News in numbers, Oct 20, 2015: India’s remittances, electronics imports’ record…

221,000

What is it? The number of jobs created in textiles industry between April 2014 and March 2015, as per Labour Bureau survey of employment in eight sectors.

Why is it important? Textiles industry created four out of 10 jobs created in those eight sectors last fiscal, even though Indian rupee fell only by 5% against the US dollar – and – textile exports declined between April and June 2015. Textiles sector employs more than 45 million people, the second highest after agriculture.      

Tell me more: Information technology contributed the most with net addition of 234,000 jobs.     Among domestic industry, automobile sector hired the highest between January – March 2015, signalling upbeat mood among manufacturers about local demand for cars and commercial vehicles.  

 

2

What is it? Number of states that lifted the ban on Maggi, Nestle’s instant noodles brand, yesterday. They are Karnataka (which also houses a Nestle manufacturing plant) and Gujarat.

Why is it important? It’s another step in the return of the popular instant noodle, which was banned by India’s food regulator in June for containing lead and monosodium glutamate (MSG) beyond permissible limits. On August 13, questioning the tests conducted earlier, the Bombay High Court struck down the ban.

Tell me more? Nestle has eight manufacturing facilities across seven states in India. Besides Karnataka, there’s Goa, Haryana, Himachal Pradesh, Punjab, Tamil Nadu and Uttarakhand.

 

8

What is it? Number of years since India and Pakistan, one of the storied cricketing rivalries, have squared up in test cricket. They last played a three-match series in 2007, which India won 1-0.

Why is it important? In a series of pushbacks yesterday to the resumption of bilateral cricket between the two countries, Shiv Sena workers protested inside the Mumbai office of BCCI chief Shashank Manohar, who was supposed to meet his Pakistan counterpart, Shahryar Khan, to discuss the fate of the scheduled Indo-Pak series in December. Elsewhere, the ICC pulled out Pakistani umpire Aleem Dar from the ongoing India-South Africa one-day series. And former Pakistani cricketers Wasim Akram and Shoaib Akhtar will not commentate in the last one-day match in Mumbai in the same series.

Tell me more? India and Pakistan have played 59 tests, with Pakistan leading India 12-9, the remaining being draws. In one-day matches, Pakistan lead India 72-51.

 

11.2

What is it? The multiple by which outflow of remittance from India towards ‘maintenance of close relatives’ abroad grew in one year. Indians have remitted $ 124.2 million abroad in July 2015, compared to $90.2 million during the same month year-ago.  

Why is it important? This could be impact of Foreign Account Tax Compliance Act passed by US to unearth undisclosed money abroad. Indians living in US who had not disclosed their assets and bank accounts in India might be using this route to transfer money back to US, and at the same time avoid tax too. Under liberalized transfer scheme, Indians can remit $ 250,000 each year. In addition, remittance under maintenance of relatives need not be disclosed in tax returns.   

Tell me more: Remittance under ‘studies abroad’ too saw 6.25 times jump in July 2015 at $ 113.9 million, when number of Indians studied haven’t increased that much.

 

$19 billion

What is it? Electronics imports in six months ended September 2015.

Why is it important? This is the the first time, imports of electronics exceeded that of gold and silver. This shows how domestic production (estimated at $ 31 billion) falls short of market size of $ 70 billion in 2014-15, to meet the ever growing demand for modern gadgets like smartphones and for creating telecom infrastructure.

Tell me more? Electronics exports was $ 6 billion in 2014-15. India’s exports represent 0.28% of global trade.

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