At Rs 64.25 against the US dollar, the value of Indian currency closed at a 21-month low on Tuesday, as overseas investors pulled out some of their money from the Asia’s third largest economy. With exports recording a decline of 20% in May this year, the falling value of rupee may aid the exporters to increase their competitiveness. Dip in exports hasn’t widened trade deficit as imports too fell because of lower crude oil prices.
In a country with over 1.25 billion population, just 928 households own a fifth of India’s private financial wealth, according to a global wealth report by Boston Consulting Group. India ranks fourth among countries with the highest number of households with over $100 million. Asia (excluding Japan) is expected to overtake North America in terms of private financial wealth in another four years. In a stark contrast, in 2010, one out of every three extreme poor people were in India, according to the United Nation’s Millennium Development Goals Report 2014.
Indian firms are depending less on bank credit to borrow, as they are able to raise money at a cheaper cost through market loans and foreign borrowings. Three years back, bank credit accounted for nearly half of debt taken by companies. Vodafone Group Plc, the parent company of India’s second largest mobile service provider, raised Rs 7,500 crore rupee bond at 10.25% coupon rate. A part of this will be used to refinance costlier bank loans.
That’s the cut-off for Commerce students for admission in English Honours class in Delhi-based St Stephen’s College for the 2015 academic session. The equivalent cut-off for Science is 97.75% and 97.5% for Humanities. These are the highest among the subjects on offer at the college. St Stephen’s has received a record 32,100 applications this year, of which 400 would gain admission.
Coimbatore (21%) and Mumbai (19%) are the top two cities with the highest incidence of chronic constipation. Almost one out of every five people in these two cities suffer from this less-talked about problem. The findings are a part of a survey conducted by Abbott, a pharma company and Ipsos, a market research agency. Overall, about 14% of people in urban India battle this problem.