 billion, SoftBank is one of the biggest telecom and internet corporations of Japan with operations in broadband, fixed line telecom, e-Commerce, finance, media and marketing.

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