News in numbers | Yahoo $4.8-billion sale deal to Verizon under cloud over data breach
In other news, India estimates 135 million tonnes Kharif foodgrain production in 2016-17, which is 9% higher than last year’s output
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Rs 47,700 crore
What is it? The equity infusion by Vodafone Group Plc into its Indian unit in the first half of the current fiscal year.
Why is it important? This is said to be the largest-ever infusion by the company in India and comes about a week ahead of the country’s biggest-ever spectrum auction. The already aggressive telecom industry is witnessing increased competition with the entrance of Reliance Jio this month where the company said it’s offering ‘free calls’ and 4G services at low rates.
Tell me more: Vodafone India is the second-largest telecom service provider in the country by revenue and customers. With a 22.5% market share in terms of revenue, the company also announced it has 200 million customers in India.
135 million tonnes
What is it? India’s estimated Kharif foodgrain production in 2016-17, 9% higher than the previous year’s production.
Why is it important? If the estimates are correct, then it would be the highest-ever Kharif harvest in the country’s history. This would be 3.7% more than the record production of 131.3 million tonnes in 2011-12. The favourable monsoon helped push this year’s estimates up boosted by Kharif pulses and rice (the latter is likely to be the highest ever) production. This is likely to cool down retail inflation and may prompt the central bank to cut interest rates.
Tell me more: Sugarcane was the only Kharif crop that suffered: its estimated production is likely to be 13% less than the previous year’s.
What is it? The addition to India’s gross domestic product (GDP) by digital finance by 2025 and create 21 million new jobs across sectors, according to a report.
Why is it important? This is the first time a report has tried to quantify the economic impact of digital finance. Around two-thirds of India’s GDP growth would be due to increased productivity of businesses and governments on the back of digital payments and a third from additional investment brought in due to financial inclusion of people and micro, small and medium-sized businesses. The rest would be due to time saved by individuals, which they can spend on work.
Tell me more: The report by McKinsey Global Institute says Indians lose over $2 billion in foregone income due to the time taken for travelling to and from a bank. Overall, digital finance is expected to boost the GDP of emerging economies by $3.7 trillion and create 95 million new jobs.
What is it? The number of outside experts that the government has named as members of Reserve Bank’s Monetary Policy Committee (MPC)
Why is it important? The MPC, with three outside members and three RBI officials, will replace a system in which RBI governor and his internal team had complete control over the monetary policy. The new system follows global standards and is one of the legacies of Raghuram Rajan, the previous governor. The committee will have its first monetary policy review meeting on 4th October.
Tell me more: The outside experts are Chetan Ghate from Indian Statistical Institute, Pami Dua from Delhi School of Economics and Ravindra Dholakia from Indian Institute of Management, Ahmedabad
What is it? The number of Yahoo accounts that were hacked in 2014
Why is it important? It’s one of the largest security breaches. This comes at a time when Yahoo is finalizing its $4.8 billion sale to Verizon— and could jeopardize the deal. Yahoo’s statement was not entirely out of blue as there were reports in August about the breach. The security breach will have a bigger impact beyond Yahoo accounts since many people use same password across services - mails, social media, banks etc.
Tell me more: Yahoo has said that the hack was carried out by a “state sponsored actor,” without revealing other details. The stolen account information names, email addresses, telephone numbers, dates of birth, hashed passwords and, in some cases, encrypted or unencrypted security questions and answers.
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