Indian Economy: News and Discussion

[another_armchair]

Weird in Mumbai everyone uses upi even your local vada pav waala.

In Bangalore, chaiwallas and chaat wallahs also accept UPI.

The issue here is about rejecting electronic payment and demanding cash or pay 18% more. Many places, they demand cash only and will only issue a paper bill. This is in the wholesale market where competition is stiff, volumes are quite high, margins are thin so there is always pressure to close a sale by giving an offer the customer can't say no to.

If someone is saving almost 45%(without GST) from a regular shop, who wouldn't buy?

Say, a fancy switch costs 80 bucks in your nukkad electrical shop. The same switch may cost 45-50 bucks in the wholesale market. Both won't give a GST bill. If you want to do a bulk purchase, where would you go?

My only question is, how do the traders gain by not giving a GST bill? Don't their distributors charge them GST?

How do they manage the shortage in inventory? Do they make false bills with their auditors connivance later?

 

[karn]

In Bangalore, chaiwallas and chaat wallahs also accept UPI.

The issue here is about rejecting electronic payment and demanding cash or pay 18% more. Many places, they demand cash only and will only issue a paper bill. This is in the wholesale market where competition is stiff, volumes are quite high, margins are thin so there is always pressure to close a sale by giving an offer the customer can't say no to.

If someone is saving almost 45%(without GST) from a regular shop, who wouldn't buy?

Say, a fancy switch costs 80 bucks in your nukkad electrical shop. The same switch may cost 45-50 bucks in the wholesale market. Both won't give a GST bill. If you want to do a bulk purchase, where would you go?

My only question is, how do the traders gain by not giving a GST bill? Don't their distributors charge them GST?

How do they manage the shortage in inventory? Do they make false bills with their auditors connivance later?

Counting the number of raids we hear of everyday because of input credit scams ... these nibbas are going to get a tax officials boot up their bum soon enough.

 

[Swesh]

Counting the number of raids we hear of everyday because of input credit scams ... these nibbas are going to get a tax officials boot up their bum soon enough.

One of my friend had to pay 70000 as penelty in his tiny ass business for conducting input credit scam

 

[Haldilal]

Ya'll Nibbiars The list of Unicorns by cities.

And there are currently 79 Start Ups Unicorns in India.

1. Bengaluru 29.

2 . Mumbai 21.

3 . NCR 21.

4 . Pune 3.

5 . Chennai 2.

7 . Jaipur 2.

8 . Kochi 1.

The Quickr, SnapDeal, Hike, Shop Clues has lost it's Valuations.

And Seven SaaS from Bengaluru, Two from Noida, three from chennai, two from pune two from Hyderabad and two from Mumbai have left their ROC from India to Amerika.

 

[another_armchair]

One of my friend had to pay 70000 as penelty in his tiny ass business for conducting input credit scam

How did he carry out the ITC scam?

 

[The Saffron Knight]

Vande Bharat based high-speed freight train prototype is being built in Chennai's Integral Coach Factory

Each of those 16-car trains will have a maximum speed of 160 km per hour.

The prototype is expected to be ready by December following which the transporter is planning to roll out one such train every month.

Vande Bharat Train: Railways eyeing lucrative ecommerce space, making Vande Bharat-like freight trains that can run at 160 kmph - The Economic Times

Each of those 16-car trains with a maximum speed of 160 km per hour is estimated to cost about ₹60 crore, three times more than a normal freight train with 45 wagons. But the increased speed of these rakes - existing cargo trains in India run at a maximum speed of 75 kmph - could help the...

m.economictimes.com

 

[angryIndian]

Per capita GDP in nominal term is not the right way to determine standard of life in case of india . per capita gdp in terms of PPP ll give you a better result .

India's performance in GDP PPP Per capita is not good either. I don't see any country with economic significance having a lower per capita income than India.

Another thing to note is that India's income distribution is extremely skewed.If we were to remove just the top 10%,the per capita income will reduce drastically.

 

[FalconSlayers]

India's performance in GDP PPP Per capita is not good either. I don't see any country with economic significance having a lower per capita income than India.

Another thing to note is that India's income distribution is extremely skewed.If we were to remove just the top 10%,the per capita income will reduce drastically.

And who said so? $7k+ in PPP is still good, we’re not even counting the parallel informal economy which as per RBI is 52% of our GDP. If we were to add that then our GDP per capita PPP would be around $10k+. If there’s so much income inequality then why is the average cost of smartphone sold in India $230 compared to the $99 of your Shonar Kangla neighbours to the east? And income distribution is skewed everywhere, top layer and bottom layer exists everywhere, and yes it would be much more in case of India, however fact is that more than half of the country was using 4G in 2020 and it’s 2022 now. Rising tax collection and electricity demand is one indicator showing economic prosperity.

 

[vishnugupt]

Srilanka have almost $4000 dollars per capita income and we know what is happening there.

Economist and their principles are only apply in TV shows and books. they are not meant for ground reality.

 

[Chandragupt Maurya]

Srilanka have almost $4000 dollars per capita income and we know what is happening there.

Economist and their principles are only apply in TV shows and books. they are not meant for ground reality.

Sri Lanka’s high gdp per capita is reflected in lifestyle and health of an average sri lankan the aberage life expectancy in Sri Lanka is 76.98 years infant and maternal mortality rate is very low as well
Sri Lanka is better than Kerala and Sikkim when it comes to quality of life of an average individual
Pakistan and Afghanistan have poorest standards of living these countries have lowest average life expectancy in the subcontinent

 

[Chandragupt Maurya]

And who said so? $7k+ in PPP is still good, we’re not even counting the parallel informal economy which as per RBI is 52% of our GDP. If we were to add that then our GDP per capita PPP would be around $10k+. If there’s so much income inequality then why is the average cost of smartphone sold in India $230 compared to the $99 of your Shonar Kangla neighbours to the east? And income distribution is skewed everywhere, top layer and bottom layer exists everywhere, and yes it would be much more in case of India, however fact is that more than half of the country was using 4G in 2020 and it’s 2022 now. Rising tax collection and electricity demand is one indicator showing economic prosperity.

It’s a kind of weird that average life expectancy in Bangladesh is higher than india

 

[karn]

Sri Lanka’s high gdp per capita is reflected in lifestyle and health of an average sri lankan the aberage life expectancy in Sri Lanka is 76.98 years infant and maternal mortality rate is very low as well Sri Lanka is better than Kerala and Sikkim when it comes to quality of life of an average individual

What he is saying is that their high standards of living was not sustainable and built on borrowed money.

 

[Swesh]

How did he carry out the ITC scam?

ITC scam relates to fake GST bills in backdate na??? He made fake GST bills later caught in some kind of scrutiny his CA told him to pay money . ......this is kind of lessons you learn my friends once in while conducting business . Teaches you the value of honesty.

 

[Chandragupt Maurya]

What he is saying is that their high standards of living was not sustainable and built on borrowed money.

That could be true but Pakistan and Afghanistan were not able to raise their standard of living even after borrowing billions of dollars from USA and NATO

 

[karn]

That could be true but Pakistan and Afghanistan were not able to raise their standard of living even after borrowing billions of dollars from USA and NATO

That's cause Sri lanka won its civil war ..
Afghanistan and Pakistan.are still fighting theirs.
Sri lanka does not spend much on defence compared to pakistan

 

[Suryavanshi]

ya folks what is wealth?
if you hold 1 crore of paper currency than is it the same as 20 acres of farmland?

You might take a hint from what the Bank hold as security i.e., Plot in City, Farmland, Apartment ,Gold, Cars, FD everything else in not wealth.

 

[Suryavanshi]

Ya'll Nibbiars half a million dollar per acres?. You would get a farm land for much Less than that.

Corrected 1 crore is the number.

What I mean to say is indivsual prosperity wealtha and asset is indicated by house/plot, vehicle, gold, farm ownership. You can add mediclaim/life isnurance/ FD to it as well because all of these factors secure a Persons well being.

 

[gajapati]

No, the growth rate doesn't look good: it is decelerating even counted in Rupee.

Above 6 percent growth is good given world economy is going down .

 

[Cheepek]

Can anyone give me some good reason why these semi literate interns at The Print are still quoting Oct 2021 projection and not Apr 2022 data?

GDP per capita 2021
India- $2185
Bangladesh- $2147

 

[ezsasa]

some of the points discussed in recent pages on this thread addressed by CEA, including recent IMF GDP projections.
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Navigating Policy Trade-Offs and Mitigating Output Losses in Asia