News in Numbers, Feb 17, 2017: TN gets a new CM, 🇪🇰🇵

124

What is it? The number of legislators claimed to be backing Edappadi K Palanisamy, the newly sworn in chief minister of Tamil Nadu

Why is it important? Palanisamy is expected to seek vote of confidence in the assembly on Saturday. Palanisamy’s elevation as chief minister comes after the Supreme Court upheld VK Sasikala’s conviction, which will keep her behind the bars for more than three and a half years and prevent her from contesting elections for another six. Palanisamy has mostly kept the ministerial positions unchanged.

Tell me more: Palanisamy, 63, is the 13th chief minister of the state, and the third in the last six months. He has been representing Salem district’s Edapadi constituency and was the  minister for highways & minor ports under J Jayalalithaa and O Panneerselvam.

14

What is it? The number of seats on Saras, the indigenous aircraft made by National Aerospace Laboratories.

Why is it important? This would be India’s first indigenous passenger aircraft. The twin-turboprop plane, 30 years in the making, could ease efforts to activate remote air-routes in the country. However, India’s home-made aircrafts have not gotten off to a flying start. The combat aircraft, Tejas, produced by Hindustan Aeronautics, proved too heavy for the Navy’s requirements, though the Indian Air Force (IAF) has adopted it. Saras would have to overcome its own grim past that includes the crash of the second prototype’s test flight in 2009, killing all three on-board. It is currently being tested.

Tell me more: The IAF has committed to buying Saras as well, and will have to test it before sale to commercial airlines.

15

What is it? The new entrants in the oil and gas sector that won bids in the government auction after the last one in 2010.

Why is it important? The small debutants won around 16 contract areas, or 52% of total number of blocks (31) that were awarded. Their entry will boost local oil and gas production as these blocks were lying untapped earlier. Larger players, some of whom stayed away from the auctions, concentrated elsewhere from these blocks for reasons such as these being isolated, small in size, having high development costs etc. But their development is needed if Narendra Modi’s plan to reduce oil imports by 10% by 2022 is to be realised, as these blocks would increase oil output by 15,000 barrels a day and gas production by 2 million standard cubic metre a day. A total reserve of 62 million tonne of oil and oil equivalent gas is expected to be monetised from the auctioned areas.

Tell me more: The gross revenue is estimated at Rs 46,400 crore including Rs 5,000 crore in royalty and Rs 9,300 crore in central government revenue.

$19.5-22.3 billion

What is it? Snap Inc., owner of photo-messaging app, Snapchat’s reported valuation.

Why is it important? The parent of one of the fastest-growing and widely-popular mobile applications was expected to value its IPO (initial public offering) at $20-25 billion. But it is being said the unprofitable company revised it downwards on initial investor feedback as its daily average user (DAU) growth slowed to 46% in Q4, 2016. The world of listed social media companies is already seeing two outcomes playing out: Facebook which has managed to make profits on its social media platform and Twitter which is still trying to. With Snapchat’s growth in new users, mainly comprising short-on-attention millennials, slowing, its business model could be under a cloud.

Tell me more: By valuing its shares at $14-16, Snap Inc. wants to ensure enough demand for its stock to trade up on its debut. Snapchat has a learning curve which could deter new users and keep non-users from turning to it.

0.4%

What is it? The ceiling on merchant discount rate (MDR) for small merchants using a physical point of sale terminal for card transactions, as proposed by Reserve Bank of India. MDR is the rate charged to a merchant by a bank for card / digital transactions. For digital transactions the proposed ceiling is 0.3%.

Why is it important? MDR has been a point of contention in India ever since the government announced demonetisation and sought to push digital transactions by cutting MDR to zero for transactions up to Rs 2000 till 31 March 2017.  MDR’s slabs are usually based on ticket size. RBI has proposed to the banks to consider the turnover of merchants too, and charge the small merchants (with turnover of less than Rs 20 lakh, for example) lower rate.

Tell me more: Reserve Bank has also proposed that banks charge lower rate for transactions that don’t involve physical point of sale terminals that are usually supplied by the banks.

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News in numbers, Jan 4, 2016: Pathankot terror attack, revenue from excise duty hikes…

 

Rs 10,000 crore

What is it? Additional revenue Indian government expects to earn in 2015-16 from hikes in excise duty on petrol and diesel.

 

Why is it important? It will partially help in covering for the shortfall in revenue from disinvestments in public sector units (PSUs) and direct tax collections. The government had aimed to raise Rs 69,500 crore from selling shares in PSUs but managed to mop up just over 18% or Rs 12,700 crore so far. Between April and November 2015, the direct tax collections was less than half (46.26%) of the budgeted target of Rs 7.97 lakh crore in 2015-16.

 

Tell me more: The government on Saturday increased excise duty on petrol by Rs 0.37 per litre and by Rs 2 per litre on diesel. This is the third hike in 2015-16 and since November 2014, the seventh. The three excise duty hikes translate to a total increase of Rs 2.27 per litre on petrol and Rs 3.47 a litre on diesel.

 

2-1

 

What is it? India’s score in the 11th edition of the South Asian Football Federation (SAFF) Championship. India beat defending champion Afghanistan on Sunday.

 

Why is it important? With this win, India has lifted the SAFF cup for the seventh time. This is also likely to have an impact on India’s position in the Fédération Internationale de Football Association (FIFA) rankings to be released on January 7. From 121 in 2001, India’s ranking has slid to 166 currently, reaching a low of 171 in 2014 since the start of the new millennium.

 

Tell me more: India had lost to Afghanistan 0-2 in the final match of the 2013 edition.

 

$522 billion

 

What is it? Estimated global oil and gas investments in 2016, according to Oslo-based consultancy Rystad Energy.

 

Why is it important? If this happens, it would be the lowest in six years. In 2015, global investments in this sector had seen a 22% fall to $595 billion. This would also be the first time that there may be a decline in investments for two straight years since the 1986 oil crash, according to Bjoernar Tonhaugen, vice president of oil and gas markets at Rystad Energy . One of the major fallouts of this is the loss of jobs. In November last year, the number of job losses in oil and gas companies had crossed the 250,000 mark worldwide, according to industry consultant, Graves & Co.

 

Tell me more: Crude oil prices fell 35% in 2015 and are expected to decline even further in 2016. A combination of factors — global glut, suppliers refusing to cut down on production and engaging in price war to attract customers — are responsible for the rapid decline in oil prices.

 

7

 

What is it? Number of military personnel killed in a terrorist attack on Pathankot air base situated in Punjab, about 30 km from the Pakistan border. As many as 20 have been wounded.

 

Why is it important? Raises questions about security lapses and how the terrorists managed to enter the air base undetected. This is the second attack on Punjab after the Gurdaspur district attack in July 2015 that killed 10 people including the Gurdaspur Superintendent of Police. In the latest terror attack, militants disguised as soldiers, stormed the base a week after Prime Minister Narendra Modi paid an impromptu visit to his Pakistan counterpart Nawaz Sharif. Four terrorists have been reportedly killed and two more are said to be holed up at the base.

 

Tell me more: The government claimed the operation successful on Saturday but fresh attacks on Sunday, it said the operation was not over yet.

 

160 million

 

What is it? Number of one rupee notes issued in 2014-15 and 2015-16 so far by the government.

 

Why is it important? The cost of printing a one rupee note at Rs 1.14, exceeds its value – and the life of a paper note is 9 to 10 months. It’s a reason why currencies of lower denominations tend to be in coins. The government had stopped issuing one rupee notes between 1995-96 and 2013-14.

 

Tell me more: In 2014-15, a total of five million notes of one rupee denomination and in the current fiscal year, 155 million notes were introduced in the market.

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