mumbai-886734_1920

World’s 12th Richest City

 

69

What is it? The number of instances in the last 18 months in which IndiGo has replaced a faulty Pratt & Whitney engine on an Airbus A320neo operated by it.

Why is it important? On Saturday, after the European aviation regulator warned of a new issue with a particular type of Pratt & Whitney engines, IndiGo said it had grounded three affected planes. Further, Airbus had halted all deliveries of A320neos to IndiGo for now, it added. Fewer planes in operation and a slowdown in deliveries could pose challenges related to passenger management for India’s number one domestic airline.

Tell me more: Of the 157 aircraft in its fleet, 24 are Airbus A320neo, which is facing this particular engine issue, while 130 are A320-200 and 3 are ATR 72s.

 

3

What is it? The number of places gained by Punjab in a ranking of states for a Health Index crafted by Niti Aayog. As a result, it climbed from number 5 to number 2.

Why is it important? In these Health Index rankings for 2015-16, released on Friday, Punjab was one of the three states that gained several spots with reference to the base year. The other two were Jharkhand and Jammu & Kashmir, both of which gained 4 spots each, but much lower down in the rankings.

Tell me more: Releasing the Health Index report, NITI Aayog CEO Amitabh Kant said the government was next looking to come out with performance-based rankings of district hospitals by June 2018, the objective being to “encourage good performers, and name and shame those who don’t”.

 

$950 million

What is it? The total wealth of India’s financial capital Mumbai, according to a report by New World Wealth, a South Africa-based market research group. Total wealth here is defined as the private wealth held by all individuals in the city.

Why is it important? The report ranked Mumbai to be the 12th richest city globally. It was the only Indian city in the 15-city list, and was ranked above Frankfurt, Paris and Toronto. The list was topped by New York, with a wealth of $3 trillion, followed by London ($2.7 trillion) and Tokyo ($2.5 trillion). Mumbai also had 28 dollar billionaires, placing it among the top 10 cities in the world in billionaire population.

Tell me more: New World Wealth ranked India as the 6th richest nation a few days ago, with a total wealth of $8.2 trillion. But this income and wealth is lopsided in its distribution: according to the World and Income Database, the share of the top 1% in national income has increased from 6.1% in 1982 to 21.7% in 2013.

 

$5,947

What is it? The lowest value that Bitcoin registered last week. At one time, during a 24-hour period, the price of the leading cryptocurrency plummeted 28% to below $6,000, before recovering to above $8,000 levels by the end of the week.

Why is it important? The financial ecosystem is still figuring out cryptocurrencies and is increasingly veering towards control. On Sunday, International Monetary Fund chief Christine Lagarde said it was “inevitable” that cryptocurrencies would come under government regulation.

Tell me more: By one estimate, there are five million traders in crypto-currencies in India, which has said it does not recognise Bitcoin as legal tender.

 

4,309

What is it? The number of runs scored by Indian opening batsman Shikhar Dhawan after 100 one-day internationals, a milestone he completed on Saturday against South Africa.

Why is it important? Dhawan is the second-highest run-getter at the 100 ODI mark, after Hashim Amla of South Africa (4,808 runs). The 33-year-old has notched up 13 centuries and 25 half-centuries while averaging 46.33, proving to be a batsman to start strong at the international level and stay the course in the medium-term.

Tell me more: Virat Kohli, who is on course to rewrite many batting records in ODIs, was seventh on this list, with 4,107 runs. In Saturday’s match, Kohli passed Mohammad Azharuddin to climb to number five in ODI runs among Indians and number 18 overall.

 

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News in Numbers – September 11, 2015

News In Numbers: September 11, 2015

 

Rs 3,300 crore

The amount the perpetrators of Satyam scam have to pay. The latest order by the market regulator in the seven-year-old Satyam scam directs the 10 entities linked to the main accused, B Ramalinga Raju, including his mother, brother and son, to disgorge or give up illegal gains made by them. This is worth Rs 1,800 crore plus an interest of Rs 1,500 crore on the disgorgement amount, which has been levied since January 2009 when Raju confessed to having inflated the accounts of Satyam Computer, the company he founded. In what is known as India’s biggest corporate fraud, a special court under the Central Bureau of Investigation held the founders of Satyam Computer guilty in the Rs 7,000-crore scam and Raju was sentenced to seven years in jail.

 

23,016

Sales of medium and heavy commercial vehicles, an indicator of economic growth, in August. This segment grew 35.29% from the same period a year ago. Plans by the Indian government to make safety features mandatory in commercial vehicles – which might push the price up by 3-5% – seems to have helped this growth. Overall, commercial vehicles registered an increase of 7.58% in August while passenger vehicles grew by only 3.99%. Car sales, which are a reflection of demand and economic growth, rose for the 10th consecutive month but slowed down to 6% on a year-on-year basis.

 

2.8

The multiple by which the net profit of Indigo Airlines jumped in 2014-15 from the previous financial year to post its biggest ever net profit. With revenues of Rs 13,925 crore and net profit of Rs 1,304 crore, Indigo is India’s largest domestic airline by market share (35.8% in July 2015). According to Indigo president Aditya Ghosh, the financial performance is mainly because of low fuel costs, passenger growth and better yields. In 2014-15, the Indian airline industry posted losses of Rs 7,000 crore, despite a 35% drop in jet fuel prices. In contrast, Indigo is the only consistently profitable airline in the country. The airline recently placed an order for 250 A320neo aircraft, Airbus’ largest order by number, at a cost of $26.6 billion (about Rs 1.55 lakh crore). Interglobe Aviation, the company which operates Indigo, is looking to raise more than Rs 2,500 crore in an initial public offering.

 

Rs 600 crore

The amount Tata Motors is looking to earn from supplying buses to the government under the second phase of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM). Tata Motors earned Rs 100 crore . The company is providing 65% of the total number of buses being rolled out under this scheme. The JNNURM covers 10 projects including the bus rapid transit system, which ran into various problems in different states such as delayed implementation and supply of substandard buses. This July, the Indian government had written to the states saying that it has received information related to the procurement of only 2,228 buses whereas it had released Rs 884.21 crore for 7,509 buses. The centre warned the states that if they did not provide the updated information by August 24, 2015, then it would withdraw the funds already released with interest and cancel the sanctions.

 

3.3 million

The number of Indians who died prematurely in 2013, according to a study published in the British medical journal, The Lancet. The top five avoidable risks associated with health loss and disease burden outlined by the study were: high blood pressure, high blood sugar, household air pollution from solid fuels, unsafe water sources and smoking. Of these, the first three were estimated to cause 7.8%, 5.2% and 4.7% of the total health loss in India in 2013. Based on the death rates India recorded in 2010, the Lancet has estimated that the country would see 9.3 million premature deaths before 70 years of age, at 2030 – and, this would be more than any other country.

 

 

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News In Numbers – August 18

News In Numbers: August 18

 

211 vs 175

India’s largest airlines by market share, IndiGo, has placed an order to purchase 250 Airbus A320neo aircraft, in a deal worth $26.55 billion at list prices. This is the largest-ever order for Airbus in terms of number of planes. The IndiGo order will help Airbus open its lead over rival Boeing in the Indian market. Data from the aviation regulator shows Airbus had 211 aircraft in operation in India, against Boeing’s 175. Globally, though, with revenues of $233 billion in 2014, Boeing was bigger in size than Airbus ($175 billion), primarily because the former’s sales include bigger and more expensive airplanes.

 

Rs 7,957 crore

The extent to which power distribution companies in Delhi reportedly overstated accumulated losses over the years. The estimate has been arrived at by the auditor to the government in a forthcoming report. If true, the report is a major boost to the Aam Aadmi Party government in Delhi, which made high power charges in the national capital one of the main points in its electoral campaign. The report gives room to the AAP government to press for a reduction in power rates. According to the report, the three discoms, two from the Anil Ambani Group and one from the Tata Group, bought costly power, ‘suppressed’ revenue and gave undue favours to group firms.

 

$75 billion

The amount the United Arab Emirates (UAE) has committed to invest in India as part of an infrastructure fund created by the two countries. This fund seeks to invest and expand India’s network of railways, ports, roads, airports and industrial corridors. The two countries also plan to increase their trade by 60% in the next five years. India received $239 million as foreign direct investment (FDI) from the UAE in 2013-14, and $1.31 billion between 2009-10 and 2013-14. India received $34 billion as FDI in 2014.

 

2

The number of verticals that are reportedly being created by the Central Board of Excise and Customs (CBEC) to implement the proposed Goods and Services (GST) Bill. Besides these two verticals (one for performance management and the other for taxpayer services), there are various sub-groups working under the CBEC, and state officials are working on the law and procedures. The GST Bill, which is supposed to merge all central and state taxes into a single tax rate, was passed by the Lok Sabha but not by the Rajya Sabha, where the NDA is in a minority. A few media reports, quoting anonymous sources, say the government is considering a special session of Parliament in September to pass the GST Bill.

 

Rs 143 crore

The Supreme Court has asked the Central government to update it about the three-member committee it had asked to constitute to ensure the implementation of its order on government advertisements. This May, the court laid down certain guidelines for government advertisements to avoid misuse of public funds for glorifying the ruling party, and had suggested only the photographs of the President, Prime Minister and Chief Justice of India be used in government advertisements. An NGO had filed petitions in the Supreme Court in July to initiate contempt of court proceedings against the Delhi government (alleging it had earmarked Rs 526 crore for government ads in 2015-16) and the Tamil Nadu government for putting out ads that glorified their respective leaders. Previously, the Congress-led UPA government spent Rs 143 crore to place 84,733 advertisements in print publications between 2008-09 and 2012-13 related to the birth and death anniversaries of 15 leaders.

 

 

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