News In Numbers: September 1, 2015
The rate at which Indian economy grew in the first quarter of 2015-16, slower than the 7.5% in the previous quarter. Agriculture and manufacturing grew at a slower pace, while construction and trade, hotel, transport, communication and services related to broadcasting grew faster. Ratings agency Moody’s recently downgraded India’s GDP (gross domestic product) growth to 7%, from 7.5%, for 2015-16, Japanese brokerage Nomura has pegged the GDP growth rate at 8%. The Indian government has set a target of 8.1-8.5% for 2015-16, while the Reserve Bank of India (RBI) has estimated it at 7.6%.
Number of banks the RBI has classified under the ‘Domestic Systemically Important Banks’ category, which means these are too big to fail: State Bank of India, India’s largest state-owned bank, and ICICI Bank, the largest in the private sector. This is the first time the central bank has made such a classification, which will be an annual exercise. SBI and ICICI will have to maintain additional capital as a certain percentage of loans, though both banks say their capital base is higher than mandated. The RBI framework for such a classification will have five buckets. The higher the number, the more systemically important a bank. SBI falls in bucket three, ICICI in bucket one.
A theoretical maximum penalty India’s competition regulator can levy on Internet giant Google, based on a calculation of 10% of its average global revenues for the past three years. The Competition Commission of India has accused Google of misusing its dominant position and unfairly promoting its other services through its search engine. In response to queries raised by CCI, 30 companies, including Makemytrip, Flipkart, Nokia’s maps division and Bharat Matrimony, have submitted their views. Google has time until 10 September to respond to CCI’s findings. Google’s search engine had a market share of 97.3% in India in July.
The number of days since ex-servicemen have been agitating at Jantar Mantar in Delhi demanding the implementation of one rank, one pension (OROP) in addition to annual revision of pension. Finance minister Arun Jaitley has ruled out annual revision, saying it does not happen anywhere in the world. He, however, said the government would “safeguard the interests” of soldiers who retire early by paying them higher pensions. Three more Army veterans have joined the fast-unto-death at Jantar Mantar, taking the total number of those on hunger strike to 12. About 22 lakh retired servicemen and over six lakh war widows would be the immediate beneficiaries of this scheme, if implemented.
The number of dengue cases reported in Delhi this year, of which 93.6% were in August alone. The overall number is the highest in five years: thrice what was recorded during 1 January to 29 August between 2011 and 2014. In the same period in 2010, the number of cases was over 1,000. This year, India recorded 9,874 dengue cases until 29 July, of which Karnataka, Kerala and Tamil Nadu accounted for 62.7%. The number of dengue deaths in India stood at 25 in the same period, with Kerala accounting for 60% of the deaths.
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