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News in Numbers: India had tax receipts of $7.8 billion in July

LiveMint logoLiveMint 19-09-2017 howindialives.com

18

What is it? The number of AIADMK MLAs disqualified by Tamil Nadu speaker P. Dhanapal from the party’s dissident faction led by T.T.V. Dhinakaran on Monday. Dhinakaran is the nephew of V.K. Sasikala, late chief minister J Jayalalithaa’s close aide.

Why is it important? This comes ahead of the Madras high court decision on a plea by DMK working president M.K. Stalin and AIADMK MLA P. Vetrivel, a loyalist of ousted party leader Dhinakaran, for a floor test of the government’s strength in the assembly. The ruling government is likely to pass the floor test if called for as it has the support of 112 MLAs in the 234-member House, not counting the 18 disqualified members. The crucial decision of the court is expected on Wednesday.

Tell me more: Nineteen MLAs, who are Dhinakaran’s loyalists, had withdrawn support to the government run by Edappadi Palanisamy. Later, one switched back to the chief minister’s camp. The rebel legislators have said that they would approach the court against the disqualification.

$4 billion

What is it? The estimated private equity (PE) investment in realty in 2017, according to international property consultant Knight Frank.

Why is it important? This would be the highest since 2010 and includes DLF’s recent stake sale to an affiliate of Singapore’s sovereign wealth fund GIC for around Rs13,000 crore. The report attributes the revival in PE investments, which was almost at a standstill between 2011 and 2014, in the real estate sector to a slew of regulatory reforms such as the Real Estate (Regulation and Development) Act, 2016 and the Real Estate Investment Trusts listings. The average investment by PE investors in the real estate sector increased by 57% to $3.3 billion between 2015 and mid-September 2017 from $2.1 billion between 2011-14.

Tell me more: The share of PE investments in the residential sector has dropped to just 4% in 2017 from 50% in 2017, while the office market accounts for nearly 66% of the PE investments in real estate in 2017, up from 29% in 2011.

22%

What is it? The percentage contribution to United Nations’ budget by the US.

Why is it important? US President Donald Trump wants the multilateral agency to reduce bureaucracy and urged other countries to contribute more towards running the New York-based world body. US, which accounts for 22% of global GDP, contributes on par with that in 2017. In comparison, Germany contributes 7.1% of the total budget even though its share in global GDP is 5.2%. United Kingdom too contributes more than its share in world GDP. China is a notable exception, contributing only 5.1% as compared to 11.8% share in world GDP.

Tell me more: Members’ contribution is decided based on the share in global GDP, external debt, and percentage of low-income people. India contributes 0.66% of the UN budget, though its share in global GDP is 2.4%.

3

What is it? The number of districts where ‘Zero Hunger’ programme was launched to tackle malnutrition through better farm practices.

Why is it important? 36% of India’s children are underweight, while 38% of them are stunted (low height-for-age), as per the last National Family Health Survey, which surveyed 600,000 households. The programme will identify nutritional deficits in a district, and then train farmers to grow biofortified crops, the idea of breeding crops to increase the nutritional value.

Tell me more: Zero hunger is one of the 17 Sustainable Development Goals to be achieved by 2030. Gorakhpur (Uttar Pradesh), Koraput (Odisha) and Thane (Maharashtra) are the three districts selected to pilot the programme.

$7.8 billion

What is it? India’s tax receipts in July, a little over half of the monthly target.

Why is it important? With many firms failing to have filed their taxes under the goods and services tax (GST) regime rolled out from 1 July, tax collections concerns remain. If this trend continues, there could be a likely revenue shortfall of at least $12.5 billion in the current fiscal. This could force the government to cut its spending in sectors such as infrastructure that is likely to affect economic growth, which hit a three-year low in the April-June quarter.

Tell me more: A group of ministers on Saturday admitted that technical glitches, absence of some forms and procedural problems on the GST network have resulted in delay of payments and filing of returns.

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