News in Numbers: Vijay Mallya’s sky mansion said to cost $20 million
In other news, Flipkart is said to have raised $1billion in its latest funding round from investors, including Microsoft and Tencent
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What is it? The amount banks will have to write off if the new Uttar Pradesh government grants its election promise of farm loan waiver.
Why is it important? The hit is around 8% of UP’s revised revenue estimates of Rs3,40,255.24 crore, for FY17. Both the state and the banks with UP farmers as clients will get affected by the measure.
Tell me more: An SBI research which points out the write-off amount, says scheduled commercial banks have an outstanding farm credit of Rs86,241.20 crore. Most of the loans have been lent to small and marginal farmers.
What is it? The amount Flipkart raised in its latest funding round from investors, including Microsoft and Tencent.
Why is it important? This is the second $1 billion single round of funding for Flipkart. It coincides with a period of devaluations by Flipkart’s existing investors. Even though the latest funding is said to have valued it around $10-11 billion, it shows not all investors have lost confidence in the desi e-commerce company.
Tell me more: Flipkart is eyeing another $500-1,000 million in the near future.
What is it? The estimated value of the sky mansion, being built for Vijay Mallya in Bengaluru.
Why is it important? The cantilevered villa being constructed atop a residential tower on land that held Mallya’s ancestral home, could join the list of Mallya’s assets which have been put up for sale to help recover the dues of a consortium of banks. It is 1.4% in value (Rs131 crore, roughly) of the loan amount of Rs9,000 crore banks are seeking to recover from the fugitive businessman.
Tell me more: While it is unlikely the business baron would return to stay in the mansion, it will be a challenge to sell it as lenders have found with Mallya’s other properties repeatedly.
What is it? India’s rank in the latest World Happiness Report. The report ranked 155 countries.
Why is it important? India has slipped four spots from 118 from the previous ranking, and is behind its neighbours including Pakistan (ranked 80), Sri Lanka (ranked 120 ) and Bangladesh (ranked 110) and Nepal (ranked 99). Bhutan, which measures Gross National Happiness, the only country that does it, is ranked 97. China is ranked 79. Norway topped the list.
Tell me more: The World Happiness Report is published by the United Nations Sustainable Development Solutions Network. The first report came out in 2012. It measures happiness in six categories, explained by GDP per capita, social support, healthy life expectancy, freedom to make life choices, generosity and trust or absence of corruption.
What is it? The number of people associated with extremist organisations in Bangladesh who infiltrated into India in 2016, according to a report by Bangladesh government.
Why is it important? India is reportedly skeptical of the exact number of infiltrations, but the report highlights the increasing risk the country faces from extremist ideologies. The extremist groups mentioned in the report are Harkat-ul-Jihadi al-Islami (HuJI) and Jamaat-ul-Mujahideen Bangladesh. They entered Assam, Tripura and West Bengal, the three bordering states.
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