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News in Numbers: 15,000 Air India employees may be offered VRS

LiveMint logoLiveMint 19-07-2017 howindialives.com

Rs18,000 crore

What is it? The minimum additional amount Indian banks need to provide towards taking 12 of the country’s largest defaulters to bankruptcy court as directed by the central bank, according to India Ratings and Research.

Why is it important? The current weighted average provisioning of the banks towards these 12 accounts is 42% and the rating agency forecasts that this would reduce the banks’ profits by 25% in 2017-18. The Reserve Bank of India has asked the creditor banks to provide for 50% of the bad loans on cases that are being referred to the National Company Law Tribunal.

Tell me more: The non-performing assets (NPAs) of India’s 12 largest defaulters amount to Rs1.78 trillion, which constitutes about a quarter of the overall gross NPAs.

15,000

What is it? The number of employees, including contractors, of Air India that could be offered a Voluntary Retirement Scheme (VRS).

Why is it important? If implemented, this would be one of the largest such offers among India’s public sector companies and comes ahead of its likely sale in the future. The Narendra Modi cabinet recently gave its approval to sell a part or all of the state carrier’s operations. Air India, which has a debt of Rs50,000 crore and a 14% market share, has been struggling to get off the ground.

Tell me more: Air India’s net tax after loss narrowed by around 5% to Rs3,643 crore in 2016-17, while its operating profit grew nearly threefold to Rs300 crore in the same fiscal year.

Rs211.7

What is it? The median hourly gross salary for the manufacturing sector in 2016, according to Monster Salary Index by online recruitment portal Monster India.

Why is it important? Not only did it see a 16% decline from Rs252.1 in 2015 but it was also the lowest paying sector last year among those analysed. This indicates that the government’s plans to transform the country into a manufacturing hub and increase the sector’s contribution to the Indian economy to a quarter from the current 16% by 2025 may not be going as intended. The sector employs around 12-13% of the workforce.

Tell me more: The banking, financial services and the insurance sector was the highest paid in 2016 with Rs433 as median hourly gross salary, followed by IT services at Rs386.8.

9

What is it? The number of Supreme Court judges on the Constitution bench who will decide whether Indian citizens have the right to privacy under the Constitution or not, starting from Wednesday.

Why is it important? The five-judge Constitution bench, deliberating on Aadhaar Act’s possible violation of a person’s right to privacy, felt it had to be first determined if privacy was one of our fundamental rights. Fundamental rights are guaranteed to Indian citizens by the Constitution, but the right to privacy is not mentioned explicitly. This is why the Supreme Court is attempting to interpret the Constitution to determine the right, much like the freedom of press.

Tell me more: Past rulings have not favoured citizens’ privacy. Former attorney general of India Mukul Rohatgi has maintained since 2015 that Indian citizens don’t have a fundamental right to privacy. In 1954 and 1962, Supreme Court judgments, by smaller-sized benches (eight- and six-judge), had held privacy was not a fundamental right. Debates around privacy say it is a non-negotiable right.

Rs1.2-6 lakh

What is it? The monthly salary range amount quoted by specialist doctors to work in rural Karnataka. The state government has invited doctors to quote their price to fill 1,221 vacant jobs.

Why is it important? The bidding by specialists reveal the salary expectations by specialist doctors like anaesthetists, gynaecologists and obstetricians, as compared to standard government package. Obstetricians and gynaecologists quoted the highest at Rs6 lakh per month, and the lowest salary bids were from general surgery, orthopaedics and general medicine (Rs60,000 to Rs1.2 lakh).

Tell me more: So far, 5,262 doctors have applied. Here too Bengaluru attracted the maximum applications.

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