News in Numbers: Wipro will employ 50% employees locally
In other news, the government has targeted 273 million tonnes of foodgrain production for 2017-18
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What is it? Employees who would be locally hired by Wipro in Q1, FY18.
Why is it important? The declaration comes a few days after the news of Wipro firing nearly 600 employees. Both are a result of changes brought in visa rules in overseas markets that have stricken Indian IT companies, mostly sending the Indian staff to client sites abroad. Wipro derived 54.7% of its revenues for FY17 from Americas, making the US one of its major markets and working around the HI-B visa restrictions vital.
Tell me more: Wipro says it will invest in the American market and increase local hires by June, rather than deploying Indian employees for temporary postings abroad.
273 million tonnes
What is it? The output of food grains being targeted for 2017-18 by the government.
Why is it important? This is a marginal increase from 2016-17’s second estimate of output at 272 million tonnes. The growth in FY17 was 8% in foodgrains, bringing some relief to food price inflation that followed two years of drought. The current target of 0.4% growth in foodgrain production follows this year’s monsoon forecast a week ago, of 96% average rainfall, less than last year.
Tell me more: It was also informed that the Centre has written to states to figure out how to double farmers’ income by 2022.
What is it? Personal income tax exemption limit.
Why is it important? This could turn out to be a benchmark for exemption from taxes on farm income, a move suggested by Niti Aayog to expand tax base in the country. Taxing agricultural income would be a controversial move, in all likelihood. However, expanding the tax base will shore up government revenues, even as it tries to target better and more benefits to those at the bottom of the pyramid.
Tell me more: Imposing tax on farm income was among the many reforms suggested by Niti Aayog in a presentation on Tuesday.
What is it? The number of jobs Coca-Cola is to cut at its corporate centre.
Why is it important? As a percentage of the total number of people the beverage major employs globally, the number is small. However, the move underlines the cost-cutting Coke is undertaking even as it adapts itself to the changing tastes of calorie counting population and stricter government regulations. Coca-Cola employs over 100,000 people globally. The company’s incoming CEO, and current COO James Quincey said he wants to save $800 million in annualised savings over the next two years.
Tell me more: Coca-Cola’s first quarter revenues dropped 11% from a year ago, its eighth consecutive decline in revenues.
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