Indian Economy: News and Discussion

[Wisemarko]

Based on very flawed assessment. They forget to figure that majority of middle class businessmen and farmers do not pay taxes. As if that is not enough Indian middle class believes in saving instead of buying things on loan. Only time I have saw people take loan was to earn some tax benefits.

Flawed assessment?! There is no flawed assessment here. The fact is that there is no disposable income after savings, hence people are not buying like Chinese. Chinese save as much as anyone (saving rates are highest in the world) and yet give billions in consumer spending. It goes to show the extent of poverty and lack of prosperity in India.

 

[Prashant12]

India’s forex reserves soar by $ 2.7 billion to new high of $ 413.825 billion

Continuing their uptrend for the fifth consecutive week, India’s foreign exchange reserves soared by $ 2.7 billion to a new high of $ 413.825 billion during the week ended January 12, the Reserve Bank of India (RBI) said here today.

The country’s forex reserves had risen by $ 1.758 billion to $ 411.124 billion during the previous week.

In its weekly statistical supplement today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 2.685 billion to $ 389.834 billion during the week.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.

According to the bulletin, the country’s gold reserves remained unchanged at $ 20.421 billion, while its special drawing rights (SDRs) went up by $ 6.2 million to $ 1.521 billion.

India’s reserve position in the International Monetary Fund (IMF) rose by $ 9.3 million to $ 2.048 billion during the week, the bulletin added.

http://netindian.in/news/2018/01/19...erves-soar-27-billion-new-high-413825-billion

 

[Kshatriya87]

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[Suryavanshi]

RIL Q3 consolidated net profit soars 25% YoY; Jio turns profitable

https://m.economictimes.com/markets...turns-profitable/amp_articleshow/62571380.cms

 

[Suryavanshi]

Its all good and dandy that the big companies are running smoothly and growing but it would be stupid to put too much in there hand.
We need many more companies like Tata, Reliance, Birla and Adani.

 

[Kshatriya87]

Its all good and dandy that the big companies are running smoothly and growing but it would be stupid to put too much in there hand.
We need many more companies like Tata, Reliance, Birla and Adani.

They are all being looked after. New companies are coming in. Next gen Entrepreneurs are rising. Check this pic..

Sent from my Redmi 4A using Tapatalk

 

[Suryavanshi]

They are all being looked after. New companies are coming in. Next gen Entrepreneurs are rising. Check this pic..

Sent from my Redmi 4A using Tapatalk

Arey sir I wish some entrepreneur would create a decent rifle for our armed forces.

 

[Kshatriya87]

Arey sir I wish some entrepreneur would create a decent rifle for our armed forces.

That is my wish too. If not some new guy, companies like Tata, L&T, Reliance can definitely give it a go. They have plenty of money and assets to explore these options.

Sent from my Redmi 4A using Tapatalk

 

[Akshay_Fenix]

Modi vindicated as IIM study debunks jobless growth theory, says 15 million added to labour force yearly

The study also calculated the number of jobs in enterprises from the membership of Employees’ Provident Fund Organisation (EPFO), Employees’ State Insurance Corporation, General Provident Fund and National Pension System (NPS). Interestingly, the study is the first of its kind to use these kinds of data sets.

http://www.financialexpress.com/eco...million-added-to-labour-force-yearly/1018590/

 

[Flame Thrower]

Modi vindicated as IIM study debunks jobless growth theory, says 15 million added to labour force yearly

The study also calculated the number of jobs in enterprises from the membership of Employees’ Provident Fund Organisation (EPFO), Employees’ State Insurance Corporation, General Provident Fund and National Pension System (NPS). Interestingly, the study is the first of its kind to use these kinds of data sets.

http://www.financialexpress.com/eco...million-added-to-labour-force-yearly/1018590/

***Data is wrong....

U're bhakt....

It is easy for me to say that there are no jobs are being created than doing a bit research and find results....

Demonitization and Gabbar Singh Tax are huge loss to Indian economy.....so on and so forth....****

God. I am tierd of these rants.

RaGa's twitter account had asked Modi to talk about jobs in Jan 28th Maan ki baath. Waiting for better stats from the horse's mouth.

Thank you for the stats bro.

 

[Indian Sniper.001]

Commies - I don't believe in such ratings as long as India's rank is down.

​

PS the rankings of India from 2011-14. FAILURE OF MODI.

 

[Butter Chicken]

Bad loans shrink for first time since Modi's war on NPAs began

MUMBAI: India's stock of soured bank loans shrank slightly in the quarter to September last year, the first pullback since a drive to clean up record levels of bad debt began in 2015 and signalling that tighter rules and a new bankruptcy code may be starting to show results.

Stressed loans - which include non-performing as well as restructured or rolled-over loans - eased 0.4 per cent from three months earlier to Rs 9.46 lakh crore ($148.3 billion) at the end of September, according to unpublished central bank data reviewed by Reuters.

The last data seen by Reuters showed soured loans hit a record Rs 9.5 lakh crore as of end-June last year, accounting for 12.6 percent of total loans. The new data shows that the ratio declined to 12.2 per cent in the period to end-September.

That would be the first decline in soured assets since at least 2015, according to quarterly data collected by Reuters. On an annual basis, stressed assets have risen steadily since the year to March 2006.

Banks have seen their soured loans nearly double in the past four years as a prolonged economic slowdown took its toll on the ability of companies to repay debt. Profligate lending and poor due diligence have also been blamed for the surge.

In late 2015, the Reserve Bank of India (RBI) began a major asset quality review amid allegations that banks were hiding the extent of the bad debts on their books.

The central bank last year ordered banks to push some 40 of the country's biggest corporate defaulters into bankruptcy proceedings through greater powers given to it as part of the government's banking sector reforms programme. The government has also announced a $33 billion recapitalisation of the state-run banks that account for the bulk for the soured loans.

"The view is that the stressed assets ratio will not go up sharply from current levels. We expect asset-quality parameters to stabilise in due course before moving lower," said Jobin Jacob, an associate director at Fitch Ratings.

"The capital that has come in is a big positive and will bolster state banks' ability to absorb losses that are likely to ensue from non-performing loan resolution", Jacob said, adding the rating agency would be watching the asset quality closely.

The government on Wednesday announced the first tranche of the capital injection programme, pledging to inject nearly $14 billion into 20 state banks by March.

Stressed loans at the country's 21 state-run banks were Rs 8.25 lakh crore at end-September, or 16.2 per cent of their total loans, according to the data received through a right-to-information request.

Private sector banks had 4.65 per cent of their total loans classified as stressed amounting to Rs 1.06 lakh crore as of Sept. 30. Bad loans at foreign banks' Indian operations amounted to Rs 14,852 crore, or 4.2 per cent of their total loans.

Loans that had been overdue for between 60 days and 90 days, and are at the highest risk of default, also eased to Rs 1.53 lakh crore as of end-September, from Rs 1.63 lakh crore at end-June, the data showed.

 

[nongaddarliberal]

Commies - I don't believe in such ratings as long as India's rank is down.

​

PS the rankings of India from 2011-14. FAILURE OF MODI.

Our poor Russki bhais got stamped away from the top 10, and even top 15 for a few years.

 

[kamaal]

Modi vindicated as IIM study debunks jobless growth theory, says 15 million added to labour force yearly

The study also calculated the number of jobs in enterprises from the membership of Employees’ Provident Fund Organisation (EPFO), Employees’ State Insurance Corporation, General Provident Fund and National Pension System (NPS). Interestingly, the study is the first of its kind to use these kinds of data sets.

http://www.financialexpress.com/eco...million-added-to-labour-force-yearly/1018590/

This report doesn't show the actual picture, it only shows the data of EPFO,ESIC(Employee State Insurance Corporation), GPF, NPS, etc i.e. formal organizational data.
There are many loopholes in this report, just like other reports which report 'lack of jobs'. Let me give some insight about this report :
1). The report shows that the number of jobs getting formalized has increased considerably, the big reasons behind that is Demonetization, GST & liberal policy of govt, which has forced many companies to bring their employees under the formal umbrella.
2). This report doesn't specify whether the number which has increased are newly added jobs or the older jobs has been formalized, there is disconnect between the macro-economic data like consumption, investment, etc and this report.

But there are some good aspects of this report, for example it has came up with some good suggestion to :
1). Monthly reporting the job data to govt.
2). Quality of payroll reporting.

So this report is a good start to assess the condition of formal jobs in country but I am quite sure that people will not mention this report as the time passes, as the current increase in the number is just the reflection of the temporary correction taking place due to govt's policy.

 

[Craigs]

This report doesn't show the actual picture, it only shows the data of EPFO,ESIC(Employee State Insurance Corporation), GPF, NPS, etc i.e. formal organizational data.
There are many loopholes in this report, just like other reports which report 'lack of jobs'. Let me give some insight about this report :
1). The report shows that the number of jobs getting formalized has increased considerably, the big reasons behind that is Demonetization, GST & liberal policy of govt, which has forced many companies to bring their employees under the formal umbrella.
2). This report doesn't specify whether the number which has increased are newly added jobs or the older jobs has been formalized, there is disconnect between the macro-economic data like consumption, investment, etc and this report.

But there are some good aspects of this report, for example it has came up with some good suggestion to :
1). Monthly reporting the job data to govt.
2). Quality of payroll reporting.

So this report is a good start to assess the condition of formal jobs in country but I am quite sure that people will not mention this report as the time passes, as the current increase in the number is just the reflection of the temporary correction taking place due to govt's policy.

Mr Kamaal, The report is fine, if you can draw a better picture with more authoritative data then by all means you are welcome.

 

[Yggdrasil]

Commies - I don't believe in such ratings as long as India's rank is down.

​

PS the rankings of India from 2011-14. FAILURE OF MODI.

Yes why India is #5 and not #1? This is clearly a failure of Mudi, the Mudi must rejin.

 

[YagamiLight]

But there are some good aspects of this report, for example it has came up with some good suggestion to :
1). Monthly reporting the job data to govt.
2). Quality of payroll reporting.

What purpose will such addition of red tape serve the economy ?

 

[Suryavanshi]

What purpose will such addition of red tape serve the economy ?

We will see you're ass burning every time.

Yo let me clear this up Modi fucked up in lots of places but his economic policy is doing fine considering what legacy was handed to him by Khangress

 

[Prashant12]

Forex kitty continues to scale new peaks, touches $414.78 billion


MUMBAI: The rally in the foreign exchange reserves continued for the fourth week in a row, and scaled a new peak at USD 414.784 billion in the week to January 19, helped by rise in foreign currency assets, according to the Reserve Bank data.

The central bank data showed that the reserves rose by USD 959.1 million to touch during the reporting week.

In the previous week, the reserves had touched USD 413.825 billion after it rose by USD 2.7 billion.

The reserves had crossed the USD 400-billion mark for the first time in the week to September 8, 2017 but has since been fluctuating. But for the past four weeks it have been on
a continuous rally.

In the reporting week, foreign currency assets, a major component of the overall reserves, rose by USD 934.6 million to USD 390.768 billion, the RBI said.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, the pound and the yen held in the reserves.

Gold reserves remained unchanged at USD 20.421 billion, the central bank said.

The country's special drawing rights with the International Monetary Fund rose by USD 10.4 million to USD 1.531 billion, while the country's reserve position with the Fund also jumped by USD 14.1 million to USD 2.06 billion during the reporting week, the central bank said.

https://economictimes.indiatimes.co...uches-414-78-billion/articleshow/62664598.cms

 

[nongaddarliberal]

India Second Cheapest Country to Live in, Bermuda the Costliest: Survey
According to a survey by GoBankingRates, India is cheaper than its neighbouring countries like Colombia ranked at 13, Pakistan (14), Nepal (28), Bangladesh (40).
Updated on: January 28, 2018, 7:51 AM IST
PTI

Houston: India is ranked second only to South Africa as the cheapest country to live or retire, according to a recent survey of 112 countries.

The survey by GoBankingRates ranked nations on the bases of four key affordability metrics provided by online pricing database Numbeo. The metrics are: Local purchasing power index, rent index, Groceries index, and Consumer price index.

With the second lowest rent index among the 50 cheapest countries (after neighbour Nepal), living in India can be cheaper compared to most of the countries.



India also has some of the lowest prices for consumer goods and groceries, with typical monthly expenses for these priced around USD 285 for a single person living in Kolkata.

The survey says that India, home to 1.25 billion residents, is the most populous among the 50 cheapest countries. Its major industries include textiles, chemicals and food processing. India also has a relatively high local purchasing power in the major cities that were surveyed.

India's local purchasing power is 20.9 per cent lower, rent is 95.2 per cent cheaper, groceries are 74.4 per cent cheaper, local goods and services are 74.9 per cent cheaper, the survey said.

India is cheaper than its neighbouring countries like Colombia ranked at 13, Pakistan (14), Nepal (28), Bangladesh (40).

The local purchasing power index measures the relative purchasing power of a typical salary in that country, compared to New York City. A lower purchasing power buys fewer goods, while a higher purchasing power buys more.

While the rent index compares typical rental prices in the country to New York City, the groceries index holds a similar comparison for typical grocery prices.

The consumer price index compares costs of local goods and services - including restaurants, groceries, transportation and utilities — to New York City.

According to the survey, even among the 50 cheapest countries, rent is at least 70 per cent cheaper than in New York City, groceries are at least 40 per cent cheaper, and consumer goods and services cost less by 30 per cent or more. Local purchasing power does vary greatly among these cheap countries, however.

South Africa has topped the survey as the cheapest country to live or retire. Being the world's largest producer of platinum, gold and chromium, goes far to enrich the country and its economy. This resulted in a local purchasing power that is significantly higher than what New Yorkers face, which is the most favourable factor that helps South Africa top the list.

Along with a higher local purchasing power, South Africa also offers lower prices on consumer goods and groceries, and rent costs that are typical of the 50 cheapest countries. In the major city of Cape Town, for instance, monthly expenses total just under USD 400 while the average rent costs are reflected by the typical price to rent a one-bedroom in Durban of around USD 280 a month.

Among the most expensive countries in the survey are Bermuda (ranked 112), Bahamas (111), Hong Kong (110), Switzerland (109) and Ghana (108).