'Modi Scam Alert!' says Rahul Gandhi on Rafale deal: Top 10 developments

Congress President Rahul Gandhi on Saturday attacked Prime Minister Narendra Modi over an alleged scam in the Rafale fighter aircraft deal with France. Issuing a "Modi Scam Alert!" Gandhi tweeted: "$15 billion fighter jet deal re-tendered. Prime Minister's friend's race to tie up strategic partners. "RAFALE, (Rs) 40,000 crore loss to the exchequer was "Sayonara" (bye bye in Japenese) money to French, so Prime Minister could re-tender contract and favour friends." Gandhi's comment came in the wake of a news report which stated that India was looking to buy more than 100 new fighter jets which were eventually expected to cost upwards of Rs 100,000 crore or about $15 billion.

1.Govt begins the process to procure 110 fighter jets for IAF for $9-13 bn: The Indian Air Force (IAF) on Friday initiated the procurement of 110 fighter aircraft for its depleted combat force — now languishing at 31 fighter squadrons against the desired strength of 42. When in service, these fighters will fill six squadrons. The order would be worth between $9-13 billion (Rs 584-844 billion) making it the world’s biggest international fighter buy. Single engine fighters would cost about $80-85 million each, while twin-engine fighters would cost closer to $120 million apiece.

News digest: Lotte buys Havmor Ice Cream, clouds over Rafale, and more

Insolvency ordinance: Defaulting promoters set to lose their companies

An ordinance amending the Insolvency and Bankruptcy Code (IBC) has practically barred promoters of companies undergoing the resolution process from bidding for their own companies when they are auctioned as part of bankruptcy proceedings. Read more

South Korea's Lotte Confectionery buys Havmor Ice Cream for Rs 1,020 crore

South Korea’s Lotte Confectionery has acquired Ahmedabad-headquartered ice cream maker Havmor Ice Cream Ltd (HIL) for Rs 1,020 crore in an all-stock deal. Read more

Clouds over fighter jet: How much did Rafale actually cost?

Has the Indian Air Force (IAF) paid more per Rafale fighter than what Prime Minister (PM) Narendra Modi had undertaken in Paris whilst announcing his agreement with French President Francois Hollande to buy 36 aircraft from French vendor, Dassault? Read more

Govt vows to keep web access equitable

At a time when the US’ Federal Communications Commission has decided to replace the net neutrality rules, the Indian government has vowed to keep cyberspace equal for everyone and not allow any firm to restrict people’s access to the web. Read more

Over my birthday dinner, the family pledged 10% wealth: Sunil Mittal

Sunil Bharti-led Bharti Group has pledged Rs 7,000 crore, which is 10 per cent of its family wealth, for philanthropy. A large chunk of this will be used to set up Satya Bharti University for Science and Technology, modelled on MIT, Stanford, and Berkeley.
READ MORE