BackNews in Numbers | Netflix added 3.38 million paid subscribers in Q2
In other news, MakeMyTrip and Ibibo processed 34.1 million transactions in 2015-2016
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14%
What is it? Tax revenue growth rate that will be used to calculate the compensation for states for the revenue they might lose once goods and services tax (GST) comes into effect.
Why is it important? It’s a big step in the process of rolling out GST. The agreement which fell in place on the first day of the three-day GST council meeting indicates that a consensus among the states and the Centre is likely by 22 November, a target set in the first GST council meeting. While there has been an agreement on compensation for revenue loss, there are still contentious issues. For example, the Centre wants to impose a cess to compensate the states. Kerala’s finance minister opposed it saying it goes against the idea of GST
Tell me more: The council also discussed a four-tier tax structure—6, 12, 18 and 26—with essential items attracting lower tax rates and luxury items attracting higher rates.
Rs490 crore
What is it? The outlay for the National SC/ST Hub launched on Tuesday to support entrepreneurs from the community.
Why is it important? It will go towards training, providing financial support and building links to the market. It’s also an indication that the government is looking at other ways to help Dalits, adivasis and other members of the SC/ST community apart from reservations in government jobs. Even there, more than two out of five employed by the government and state-owned companies don’t have the benefits that come with a government job.
Tell me more: When the hub was first announced in the Union budget earlier this year, Dalit India Chamber of Commerce and Industry said they would work as a matchmaker between the government and businessmen. According to the Public Procurement Policy 2012, 4% of purchases by government bodies will have to be from businesses owned by SC/ST communities.
34.1 million
What is it? The number of transactions processed by MakeMyTrip and Ibibo in 2015-16.
Why is it important? MakeMyTrip said it is acquiring Ibibo in an all-stock deal valued at $720 million. The combined value of the two would be $1.8 billion, according to Morgan Stanley. With this, MakeMyTrip not only expands its share in airline ticketing, but also gets a footprint in bus ticketing (as Ibibo Group acquired RedBus in 2013).
Tell me more: Deep Kalra, who co-founded MakeMyTrip in 2000 and who will remain the chief executive officer of the entities, said MakeMyTrip, RedBus and Goibibo will retain their individual identities. They compete against Cleartrip and Yatra.
332 million
What is it? The number of new passengers per year who will opt for air travel in India by 2035, as compared to 120 million at present.
Why is it important? This will propel India to be the world’s third largest by 2026, overtaking the UK. However, the projected growth is dependent on whether countries will erect or bring down trade barriers, said the International Air Transport Association, an industry body.
Tell me more: The overall aviation market is set to nearly double by 2035 to 7.2 billion passengers, with a growth rate of 3.7%. China would have displaced the US to emerge as the number one market by then.
3.38 million
What is it? The number of paid subscribers added by Netflix in the three months ended September.
Why is it important? The addition came mainly (86%) from non-US markets where the online streaming company expanded this year. Original content seems to have helped Netflix to add more subscribers. This year Netflix will produce 600 hours of original content, and next year, it will spend $ 6 billion for creating 1,000 hours of original content. Third-party content is tough to stream worldwide as rights are distributed by countries and regions.
Tell me more: Netflix’s China plan has failed because of increased scrutiny by the Chinese authorities. Now, the US company plans to license content to existing streaming companies.
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