India's Plan B For Spectrum Auction, A Bumper Food Year And Other News

Backup Plan: The telecom ministry is working on a Plan B for the biggest ever spectrum auction, in case it fails to attract enough bids. At the auction, the government has set a minimum price of 5.3 trillion rupees and there is always a chance that it may not attract enough bids. According to ministry officials, this could be because, a> there is a lot of spectrum on offer, more than what the companies can buy and b> The launch of Reliance Jio may encourage some competitors to conserve money for the battle ahead. Of course, there is the fact that their balance sheets are already under pressure because of last year’s expensive auction. In any case, the government is already thinking of a second auction, should the first one not go as expected.

Class Action: Welspun India didn’t just lose some huge orders when its so-called Egyptian cotton bed linen were proven to be made of something else. While Target and Bed & Bath publicly cancelling their orders was a blow for the Indian fabric maker, there is a bigger problem out there now. Two class action lawsuits have been filed by consumers who bought those sheets, alleging fraud. Meanwhile, its market value is down to half even as Welspun says it has hired E&Y to audit its processes.  (Pic credit: Welpsun's stock price, via Money Control)

Unfair: Patanjali has moved the High court against the ASCI after the  advertising industry regulator sent it notices for ads that it said were misleading. Patanjali alleges that the ASCI consists of multinational companies, who compete with it and have no legal basis.

#StatOfTheDay:

40%: How much of the Cauvery water does Bangalore waste, according to this study by Indiaspend. Here’s the break-up:

Bumper Harvest: India’s unwavering faith in the rains has paid off. A good monsoon has put the country on the path to record food production this year. Now, if only the rain gods listen next year too.

A boozy tale: Britian’s scotch whisky exports rose 3 percent this year, thanks to booming demand from India. The Scotch Whisky association has said that India is a market they must pay attention to, as the UK navigates a messy exit from the EU. Demand is India grew 41% in volume and 28% in value.

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