Indian Economy: News and Discussion

[ezsasa]

He is not a billionaire

He is a trillionaire.







In Zimbabwean dollars.

Just a few trillions.................

 

[AsuraKiller203]

India's wealth versus GDP: Which one is real indicator of economic health?

This is very good, gdp is not an accurate measure, its an even worse messure for a country like India which doesn't have a capitalist minded society n not all productive economic activity is captured in financial transactions.

Countries like India that have deep family values and a kind society always measure lower gdp than western countries where every transaction between individuals is monetary.

I.e. Ex A Family A in India. husband + wife + baby + grandma. Husband goes to work n makes $10 a day. Wife makes delicious home made food n keeps every1 satisfied. Grandma raises the kid out of love n imparts necessary samskars.
In this example, total contribution of the family to the gdp is $10.

Ex B Family in USA. Mom + Kid. Divorced single mom goes to work n makes $10 a day. Hires a babysitter to look after the baby and pays her $5. And Pays $5 to a fastfood worker for food for herself & the baby....who happens to be her ex

..the babysitter also spends her own $5 on getting food from the same fast food worker....... The fastfood maker spends his now earned $10 to get a blowjob from the babysitter. The babysitter is happy in the end n gives some of her food to the worker.

In this example, there are also 4 people. With similar results. All 4 people are fed & a couple have a happy ending.

GDP is counted every time money changes hands. So $10+$5+$5+$5+ $10= $35


Total contribution to GDP in ex B is $35. For sake of simplicity take examples these as representative of whole countries economies.

Example A has 4 people. Example B has 4 people. Indian Family As GDP per capita is $10/4 = $2.5/person.

American Bs GDP per capita is $35/4 = $8.75/person. According to GDP country B is more than 3 times as rich as country A!

Now which family do u think is better off n happy?

who would think an unknown babysitter provides a higher quality of babysitting services than own grandma? None. But grandmas contribution to GDP is zero.

So according to the flawed gdp method, in example A even though there are 4 people who are doing useful work n quite happy in their lives, they have a smaller economy n an ever lower gdp per capita. Complete nonsense! But that is how GDP is calculated. Because the wife wasnt paid officially for making food n no financial receipt produced and reported to govt, her contribution to GDP is zero. Same with grandma. Since the parents did not pay grandma for her services, according to GDP method no useful economic activity occured hence zero GDP.

If you add money multiplier effect, the gap between ex A & ex B would even increase further. And country of ex B would show as having 6-7 times the size of the economy as country A according to GDP.

So bottom line is GDP is not a method that was made to measure eastern countries economies. It was made by the west for the west to measure economies in a way that favors them. It helps them write the financial playbook of the world which unjustly favors them.

How does this happen? One way is GDP is used to borrow money by national govts & western countries with fake, inflated GDPs get lower interests rates when borrowing bc they have lower debt/GDP ratios.

Secondly it also allows western countries with high GDPs to dictate policies to so called " poor" low GDP countries n turn them in western countries favor using many international institutions. There are many other ways in which western countries benefit by writing the rule of the economic game n choosing the measuring indicators.

How it relates to India is that Indian govt should invent a different method of calculating economic activity. Do a survey of how much time individuals & families spend in a given productive activity & calculate some kind of a total manpower hours used indicator. Use this number to adjust GDP n call it modified GDP. And try to get this index get acceptance in financial world and base debts n interest rates on this indicator. This would naturally favor countries with high populations. And the western countries would never allow it. But just thinking out of the box.

A deduction from the above two examples can be that countries that have societies with high materialism, low spirituality, no family values, highly atomized individual lives have a higher GDP.

The social movements of the west in 1960s such as civil rights, feminism, encouragement of breaking down of families etc should be seen in this context. They all increase GDP n thus were encouraged by the corporates n the govts in the west. Getting more women n blacks in the workforce increased the money multiplier effect as their previously unaccounted work was now adding to the official GDP numbers. It also helps corps by increasing the labor pool n lowering wages for each worker thus more profits for the corps. This was one of the factors western govts eventually took the stand of encouraging these movements and not any genuine good feelings towards blacks & women.

 

[Deathstar]

You can be a billionaire too if you have the determination to achieve it. Best of luck, assuming you are not a billionaire already.

Only determination is not enough. And no not everyone who is determined becomes a billionaire. And also i feel theres no need for any individual to possess billions of dollars as personal wealth.
PS : i am talking only about Personal wealth also i am a proponent of Gross National Happiness as measure of development rather than any numerical/statistical data.

 

[captscooby81]

Let's wait and see How well Bernie Sanders is received by the people of America for his goal to remove billionaires and make them millionaire .

Just for laughs . A joke which is common in aviation industry across the world

Fastest way to make a billionaire into millionaire is by making him start an airline . Classic example Vijay Malaya

You don't need modern day robin hood in name of socialist wealth distribution by striping hard earned billionaire wealth

Only determination is not enough. And no not everyone who is determined becomes a billionaire. And also i feel theres no need for any individual to possess billions of dollars as personal wealth.
PS : i am talking only about Personal wealth also i am a proponent of Gross National Happiness as measure of development rather than any numerical/statistical data.

 

[FGFAPilot1]

Only determination is not enough. And no not everyone who is determined becomes a billionaire. And also i feel theres no need for any individual to possess billions of dollars as personal wealth.
PS : i am talking only about Personal wealth also i am a proponent of Gross National Happiness as measure of development rather than any numerical/statistical data.

I don't think anyone should have money, live off of govt. handouts!!!

 

[ezsasa]

@Indx TechStyle remember there was a talk of public savings going down, do you know the background of this?

 

[ezsasa]

Interesting nuggets :
Peak currency in circulation before Demonetisation : 1702210 Crores as on Oct 28, 2016
Currency in circulation today : 2092339 Crores as on Sep 27, 2019

edit: corrected the dates a bit.

 

[Indx TechStyle]

I know its a pipe dream but we need to strive for it as far as we can. We have too much inequality in India despite being a socialist state since independence. Better to have 30 billionaires with one billion dollar each than a single with 30 billion dollars

Wealth creation is essential for distribution. Concentrated money invested for returns is the only way to regenerate it.

This is how capitalists won and socialists failed.

 

[Indx TechStyle]

@Indx TechStyle remember there was a talk of public savings going down, do you know the background of this?

I don't think there was any data for savings going down. That was a speculation based upon some other indicators.

 

[lcafanboy]

Total wealth in India touches $12.6 trillion
Total wealth in India increased fourfold between 2000 and 2019, reaching $12.6 trillion in 2019, making India the fifth globally in terms of the number of ultra-high net-worth individuals, as per a Credit Suisse study.

According to the study, the wealth per adult in India grew by an average of 11% annually over the period 2000–2019 and the wealth per adult is estimated at $14,569 in mid-2019 after a year of moderate growth.

“Prior to 2008, wealth rose strongly, from $2,127 in 2000 to $6,378 in 2007. After falling 29% in 2008, it rebounded and grew at an average rate of 12% up to 2019,” said the report while adding that personal wealth in India is dominated by property and other real assets, which make up the bulk of household assets.

Incidentally, while India has 8.27 lakh adults in the top 1% of global wealth holders – 1.6% share of the global pool — it is estimated that India has 4,460 adults with wealth of over $50 million and 1,790 that have more than $100 million.

However, the study also found that while the number of wealthy people in India has been on the rise, a larger section of the population has still not been part of the growth in overall wealth.

“While wealth has been rising in India, not everyone has shared in this growth. There is still considerable wealth poverty, reflected in the fact that 78% of the adult population has wealth below $10,000,” stated the report, while highlighting the fact that a small fraction of the population — 1.8% of adults — has a net worth of more than $100,000. Meanwhile, as per the financial major, India is expected to grow its wealth very rapidly and add $4.4 trillion in just five years, reflecting an increase of 43%.
‘Total wealth in India touches $12.6 trillion’

 

[Prashant12]

Forex reserves cross $440 billion mark, up by $1.04 billion

MUMBAI: Continuing its northward surge, India's forex kitty has swelled by $1.039 billion to a new life-time high of $440.751 billion for the week ended October 18, the Reserve Bank said on Friday.

The forex reserves had risen by $1.879 billion to a new record high of $439.712 billion in the previous reporting week.

For the week under review, the foreign currency assets, which are the biggest part of the reserves, increased by $931 million to $408.881 billion, the RBI said.

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

The value of the gold reserves increased by $82 million to $26.861 billion for the week, the RBI said.

The special drawing rights with the International Monetary Fund rose $9 million to $1.440 billion during the week.

The country's reserve position with the Fund also increased by $17 million to $3.640 billion, the data showed.

https://timesofindia.indiatimes.com...k-up-by-1-04-billion/articleshow/71762989.cms

 

[vampyrbladez]

This PMC Bank case strikes fear into me guys. Ordinary citizens who want their money back have to suffer so much for their rightful share while scum who betray us like Mehul Chowksi and Nirav Modi are roaming free.

@Haldiram you have a lot of knowledge on these issues. What do you think will happen? What is the chance that the money can be recovered?

 

[hit&run]

This PMC Bank case strikes fear into me guys. Ordinary citizens who want their money back have to suffer so much for their rightful share while scum who betray us like Mehul Chowksi and Nirav Modi are roaming free.

@Haldiram you have a lot of knowledge on these issues. What do you think will happen? What is the chance that the money can be recovered?

The money will be recovered but will take a long time.

 

[MrPresident]

This PMC Bank case strikes fear into me guys. Ordinary citizens who want their money back have to suffer so much for their rightful share while scum who betray us like Mehul Chowksi and Nirav Modi are roaming free.

@Haldiram you have a lot of knowledge on these issues. What do you think will happen? What is the chance that the money can be recovered?

It could be merged with other big PSU bank (eternal punching bag SBI). All depends on how determined the govt is to recover the loans. Bottom line, it will take time.

Better to open multiple accounts in multiple big banks and spread out the hard earned money instead of putting all eggs in one basket.

 

[sorcerer]

India looks at overhead electricity link with Sri Lanka

India has been supplying power to Bangladesh and Nepal and has also been championing a global electricity grid that may initially aim to link countries such as Myanmar, Thailand, Cambodia, Laos, and Vietnam with the sub-continent. India’ energy diplomacy initiatives range from cross-border electricity trade to supplying petroleum products and setting up liquefied natural gas (LNG) terminals.

https://www.livemint.com/industry/e...icity-link-with-sri-lanka-11572147637418.html

 

[ezsasa]

India looks at overhead electricity link with Sri Lanka

India has been supplying power to Bangladesh and Nepal and has also been championing a global electricity grid that may initially aim to link countries such as Myanmar, Thailand, Cambodia, Laos, and Vietnam with the sub-continent. India’ energy diplomacy initiatives range from cross-border electricity trade to supplying petroleum products and setting up liquefied natural gas (LNG) terminals.

https://www.livemint.com/industry/e...icity-link-with-sri-lanka-11572147637418.html

Better assign a counter intelligence team in Tamil Nadu with this project from the beginning, there will definitely be a attempt to stop this with tactics similar to sterling copper.

Sterling cooper shutdown, increased our copper import.

 

[sorcerer]

Better assign a counter intelligence team in Tamil Nadu with this project from the beginning, there will definitely be a attempt to stop this with tactics similar to sterling copper.

Sterling cooper shutdown, increased our copper import.

I would say..identify the money transfer routes..and loot it blank..
use the same money for the development of same project...in THUG MODE

Like take down the kudakulam nuclear protestors fund and use it for the development of nuclear plant itself..
do it a couple of dozens of times and the firangi church stooges will hesitate to send money for such circus

 

[ezsasa]

I would say..identify the money transfer routes..and loot it blank..
use the same money for the development of same project...in THUG MODE

Like take down the kudakulam nuclear protestors fund and use it for the development of nuclear plant itself..
do it a couple of dozens of times and the firangi church stooges will hesitate to send money for such circus

Like this idea better..............

 

[sorcerer]

UPI hits 1 billion transactions in October, plans to go global - Times of India



MUMBAI: Transactions using India’s own domestic payments platform—Unified Payments Interface (UPI)—hit a landmark of one billion in October, three years after its launch.

The UPI also recently crossed 100 million users, making it the fastest adoption of any payments system anywhere in the world.

https://timesofindia.indiatimes.com...r-plans-to-go-global/articleshow/71787729.cms

 

[sorcerer]

India improves upon its pension provision

The eleventh annual Melbourne Mercer Global Pension Index, comparing 37 retirement systems, expanded to cover almost two-thirds of world population. The Netherlands and Denmark retain first and second place, respectively. India inched up in the overall index as compared to 2017 and 2018 because of efforts taken by the government to introduce New Pension System.

https://www.financialexpress.com/money/india-improves-upon-its-pension-provision/1747310/