Indian Economy: News and Discussion

UnderFingy

Regular Member
Joined
May 6, 2021
Messages
933
Likes
6,012
Country flag

Can anyone post this article want to read it
(Dec 2): India is finalizing an incentive package of more than US$10 billion to attract companies to start manufacturing semiconductors in the South Asian nation, people with knowledge of the matter said.
The government will offer incentives of 760 billion rupees (US$10.2 billion) over six years for domestic production of semiconductor fabs, display fabs, design and packaging to cut down dependence on imports, the people said, asking not to be identified citing rules on speaking to the media. The Cabinet is expected to take up the proposal for approval soon.
A spokesperson for the Ministry of Electronics and Information Technology did not respond to multiple calls.
The incentive program, proposed by the electronics ministry, is an effort by Prime Minister Narendra Modi to boost the share of manufacturing in the economy and reverse the pandemic induced slowdown.
It comes amid prediction that a global chip shortage is likely to extend until early 2023 and demand may remain above the long-term expectation in 2022.
The proposed plan includes government providing up to 50% of capital expenditure to companies selected for manufacturing semiconductor fab along with providing design-linked incentives.
The package is likely to be over and above the SOPs provided last year under production-linked incentives for manufacturing of electronic components and semiconductors.
According to the government estimates, the incentive plan will help India attract investments worth 1.7 trillion rupees (US$24 billion) in the next six years, they said.

India is separately in talks with Taiwan to start chip manufacturing plant worth US$7.5 billion to supply everything from 5G devices to electric cars with New Delhi willing to offer incentives and tax breaks. It is also scouting for possible locations with adequate land, water and manpower to help the Taiwanese manufacturers set up factories.
 

SimplyIndian

Senior Member
Joined
Jul 7, 2020
Messages
2,165
Likes
9,491
Country flag
Rajya Sabha passes Dam Safety Bill, which took 34 years to draft.

The bill provides for stringent penalties in case of violations. If anybody is found obstructing any officer or employee of the central government or the state government or person authorised by National Committee or Authority or the state committee or the SDSO in discharge of functions under this Act, or refuses to comply with any direction given by them, shall face a maximum of two years jail, or a fine, or both.

Action will also be taken if the offence is committed by a government or government official, company or corporate, officials of the company.


I don't know why opposition is against this bill which will help nation.
 

FalconZero

Senior Member
Joined
Jun 20, 2020
Messages
3,775
Likes
19,736
Country flag
In continuation of the latest Rural Wages report i posted earlier, i felt it needed to be correlated with each States's GSDP and inward foreign remittances to answer the question - "Are richer states paying more rural wages?"

GSDP state rankings -

View attachment 122702

I find this website very useful to get a snapshot of all state performances -



Inward remittances ranking by state -

View attachment 122703

View attachment 122704



Of interest -

UP is the new Kerala in terms of remittances from Indians in the Gulf

The northern state houses 21 of the top-50 districts from where most low-skilled Indians go overseas for employment, followed by Bihar with seven; Kerala has only one

>GSDP data of UP is outdated
>People bitching about UP bhaiyas in Middle east ignore the basic premise that UP has a population of 200million+, it's like India within India so it will dominate anywhere where number game is there.

To put in perspective, there are 3.3 million mallus working in Middle east, population of Kerala is 33million, that is around ~10% of the entire population in middle east (middle east almost 90% of entire immigrants of kerala outside india and i accept some of them might have settled) but the remittance contribution to Kerala's gdp used to be 1/4th to sometimes even 1/3rd. Last year 1.2 million mallu workers returned to kerala due to covid. That's like ~3.3% of the population in one go.


You know what will be the 3.3% of UP's population 6million, 20million will be 10% of UP's population. So whenever these numbers are popped up that UP's are highest among the migrants in Middle east these are just typical gandmasti to hide what's actually happening. Remittance make up less than 4% of UP's gsdp. Authors selectively hide this particular stat.

Again, UP is currently 2nd or 3rd biggest contributor to India's GDP and revenue (GST) and despite the fact that its far far from being actually unfolding its true potential. But even if it does all that, it will take atleast 1 decade and a half to change everything owing to its population.
 

FalconZero

Senior Member
Joined
Jun 20, 2020
Messages
3,775
Likes
19,736
Country flag
Also, you posted another article about north south divide, it's another case of toilet paper shitting over to push agenda.
Why go for 3 southern states? Take UP, Haryana and Delhi and you will have a combined gdp larger than 90% of states of India.

Southern states benefitted hugely from colonialism, we know who got the brunt of 1857, NE states got fucked over by CIA + Congressis and still trying to rise up. UP and Bihar had 2 decades of loss due to likes of Sp, RJD, BSP, etc. and that's a blame on them because you elect and you are responsible but don't act as if geolocation situation doesn't aid to the economics of the states.

Governments and before that British created financial capitals, trading centres which were carried on by the GOI further and then people wonder why migration happens.

It's hilarious because you know what, MH, Gujarat and even likes of Haryana don't bitch that much despite the fact that they get lesser wrt to what revenue they generate, it's always same dravidian supremacist recycling good ol' bs, implying they will not be cia proxies if they were different country.
 

indiatester

Senior Member
Joined
Jul 4, 2013
Messages
4,871
Likes
15,096
Country flag
Rajya Sabha passes Dam Safety Bill, which took 34 years to draft.

The bill provides for stringent penalties in case of violations. If anybody is found obstructing any officer or employee of the central government or the state government or person authorised by National Committee or Authority or the state committee or the SDSO in discharge of functions under this Act, or refuses to comply with any direction given by them, shall face a maximum of two years jail, or a fine, or both.

Action will also be taken if the offence is committed by a government or government official, company or corporate, officials of the company.


I don't know why opposition is against this bill which will help nation.
Because states themselves directly or "influence groups" now cannot block officers at dams for petty politics. It will be less of a bargaining chip.
They will find ways to do it though.
 

doreamon

Senior Member
Joined
Mar 24, 2019
Messages
3,007
Likes
15,128
Country flag
>GSDP data of UP is outdated
>People bitching about UP bhaiyas in Middle east ignore the basic premise that UP has a population of 200million+, it's like India within India so it will dominate anywhere where number game is there.

To put in perspective, there are 3.3 million mallus working in Middle east, population of Kerala is 33million, that is around ~10% of the entire population in middle east (middle east almost 90% of entire immigrants of kerala outside india and i accept some of them might have settled) but the remittance contribution to Kerala's gdp used to be 1/4th to sometimes even 1/3rd. Last year 1.2 million mallu workers returned to kerala due to covid. That's like ~3.3% of the population in one go.


You know what will be the 3.3% of UP's population 6million, 20million will be 10% of UP's population. So whenever these numbers are popped up that UP's are highest among the migrants in Middle east these are just typical gandmasti to hide what's actually happening. Remittance make up less than 4% of UP's gsdp. Authors selectively hide this particular stat.

Again, UP is currently 2nd or 3rd biggest contributor to India's GDP and revenue (GST) and despite the fact that its far far from being actually unfolding its true potential. But even if it does all that, it will take atleast 1 decade and a half to change everything owing to its population.
This dravidian vs rest thing going on for a while . I have noticed it in social media . Many fake acn are engaged . Foreign forces are engaged .. Thats why many central projects dnt see light of the day . And its nt just south . Same thing happening in NE for decades . U can guess the main culprit .
 

LaIllahaSigmar

Senior Member
Joined
Jun 20, 2021
Messages
1,179
Likes
7,921
Country flag
Also, you posted another article about north south divide, it's another case of toilet paper shitting over to push agenda.
Why go for 3 southern states? Take UP, Haryana and Delhi and you will have a combined gdp larger than 90% of states of India.

Southern states benefitted hugely from colonialism, we know who got the brunt of 1857, NE states got fucked over by CIA + Congressis and still trying to rise up. UP and Bihar had 2 decades of loss due to likes of Sp, RJD, BSP, etc. and that's a blame on them because you elect and you are responsible but don't act as if geolocation situation doesn't aid to the economics of the states.

Governments and before that British created financial capitals, trading centres which were carried on by the GOI further and then people wonder why migration happens.

It's hilarious because you know what, MH, Gujarat and even likes of Haryana don't bitch that much despite the fact that they get lesser wrt to what revenue they generate, it's always same dravidian supremacist recycling good ol' bs, implying they will not be cia proxies if they were different country.

What was the impact not Indira Gandhi's labour laws on up and Bihar industry?

Shekar coupta had a point that after the dumb labour laws, many industries in UP shut down and the unemployment lead to increase in caste politics in hindi land.

I haven't found any articles explaining this phenomenon further.
 

Chandragupt Maurya

Senior Member
Joined
Jun 23, 2020
Messages
3,325
Likes
8,907
Country flag
 
Last edited:

FalconSlayers

धर्मो रक्षति रक्षितः
Senior Member
Joined
Oct 14, 2020
Messages
18,728
Likes
106,992
Country flag
Food & health security package - Free Food & Vaccine
Energy security package - Free Power & Fuel
Offer of Currency Swap - To pay chinese debt
Facilitating Indian investments in different sectors in Sri Lanka - Let's see what china thinks after that we will decide
They work as slaves of china during the day and beg India at night if they fall in trouble, not even a single penny worth of relief should be given to them. Let them ask it from their iron brother Chuhan whom they give their ports.
 

FalconSlayers

धर्मो रक्षति रक्षितः
Senior Member
Joined
Oct 14, 2020
Messages
18,728
Likes
106,992
Country flag
Need to convert Fintech initiatives into Fintech revolution for financial empowerment of masses: PM Modi


By: PTI|
Updated: December 03, 2021 2:12 PM
The Fintech industry has achieved huge scale and found acceptability among the masses, he said while inaugurating the Infinity Forum.
narendra modi


"Now, it is time to convert these Fintech initiatives into a Fintech revolution...A revolution that helps to achieve financial empowerment of every single citizen of the country," the Prime Minister said. (File photo: IE)
Prime Minister Narendra Modi on Friday underlined the need for converting Fintech initiatives into a Fintech revolution with a view to ensure financial empowerment for every single citizen.The Fintech industry has achieved huge scale and found acceptability among the masses, he said while inaugurating the Infinity Forum.
“Now, it is time to convert these Fintech initiatives into a Fintech revolution. A revolution that helps to achieve financial empowerment of every single citizen of the country,” the Prime Minister said. Stressing that technology is bringing a big shift in finance, he said mobile payment last year exceeded ATM cash withdrawals.


Citing another example, he said, fully digital banks without any physical branch offices are already a reality and may become commonplace in less than a decade.“As humans evolved, so did the form of our transactions. From barter system to metals, from coins to notes, from cheques to cards, today we have reached here”, he said.

Observing that India has proved to the world that it is second to none when it comes to adopting technology, he said transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance.Sharing India’s financial inclusion drive led by technology, Modi said from less than 50 per cent of Indians having bank accounts in 2014, India has almost universalised it with 430 million Jan Dhan accounts in the last seven years.

He also listed initiatives like 690 million RuPay cards, clocking 1.3 billion transactions last year; UPI processing around 4.2 billion transactions last month, and almost 300 million invoices being uploaded on the GST portal every month.Emphasising that financial inclusion is the driver of the Fintech revolution, he said Fintech is resting on four pillars — income, investments, insurance and institutional credit.

“When income grows, investment becomes possible. Insurance coverage enables greater risk-taking ability and investments. Institutional credit gives wings for expansion. And we have worked on each of these pillars. When all these factors come together, you suddenly find so many more people participating in the financial sector,” Modi said.

Highlighting the importance of trust in Fintech in the light of the wide acceptance of these innovations among the masses, the Prime Minister said the common Indian has shown immense trust in the ecosystem by embracing digital payments and such technologies.“This trust is a responsibility. Trust means that you need to ensure that the interests of the people are secured. Fintech innovation will be incomplete without Fintech security innovation,” he noted.

Modi said India believes in sharing its experiences and expertise with the world and learning from them as well.”Our Digital Public Infrastructure solutions can improve the lives of people around the world. Tools like UPI and RuPay provide an unparalleled opportunity for every country. An opportunity to provide a low-cost and reliable ‘real-time payment system’ as well as a domestic card scheme and fund remittance system,” he said.

Observing that finance is the lifeblood of an economy and technology is its carrier, Modi said both are equally important for achieving ”Antyodaya and Sarvodaya”.”Our flagship Infinity Forum is part of our endeavour to bring together all key stakeholders of the global Fintech Industry to explore the limitless future of the industry,” he added.

 

Latest Replies

Articles

Top