News in Numbers | SBI writes off Rs7,016 crore in loans by 63 wilful defaulters: report
In other news, India’s IT service industry is expected to grow by 8-10% in 2016-17, according to industry body Nasscom
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What is it? The number of hours within which search engines run by firms including Google, Yahoo and Microsoft have to bring down information or advertisements related to pre-natal sex determination once they are brought to their attention, according to an order by the Supreme Court.
Why is it important? The apex court directed the government to set up a nodal agency to monitor and act on public information received on ads promoting sex determination techniques or kits on the internet. Pre-natal sex determination is illegal in India, though this direction could raise questions such as the role of search engines and if it is possible to screen and remove all information related to a particular topic. However, this is an interim arrangement and would continue until the top court takes a final decision on the issue.
Tell me more: As per the Census 2011 data, India’s population ratio was 943 females for every 1,000 males, up from 933 females per 1,000 males in 2001. However, the decline in child sex ratio (number of girls per 1,000 boys) to 918 in 2011 from 927 in 2001 is a cause for concern. This is the lowest since 1961.
What is it? The amount of loans written off by the State Bank of India owed to it by 63 wilful defaulters, according to a report published in Daily News & Analysis.
Why is it important? This includes the amount owed by the now defunct Kingfisher Airlines, whose founder Vijay Mallya slipped away to London in March even as lenders and investigating authorities are chasing him for non-repayment of his companies’ dues and alleged financial irregularities. Some of the opposition parties including the Congress, the Aam Aadmi Party and CPI (Marxist) used this point to attack the government, which has been facing flak from them over its demonetisation move. SBI and the government clarified that these loans had only been written off and not waived off, and that efforts are on for their recovery.
Tell me more: The opposition has been attacking the government for the withdrawal of the old currency notes in Rs500 and Rs1,000 denominations terming it “anti-poor” and alleged that it has inconvenienced the common man.
What is it? The expected growth of India’s IT services industry in 2016-17, according to industry body Nasscom.
Why is it important? This is lower than the 10-12% (in constant currency terms) growth rate it had projected in February. This is the second time that Nasscom has predicted a single-digit growth for the industry in the last 10 years after it reported its lowest growth of 5% in 2009-10 due to the 2008 global financial crisis. The growth rates have been revised downwards following Donald Trump’s win in the US elections (he was quite vocal about his anti-immigration stance and putting restrictions on foreign companies that took away US jobs) and UK’s exit from the European Union.
Tell me more: Indian IT firms have been struggling to grow in the last few quarters with some of their results falling below the market expectations and a couple of them downgrading their own guidance. Indian IT exports are expected to be in the range of $116-118 billion, down from the earlier projection of $119-121 billion.
What is it? The estimated number of Indians who suffer from high blood pressure, according to a study published in the medical journal Lancet.
Why is it important? This is 17.6% of the total number of people suffering from high blood pressure globally (1.13 billion in 2015), which has doubled from 594 million in 1975. Raised blood pressure or hypertension is the leading global risk factor for kidney disease and cardiovascular disease (leads to strokes and heart attacks and causes an estimated 7.5 million deaths globally). The highest worldwide blood pressure levels have shifted from high-income countries to the poorer ones (mainly in South Asia and sub-Saharan Africa) in the last four decades.
Tell me more: The analysis is based on 1,479 studies that measured blood pressure in 19.1 million individuals aged 18 years and above. Over two out of every 10 people with hypertension are in South or East Asia.
What is it? The total compensation in basis points (as a percentage of company net sales) paid to top executives (managing directors and chief executive officers) at the most indebted firms among 313 BSE 500 companies. A basis point is one-hundredth of a percentage point.
Why is it important? This is much lower than the 5.06 basis points paid to the top executives of the overall sample of 313 firms in the same year. Also, the growth in compensation to the people at the helm of the most indebted companies has been slower than that recorded for the total sample in the last four years. Interestingly, the salaries of the promoters leading the most indebted firms grew at a faster rate than those headed by non-promoter professionals, while the growth of the overall top executive compensation at the most indebted firms was higher than the overall employee compensation in these firms.
Tell me more: The analysis, which excluded banks and other financial firms, divided the 313 companies into four quartiles based on their level of indebtedness. The total compensation includes salary, sitting fee, commission and any other payment, excluding earnings from exercise of stock options.
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