Indian Economy: News and Discussion

Anandhu Krishna

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Anandhu Krishna

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Another pearl of wisdom from this guy.



Anyway, I got this vid recommended below while seeing above vid.

A more critical view of India's prospects.


That second video is chinki propaganda. Comments section is filled with chinkies and supposed Indians who says they hate India and love china.

Ps. Dont watch the video. It will get recommended to more people.
 

HitmanBlood

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Ya'll Nibbiars

How high a fuel price is really high? And how much is a fair price, in everyone's opinion? And if the demand is inelastic whatever be the price, how can we expect the government to reduce prices? Leave alone the fuel offtake, is the sale of vehicles dropping as a result of petrol price? At least if that happens, there will be a pressure from auto manufacturers lobby on the government.

In my opinion a fair price will be Rs 25 per litre. Are we going to get at that price, whichever government is in power? If not, how does it matter if it is 97 rupees or 103 rupees? They will make a cosmetic reduction of a few rupees from time to time, but in general the prices will move north constantly. The alternative is to reduce usage of personal transportation and use more public transport. Currently the pandemic prevents me from that, I still am not able to drum up enough courage to go back to it at least for a few days every week. Many must feel like me. That is the main reason the fuel offtake is still climbing.

To put things in perspective, when I bought my first Ind Suzuki bike in 1986, my monthly salary was a princely Rs 1000 per month. The bike @ Rs 16k cost me 16 months salary. Petrol was Rs 8 per litre. A full tank of 10 litres cost me Rs 80, or 8% of my monthly salary.

Presently a person joining in that same job today will start at about 25-30k. For argument's sake let us say he draws Rs 25k. A similar bike, let us say Splendor, will cost him Rs 65k. Which is not even 3 months salary. For 16 months salary he can buy an entry level car! And a full tank of 10 litres petrol for the bike will cost him Rs 1030, which is about 4% of his monthly salary. I am sure none of the members here will be making less than 25k every month.

So the good old days were not actually so good. Things always look rosy from a distant point in time! People have it much better now due to the expanded economy. We should accept fuel prices are never going to come down, and plan our epenses accordingly.

Gansan.
I remember in old days one of my family friends got offer from his relatives living abroad. They offered him money to buy an AC Maruti 800 car so when they come from abroad they can also travel in an AC car. I thought the deal was amazing. The guy was basically getting a free car back when having AC 800 was a luxury status.

In my amusement the guy refused the offer and said he couldn't afford petrol for the car. The guy literally went to a petrol pump, asked for petrol price, came back and said no. Today's SUV generation would never understand those days.
 

Roshan

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Fuel prices 101.... central gormint eating lots ... state ain’t eatin much ... so much for the recent GST tamasha

View attachment 114949
i don't get how this is still largely flying under the radar. Vaidyanathan is an analyst on pgurus that i respect but i didn't agree with him when he said that this price hike doesn't affect consumers much and a lack of conspicuous outrage is evidence of it, especially when he was talking in the same video about increasing discretionary spending by doing more on the demand side. I'm beginning to think that he might be having a point when even the opposition seems to be mum about it.
 

Haldilal

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Ya'll Nibbiars The figures are highly speculative. Don't take this seriously. Our economy even in PPP term increased 2 time in the 2010 to 2020. And don't think the Turkey will ever have a high growth even in the PPP terms to four fold in a deaced. And also for Indonesia to grow it's economy three times in a decade is highly impossible. And for Egypt well to grow at 6.5 times in a decade. This slide is a Meme.
 

sauntheninja

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Ya'll Nibbiars The figures are highly speculative. Don't take this seriously. Our economy even in PPP term increased 2 time in the 2010 to 2020. And don't think the Turkey will ever have a high growth even in the PPP terms to four fold in a deaced. And also for Indonesia to grow it's economy three times in a decade is highly impossible. And for Egypt well to grow at 6.5 times in a decade. This slide is a Meme.
is a 9-10 trillion economy by 2030 probable considering we aren't even going to be a 5 trillion economy by 2025 in 9 years we have to triple our size of our economy
 

Haldilal

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is a 9-10 trillion economy by 2030 probable considering we aren't even going to be a 5 trillion economy by 2025 in 9 years we have to triple our size of our economy
Ya'll Nibbiars The figures are only about the PPP. I will consider the Nominal figures more over the PPP figures anytime.
 

Covfefe

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Ya'll Nibbiars The figures are only about the PPP. I will consider the Nominal figures more over the PPP figures anytime.
Agree. PPP figures matter only when looking at the domestic side of things (how accurate, still questionable). And any dealing with the global market happens with the Nominal size. That's why countries like China have historically chased Forex(extensive mercantilism, keep the currency in control) and cooked GDP(pouring concrete, doling out loans). PPP is only to give the poor guys a whiff of relief in data.
 

avknight1408

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Centre on course to exceed its budget estimate revenue of 22 lakh crore

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Tax mop-up likely to top target by Rs 2.5 trillion, say experts

The central government is likely to exceed the budgeted tax collection target of Rs 22.2 trillion for the current fiscal year, led by better indirect tax mop-up, compliance measures, and recovery in most sectors following the second wave of the Covid pandemic. It, according to experts, may overshoot the target by Rs 2.5 trillion.


Personal income and corporate tax collections (net of refunds) grew 74 per cent to Rs 5.70 trillion in the first half of the current financial year, driven mainly by advance tax and TDS payments. The target for the current fiscal year is Rs 11.08 trillion; higher taxes are paid usually towards the end of a fiscal year.


The goods and services tax (GST) mop-up is expected to remain above the Rs 1.1 trillion-mark a month as the festive season is set to see an improvement in consumer spending. Besides, a sharp increase in duty on petrol and diesel continued to keep excise revenue on an upswing

numbers are expected to see a further surge in the upcoming quarters as companies are expected to pay more taxes in the third and fourth quarters," said a senior government official.


According to him, companies, so far, have paid taxes cautiously amid uncertainties around the third Covid wave, but since vaccination is proceeding rapidly and is set to cover the entire adult population by December, the impact wouldn’t be as severe as the second wave.


But, the monthly GST collection is expected to touch the Rs 1.5-trillion mark, on a regular basis, only in the next fiscal year, he added.


The Budget 2021-22 had set a tax revenue target of Rs 22.17 trillion for FY22. After devolution to states, the Centre's net tax revenue for FY22 was pegged at Rs 15.45 trillion. The GST revenue, including the Central GST and compensation cess, was pegged at Rs 6.30 trillion for the current FY.


Economists, too, see tax revenue overshooting the BE for FY22. Soumya Kanti Ghosh, group chief economic adviser, State Bank of India, said: “According to our estimates, the revenue collection for the fiscal year would surpass the FY22 budgetary target by up to Rs 2.5 trillion, taking total collection to over Rs 24 trillion. This is mainly due to tax buoyancy in both direct and indirect tax collections.


The direct tax collection of Rs 5.7 trillion includes corporation tax of Rs 3.03 trillion and personal income tax, including security transaction tax (STT), of Rs 2.67 trillion. The Centre projected corporation tax to stand at Rs 5.47 trillion and personal income tax at Rs 5.61 trillion in BE for the current fiscal year.


The gross collection of direct taxes, before adjusting for refunds, grew 47 per cent to Rs 6.46 trillion during the first half of the current year vs Rs 4.39 trillion during the same period last FY, the government data showed.


The gross collection rose 16.75 per cent during April-September 2021 over FY20 when it was Rs 5.53 trillion.


Among indirect taxes, the average monthly gross GST collection, including Central GST, State GST, and compensation cess, for the second quarter this year was Rs 1.15 trillion, which was 5 per cent higher than Rs 1.10 trillion in the first quarter.


GST collection exceeded Rs 1.1 trillion for the third month in a row in September when it grew 4 per cent YoY to Rs 1.17 trillion. In August, it grew by 30 per cent YoY to Rs 1.12 trillion, and in July by 33 per cent to Rs 1.16 trillion.


Besides economic recovery, measures against anti-evasion activities, especially action against fake billers, have been contributing to enhanced GST collection.


Meanwhile, the central excise duty collection has already touched Rs 1.37 trillion (until August) in FY22 – growth of 37 per cent over Rs 1 trillion collected by the Centre in the first five months of FY21 through excise duty.


The Centre in April 2020 had raised the excise duty on petrol from Rs 19.98 a litre to Rs 32.9 and on diesel to Rs 31.8 from Rs 15.83 a litre to compensate for the fall in the international oil prices at that time.
 

sauntheninja

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Haldilal

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Ya'll Nibbiars

The government is in no mood to cut the taxes to reduce prices. In fact, my guesstimate is, they will take Diesel much above 110 to shatter the psychological 100 number and likely settle it around the 120 mark similar percentage increase for petrol. This way, people will stop expecting can be called a dream also it to come under 100 any time soon.
 

Haldilal

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Ya'll Nibbiars 1951, Donation Drive In America to Buy Wheat For India. The America used to throw wheat in the oceans to maintain price.

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