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News in Numbers: Nearly 18,000 unsold GM vehicles lying with Indian dealers

LiveMint logoLiveMint 23-05-2017 howindialives.com

Rs43,000 crore

What is it? The value of the Sahara Group’s flagship project, Aamby Valley, in Lonavala, Maharashtra, estimated by the official liquidator appointed by the Bombay high court for an imminent auction.

Why is it important? The updated value, in recent reports, is a little higher than the range of Rs37,000-39,000 crore previously stipulated. However, it is still much less than the value claimed by the group of late: Rs1 trillion. The market value is expected to be higher than the estimate.

Tell me more: The group has said there would be no auctions, as it had paid the Rs1,500 crore cheque it scheduled for June. However, its failure to deposit Rs5,092.64 crore with the market regulator, Securities and Exchange Board of India (Sebi), had led the Supreme Court to order its auction in April. The apex court had attached the property in February to recover the dues, whose main claimant Sebi is now joined by the Income Tax department as well.

19

What is it? The number of people killed in an explosion in a concert arena, being suspected as a terror attack, in Manchester, UK.

Why is it important? If it is confirmed as an attack by terrorists, this would be the second deadliest in the UK after London’s July 2005 train and bus bombings. The 2005 attack had claimed the lives of over 50 people.

Tell me more: The explosion occurred at the end of a concert, as the audience was exiting the building, injuring over 50 people as well.

18,000

What is it? Estimated stock of General Motors (GM) vehicles with various dealers in India.

Why is it important? Dealers are unlikely to get any buyers for these vehicles, as the American automaker decided to exit India by December this year. GM’s dealers also warn of 15,000 job losses.

Tell me more: Suzuki Motor Corp., which sells every second car in India, had quit US market in 2012 because of low sales volume.

100%

What is it? The percentage of foreign direct investment (FDI) that the government is planning to allow in multi-brand retail in India.

Why is it important? If permitted, this represents a change in the thinking of Bharatiya Janata Party (BJP), which opposed such moves when the Congress-led United Progressive Alliance (UPA) was in power. Domestic retail market is estimated at $630 billion market and employs around 5% of the labour force.

Tell me more: At present, 51% FDI is allowed in multi-brand retail in cities with population of more than a million, and with approval of state governments. The current proposal bans selling of imported products.

30,399

What is it? The number of Indians who have overstayed in the US, beyond what was permitted under different visa categories in 2016.

Why is it important? Indians account for 4.8% of total number of people who have overstayed, estimated at 628,799 at the end of September 2016. Around 1.4 million Indians holding various visas (business, tourism, student and others) were expected to leave the US by September 2016.

Tell me more: 50.43 million people who entered the US were expected to depart in 2016, out of which 1.47% overstayed. The overstay rate for Indians is 2.1%.

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