News In Numbers: August 24
The percentage of water of the total live storage capacity currently held by the 91 main reservoirs in India. This is about 14% lower than the water stored by these reservoirs in the same period last year. Worse, this is also less than the last 10 years’ average storage of 98.7 billion cubic metres of water. Region-wise, only the northern (Himachal Pradesh, Punjab and Rajasthan) and the central (Uttar Pradesh, Uttarakhand, Madhya Pradesh and Chhattisgarh) regions have more water than the last 10 years’ average storage. According to a Central Water Commission member, the reservoir storage has been directly impacted by less rainfall across India. With the country showing signs of slipping into a drought year, the weather department said 58% of India received normal rainfall, 29% deficient and 13% excess.
Rs 80 crore
The amount the newest bank in India, Bandhan Bank, garnered in deposits by opening 60,000 new accounts on its first day. Bandhan, which is the first microfinance institution to morph into a bank, began operations with 1.43 crore accounts, a Rs 10,500-crore loan book and 19,500 employees. The bank will have nearly 70% of its branches in rural areas to focus on the unbanked or under-banked rural poor. Bandhan had borrowed about Rs 9,000 crore from various banks when it was a microfinance institution and has sought “relaxation” from the Reserve Bank of India to repay these loans as banks are not allowed to borrow from each other.
The value of Uber Technologies’ projected global bookings in 2015, against $2.91 billion last year. For 2016, the taxi-hailing service has estimated doubling its 2015 figure: $26.1 billion. Uber operates in 50 countries and takes 20% of the booking revenue. In India, it is aggressively trying to catch up with homegrown Ola Cabs and recently raised around $75-100 million from a Tata Group private equity fund. The company plans to invest around $1 billion in the next 6-9 months in India to achieve its target of 1 million rides a day, from the current 200,000. Ola, which raised $400 million this April as well as an undisclosed amount from Tata Sons Chairman Emeritus Ratan Tata last month, clocks 750,000 rides a day and hopes to hit the one-million mark this month.
The number of jobs lost between 2004-05 and 2009-10, at a time when India’s economy grew at about 8% annually, according to a study by industry body Assocham. It says that though the number of people seeking employment grew at an annual rate of 2.23% between 2001 and 2011, growth in actual employment in this period was only 1.4%. India’s unemployment rate (measured as the number of people actively looking for a job as a percentage of the total labour force) decreased to 4.9% in 2013 from 5.2% in the previous year. Average unemployment rate in India was 7.32% between 1983 and 2013, peaking at 9.4% in 2009.
The percentage of India’s disinvestment target for 2015-16 the government will achieve if it mops up the targeted Rs 9,302 crore from a 10% stake sale in Indian Oil Corporation (IOC), scheduled for today. With the IOC stake sale, the government would have garnered Rs 12,600 crore, the best ‘first half’ in the last seven financial years. This year, so far, the government has raised around Rs 3,300 crore by selling minority stakes in Power Finance Corporation, Rural Electrical Corporation and Dredging Corporation of India. India’s disinvestments are crucial for achieving its fiscal deficit targets; its target for 2015-16 is 3.9% of GDP. Although it managed to meet its fiscal deficit target in 2014-15, it has missed its disinvestment targets the last five financial years.
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