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Why online home goods retailer Wayfair is firing 1,000 employees?

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Online home-goods retail firm Wayfair is set to terminate more than 1,000 employees due to decline in its sales. This comes four months after the company had laid off 870 employees, which is roughly five per cent of its workforce, Bloomberg reported.

Wayfair has been struggling with declining sales for more than a year after revenue boomed during the early stages of the pandemic. The company’s shares have dropped by 75 per cent in the past one year.

Wayfair joins the likes of global giants like Twitter. Microsoft and Amazon who have laid off employees in recent times. On January 18, Microsoft said it is laying off 10,000 employees due to macroeconomic conditions and changing customer priorities. In an internal email to his employees, the technology giant’s chief executive officer Satya Nadella said he is confident that the company will emerge from this situation.

Not just Microsoft, e-commerce behemoth Amazon is laying off 18,000 employees including those in the United States, Canada and Costa Rica. The company is also terminating 2,300 employees in Seattle and Bellevue.

Several technology giants have been axing jobs across the globe, citing economic conditions due to the Covid-19 pandemic and the Russia-Ukraine war. Twitter’s new owner Elon Musk had slashed 50 per cent of the company’s staff after taking over in October last year. According to a Reuters report, the microblogging platform is mulling layoff in the product division of the company.

In November, Facebook’s parent company Meta had announced it would let go of more than 11,000 workers or 13 per cent of its workforce. The move came amid soaring costs and a weak advertising market. In his Facebook post, Zuckerberg had said he is ‘sorry’ and took accountability for the decisions.


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Budget 2023 brings special scheme for vulnerable tribal groups | Details

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Presenting the last full Union Budget of the Narendra Modi government before the 2024 Lok Sabha election, finance minister Nirmala Sitharaman on Wednesday announced a special programme targeting Particularly Vulnerable Tribal Group (PVTG), for its development and upliftment, with a budget outlay of 15,000 crore over the next three years.

“To improve the socio-economic conditions of particularly vulnerable tribal groups (PVTGs), Pradhan Mantri PVTG development mission will be launched. This will saturate PVTG families and habitations with basic facilities such as safe housing, clean drinking water, and sanitation. Improved access to education, health, nutrition, road, and telecom connectivity, and sustainable livelihood opportunities,” the finance minister said.

CLICK HERE: For full coverage of Union Budget 2023

Who are Particularly Vulnerable Tribal Groups or PVTGs?

Particularly Vulnerable Tribal Groups or PVTG, as identified by the Centre, are those that depend on hunting for food, have pre-agriculture level technologies, zero or negative population growth, and extremely low levels of literacy.

On the recommendation of the Dhebar Commission, the Central government began to identify the most vulnerable tribal groups as a separate category in 1975, establishing 52 such groups. The list was expanded in 1993, when another 23 groups were added, for a total of 75 PVTGs out of 705 Scheduled Tribes spread across 17 states and one Union Territory (UT) in the country (2011 census).

Governments are giving more focus on the socio-economic development of the groups by retaining their culture and heritage with the aim to bring improvement in their quality of life.

ALSO READ: Budget 2023: New tax regime to be default; who will benefit from it?

State-wide list of PVTG

According to the data from central ministry of Tribal Affairs, the tribes included in the group are:

Andhra Pradesh and Telangana

1. Bodo Gadaba

2. Bondo Poroja

3. Chenchu

4. Dongria Khond

5. Gutob Gadaba

6. Khond Poroja

7. Kolam

8. Kondareddis

9. Konda Savaras

10. Kutia Khond

11. Parengi Poroja

12. Thoti

Bihar and Jharkhand

13. Asurs

14. Birhor

15. Birjia

16. Hill Kharia

17. Korwas

18. Mal Paharia

19. Parhaiyas

20. Sauria Paharia

21. Savar

Gujarat

22. Kathodi

23. Kotwalia

24. Padhar

25. Siddi

26. Kolgha

Karnataka

27 Jenu Kuruba

28. Koraga

Kerala

29. Cholanaikayan (a section of Kattunaickans)

30. Kadar

31. Kattunayakan

32. Kurumbas

33. Koraga

Madhya Pradesh and Chhattisgarh

34. Abujh Marias

35. Baigas

36. Bharias

37. Hill Korwas

38. Saharias

39. Kamars

40. Birhor

Maharashtra

41. Katkaria (Kathodia)

42. Kolam

43. Maria Gond

Manipur

44. Morram Nagas

Orissa

45. Birhor

46. Bondo

47. Didayi

48. Dongria-Khond

49. Juangs

50. Kharias

51. Kutia Kondh

52. Lanjia Sauras

53. Lodhas

54. Mankidias

55. Paudi Bhuyans

56. Soura

57. Chuktia Bhunjia

Rajasthan

58. Seharias

Tamil Nadu

59. Kattu Nayakans

60. Kotas

61. Kurumbas

62. Irulas

63.Paniyans

64. Todas

Tripura

65. Reangs

Uttar Pradesh and Uttarakhand

66. Buxas

67. Rais

West Bengal

68. Birhor

69. Lodhas

70. Totos

Andaman & Nicobar Islands

71: Great Andamanese

72. Jarawas

73. Onges

74. Sentinelese

75. Shom pens

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Budget 2023: ₹1.23 lakh crore allocated for postal, telecom projects

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PTI | | Posted by Shobhit Gupta

The government on Wednesday allocated 1.23 lakh crore for postal and telecom projects including 52,937 crore capital infusion in state-run BSNL.

Read here: The Budgetary maths, explained via three numbers

Total allocation includes 97,579.05 crore for the Department of Telecom and 25,814 crore for Postal projects, the Budget document presented by Finance Minister Nirmala Sitharaman said on Wednesday.

Watch here: Modi govt’s women outreach; New deposit scheme launched | Limits for senior citizens raised

State-run BSNL, which is expected to roll out 4G and 5G services this year, will get 52,937 crore capital infusion from the government in 2023-24.

The government has allocated 2,158 crore for Optical Fibre Cable based network for Defence Services and 715.8 crore for telecom projects in the North Eastern states.

Watch here: ‘Indian economy on the right track’: Nirmala highlights seven ‘Saptarishis’ of Budget 2023

The Department of Posts has been allocated 25,814 crore and includes 250 crore capital infusion in the India Post Payments Bank.

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Budget 2023: Why Sitharaman went ‘whaaat…’ at press briefing

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Finance minister Nirmala Sitharaman on Wednesday slammed reports that the Union budget for 2023-24 was ‘not good enough’ and that it offered little in terms of support for the middle class. Responding to a reporter’s question on opposition leaders’ criticism, the finance minister expressed utter disbelief and went: “Whaaat?”

The reporter had asked Sitharaman: “Opposition parties have been calling this ‘nil battey sannata’ (good for nothing) budget… they said [it is] not good enough.”

UNION BUDGET 2023: FULL COVERAGE

To this the finance minister pressed the reporter for specifics, asking for details about the opposition’s criticism. “For what reasons (are opposition parties saying this)… if I may know?”

An amused finance minister then quickly moved on from the question.

Does Budget 2023 benefit the middle class?

In her crucial Budget presentation, a year ahead of the next general elections, Union finance minister Nirmala Sitharaman raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending this decade.

Read more | Decoding FM Sitharaman’s Budget 2023 in numbers

In one of the biggest announcements for the “hardworking middle-class”, as Sitharaman said at the Parliament today, the new Budget offered some relief to the middle class by increasing the rebate threshold in the new personal income tax structure. As a result, there will now be no tax levied for income up to 7 lakh, instead of 5 lakh, if opted for the new tax regime.

The government also revamped the concessional tax regime and announced that there will be no tax levied for income up to 3 lakh. Further, income between 3-6 lakh would be taxed at 5 per cent; 6-9 lakh at 10 per cent, 9-12 lakh at 15 per cent, 12-15 lakh at 20 per cent and income of 15 lakh and above will be taxed at 30 per cent, the finance minister announced.

For the salaried class and the pensioners including family pensioners, finance minister Sitharaman also extended the benefit of standard deduction to the new tax regime. Now, each salaried person with an income of 15.5 lakh or more will stand to benefit by 52,500.

Sitharaman also proposed to cut the highest surcharge rate to 25% from 37.5% under the new income tax regime, making the maximum income tax rate about 39 per cent, down from 42.7 per cent, which was among the highest tax rates in the world.

Apart from this, the finance minister also announced that the limit of 3 lakh for tax exemption on leave encashment on retirement of non-government salaried employees will be increased to 25 lakh. The limit has been proposed for revision for the first time since 2002.

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