Indian Economy: News and Discussion

[WarmongerLSK]

Ovarida. lol. But what does he mean by calculating GDP in gold?

 

[sameer3694]

Schemes like ODOP could turn successful. Unfortunately for us there trends work against increasing human employment in manufacturing exports:
1. The west is getting aged and poorer - showing decreasing consumption.
2. More automation is happening in manufacturing as robots and AI are getting better and cheaper.
3. There is this movement to move manufacturing back to the west or near the west like in Mexico or Eastern Europe.

When China grew, none of the above was in practice. Scamgress did not understand that it was once in a lifetime golden opportunity. They missed it like they missed every opportunity to grow India. It shows how bad leadership can destroy a nation’s ability to prosper. The anti national congress by never letting strong oppositions to form doomed the country to bankruptcy. All they had to do was to track the good part of what China did in the late 70s, early 80s - get the literacy rates up, make people skilled in volume industries, start building infrastructure at rapid speeds, and open up to the world. They did nothing and we went to the IMF in 1991 and pawned our gold. Elitist economists and faulty policies screwed us. Yet the stupid congress never changed course. A terrible shame.

The first 4 decades after independence are what I'd call India's lost decades. Nearly every country in Asia that started at the same level or worse off than India(SK,Taiwan,Malaysia,Singapore,China) were moving ahead rapidly. Congress even had a supermajority for the first 2-3 decades and toppling state governments at will. I can understand that we were backward economically, but what about social progress- extreme malnutrition, Sanitation, lack of basic healthcare, literacy rate etc. All of these are what economists call 20th century problems and could've been solved in the first few decades. I'll never forgive these Congress MFers for what they did to this country.

Modi is doing a lot like the Jal Jeevan mission, swacch bharat, PLI scheme, Infrastructure building etc, though sometimes I wonder if it's too late.

 

[angryIndian]

When you don’t have much to export competitively, thats what will happen. Stay happy that we got an IT coolie industry employing half a crore people where average salary is less than the average salary of factory workers in China which employs crores of people and generates a mind boggling trillion dollar trade surplus. If not for our services industry we would’ve been as worse as Afghanistan.

India's IT prowess is largely exaggerated, We only have a presence in service based IT industry, not much in the more vital Product based industry.China which has comprehensively beaten us in almost every aspect of industrialization is now on the verge of beating us in this last citadel of dominance too.'

In India, unfortunately, the IT sector created a dutch disease-type phenomenon, despite it's enormous contribution to GDP.The rise in IT sector came at the cost of immense harm to other sectors, especially manufacturing which has remained stagnant for the past 30 years.

 

[FalconSlayers]

 

[THESIS THORON]

 

[RoaringTigerHiddenDragon]

India's IT prowess is largely exaggerated, We only have a presence in service based IT industry, not much in the more vital Product based industry.China which has comprehensively beaten us in almost every aspect of industrialization is now on the verge of beating us in this last citadel of dominance too.'

In India, unfortunately, the IT sector created a dutch disease-type phenomenon, despite it's enormous contribution to GDP.The rise in IT sector came at the cost of immense harm to other sectors, especially manufacturing which has remained stagnant for the past 30 years.

By the way out of the $300 billion services exports this year, only 45% is from IT and ITeS. Even though the share of IT is very high, it is not all IT. Healthcare, tourism, pharma, financial services etc make the other 55%. So let’s not make it all about IT.

 

[Shuturmurg]

India's IT prowess is largely exaggerated, We only have a presence in service based IT industry, not much in the more vital Product based industry.China which has comprehensively beaten us in almost every aspect of industrialization is now on the verge of beating us in this last citadel of dominance too.'

In India, unfortunately, the IT sector created a dutch disease-type phenomenon, despite it's enormous contribution to GDP.The rise in IT sector came at the cost of immense harm to other sectors, especially manufacturing which has remained stagnant for the past 30 years.

You are looking at it the other way. IT didn't cause harm to manufacturing, IT succeeded because babus were too incompetent and slow to choke the IT sector with over regulation and because IT doesn't need that much physical infra as manufacturing.

 

[Shuturmurg]

Looks like Russia is giving us priority in selling oil as compared to China

Bloomberg - Are you a robot?

 

[FalconSlayers]

In a first, Australia's Deakin University to set up campus in GIFT city
Deakin University sits in the 266th spot in the QS World University Rankings. It is among the top 50 young universities in the world



I was abusing GIFT City last year around march, now the amount of stuff this city has witnessed in a year is mind boggling, will become completely different in next 5-7 years. Lots of big companies arrived, universities and commercial/residential buildings are being built (atleast more than a dozen or maybe 2 dozen if I'm not wrong).

In a first, Australia's Deakin University to set up campus in GIFT city

Deakin University sits in the 266th spot in the QS World University Rankings. It is among the top 50 young universities in the world

www.business-standard.com

 

[Knowitall]

When you cant actually implement anything on the ground and the growth rate is below avg most of of the time just increase the taxes is the new BJP Forumula.

 

[RoaringTigerHiddenDragon]

In a first, Australia's Deakin University to set up campus in GIFT city
Deakin University sits in the 266th spot in the QS World University Rankings. It is among the top 50 young universities in the world



I was abusing GIFT City last year around march, now the amount of stuff this city has witnessed in a year is mind boggling, will become completely different in next 5-7 years. Lots of big companies arrived, universities and commercial/residential buildings are being built (atleast more than a dozen or maybe 2 dozen if I'm not wrong).

In a first, Australia's Deakin University to set up campus in GIFT city

Deakin University sits in the 266th spot in the QS World University Rankings. It is among the top 50 young universities in the world

www.business-standard.com

View attachment 195275

The lesson to be learnt is you have to have very low regulations to attract capital these days. Some babus are still of the opinion that india can dictate terms.these babus need to be thrown in the Bay of Bengal..

 

[Knowitall]

When will India hit the 5 trillion mark at current rates?

 

[Butter Chicken]

Bit wierd as propane prices are half of what they were a year ago

 

[Abbey]

2 bullion banks to set up base in Gujarat's GIFT City | Ahmedabad News - Times of India

An ecosystem for bullion trading is gradually coming together at GIFT-IFSC. Two foreign bullion banks are expected to set up base at the country's fir

timesofindia.indiatimes.com

HMEDABAD: An ecosystem for bullion trading is gradually coming together at GIFT-IFSC. Two foreign bullion banks are expected to set up base at the country's first international financial services centre (IFSC) over the next three months, according to sources privy to the development.
At a bullion bank, banking is denominated in precious metals. These will be the first bullion banks to start operations in India.
The development came seven months after the opening of the India International Bullion Exchange (IIBX), the country's first bullion exchange. Players such as Standard Chartered (UK), JP Morgan (US), Firstrand (South Africa) and Deutsche Bank (Germany) are in talks with the exchange, sources said.
IIBX has three vaults that can store 450 tonnes of gold and 4,500 tonnes of silver at GIFT-IFSC.

Since the launch of the exchange, at least 500kg of gold has been traded on the platform.
"These players are in various stages of launching banks in GIFT-IFSC. Some have conducted vault inspections, visited the exchange and observed trading patterns here. After their internal processes, final proposals are on the cards," said a well-placed source.
"Once one player comes in, more will follow," the source said.
Bullion banks will accept deposits in bullion form. Investors banking with these entities will be able to have gold accounts too. After the IIBX launch, a gold refiner is in the process of setting up a refinery at GIFT-IFSC.
Ashok Gautam, managing director and chief executive officer, IIBX, said, "Foreign bullion banks, once with IIBX as trading members, will not only supply bullion on the exchange but will also be able to make two trades and take part in trading of many products that are to be launched on the IIBX. Entry of foreign bullion banks will add a lot of liquidity to the bullion trading platform at IIBX."
Sources said in the long run, bullion banks will also offer gold metal loans.
"This will benefit the gems and jewellery sector. Due to price fluctuations and shifting demand through the year, jewellers often face issues relating to working capital. Gold metal loans can be given to jewellers against bullion stock," an industry player said.

 

[Abbey]

IREDA plans to open its Overseas Office in GIFT City - DeshGujarat

Gandhinagar: Indian Renewable Energy Development Agency (IREDA), is planning to establish an overseas office in Gujarat International Finance Tec-City (GIFT City) to fund renewable energy

www.deshgujarat.com

Fintech hub with ADB support to come up at GIFT City

The tourism and roads and buildings departments have seen the highest rise in budgetary provisions for 2023-24 where there has been a 170 per cent and 71 per cent rise respectively.

indianexpress.com

 

[Abbey]

Singapore-based RBB Ship Chartering comes to GIFT City

Licence in hand, RBB Ship Chartering becomes GIFT City’s first ship leasing operator

www.thehindubusinessline.com

Singapore-based RBB Ship Chartering Pte Ltd has become the first ship leasing operator at the International Financial Services Centre (IFSC) in GIFT City, Gandhinagar.

RSCPL (IFSC) Private Ltd, a 100 per cent subsidiary of RBB Ship Chartering, has secured a provisional licence to commence ship leasing business at GIFT City, according to an official statement here on Wednesday.


The licence was granted in February 2023 and the commercial operations are scheduled to start before March
Raajesh Bhojwani, CEO and MD, RBB Ship Chartering, said, “We are happy to have received the first ship leasing licence at GIFT City. We are currently a profitable bootstrapped company and our vision is to be a globally listed entity with revenue of over $7 billion by 2027.”
Tapan Ray, MD and Group CEO, GIFT City, said, “GIFT City is witnessing significant growth in various business verticals related to international financial services. Operationalisation of ship leasing businesses will help in creating a conducive ecosystem for international maritime cluster at par with other global maritime hubs. We expect ship leasing businesses will witness a similar trajectory as seen in aircraft leasing and financing vertical.”

The maritime industry is a strategically important sector for India given its vast coastline and significant global and domestic trade via sea routes.

There is a huge opportunity for India in promoting the shipping industry by incentivising domestic and international shipping companies (particularly those offering ship leasing/ financial services) to set up base in India, a statement from GIFT City said.

To tap into this potential, a regulatory framework is in place to enable the setting up of ship leasing business in GIFT City. The framework allows ship leasing entities to offer operating lease, financial lease, and a hybrid lease structure from the GIFT IFSC, the statement added.

 

[RoaringTigerHiddenDragon]

Bit wierd as propane prices are half of what they were a year ago

Clearly, lower growth has meant lower government revenue. So reducing subsidies by increasing prices is natural.I think we have built enough roads, DFCs and industrial parks. What we now need to see is high growth in manufacturing activity in DMIC and elsewhere. Dholera and other parks like AURIC need to get running. Simply building industrial zones is useless - you need to have factories there with lots and lots of people employed. We are on the right track. We have built the shops. We just need to do business now.

 

[Shuturmurg]

Singapore-based RBB Ship Chartering comes to GIFT City

Licence in hand, RBB Ship Chartering becomes GIFT City’s first ship leasing operator

www.thehindubusinessline.com

If GIFT city wants to be a happening business district, it should issue alcohol licenses to high end restaurants and bars.

 

[karn]

If GIFT city wants to be a happening business district, it should issue alcohol licenses to high end restaurants and bars.

That is already there IIRC. Jokes were made on how gujratis would make day trips to pick up booze from GIFT.

 

[RoaringTigerHiddenDragon]

More expressways…

https://www.constructionweekonline.in/projects-tenders/morth-to-build-5000km-e-ways-highways-worth-rs-3-trillion