What is it? The number of new ministers inducted in the Union Council of Ministers on Tuesday.
Why is it important? With this, the size of the ministry is up to 78, one of the biggest in recent years and a departure from Prime Minister Narendra Modi’s promise of minimum government and maximum governance.
Tell me more: Prakash Javadekar, who was Minister of State (independent charge) for environment, has been elevated to the post of Minister of Human Resource Development. The entire list of reassigned portfolios can be viewed here. While the Cabinet reshuffle has been likely on the basis of individual performance of the Union Ministers, it is happening ahead of state polls in Uttar Pradesh, Gujarat, Punjab and Uttarakhand.
Rs 550 crore
Why is it important? This comes at a time when startups are struggling to raise funds and investors have become cautious in letting their purse strings loose. The amount would be used to invest in big data analytics, expand in international markets such as Sri Lanka and enhance consumer experience for increased engagement.
Tell me more: This round of funding is more than double of the total amount the company has raised in the last six years and has increased its valuation to Rs 3,000 crore. The funding was led by US-based Stripes Group and existing investors including Network 18, Accel Partners and SAIF Partners.
What is it? The amount Indian banks need to meet Basel III norms to be implemented by March 2019, according to rating agency Fitch. Basel III accord mandates stricter capital adequacy and buffer norms for banks.
Why is it important? The burden is mostly on public sector banks, which would account for 80% of the requirement. However, the government is committed to invest only $7 billion in government-owned banks by 2018-19. The earnings are also likely to be weak due to muted credit growth and high credit costs.
Tell me more: The rating agency has downgraded its outlook for the Indian banking sector to ‘negative’ from ‘stable’.
Why is it important? The floods are an annual occurrence in the state, mainly brought on by haphazard growth due to encroachment of water bodies and hills, and a poor solid waste disposal system. This comes nearly a week after Guwahati became the first Indian city to have undertaken a major mock drill for tackling floods in an urban setting. Over 6,000 hectares of crop have been destroyed in seven districts and flood waters have entered the Pobitora Wildlife Sanctuary – the world’s most dense habitat of one-horned rhinos.
Tell me more: The Lakhimpur district is the most affected with around 68,000 people hit as on July 4. The other most affected districts are Dhemaji, Nagaon and Jorhat. The Brahmaputra river is said to be above the danger levels in Jorhat and Tezpur.
Rs 10,000 crore
What is it? The budget approved by the Union Cabinet for providing apprenticeship training to over 5 million youngsters in the next four years to create more jobs.
Why is it important? This is the biggest outlay for skill development in the country in the last seven years and the first time a scheme offers financial incentives to employers to take up apprenticeship training. This is likely to help the government in its Skill India mission, where it has to impart skill development training to 40 crore people by 2022.
Tell me more: Job creation has not been a bright spot in the last couple of years. Eight key manufacturing and export-oriented sectors created 421,000 jobs in 2014 while that figure was less than 200,000 last year.