News in Numbers: 1,800 overseas employees of Infosys earn above Rs1 crore
In other news, 12 people were killed in the inferno in Central London on Wednesday
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What is it? The cost of setting up a joint refinery, by state-owned companies—Indian Oil Ltd (IOC), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL)—in Ratnagiri, Maharashtra, as per the agreement signed on Wednesday.
Why is it important? The refinery will be India’s largest, with a capacity of 60 million-tonne. Costing around Rs2 trillion, it will boost the country’s oil export potential, besides readiness to tackle demand at home. Being considered since 2015, the project faced land acquisition hurdles in 2016.
Tell me more: There will be a mega petrochemical complex to accompany the refinery at the site.
What is it? The number of Infosys overseas employees who earn above Rs1 crore.
Why is it important? Employees hired abroad tend to earn more. Infosys is expected to face pressure on its cost as it is slated to hire 10,000 people in the US in the next two years. Around 700 of the 1,800 high-earning overseas employees were hired after Sikka took over in 2014.
Tell me more: The number of India-based Infosys employees who earn more than Rs1 crore has come down from 113-117 in FY15 to around 50 in FY17.
What is it? The number of 4G subscribers in India by 2022, as forecast by the latest Ericsson Mobility Report.
Why is it important: In recent months, 4G migration got a boost with huge discounts from Reliance Jio. It also forced other players to bring down price. The report forecasts 740 million subscribers for 3G by 2022. In 2016, an April report by CLSA had put the combined subscription of 3G and 4G services at 120 million.
Tell me more: There are 1.17 billion wireless subscribers (April 2017), which include increasingly unpopular technologies such as 2G and CDMA.
What is it? The number of people confirmed dead in the inferno in Central London on Wednesday.
Why is it important? The 24-story Grenfell Tower apartment block, was built in 1974 but was recently refurbished, and the fire spread through it at an unprecedented speed. Despite the presence of hundreds of firefighters, the fire could not be contained to evacuate everyone trapped in the tower. The disaster has called into question fire safety in high-rises, increasingly common in cities around the world. India has constantly been reminded of the shortfall in fire-preparedness of its highrises, most recently by a CAG report on Maharashtra.
Tell me more: The tower block was home to 600 people, and the fire is being considered one of London’s deadliest.
What is it? The rise in India’s wholesale price index in May 2017.
Why is it important? This is the slowest growth in the last five months. The trend was also seen in consumer price inflation at 2.18%. It was driven down by falling food prices, as wholesale vegetable price index fell by 18.51% in May.
Tell me more: The low growth in inflation has led businesses to call for rate cuts.
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