Indian Economy: News and Discussion

[Akshay_Fenix]

16K TB wowwww!.. i bet most of the bytes were spent on watching porn and youtube viedos.. i just wish for the day this Porn gets banned once for all ..

Gvt lack guts and citizens dnt want to give up their addiction.. all this women empowerment stuff sounds bogus and hollow .During day leaders,social group,ppl fight for the justice and right of women & during night they see women getting empowered from their all holes..

Yes we want DIgital India so that ppl can have access to porn 24x7 from offices to schools .. We compete with china in many aspects why not here ,on this porn subject..

How hard and difficult is banning Porn?? does polticians recevies kickbacks from even porn studios ?

Government banned porn in its first year of office. However you can still access it using VPNs.

 

[Project Dharma]

Government banned porn in its first year of office. However you can still access it using VPNs.

Wait are you kiddin me? So you can't open a porn site through your ISP in India? If that is true I'm glad I left India before acche din..

 

[Akask kumar]

Government banned porn in its first year of office. However you can still access it using VPNs.

the tamasha gvt made in the first year boosted the porn industry.. the subject was debated on common news channel and was on newspaper(local) too. i think gvt made porn quite popular subject and it got negative publicity..

it was masterstroke by gvt to authorize porn sites in india .. since gvt could not ban porn /fail to ban porn means that porn sites got validity..i hope u got the hidden agenda here..

if we question gvt , it will say we tried but failed.. if we question the porn supporters they will say ,Since gvt cudnt ban porn who the hell are you to question my liberty..

this is Hegelian dialectic..quote from wiki

Hegelian dialectic, usually presented in a threefold manner, was stated by Heinrich Moritz Chalybäus as comprising three dialectical stages of development: a thesis, giving rise to its reaction, an antithesis,

.

Ya if banned ppl may access it through VPN and proxies but that requires some tech knowledge and most of the porn surfers dnt have.. not all ppl are technical specially kids..

Plus if the ban is implemented through fine and charges it will discourage the Perverts further.. Plus if we delete the DNS of the porn sites from indian servers ,it will discourage them further..

if i opt the same logic in cancer treatment or aids .. "since we cant treat cancer so we should not waste effort and money in treating ppl,,let them die." sounds illogical ..

 

[Akshay_Fenix]

the tamasha gvt made in the first year boosted the porn industry.. the subject was debated on common news channel and was on newspaper(local) too. i think gvt made porn quite popular subject and it got negative publicity..

it was masterstroke by gvt to authorize porn sites in india .. since gvt could not ban porn /fail to ban porn means that porn sites got validity..i hope u got the hidden agenda here..

if we question gvt , it will say we tried but failed.. if we question the porn supporters they will say ,Since gvt cudnt ban porn who the hell are you to question my liberty..



Plus if the ban is implemented through fine and charges it will discourage the Perverts further.. Plus if we delete the DNS of the porn sites from indian servers ,it will discourage them further..

The sites are still banned.

Why blame the government when it was the MSM(as usual) that made a tamasha out of it.

 

[Indx TechStyle]

For communication, we have a separate Digital India Thread. @ezsasa @Akask kumar

 

[Akask kumar]

The sites are still banned.

Why blame the government when it was the MSM(as usual) that made a tamasha out of it.

Its gvt job too to regulate media.. we have I&B ministry fir this. its gvt prob if Media is having free mindless run here in india..
no other country's media is as pathetic as ours..
i can still open many porn sites right now. Gvt loosely banned those that had child porn videos.. it dsnt mean u cant acess it on differnet sites..

 

[Akask kumar]

For communication, we have a separate Digital India Thread. @ezsasa @Akask kumar

K.. no comments further.. dnt want to end up like CRYSIS..

 

[Indx TechStyle]

Can the pool of domestic cash help India cushion Fed rate hike impact?

 

[Indx TechStyle]

India and China’s love affair with gold turns financial
Questions remain as to how quickly demand for gold as an investment in Asia will grow.
© FT montage; Reuters

For Surender Kumar Jindal, one of the biggest sellers of gold and silver bars in India, this year has not been good for business.

Gold may have rallied 20 per cent in US dollar terms, putting it on course for its first annual rise in four years. For the Indian market, though, that has contributed to a fall in demand for the physical metal.

Gold’s status in India, from its role in weddings to use in rural savings, has helped make the country the biggest buyer of bullion globally, so any slowdown in appetite is a worry for the industry.

“People aren’t buying because they know it’s not giving a return,” Mr Jindal says. “It is the price that decides; people are very price sensitive.”

Lacklustre demand in India marks a fundamental change for the physical gold market. After prices dropped in 2013, hefty buying from India and China saw hundreds of tonnes of metal flow eastward from vaults in London.

However, analysts say this does not mean the world’s two largest consumers of the metal have lost their love for bullion, rather that the way people buy gold there is changing.

In China, gold is becoming an increasingly popular investment product through platforms run by the country’s state-owned banks that allow investments on the Shanghai Gold Exchange via smartphones and online. New financial investment products such as gold exchange traded funds have also started to see inflows.

Five factors that drive the outlook for gold
Investors sitting on a 20% gain so far this year face choice of selling or doubling-down

Consumers will be hit by bank rules on gold, say refiners
Regulators are forcing lenders to cover their holdings of the precious metal

Gold can only ever be a fashion victim
Investing in the yellow metal has become a post-crisis trend

“You can see that China’s investment demand has the potential to be astonishing,” said Yang Qing, deputy general manager in the global market department of Bank of China, this month at the London Bullion Market Association conference in Singapore. “The proportion of gold in ordinary people’s asset allocation will increase.”

The amount of gold in the country’s two Shanghai-listed gold-backed ETFs increase 10 times in the first half of this year, according to Mr Yang.

That could eventually offset declining jewellery demand, which has fallen this year. Hong Kong-listed retailer Chow Tai Fook reported its same-store sales in China fell 22 per cent for the three months ending in September, and 30 per cent in Hong Kong. Mainland China’s gold imports from Hong Kong, the largest source of imports last year, fell 23 per cent in August to their lowest level since January.

Still, investment products such as ETFs could take time. The country’s four listed ETFs had about 30 tonnes of gold as of July, a fraction of the 1,626 tonnes held by ETFs globally.

But history shows that ETFs can grow rapidly. The SPDR Gold Shares, launched in 2004 on the New York Stock Exchange, became one of the biggest ETFs in the world in August 2011. It now holds 954 tonnes of gold worth some $39bn.

This year’s rally in the dollar gold price has been partly driven by western investors piling into gold-backed exchange traded products following the metal’s slide towards $1,000 a troy ounce at the end of last year. India and China have largely been absent, and gold has flowed back into vaults in London that back the ETFs.

India’s gold market is dominated more by rural cash purchases than China, but the government is also trying to shift some of that buying into the financial system. Last year it launched sovereign bonds backed by the precious metal and allowed people to monetise their gold holdings at banks.

But the question is whether the country’s consumers will continue to buy gold as they grow richer and move into the middle class.

Gold’s status in India, from its role in weddings to its use in rural savings, has helped make the country the biggest buyer of bullion globally © EPA

“The basic premise is unchanged, even if you look at millennials,” says Sunil Kashyap, managing director in global banking and markets at Scotiabank in India. “It’s been drilled into them that you have to keep some savings in gold. The only issue is there are many more distractions and many more opportunities for them to spend money elsewhere.”

Gold-backed financial products represent only 0.2 per cent of the value of India’s stock of gold, according to refiner MMTC-PAMP.

In the meantime, gold’s returns have paled in comparison with other investment products. In rupee terms gold has only returned 0.9 per cent since 2013, compared with 5.6 per cent for real estate and 11.9 per cent for local equities, according to Kotak Bank.

That has hit jewellery demand this year, with imports of refined gold for consumption falling to 87 tonnes year-to-date compared with 370 tonnes in 2015, according to analysis group Metals Focus.

Still, Mr Jindal is confident, arguing that while demand might fall from rural buyers it will be made up for by demand for gold in new financial products.

“The demand for gold will continue and the products will increase by way of gold sovereign bonds, monetisation schemes, coins and gold mobilisation within the country, “ he says.

“That will reduce the required physical gold, but on the other side these new buyers will increase the demand. There will be a sort of equilibrium.”

Copyright The Financial Times Limited 2016. All rights reserved. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.

 

[Indx TechStyle]

India needs opportunistic tightening
For all the widespread near-religious faith in lower interest rates, they are of dubious efficacy in inducing the investment of the right kind.

Photo: Mint

It is often said that the urgent and the immediate are not the same as important. Indeed, they are in conflict with one another. All the urgent and the immediate commentary on the decision by the newly constituted monetary policy committee (MPC) of the Reserve Bank of India (RBI) has already come out. RBI has released the minutes of the MPC meeting too. The bulk of it has been seen earlier in the press release that followed the meeting.

Observations made by individual members of the MPC were newsworthy. Those who were in favour of the rate cut anchored their rate cut on the anchoring of inflation forecasts by professional forecasters. They chose to ignore the survey of inflation expectations that RBI conducts among citizens. That has a sample of over 5,000 people. It is in its 12th year. It is not clear if MPC members studied the track record of forecasts made by professional forecasters before choosing to assign it a greater weight in their decision. If they had done so, it is likely that they found it to be no superior to the forecasts or expectations generated by ordinary folks.

Inflation expectations among the public are based on their shopping experiences. It seems to be true not just of emerging economies but of developed countries too.

Readers should look up the paper presented in a Brookings conference last year on the (little or no) role of monetary policy in anchoring inflation expectations in New Zealand (Inflation Targeting Does Not Anchor Inflation Expectations: Evidence From Firms In New Zealand, September 2015).

In India, inflation expectations jumped sharply in the September survey of households on inflation expectations based on their experience with food prices in the summer months of May to July. In August, food prices drifted lower. But it remains to be seen if this trend will persist.

Evidently, the MPC thinks that it will persist at least for a quarter more. Credit Suisse seems to agree with them, pointing to food surpluses across all categories. This, in turn, is attributed to a decline in per capita calorie demand (is it a good thing?) and an improvement in agricultural productivity.

Therefore, they expect the public to be surprised by the extent and duration of the decline in inflation and consequently in interest rates (Interesting Times, Credit Suisse, 22 September 2016). One hopes that they are right.

One must keep in mind other non-conforming evidence, though. RBI members of the MPC correctly pointed to the sharp rise in input costs for Indian companies. To that concern, one must add the steady rise in staff costs per value of production in services and in manufacturing (Chart II.16b, “Monetary Policy Report”, Reserve Bank of India, October 2016). This is similar to the concept of unit labour cost and hence is indicative of labour productivity or the lack thereof.

As of the first quarter of the current financial year, in manufacturing, staff costs per value of production are rising at an annual rate of around 6.5% and in services, the rate is around 22%.

Therefore, one should not be surprised that the Indian corporate sector has kept its calls for lower interest rates and a competitive exchange rate on an auto-replay mode. These are the only instruments of international competition for the majority of them. Monetary policy and trade policy have to shoulder the costs of their failure or willingness or both to boost productivity. That is why any time is propitious for a rate cut in India.

The new MPC obliged. It was a marginal decision and most of the MPC members seem to be aware of it.

RBI reckons that India’s potential growth rate has come down and that the economy is growing at below potential.

A working paper published by RBI in April put the potential real growth rate of the economy at below 7%. That calls into question its own forecasts of the growth rate of Gross Value Added this year and next and that of the consensus.

Unfortunately, interest rate cuts won’t solve this problem much as it appears theoretically reasonable to believe so. For all the widespread near-religious faith in lower interest rates, they are of dubious efficacy in inducing the investment of the right kind. They do boost investments of the wrong kind (for example, in real estate) but that will do nothing to change India’s recent experience of short-lived growth spurts.

Therefore, one hopes that the MPC resists the temptation to cut rates opportunistically, in future. Indeed, given India’s chronic current account deficit, stagnant savings rate and poor capital formation, there is a stronger case for opportunistically tight monetary policy.

Indeed, RBI’s October monetary policy report struck the right note in its conclusion to Chapter III. It acknowledged that the economy was growing below potential and that aggregate demand was essentially consumption-driven. It identified correctly the risk posed by the continuing weakness in capital formation for potential output. It noted that productivity was impaired. It called for reforms in product and factor supplies that would raise the economy’s potential.

In other words, it is not about lower interest rates.

V. Anantha Nageswaran is an independent financial markets consultant based in Singapore.

It just explains what I told earlier that last quarter underperformed comparatively due to insufficient consumption. Though, it helped to deplete India's trade deficit. India's imports from China fell by 7.5%. Just strengthens other point, if India wants to sustain a high growth rate for decades, it can't skip manufacturing part.

 

[ezsasa]

Russian Kid(i Think) explaining India

 

[ezsasa]

After #WorldBank ranks India #130th in ease of doing business index, govt 'regrets' WB didn't consider 12 key reforms undertaken by it.


With this i guess, Modi bhai saab will start lobbying for Indians on the board of World Bank.

 

[Indx TechStyle]

A GST rate that can unlock India’s potential

By next April, India aims to introduce the dual GST to provide a common nationwide market for goods and services.(Abhimanyu Sinha)

By next April, India aims to introduce the dual GST to provide a common nationwide market for goods and services. Under the proposed indirect tax reform, both central and state governments will have concurrent taxation power to levy tax on the supply of goods and services. The proposed regime is expected to improve tax collection and minimise leakage.

Though Parliament passed the GST Bill this year and began working on implementing it, there are many teething troubles, one of them being the revenue neutral rate (RNR), which is the rate at which there is no revenue loss to the Centre and states.

The tussle over RNR

The states want the RNR to be high, above 20%, to ensure they do not lose revenue, while industry wants it to be around 18%, implying that higher tax will hurt them.

So far, a range of rates have been proposed. Earlier, a National Institute of Public Finance and Policy report suggested a revenue neutral rate of 27%. In 2009, a task force of the 13th finance commission suggested a GST rate of 12% (5% central GST and 7% state GST). However, 27% is considered too high and 12% too low even by international standards.

A survey of 132 countries by KPMG International Cooperative’s Corporate and Indirect Tax Rate Survey in 2014 showed that the highest GST rate was 27% in Hungary and the lowest 1.5% in Aruba. The 10 highest rates ranged from 27% to 18%.

The government at some point will have to make a tradeoff between collecting enough revenue and not overtaxing people. Moreover, a high tax can trigger inflation. An RNR with a lower rate of 12% and a standard rate of 22% would increase inflation by around 0.3-0.7%.

Today, the overall tax rate totals to around 26%, 12% excise duty and 14% VAT on goods. And since the tax rate now for services is nearly 15% with the Swacch Bharat cess, if the RNR is greater than 15-15.5%, the rate for services will be in the 20-22% range, making the GST seem like a considerable tax rise. So what then should be the ideal tax rate?

Optimum tax rate

Ideally, the tax should be levied comprehensively on all goods and services at a single rate to achieve the objectives of simplicity and economic neutrality. But that may not be viable politically due to concerns over the distribution of tax burden (e.g., food) or because of administrative and conceptual difficulties in taxing certain sectors. This then leads to exemptions.

This explains why the Centre has proposed a four-slab rate structure for GST, ranging from 6% to 26%. The structure proposes zero GST on many goods and services, such as food, health and education, and slabs of 6%, 12%, 18% and 26% on remaining goods and services with the highest tax on luxury items such as fast-moving consumer goods and consumer durables. It also proposed a cess over and above the GST rate on ultra-luxury items and demerit goods, such as big cars and tobacco products.

But multiple rates increase the costs of administration and compliance. They lead to classification disputes, require more record keeping and create opportunities for tax avoidance through misclassification of sales.

International experience

The GST regime has been most successful in countries, with the exception of a few Scandinavian nations with the rate of around 25%, which had a broad base and a modest tax rate in the beginning. For example, the New Zealand GST was introduced at the rate of 10%, with a base consisting of virtually all goods and services (with the exception of financial services).

The Singapore GST was introduced at 3%, which has now been increased to 7% as inefficient excises and customs duties have been eliminated. On the other hand, in Europe, the regime is not as efficient as the taxes have been levied at multiple rates.

What govt panel says

In December 2015, a government committee, chaired by Arvind Subramanian, chief economic adviser, recommended an RNR in the range of 15-15.5%. It said the average standard rate for comparable emerging market economies was 14.4% with the highest standard rate being 19% and even in the high-taxing advanced economies, the rate was 16.8%. The committee said, an RNR of anything beyond 15-15.5% will possibly result in a standard rate of about 19-21%, making India an outlier among comparable emerging economies.

The GST has the potential to make taxes more simple, raise compliance, and increase the GDP growth rate by about 1-2%. For instance, in Canada, the GST that replaced the federal manufacturers’ sales tax resulted in an increase in potential GDP by 1.4%. In New Zealand, when the GST was introduced in 1987, revenues jumped by 45% due to improved compliance.

Therefore, as international experience shows, only a single-rate GST with a large base can transform the economy.

 

[Indx TechStyle]

Ease of doing business: India needn’t fret over ranking; Here's why it’s not all that bad

India's rank in World Bank's Doing Business has virtually remained unchanged in the 2017 schedule when compared with the revised number for 2016 which is 130. Otherwise it has moved up by one notch from what was announced last year. There has been some umbrage expressed in certain quarters that this index does not adequately capture the efforts that have been put in by the government. What is one to make of it?

It must be understood that moving along the doing business scale is not a one-time exercise but a continuous process which has to ideally be viewed over a period of time which could be say five years. While there are lots of announcements made and policies induced, there are time lags before the results are witnessed. Further, the interesting part of this scale is that it is based on relative performance too, and given that there are several such measures being taken by other governments too, the score is seen in relation to what happens in other nations too.

The World Bank exercise is commendable but will be limited by the sources of comparable information and the depth to which it goes when getting this data. Given that there are discrepancies in getting up to date information on various variables it is but natural that when juxtaposed with large volumes of data on other countries, the ranking could get exposed to errors. But then this holds for others as well. More so in the absence of any other way of making a global comparison this is probably the best that can be done and it is better to have some benchmark rather than live in a world of self eulogisation.

The significant part where the government can take credit is the improvement in the distance to frontier (DTF) which actually gives an idea of how much we are moving towards the ideal. Here the improvement of 1.34 percentage points is noteworthy and reflects relative progress made on these indicators. There is evidently still a long way to go.

The critics of this score argue that some of the major reforms of the government like GST or Bankruptcy Code have not been factored in. Arguably these are major steps taken but then they need to be implemented and monitored closely to be evaluated for efficiency. Having a policy is the first step, but the way it is implemented and the impact on the rest of the economy is the final test of how these reforms have worked.

India continues to be a leader when it comes to protecting minority interest for which Sebi and RBI need to be complemented. Getting credit has seen some decline in rank, which should be addressed in the coming years since the government has been aggressive with financial inclusion. While we do very well on procuring electricity, internally there could be disagreement here as power has been our Achilles heel for the last six decades and we seem to be still having problems on generation, transmission and distribution. But the distance to frontier has moved up by 5.3 percentage points. We have also improved on enforcing contracts though given the tenuous state of our banking system, there can be a modicum of scepticism here as we appear to have improved in score and DTF.

This said, the government has definitely made tax payments easier, which shows in the improvement in the DTF by above 3.4 percentage points. Trading across borders has also improved which is positive from the point of view of foreign trade where there is serious work done in making it easier.

Given a mixed bag across the 10 parameters how then can we evaluate the progress made by the country. The DTF as mentioned earlier is the critical factor for self evaluation and we can be happy that in 7 of the 10 indicators we have shown an improvement this year. In the other three, getting credit, protecting minority interest and getting construction permits, there has been no change in this distance. So, on the whole we should be statistics in improving the business environment which has been the hall mark of this government.

In terms of rank, we do have a long way to go, as it depends not just on what we do but also how we stand in relation to other countries which too are pursuing the reforms path. For example for starting a business our DTF has gone up but rank come down, as others are doing better. India is definitely the fastest growing economy among the larger countries and intuitively it can be reasoned that if we keep moving up the scale of doing business, the growth potential is enormous. Given that ours is a federal structure, there is a limit to what the central government can do. The states need to follow as several of these factors that go into this score are guided by state actions. The Centre has tried to foster and accelerate competition between states which are good because it will all add to improve the whole.

Our immediate goal should be to improve the overall doing business DTF to above 60 in one year and cross 70 in next five years. That will be satisfying.

 

[Indx TechStyle]

Donald Trump's America would look like India

The level of technology and consumer choice was appalling. Drivers still rumbled about city streets in clunky Ambassador sedans, based on a 1950s-era car model.
By Michael Schuman|Bloomberg

Donald Trump may never have an opportunity to put his nationalist economic ideas into practice, but they are almost certain to outlive his campaign. Many workers have come to believe that free trade kills jobs and that they and the U.S. economy overall would be better off if more stuff was made at home rather than in China or Mexico.

QuickTake Free Trade Feud

To a certain extent, factories are already moving home, as the trend of “reshoring” from places like China gains momentum. And on the surface, the make-it-in-America rationale seems to pass the common sense test. More manufacturing at home means more factory jobs for Americans and a smaller trade deficit with the world.

The trouble is, we already have a pretty good idea of what this America would look like. It would look like India.

I don’t mean today’s India, the world’s fastest-growing big economy, which has opened itself up to trade and foreign investment. I’m talking about the India I saw on my first trip there in 1991, after the country had endured years of socialist economic planning. The level of technology and consumer choice was appalling. Drivers still rumbled about city streets in clunky Ambassador sedans, based on a 1950s-era car model. Customers had to wait months for big-ticket items like motorbikes and appliances. Quality was shoddy. And India remained one of the poorest nations on earth.

Part of the problem was that India, like many emerging economies, was deeply suspicious of trade. Influenced by its anti-colonial struggle, the country’s leaders in the 1950s and 1960s were convinced the global economy, dominated by their former European masters, was rigged against poor nations. They argued that the only way to develop modern industry and reduce poverty was to detach from international networks of exchange. They thus pursued import-substitution policies, throwing up barriers so that domestic industry could take root and grow.

Those policies failed. Coddling domestic industry eliminated any incentive for companies to turn out better products; consumers were stuck with whatever slop local factories felt like making. Indian firms were also cut off from the critical technological changes transforming industries elsewhere. Narayana Murthy, the founder of IT services giant Infosys, has said that it took him so long to get permission from regulators to import computers in the 1980s that, by the time the permits turned up, the models were already out-of-date.

With uncompetitive manufacturing, India wasn’t able to export and capitalize on demand in wealthy nations like the US, which China, South Korea and other countries in the region successfully tapped to boost incomes. India to this day has never matched the large-scale manufacturing of its East Asian neighbors. That’s a big reason why India’s GDP per capita remains a fifth of China’s.

The U.S. economy is obviously much more advanced than India’s was in the 1950s, and New Delhi’s policymakers compounded the country’s problems by tying up private enterprise in a web of regulations that came to be known as the License Raj.

But the policies Trump and his supporters would have to implement to make his economic promises a reality -- such as tearing up trade pacts, imposing higher tariffs on imports and slapping punitive taxes on companies that move manufacturing offshore -- are, in essence, akin to India’s import-substitution program and would have similar effects. Foreign-made products would become prohibitively expensive, curtailing consumer choice. Factories behind protective barriers would have little incentive to invest in innovation or quality. Trapped in a high-cost environment, they’d have trouble competing in global markets.

The idea that this would lead to more jobs and fatter incomes is hard to credit. Unable to export, and forced to charge higher prices for their wares at home, factories would require only small workforces to meet capped demand. Or they’d invest heavily in automation to press costs down, replacing workers with robots on assembly lines. Even worse, America’s trading partners would almost certainly retaliate against U.S. companies, killing off jobs that depend on trade. One study makes the case that Trump’s trade policies “would send the U.S. economy into recession and cost millions of Americans their jobs.”

In the end, such policies would isolate American industry from the global trends that drive economic progress. U.S. firms have proven adept at capitalizing on globalization to raise efficiency and profits while keeping the most valuable aspects of their businesses at home. Cutting U.S. firms off from the world would undercut their competitiveness, or force them to invest more and more outside of the country anyway, creating more jobs overseas than at home.

It’s telling that India chose to go in the other direction, after a 1991 foreign-exchange crisis forced a deregulation of trade. Now consumers can buy practically anything they want, Indian companies have gained in competitiveness and the population has become markedly richer. That’s the kind of country the U.S. should want to be.

 

[Indx TechStyle]

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[Indx TechStyle]

Electronic Products Policy will now focus on exports: Arvind Panagariya

 

[Indx TechStyle]

India’s steel production grows 8.5% in September

In the first nine months of 2016, India produced 71 mt of steel growing 5.9% over the same period last year.

KOLKATA: India’s steel production grew 8.5% to 7.8 million tonne (mt) in September 2016 compared to 7.2 mt in September 2015 even as Asia’s steel output went up 3.7% to 92.5 mt during September over the same month last year.

Out of this, China’s crude steel production for September 2016 was 68.2 mt, an increase of 3.9% compared to September 2015. Elsewhere in Asia, Japan produced 8.4 mt of crude steel in September 2016, a decrease of -1.5% compared to September 2015.

South Korea’s crude steel production was 5.7 mt in September 2016, up by 1.1% on September 2015. Brazil’s crude steel production for September 2016 was 2.6 mt, up by 3.1% on September 2015.

According to data from 66 countries reporting to the Brussels-based World Steel Association (worldsteel), world crude steel production grew by 2% in September 2016 at 132.9 mt compared to September 2015.

In the first nine months of 2016, India produced 71 mt of steel growing 5.9% over the same period last year. while Asia produced 825.9 mt of crude steel, an increase of 0.6% over the first three quarters of 2015, according to worldsteel.

The European Union (EU) produced 121.3 mt of crude steel during the first nine months of 2016, down by 4.8% compared to the same period in 2015.

North America’s crude steel production in the first nine months of 2016 was 83.9 mt, a decrease of 1.4% compared to the first three quarters of 2015.

The crude steel capacity utilisation ratio of the 66 countries in September 2016 was 70%, a marginal improvement over the utilization ration of 69.5% in September 2015. The September 2016 capacity utilisation ratio is 1.5 percentage points higher than the August 2016 ratio.

Now, that can blow up bluffs over Indian Economic outlook in last quarter.:biggrin2:
On Topic: We will overtake Japan very soon in steel production, within two three years.
@ezsasa @aditya10r @OneGrimPilgrim

 

[ezsasa]

After #WorldBank ranks India #130th in ease of doing business index, govt 'regrets' WB didn't consider 12 key reforms undertaken by it.


With this i guess, Modi bhai saab will start lobbying for Indians on the board of World Bank.

Guess i spoke too soon...
anand mahindra Am on the AdvisoryBoard of WB's Doing Business report.(No influence on the survey!) Not impossible for India to move up dramatically. (1/2)

 

[Akask kumar]

Electronic Products Policy will now focus on exports: Arvind Panagariya

much needed ..But we need chip fabrication industry in India. I know Gvt has blueprint but it needs to be materialized quickly.. We dnt want Make in India product that just make external casing and internally powered by chinese elctronics like in the case of most of indian Dongles.This will also help greatly in military ..