Every Friday, Plain Facts publishes a compilation of data-based insights—complete with easy-to-read visual charts—to help you delve deeper into the stories from the week just gone by. The Centre plans to extend welfare measures including infusing funds into Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). More than 64% of the amount in the PM-CARES fund was not used until March 2021. Here are more highlights from the week:
Left Wanting
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The centre is mulling the extension of several welfare measures, over and above the budget, to keep the economy humming, including more funds for MGNREGS. The rural employment scheme has already run out of funds for FY22 and had a negative balance of over ₹15,000 crore, showed data till 9 February. As many as 28 states and Union territories were in the red.
Farmers’ Vote
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The Bharatiya Janata Party (BJP) stepped into the state elections that began on Thursday with high stakes in Uttar Pradesh. One challenge it faces is the farmers’ vote. The year-long farmers’ stir against three controversial farm laws was driven mainly by farmers in Punjab and UP. With the ultimate repeal of the laws widely seen as a poll move, the BJP could find it tough to retain the farmers’ favour.
The Richest
That’s the net worth of Gautam Adani, according to the Bloomberg Billionaires Index as on 7 February. He surpassed Mukesh Ambani, who was worth$87.9 billion, as Asia’s richest person on that day. Adani’s personal fortune jumped by almost $12 billion and he is among the biggest wealth-gainers this year. He also was the 10th wealthiest in the world.
Single-shot Vaccine
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The drug regulator granted emergency use approval to the single-dose Sputnik Light covid-19 vaccine. It is the ninth jab to get permission in India, though only three have been used so far. According to its developer, Russian Direct Investment Fund, the one-shot regimen can be used to increase the efficacy and duration of other jabs when used as a booster.
Green Shoots
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Interglobe Aviation Ltd, which runs India’s largest domestic airline IndiGo, turned profitable in the December quarter after staying in the red for seven successive quarters. It posted a consolidated net profit of around ₹130 crore. It last posted a profit in the December quarter of 2019. Fewer curbs, coupled with rising demand for domestic air travel, aided the airline’s finances.
Demand Slump
That’s the estimated drop in two-wheeler sales this fiscal year, industry reports say. Two-wheeler sales are a proxy for rural financial health, as rural demand contributes 50-60% to the two-wheeler commuter segment. But, rising fuel and commodity prices, relatively poor crop realizations, and lingering effects of the second covid wave have dented demand.
Small Share
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The centre has decided to fully fund certain rural road projects under the Pradhan Mantri Grameen Sadak Yojana (PMGSY) to increase rural jobs. The ministry of rural development will identify eligible roads. But latest available data shows only 21% of rural roads were laid under PMGSY, against 55% by Panchayati Raj institutions. Of all the rural roads laid, less than 70% were surfaced.
Unused Funds
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The PM-Cares Fund set up in the early days of the pandemic received ₹10,990 crore from its inception until March 2021. However, its financial statement shows that around 64% of this amount was still unused going into the second wave of the pandemic.
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