Indians Bite Into Swiss Cheese, Again

Rs 7,000 crore

What is it?The approximate amount parked by Indians in Swiss banks in 2017.

Why is it important?This is an increase of 50.2% from that in 2016, the first such rise after a decline for three straight years. The rate of increase of over 50% is the highest since the 56% recorded in 2004. These figures come at a time when the Indian government has been taking steps to eliminate black money, one of the key poll promises of Prime Minister Narendra Modi.

Tell me more: In 2016, Indian money in Swiss banks had fallen by 45%, the biggest-ever decline, to Rs 4,500 crore, the lowest ever since such data was first made public in 1987.


What is it? Iran’s share in India’s crude import by volumes in 2017-18.

Why is it important? India has asked refiners to prepare for a drastic reduction (or zero) in Iranian oil imports from November, indicating that India is reacting positively to the United States, which is pushing India, China and other allies to halt Iranian imports. Although India, which is the biggest buyer of Iranian oil, has said it would follow only sanctions by the United Nations, it will reportedly be forced to take action to protect its exposure to the US financial system.

Tell me more: Oil analysts have said that it is not possible for OPEC(Organization of the Petroleum Exporting Countries) producers to fully supply the market once Iranian exports are curbed.

Rs 69.09

What is it? The value of rupee against the US dollar in intraday trade on Thursday.

Why is it important? This is the lowest value of Indian rupee ever against the US dollar due to a host of factors including a stronger dollar, higher oil prices, a wider current account deficit and foreign portfolio outflows. However, this will have little impact on India’s sovereign ratings as it is among the least vulnerable nations to tightening of external financing conditions because of its low reliance on external capital flows.

Tell me more: The Indian currency has been the worst performer in Asia, weakening about 8% so far this year against the US dollar.


What is it? The number of mutual fund houses in India that have gone public so far.

Why is it important? HDFC Mutual Fund is now poised to become the second to go public, after Reliance Nippon Life AMC, which listed in November 2017; the Reliance stock is down 13%over its issue price. On Tuesday, HDFC Mutual Fund secured approval from the capital market regulator for an initial public offering.

Tell me more:With Rs 300,548 crore in assets under management as of March 2018, HDFC Mutual Fund is the second-largest mutual fund in India, after ICICI Prudential Mutual Fund.


What is it?The number of fairplay points accumulated by Japan in Group H of the 2018 world cup, against -6 for Senegal.

Why is it important?For this first time in the world cup, fairplay points were used to decide which team would advance to the knockout stage: Japan went through at the expense of Senegal. Following the final round of matches in Group H, both Japan and Senegal were tied on six parameters and were separated only by fairplay points.

Tell me more:Japan accumulated four player bookings in the three group matches, while Senegal had six. As a result, no African side qualified for the Round of 16.

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The troubling details in falling Indian export numbers

This piece originally appeared on


The headline numbers say Indian exports in May fell for the sixth consecutive month due to anaemic global demand.

A parsing of the 30 broad heads, which accounted for about 93% of the $22.34 billion of exports of Indian goods in May and for which a government agency releases “quick estimates”, shows the pain runs wide.

As many as 22 of these 30 heads, including eight of the top 10, registered lower numbers in May 2015, compared with May 2014. During this period, the Indian rupee fell 5% against the US dollar, theoretically giving Indian exporters a proportionate increase in pricing power in the global market.

Further, while petroleum leads—and dominates—the list of sectoral contributors in the $5.38 billion in export revenue that has evaporated during this period, following it are sectors of many hues: from commodities to finished goods, from areas of process advantage to labour advantage.

How the 30 main export heads fared in May 2015




Who contributed how much to the $5.38 billion decline





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News in Numbers – June 17, 2015


21-month low

At Rs 64.25 against the US dollar, the value of Indian currency closed at a 21-month low on Tuesday, as overseas investors pulled out some of their money from the Asia’s third largest economy. With exports recording a decline of 20% in May this year, the falling value of rupee may aid the exporters to increase their competitiveness. Dip in exports hasn’t widened trade deficit as imports too fell because of lower crude oil prices.


In a country with over 1.25 billion population, just 928 households own a fifth of India’s private financial wealth, according to a global wealth report by Boston Consulting Group. India ranks fourth among countries with the highest number of households with over $100 million. Asia (excluding Japan) is expected to overtake North America in terms of private financial wealth in another four years. In a stark contrast, in 2010, one out of every three extreme poor people were in India, according to the United Nation’s Millennium Development Goals Report 2014.


Indian firms are depending less on bank credit to borrow, as they are able to raise money at a cheaper cost through market loans and foreign borrowings. Three years back, bank credit accounted for nearly half of debt taken by companies. Vodafone Group Plc, the parent company of India’s second largest mobile service provider, raised Rs 7,500 crore rupee bond at 10.25% coupon rate. A part of this will be used to refinance costlier bank loans.


That’s the cut-off for Commerce students for admission in English Honours class in Delhi-based St Stephen’s College for the 2015 academic session. The equivalent cut-off for Science is 97.75% and 97.5% for Humanities. These are the highest among the subjects on offer at the college. St Stephen’s has received a record 32,100 applications this year, of which 400 would gain admission.


Coimbatore (21%) and Mumbai (19%) are the top two cities with the highest incidence of chronic constipation. Almost one out of every five people in these two cities suffer from this less-talked about problem. The findings are a part of a survey conducted by Abbott, a pharma company and Ipsos, a market research agency. Overall, about 14% of people in urban India battle this problem.


Twitter: @Howindialives

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