Indian Economy: News and Discussion

[Cheran]

Merchandise export is very good.

Next year data should be great, expecting goods export to cross $500 billion due to FTA with UAE and Australia
UK FTA also possible

What would be downside of these FTAs?

Will not there be some sectors that will be adversely impacted?

 

[FalconSlayers]

services export : 230+ billion $

India’s exports in February 2022 up by 25.41 percent to USD 57.03 Billion over the same month last year

India’s overall exports (Merchandise and Services combined) in February 2022* are estimated to be US

pib.gov.in

.

Its of February, March stats not released yet.

 

[FalconSlayers]

What would be downside of these FTAs?

Will not there be some sectors that will be adversely impacted?

Its a trade off of different things, some advantages the other guy gets and some we get. Overall it will be good for both.

 

[Butter Chicken]

What would be downside of these FTAs?

Will not there be some sectors that will be adversely impacted?

Agriculture sector will be protected(main export for Australia after minerals),lets wait for official release. I am sure Modi govt. will choose the items carefully. There is a reason why we backed out of RCEP

 

[ezsasa]

Its of February, March stats not released yet.

either way numbers will be close to what you have mentioned.

 

[FalconSlayers]

Agriculture sector will be protected(main export for Australia after minerals),lets wait for official release. I am sure Modi govt. will choose the items carefully. There is a reason why we backed out of RCEP

What we need is industrialisation and reduce the number of people working in agriculture sector. Will improve the agricultural productivity and will improve our industrial capabilities. FTAs will be best when you’re at an advantage in every field. I’m not as of now seeing this happening. For being industrialised we should be hearing news of multiple companies investing hundreds of crores in new factories everyday. Government should think beyond PLI scheme as well. As they should remember there is half of our population who depend on agriculture.

 

[FalconSlayers]

either way numbers will be close to what you have mentioned.

Maybe, but in March the merch exports shot up and so did imports, so who know services exports reached $250-260 bn and imports around $130 bn.

 

[Shuturmurg]

Its of February, March stats not released yet.

226 billion was till end of Feb, good chance to hit 250 billion in services. Also in that same link it says services trade surplus was around 95 biliion, so should cross 100 billion in services surplus.

So in summary trade balance :
Merchandise: -193
Services: + 104 (approx)
Net: - 89 billion.

Should be fine as our remittance and net FDI flow should be able to cover that. Hopefully India hits positive trade balance soon.

 

[FalconSlayers]

226 billion was till end of Feb, good chance to hit 250 billion in services. Also in that same link it says services trade surplus was around 95 biliion, so should cross 100 billion in services surplus.

So in summary trade balance :
Merchandise: -193
Services: + 104 (approx)
Net: - 89 billion.

Should be fine as our remittance and net FDI flow should be able to cover that. Hopefully India hits positive trade balance soon.

Much of our imports are Petroleum, we need to reduce dependence on it significantly. And this is the condition when we’re blending close to 10% ethanol in our fuel .

 

[Shuturmurg]

Much of our imports are Petroleum, we need to reduce dependence on it significantly. And this is the condition when we’re blending close to 10% ethanol in our fuel .

For this year, India will import over 110 billion $ of oil (doesn't include gas and other oil products):

India's Oil Import Bill To Top $100 Billion In Current Fiscal

www.ndtv.com

And over 50 billion $ of gold :

Gold imports surge to $45 billion in April-February this fiscal

In February 2022, however, imports of the precious metal dipped by 11.45 per cent to USD 4.7 billion, as per the data by the commerce ministry.

economictimes.indiatimes.com

We need a cultural change where instead of giving gold during weddings and purchasing gold during dhanteras, we gift and buy lithium

 

[sauntheninja]

What we need is industrialisation and reduce the number of people working in agriculture sector. Will improve the agricultural productivity and will improve our industrial capabilities. FTAs will be best when you’re at an advantage in every field. I’m not as of now seeing this happening. For being industrialised we should be hearing news of multiple companies investing hundreds of crores in new factories everyday. Government should think beyond PLI scheme as well. As they should remember there is half of our population who depend on agriculture.

When exactly will we be ready though every time a trade deal is discussed everyone says the same things there are articles on this going to the early 90s why hasn't our agriculture sector or our industrial sector not been able to catch up with the rest of the world

 

[ezsasa]

For this year, India will import over 110 billion $ of oil (doesn't include gas and other oil products):

India's Oil Import Bill To Top $100 Billion In Current Fiscal

www.ndtv.com

And over 50 billion $ of gold :

Gold imports surge to $45 billion in April-February this fiscal

In February 2022, however, imports of the precious metal dipped by 11.45 per cent to USD 4.7 billion, as per the data by the commerce ministry.

economictimes.indiatimes.com

We need a cultural change where instead of giving gold during weddings and purchasing gold during dhanteras, we gift and buy lithium

atleast 25-30% of oil imports goes back as petroleum product exports, India doesn't consume all the "110 billion $" oil imports.

 

[ezsasa]

When exactly will we be ready though every time a trade deal is discussed everyone says the same things there are articles on this going to the early 90s why hasn't our agriculture sector or our industrial sector not been able to catch up with the rest of the world

frankly you should spend some time and explore the answer yourself, ultimately it's the same sequence of historic events and state of affairs at those points in time, where the answer lies.

 

[blackleaf]

HDI is not realtime. All these shortages will take time to reflect on actual life expectancy.

HDI has a lag depending on when the data used to compile it was calculated. However for the income portion at least Sri Lanka's real nominal gdp per capita today is probably not much more than India's. Certainly less than the richer Indian states like Gujarat.

 

[blackleaf]

Extremely stupid tweet. An average Lankan is still in a better place than an average Indian, and HDI was developed by a Pakistani economist who was being assisted by Amartya Sen. It's a fairly scientific metric.

Don't want Indian RW to end up like American republican morons. Disingenuous comments don't help our cause.

The average Lankan was in a better place than the average Indian. Those HDI stats were calculated using old data. It does not reflect current or future living standards.

 

[no smoking]

When exactly will we be ready though every time a trade deal is discussed everyone says the same things there are articles on this going to the early 90s why hasn't our agriculture sector or our industrial sector not been able to catch up with the rest of the world

Industrialization is not that simple.
Basically, industrialization built on this format: taking most of resources from agriculture sector to build industrial sector, meanwhile asking agriculture sector to consume the output of industrial sector. In both ways, agriculture will suffer the most of the pain for quite a long time. Unless you find the way to compensate the people in agriculture, there will be massive social conflicts, as the result, the industrialization will be terminated.

In order to overcome this, different countries have different solutions:
Europeans and Americans relied on colonies to pay off agriculture;
Germanies and Japanese by war compensations;
Soviet and China keeping all citizens on minimum income level to pay off by force;
South Korea and other East Asians by borrowing money on the cost of their own sovereignty.

The problem with India is: she can't do any of these. The government is democratically elected, she can't force anyone to give up any part of his or her profit. She sold out her own country either.

 

[LaIllahaSigmar]

I used to wonder about the impact of all the famines in India from the Mughal to British colonisation period.

This report from wion suggests that the impact of colonial famines can still be felt to this day in the high rates of diabetes in Indians.



This will be a huge economic issue for us.

Every family will have to pay for treatment and just to delay an early death.

Ridiculous economic pressure on every family.

Add it to rising costs of raising children.

This needs immediate attention as the effects of our actions here will only be felt at a later date.

Everything from funding stem cell therapy research, artificial pancreas to making our cities cycle centric should be explored.

By 2040 we should have cycle centric cities, cheap and definitive treatment, development of a culture of physical activity.

Otherwise, we may also stagnate as public spending decreases.

 

[Covfefe]

Early harvest trade deal with Australia. 96% of Indian goods, 85% of Australian goods to be exempted

 

[Concard]

I used to wonder about the impact of all the famines in India from the Mughal to British colonisation period.

This report from wion suggests that the impact of colonial famines can still be felt to this day in the high rates of diabetes in Indians.



This will be a huge economic issue for us.

Every family will have to pay for treatment and just to delay an early death.

Ridiculous economic pressure on every family.

Add it to rising costs of raising children.

This needs immediate attention as the effects of our actions here will only be felt at a later date.

Everything from funding stem cell therapy research, artificial pancreas to making our cities cycle centric should be explored.

By 2040 we should have cycle centric cities, cheap and definitive treatment, development of a culture of physical activity.

Otherwise, we may also stagnate as public spending decreases.

Indians have 2 health issues diabetes and heart problems. We need to tackle these health problems before it gets out of hand. With healthy diet and moderate exercise we can prevent of these problems. We need to rise taxes on cigarettes and alcohol.

 

[FalconSlayers]

For this year, India will import over 110 billion $ of oil (doesn't include gas and other oil products):

India's Oil Import Bill To Top $100 Billion In Current Fiscal

www.ndtv.com

And over 50 billion $ of gold :

Gold imports surge to $45 billion in April-February this fiscal

In February 2022, however, imports of the precious metal dipped by 11.45 per cent to USD 4.7 billion, as per the data by the commerce ministry.

economictimes.indiatimes.com

We need a cultural change where instead of giving gold during weddings and purchasing gold during dhanteras, we gift and buy lithium

Buying gold is no issue, issue is petroleum which gets consumed but gold stays as it is.