Indian Economy: News and Discussion

[Haldilal]

Ya'll Nibbiars The equinx DC 4 Data Centre Mumbai. The Investment 750 crores.

 

[notaname]

Now a days SBI guys are not allowing to withdraw money using simple slip. They are asking for cheque.

Every bank demands a self cheque if you want to withdraw cash from your own account these days.

Heard there are done to reduce frauds.. though it would be difficult to eliminate them all.

Not sarkari.banks...u can withdraw using withdraw slip also... Can say from. My. Own experience with SBI & PNB...

Not in SBI and IOB in Bangalore at least. Practice is more than a year old.

Friend had to withdraw a few lakhs to pay his interior decorator... SBI simply refused to entertain. Said.. cheque leke aawo... no withdrawal slip for amount over 50k. They come up with their own rules..

And on top of that even with self cheque you can't withdraw more than 2 lakh in an month else pay 5 or 10₹ per 1000. Gst 18% on the amount again. Means the only way remain to transfer money is NEFT and UPI which is capped at 1 lakh for private banks and for public one it depends.

 

[Coalmine]

They wud have got targets for cheque books Too now from babus.. GST of 18% is not less.. ... Already they have targets for selling add on products like insurance, MF Etc...

There target would be to reduce withdrawl slips and increase swipe machine usage or cheque.

 

[ezsasa]

Misleading conclusions are being drawn by coupta and co. , hopefully folks at the top don't fall for this narrative.
=====
New study underlines with data disaster of PSU banks, makes case for privatisation

counters to some of coupta's points :

- credit to GDP ratio of countries like china and vietnam is more because they are an export oriented economy, which we are yet to reach those levels.
- concept of priority sector exists because there are areas banks are unwilling to lend. US think tanks also have been campaigning to get these removed for years.
- having zero PSU banks will put the entire Indian economy at the mercy of arbitrary nonsense like ESG.

time will come for privatisation of PSU banks, but not in this decade. so far there are no indicators that the current system is unable to finance the economy.

Indian private sector was bickering for making safety standards mandatory in cars, and these economists want Indians to trust private sector. No Thanks.

 

[YagamiLight]

Everything bad due to Covid, War and all are due to incompetence of the current govt.
Good progress is because everyone is inherently capable.
Yep, I get it.

Indian GDP growth Was slow even before covid. You are talking as if Indian economic growth was 12% before covid and it fell to 7-8% because of covid

Fact is, covid for all its problems was a convenient excuse for these clowns in power. It became the scapegoat when economic growth was slowing down and economic indicators were very bad even before covid.

Data | India's GDP was on a downward slope even before COVID-19 wreaked havoc

A significant drop in industrial output, massive reduction in power demand were among the many signs of a slowing economy

www.thehindu.com

 

[YagamiLight]

Msme companies are inefficient and we want to grow world class companies that can compete on the global scale that is why china is successful. Formalisation helps the government successfully track data about the companies and helps give employee benefit like health insurance paid leave for example non formal jobs just exploit cheap labor

Companies will grow big if they have incentives to do so. You don't go into a business making a promise to yourself that you will perpetually be a small business. Every business wants to grow big. But the question is whether there is enough incentives for that.

Current policies are designed to make growing an MSME into a big corporate very bad while simultaneously giving big corporate massive reduction in red tapes. The amount of regulations and laws you have to abide by when you grow your firm from <10 employees to > 10 is unreal... So no right minded businesman will do that.

What you want it is to remove these asinine laws and red tapes, not talking bs about formalisation of economy while punishing the businesses if they become formalised. It's like putting the cart before the horse.

 

[YagamiLight]

you are sugar quoting IMO . Govt is not even counting employees IMO.. Only time they need them is when they want votes or TDS Else you are paying for every bloody thing 3 or 4 times...

Need of the hour is to control corruption..A Known mid rung employee working in IT deptt owns 20 houses in Delhi .. all rented out when his salary is hardly enough ...All he have is power to "fix" people's 26 AS and help them get refund. Flat 10% of refund amount is the rate.

A friend own a Small Facilities business He ended up doing the interiors of local PF commissioner new flat for free in gurgaon + 1 lakh in cash...this when his books were clean but babu won,t certify the EPFO audit ...citing some obscure judgement from milords

On last day, Officer ensured that all his chats / demands send via whatsup were deleted ..and he himself cleaned my friends phone...

And than u have a FM whose claim to fame is " she do not eats Onion" so not bothered & only time seen is when it's to increase some random tax... She is perfect flame for baba IMO... always available for vasooli..

She is a bigger idiot that you might think. The lady actually believes that red tapes is good and our labour laws are good and that our labour laws is what is helping our workers stay healthy unlike Bangladesh while we have such a high unemployment running around.


I will give an example, a friend of mine had a brilliant idea for the idiot fm in charge - to set up SEZ in union territories on a pilot basis where govt has relaxed labor laws. Since it will be on union territories,it will be super easy to regulate and implement. It can also serve as a pilot project on impact of removing antiquated labor laws and other such regulations which are stiffling our economic growth and growth of businesses. If it dint work out , we could have simply dropped it. Hell, even Chinese grew only with SEZ and gradually reformed it to rest of the mainland areas.

But the moron closed the entire proposal saying that such a idea will make India a sweatshop center like Bangladesh. The idiot actually believes that it is better to have more unemployment for our youth than them having to work on harsher conditions. The amount of stupidity in this govt is unreal

 

[YagamiLight]

Just ignore their rants because they will keep it simple as more complex explanations invite more nitpicking.

This is how they operate. They take bad PR by sounding stupid but relying on electoral craft to stay in power while making tough calls on the macro-economical scale.

Same people who are running naked on the Sri Lank thread enjoying their fall are now crying about why India is increasing the taxes. Not to mention how some people laugh at Pakistani threads seeing IMF telling them to increase revenues but not learning what this whole game is all about.

India is not just in a comfortable Inflation spectrum that can hold its revenues or maybe make more money by increasing taxes but also in a very comfortable GST average.

Not a strawman fallacy because strawmen are fictional but the example of SL and PAK is right in front of us. Rather than IMF or other global actors telling us how we should run our economy we can tackle the global trend proactively.

Read Transmission of Monetory policy to understand how at marco economic markers manged well help economy at Flour bag levels.

Sir , IMF is asking both to increase revenue and reduce spendings. IMF isn't asking only to increase revenue in Pakistan sir. Don't bs us please and insult our intelligence.


Here, the govt can reduce subsidies and wasteful expenditures and wasteful welfare schemes . But the govt doesn't do that and is instead increasing it for votes. It is increasing them to get votes from Hindu poor. It's visible to anyone with a brain.

To finance that it is stealing from the middle class with taxes on taxes like bloody vampires. So don't tell us that govt is doing the best. The govt can if it wants can reduce its welfare schemes. It won't do for the votes it gets them. Then it should be prepared to lose the votes of people it steals from, aka the Hindu middle class.

Sorry, you can't have your cake and eat it too. You cannot tax us like vampires for your funding of your welfare schemes for votes and still expect us to believe the bs that it is good for us that you are stealing from us. You cannot steal from us and fund your welfare schemes and hope to get both our votes and that of the poor you target with welfare.

 

[armortec]

She is a bigger idiot that you might think. The lady actually believes that red tapes is good and our labour laws are good and that our labour laws is what is helping our workers stay healthy unlike Bangladesh while we have such a high unemployment running around.


I will give an example, a friend of mine had a brilliant idea for the idiot fm in charge - to set up SEZ in union territories on a pilot basis where govt has relaxed labor laws. Since it will be on union territories,it will be super easy to regulate and implement. It can also serve as a pilot project on impact of removing antiquated labor laws and other such regulations which are stiffling our economic growth and growth of businesses. If it dint work out , we could have simply dropped it. Hell, even Chinese grew only with SEZ and gradually reformed it to rest of the mainland areas.

But the moron closed the entire proposal saying that such a idea will make India a sweatshop center like Bangladesh. The idiot actually believes that it is better to have more unemployment for our youth than them having to work on harsher conditions. The amount of stupidity in this govt is unreal

That does sound good. I don't know all the ins and outs but I believe Deng Xiaoping copy-pasted whatever he could from seeing how Lee Kuan Yew took Singapore forward - though I'd add it's easier to transform as a dictator a tiny little island with leftover colonial wealth and infrastruture. And yes I agree, if Bangladesh is making chaddis then why not India? However the money comes in it's all good and that can fund higher aims. Yes it would mean sweatshop conditions for a generation - that means dealing with the champagne commie liberal's hollow cries. But in defence of those in office, didn't they try to transform farm laws and were hounded until reversed? Though again one could argue they could have held their nerve, in hindsight I'm sure they wish they did. Transformed army recruitment so that after pensions there might actually be some money left for equipment and again India was lit up. Though this time they stamped out the engineered nonsense so maybe they've learnt something from farm "protests".

The other fundamental issue is how much money and resources India has to waste every year on national security whilst during China's rise (post 90s) they didn't have India or anyone else salami slicing them. For as long as Porkistan exists India is permanently hampered but that's for other threads.

In the current world situation which countries are growing robustly? UK, Europe in recession. Even Germany in the red. USA, China is limping through this it seems. Though I agree with you it's a great chance to change whatever laws need to be changed to take advantage of this situation and shouldn't be wasted.

 

[another_armchair]

Blackpill of the day.

India cuts windfall taxes on fuel exports as global prices fall

New Delhi reduced the windfall tax on diesel and aviation fuel shipments by Rs 2 a liter, and scrapped completely a Rs 6-per-liter levy on gasoline exports, according to a government notification.

economictimes.indiatimes.com

Ambani's naukars in FinMin working overtime. No worries, we will find ingenious ways to bring GST to overcome the shortfall.

Raise export duty on steel and other products, cut windfall gains on petroleum. Can't get more glaring than this.

 

[another_armchair]

RBI, Centre could take steps to halt currency slide

This year, the rupee has fallen about 8% to breach the 80 mark to the dollar amid an unprecedented surge in the world's reserve currency.

economictimes.indiatimes.com

Why bother? Were they asleep on the wheel when Rupee went up from 60-62 to 75+ ?

 

[sauntheninja]

Sir , IMF is asking both to increase revenue and reduce spendings. IMF isn't asking only to increase revenue in Pakistan sir. Don't bs us please and insult our intelligence.


Here, the govt can reduce subsidies and wasteful expenditures and wasteful welfare schemes . But the govt doesn't do that and is instead increasing it for votes. It is increasing them to get votes from Hindu poor. It's visible to anyone with a brain.

To finance that it is stealing from the middle class with taxes on taxes like bloody vampires. So don't tell us that govt is doing the best. The govt can if it wants can reduce its welfare schemes. It won't do for the votes it gets them. Then it should be prepared to lose the votes of people it steals from, aka the Hindu middle class.

Sorry, you can't have your cake and eat it too. You cannot tax us like vampires for your funding of your welfare schemes for votes and still expect us to believe the bs that it is good for us that you are stealing from us. You cannot steal from us and fund your welfare schemes and hope to get both our votes and that of the poor you target with welfare.

The middle class is the only reliable tax payer in the country industrialists get to write off loans and the poor get their loans waived off. This government has launched massive schemes like houses for all piped water for all if you guys are celebrating the successes of these schemes most of this money has come from taxes only

 

[Shuturmurg]

RBI, Centre could take steps to halt currency slide

This year, the rupee has fallen about 8% to breach the 80 mark to the dollar amid an unprecedented surge in the world's reserve currency.

economictimes.indiatimes.com

Why bother? Were they asleep on the wheel when Rupee went up from 60-62 to 75+ ?

Should do minimal intervention. Let markets take their course otherwise you. end up like pakistan

 

[another_armchair]

Should do minimal intervention. Let markets take their course otherwise you. end up like pakistan

Exactly. The more you try to control its slide, the worse it gets. Once imports become prohibitively expensive, local demand will taper and Govt. will be forced to find ways to incentivise or at least not tax+burden local manufacturing to oblivion.

 

[hit&run]

Cheques are cleared electronically.

Lets say I issue an ICICI cheque to an account holder in HDFC Bank. Both run on different software platforms and these banks pay an AMC to their vendors for maintenance etc. There is a cost involved.

Would you as an owner of a bank bear the cost or pass it on to your customer? You obviously have to show growth to the board, shareholders and keep your customers happy too by providing basic banking services.

There are no free lunches. Heard banking services are quite expensive in EU.

A crude example - bank X has two datacenters in two major cities in India. They have a big team to manage their network.. base salaries are 20L plus p.a. They remain on their toes all day long. A downtime means gaand mein rod... worse, losing the job. The team was downsized this month with three well certified chaps losing their jobs.

Then there's application development, support and related charges. The rant by end user is - Itna paisa daal ke bc ek cheque clear nahi ho raha... bc mc...

Banks are formal job creators. The perks and remunerations their employees get are at par or above other formal sectors.

Socialist tools have a habit of cherry-picking data and see economy through tunnel vision view.

Just ask them how to reduce expenditure and detail its trickle down effect with added examples of high per capital income nations and their expenditure graphs, they will shift the goal post and run away.

 

[Shuturmurg]

Economy en-route to achieve 8-8.5% growth based on Q1 data: Finance Ministry

Earlier on 31 January, the Economic Survey tabled in the Parliament projected the real GDP during 2022-23 to grow at 8.0-8.5 per cent.

www.livemint.com

If this holds true, this is going to be huge. Nomura predicted 4.7% growth for the year, this will be serious beating of expectations.

 

[IndianHawk]

In my last post I talked about fake economics collapsing and real economy prevailing.
here on twitter we see some analysis being done about real economy of food , minerals and energy and not just bullshit debt sponsored fake GDP figures paddled by Western countries which show india on par with piddly joke uk.

Have a look Guys some real production data.

 

[FalconSlayers]

Economy en-route to achieve 8-8.5% growth based on Q1 data: Finance Ministry

Earlier on 31 January, the Economic Survey tabled in the Parliament projected the real GDP during 2022-23 to grow at 8.0-8.5 per cent.

www.livemint.com

If this holds true, this is going to be huge. Nomura predicted 4.7% growth for the year, this will be serious beating of expectations.

They had predicted 4.7% for next year FY2023-24, not this year.

Nomura cuts 2023 India GDP forecast to 4.7% amid recession fears

Despite the government's recent fiscal steps to counter inflation, Nomura believes, there are upside risks to inflation from the continued pass-through of higher input costs

www.business-standard.com

Economy en-route to achieve 8-8.5% growth based on Q1 data: Finance Ministry

Earlier on 31 January, the Economic Survey tabled in the Parliament projected the real GDP during 2022-23 to grow at 8.0-8.5 per cent.

www.livemint.com

Also Ashwini Vaishnaw had also said this

India can grow consistently at 8% for next 20 years on current investment strategy: Vaishnaw

New Delhi

www.thehindu.com

 

[IndianHawk]

In my last post I talked about fake economics collapsing and real economy prevailing.
here on twitter we see some analysis being done about real economy of food , minerals and energy and not just bullshit debt sponsored fake GDP figures paddled by Western countries which show india on par with piddly joke uk.

Have a look Guys some real production data.

India is far ahead in production of real things coal , iron , steel , wheat , meat , lumber etc. Compared to joke that is uk and France and even germany. Yet our nominal GDP is shown as equivalent to these minnows because they never capture true value of actual things but just papar transaction of western nations to falsely prop up their economies.

That's why only 1.7 trillion GDP Russia has send 17 trillions EU economy into recession with euro dropping down like flies and energy and food becoming luxury in so called rich europe. Lmao.

 

[FalconSlayers]

Uttar Pradesh government appoints Deloitte India as a consultant to suggest plans to bring the state's economy to the $1 trillion mark

The Uttar Pradesh government on Tuesday decided to appoint Deloitte India as a consultant to suggest plans for bringing the state's economy to the $1 trillion mark, officials said. The decision in this regard was taken on the recommendation of a high-power committee at a cabinet meeting chaired by Chief Minister, Yogi Adityanth on Tuesday, an official release said. To fulfil the Prime Minister's resolve to make India a $5 trillion economy, the role of the most populous state of Uttar Pradesh is very important. A sector-wise action plan is being prepared by the state government to fulfil the goal of bringing the economy of Uttar Pradesh to 1 trillion US dollars. In the light of the current global economic scenario and to adopt the best practices of different countries, the need to engage the services of consultants was felt, it said. In view of this, it was decided to select the institution/consultants by adopting due process. The tenders for the selection of consultants were invited on March 15, 2022, and the last date for receipt of tenders was fixed till May 24.

Clicky

// kudos to UP for at least trying something different for a change. Hope other states like Maharashtra, Gujarat, Tamil Nadu, Karnataka, Telegana/Andhra Pradesh think outside the box to scale up.