Indian Economy: News and Discussion

angryIndian

Regular Member
Joined
Feb 26, 2013
Messages
460
Likes
1,117
Country flag
Following are some low end/ labour intensive sectors:

Textiles (both cotton and mmf),
Ceramics,
Leather goods,
Furniture goods,
Mining,
Petrochemicals etc.

All these sectors require little to no skill for employment. Besides, these sectors provide mass employment (sometimes a single textile factory can provide employment to the tune of several hundred thousands); hence the name. These sectors are perfect for newly liberalized emerging economies who have semi-skilled / unskilled labourers aplenty.

All the sectors you mentioned do require certain skills which we call as tradeskills,especially in mining and petrochemicals.You cannot hire any Tom and jerry or a roadside welder and mechanic or your padoswala electrician to work there.

As for employment,these sectors no longer a hub of mass employment.Industries are rapidly shifting to automation.Industrial jobs are shrinking day by day,a big cause of concern.
 

sauntheninja

Senior Member
Joined
Dec 16, 2020
Messages
1,368
Likes
3,575
Country flag
All the sectors you mentioned do require certain skills which we call as tradeskills,especially in mining and petrochemicals.You cannot hire any Tom and jerry or a roadside welder and mechanic or your padoswala electrician to work there.

As for employment,these sectors no longer a hub of mass employment.Industries are rapidly shifting to automation.Industrial jobs are shrinking day by day,a big cause of concern.
Is automation a concern in India where the labour rate is so low? it mostly seems to be a concern in rich countries
 

Crazywithmath

Senior Member
Joined
Mar 3, 2021
Messages
1,040
Likes
5,715
Country flag
Is automation a concern in India where the labour rate is so low? it mostly seems to be a concern in rich countries
Technology creates more jobs than it destroys.
Economics 101

All the sectors you mentioned do require certain skills which we call as tradeskills,especially in mining and petrochemicals.You cannot hire any Tom and jerry or a roadside welder and mechanic or your padoswala electrician to work there.

As for employment,these sectors no longer a hub of mass employment.Industries are rapidly shifting to automation.Industrial jobs are shrinking day by day,a big cause of concern.

I wont be keeping my money in a bank owned by corporates and may end up running like PMC depositers. I dont know what you meant by corporates, doesnt HDFC, Icici come under corporate.
I just wanted to highlight whats actually behind the magnanimity shown by TATAs.
Such loans are fine as long as money is paid back and people stop making fun that PSB are inefficient.
Some of the expressways in UP are actually funded by PSB.
Chill. The response was addressed towards the Twitter handle.

I wont be keeping my money in a bank owned by corporates and may end up running like PMC depositers.
That's fine by me. Your money your choice!

I wont be keeping my money in a bank owned by corporates and may end up running like PMC depositers. I dont know what you meant by corporates, doesnt HDFC, Icici come under corporate.
No.

I just wanted to highlight whats actually behind the magnanimity shown by TATAs.
Such loans are fine as long as money is paid back and people stop making fun that PSB are inefficient.
Some of the expressways in UP are actually funded by PSB.
And this is why allowing corporates are needed; with checks and balances if necessary. Without easy access to credit all these tall talks on 10 trillion , 20 trillion is nothing but hot air.
 
Last edited:

angryIndian

Regular Member
Joined
Feb 26, 2013
Messages
460
Likes
1,117
Country flag
Is automation a concern in India where the labour rate is so low? it mostly seems to be a concern in rich countries
Automation will affect India more than western countries,this is because it is replacing mostly lower skilled and semi skilled jobs.And most companies are more than happy to replace men with machine wherever possible.
If PLC based automation was not enough,today disruptive tech like AI enabled automation will ensure many of the current jobs will be lost by the end of this decade.

Infact my last job at my previous company involved commissioning of an AI machine whose job was to check the structural integrity and carry out some basic quality control checks,The machine replaced 12 people.Those 12 folks were then relegated to other departments.
 

Coalmine

Senior Member
Joined
Jan 14, 2013
Messages
2,403
Likes
6,659
Country flag
And this is why allowing corporates are needed; with checks and balances if necessary. Without easy access to credit all these tall talks on 10 trillion , 20 trillion is nothing but hot air.
Lets see. Govt already gave banking lisence to Paytm, Bharat pe. Zomato acquired NBFC equity. How much they lead in the lending . And risk taking by private banks
 

Physx32

Regular Member
Joined
Feb 28, 2019
Messages
715
Likes
4,953
Country flag
Minimum wage there is 15 dollars per month
US min wage is $7.25 per hour. That's more than $1000 per month. Where did you get this ridiculous number?
.
 
Last edited:

Crazywithmath

Senior Member
Joined
Mar 3, 2021
Messages
1,040
Likes
5,715
Country flag
Lets see. Govt already gave banking lisence to Paytm, Bharat pe. Zomato acquired NBFC equity.
Paytm one is a scheduled payments bank. I was talking about full scale corporate banking; something suggested by veterans, like - Arvind Panagariya.


How much they lead in the lending . And risk taking by private banks
Can only speculate what corporate banks would do. Not sure what you are even trying to convey here; India lacks easy credit and PSBs are indeed inefficient (whatever the reason might be) and these are proven facts. Companies are forced to make amends with the existing system; it is no proof of its efficiency. If incentives are not provided to MSMEs they would not grow and India will be forever stuck with micro enterprises.
 

HariPrasad-1

Senior Member
Joined
Jan 7, 2016
Messages
8,713
Likes
18,716
Country flag
Three questions -

1. Please define lavish(ly)

2. Where is the individual earning 1.5 lakh in India located? Mumbai/Bangalore/Indore/Kolkata/Jamshedpur/Pune/Hyderabad ?

3. What is the source of income -
a) Salary
b) Practicing Professional (Doctor/CA etc)
c) Business
1 Check oxford dictionary.
2 Do not ask silly question without understanding what is written there. It was an example to explain Nominal Vs ppp GDP. 2000 USD is Rs 1.5 lakh. I tried to explain that you can live a much better life in Rs 1.5 lakh in India compared to 2000 USD income in US.
3 Stupid question.
 

HariPrasad-1

Senior Member
Joined
Jan 7, 2016
Messages
8,713
Likes
18,716
Country flag

no smoking

Senior Member
Joined
Aug 14, 2009
Messages
4,693
Likes
1,708
Country flag
Is automation a concern in India where the labour rate is so low? it mostly seems to be a concern in rich countries
It is a much bigger concern for developing countries than rich countries.
Rich countries are hoping automation will bring the manufacturing back to their home so that they no longer rely on developing countries for their daily consumption products.
Potentially, this is a big problem for the countries like India with large labour pool. India need to build massive industrial base like the one in China to provide enough works for her people.
 

rockdog

Senior Member
Joined
Dec 29, 2010
Messages
1,681
Likes
943
Country flag

Wondering if its still mostly raw materials that we send to china
During 2021, my firm get a contract from Mahindra IT Sector in China. For another client, i outsourced a development contract to a small Indian comany.
 

Haldilal

लड़ते लड़ते जीना है, लड़ते लड़ते मरना है
Senior Member
Joined
Aug 10, 2020
Messages
21,914
Likes
75,478
Country flag
Does it mean that valuation of JIO platform is near 70 bn USD?
Ya'll Nibbiars valuation to upar niche jata hai what matter in the your revenues.
 

indus

Living in Post Truth
Senior Member
Joined
May 31, 2017
Messages
3,736
Likes
14,588
Country flag
Does it mean that valuation of JIO platform is near 70 bn USD?
Don't know. But it sure means Google has its hands inside both telecom operators of India which practically control entire market. Doesn't it create a conflict of interest situation
 

angryIndian

Regular Member
Joined
Feb 26, 2013
Messages
460
Likes
1,117
Country flag
It is a much bigger concern for developing countries than rich countries.
Rich countries are hoping automation will bring the manufacturing back to their home so that they no longer rely on developing countries for their daily consumption products.
Potentially, this is a big problem for the countries like India with large labour pool. India need to build massive industrial base like the one in China to provide enough works for her people.
The era of labour intensive manufacturing is over.So even if India magically becomes as industrialized as China,it will not translate into massive job creation.

And given their horrible experience with China,western countries are not just looking but actively working on taking back critical manufacturing back to their borders.
 

FalconSlayers

धर्मो रक्षति रक्षितः
Senior Member
Joined
Oct 14, 2020
Messages
18,752
Likes
107,243
Country flag
2 new unicorn startups

 

Articles

Top