* AUTO: Mercedes Benz, BMW to launch smaller, less expensive cars soon.
* ECONOMY: Gujarat Chief Minister Modi said India would need to focus on skill, speed and scale to compete against China .
* ENERGY: PSU oil marketing companies have cut prices of non-subsidised domestic LPG by an average 55 rupees per cylinder in four metros from May 1
* FARM: Revolutionary water management was the main reason behind success in attaining 10% growth in the farm sector in Gujarat, Chief Minister Modi has said.
* HOTELS: The Leela Group has been selected to manage upcoming Taj Arabia Palace Resort.
* METAL: India plans to impose safeguard duties on some iron and steel pipes, tubes and profiles to protect domestic producers from imports from China and Italy .
* OIL & GAS: Government forms panel to facilitate extension of oilfield leases. Gujarat State Petroleum Corp receives 34 bids for gas at a price of $8.5/mmBtu.
* POWER: India April electricity generation 77.58 bln kWh, up 3.1% on year. Diligent Power in talks to sell stake in company to JPMorgan for 8 bln rupees. Arunachal Pradesh government scraps decision to give 49% stake in its hydro-power corporation to the Naveen Jindal Group.
* RETAIL: Cabinet panel approves IKEA's 105-bln-rupee foreign direct investment proposal.
* TRADE: President Pranab Mukherjee has said India must focus on market diversification and expand trade partnerships by boosting exports to bridge its "worrisome" current account deficit. US government's move to restrict H-1B visas should not be seen as protectionism, but as "a cyclical reaction", Duncan Campbell, director of policy planning employment sector at the International Labour Organisation has said.
