SLQ

Robbing ONGC To Pay…

Rs 1,000 crore

What is it? The cash reserves of Oil and Natural Gas Corp.(ONGC) as on March 31.

Why is it important? It has declined by a massive 90% from Rs 13,000 crore a year ago, after the company was asked to buy the government’s 51.11% stake in state-refiner HPCL for Rs 36,915 crore earlier this year and a record dividend payout of Rs 8,470 crore in 2017-18. The government has been tapping state-run companies to get its fiscal deficit math right and the cash depletion of ONGC comes at a time when it has been asked to increase investments to help cut down India’s crude imports.

Tell me more:India’s biggest energy explorer ONGC, however, has a good credit rating due to the government’s backing and easy access to the domestic banking system.

16

What is it? The number of airports that are operational under the government’s ‘regional connectivity scheme’, which is almost half of the 31 airports that were targeted to be operational by the end of 2017.

Why is it important? This indicates that the scheme which aims to build new airports in small towns and upgrade existing facilities is moving at a slow pace. This could affect the government’s goal of making an additional 100 million passengers fly in the next five years. India is the world’s fastest growing aviation market and, recently, smaller towns under the scheme have started contributing to the overall passenger traffic growth.

Tell me more:Some of the reasons for the delay in the progress of the scheme include states having insufficient funds to buy basic equipment and the longer-than-anticipated duration in building air traffic control or setting up terminal buildings.

4

What is it? The number of months since news broke of jeweler Nirav Modi defrauding Punjab National Bank of Rs 12,600 in loans.

Why is it important? On Monday, an official of India’s top investigative agency said it had asked Interpol to help locate and arrest Modi. This follows a report in the Financial Times on Sunday that Modi was in the UK and seeking political asylum. Previously, there have been reports of Modi being in New York and Hong Kong.

Tell me more:If Modi is in the UK, he would be the second Indian fugitive businessman holed up in Britain after defaulting on loans worth thousands of crore to Indian banks.

6

What is it? The number of FIFA World Cup tournaments Brazil would have won, if Goldman Sachs Group’s prediction for the 2018 edition comes true.

Why is it important? The investment bank has used 200,000 statistical models, analysed data on individual players and recent team performance in addition to running 1 million simulations to come up with this prediction. However, its 2014 prediction, which had also bet on Brazil, saw the team lose in the semi-final. Danske Bank also says the winner is likely to be Brazil, while Commerzbank and Swiss Bank UBS give it to Germany.

Tell me more: Brazil is the most successful team in the history of FIFA World Cup having won the finals for a record five times, the last time being in 2002.

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