Business Buzz on Nov 14: Goyal pushes for rate cuts, Fortune’s power list, Ola Electric probe, and more

Today’s top business news ranges from economic perspectives and regulatory updates to insights into global business leadership. Union minister Piyush Goyal has weighed in on the interest rate debate, advocating for cuts despite inflation, while Fortune’s new "Most Powerful" list recognises leaders shaping global markets. Other headlines include regulatory simplifications to ease environmental compliance, rising wholesale inflation, and Ola Electric facing scrutiny over consumer complaints.

Here’s what’s driving the day’s business buzz:

Union commerce minister Piyush Goyal stirred the interest rate debate at the CNBC-TV18 Global Leadership Summit by suggesting that the Reserve Bank of India (RBI) should cut rates, even with food inflation on the rise. He, however, clarified this was his personal stance. As per recent data, retail inflation reached 6.21% in October, with food inflation climbing above 10%. RBI Governor Shaktikanta Das, who delivered a keynote address at the event, refrained from commenting on Goyal’s remarks, and said, "The next Monetary Policy is coming up in the first week of December. I would like to reserve my comments for that. Thank you."

The Union government has revised environmental compliance rules, removing dual requirements for Environmental Clearance (EC) and Consent to Establish (CTE) for "white category" industries, which have minimal pollution impact. Under new guidelines from the Ministry of Environment, these industries are now exempt from both CTE and Consent to Operate (CTO) certificates. This reform aims to simplify processes for sectors like solar power and brick manufacturing, benefiting small and medium enterprises while maintaining regulatory oversight through state consultations.

India’s wholesale inflation rate surged to a four-month high of 2.36% in October, largely driven by rising food and manufacturing costs. The Wholesale Price Index (WPI) data from the Ministry of Commerce showed significant increases in food articles, machinery, and motor vehicles. The WPI Food Index, which combines raw and processed food products, spiked from 9.47% in September to 11.59% in October. However, fuel and power prices saw only a minor decline due to softer mineral oil prices.

Tesla and SpaceX CEO Elon Musk has claimed the top position in Fortune's inaugural 100 Most Powerful People in Business for 2024. The list includes global heavyweights like NVIDIA’s Jensen Huang, Apple’s Tim Cook, and Microsoft’s Satya Nadella, as well as India’s Mukesh Ambani, who ranked 12th. Fortune’s ranking factors in influence, innovation, and disruption, showcasing leaders from diverse sectors who are reshaping industries and society alike. Musk’s recent appointment to a key position in the Trump administration further cements his impact.

The Central Consumer Protection Authority (CCPA) has ordered a detailed probe into Ola Electric following complaints about deficiencies in its electric two-wheelers. In response to over 10,000 consumer complaints, the CCPA has tasked the Bureau of Indian Standards (BIS) with investigating potential consumer rights violations. Ola, which claims to have resolved nearly all reported issues, has been under scrutiny since the CCPA issued a notice in October. The BIS investigation report is expected within 15 days.