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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 reported by MintThis week has been a busy one. This week we look at some of the financial and humanitarian costs of Russia’s invasion of Ukraine, along with India’s GDP numbers and GST collections data, warnings issued by a new climate change report, and gender attitudes ahead of International Women’s Day. Here’s more:
Currency crash
Moscow increased its military aggression against Ukraine. The West imposed sanctions against Russia as a result. The ruble fell to a record low.https://www.livemint.com/market/stock-market-news/stocks-fall-ruble-dives-as-russia-sanctions-hit-world-markets-11646063765935.html). In an effort to encourage savings and reduce inflation, the Bank of Russia increased interest rates by a third. The central bank asked Russian companies Monday to prepare to sell their foreign currency to increase demand for the ruble. Moscow finds itself in a corner of the global economy due to its invasion Ukraine.
Slowdown in growth
According to government data, the Indian economy grew by 5.4% in the October-December quarter. This was expected as the base effect was weaker than in the previous two quarters.https://www.livemint.com/economy/indias-gdp-growth-expands-5-4-in-q3-11646037846294.html). With easing covid-19 restrictions after the second wave, the country’s real GDP had grown 8.5% in the July-September quarter. The growth in the public administration and defense sector was the highest (16.8%), while that in the construction sector was the smallest (2.8%). The full-year GDP growth rate for 2021-22 has been estimated at 8.9%.
Civilian deaths
227: That’s the number of recorded civilian deaths, including 15 children, in Ukraine due to Russia’s invasion between 24 February and 1 March, according to the latest data by the United Nations. The true death toll is likely to be higher. An Indian student was among the dead, after being hit by shelling from Russian forces in Kharkiv. More than 520 civilians have been reported to be injured.
Gender roles
Pew Research Center’s survey found that almost 85% of Indians think that a woman must follow her husband.https://www.livemint.com/politics/news/a-pew-report-lays-bare-india-s-gender-troubles-11646234081417.html). The survey, which covered 29,999 respondents and was conducted in 2019-20, was released ahead of International Women’s Day. Nearly half of the respondents, again across both genders, also felt that men should primarily be the family’s breadwinners. However, men were more likely than women to be of the view that women should be primarily responsible for a child’s care.
Collections are rising
The February 2022 gross GST revenue stood at ₹1.33 trillion, an 18% increase in annual revenue (https://www.livemint.com/economy/gst-collection-in-february-crosses-1-30-lakh-cr-mark-for-5th-time-read-here-11646120296452.html). It was also 26% greater than the February 2020 receipts. This was the last pre-pandemic month. The total mop-up was greater than ₹1.3 trillion for the second consecutive month, last month’s collections was less than the ₹1.41 trillion was collected in January 2022. According to the finance ministry the strong collections indicate recovery in many sectors, such as automobile sales.
Reserves in Use
60 million: That’s the number of barrels of oil the International Energy Agency (IEA) has agreed to release from its emergency reserves amid rising crude oil prices due to Russia’s invasion of Ukraine. This is expected to provide relief for countries like India that are dependent upon imports for their energy needs. India is the world’s third largest oil importer and is dependent on imports to meet 85% of its oil needs. The conflict has caused global crude oil prices to soar to levels not seen since 2014.
Warming worries
The Intergovernmental Panel on Climate Change (IPCC) warned in a report on Monday that the world faces several irreversible climate hazards with global warming of 1.5°C (https://www.livemint.com/opinion/online-views/a-vivid-climate-warning-shot-across-india-s-bow-11646152593151.html). The report said that perennial river basins like Ganga or Indus could experience severe water shortages by 2050. It also noted that Ahmedabad, among Asian cities is at highest risk from heat while Mumbai and Chennai could be the most affected by rising sea levels. The report stated that there has been a rise in both vector- and water-borne illnesses and mental disorders as a result of the changing climate.
1_1646412077739.gif "Nine of the t10 warmest years in history have been recorded since 2010")
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Chart of the week: Gentleman’s game?
The ICC Women’s 50-over Cricket World Cup, which begins in New Zealand today, once again sheds the spotlight on the issue of pay disparity in sports. This year’s winner will take home $1.32 million, just a third of the amount the England men’s team received three years ago as their World Cup prize money (https://www.livemint.com/sports/womens-cricket-world-cup-2022-a-preview-in-five-charts-11646035881933.html).
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