News in Numbers, July 6, 2016: Cabinet reshuffle ahead of state polls, apprenticeship training…

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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

What is it? The amount raised by online movie ticketing company Bigtree Entertainment, which runs the BookMyShow website, in its fourth round of funding.

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.

 

$90 billion

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’.

 

80,000

What is it? The number of people affected due to floods in Assam. Another report puts the figure at around 88,000.

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.

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News in numbers, Dec 11, 2015: Recall by Honda Cars India, Twitter’s India revenue…

 

 

90,210

 

What is it? Number of cars Honda Cars India will recall to replace the fuel return pipe, which leads unspent fuel back to the fuel tank.

 

Why is it important? Faulty return pipes could potentially result in fuel leakage and stop the engine. This is the fourth recall for the Japanese carmaker this year adding up to 3.3 lakh units in 2015. It’s about a fifth of the total number of cars that have been recalled in India since the Society of Indian Automobiles introduced a voluntary code on vehicle recall in July 2012.

 

Tell me more: The recall includes 64,428 units of diesel variants of Honda City (manufactured between December 2013 and July 2015) and 25,782 units of diesel variants of Honda Mobilio (manufactured between June 2014 and July 2015).

 

$140 billion

 

What is it? The capital Indian banks would need to ensure full implementation of Basel III norms by 2019, according to a report by ratings agency Fitch. Basel III norms require banks to have enough capital and liquid assets in its coffers.

 

Why is it important? It means banks will have to raise more capital. In case of public sector banks, that would mean government injecting capital to maintain its stake in the banks. The Indian government’s July announcement of providing $11 billion to state lenders over the next four years will not cover the requirement.

 

Tell me more: Bad loans account for 4.2% of the total lending in Indian banks, and more than a tenth of its loans are stressed (bad loans plus restructured loans)

 

Rs 13.26 crore

 

What is it? Revenue of the Indian unit of Twitter (TwitterCommunications India) in 2014-15.

 

Why is it important? It’s 0.12% of its global revenue ($1.59 billion), even though Twitter is estimated to have about 22.2 million users in India, or 7% of its global monthly users. It has a much bigger mindshare, and is being used extensively in the relief efforts around Chennai floods.

 

Tell me more: TwitterCommunications India’s revenue is up 3 times from Rs 4.17 crore last year. Its net profit also increased threefold to Rs 1.07 crore in 2014-15 from Rs 35.7 lakh the previous year. Globally, the company has been struggling to increase its user base.

 

Rs 21,457 crore

 

What is it? Total debt in ‘default’ category (It is considered ‘default’ if repayment is delayed by a day) as of December 8 this year, according to India Ratings and Research.

 

Why is it important? This is more than double of what was recorded in the entire year of 2014 – Rs 9,035 crore. It’s yet another indicator that the economy is not performing as well as the GDP numbers suggest.

 

Tell me more: Data from another rating agency, Credit Rating Information Services of India (CRISIL), shows that debt in the default category was at Rs 25,895 crore as of September this year compared to Rs 28,323 crore for the full year in 2014.

 

$3 billion

 

What is it? Extent of economic loss caused by severe rainfall and flooding in November and December in Tamil Nadu and Andhra Pradesh, according to reinsurance broker Aon Benfield.

 

Why is it important? One of the early estimates of the loss. Expect updates in the coming days, after on ground assessments and extrapolation of insurance data (Insurance penetration is low in India – about 3.9%). As it is, this is about a third of the annual economic losses India is estimated to incur per year, as per a report by the United Nations. The annual economic losses due to disasters is estimated to be about $9.8 billion per year, of which floods account for nearly three-fourth or 71% ($7 billion).

 

Tell me more: Claims by India’s sole domestic reinsurer, General Insurance Corporation, is likely to reach up to $300 million.

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