Indian Economy: News and Discussion

[sauntheninja]

Bangladesh earns record US $ 47.38 billion from apparel export in 2023 - India Shipping News

DHAKA : Bangladesh’s apparel exports achieved a remarkable milestone in the previous year, reaching an unprecedented high of nearly US $ 47 billion,

indiashippingnews.com

Apparel exports to EU jump 8.5% in Feb

Bangladesh's apparel exports to the European Union market surged by 8.5% month-on-month to around €1.3 billion in February this year – the highest in the last four months. However, shipments to the 27-nation economic bloc remained 18.6% lower compared to the corresponding month a year ago...

www.tbsnews.net

At $14.5 billion, India’s garment exports lag; trail behind China, EU, Bangladesh and Vietnam: GTRI report

India’s textiles and garments exports have declined over the last five years by 7.6 per cent to $34.24 billion in calendar year 2023 from $37.16 billion in 2018,

www.thehindubusinessline.com

This has been the single biggest failure of Modi government. They have completely neglected this sector thanks to incompetent scum ministers like Piyush Goyal. Our garment exports have stagnated around $10-12 billion in the last decade while they have crossed 50 billion. Even $1 billion of additional exports will easily sustain 1 lakh direct employment. To make things worse, most indian middle class are exclusively or increasingly shopping at Zara, Uniqlo, Reliance etc, who source substantial amount of their clothes from bangladesh and import it here, which is why our textile imports are increasing.

Polyester yarn prices down in India amid weak demand, liquidity crunch

PC and polyester yarn prices in Indian markets have dropped due to sluggish payments and weak fabric purchases by the garment industry. Viscose yarn remains stable but faces slow demand. The Surat

www.fibre2fashion.com

And looking at yarn demand prices, looks like things will get even worse.

We have this obsession with high end stuff that while is good optics and increases our sophistication in the economy.It does not generate ample employment. We want to be a service powerhouse when that can't generate employment for 800 million people. We want to be a semi conductor powerhouse but we don't want to be a leader in low end manufacturing and textiles no these things are below us let countries like Vietnam and Bangladesh get these and become rich have you seen our it exports sarr

 

[shade]

Bangladesh earns record US $ 47.38 billion from apparel export in 2023 - India Shipping News

DHAKA : Bangladesh’s apparel exports achieved a remarkable milestone in the previous year, reaching an unprecedented high of nearly US $ 47 billion,

indiashippingnews.com

Apparel exports to EU jump 8.5% in Feb

Bangladesh's apparel exports to the European Union market surged by 8.5% month-on-month to around €1.3 billion in February this year – the highest in the last four months. However, shipments to the 27-nation economic bloc remained 18.6% lower compared to the corresponding month a year ago...

www.tbsnews.net

At $14.5 billion, India’s garment exports lag; trail behind China, EU, Bangladesh and Vietnam: GTRI report

India’s textiles and garments exports have declined over the last five years by 7.6 per cent to $34.24 billion in calendar year 2023 from $37.16 billion in 2018,

www.thehindubusinessline.com

This has been the single biggest failure of Modi government. They have completely neglected this sector thanks to incompetent scum ministers like Piyush Goyal. Our garment exports have stagnated around $10-12 billion in the last decade while they have crossed 50 billion. Even $1 billion of additional exports will easily sustain 1 lakh direct employment. To make things worse, most indian middle class are exclusively or increasingly shopping at Zara, Uniqlo, Reliance etc, who source substantial amount of their clothes from bangladesh and import it here, which is why our textile imports are increasing.

Polyester yarn prices down in India amid weak demand, liquidity crunch

PC and polyester yarn prices in Indian markets have dropped due to sluggish payments and weak fabric purchases by the garment industry. Viscose yarn remains stable but faces slow demand. The Surat

www.fibre2fashion.com

And looking at yarn demand prices, looks like things will get even worse.

We have this obsession with high end stuff that while is good optics and increases our sophistication in the economy.It does not generate ample employment. We want to be a service powerhouse when that can't generate employment for 800 million people. We want to be a semi conductor powerhouse but we don't want to be a leader in low end manufacturing and textiles no these things are below us let countries like Vietnam and Bangladesh get these and become rich have you seen our it exports sarr

It's labor laws, not "obsession with high end stuff"
Kanglullahs and Vietnamese have to work like slaves in these sweatshops for chaddi baniyon exports.

Gobi jee can try to reform these laaas, but labour union cumrades will materialize out of thin air, and so will red flag waving mobs who will #DilliChalo

Besides, both Vietnam and Kangludesh has FTAs for choddi and baniyan with the EU Big 5 and maybe America and Canada also, meanwhile the same countries have an autistic focus on (((opening India's agricultural markets to imports))) knowing the GoI won't budge even a single nanometer on such a thing in regards to FTA.

 

[new salem]

It's labor laws, not "obsession with high end stuff"
Kanglullahs and Vietnamese have to work like slaves in these sweatshops for chaddi baniyon exports.

Gobi jee can try to reform these laaas, but labour union cumrades will materialize out of thin air, and so will red flag waving mobs who will #DilliChalo

Besides, both Vietnam and Kangludesh has FTAs for choddi and baniyan with the EU Big 5 and maybe America and Canada also, meanwhile the same countries have an autistic focus on (((opening India's agricultural markets to imports))) knowing the GoI won't budge even a single nanometer on such a thing in regards to FTA.

They also have LDC status Bangladesh at least
But still stagnation can never be allowed or encouraged.

 

[shade]

They also have LDC status Bangladesh at least
But still stagnation can never be allowed or encouraged.

Not saying i'm ok with the state of things considering garment and footwear manufacturing are labour heavy and could alleviate our jobs problem but it is what it is

 

[shade]

Sheikh Hosina also doesn't have the problem of dalal media and NGO, Trade Union Cumrade termites
For Vietnam everything is under control

 

[thebakofbakchod]

Kanglullahs and Vietnamese have to work like slaves in these sweatshops for chaddi baniyon exports.

Indian elites/leftists/copers love to state this as an excuse. But the thing is Indians already work in sweatshops. Have you seen the state of most of our textile/low end factories? I dare say the working conditions there will be much worse than Vietnam, cheen in 2000s just purely due to the weather. 99% Indian small-medium factories do not have ACs, and a few don't even have fans. Workers toil away while ambient temperature is routinely over 40 degrees during most of the year and productivity takes a nosedive. This is why in recent years, the larger plants with more money are investing in AC systems.

The only real reason is due to labour laws making it very difficult for companies to hire mass pool of workers. Textiles is a seasonal industry. Factories across the world mass hire during peak production season and fire them during lull periods. Our labour laws prevent this and thus most factories do not expand to beyond few hundred workers. The average garment factory in bangladesh has over 5000 workers while in India it is <500. That being said i wonder how Foxconn is handling this issue since their factories have >5000 workers

 

[sauntheninja]

Indian elites/leftists/copers love to state this as an excuse. But the thing is Indians already work in sweatshops. Have you seen the state of most of our textile/low end factories? I dare say the working conditions there will be much worse than Vietnam, cheen in 2000s just purely due to the weather. 99% Indian small-medium factories do not have ACs, and a few don't even have fans. Workers toil away while ambient temperature is routinely over 40 degrees during most of the year and productivity takes a nosedive. This is why in recent years, the larger plants with more money are investing in AC systems.

The only real reason is due to labour laws making it very difficult for companies to hire mass pool of workers. Textiles is a seasonal industry. Factories across the world mass hire during peak production season and fire them during lull periods. Our labour laws prevent this and thus most factories do not expand to beyond few hundred workers. The average garment factory in bangladesh has over 5000 workers while in India it is <500. That being said i wonder how Foxconn is handling this issue since their factories have >5000 workers

Ask any person struggling to put food in the table in a rural area in UP or Bihar if he would continue to do back breaking farming work or work in these so called sweatshops that actually give you a wage and help you with social mobility

 

[shade]

Indian elites/leftists/copers love to state this as an excuse. But the thing is Indians already work in sweatshops. Have you seen the state of most of our textile/low end factories? I dare say the working conditions there will be much worse than Vietnam, cheen in 2000s just purely due to the weather. 99% Indian small-medium factories do not have ACs, and a few don't even have fans. Workers toil away while ambient temperature is routinely over 40 degrees during most of the year and productivity takes a nosedive. This is why in recent years, the larger plants with more money are investing in AC systems.

The only real reason is due to labour laws making it very difficult for companies to hire mass pool of workers. Textiles is a seasonal industry. Factories across the world mass hire during peak production season and fire them during lull periods. Our labour laws prevent this and thus most factories do not expand to beyond few hundred workers. The average garment factory in bangladesh has over 5000 workers while in India it is <500. That being said i wonder how Foxconn is handling this issue since their factories have >5000 workers

Ask any person struggling to put food in the table in a rural area in UP or Bihar if he would continue to do back breaking farming work or work in these so called sweatshops that actually give you a wage and help you with social mobility

It is not they who make the decision, it is Union Cumrades, paid mobs, foreign-agent "human rights" NGOs, sold-out/foolish Meelards & Lawyers and Media-randis that do.

 

[Crazywithmath]

It is not they who make the decision, it is Union Cumrades, paid mobs, foreign-agent "human rights" NGOs, sold-out/foolish Meelards & Lawyers and Media-randis that do.

Industrial policy/import substitution works!

Export of Bangladeshi products to India declines

Exports of Bangladeshi products to India decline by 17% in 2023-24 fiscal | Prothom Alo

en.prothomalo.com

BDeshi textiles sector gets blown out of proportion for reasons unknown to me. Keep spamming this link in response to anyone who attempts to do rr over muh TesTiLeS SecToRrr...

It is concerning, that India's textile exports have declined in the last few years, and that some of that decline can be explained by stiff competition from Bangladesh and other countries.

In absence of LDC privileges, BD exports are already pretty uncompetitive.

 

[MuffleParch]

Musk has sold his soul to the Chinese devil. He doesn't want to let go off the Chinese market where he is consistently losing market share to BYD. He is even losing the US market. At this time courting India would send a wrong signal to the Chinese masters.

Musk Makes Surprise China Visit, a Week After Nixing India.

 

[shade]

Musk has sold his soul to the Chinese devil. He doesn't want to let go off the Chinese market where he is consistently losing market share to BYD. He is even losing the US market. At this time courting India would send a wrong signal to the Chinese masters.

Musk Makes Surprise China Visit, a Week After Nixing India.

Chinese masters have no mercy squeezing the balls of suitboots once they have enticed the suits into placing their balls into the vise that is China, that is why.

 

[sameer3694]

The only real reason is due to labour laws making it very difficult for companies to hire mass pool of workers. Textiles is a seasonal industry. Factories across the world mass hire during peak production season and fire them during lull periods. Our labour laws prevent this and thus most factories do not expand to beyond few hundred workers. The average garment factory in bangladesh has over 5000 workers while in India it is <500. That being said i wonder how Foxconn is handling this issue since their factories have >5000 workers

They are mostly all on contract and let go every 240 days. They get rehired again after 2-3 months. So as to avoid the 'Industrial disputes act' from kicking in.

Imagine spending monies & time skilling and training an employee, said employee works for 8 months, the employee is then fired to get around the convoluted laws and the cycle continues. Such an inefficient roundabout process babus came up with..

 

[Varoon2]

It's labor laws, not "obsession with high end stuff"
Kanglullahs and Vietnamese have to work like slaves in these sweatshops for chaddi baniyon exports.

Gobi jee can try to reform these laaas, but labour union cumrades will materialize out of thin air, and so will red flag waving mobs who will #DilliChalo

Besides, both Vietnam and Kangludesh has FTAs for choddi and baniyan with the EU Big 5 and maybe America and Canada also, meanwhile the same countries have an autistic focus on (((opening India's agricultural markets to imports))) knowing the GoI won't budge even a single nanometer on such a thing in regards to FTA.

It is concerning, that India's textile exports have declined in the last few years, and that some of that decline can be explained by stiff competition from Bangladesh and other countries.

To what extent is this made up for, by the massive internal market of India, with easily tens of millions, if not hundreds of millions of active, regular consumers( not referring to very low income individuals who can buy the odd chappal or shirt). There may be significant numbers of Indians buying imported garments, but what about the even larger number buying domestically produced items. That must be larger than the entire population of Bangladesh, and certainly of Vietnam or Mexico.

 

[Crazywithmath]

Industrial policy/import substitution works!

Export of Bangladeshi products to India declines

Exports of Bangladeshi products to India decline by 17% in 2023-24 fiscal | Prothom Alo

en.prothomalo.com

BDeshi textiles sector gets blown out of proportion for reasons unknown to me. Keep spamming this link in response to anyone who attempts to do rr over muh TesTiLeS SecToRrr...



In absence of LDC privileges, BD exports are already pretty uncompetitive.

The export of Bangladeshi products in India has dropped by 17 per cent in the 2023-24 fiscal so far.

According to the figures of the Export Promotion Bureau (EPB), Bangladeshi products worth USD 1.27 billion have been exported to the Indian market in the first eight months of the current fiscal, which was USD 1.53 billion in the previous fiscal. As such, exports of Bangladeshi products have declined by 16.59 per cent.

Analysing the figures of the EPB, the top Bangladeshi export products in the Indian markets are – readymade garments, jute and jute yarn, home textile, soybean oil, frozen fish and plastic. The 23 per cent drop in the export of readymade garment is a key factor behind the fall in overall export. Readymade garment covers almost 50 per cent of the products exported from Bangladesh to India.

Meanwhile, imports of Indian products have increased despite the drop in the export of Bangladeshi products. According to the Ministry of Commerce and Industries of India, products worth USD 5.38 billion have been imported to Bangladesh from India in the first seven months of the current fiscal, which was USD 4.92 billion in the previous year. That means, imports of Indian products have increased by nine per cent in between July and January.

 

[Arjun Mk1A]

Fact is Tiruppur needs to jump start into new large scale manufacturing. The existing in your house chaddi baniyan manufacturing can only lead us this much. On top of that we already screwed up the Noyal River with all discharge.

Ideally the next stage should be moving the existing disorganized factories into the large IP zones with Waste Treatment and Dorm facilities which is a must since majority workers are from Bihar and West Bengal with Swampdesh mullahs a few %.

But unfortunately it is in Kongu Belt and current government will not going to help.

 

[sauntheninja]

Fact is Tiruppur needs to jump start into new large scale manufacturing. The existing in your house chaddi baniyan manufacturing can only lead us this much. On top of that we already screwed up the Noyal River with all discharge.

Ideally the next stage should be moving the existing disorganized factories into the large IP zones with Waste Treatment and Dorm facilities which is a must since majority workers are from Bihar and West Bengal with Swampdesh mullahs a few %.

But unfortunately it is in Kongu Belt and current government will not going to help.

why is the government unable to build these large scale clusters in the north region. Apart from Delhi NCR and Noida there is no big city for such a large population.

 

[Arjun Mk1A]

why is the government unable to build these large scale clusters in the north region. Apart from Delhi NCR and Noida there is no big city for such a large population.

No interest from SG.

 

[Crazywithmath]

any chance to compare ourselves to any south East Asian countries? Central Asian countries?

Go through the old posts on this thread.

And central Asian economies? Damn, never knew we have central Asian tigers now .....

No need to be a tiger, no need to be rich to make your surroindings clean, not spit everywhere, not obey traffic rules, not being arrogant!

why r u so annoyed?

This is the economy thread; we talk on macro/microeconomic performance only. What else do you expect?



And I have never come across a serious article/paper comparing India with Tajikistan or Kyrgyz Republic. Not sure what else you expect from members.

 

[ezsasa]

usually this point comes up from time to time, where folks portray drop in FDI as some sort of catastrophe, and data comparisons between domestic investments and FDI are quite rare in public domain.

last available RBI sectoral data on outstanding credit is of feb 2024.

Industry : 3669073 crores ₹ i.e 439 billion $
services : 4492708 crores ₹ i.e 538 billion $
at current exchange rate..

FDI is in 100 billion $ range these days.

point being, FDI is part of the capital cycle, not entirety of it, there are domestic players as well. advantage that FDI brings to the table as far as liability is concerned is that, it's outstanding in some other country's books not ours.

Reserve Bank of India - Press Releases

 

[Crazywithmath]

usually this point comes up from time to time, where folks portray drop in FDI as some sort of catastrophe, and data comparisons between domestic investments and FDI are quite rare in public domain.

last available RBI sectoral data on outstanding credit is of feb 2024.

Industry : 3669073 crores ₹ i.e 439 billion $
services : 4492708 crores ₹ i.e 538 billion $
at current exchange rate..

FDI is in 100 billion $ range these days.

point being, FDI is part of the capital cycle, not entirety of it, there are domestic players as well. advantage that FDI brings to the table as far as liability is concerned is that, it's outstanding in some other country's books not ours.

Reserve Bank of India - Press Releases

FDI into India as a % of global FDI has doubled since 2013-14. This rr over muh drop in FDI does not hold much water.

And to be honest we should not be interested in funding the pension of old whitoid cumskins in any case. They looted our country off the wealth and built their fancy goth architecture.

Now they are here with that same wealth (in fiat form), thinking that they can survive off the interest earned through it.



Let the likes of Vanguard and BlackRock collapse. slowly and steadily we should be brrring our own printers, and compensate the currency with the export surplus.

I don't have a problem with that but some of our esteemed members keep recycling non-issues to do rr. I don't see them calling out the GoI for their ultra conservative fiscal stance or their failure to offload PSUs despite consistent chest thumping at successive annual budget sessions. Nobody bothers why many of those metro rail projects are not receiving approvals or why the National Research Foundation has barely moved forward. These are all pressing issues but a bunch of photos comparing India with Tajikistan and Rwanda is all you have on this thread.