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Mint Profile picture
@livemint
May 15, 2023 • 6 tweets • 5 min read • Read on X
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#MintPrimer | On 1 May, treasury secretary Janet Yellen sent a letter to the US Congress saying that on 1 June the government is likely to run out of money.

With the government currently breaching its debt ceiling, the situation has become parlous.

Mint explains what’s… twitter.com/i/web/status/1… Image
#MintPrimer | There is a limit set to how much the US government can borrow to meet its legal obligations, which include paying interest on its debt and paying military salaries, tax refunds, and social security, etc.

Read here: livemint.com/news/world/us-… Image
#MintPrimer | Around the world, almost all governments spend more than they earn. This difference is known as the fiscal deficit and is financed through taking on debt.

Read here: livemint.com/news/world/us-… Image
#MintPrimer | The total US government debt to gross domestic product ratio was 63.85% in June 2008. It is now greater than 120%. #GDP is the measure of the size of any economy.

So, the US debt has almost doubled in 15 years.

Read here: livemint.com/news/world/us-… Image
#MintPrimer | The US Congress can permanently raise the debt ceiling or suspend it temporarily or allow the government to go past the debt ceiling without raising it.

Read here: livemint.com/news/world/us-… Image
#MintPrimer | If no consensus is reached before 1 June, the US government will end up defaulting on its legal obligations, leading to huge job losses in the US.

Read here: livemint.com/news/world/us-… Image

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More from @livemint

Mint Profile picture
Mar 27
#MintPlainFacts | Regulators and policymakers are alarmed about the gold loan market, with the RBI restricting IIFL Finance and the finance ministry urging banks to review their gold loan portfolios due to concerns about collateral adequacy and repayment methods.

Read here: read.ht/SUnpImage
#MintPlainFacts | Gold loans, once a mainstay of mainly NBFCs, soared during covid, which affected life in India from March 2020 onwards, and its aftermath.

Read here: read.ht/SUnp
Image
#MintPlainFacts | The incentive to take gold loans was driven by two factors. One, a move by RBI to increase the loan-to-value ratio of non-agricultural gold loans from 75% to 90%. Thus, for ₹100 worth of gold, lenders could issue a loan worth ₹90, against ₹75 previously. Two, a sharp jump in the price of gold itself.

Read here: read.ht/SUnpImage
Read 6 tweets
Mint Profile picture
Feb 13
#MintPrimer | Farmers have laid siege to European cities with tractors protesting subsidy cuts, cheap imports, high energy prices & imposition of green policies. In India, farmers are preparing for another showdown. What’s going on? Is there a common thread ? Mint explains

Read here: read.ht/Rwi8Image
#MintPrimer | Beginning January, farmers from several member-nations of EU invaded cities with their tractors, burning tyres, dumping manure, raiding supermarkets, blocking access to ports and highways and choking city centres.

Read here: read.ht/Rwi8
Image
#MintPrimer | Back in 2019, Dutch farmers took to the streets after the government disclosed plans to cut nitrogen emissions by slashing livestock population.

Read here: read.ht/Rwi8
Image
Read 6 tweets
Mint Profile picture
May 15, 2023
#MintLongStory | Produced by over 80 million rural families, milk is the largest farm product valued at close to ₹10 trillion annually, as per official estimates.

Read here: livemint.com/news/india/the… Image
#MintLongStory | The bulk of loss-making cooperatives—55 out of 95 unions—were from Uttar Pradesh, the largest #milk producing state.

Read here: livemint.com/news/india/the… Image
#MintLongStory | It seems practically impossible to merge strong local brands into a national one as states would object vigorously, said Ajay Vir Jakhar, former head of the Punjab Farmers Commission.

Read here: livemint.com/news/india/the… Image
Read 4 tweets
Mint Profile picture
May 15, 2023
#MintPlainFacts | The verdict of the #KarnatakaAssemblyElections on Saturday gives all key actors plenty to think about.

Read here: livemint.com/elections/opin… Image
#MintPlainFacts | With the loss of #Karnataka, the #BJP now has chief ministers in nine states, compared with 11 back then. The party’s count of Assembly seats has dropped from 1,364 in May 2019 to 1,304 now.

Read here: livemint.com/elections/opin… ImageImage
#MintPlainFacts | The next round of state elections, in late 2023, will see BJP-Congress faceoffs in Madhya Pradesh, Rajasthan and Chhattisgarh.

Read here: livemint.com/elections/opin… Image
Read 4 tweets
Mint Profile picture
May 15, 2023
🗞 In Mint today:

🛂 Visa woes force Indian IT companies to hire locally in US

💰 Adani revives capex plans for new businesses

🥛 Is there room for a dairy behemoth?

🇺🇸 How serious is the US about its debt ceiling?

🗂You can own a piece of your office now

🧵👇
Indian IT companies have been forced to seek an alternative staffing route. They are starting to hire locally in important markets such as the US due to delays in visas for their Indian hires, report @DevinaSengupta and @VaruniKhosla:
livemint.com/news/india/ind…
The Adani group has revived its capex plans after a four-month pause. It will plan an initial investment of $1.5 billion to kickstart two businesses, reports @anirudh_laskar:
livemint.com/companies/news…
Read 6 tweets
Mint Profile picture
Apr 14, 2023
#MintPrimer | Demand for refined #petroleum products hit a record in FY23, led by transportation fuel.

The Petroleum Planning & Analysis Cell (PPAC) said consumption reached 222.30 million tonnes in the last fiscal.

Mint explains this spike: livemint.com/industry/energ… Image
#MintPrimer | The 222.30 million tonnes of petroleum products consumed in FY23 was 10.2% higher than the year before. The previous record for consumption came in FY20 at 214.13 million tonnes.

Read here: livemint.com/industry/energ… Image
#MintPrimer | The increase in consumption of #petrol, #diesel & jet fuel during FY23 came on the back of growth in industrial activity & travel.

These activities recovered after slowing down in the previous two fiscals because of the pandemic.

Read here: livemint.com/industry/energ… Image
Read 7 tweets

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