News in Numbers: Xiaomi suppliers may ring in 50,000 jobs if they invest in India
In other news, the Supreme Court pulled up the Centre for not drawing up the scheme to implement its February judgment on the distribution of Cauvery river water
What is it? The number of weeks within which the Central government was to set up the Cauvery water management board and monitoring authority, following the Supreme Court’s 16 February judgment.
Why is it important? The top court on Monday pulled up the Centre for not drawing up the scheme to implement its February judgment on the distribution of Cauvery river water among Tamil Nadu, Karnataka, Kerala and Puducherry. This was in response to a contempt petition filed by the Tamil Nadu government, which has accused the Centre of doing little to follow the court’s orders. The Centre is expected to file the Cauvery management scheme by 3 May.
Tell me more: Both Tamil Nadu and Karnataka has witnessed protests in recent days and the Centre has been accused of acting in favour of the latter, where state elections will be held next month.
What is it? ICICI Bank’s core capitalisation in December 2017, among the highest in the banking sector, according to Fitch Ratings.
Why is it important? Fitch says though the bank’s core capitalisation and profitability are strong enough for a favourable rating, the recent allegations against the bank involving its chief Chanda Kochhar, her husband’s firms and the Videocon Group could pose reputational risks. It is the first rating agency to express doubts about the accusations of nepotism against ICICI Bank, India’s second largest private lender.
Tell me more: The board of the bank is reportedly divided over whether Kochhar should be asked to step down even as federal authorities are probing the case. The government changed its nominee on the bank’s board on Monday, which it termed as ‘routine’.
What is it? The total investment India could get if Xiaomi convinces its 50 global suppliers to set shop in India.
Why is it important? This could provide a major fillip to Prime Minister Narendra Modi’s ‘Make in India’ programme. Finnish company HMD Global, which manufactures the Nokia brand of phones, is also making efforts to manufacture its components in India. The Indian government recently imposed a 10% duty on the import of components such as populated printed circuit boards.
Tell me more: Xiaomi recently dethroned Samsung to become the top smarthphone brand in the country. If Xiaomi’s suppliers set up base in the country, they could together create 50,000 jobs.
Why is it important? The mixed team event in badminton was introduced in the Commonwealth Games in 1998, but India never managed to go all the way. Emphatic singles wins by Kidambi Srikanth and Saina Nehwal scripted yesterday’s win.
Tell me more: At the end of Day 5, India stood third in the medals tally, with a total of 19 medals, including 10 golds. Australia led with 39 golds, followed by England with 22 golds.
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