BackNews in Numbers | Gillette plans to cut prices of some of its razor products by 20%
In other news, the Uttar Pradesh government waived Rs36,359 crore farm loans
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Rs36,359 crore
What is it? The value of farm loans waived in Uttar Pradesh.
Why is it important? The waiver would be 10.6% of UP’s revised estimates of revenue. The new Bharatiya Janata Party (BJP) government, coming through with one of its major election promises, waived loans for roughly 21.5 million small and marginal farmers (or 92.5% of UP’s farmers) in the state.
Tell me more: The state government, which decided the waiver at its first cabinet meeting, will raise Kisan Rahat (farmers’ relief) Bonds to raise money for the waiver, and propose it in its upcoming budget. Loans up to Rs1 lakh will be waived and will include non-performing assets (NPAs) and crop loans, both applicable for 2016-17.
$100 million
What is it? The amount each of Snapdeal’s two large investors—Kalaari Capital and Nexus Venture Partners—and its founders have asked of SoftBank Group, the third large investor.
Why is it important? The money is to facilitate their exit so SoftBank can go on to sell the homegrown e-commerce company, whose parent company is Jasper Infotech Pvt. Ltd. The decision was reportedly reached at the latter’s board meeting. While Kalaari and Nexus want compensation for their stake, after resisting a sale earlier for fear of devaluation, the two founders—Kunal Bahl and Rohit Bansal—want the payout for them and their management team.
Tell me more: The reports of crisis at Snapdeal have emerged due to lack of cash for the business, though the company, in another report, clarifies that it is seeking to raise $100 million from existing and new investors. In February 2016, Snapdeal was last funded and valued at $6.5 billion. A sale would not realise as much, according to observers.
Rs17.10 trillion
What is it? The provisional estimate of tax collected by the Union government in FY17.
Why is it important? The sum is 18% more than what was collected in FY16. It is also more than the last revised estimate of tax collection at Rs16.97 trillion. Indirect taxes, growing at 22% at Rs8.63 trillion, propelled collections. Starting from 1 July, the goods and services tax will further mobilise an expected rise in indirect taxes. Corporate tax collections went up 13.1% personal income tax collections went up by 18.4%—even though adjusting for refunds would bring their growth down. Tax refunds went up by 32.6% to Rs1.62 trillion in 2016-17.
Tell me more: Direct taxes were more than indirect taxes in absolute terms at Rs8.47 trillion, but grew at 14.2%.
20%
What is it? The percentage by which Gillette plans to cut prices of some of its razor products.
Why is it important? It’s an impact of its shrinking market share even as the Procter & Gamble-owned brand fights competition from new companies such as Dollar Shave Club (now a part of Unilever) and Harry’s. From more than 70% in 2010, Gillette’s market share in men’s razors business fell to 54% in 2016.
Tell me more: Gillette, besides cutting the prices by up to 20%, will also focus on cheaper products. Traditionally, it had charged high prices by adding more (but mostly useless) features/blades, drawing criticism that it’s ripping off customers.
242,938
What is it? The number of children reported missing in India in the last five years.
Why is it important? Of this, only 170,173 children, or about 70%, were found. In Delhi, this ratio was dramatically worse—only 36% of missing children could be traced. Human trafficking in general rose by about 25% in 2016, most victims being women and children. In case of child trafficking, besides kidnapping, abduction, illegal adoption, there are also cases of runaway children and dislocation during natural calamities.
Tell me more: Government programmes to tackle this issue include Integrated Child Protection Scheme and a national tracking system for missing children. It is also getting children in orphanages and childcare enrolled for Aadhaar, India’s biometric identification programme, to help fight against illegal adoptions and child trafficking.
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