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News in numbers: India GDP growth rate slumps to 5.7% in Q1

LiveMint logoLiveMint 01-09-2017 howindialives.com

5.7%

What is it? India’s economic growth in the April-June quarter of 2017-18.

Why is it important? This is the slowest pace in three years, a likely effect of the disruption caused by the uncertainty ahead of the roll out of the goods and services tax from July 1 even as companies were struggling to get back on their feet after high-value currency notes were banned in one stroke last November. Manufacturing growth slowed down to 1.2% in the first quarter of the current fiscal from 5.3% in the previous quarter, mining activity contracted by 0.7% while construction activity, which had contracted by -3.7% in the last quarter recovered to post a growth of 2% in the June quarter.

Tell me more: The growth in government spending was 9.5% in the most recent quarter, up from 8.6% in the corresponding quarter last year. The increased government spending was reflected in another set of data put out by the Controller General of Accounts - the fiscal deficit, the difference between the government’s expenditure and earnings, reached 92.4% of the full-year target between April-July this year.

24

What is it? The number of people that died after an old building in Mumbai collapsed on Thursday. As many as 34 including four firemen have been injured and several others are feared trapped.

Why is it important? This is one of the 791 buildings that had been declared as dangerous by the city’s municipal corporation. The 117-year-old, five-storied building was declared unsafe six years ago. The state government had given the final notice for the building’s demolition in May 2016 but some of the families had refused to vacate. Of the nearly 800 dangerous buildings, 500 are reportedly still occupied, highlighting the need for stricter implementation of rules to get people to evacuate such buildings.

Tell me more: This is the second collapse of a building in Mumbai in a little over a month. A four-storey building in late July collapsed killing 17 people.

14,000

What is it? The number of properties with a value of over Rs1 crore each where the concerned people have not filed their Income Tax returns, according to the government

Why is it important? These suspicious transactions, which have come to the fore after the demonetisation exercise, are being investigated as part of the Operation Clean Money drive that aims to create a tax-compliant society. In addition, the Income Tax department is investigating cash deposits of around Rs 2.89 lakh crore made by 9.72 lakh people in 13.33 lakh accounts. This comes a day after the Reserve Bank of India released its annual report, which said that nearly 99% of the banned currency notes had been returned to the banking system, sparking criticism from some quarters about the usefulness of the demonetisation move.

Tell me more: The government, which maintains that the demonetisation move was also to widen the tax base, said the total returns including paper and electronic filed during 2016-17 was 17.3% higher than those filed in the previous year and that 1.26 crore new taxpayers were added for 2016-17.

39

What is it? The number of consecutive successful launches by India’s Polar Satellite Launch Vehicle (PSLV) before the latest one failed to put a navigation satellite into orbit.

Why is it important? PSLV was being positioned as a cost-effective option to put satellites weighing up to 1,500 kg in the polar orbit, used for navigation purposes. PSLV was positioned in the global market to carry satellites to the polar orbit, and the yesterday’s failure will dent reliability quotient for the PSLV.

Tell me more: Yesterday’s launch carried IRNSS H1, a backup navigation satellite, that was co-built by Indian Space Research Organisation (ISRO) and a consortium of private companies for the first time. The failure was due to heat shield failing to open and release the satellite, forming part of the rocket built by ISRO and not related to work done by the private consortium.

9,203

What is it? The number of new patients detected with tuberculosis (TB) as part of second round of TB detection drive under the government’s revised National Tuberculosis Control Programme.

Why is it important? The World Health Organisation (WHO) estimates that one million TB patients might be out of government scrutiny in India, and providing treatment to all infected people is a prerequisite to eradicate TB by 2025. Increasing number of drug resistant TB cases are being detected, and this increase mortality rate and cost of treatment.

Tell me more: In 2015, 1.7 million TB cases were notified and 480,000 people died because of TB in India.

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