Bad loans come in a pack of 50

Rs 113 crore

What is it? The funding online marketplace Snapdeal received from existing investors, Nexus Venture Partners and its two founders, Kunal Bahl and Rohit Bansal.

Why is it important? The beleaguered homegrown ecommerce company (parent: Jasper Infotech) is on the block and this funding round is being seen as an emergency measure. But the sale spearheaded by its largest investor, SoftBank Group to rival Flipkart is still on track, according to reports. Flipkart had made an informal offer of $1 billion.

Tell me more: In 13 rounds of funding, it has reportedly received more than $1.78 billion, with two rounds of undisclosed funds.

 

160

What is it? The number of applications for the appointment of GST Suvidha Providers (GSP).

Why is it important? GSPs will enable taxpayers as they migrate to the GST IT network ahead of its rollout on July 1. Thirty-four firms had been selected in December, 2016 by the GST Network, tasked with building the technological backbone for the new tax regime. These GSPs will enable registrations, upload  bills, and file e-return for taxpayers.

Tell me more: In the first round of GSP selection, TCS, EY, Deloitte Touche and Tally Solutions were among the applicants who made the cut. The GST Network will also take care of cyber threats besides user-interface.

 

8-9 lakh

What is it? The estimated number of chemists on strike on Tuesday to protest a host of measures by the government.

Why is it important? The day-long protest attempts to bring in focus the medical retailers’ concerns about threat from e-pharmacies, the government’s proposed e-portal to monitor and regulate stock-movements and sale, and drug retail margin fixed at 16%, which is considered being inadequate. The retailers contend the margins will be further threatened by discounts by online pharmacies.

Tell me more: A government intervention on Monday evening was rejected by the All India Organisation of Chemists and Druggists.

 

Rs 4-5 lakh crore

What is it? The value of bad loans from top 50 stressed accounts.

Why is it important? This is about 80% of total bad loans in India’s state run banks – estimated to be Rs 6 lakh crore as of 31 December 2016. The number also lends credence to Finance Minister Arun Jaitley’s assertion that bad loans problem in India is mostly confined to  30-50 accounts, and hence, can be resolved.

Tell me more: Saddled with bad loans, state owned banks have been struggling to maintain profitability and loan growth. The big borrowers, per the list, include Videocon Industries, Jindal Group, Punj Lloyd, Jaypee Group and Bhushan Steel.

 

$68 million

What is it? The amount British Airways will have to pay as compensation to customers after it cancelled 800 flights at Gatwick and Heathrow airports on Saturday and Sunday.

Why is it important? Over 75,000 passengers were stranded because of the cancelled flights. The operations came to a standstill after a power outage left IT systems unusable because of unsynchronised data, according to one explanation.

Tell me more: Some blamed BA’s cost cutting and outsourcing to India as a reason for the chaos. Chief Executive Alex Cruz denied the allegations.

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Snap-done-deal?

Rs 36,359 crore

What is it? The value of the farm loans waived in Uttar Pradesh.

Why is it important? The waiver would be 10.6% of UP’s revised estimates of revenue. The new BJP government, coming through with one of its major election promises, waived loans for roughly 21.5 million small and marginal farmers (or 92.5% of UP’s farmers) in the state.

Tell me more: The state government which decided the waiver at its first cabinet meeting, will raise Kisan Rahat (farmers’ relief) Bonds to raise money for the waiver, and propose it in its upcoming budget. Loans upto Rs 1 lakh will be waived and will include NPAs and crop loans, both applicable for 2016-17.

 

$100 million

What is it? The amount each of Snapdeal’s two large investors — Kalaari Capital and Nexus Venture Partners — and its founders have asked of SoftBank Group, the third large investor.

Why is it important? The money is to facilitate their exit so SoftBank can go on to sell the homegrown e-commerce company, whose parent company is Jasper Infotech. The decision was reportedly reached at the latter’s board meeting. While Kalaari and Nexus wants compensation for their stake, after resisting a sale earlier for fear of devaluation, the two founders — Kunal Bahl and Rohit Bansal — want the payout for them and their management team.

Tell me more: The reports of crisis at Snapdeal have emerged due to a lack of cash for the business, though the company, in another report, clarifies that it is seeking to raise $100 million from existing and new investors. In February, 2016, Snapdeal was last funded and valued at $6.5 billion. A sale would not realise as much according to observers.

 

Rs 17.10 lakh crore

What is it? The provisional estimate of tax collected by the Union government in FY17.

Why is it important? The sum is 18% more than what was collected in FY16. It is also more than the last revised estimate of tax collection at Rs 16.97 lakh crore. Indirect taxes, growing at 22% at Rs 8.63 lakh crore, propelled collections. Starting from July 1, the goods and services tax will further mobilise an expected rise in indirect taxes. Corporate tax collections went up 13.1% personal income tax collections went up by 18.4% – even though adjusting for refunds would bring their growth down. Tax refunds went up by 32.6% to Rs 1.62 lakh crore in 2016-17.

Tell me more: Direct taxes were more than indirect taxes in absolute terms at Rs 8.47 lakh crore but grew at 14.2%.

 

20%

What is it? The percentage by which Gillette plans to cut prices of some of its razor products.

Why is it important? It’s an impact of its shrinking market share even as Procter & Gamble owned brand fights competition from new players such as Dollar Shave Club (now a part of Unilever) and Harry’s. From more than 70% in 2010, Gillette’s market share in men’s-razors business fell to 54% in 2016.

Tell me more: Gillette, besides cutting the prices by upto 20%, will also focus on cheaper products. Traditionally, it had charged high prices by adding more (but mostly useless) features/blades, drawing criticism that it’s ripping off customers.

 

242,938

What is it? Number of children reported missing in India in the last five years.

Why is it important? Of this only 1,70,173 children, or about 70%, were found. In Delhi, this ratio was dramatically worse – only 36% of missing children could be traced. Human trafficking in general rose byabout 25% in 2016, most victims being women and children. In case of child trafficking, besides kidnapping, abduction, illegal adoption, there are also cases of runaway children and dislocation during natural calamities.

Tell me more: Government programmes to tackle this issue include Integrated Child Protection Scheme and a national tracking system for missing children. It is also getting children in orphanages and childcare enrolled for Aadhaar, India’s biometric identification programme, to help fight against illegal adoptions and child trafficking.

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