Indian Economy: News and Discussion

[sorcerer]

RBI to study Blockchain technology to curtail paper currency

“Blockchain is one thing that has come out of Bitcoin which provides a lot of flexibility in terms of financial transactions. So, we need to study… how this Blockchain technology can be used in financial transactions where the entire data systems move to some more levels,” Khan told reporters at an event organised by the Institute for Development and Research in Banking Technology (IDRBT).

How Developing Asia Is Using Blockchain Pilots



http://thediplomat.com/2017/08/how-developing-asia-is-using-blockchain-pilots/

 

[sorcerer]

Good prospects for India to achieve over 8 % growth in 2-3 years: Niti Aayog


India has good prospects of achieving over eight per cent growth within two to three years and the chances of massive cut in the poverty rate in the upcoming decade are excellent.

This was stated by Niti Aayog in its three Year Action Agenda unveiled yesterday. It has come out with a detailed plan for reforms in the economy, judiciary, regulatory structure and social sectors in the document.

The Action agenda proposes linking central government expenditure to future priorities, shifting additional allocations to high-priority sectors which are more likely to promote development. The Aayog has suggested ways to facilitate urbanization in the country and deal with key challenges like affordable housing, infrastructure development, pubic transport and promotion of Swachh Bharat.

It also suggested host of actions to eliminate corruption and black money, and increase tax base besides recommending reforms in civil services and electoral process.

On the social sector, it talked of changes in segments like education, skill development, health and issues facing specific groups, such as scheduled castes, scheduled tribes
and women.

The Aayog has also backed use of genetically modified (GM) seeds in India saying concerns of the technology being monopolised by MNCs can be addressed through allowing only locally developed varieties. It also outlined various measures like MSP reform and better marketing infrastructure to be adopted for doubling of farmers' income.


http://www.newsonair.com/news.asp?cat=national&id=NN13504

 

[Butter Chicken]

Oppo, Vivo send Chinese expats home on low sales, high hostility

More than 400 Chinese expats working for Oppo and VivoBSE 0.38 % are headed back home after sharp falls in July and August smartphone sales, with anti-Beijing sentiment on the rise in some of India’s large consumer markets.

The drop in sales prompted the Chinese parent companies to reshuffle the local management and bring in new faces who would help counter the anti-China wave in certain consumer markets since the mid-June Dokalam standoff. Buyer resistance in some parts of northern India, Uttar Pradesh, Chhattisgarh and Odisha has prompted the parent companies to restrict front-office roles for Chinese expats in the distribution establishments in these markets. In Maharashtra and West Bengal, too, some distribution setups have seen similar exits.

Vivek Zhang, the high-profile Chinese expat who negotiated and signed the Indian Premier League’s title sponsorship deal for Vivo as its chief marketing officer, also returned home earlier this month.

Read more at:
http://economictimes.indiatimes.com/articleshow/60250076.cms

 

[Prashant12]

Rs 92,283 crore revenue has been received as GST for July.

 

[Sameer Chaudhary]

According to imf forcast India GDP in 2020 Should be 3.2trillon $$
Defence budget at 3%of GDP would be==96 billion $$.

But this doesn't include modi effect:biggrin2:
I can bet our GDP will touch 4trillion by 2020 and defence budget will be 120 billion $$.

here is the modi effect:

 

[SELVAM]

Time for bhakts to accept modi fuked of economic recovery

 

[ezsasa]

Time for bhakts to accept modi fuked of economic recovery

Yes absolutely!!!

You are absolutely correct !!!!

 

[F-14B]

Time for bhakts to accept modi fuked of economic recovery

better to be a feku then an absolute educated moron like a certain Man I know

 

[Mikesingh]

Time for bhakts to accept modi fuked of economic recovery

India first quarter economic growth slips to 5.7%

India's growth slumped to 5.7 per cent in the first quarter of the financial year, official data showed Thursday, below predictions as a controversial banknote ban dragged further on the economy.

The figures released by the Central Statistics Office were lower than the 6.1 per cent recorded in the previous quarter, and less than forecast by many economists in one of the world's fastest growing economies.

The official figures show India's economic growth still lags far behind regional rival China, which expanded at 6.9 per cent over the same period.

Last year, India's economy clocked 7.1 per cent for the first quarter.

But since then Prime Minister Narendra Modi has rolled out two large economic reforms -- the introduction of a goods and services tax (GST), and the snap withdrawal of most of India's high-value banknotes from circulation.

In February, the government had forecast GDP growth of between 6.75 per cent and 7.5 per cent for 2017/18.

However, in a survey released August, the government warned several factors including the introduction of the GST and appreciation of the Indian currency, could drag on growth.

http://www.wionews.com/business-economy/india-q1-economic-growth-slips-to-57-19725

Can someone tell me what the heck is going on? They said the GDP growth would be up at least 1-2 points after the GST is introduced. But it's plummeted 2 points instead! I guess it would take till the fourth quarter to see a turnaround. I'm keeping my fingers crossed!

And it looks like demonetization was a goof-up of galactic proportions. Where's the so called black money which was said to be driving the parallel economy amounting to a whopping Rs 500,000 crores? Broadening the tax base is a plus but that's it! Nothing more to show for de-mo.

Modi and the gang better shake a leg and do something fast before they are unceremoniously dumped at the hustings in 2019.

 

[ezsasa]

India first quarter economic growth slips to 5.7%

India's growth slumped to 5.7 per cent in the first quarter of the financial year, official data showed Thursday, below predictions as a controversial banknote ban dragged further on the economy.

The figures released by the Central Statistics Office were lower than the 6.1 per cent recorded in the previous quarter, and less than forecast by many economists in one of the world's fastest growing economies.

The official figures show India's economic growth still lags far behind regional rival China, which expanded at 6.9 per cent over the same period.

Last year, India's economy clocked 7.1 per cent for the first quarter.

But since then Prime Minister Narendra Modi has rolled out two large economic reforms -- the introduction of a goods and services tax (GST), and the snap withdrawal of most of India's high-value banknotes from circulation.

In February, the government had forecast GDP growth of between 6.75 per cent and 7.5 per cent for 2017/18.

However, in a survey released August, the government warned several factors including the introduction of the GST and appreciation of the Indian currency, could drag on growth.

http://www.wionews.com/business-economy/india-q1-economic-growth-slips-to-57-19725

Can someone tell me what the heck is going on? They said the GDP growth would be up at least 1-2 points after the GST is introduced. But it's plummeted 2 points instead! I guess it would take till the fourth quarter to see a turnaround. I'm keeping my fingers crossed!

And it looks like demonetization was a goof-up of galactic proportions. Where's the so called black money which was said to be driving the parallel economy amounting to a whopping Rs 500,000 crores? Broadening the tax base is a plus but that's it! Nothing more to show for de-mo.

Modi and the gang better shake a leg and do something fast before they are unceremoniously dumped at the hustings in 2019.

This is for Apr to Jun, GST does not figure in Q1.

I can think of two reasons why there is lower growth rate..

1) input costs around the world has gone down.

2) businesses in anticipation of GST Tried to reduce their moving stock. Govt gave exemption for stock produced before July in June.

 

[F-14B]

@ezsasa you have a triple post mate

 

[Indian Sniper.001]

@ezsasa you have a triple post mate

LOL, and you liked all three

 

[F-14B]

LOL, and you liked all three

hey whats the harm mate

 

[Indian Sniper.001]

Uhmmm okay...
So, some dimwits criticize Modi day in - day out, and still don't quote a political alternative. They criticize Modi, but nothing constructive, no suggestions. When argued back with facts, they hide in their own ass.
#JustAnotherTaleInIndia.

 

[IndianHawk]

here is the modi effect:

That is the effect of Gst implementation.
GST was 16 years in the making .
What do you expect to have your cake and eat it too.

So modi shouldn't have implemented gst??

 

[F-14B]

the problem here is that the socialist India that we all know and love is being killed off one ecosystem at a time so this is just the animals in that ecosystem reacting to the change so chill and have a kingfisher

 

[Indian Sniper.001]

Can someone tell me what the heck is going on? They said the GDP growth would be up at least 1-2 points after the GST is introduced. But it's plummeted 2 points instead! I guess it would take till the fourth quarter to see a turnaround. I'm keeping my fingers crossed!

And it looks like demonetization was a goof-up of galactic proportions. Where's the so called black money which was said to be driving the parallel economy amounting to a whopping Rs 500,000 crores? Broadening the tax base is a plus but that's it! Nothing more to show for de-mo.

As @ezsasa has pointed out, this is pre-GST stats/figures. This was because of the run-up to GST - initial fears. You will see the figures change in this quarter.
GST was nothing else, but success. Bringing in new taxpayers, identifying of shell companies, catching a lot more FICN. Let's see all the amount has come back, that can also be taken as a + point, as henceforth, each and every note is tracked and brought into the formal system. To add to it, you will see lesser notes being printed henceforth and printed notes being slowly phased out, thus taking our economy to a cashless economy or minimum cash economy.

 

[IndianHawk]

This is for Apr to Jun, GST does not figure in Q1.

I can think of two reasons why there is lower growth rate..

1) input costs around the world has gone down.

2) businesses in anticipation of GST Tried to reduce their moving stock. Govt gave exemption for stock produced before July in June.

GST did figured in. As you correctly quoted in your second point. Businesses were busy clearing stocks and not making new.

Also price uncertainties ticked off consumers from purchasing ( such as cars ) untill new GST prices are cleared .

 

[Mikesingh]

1. @TimesNow
   GDP coming down throws up a challenge for the economy: Finance Minister Arun Jaitley #DeMoDebate
   
   
   
2. 
   @TimesNow
   It is a matter of concern that GDP has come down to 5.7%: Union Finance Minister Arun Jaitley #DeMoDebate

So even the finance minister is all at sea! He seems to have no clue as to how and why it's happened!! That's alarming to say the least!

 

[SELVAM]

That is the effect of Gst implementation.
GST was 16 years in the making .
What do you expect to have your cake and eat it too.

So modi shouldn't have implemented gst??

Use your brain bra, gdp figures r for April to June.