Indian Economy: News and Discussion

[SKC]

Ya'll Nibbiars In the simple language:

1 . Zero fees if you pay from your bank directly.

2 . Some fees if you load money into an UPI App and then make payments using that app for more than Rs. 2000.

Most road side stalls and shops now day have put the QR code attacheded to their bank account instead of their wallets.

So mostly my payments are going directly from my bank account to vendor's bank account. So most people should not be affected.

 

[prasadr14]

zero processing fees, as far as customer is concerned.

It is pretty much same as when you use your Visa or Mastercard.
The customer is not charged
but the transaction is charged by these companies.

UPI seems to charging very less compared to these 2 global companies.

 

[Love Charger]

Your grasp of English is certainly improving. I can tell. Are you using google translate to translate hindi into english or typing english yourself?

My hindi is atrocious iam relearning hindi kek.
Since I have all my life after school written and studied in english I find it way more comfortable.

 

[Physx32]

yup... key is to use your Banks Native UPI not paytm or phone pe et all...

Just wondering will it impose any charges if paid via BHIM

No. Charges will only be levied on PPI wallets, not if you use Gpay or Phone pe.

 

[Haldilal]

Ya'll Nibbiars

 

[another_armchair]

Budget 2023-24: Govt. Cuts UPI Transaction Subsidy to Rs. 1500 Cr Only

The Central Government reduced allocation meant for banks & fintech startups facilitating UPI transaction. Read this article to learn more about its implications.

business.paytm.com

Dated 2017 but lets see for how long UPI remains totally *free*. IMPS and NEFT charges at present rates attract 18% GST. If a tiered charges system does get introduced into UPI at a future date, it would be a win win for all parties except for the paying ones. Call it 'financial transaction fee' proposed by a man who used to show up drunk on tv debates.

HDFC Bank introduces charges for UPI transactions - Times of India

India Business News: Even as the National Payments Corporation of India considers nudging banks to offer free transactions using the Unified Payments Interface, HDFC Bank

timesofindia.indiatimes.com

 

[Haldilal]

Ya'll Nibbiars The India ratifies historic uniform Gas Transmission reforms allowing One Nation One Grid One Tariff in PNG/CNG busines.

Unified tariff structure for gas pipelines to start from April 1

Natural gas pipeline tariff: Industrial customers transporting fuel over larger distances to now pay less

www.business-standard.com

 

[Abbey]

PNGRB amends regulation to allow unified tariff for natural gas pipelines - ET EnergyWorld

Based on the new regulations, PNGRB has notified a levelized Unified Tariff of Rs 73.93/MMBTU and created three tariff zones for Unified Tariff.

energy.economictimes.indiatimes.com

New Delhi: The Petroleum and Natural Gas Regulatory Board (PNGRB), the downstream regulator, announced it has amended the PNGRB (Determination of Natural Gas Pipeline Tariff) regulations to incorporate provisions for Unified Tariff for natural gas pipelines with a mission of “One Nation, One Grid and One tariff”.

Based on the new regulations, PNGRB has notified a levelized Unified Tariff of Rs 73.93/MMBTU and created three tariff zones for Unified Tariff, where the first zone is up to a distance of 300 kms from gas source, second zone is 300 – 1200 kms and third zone is beyond 1200 kms. The Zonal unified tariffs will be effective from 1st April 2023.

The national gas grid covers all the interconnected pipeline networks owned and operated by entities viz. Indian Oil Corporation Limited, Oil and Natural Gas Corporation Limited, GAIL (India) Limited, Pipeline Infrastructure Limited, Gujarat State Petronet Limited, Gujarat Gas Limited, Reliance Gas Pipelines Limited, GSPL India Gasnet Limited and GSPL India Transco Limited.


With commissioning of newer interconnected pipelines, the national gas grid will keep expanding for Unified tariff. These entities will get the tariff as per their entitlement while customers would pay Unified tariff. The difference between the same will be settled between the Pipeline entities for which a settlement mechanism has been notified.

The reform will specially benefit the consumers located in the far-flung areas where currently the additive tariff is applicable and facilitate development of gas markets and vision of government to increase the gas utilisation in the country.

 

[Haldilal]

Ya'll Nibbiars It's a luxury now days to find such large land parcel with such green lush.

 

[Bharatiya]

Because at 10% growth our Current Account Deficit will swell up as consumption will also increase, mostly for petroleum and gas. We still are not a mass manufacturing hub as China is. Unless we have decent import substitution and high exports we can't grow at that rate. With current account surplus, we can see 100bps increase in GDP growth rate in years to come.

Recently our services have boomed and the merchandise trade—both exports and imports—shrunk bringing the trade deficit to its lowest in years.

If we even had the same goods exports and imports like we did two years ago, we'd have already been trade surplus. But the good imports just exploded into unimaginable proportions. I thought it could be because we're importing Russian oil—but we're also selling it, so this shouldn't increase the deficit that much. Right?

Then what happened? Why did imports spike so much? Is it just oil? What's actually happening in our imports?

It looks like we'll hit $250 Billion in goods trade deficit, if not more. This is fucking insane. Are we trying to kill our economy or what?

During 2022 April-2023 Jan We imported $160 Billion worth of oil $73 Electronic Goods, $40 Billion in engineering goods.

Can anyone with more insight into this explain our current position and comment on how PLI is succeeding or failing.

Some media outlets say we might actually hit trade surplus on the back of our booming services. Is that likely?

Lot of questions here, please clarify.

 

[Abbey]

India to start coal export by 2025-26: Coal minister Pralhad Joshi - Times of India

India Business News: NEW DELHI: Asserting that India has adequate coal reserves, Union Coal Minister Pralhad Joshi on Wednesday said the country will start exporting the d.

timesofindia.indiatimes.com

NEW DELHI: Asserting that India has adequate coal reserves, Union Coal Minister Pralhad Joshi on Wednesday said the country will start exporting the dry fuel by 2025-26.
From a net importer of coal, India is moving towards becoming a net exporter of non-coking coal, Joshi said on the sidelines of the seventh round of auctions for commercial mining of coal blocks in the national capital.
The minister also assured of an uninterrupted supply of coal in the approaching summer season -- when the peak demand is expected to be 229 GW during April.
Domestic demand for coal is estimated to reach 1,087 million tonnes in the ongoing financial year. The industry meets some parts of its requirements through imports.
According to the Coal Ministry, India's cumulative total estimated coal reserve as of April 1, 2022, was 3.61 lakh million tonnes (MT).
On a question related to imports, he said India's imports of substitutable coal were 90 MT, which will be stopped by 2025-26 when the country will start exporting the dry fuel.
"Except for coking coal, we will stop the (import of) thermal coal," he said.
The plants, designed to run on imported coal, may continue to import, but if they change the technology domestic supply can be made to them as well, Joshi said.
The minister further said: "Record coal production has happened at nearly 900 MT in FY23, and we have coal stock of 116-117 MT at present. I assure the country of uninterrupted coal supply in summers or in rainy seasons".
Both private and public companies have been directed to continue with their coal production during April and May.

 

[Haldilal]

Ya'll Nibbiars

 

[Haldilal]

Ya'll Nibbiars The Asmeeta Infratech Ltd applied for Environmental clearance for Asmeeta Integrated Textile Park at Bhiwandi. The massive project investment could be in tens of thousands of crore rupees.

 

[Haldilal]

Ya'll Nibbiars

 

[FalconSlayers]

 

[vishnugupt]

Another Pajeet republic masterstroke

खबर आ रही कि सिर्फ अपना कट्टर हिंदू १ अप्रैल से UPI पर टैक्स देगा। बाकियों को फ्री हैं।

 

[Physx32]

Then what happened? Why did imports spike so much? Is it just oil? What's actually happening in our imports?

It's due to our increasing electrical and electronic imports. Everything related to electronics is imported, almost nothing is manufactured here. So even if your phone says "Made in India", its components are imported from China, Taiwan, SK, etc.

Can anyone with more insight into this explain our current position and comment on how PLI is succeeding or failing.

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1885189#:~:text=As%20of%20September%202022%2C%20the,300%20billion%20by%202025-26

These schemes will take time to materialize. That's why govt has to fastrack PM MITRA scheme. India needs to export $100B in textiles. That'll also generate mass employment.

 

[Bharatiya]

Even members of DFI are so rattled about this. Only wallet transactions are going to be taxed. Wallet—as in the money you put in PayTM wallet—a separate purse. As long as you continue to conduct bank to bank transfers like most people do, you wouldn't be affected.

I'm hopeful that the government isn't that dumb to kill UPI by taxing bank to bank transactions. Unless there is news that says otherwise, stop fear mongering.

 

[Bharatiya]

It's due to our increasing electrical and electronic imports. Everything related to electronics is imported, almost nothing is manufactured here. So even if your phone says "Made in India", its components are imported from China, Taiwan, SK, etc.

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1885189#:~:text=As%20of%20September%202022%2C%20the,300%20billion%20by%202025-26

These schemes will take time to materialize. That's why govt has to fastrack PM MITRA scheme. India needs to export $100B in textiles. That'll also generate mass employment.

I Have a very dumb question regarding the first point. It's pretty dumb, still please answer it.

Say we import 3 items worth $100 each and do some basic assembly and make the product. Then like everything, we'll only be selling it for more than cost price of $300. Maybe $350 or something.

So, we imported $300, exported $350. If we are only importing for exporting, how is that increasing our trade deficit?

 

[Physx32]

Even members of DFI are so rattled about this. Only wallet transactions are going to be taxed.

It's not "tax", but something like MDR in credit/debit cards, and that too only for PPI wallets.

I think govt should impose charges on all UPI transactions for big merchants. That won't affect the public in any way and also become a source of income for GoI.