IITs’ shrinking crorepati club, RBI’s latest U-turn and other India news

A good compensation? The number of IITians bagging compensation packages of 10 million rupees and above have shrunk by half - the smallest size in three years. The prime reason behind this is a sharp decline in offers from US firms and big companies staying away from campus recruitment. The number of students bagging above 10 million rupee packages has gone down to 15 this year from 27 last year. The companies have said that their international requirements have gone down because of the current economic uncertainty. See the ET image below for more details:

Countermeasures: Amazon India chief Amit Agarwal said the company was fully prepared to deal with protectionist measures by the government if the need ever arises. His statement comes days after rival Flipkart’s co-founder Sachin Bansal turned to the government to form policies that would support domestic companies. Not only is Amazon prepared to deal with the measures but it will also pump in more money into its India unit in 2017. The homegrown unicorns have been facing a tough time keeping up with the richly-funded foreign firms. But it seems they need to up their game as their foreign rivals are in no mood to play it easy.    

Another change: RBI has removed 5,000 rupees cash deposit limit for KYC-compliant accounts. The central bank made the announcement just two days after issuing the guidelines. It had announced that deposits in the demonetized currency notes can be credited to an account only once by Dec. 31 – going back on the promise that it would give enough time to people to deposit the old notes. After the Nov. 8 announcement, the RBI and the government have made a number of changes to the deposit and withdrawal rules. It seems customers won’t be surprised if there are more changes to the guidelines in future.    

Last-ditch attempt: The GST Council will meet once again today and tomorrow to try and reach an agreement on the power-sharing issue. If the Centre and the states fail to reach an agreement this week, it won’t be possible to roll-out the tax by April 1 deadline.

Tata-Mistry spat update: Even as Nusli Wadia stayed away from the extraordinary general meeting of Tata Steel yesterday, the shareholders voted to remove him as independent director. Wadia alleged Tata Sons of "stage-managing" the EGMs. The EGM was originally called to remove Cyrus Mistry as director but the plan had to be tweaked after he resigned from the board on Monday - threatening (and later doing just that) to drag the Tatas to court.

Cover image: The number of IITians bagging salary packages of 10 million rupees and above have declined by half since last year.

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