BackNews in Numbers: Chinese yuan becomes fifth IMF reserve currency
The yuan would now be more widely used in international transactions and it may become cheaper for China to borrow money helping stabilize its currency
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7.4%
What is it? The rate at which the Indian economy grew in the July-September quarter of 2015-16.
Why is it important? It was 7% in the April-June quarter. It is buoyed by a 9.3% growth in manufacturing and a 6.7% increase in electricity in the September quarter. This provides a boost to the Indian government, which is trying to revive stalled projects and attract foreign investments to bring back momentum to economic recovery.
Tell me more: Despite a 15% drop in monsoon rains, farm output grew at 2.2% in the second quarter of 2015-16 compared to 1.9% in the previous quarter.
2.5 lakh
What is it? The number of patent applications pending due to shortage of manpower, commerce and industry minister Nirmala Sitharaman told Parliament on Monday.
Why is it important? As it is, India scores poorly on patents. The number of patents granted per million population (under the Patent Cooperation Treaty) is 1.5 for India compared to China’s 11.7, US’s 149.8 and South Korea’s 201.5. The backlog is likely to shrink. The government is in the process of filling 459 vacant posts of examiners of patents and designs and has created 263 contractual posts to fill in for the same.
Tell me more: The Patent Cooperation Treaty provides a unified patent filing process and helps applicants in seeking protection internationally for their inventions.
6.67%
What is it? The share of higher educational institutions in India that have women in leadership positions, according to a report.
Why is it important? It shows that India has a long way to go in terms of gender parity. This percentage number compares poorly with the equivalent numbers for Australia (21%), the US (18%) and the UK (17%).
Tell me more: Across all the seven All India Institutes of Medical Sciences, 31 National Institutes of Technology and six Indian Institutes of Science Education & Research, only the NIT-Puducherry has a woman director. The report, prepared by management consulting firm EduShine Advisory Group, looked at all higher educational institutions, including central, state, deemed varsities and institutes of national importance.
5
What is it? The number of currencies that will be in the International Monetary Fund’s (IMF) basket of reserve currencies, with the inclusion of China’s yuan on 1 October 2016.
Why is it important? This means the yuan would be more widely used in international transactions and with this, it may become cheaper for China to borrow money which may help stabilise its currency. Analysts say this could also mean that the global economy would be much more exposed to the Chinese economy. The other reserve currencies in the basket are the US dollar, the euro, the yen and the pound.
Tell me more: The last change to the basket of reserve currencies was made in 2000 when the euro replaced the German mark and the franc.
$200 million
What is it? The reported deal size of online classifieds platform Quikr acquiring real estate portal CommonFloor.com, though neither of the two have confirmed the development.
Why is it important? Once confirmed, this would be the first large consolidation deal in the online property selling space. With this deal, Quikr would be able to strengthen its newly launched vertical, QuikrHomes, an online real estate portal.
Tell me more: This November, Quikr announced that it had acquired Indian Realty Exchange, a real estate agent aggregator, for an undisclosed amount.
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