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Data recap: Rupee at 80, monsoon session

While the rupee depreciated 6.6% between 18 February and 19 July, the euro, the yen, and the won saw much bigger slides (Photo: Shutterstock)Premium
While the rupee depreciated 6.6% between 18 February and 19 July, the euro, the yen, and the won saw much bigger slides (Photo: Shutterstock)

The rupee fell below the psychologically critical barrier of 80 against the dollar this week. The government plans to introduce 24 bills in the ongoing Monsoon Session. Meanwhile, Draupadi Murmu became the second Odisha-born president in the country

Every week, Plain Facts publishes a compilation of data-based insights—complete with easy-to-read visual charts—to help you delve deeper into the stories reported by Mint. The rupee fell below the psychologically critical barrier of 80 against the dollar this week. The government plans to introduce 24 bills in the ongoing Monsoon Session. Meanwhile, Draupadi Murmu became the second Odisha-born president in the country.

Rupee’s slide

The rupee’s fall below the psychologically critical mark of 80 against the dollar for the first time in the spot market on Tuesday morning raised worries over its impact on the economy. But the Indian currency is not the biggest loser. While the rupee depreciated 6.6% between 18 February and 19 July, the euro, the yen, and the won saw much bigger slides. Currencies of emerging market competitors China and Brazil also weakened by 6.3% and 5.5%, respectively.

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‘Stranger’ succour

The decline in Netflix’s subscriber count has hit the headlines for two quarters now, as the company loses its pandemic-pushed appeal. The company lost nearly 200,000 subscribers in January-March, and nearly a million in April-June. The silver lining, though, is that the latest drop was half of the 2 million that the company itself had feared. Reed Hastings, the company’s chief executive officer, hinted that hit show Stranger Things, in its fourth season, may have saved the day.

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Recovering loans

8.6 trillion: THAT’S THE amount of bad loans Indian banks have recovered in the past eight financial years. The government gave the data in response to a Parliament question this week, and attributed the recovery to several steps taken by it and the Reserve Bank of India, including reforms such as the Insolvency and Bankruptcy Code (IBC). Under the IBC, resolution plans for 480 cases were approved up to March 2022, with 2.3 trillion realizable by financial creditors.

Remittances ranking

For years, Kerala was the top receiver of remittances from abroad. But that changed in 2020-21, the first pandemic year, with Maharashtra getting thrice as much as Kerala. Survey data from RBI showed Maharashtra’s share in remittances received by India more than doubled to 35.2% between 2016-17 and 2020-21, while those received by Kerala declined from 19% to 10.2%. Tamil Nadu, Delhi, and Karnataka were also among the top five states in remittance inflows.

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Smartphone shipments

Total smartphone shipments in India grew 12% year-on-year in the June quarter. However, China’s Xiaomi saw a massive decline of 26%, data from market research firm Canalys showed. Shipments from Samsung grew 23%, Realme 22%, and Oppo 26%. Shipments by others, which included several smaller companies, posted an impressive rise of 73%. However, despite the decline, Xiaomi continued to be the leader, with 19% market share during the quarter.

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Making laws

24: That’s the number of bills the government plans to introduce in the ongoing monsoon session of Parliament. Some bills seek to reform the IBC, the Competition Act, mining regulations, and the special economic zones regime. The proposed amendments to the IBC seek to facilitate more effective resolution of businesses with assets and liabilities across different countries, enabling overseas lenders of Indian businesses to participate in the resolution process.

Windfall relief?

As crude oil prices eased, the government announced cuts in windfall taxes and exports levy, offering relief to top exporters such as Reliance Industries and Oil and Natural Gas Corp. The cuts were announced less than three weeks after they were imposed. Tax on domestically produced crude was cut by 27% to 17,000 a tonne, while the export levy of 6 per litre on petrol was scrapped. The levy on diesel and aviation fuel shipments was also cut by 3 per litre and 2 per litre, respectively.

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Chart of the week: State ties

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With legislators across the country electing Draupadi Murmu as the 15th President of India, Odisha has now given the country two presidents. The first president to hail from the state was V.V. Giri. Tamil Nadu still leads the way with three presidents born in the state.

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