Data Recap: Lanka Crisis, Population Records, Musk Vs Twitter

Each week, Plain Facts publishes a compilation of data-based insights – complete with easy-to-read visual charts – to help you delve deeper into the stories reported by Mint. Figures released by the United Nations this week show that India is set to overtake China in terms of population next year. The central bank has a new scheme to support the rupee in international trade. Covid-19 cases are still running high.

plight of lanka

Sri Lankan politics has entered a state of chaos over the past week as unrelenting protesters stormed the homes of the president and prime minister. President Gotabaya Rajapaksa has fled the country, and Prime Minister and now acting President Ranil Wickremesinghe has declared a state of emergency. Uncertainty over who is in charge could keep the economic chaos going for now. Headline inflation has soared to around 55% and has fueled months of protests.

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Rs. Support

The Reserve Bank of India on Monday announced a system to settle all exports and imports in Indian Rupees. This may help India to trade with countries like Russia, which are facing sanctions from Western countries. By saving the dollar, it could also help the RBI protect its forex reserves when the foreign exchange rate of the rupee declined to close to 80 against the dollar on Thursday. Foreign exchange reserves have declined in recent months.

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population race

27%: According to the recent United Nations projections, by 2050 the population of India will exceed that of China. India is estimated to have 1.67 billion and China 1.32 billion by that year. In 1990, China was 33 per cent ahead of India. But, its population may be at the opposite extreme of India, which is on the verge of becoming the world’s most populous country by next year. Meanwhile, the global population is projected to reach 8 billion by the end of this year.

covid report

India recorded over 20,000 new Covid-19 cases on Wednesday. The current wave of infection has a relatively low positivity rate.

Nationally, 4.2 per cent tests have turned positive in the last one week. Among the larger states, West Bengal has the worst test positivity rate at 17.8%, followed by Kerala at 15.5%. Meanwhile, India has decided to make booster shots free to encourage people to take them again with rising cases.

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credit uptick

Bank credit is currently a key metric of a reviving economy. In the three years to March 2022, credit sanctions across India have increased by an average of 7.3% per year. The recently released RBI data shows a state-wise break-up. The good news is that eight of the state’s 12 largest economies have grown faster than the national average, a Mint analysis of the data showed. Maharashtra and Gujarat, India’s richest states, were major exceptions to this trend.

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musk gamble

$1 billion: This is the amount the world’s richest man, Elon Musk, could have to pay if he fails to prove his ground for pulling out of his deal to buy Twitter. The break-up fee could take effect as Twitter sues Musk for breaching a $44 billion deal he signed in April. The crux of the controversy is the exact number of fake or spam accounts on Twitter, which Musk claims the company has not provided them. He says it is a violation of the agreement.

inflation challenge

Retail inflation in India moderated to 7.01% in June. This is the sixth consecutive month that inflation has remained above the RBI’s upper limit of 6%. Food prices remained particularly high, rising 7.56% year-on-year. Analysis of item-level data showed that tomato had an inflation rate of around 160%, followed by potato at 23.9%. The monsoon will determine where food inflation goes from here, even as global commodity prices have started to slide.

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Chart of the Week: Manthan

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Information technology firms are on their toes as they are facing high job vacancies. Tata Consultancy Services reported a decrease of 15.3%, 17.4% and 19.7% in the last three quarters. In Infosys, attrition is now crossing 20% ​​time and again.

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