Indian Economy: News and Discussion

Haldilal

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Currently our IT Services exports are at 203 billion dollars in 2020 if it grows at 10% (double digit as per you) then it will reach 320 billion approximately by 2025. Right?
Ya'll Nibbiars yeah realistically possible and I menat by the overall sector growth.
 

RoaringTigerHiddenDragon

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I thought our IT services exports will stagnate this year onwards.
No way…there is no alternative but India for the US and EU as the work chain is so tightly meshed. india has the second largest IT workforce in the world after the US and by 2024 we would surpass the US too. T’he Philippines cannot build this scale. BPO is ver.y different from IT jobs which lay much higher. Note India IT labor is not the cheapest in the world. But still the work gets done here. Further, we have so many other services like animation, modeling, R&D etc based here and the IT infrastructure is excellent. So only the US and India can do at scale IT. This is why shouts India is getting wealthier and wealthier. Bangalore has the highest Grade A office space only behind Tokyo in Asia.and most of it is due to IT growth.
 

FalconSlayers

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No way…there is no alternative but India for the US and EU as the work chain is so tightly meshed. india has the second largest IT workforce in the world after the US and by 2024 we would surpass the US too. T’he Philippines cannot build this scale. BPO is ver.y different from IT jobs which lay much higher. Note India IT labor is not the cheapest in the world. But still the work gets done here. Further, we have so many other services like animation, modeling, R&D etc based here and the IT infrastructure is excellent. So only the US and India can do at scale IT. This is why shouts India is getting wealthier and wealthier. Bangalore has the highest Grade A office space only behind Tokyo in Asia.and most of it is due to IT growth.
 

FalconSlayers

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E-commerce portal of MSME to enable all businesses to enhance global reach
Press Information Bureau: July 23, 2021

National Small Industries Corporation, a PSU under the Ministry of MSME has a B2B MSME Global Mart Portal and efforts have been made to further strengthen activities under it. The salient features of the portal include online registration, web store management, multiple payment options, customer support through Call Centre and enhanced security features.

Khadi and Village Industries Commission (KVIC), a statutory body under the Ministry of Micro, Small and Medium Enterprises has ekhadiindia.com for B2C outreach, which enables all businesses to have a global reach with Interactivity, Immediacy and Ease of Adaptation.

The revenue generation from the portal depends on membership of the portal.
This information was given by Minister for Micro. Small and Medium Enterprises Mr. Narayan Rane in a written reply in the Lok Sabha today.
 

FalconSlayers

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Programme and Policy initiatives to provide relief to MSMEs due to Covid-19 pandemic
Press Information Bureau: July 23, 2021

The Government of India simplified the process of registration of MSMEs by replacing the Udyog Aadhaar Memorandum (UAM) with Udyam Registration (UR) on 1st July 2020. UR is free of cost, transparent, online, hassle free and is based on self-declaration. It does not require any documents and has an automatic integration with ITR and GSTIN. During the second wave of Covid -19 pandemic MSMEs continued to register on UR Portal.

MSMEs can avail the benefits of schemes such as Prime Minister’s Employment Generation Programme (PMEGP)/Rural Employment Generation Programme (REGP)/Micro Units Development & Refinance Agency (MUDRA) and the announcements made to provide relief to MSMEs from the problems faced due to COVID-19 pandemic. The number of Projects and Employment generation under PMEGP during 2020-21 in July 2021 are 91,054 and 7,28,432, respectively.

The Ministry of Micro, Small and Medium Enterprises (MSME) does not set-up any MSME in any state including Karnataka, Maharashtra and Tamil Nadu. The MSME sector consists of private players and the investments in this sector are made by the entrepreneurs themselves.

Promotion and development of enterprises is a State subject. However, the Central Government supplements the efforts of the State/UT Governments through various schemes, programmes and policy initiatives for promotion, development and enhancing the competitiveness of MSMEs in the country.

A number of schemes are being implemented by Ministry of MSME for MSMEs, including Prime Minister’s Employment Generation Programme (PMEGP), Credit Linked Capital Subsidy for Technology Upgradation Scheme (CLCS-TUS), Schemes for Khadi & Village Industries and Coir, International Cooperation Scheme, Procurement and Marketing Support Scheme, Scheme for Credit Guarantee Fund for Micro and Small Enterprises, National SC/ST Hub etc.

Benefits under these schemes are available to all eligible MSMEs, including those belonging to SC and ST communities. The Public Procurement Policy for Micro and Small Enterprises Order 2012 mandates 4% procurement from SC/ST owned MSEs and 3% from women owned MSEs.

This information was given by Minister for Micro. Small and Medium Enterprises Mr. Narayan Rane in a written reply in the Lok Sabha today.
 

ezsasa

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Mate, forget it. We don't need a nagging bi*ch here. Hope you get the point. A lot of states have promised incentives, tax breaks, land, cheap electricity and what not. Still if they choose to ignore a growing market then so be it.
exactly, ultimately majority of Tesla components are going to come from their plant in China anyways. when Tesla says they want reduction in import tariff they mean reduction of import tariffs from China.

These statements are fine as long as they are kept within the domain of their meetings with the ministries, but once they go public with such statements it is straight up an influence PR operation by a foreign company encouraged by an adversary intended to make Indian state look like a bad boy.
 

FalconZero

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Don't let this fucker import cars ,he will do the same google twitter thing in automobile , he has largest factory in china ,why would he manufacture in India
China is the biggest EV market rn with around 1.77 Million EV sales in 2018, it must have easily reached 2 million+ in 2021. To give an idea, we sold around 2.3 something million cars in 2020.
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I honestly as much as i like Tesla don't think they can succeed in India at such price point, 40k USD is the base price for Tesla cars, which is around 3 million INR and we are ignoring any taxes here. In India I am assuming anything above 30 lakhs is a sign of prestige and tesla doesn't come anywhere near BMW or Audi in the brand name or quality. Together BMW and Audi sell around 13k cars/year. Which is not a large market honestly. And for tesla that means they will probably see even lesser car sales in compared to them. Tesla sold around 500k units in 2020 just to give an idea, they are not going to set up a whole new plant for few thousand more sales.

So point being, why would Tesla invest in first place? We are not a big enough market, at least for next 7 years or so, tesla will not get much in return and they already have a competent industry in China to export their cars to anywhere in Asia and Africa region. Germany plant for europe and USA has its own plants.

At most tesla can invest in basic R&D and assembly here in India and later maybe in next 5 years or so expand further as the market increases.

India's only attraction point for now for likes of tesla is our future prospects of growth, market, 4 to 7 years down the line.

Honestly, EV market in India can be only driven by own Indian players because I don't think tesla will ever be competitive enough to produce cheaper cars for the market like India. Only wish was that we start focusing on better infra for self driving cars.
 

Bhumihar

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Curious how much impact does increase in local demand/consumption have on India economy. I know money brought in from foreign nations directly adds to the economy but what are the merits of local consumption.
 

ezsasa

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Curious how much impact does increase in local demand/consumption have on India economy. I know money brought in from foreign nations directly adds to the economy but what are the merits of local consumption.
huge positive impact, since local consumption is largely not impacted for external factors unless those of global events it ensure the cash keeps circulating domestically keeping the bottom line of the economy intact.

Flip side of the argument: there is less stress on achieving top line, like what’s happening in domestic textile industry at a macro level. they are content with local consumption(100 billion$) so never really focused on exports (30 billion $).
 

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