The giant sucking sound of jobs going away 👷

56,000

What is it? The number of layoffs expected in seven IT firms this year in India.

Why is it important? The retrenchment pressure at IT firms including Infosys, Wipro, and multinational firms, is likely to mount, as they look to hire local employees in markets such as the US. Automation and a digital service economy have further removed the need for human labour.

Tell me more: Other companies include Tech Mahindra, HCL Technologies, Cognizant, CapGemini, who together will be letting go of 4.5% of their 1.24 million-strong workforce.

 

$1 billion

What is it? The value of the informal offer from Flipkart to buy rival Snapdeal, currently backed by SoftBank and others.

Why is it important? It shows the sale of Snapdeal, which has been creating a buzz for a few months now, is close to completion. The newsof the informal purchase offer came a few hours after the news of Snapdeal’s chief investor, SoftBank, agreeing to pay off other key investors — its two founders and Nexus. SoftBank has been trying to sell Snapdeal to India’s largest e-commerce platform, Flipkart, but was slowed down by the need to compensate other investors such as Kalaari Capital, Nexus Ventures besides the founders.

Tell me more: SoftBank has agreed to pay $15 million each to founders, Kunal Bahl and Rohit Bansal, and $50-60 million to Nexus, according to reports.

 

Rs 574 crore

What is it? The value of fixed deposits of the Maharashtra Chief Minister’s Relief Fund.

Why is it important? The aid given from the fund in the last five years to 22,633 people is Rs 242.53, around 42% of the value of the fund’s fixed deposits. The FDs also earn Rs 41.63 crore in interest, reveals an RTI query. With monsoon predictions still hanging in the balance, a drought would see farmers seeking aid from funds such as these.

Tell me more: The biggest beneficiaries have been people in need of medical aid and account for 97% of recipients between June, 2012 and March, 2017.

 

9.1 million

What is it? The number of additional tax payers in India in 2016-17.

Why is it important? The rise in the number of taxpayers might be the single largest benefit of demonetisation, even as the November move attracted criticism that many of its stated goals – removing fake currency, unearthing black money, boosting cashless economy – didn’t fructify.

Tell me more: India had 55.9 million individual taxpayers in 2015-16, of whom 37 million filed tax returns.

 

Rs 43,292 crore

What is it? The cost of project to connect Char Dham – four key pilgrim sites, Gangotri, Yamunotri, Badrinath and Kedarnath – by rail.

Why is it important? Indian railways will start the final location survey for the project this week. The total route length will be 327 km passing through 61 tunnels and going over 59 bridges according to a report submitted in 2015. The commencement of the location survey is one of the key steps in the ambitious project.

Tell me more: The route will run through some of the toughest terrains with key spots at different elevations – Gangotri (3,408 metre above sea level), Yamunotri (3,293m), Badrinath (3,133m) and Kedarnath (3,583m).

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