You are using an older browser version. Please use a supported version for the best MSN experience.

News in Numbers: Finance ministry deregisters 209,000 dormant companies

LiveMint logoLiveMint 06-09-2017 howindialives.com

47.5

What is it? Nikkei’s Services Purchasing Managers’ Index (PMI) in August. It is a composite indicator of India’s services based on a survey by Markit, a financial information and services company.

Why is it important? This is the second consecutive month of contraction—a likely impact of the goods and services tax introduced from 1 July, even though it’s a slight improvement from 45.9 in July. The 50-line mark separates growth and contraction. New business also decreased for the second straight month in August though at a slower rate than recorded last month, which was mirrored by employment indicators as well.

Tell me more: In contrast, the Nikkei India Manufacturing PMI increased to 51.2 from a 101-month low of 47.9 in July. Overall, its composite PMI output index increased to 49 in August from July’s 100-month low of 46.

209,000

What is it? The number of dormant companies that have been de-registered by the finance ministry. Their directors (now ex-directors) cannot access their company bank accounts.

Why is it important? This is a part of the government’s drive to curb black money. Some of these companies may have been involved in money laundering. Most of them have either failed to submit the regulatory filings or have gone dormant, clogging the regulatory system.

Tell me more: In 2016-17, finance ministry launched investigations on around 30,000 companies and their directors, from 1,150 collectively in the previous three years.

Rs64,400 crore

What is it? The amount raised by Indian companies and financial institutions through equities in 2017 so far.

Why is it important? It’s up 38% from Rs46,733 crore in the whole of last year, and reflects the bullish stock market. Sensex and Nifty, top two stock market indices, are up 19% this year. Close to half of the funds raised this year were through qualified institutional placements (QIPs), a route that allows companies to raise funds in the markets without having to submit pre-issue filings to market regulator Securities and Exchange Board of India (Sebi). Banks accounted for 84% of the QIPs.

Tell me more: Indian government, which raised Rs9,193 crore through a share sale in power utility NTPC, hopes to mop up another Rs2,500 crore from selling 15% stake in NLC India.

Rs50 crore

What is it? The amount joint secretaries in the home ministry can sanction for infrastructure projects.

Why is it important? This is aimed at increasing efficiency, reducing delay in task execution and enabling quick decisions. Earlier, only bureaucrats in the ranks of additional secretary and above had this financial power. There are 21 joint secretaries in the home ministry, while only seven in the ranks of additional secretary and above.

Tell me more: They can now sanction this amount for infrastructure works under approved schemes and purchase land through state governments. In addition, they can now submit files relating to promotions, vigilance and disciplinary proceedings with respect to Group B and Group C employees directly to the home minister.

1

What is it? The number of Indian higher educational institutions among the top 300 in the World University Rankings 2018.

Why is it important? That was Indian Institute of Science (IISc) in Bengaluru, which figured in the 251-300 ranking group, slipping from 201-250 group in Times Higher Education’s previous edition. IISc’s slip was due to its research influence score and research income. Indian institutions scored poorly in terms of international outlook, which is a measure of how successful they are in attracting foreign students and staff. India plans to set up 20 world-class institutions to promote research and innovation and this is likely to help the country’s institutes to improve on internationalisation.

Tell me more: Among the Indian universities, the IISc was followed by the Indian Institute of Technology, Bombay in the 351-400 ranking group and the Indian Institute of Technology, Delhi in the 501-600 group.

howindialives.com is a search engine for public data

More From LiveMint

image beaconimage beaconimage beacon