What is it? The number of peer lending startups in India.
Why is it important? Reserve Bank of India has proposed that such platforms register as non-banking financial companies. If accepted, it would bring them under regulatory framework, lending more credibility to peerlending (or P2P, peer to peer) business in India. It would interests of the borrowers and lenders, even as these businesses fill gaps due to lack of formal credit.
Tell me more: As per the recommendations, P2P platforms are to have a minimum capital of Rs 2 crore, can act only as intermediaries and not seek deposits, should transfer funds directly from the lender’s account to the borrower’s, report regularly to the RBI and register themselves as companies.
What is it? The number of navigation system satellites the Indian Space Research Organisation has launched.
Why is it important? This reduces India’s dependence on the foreign navigation systems such as the US Global Positioning System (GPS). The navigation system – called Navic – will be useful especially during war-like times when it becomes a strategic asset.
Tell me more: The applications of this system, (called Indian Regional Navigation Satellite System or IRNSS) include terrestrial, aerial and marine navigation, mapping, disaster management and vehicle tracking, which can also be made use of by the neighbouring countries. India now joins the list of a few countries that have their own navigation satellite systems – US, the European Union, Russia and China.
Rs 100 crore
What is it? The amount Mahindra Intertrade in partnership with state-owned MSTC would invest in equipment to set up India’s first automobile shredding plant.
Why is it important? The Indian government plans to scrap older vehicles and introduce stricter vehicular emission rules, which would provide an opportunity for Mahindra’s latest business venture. The shredding plant could help in providing scrap to steelmakers and other industries, which depend on imported scrap for their operations. India was the third largest importer of steel scrap in 2013-14.
Tell me more: Currently, independent workshops deal with dismantling of cars and there is no organised market in India. The plant, which would begin operations in about a year, would need to handle 100,000 units a year to be financially viable. The company is willing to extend its services to scrapping ships and other machines too.
What is it? The number of candidates appearing for the All India Pre-medical/Pre-dental Entrance Test scheduled for May 1.
Why is it important? This replaces all other entrance examinations by government colleges, deemed universities and private colleges, and promises to make it more convenient and less expensive for aspiring medical doctors and dentists. Some states including Tamil Nadu and Karnataka had opposed this move for different reasons. It also raises questions about infringement on states’ right to conduct exams as per their own procedures.
Tell me more: The students who have not applied for the test to be conducted on May 1 (now, considered to be Phase I of the common entrance exam) would be allowed to appear for the second phase of the common entrance exam on July 24. The combined results will be declared on August 17 and the admission process to be completed before September 30.
What is it? Samsung’s market share in Rs 30,000-plus smartphone segment in India in January-March 2016 quarter.
Why is it important? With this, Samsung has overtaken Apple as the market leader in this segment, a reversal of positions from October-December 2015. Samsung’s rise was helped by launch of Galaxy S7 launched last month and price cuts for previous models such as Galaxy S6 and Note 5. Apple, which is betting big on India, lost out to Samsung despite an increase of 56% in iPhone sales during the three months to March 2016.
Tell me more: In September-December 2015, Apple’s market share in the segment was 55%, which slid to 37% in the first three months of 2016. Samsung’s market share jumped from 35% to 62% in the same time periods.