Indian Economy: News and Discussion

[hit&run]

While I was making a report related to job, I came across a very interesting phenomenon of large scale economies. It looks like when a country's economy touches 3 trillion Mark.. it can start adding 1 trillion every 2 to 3 years and the growth from there goes up like a rocket.

We are very close to that 3 trillion Mark

Money attracts Money.

With Modi in power that hump will be crossed faster.

Lindus crying for tax cut of 1500 RS will be happy standing in queue for commodities as coalition 'chors' are coming in 201 to loot everything.

 

[Mikesingh]

Another one.


Won't be long before the 'Intolerance Drama' V2.0 begins. Strap up tight.

The 'political vendetta' tag line has already hit the stands!!

 

[Prashant12]

Forex reserves rise to $421.487 billion

India's foreign exchange reserves rose by $728.90 million as on March 9 to $421.487 billion, data from the RBI show. Foreign currency assets (FCA), which form a key component of reserves, rose by $689.10 million from the previous week to $396.331 billion.

India’s foreign exchange reserves rose by $728.90 million as on March 9 to $421.487 billion, data from the RBI show. Foreign currency assets (FCA), which form a key component of reserves, rose by $689.10 million from the previous week to $396.331 billion. FCAs are maintained in major currencies like US dollar, euro, pound sterling, Japanese yen etc. Movement in the FCA occurs mainly on account of purchase and sale of foreign exchange by the RBI, income arising out of the deployment of foreign exchange reserves, external aid receipts of the government and revaluation of assets. Gold reserves rose by $26.50 million to $21.549 billion.

Special drawing rights (SDR) from the International Monetary Fund (IMF) rose by $5.6 million from the previous week to $1.534 billion. SDR is an international reserve asset created by the IMF and allocated to its members in proportion of their quota at the IMF. The reserve position in the IMF rose by $7.7 million to $2.071 billion.

http://www.financialexpress.com/market/forex-reserves-rise-to-421-487-billion/1101739/

 

[HariPrasad-1]

Nothing to be happy about, we are still exporting raw material to the Chinese. These chinky are not listening to our request of opening up of IT & pharma sector. This two sector alone would increase our export by more than 4-5 $ billion within a year.

But Chinese are too afraid to provide such leverage and asking for more from India like FTA in return, but that would kill our domestic industry if done. GoI need to work on mission mode to increase the electronic manufacturing, not assembling but manufacturing, we'll have to make it profitable for companies bcoz we can't rely on custom duty for any longer as RCEP is stuck because of us & other members are not looking happy about it.

We too have imposed more anti dumping duty of chinese goods. Recently more duty was imposed on ceramic tiles. We must impose more and more anti dumping duty of chinese goods so that they becomes costly and domestic companies should have level playing field.

 

[HariPrasad-1]

@kamaal @Butter Chicken @Indian Sniper.001 @IndiaRising @Akshay_Fenix @Kyubi
This is a major leap boys 200,000 jobs right here

Good if Japan has learned a lesson. Japan did some strategic mistakes in past by focusing merely on operational excellence and keep economy closed. Their operation excellence was easily copied and put in practice by other people manufacturing the same goods and Japan lost the advantage. Companies like Mitsubishi corporation was world's No1 company in eighties lost its place by numbers. On other hand US adopted globalization which focuses on sourcing the factor of production globally where it is available cheaply. This gave them edge over Japanese and US companies once again Toped the list of Global companies. Isolating their economy and excess focus of Made in japan has hit Japanese company and economy very badly. In this age of competition, you can think of producing everything on your own and Japan in particular is too small for same. SO it will be a right choice by Japanese to open up their economy and source Indian IT and other professionals. Japan can not produce good IT professional in Numbers required in this era of IT. If japan redefines its policy, they have a bright chance to reverse its shrinking economy.

 

[hit&run]

Congress Pitches "Rich Tax" On Top 1% To Help The Poor, Targets Centre

This is Papunomic.

No ideas given to increase wealth and Industrialization, only jumleybazi by Drama Queen who can't even read from script. "Balatkaar"

 

[Trinetra]

Congress Pitches "Rich Tax" On Top 1% To Help The Poor, Targets Centre

This is Papunomic.

No ideas given to increase wealth and Industrialization, only jumleybazi by Drama Queen who can't even read from script. "Balatkaar"

Also they should think of Tax on Dammad loot pariyojana.. and the tax should full 100% .. sab wapas karo.. jitna bhi loota hai desh ka..

 

[hit&run]

Also they should think of Tax on Dammad loot pariyojana.. and the tax should full 100% .. sab wapas karo.. jitna bhi loota hai desh ka..

The irony is, these Insects did nothing to increase Tax net. Don't know which tax they are going to increase when total population that pays taxes is less 2% .

You try to reform one aspect the economy the other 4 gets out to create obstruction. This Papu Party presided over a culture of policy paralysis, institutionalised corruption, now along with their retard supporters want to grab the Power.

 

[Mikesingh]

Economy in hands of ignorant, incompetent policy makers: Congress

The party noted that the most colossal failure of the Centre has been its mismanagement of the economy.

The Congress on Sunday attacked the Modi government saying that the economy was in the hands of "ignorant and incompetent policy makers" who have derailed growth through "reckless and bizarre policies".

The resolution on the economic situation in India was moved by former Finance Minister P. Chidambaram during the party's 84th plenary session here.

"The economy is in the hands of ignorant and incompetent policy makers who have derailed economic growth through reckless and bizarre policies such as demonetisation and a hasty imposition of a flawed Goods and Services Tax (GST) regime," said the resolution.

The Congress said that the tenure of the NDA government led by Prime Minister Narendra Modi was replete with governance and management misadventures and mistakes.

"The Modi government was presented with a golden opportunity to catapult India's economic growth to a new high through a near perfect alignment of stars -- an upswing in the economy, macro-economic stability after the upheaval of the 2008 global financial crisis, low oil prices (from over $100 to under $40 per barrel)...

"Robust global economic growth and an absolute majority in the Lok Sabha. Sadly, the government has squandered a golden opportunity."

The resolution reiterated that the "abysmal economic management" of the government has resulted in the lack of jobs and stagnant real incomes of farmers.

http://www.greaterkashmir.com/news/...ncompetent-policy-makers-congress/279141.html

Rhetoric at its silliest! WTF had the Cong done during their over 50 years of (mis)rule? Garibi hatao was the buzzword from the time of his grandma Indra Gandhi. What happened? Billions siphoned off into foreign accounts by the Cong bootlickers of the Gandhi family leaving the poor poorer.

And this loser Pappu didn't mention anything about:

> The Emergency
> Forced sterilization
> Appeasement of minorities
> 84 Sikh riots engineered by the Cong
> Massive Corruption
> Fake news
> National Herald case where Pappu and his Italian mom is out on bail on corruption charges, but calls PM Modi corrupt instead! Lol!

 

[ezsasa]

incase for young chaps, who do not know about this.. Other than taxes you pay or do not pay, you can help funding the govt by investing in sec 80 investments.
=========
Govt. to borrow Rs 2.88 lakh crore in first half of 2018-19

New Delhi [India], Mar 26 (ANI): The central government in consultation with the Reserve Bank of India (RBI) on Monday deliberated over its borrowing programme for 2018-19 and finalised its borrowing calendar for the first half of 2018-19 (April-September).

After making a careful assessment of its financial needs for the first half, the government's gross G-Sec borrowing will be only Rs. 2,88,000 crore in H1 of 2018-19, the Ministry of Finance said.

This makes up only 47.5 percent as against 60-65 percent share in this period in previous years.

"We expect large flow of funds in National Small Savings Fund. Rs. 75,000 crore were to be used for funding fiscal deficit. Now we've decided that instead of Rs. 75,000 cr, we will raise it to Rs. 1 lakh crore. We are planning gross borrowing of Rs. 2.88 lakh crore in first half of 2018-19," Secretary, Department of Economic Affairs, Subhash Chandra Gargtold reporters.

The government had budgeted for 2018 - 19 Gross G-Sec borrowing of Rs. 6,05,539 crore.

It intends to use larger inflows from small savings schemes to fund its fiscal deficit during the year.

Further, the government will borrow Rs. 1,00,000 crore from National Small Savings Fund (NSSF) as against the budgeted amount of Rs. 75,000 crore.

The government also plans to issue more Floating Rate Bonds (FRBs) and introduce Consumer Price Index (CPI) linked bonds, both put together, to the extent of 10 percent of issuances during the year.

The government will introduce two benchmarks during this half year - two-year and five-year, to meet the market demand.

More issuance will be planned in short and long-term maturity bucket, reducing the issuance in medium term segments of 10-14 years to around 29 percent, as against more than 50 percent issuances in previous years.

The share of issuances under different maturities bucket will be as follows

1 - 4 years: 8.3 percent

5 - 9 years: 25 percent

10 - 14 years: 29.2 percent

15 - 19 years: 14.6 percent

More than 20 years: 22.9 percent

The government's T Bill programme for the first quarter is to raise Rs. 1,95,000 crore.

During this period, T Bills of Rs. 1,53,000 crore will expire.

The gross borrowing per week under T-Bills will be Rs. 15,000 crores. (ANI)

https://www.aninews.in/news/busines...e-in-first-half-of-2018-19201803261945320001/

 

[Prashant12]

India's Forex reserves rise by $1.19 bn

India's foreign exchange (Forex) reserves increased by $1.19 billion as on March 23, official data showed on Friday.

According to the Reserve Bank of India's (RBI) weekly statistical supplement, the overall Forex reserves rose to $422.53 billion from $421.33 billion reported for the week ended March 16.

India's Forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI's position with the International Monetary Fund (IMF).

Segment-wise, FCAs -- the largest component of the Forex reserves -- increased by $1.13 billion to $397.29 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies. It also includes investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks.

In addition, the country's gold reserves value rose by $52.7 million to $21.61 billion.

Similarly, the SDRs value increased. It inched up by $3 million to $1.54 billion, while the country's reserve position with the IMF edged up by $4 million to $2.08 billion.

http://www.business-standard.com/ar...-reserves-rise-by-1-19-bn-118033000592_1.html

 

[Prashant12]

March Auto Sales

 

[Suryavanshi]

March Auto Sales

Your average Low IQ liberandu: Why are vehicle sales going up, this means more pollution Swacch Bharat Abhiyan failed.

Mudi ji must resign

 

[Akshay_Fenix]

2017-18 Direct Tax Collection Exceeds Budget Expectations, Rises 17 Per Cent To Rs 9.95 Lakh Crore


https://swarajyamag.com/insta/cag-flags-corruption-in-delhi-kejriwal-seeks-probe

 

[Akshay_Fenix]

India is now world's second largest mobile phone producer: ICA

"We are happy to inform you that with the strenuous and calibrated efforts of government of India, ICA and FTTF, India has now emerged as the second largest producer of mobile handset by volume," ICA National President Pankaj Mohindroo said in a letter to both the union ministers on March 28.

According to the data shared by ICA, annual production of mobile phones in India increased from 3 million units in 2014 to 11 million units in 2017.

https://economictimes.indiatimes.co...share&utm_campaign=socialsharebutton&from=mdr

 

[Akshay_Fenix]

Core sector growth up 5.3% in Feb as cement, refinery outputs pick up

Official data released by commerce and industry ministry on Monday showed a 22.9% rise in cement output and 5.3% increase in fertiliser production in February compared with a 19.6% rise and 1.6% decline, respectively in January.

https://economictimes.indiatimes.co...inery-output-pick-up/articleshow/63581950.cms

cement cement cement cement cement

 

[Akshay_Fenix]

In 2 yrs of overhaul, Modi govt’s rural housing scheme has doubled number of houses built



In 2017-18, around 38.67 lakh houses were built under the PMAY(G), and 32.22 lakh in 2016-17. Contrast this with the number of houses completed under the IAY in 2015-16, nearly half at 18.22 lakh. It was lower in the preceding financial years: 11.91 lakh in 2014-15, 10.51 lakh in 2013-14, and 10.49 lakh in 2012-13.

https://theprint.in/governance/2-yrs-modi-rural-housing-scheme-doubled-houses/46754/amp/

 

[Akshay_Fenix]

GST Revenue Numbers Show Modi’s Call Was Correct; Congress Criticism Is Just Sour Grapes

Despite all the naysaying by Cassandras, including the Congress party, which took potshots at the government’s “hasty imposition of a flawed goods and services tax (GST)”, the Narendra Modi government looks likely to have the last laugh.

After nine months of experience with GST revenue collections, and regular glitches and hiccups, one can now declare the new tax scheme a moderate success. And it could get better. One can additionally conclude that the timing of the rollout from 1 July 2017 was one of the best politico-economic calls taken by the Prime Minister. Anything later would have resulted in a needless spillover of the negative effects into the last year of his tenure, with state assembly elections and general elections due over the next one year.

The GST revenue graph rose from August to October 2017, peaking at Rs 95,132 crore, before tumbling precipitately in November – the month when more than 200 items were moved to lower slabs – to Rs 85,931 crore, and bottoming out in December at Rs 83,716 crore.

Since then revenues have been firm and on a slight uptrend. March 2018 saw revenues at Rs 89,264 crore, above February’s Rs 88,047 crore. If we adjust for the fact that February had only 28 days this year, the adjusted notional revenue for a 30-day month would be more than Rs 94,336 crore – which is close to the peak last October. March figures could undergo a revision once GST stragglers file late returns.

These numbers exclude collections under the IGST (inter-state GST), and also the cess on imports introduced from March in the Union budget, says a press release from the Ministry of Finance. These collections totalled Rs 27,811 crore. (See the details here)

In nine months of trial-and-error, Doctor Modi has delivered a healthy GST baby that can only grow healthier as new anti-evasion measures – like the launch of the e-way bill from this month – improve collections, and the natural buoyancy of the economy kicks in.

Other numbers at the state level also tell a great story.

An Indian Express report earlier this month noted a 26 per cent spike in indirect tax collections in Maharashtra, with the GST period (August 2017 to March 2018) actually delivering nearly 30 per cent growth.

Tamil Nadu, which was the lone dissenter on the launch of GST, reported a near 23 per cent surge in GST collections between July 2017 and January 2018, from Rs 19,017 crore in 2016-17 to Rs 23,317 crore during the corresponding period of 2017-18.

The performance of Maharashtra and Tamil Nadu, both producing states with a large manufacturing base, suggests that the old fears about consuming states gaining at their expense of producers have been proved wrong. Both states happen to be both producing and consuming states, and hence their revenues have not taken a beating. Far from it, they have made huge gains. The poorer states anyway gain from economic buoyancy, and the Centre’s decision to compensate them fully.

Additionally, as Business Standard points out in an editorial, the budgeted central indirect tax figures pencilled in for 2017-18 have been marginally exceeded. This once again proves that the overall GST rollout has been smooth, not over-optimistic, nor out of sync with reality.

The moral of the story is this: there may be no such thing as a perfectly designed GST, but the key to success is a willingness to make mistakes, correct them quickly, and then fix problems as they surface. This is exactly what the GST Council, the Finance Ministry under Arun Jaitley and Revenue Secretary Hasmukh Adhia have done. Above all, Narendra Modi can take a bow for orchestrating the tax at the right time, and making it work.

Now contrast this with the churlish Congress condemnation of GST as part of the AICC conclave’s economic resolution last month. The resolution read: “the Indian National Congress supports GST in its principle but opposes the shape and form given to it by the Modi government. As conceived by the UPA, GST was a ‘Good and Simple Tax’ with one tax rate (not exceeding 18 per cent) and exemptions for merit goods. The Congress Party severely condemns the hasty imposition of a flawed GST regime. The Modi government’s GST is an extremely complex tax structure and violates the principle of cooperative federalism through imposition of cesses outside the GST framework. Denial and delay in tax refunds, discriminatory input credit policies, unpreparedness of the GST system, onerous provisions for compliance, and ambiguity in revenue sharing with states have all caused severe damage to India’s economy. The Indian National Congress stands for a much simpler GST framework with a moderate and reasonable standard rate of tax, abolition of cesses outside the GST structure, a transparent mechanism for revenue sharing with the States, and a robust system of refunds.”

https://swarajyamag.com/economy/gst...ism-is-just-sour-grapes?utm_source=one-signal

 

[Akshay_Fenix]

Now, India is the third largest electricity producer ahead of Russia, Japan

India’s electricity production grew 34% over seven years to 2017, and the country now produces more energy than Japan and Russia, which had 27% and 8.77% more electricity generation capacity installed, respectively, than India seven years ago.

India produced 1,160.10 billion units (BU) of electricity–one BU is enough to power 10 million households (one household using average of about 3 units per day) for a month–in financial year (FY) 2017. Electricity production stood at 1,003.525 BU between April 2017-January 2018, according to a February 2018 report by India Brand Equity Foundation (IBEF), a trust established by the commerce ministry.


With a production of 1,423 BU in FY 2016, India was the third largest producer and the third largest consumer of electricity in the world, behind China (6,015 BU) and the United States (4,327 BU).

http://www.business-standard.com/ar...cer-ahead-of-russia-japan-118032600086_1.html

Do check out the link, more info out there with graphs.

 

[Akshay_Fenix]

This thread died or what? Or people just busy with their lives. Still a tons or good n semi bad news out there.