Freshers' 15% Salary Blast 💥

Friday, June 30^th 2023

Good Morning ☕

Looks like engineering is not just about building bridges and coding algorithms anymore, it's also a surefire way to build a bridge to a fatter wallet! Who knew equations and code could equal big bucks? Time to dust off my old calculator and start calculating my way to riches!

1. Average annual salary of engineering freshers increased by 15% in 5 yrs

According to a report by the National Institutional Ranking Framework (NIRF), the average annual salary of an engineering fresher in India has increased by 15% from ₹3.19 lakh per annum to Rs 4.57 lakh annually last year. Engineering jobs are paid the highest average starting salary, with a median annual wage of $100,640 in the US. In India, an entry-level software engineer can earn around ₹460,000 per annum with less than a year of experience. The average salary for a software engineer fresher is $400000 per year in India. AI engineers earn an average salary of well over $100,000 annually.

2. Income tax department cracks down on tax-evading social media influencers

The Income Tax Department in India has launched a nationwide crackdown on tax-evading social media influencers. The department has extended its activities across the country after successfully tracking a group of influencers in Kerala. The IT department recently conducted searches on 13 social media influencers hailing from Kerala during the early part of June. The operation was carried out as part of a wider investigation into their alleged non-payment of taxes, claiming that they have generated significant incomes through online promotions but have failed to fulfill their tax obligations. The department is requesting information from influencers about their earnings from brand endorsements, sponsored material, and other sources.

3. UK-India week 2023: Rishi Sunak honours 101-year-old Sikh World War II veteran

British Prime Minister Rishi Sunak has honoured Rajinder Singh Dhatt, a 101-year-old Sikh World War II veteran, with the Points of Light award during the UK-India Week 2023. Dhatt was recognised for his service and his work running the "Undivided Indian Ex-Servicemen's Association" to help bring together Indian and Pakistani ex-servicemen. The Points of Light award recognises outstanding volunteers who make a difference in their communities and inspire others to do the same.

4. Dior reigns supreme among Indian influencers, LV tops earned media value

According to a report by Writesonic, Dior has been mentioned 1,431 times by 841 Indian influencers on social media between January and June 2023, making it the most popular luxury brand among Indian influencers. Meanwhile, Louis Vuitton secured the highest earned media value. The report also found that influencer marketing has exploded in the fashion space, with brands expected to spend up to $15 billion on influencer marketing by 2023.

5. Dabur’s healthcare portfolio may provide the much-needed boost in FY24

Dabur India Ltd, a fast-moving consumer goods (FMCG) company, is struggling to keep pace with the FMCG index as investor pessimism reflects a modest growth outlook for FY24. Dabur India's Q4 net profit fell to INR 292.76 crore, with revenue up 6.4% . The company is facing competition from deep-pocketed rivals, including Unilever. Dabur India is considering acquisitions to expand across India and Southeast Asia. As of June 29, 2023, Dabur India's stock price was trading at INR 574.1, up 0.61%.

6. India’s low current-account deficit may not be good news

India's current account deficit (CAD) has narrowed sharply in the January to March quarter, marking the first quarterly surplus in nearly two years, thanks to a smaller trade gap and increased services exports. The latest survey of 22 economists showed the current account balance likely recorded a surplus of $3.3 billion, or 0.4% of gross domestic product (GDP) in the last quarter of the 2022/23 fiscal year. However, experts believe that India's low CAD may not be good news as it may indicate weak domestic demand and investment.

7. ‘Unauthorized use of logo’: PhonePe's sharp reaction to MP Congress

Fintech services company PhonePe has accused the Madhya Pradesh Congress of "unauthorized usage" of its logo, and warned that it may take legal action. The Congress party had used the PhonePe logo in posters featuring Madhya Pradesh Chief Minister Shivraj Singh Chouhan's face, which drew a sharp response from PhonePe. The company has requested that the Congress party remove the posters and banners featuring its logo and color. The Youth Congress has threatened to mass-uninstall the PhonePe app in response to the company's objection.

8. India to negotiate MQ9B drone prices with US, adversaries worried

India's defence ministry has approved the procurement of 31 MQ9B SeaGuardian drones from US defence firm General Atomics for slightly over $3 billion. The price is subject to negotiations, and the deal is expected to be announced when Indian Prime Minister Narendra Modi meets US President Joe Biden next week. However, adversaries of India could try to scuttle the deal. The MQ9B drones are expected to enhance India's surveillance capabilities and deepen defence ties with the US to counter China's growing dominance in the region.

9. P&G India to invest ₹2,000 crore to set up export hub in Gujarat

Procter & Gamble India has announced an investment of INR 2,000 crore to set up a new personal healthcare manufacturing facility in Gujarat, which will serve as an export hub for the company. The facility will be state-of-the-art and will manufacture healthcare products. The investment is expected to boost the company's manufacturing capabilities and exports from India. No serious negotiations have begun yet for the acquisition of 31 MQ9B HALE drones from US defence firm General Atomic, which has offered them to India at a price of $3.072 billion.

10. Xiaomi India cuts jobs amid market slump, staff reduced to less than 1000

Xiaomi India is reportedly downsizing its workforce to below 1,000 employees, leading to potential layoffs. The decision behind the job cuts is based on the business outlook and a decline in market share. In recent weeks, the company has already laid off around 30 employees, with expectations of further job cuts in the months ahead. A Xiaomi spokesperson confirmed the restructuring within the organization and stated that the company is streamlining its operations.

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