Top economy and business news of the day| Govt invites applications for CEA post; Sensex rallies 383 pts and more

Moving to renewables in India to get dearer after the Union government raised GST on critical components used in solar technology, including photovoltaic cells. The government has hiked GST to 12% from the existing 5% with effect from the beginning of this month. The hike in taxes could increase solar power tariffs to ₹2.6-2.7 per unit from an all-time low of ₹2 per unit, next fiscal, according to a report by Crisil.

Facebook’s profit rise amid revelations from leaked documents. The embattled social media giant’s net income grew 17% in the September ending quarter to $9.19 billion, buoyed by strong advertising revenue. The company’s shares rose 2.5% in after-hours trading after closing up 1% for the day.

In another corporate development within the country, Bharti Airtel has informed the government that it will opt for the four-year moratorium on payment of AGR and spectrum dues.

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