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News in Numbers | 9 lakh chemists down shutters to protest govt measures

LiveMint logoLiveMint 30-05-2017 howindialives.com

Rs 113 crore

What is it? The funding online marketplace Snapdeal received from existing investors, Nexus Venture Partners and its two founders, Kunal Bahl and Rohit Bansal .

Why is it important? The beleaguered homegrown e-commerce company (parent: Jasper Infotech Pvt. Ltd) is on the block and this funding round is being seen as an emergency measure. But the sale spearheaded by its largest investor, SoftBank Group Corp. to rival Flipkart is still on track, according to reports. Flipkart had made an informal offer of $1 billion.

Tell me more: In 13 rounds of funding, it has reportedly received more than $1.78 billion, with two rounds of undisclosed funds.

160

What is it? The number of applications for the appointment of GST Suvidha Providers (GSP).

Why is it important? GSPs will enable taxpayers as they migrate to the GST IT network ahead of its rollout on 1 July. Thirty-four firms had been selected in December, 2016 by the GST Network, tasked with building the technological backbone for the new tax regime. These GSPs will enable registrations, upload bills, and file e-return for taxpayers.

Tell me more: In the first round of GSP selection, TCS, EY, Deloitte Touche and Tally Solutions were among the applicants who made the cut. The GST Network will also take care of cyber threats besides user-interface.

800,000-900,000

What is it? The estimated number of chemists on strike on Tuesday to protest a host of measures by the government.

Why is it important? The day-long protest attempts to bring in focus the medical retailers’ concerns about threat from e-pharmacies, the government’s proposed e-portal to monitor and regulate stock-movements and sale, and drug retail margin fixed at 16%, which is considered being inadequate. The retailers contend the margins will be further threatened by discounts by online pharmacies.

Tell me more: A government intervention on Monday evening was rejected by the All India Organisation of Chemists and Druggists.

Rs4-5 trillion

What is it? The value of bad loans from top 50 stressed accounts.

Why is it important? This is about 80% of total bad loans in India’s state run banks - estimated to be Rs 6 trillion as of 31 December 2016. The number also lends credence to finance minister Arun Jaitley’s assertion that bad loans problem in India is mostly confined to 30-50 accounts, and hence, can be resolved.

Tell me more: Saddled with bad loans, state-owned banks have been struggling to maintain profitability and loan growth. The big borrowers, as per the list, include Videocon Industries Ltd, Jindal Group, Punj Lloyd Ltd, Jaypee Group and Bhushan Steel Ltd.

$68 million

What is it? The amount British Airways (BA) will have to pay as compensation to customers after it cancelled 800 flights at Gatwick and Heathrow airports on Saturday and Sunday.

Why is it important? Over 75,000 passengers were stranded because of the cancelled flights. The operations came to a standstill after a power outage left IT systems unusable because of unsynchronised data, according to one explanation.

Tell me more: Some blamed BA’s cost cutting and outsourcing to India for the chaos. Chief executive Alex Cruz denied the allegations.

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