What is it? India’s retail inflation in July 2017, as compared to 1.46% a month ago.
Why is it important? The hardening of retail inflation could lead the Reserve Bank of India (RBI) to not reduce key interest rates further to boost the Indian economy. The central bank has an inflation target of 4%. Higher housing allowance to government employees as part of the seventh pay commission, and hike in fuel prices have contributed to increase in retail inflation.
Tell me more: Meanwhile, wholesale price inflation too increased to 1.88% in July, as compared to 0.9% in June because of food inflation.
What is it? The reserve price set by the official liquidator of the Bombay high court to sell Sahara Group’s Aamby Valley City near Pune.
Why is it important? This will be the largest auction of a real estate property in India, as it consists of 6,761 acres of the hill city township and two land parcels measuring over 1,700 acres. Sahara Group claims it will be able to deposit Rs1,500 crore before the next hearing in the Supreme Court in first week of September. If this happens, the apex court can stop the auction process.
Tell me more: Sahara group lost a court battle with the Securities and Exchange Board of India (Sebi), with the Supreme Court asking the group to return deposits (in excess of Rs20,000 crore) collected from public. Sebi had limited success in returning money to investors, as they are not able to trace many of them.
What is it? The quantum of bad loans in the books of state-run IDBI Bank as on June.
Why is it important? This represents 84% increase from June last year. Now, Re1 in every Rs4 lent by the bank has turned bad. The former institutional financial institution has exposure in 11 out of 12 companies identified by the central bank for insolvency proceedings. Bad loans from these 11 accounts alone account for Rs19,000 crore.
Tell me more: Capital adequacy at the bank would have deteriorated, but for infusion of Rs1,861 crore from the government and Rs394 crore from Life Insurance Corp. of India, a state-owned life insurance firm.
What is it? India’s merchandise export growth in July this year.
Why is it important? Exports grew at the slowest pace in eight months, indicating poor global demand. With domestic investment in slow growth because of bad loans, India’s economic growth will largely depend on consumption, which accounts for nearly 60% of India’s GDP.
Tell me more: If India has to capture 5% of global trade in the next five years, exports have to grow at 25.6% annually.
What is it? The number of All India Anna Dravida Munnetra Kazhagam (AIADMK) state legislators who attended a public meeting convened by T.T.V. Dhinakaran, nephew of Sasikala, in Madurai.
Why is it important? Dhinakaran has shown that he has enough legislators to influence the fate of the AIADMK government in Tamil Nadu. AIADMK has 134 members in the state assembly of 235 seats. These 23 legislators are enough to bring down the state government.
Tell me more: The two factions of AIADMK—one led by current chief minister Edappadi Palaniswami and another by former CM O. Panneerselvam—have initiated talks to merge. The two groups wanted to sideline Dhinakaran and take control of the two leaves symbol, which is frozen by the Election Commission because of the dispute.
howindialives.com is a search engine for public data