India's GDP forecast cut, GST blow likely for these sectors, and more top news

The news professionals are talking about now, curated by LinkedIn’s editors. Join the conversation on today's stories in the comments.

The World Bank has slashed India’s GDP growth forecast for the current fiscal to 6% from 7.5%. India’s economic slowdown is “severe,” largely due to external and cyclical factors, including a decline in consumption, the Washington-based institution said. Moreover, the financial sector is becoming a “drag” on growth. Earlier, the RBI and rating agency Moody’s had lowered their estimates for India’s GDP. In a bid to spur investments, the government recently cut corporate tax. A reduction in personal income tax is also being considered. Join the conversation.

The finance ministry may impose 5% goods and services tax on certain items currently exempt and hike rates on some from 5% to 12%, Business Standard reports, citing government officials. For example, private health and education services, which are currently outside the GST ambit, could be taxed. The reason: September GST mop-up fell to a 19-month low of ?91,916 crore, against a monthly target of ?1.18 lakh crore. Times of India says the government has formed a 12-member committee of senior GST officials to boost collections and plug leakages. Join the conversation.

Seven in 10 business leaders believe Indian regulators don’t understand the fast-evolving technology landscape (paywall), finds a survey by law firm Baker McKenzie. That could be at the root of several disagreements between the two groups over policy issues ranging from FDI in e-commerce to regulation of video-streaming platforms. Little wonder, then, nearly three-fourths of the 100 C-suite executives polled feel achieving regulatory compliance will be a key area of investment going ahead. Join the conversation.

Layoffs may be all too common in the startup world, but new-age firms are going the extra mile to put the fired back on track. Treebo Hotels axed a fifth of its workforce in July, but it leveraged leadership acquaintances to help 65% of them land jobs in firms such as Razorpay, Myntra and Zest Money. Similarly, Zomato has been able to connect with potential employers nearly half of the 540 people it retrenched last month. Investors are usually the first ones to help the laid off find jobs in portfolio companies, while influential alumni and HR networks also come in handy. Join the conversation.

After a lacklustre Navratri, jewellers are in for a subdued Diwali as high gold prices dent consumer purchases. Sales of the yellow metal this Dhanteras are likely to fall to half of the nearly 40 tonnes every year, experts say. That has forced major retailers like Tanishq and Kalyan Jewellers to float promotional offers to woo customers. Gold has run up 20% this year, though it has cooled off a bit since crossing ?40,000 per 10 grams in August. What's driving the rally? Lower imports following a higher duty, the US-China trade war, and a weak economic outlook. Join the conversation.

Idea of the day: Arne Sorenson, president and CEO of Marriott International, says it's important to recruit a diverse range of employees. 

"I have found talented women executives attract other talented women executives to the workplace in a way that I can’t."

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Mandar M Bakre, Dipti Jain and Shajil Kumar