Iran Deal Is Good For India, Two IPL Teams In Disgrace And Other India News

Iran’s historic nuclear deal is actually very good news for India. The lifting of trade sanctions against Iran, will mean more crude oil supply in the market and lower prices. Oil imports, one of the country’s biggest expenses, will become cheaper, giving the policymakers a chance to push through long-term policies and offset the huge subsidies to the Indian consumer. According to the IMF, this may result in about 0.4-0.6percent higher GDP growth this year and next.

Talk about the economy and the biggest concern at the moment is inflation. Earlier this week, we saw consumer inflation at an eight-month high, but later data suggested that wholesale price inflation, the main driver of policy, actually slowed. Do not celebrate yet, warn experts, as this is merely the base effect in play (a higher number last year will skew the year-on-year comparison). With rains still uncertain and food prices definitely on the rise, it’s only a matter of time before WPI catches up. The only silver lining at the moment is the oil prices, thanks to Iran.

The IPL cricket series has hit its lowest point yet. The league has been under a cloud for the past few years with allegations of match fixing, kickbacks and other unsavory practices. Now two of the teams have been banned for two years for “betting and bringing IPL and the game of cricket into disrepute.” The Supreme Court appointed Lodha panel has imposed a lifetime ban on the owners of the two teams, one of whom is the son in law of the chairman of the International Cricket Council (I know, I know). According to some estimates, this will mean a 35 percent drop in revenue for the premier league if they have only six teams playing, instead of eight. Not to mention the loss of credibility.

"If cricket is indeed bigger, financial loss to players or franchises is not important. We feel that our decision will uphold the paramountcy of the game,” Justice Lodha.

Ticketing is the next target for the online marketplaces. The latest to enter this game is Flipkart, which is reportedly talking to MakeMyTrip for a partnership. For Flipkart, this would be another offering on its platform, especially after rival Amazon’s tie-up with the government-owned rail ticketing website IRCTC. The third big boy in the game, Snapdeal, has acquired Freecharge, which offers mobile recharges and a host of other services in household and finance. With Flipkart eyeing a listing next year, it’s working on making its topline look good, especially when the bottomline may well remain in the red for some time to come.

Flipkart’s fashion portal Myntra is taking a cue from the parent in its hiring. It has just appointed a Google executive as its product head. Ambarish Kenghe co-founded and led product development for Google’s Chromecast. Flipkart earlier this year had hired its product head Punit Soni and its engineering head Peeyush Ranjan from Google.

Toronto-based Fairfax has made a bid for Indian brokerage IIFL, formerly known as India Infoline Ltd. Apparently, the global financial services company isn’t looking for controlling stake but will act as a passive investor. Clearly, a sign that the Indian stock market is on the radar of many international investors.

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