“Prompt Corrective Action”

15 months 

What is it? The duration of licence issued to Uber to operate in London, as compared to normal tenure of 5 years.

Why is it important? The US-based taxi app accepted to change the way it operates in London. It will now proactively report crimes to the police, allow drivers to operate only in licensed area, and an uninterrupted break of six-hours after logging 10 hours of work. Other cities could emulate this and regulate Uber.

Tell me more:Transport for London, which regulates taxis in England’s capital, declined to issue a five-year license last year. Uber claims to carry 3.6 million passengers through its network of 45,000 drivers in London.

 

75%

What is it? The percentage of accumulated balance that can be withdrawn from the Employee Provident Fund (EPF) account after one-month of unemployment.

Why is it important? At present, an EPF subscriber can withdraw the entire amount only after two months of unemployment. While doing so, the employee has to shut down the social security account. Now, one can withdraw 75% of the corpus and decide to retain the account.

Tell me more: To be eligible to receive pension, a subscriber has to keep the EPF account active continuously for 10 years. The Employees’ Provident Fund Office has 55 million subscribers with pension fund worth Rs10.5 trillion.

 

22.3%  

What is it? The projected gross non-performing advances (GNPA) of 11 state-run banks by March 2019, as compared to 21% in March 2018. These 11 banks are monitored by India’s central bank under the prompt corrective action (PCA) framework.

Why is it important? The worsening bad loan of these banks would mean they would require additional capital support from the government, and credit expansion would be constrained as these 11 banks are not allowed to grow their loan portfolio. The overall GNPA of the banking sector will increase to 12.2 per cent in March 2019, up from 11.6 per cent in March 2018.

Tell me more: PCA is triggered if capital adequacy is less than the minimum, bad loans has crossed 15% of total assets, and return on assets is less than 0.25%. Banks under PCA are put under restriction to grow their loan portfolio.

 

8

What is it? The number of medical devices, including CT scan and MRI equipments, that is likely to come under price control. Drugs Technical Advisory Board, the highest decision making body on matters related to drugs, recommended this move.

Why is it important? The recommended is likely to be converted as a notification in 21 days, and one year after that, government can control the prices of these medical devices. Price control could result in cheaper CT scan or MRI. At present, 23 medical devices are notified as drugs, but only five are under the price control.

Tell me more:Under Section 3 of the Drugs and Cosmetics Act, DTAB has powers to include medical devices as drugs and subject them to price control.

 

What is it? The number of smartphone manufacturing plants operated by Xiaomi in India.

Why is it important? The Chinese company, which has 30.3% market share in smartphone sales in India,is aiming to manufacture printed circuit board assembly (PCBA) in these six plants and meet the entire demand through domestic production. PCBA, according to Xiaomi, accounts for half the value of a smartphone.

Tell me more: Government, with an aim to boost local manufacturing, imposed 10% import duty on PCBA in April this year. Duty on imported mobile phones too were increased by 5% to 20% in the last budget.

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News in Numbers, June 6, 2016: 29 killed in Mathura violence, India & Qatar sign 7 deals…

29

What is it? The number of people who have died in the Mathura clashes so far.

Why is it important? Violence erupted in Mathura on Thursday when the police tried to evict encroachers belonging to a religious group called Azad Bharat Vidhik Vaicharik Kranti Satyagrahi from government land (Jawahar Bagh). This may become one of the key issues in Uttar Pradesh, which faces elections next year.

Tell me more: Over 3,000 people of the cult attacked around a thousand policemen with swords, guns, knives and grenades when they went on the eviction drive. The leader of the cult group, who ran a private army and had eight cases (including murder and land-grabbing) cases against him, died in the clash.

 

7

What is it? Number of bilateral agreements signed by India and Qatar on Sunday.

Why is it important? The agreements cover tourism, health, skill development, youth and sports, and investment in India’s Rs 40,000-crore National Investment and Infrastructure Fund. India has also expressed interest in joint exploration of new oil and gas fields and development of discovered assets in Qatar, which is the largest supplier of LNG (liquefied natural gas) and LPG (liquefied petroleum gas) to the country.

Tell me more: Prime Minister Narendra Modi is on a five-nation tour and he is currently in Switzerland where he is likely to seek support for India’s membership to the Nuclear Suppliers Group and also, raise the issue of black money.

 

Rs 15,800 crore

What is it? The minimum amount India would need to spend on family planning services by 2020, according to a study.

Why is it important? This is necessary if India wants to keep up its 2012 global commitment of covering 48 million new users of family planning services such as access to contraceptive methods and reproductive healthcare by 2020 while sustaining the existing 100 million users. A delay may result in high maternal and infant mortality and morbidity and poor child health due to poorly-spaced pregnancies, the study says.

Tell me more: Family planning budget allocation has decreased by 54% between 2013-14 and 2015-16 though that under the National Health Mission increased by 47% but still fell short of the required amount, as per the study by the International Institute of Health Management Research, Jaipur – commissioned by the Population Foundation of India.

 

6

What is it? Number of bulk drugs and medical devices parks Indian government is considering setting up under the public-private partnership mode. There will be three of each.

Why is it important? India is heavily reliant on imports for bulk drugs or active pharmaceutical ingredients (80%) and medical devices (65%). The setting up of such parks would help bring down the costs of production of devices and drugs by a minimum of 30% in the long-term, according to the Minister of Chemicals and Fertilizers.

Tell me more: The government is considering to provide a one-time financial support for these bulk drug parks. The six bulk drug and medical devices parks would require an investment of around Rs 60,000 crore.

 

78%

What is it? Percentage of voters in Switzerland who opposed a plan to give a monthly income of 2,500 Swiss francs ($2,555) for adults per month whether they work or not, according to projections by GFS polling outfit for Swiss broadcaster SRF.

Why is it important? Switzerland is the first country to vote on such a proposal. As technology increasingly replaces jobs, other countries including Finland are considering a similar proposal. Those who supported the proposal argued that productivity would be better if one is not obliged to work to earn money and unpaid work would be more valued. Those against (including the government) cited high costs, decrease in inclination to work and likely large-scale immigration as the reasons.

Tell me more: The government had estimated that this proposal would cost 208 billion Swiss francs and most of the current social security programmes would have made up for this though it would have had to resort to spending cuts and tax increases to make up for a gap of 25 billion Swiss francs.

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