INDIA BUSINESS UPDATE - FM-India Inc Join Hands For 2nd Wave Of Reforms; Stormy Start To Monsoon Session; RS, LS Adjourned; Sensex Up 117 Pts; M&M Posts Record Sales In July, Maruti Posts Record Fall

Monday, Aug 01, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version FM-INDIA INC JOIN HANDS FOR 2ND WAVE OF REFORMS Finance Minister Pranab Mukherjee said that the meeting with India Inc was fruitful though there was some cynicism on the policy movement. He said that though the current growth is not as bright as they would want it to be, the fundamentals of the economy remain strong and growth drivers in the medium-term remain intact. Pranab Mukherjee said that he received many suggestions from India Inc and that the industry will overcome problems to achieve high growth. Anand Mahindra said that it was one of the most productive meetings he has ever attended and that the 'policy paralysis' issue was addressed. FM and India Inc discussed the high interest rate regime and that the FM was looking to unleash the second wave of reforms. read more LEAD STORIES STORMY START TO MONSOON SESSION; RS, LS ADJOURNED The Rajya Sabha was adjourned after BJP stalled proceedings over the 2G scam. The Lok Sabha was adjourned after it paid tributes to departed members. read more SENSEX SNAPS 4-DAY FALL, UP 117 PTS ON U.S. DEBT DEAL Sensex closed at 18,314.33 after U.S. reached an agreement to raise the country's debt ceiling. Nifty was up 34.80 points to end at 5,516.80. read more M&M POSTS RECORD JULY SALES, MARUTI POSTS RECORD FALL M&M registered its highest ever monthly sales at 39,633 units, a 41.30% jump while Maruti Suzuki reported a 25.34% fall to 75,300 units in July. read more TOP STORIES • 2G scam: Shahid Balwa drags Pranab, PM • PMEAC lowers FY12 GDP to 8.2%, inflation 9% till Oct • Factory growth weakest in 20 mths: HSBC survey • Global trends may force more fuel price hike: PMEAC • Maha govt may refer Mukesh Ambani land deal to CBI • Will court jail if not allowed to fast: Anna • SC notice to MoEF on suspension of Sterlite clearance • HC questions E&Y report in Cadbury delisting feud • SC admits Force Motors plea against Bajaj Auto • Govt makes first payment for Iran oil in 5 mths • e-payment mandatory for import duty of over Rs 1 lk • Suzlon to raise Rs 5,000 cr through share issue • Unitech sells 450 floors in Gurgaon proj for Rs 350 cr • ITC to hike cigarette prices by 10% and above • Sanity has returned to mobile market: Sunil Mittal • Justice Hegde demits office with mixed experience • Deadlock continues over Yeddyurappa's successor • TN govt arrests Stalin, DMK leaders from protest march • Obama says deal reached to end debt impasse • Final 'Harry Potter' film crosses $1 bn mark more stories TOP VIDEOS Adani, JSW Held By Collar With Documented Proof: Santosh Hegde, Karnataka Lokayukta There Will Be Some Relief Starting From November And Inflation Will Decline To 6.5% By March 2012: C Rangarajan, PMEAC The Ordinary Law Of The Land Has Not Been Effective In The Past As We Didn't Have The Right People And The Right Personnel And The Right Attitude: Salman Kurshid, Law Minister China Is Eating Our Lunch; Our Country (U.S.) Is Going Down And Going Down Fast: Donald Trump, Business Magnate AT A GLANCE BSE 18314.33 +117.13 NSE 5516.8 +34.8 TURNOVER Rs. 88,160 cr BSE CASH Rs. 2,395 cr NSE CASH Rs. 9,572 cr NSE F&O Rs. 76,192 cr BULLION GOLD 23196 +30 SILVER 58452 -446 CRUDE NYMEX 102.25 -0.08 BRENT 117.71 +0.97 FOREX $ / Re 44.07 -0.13 £ / Re 71.798 -0.55 € / Re 62.819 -0.46 EVENTS 3 August Jet-Sahara Case At Bombay High Court SEBI-MCX Case At Bombay High Court 4 August DB-Etisalat Hearing At The Company Law Board 5 August Bank Employees To Go On Nationwide Strike Decision On Vodafone-Essar FDI Issue 6 August Finance Minister Pranab Mukherjee To Meet SBI Board 8 August Coal India Workers Union To Go On Strike To Protest Delay In Wage Revision 11 August Cadbury Delisting Case At Bombay High Court EXPERT VIEWS "Hyper competition in the market with 12-13 players, many of whom happened to be new entrants, is clearly abating. The long-awaited market consolidation will help improve the landscape for the big carriers, but rules are not encouraging. A fair amount of regulatory uncertainty still pervades the air with regard to allocation and pricing of 2G spectrum." Sunil Mittal Founder, Chairman & Group CEO, Bharti Enterprises "Leaders of both parties, in both chambers, have reached an agreement that will reduce the deficit and avoid default -- a default that would have had a devastating effect on our economy. The first part of this agreement will cut about $1 trillion in spending over the next 10 years...The result would be the lowest level of annual domestic spending since Dwight Eisenhower was President." Barack Obama U.S. President "...our fight is not against Parliament but against the government. I have written a letter to him (PM) and even after that if he is saying this, it is unfortunate. Many people in the government are telling lies. The Prime Minister was a good person and if even he is telling lies then what will happen." Anna Hazare Social Activist WATCH OUT Overdrive This week, we roadtest the Chevrolet Beat Diesel. General Motors' first ever diesel hatchback sporting India's smallest diesel engine. Also on the show, the new Audi A7 Sportback, Auto Selector & motoring news from around the world. SHOW TIMINGS Tuesday 6:30pm