News in Numbers: 1 lakh villages with 10,000 population to get two PoS each
In other news, demonetisation slows passenger vehicle sales in November to 240,979
240,979
What is it? Passenger vehicle sales (includes cars, utility vehicles and vans) in November.
Why is it important? This is an increase of just 1.8% over passenger vehicles sales in the same month a year ago, recording the lowest pace since February. Industry lobby group Society of Indian Automobile Manufacturers has attributed the “temporary disruption" in November sales to the government’s demonetisation move that saw the withdrawal of about 86% cash in circulation a month ago. Vehicle sales across categories decreased by 5.48% to 1,563,665 units last month, the steepest decline in 43 months when total sales had seen a decline of 7.75% in March 2013.
Tell me more: Sales of medium and commercial vehicles, light commercial vehicles, three-wheelers, motorcycles and scooters declined 13.13%, 10.59%, 26%, 10.21% and 1.85%, respectively.
1 lakh
What is it? The number of villages with a population of up to 10,000 that would each be provided with two point-of-sale (PoS) machines.
Why is it important? This is one of the steps announced by the Indian government on Thursday to promote digital transactions even as it tries to cash in on the momentum gained on people opting for cashless methods of payments. A month after Prime Minister Narendra Modi made the sudden announcement of banning high-value currency notes, the slew of measures introduced raises questions on whether the narrative of the demonetisation move is shifting from fighting against black money to encouraging people to go cashless.
Tell me more: Some of the other incentives introduced include a 0.75% discount on petrol and diesel purchases using electronic means, a 0.5% discount on monthly or seasonal tickets bought in suburban railway networks using non-cash methods, an additional accidental insurance cover of Rs10 lakh for railway tickets bought online and discounts of 8% and 10% for purchase of life and non-life insurance policies online, respectively.
10%
What is it? The import duty on wheat scrapped with immediate effect by the Indian government on Thursday.
Why is it important? This raises concerns about the wheat output (sowing for which is ongoing) in 2016-17 amid the India Meteorological Department predicting a warmer winter this year. It also raises questions about the farm ministry’s August estimates of 2016 wheat output at 93.5 million tonnes, up from 86.53 million tonnes last year. Wheat prices were seen rising last month even as wheat stocks with the Food Corporation of India at 18.84 million tonnes as of 1 November hit a nine-year low.
Tell me more: Some traders have predicted that India might end up importing 5 million tonnes by the end of the current fiscal, the highest since 6.7 million tonnes were purchased in 2006-07.
250 km
What is it? The minimum distance (from the earth’s surface) at which hot hydrogen atoms exist (in the thermosphere region), according to a research.
Why is it important? The hot hydrogen atoms were earlier theorized to exist at very high altitudes—above several thousand miles but the latest discovery changes the understanding of the distribution of hydrogen and its interaction with the other constituents in the atmosphere. Hydrogen atoms are said to be extremely important in the physics governing the earth’s atmosphere and they act as a shield for satellites in low-earth orbit from the harsh space environment. This also indicates that atmospheric models are missing some key physics and could affect various studies such as the thermal structure of the upper atmosphere and atmospheric escape.
Tell me more: The hydrogen atoms are very light and can easily overcome the earth’s gravitational force and escape into inter-planetary space and this is one reason why Mars has lost the majority of its water.
Rs325 crore
What is it? The amount raised by Paytm founder Vijay Shekhar Sharma, when he sold 1% of this equity stake in One97 Communications, the holding company that runs Paytm.
Why is it important? This values One97 Communications at $ 4.7 billion. Valuation has more than doubled in less than two years. In January 2015, it was reported that Chinese e-commerce firm Alibaba invested $575 million valuing One97 Communications at around $ 2 billion.
Tell me more: The government’s decision to scrap old Rs500 and Rs1,000 notes and replace them with new Rs500 and Rs2,000 notes has helped Paytm to grow fast in the last one month. Paytm is expecting to do 2 billion transactions, much higher than the company’s internal projections.
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