What is it? The amount Softbank Vision Fund has reportedly invested in Flipkart, about half of which is direct investment and the rest, as a buyout from existing investors.
Why is it important? Both sides say this is the biggest-ever private investment in an Indian tech company. Flipkart, which faces fierce competition from Amazon in India (the latter has invested over $2 billion in the country so far), would see its cash reserves going up to over $4 billion. SoftBank, which missed out in getting a slice of India’s homegrown e-commerce firm with the fallout of the Snapdeal buyout, will become Flipkart’s biggest shareholder along with Tiger Global.
Tell me more: Flipkart raised $1.4 billion from Tencent, eBay and Microsoft in April.
Rs 1 lakh crore
What is it? The size of biofuel economy the Indian government wants to develop in the next two years, according to oil minister Dharmendra Pradhan.
Why is it important? The government wants to bring down the imports of fossil fuels such as oil, gas and coal and it believes “the roadmap to lower crude oil imports is connected to biofuel”. The world’s third-largest emitter of greenhouse gases will soon unveil a new policy to promote biofuels. This will help the country, which imports around 80% of its crude oil needs to meet its target of reducing it by 10% by 2022.
Tell me more: The top three public sector oil firms have already pledged an investment of $2 billion for research to develop biofuel technologies and the government has promised to guarantee a return on their investments.
~ Rs 3 trillion
What is it? The estimated average daily liquidity in the Indian financial system, according to some traders.
Why is it important? This is three times the Reserve Bank of India’s goal, and as a result, it might need to drain about Rs 1 trillion to 1.4 trillion from the financial system. RBI absorbs excess cash in the system through sale of debt.
Tell me more: Several factors have led to excess liquidity, including demonetisation (which led to a surge in bank deposits) and foreign investments (which forces the central bank to buy US dollars and infuse Indian rupees into the system).
Rs 30,659 crore
What is it? Reserve Bank of India’s dividend payout to the government for the year ended 30 June 2017
Why is it important? It’s about half of what it paid the previous year (Rs 65,876 crore) and is likely to dent the budget math of finance minister Arun Jaitley. The government expected to get Rs 74,901 crore from RBI, public sector banks and financial institutions as dividend income – and will reduce government’s non-tax receipts.
Tell me more: It’s one of the impacts of demonetisation, which increased cash deposits obviating the need for banks to borrow from RBI, reducing the central bank’s income.
What is it? The number of transactions that Ethereum, a blockchain platform, could handle when integrated with Microsoft’s new software called Coco in a demonstration.
Why is it important? Otherwise, Ethereum can handle about 13 transactions per second. The speed comes as a result of setting up trusted execution environment, which reduces the need for proof of execution. Creating such trusted enclaves can also make it more attractive to enterprises, which is the main target segment for Microsoft.
Tell me more: Coco Framework, short for confidential consortium, will be launched as open-source software in 2018