News in numbers: Nandan Nilekani, wife pledge to give 50% of wealth under ‘Giving Pledge’
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What is it? The price of 100 eggs in Delhi, as per data from National Egg Coordination Committee, an association of poultry farmers.
Why is it important? Egg prices have increased sharply in the last one month, with Delhi market witnessing 28% spike. Multiple reasons ranging from higher vegetable prices to winter demand increase to demonetisation and increase in input prices (maize) are cited as reasons. Egg and poultry prices fell post-demonetisation, and this prompted premature culling of birds. Post-demonetisation, price of eggs fell to Rs352 in January, and it increased to Rs382 in October this year (Delhi market).
Tell me more: Eggs account for 0.49% and 0.36% of the Consumer Price Index in rural and urban areas, respectively.
What is it? The percentage of wealth that Infosys chairman Nandan Nilekani and his wife Rohini Nilekani pledged to give away to philanthropy or charitable causes by signing “The Giving Pledge”.
Why is it important? Nilekani’s wealth is estimated at $1.7 billion, mainly derived from their stake in Infosys, co-founded by Nandan Nilekani. Half that money is a significant pledge towards philanthropy or charitable purposes. India’s income inequality is the worst since 1922 with top 1% holding 22% of income, and India has 100 billionaires out of 2,573 worldwide.
Tell me more: Apart from the Nilekanis, Azim Premji (Wipro), Kiran Mazumdar Shah (Biocon) and PNC Menon (Sobha Developers) have signed the “Giving Pledge”, which has obtained 171 pledges from 21 countries.
What is it? The additional amount claimed by the central government from the Reserve Bank of India (RBI).
Why is it important? The RBI declared a surplus of Rs30,663 crore for the year ended June 2017, as compared to Rs65,880 crore in the previous year.
Surplus declined partly due to Rs13,190 crore allocated towards “provisions”. The government is claiming this provision as surplus and wants the central bank to transfer. Under the Reserve Bank of India Act, 1934, the central bank has to transfer all the surplus to the government.
Tell me more: The central government has budgeted Rs58,000 from the RBI and is hoping to bridge the shortfall by asking for additional transfer of funds.
Rs7.5 per unit
What is it? The peak power purchase rate of the market on Friday in the Indian Energy Exchange (IEX), as compared to the average price of Rs3.74 per unit.
Why is it important? The difference between average and peak prices is an indicator of demand and supply mismatch, and this could be because of poor coal stock situation in power plants.
Tell me more: 22 power plants are classified as having critical stock (less than seven days) or supercritical stock (less than four days) on 16 November, as per data available from the Central Electricity Authority.
What is it? The number of years for which 93-year-old Robert Mugabe served as the president of Zimbabwe, before being sacked by his own party.
Why is it important? The move by the ruling party could be precursor to Mugabe resigning, but in a 20-minute television address, Mugabe did not offer to quit. Zanu-PF, the ruling party, said it would impeach Mugabe if he does not resign within 24 hours. This comes after Robert Mugabe fired Emmerson Mnangagwa as vice-president, citing disloyalty, disrespect and unreliability in the execution of duties as the reason.
Tell me more: Zimbabwean economy is struggling with large-scale unemployment with jobless rate claimed to be as high as 90%, and high inflation.
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