Indian Economy: News and Discussion

[another_armchair]

its not palatable in the long run, things have changed in the recent decades and people refuse to slog out for sake of money. Lots of fellas bail out from working in Mumbai just because the life is to hectic there. Navi Mumbai is the future but Island Mumbai and and its peripheral burrows still remain the economic hub and its infrastructure is not pallatble to most people.


No doubt Mumbai will remain the financial capital but its going to be Indias New York, several other cities like that offer a better quality of life will appear some being in Maharashtra itself.

I am betting on Mumbais infra crumbling under the pressure and gormint not being able to absorb it fast enough.

Startup culture: Here's why Mumbai is losing out to Bengaluru and Delhi

Several startup founders feel Mumbai is a hard city to live in and losing out on new-age financial services players.

www.livemint.com

Where & how will startups find talent in Mumbai when the city never had any serious IT industry to speak of?

Pune would present better opportunities and a decent talent pool.

IT salaries in Bangalore have stagnated in a lot of verticals. People are looking for opportunities in Pune, Gurgaon, Hyderabad which are emerging as decent destinations after the pandemic reset.

My cousin is into network security. He got a 40% raise when he joined a company in Mumbai. He has been trying to shift to Bangalore for over a year but not even Cisco or Amazon can match his existing pay for his profile. They flat out told him he will have to take a salary cut.

Bangalore will remain the startup capital for a long time to come given the diversity of talent it offers employers regardless of how broken the infrastructure is and the abysmally slow infra development.

 

[Suryavanshi]

Ya'll Nibbiars Here the articles Conterdicts the above article.

Top startup founders form grouping to push Mumbai tech ecosystem

The association TEAM, which has been registered as a not-for-profit entity, will hire professionals to work along with regulators, policymakers, and various government bodies.

m.economictimes.com

And also my posts which reflect total different reality that the author claims.

Indian Economy: News and Discussion

Google, is exploring the possibility of shifting a portion of its Pixel smartphone production to India, according to a report by Bloomberg. The company has initiated early discussions with domestic suppliers as it looks to capitalise on India's growing potential as a manufacturing hub. In...

defenceforumindia.com

Look at the pure numbers halde.
While Mumbai remains the second in hosting startups other cities are fast catching up not in the sense of matching it but acting as an alternative.

The first articles covers how certain businesses are collaborating to push Mumbai as startup hubs, result of which will be seen a decade later.

Can you compile the data of small businesses growth rate of other cities in when pegged to Mumbai? Pune itself shored up 3 unicorns in this last 5 years.

 

[Haldilal]

Look at the pure numbers halde.
While Mumbai remains the second in hosting startups other cities are fast catching up not in the sense of matching it but acting as an alternative.

The first articles covers how certain businesses are collaborating to push Mumbai as startup hubs, result of which will be seen a decade later.

Can you compile the data of small businesses growth rate of other cities in when pegged to Mumbai? Pune itself shored up 3 unicorns in this last 5 years.

Ya'll Nibbiars Mumbai didn't had the any Unicorm until late 2019 and from then had number of unicorns that even suppressed the NCR.

 

[Atavistic]

its not palatable in the long run, things have changed in the recent decades and people refuse to slog out for sake of money. Lots of fellas bail out from working in Mumbai just because the life is to hectic there. Navi Mumbai is the future but Island Mumbai and and its peripheral burrows still remain the economic hub and its infrastructure is not pallatble to most people.


No doubt Mumbai will remain the financial capital but its going to be Indias New York, several other cities like that offer a better quality of life will appear some being in Maharashtra itself.

I am betting on Mumbais infra crumbling under the pressure and gormint not being able to absorb it fast enough.

Startup culture: Here's why Mumbai is losing out to Bengaluru and Delhi

Several startup founders feel Mumbai is a hard city to live in and losing out on new-age financial services players.

www.livemint.com

Mumbai is the only city that is undergoing some serious big scale redevelopment. By saying that the infra is crumbling is ignorance. Govt does not have shakalaka boom boom pencil that they'll draw the infra and it will pop out in 1 sec. Time lagta hai bhai. MH does not get special treatment from PMO that some states get.

 

[Suryavanshi]

Ya'll Nibbiars Mumbai didn't had the any Unicorm until late 2019 and from then had number of unicorns that even suppressed the NCR.

Your point is covered in this article.

How Mumbai overcame unicorn drought, migration, other woes to become a major startup hub

Mumbai startups, 9,000+ of them, have gained from a supportive state government, a robust banking ecosystem, and a huge population.

yourstory.com

And it also mention the thing that is still pulling it back such as high cost of living and more travel time. Mumbai metro will fix it but that will need even more metro lines. It's simply not possible to keep the pace and have the density efficiency of Hong Kong without radical change in the gormint.

 

[thebakofbakchod]

Did UP economy do better under Akhilesh than Yogi? A data-check on state’s $1-trillion ambition

UP intends to become a trillion-dollar economy within the next five years. Experts say it could be a tall order, as it requires UP to grow at a minimum of 32 percent per annum.

theprint.in

Biggest jumla king in the entire indian political scene

 

[Jimih]

Will be a good step but little bit difficult to implement

 

[shade]

@Haldilal saar , your views on this guy's prediction

This Gujjew( I assume, could be some troll also ) just making jhumlas

See Mumbai proper( i.e the places run by BMC not Navi Mumbai or Thane ) is a shithole for the most part( except BKC, it's so first world ), it has parasites in BMC and at the State level also who only want to suck money and not do any work.

But still the biggest financial businesses and other associated professionals are located there only, and will be for the forseable future, they aren't moving to Ambavad, Surat etc, which is too far considering they could move to Navi Mumbai or Thane but they don't bother at all, Thane has a certain area where all big building offices of IT Coolie companies are concentrated, but that's about it.

The wealthy will build out their own posh enclaves and don't have to suffer the 3rd world-ness of that city.
This includes Bijness families and their ugly Jenga skyscraper buildings, Bhand-woodiyas and their flats and bungalows in Juhu, Bijness headquarters which are in either BKC or in South Bombay or somewhere else, but in Mumbai only.

 

[shade]

Will be a good step but little bit difficult to implement

inb4 crying about compliance burden.
I mean I can understand, you don't want to get BDSM by some haram gormint employee or babu for additional paperwork and other stuff

 

[FalconSlayers]

View attachment 212815

Did UP economy do better under Akhilesh than Yogi? A data-check on state’s $1-trillion ambition

UP intends to become a trillion-dollar economy within the next five years. Experts say it could be a tall order, as it requires UP to grow at a minimum of 32 percent per annum.

theprint.in

Biggest jumla king in the entire indian political scene

He hasn't ruled for long to be labelled a Jumla king, covid ate up most of his tenure, lets see.

 

[shade]

View attachment 212815

Did UP economy do better under Akhilesh than Yogi? A data-check on state’s $1-trillion ambition

UP intends to become a trillion-dollar economy within the next five years. Experts say it could be a tall order, as it requires UP to grow at a minimum of 32 percent per annum.

theprint.in

Biggest jumla king in the entire indian political scene

He hasn't ruled for long to be labelled a Jumla king, covid ate up most of his tenure, lets see.

Daily reminder that state is always in top 5 states by GDP mostly because 200 million population and a little bit of Noida so "$1 trillion dollar ekanami" is possible however not in whatever timeline the Mahant has specified.

"Tamil Nadu To Become A 1 Trillion-dollar Economy By 2030”

In an exclusive interaction with BW Businessworld, Tamil’s Nadu Chief Minister M. K. Stalin spoke about the scenario post-Covid, putting renewable energy to good use, promoting chip manufacturing in the state, ease of doing business, and much more , , Magazine Issue 5 Nov 2022

www.businessworld.in

Stalin also wants TN to become trillion dollar economy by 2030 but that's a still an unreasonable timeframe and assumes TN will grow at current rate of 10%


Anyway it's good to have lofty targets to get khadi-jacket wearers and UPSCn!ggers to perform.

 

[AK047]

He hasn't ruled for long to be labelled a Jumla king, covid ate up most of his tenure, lets see.

The performance of 2017 and 2018 was mainly due to the economic descions of Akhikesh Yadav not Yogi, when Yogi came to power his immediate priority was solving the dreaded law and order problem of UP and only after that he could move to economic issues. The results of his various iniatiatives are only showing up now. In 2022 the nominal GSDP growth of UP was almost 17 percent and in 2023 this is projected to be 19 percent.

UP bets on growth in state budget 2023-24

UP Finance minister Suresh Khanna said that there has been a 16.8% increase in state GDP in the year 2022-23. The GSDP growth has been estimated at 19% for 2023-24.

www.moneycontrol.com

 

[devx101]

Ya'll Nibbiars Have been hearing this for last 20 years. Never underestimate the Fighting Spirit of Mumbai and woth the Current Leaderships. Surat launches Brouse twice the size of Bharat bourse, Navi Mumbai started development five times the size of the surat one at multiple locations of distributed Brouse Nad Manufacturing pattern which will bring world class technolog first time in India.

And see the Comment section this Nibba literally says Surat and Amdavad not replacing Mumbai. A contradiction and probably a Troll tweets or somethings.

Perhaps let's not under estimate the power of other cities like AHM, NCR, BLR then to compete with MMR. Mumbai's biggest problem is it's infrastructure. Yes, finally some good news's are coming from Public transportation front but still a long way to go. That should be solved by 2026+(metro, new airport, new roads & all).

Strangely Mumbai's problem are also very simple if rectified properly. One of the biggest issue is under supply of houses. Do not know what prevents Govt. of MH from creating a over-supply of residential units to drive prices down.You keep land rates like NYC for a country with 2k USD per capita , strange. It is widely stated that Mumbai's biggest problem is you have to live in sub-standard cramped houses. Many of my friends in the last 10 years started their carrier but ultimately left city to go to BLR, NCR. Now I rarely get news of someone starting their carrier in MMR but BLR/NCR news comes like rly announcement. I am not saying in thin air, see the Population growth % , you will understand.

Only the super rich are buying new houses there creating a false illusion of supertalls' & supercity. It is a dumping ground for money/wealth. How many talls & super talls are Commercial Buildings? the ratio is very poor, almost all are residential units. The middle class is stagnant and new jobs/ new people are definitely not coming in hoardes like in NCR or BLR or even AHM/SRT/HYD.

 

[shade]

India a key destination to strengthen global supply chains for Taiwanese tech firms: Dy Min for Taiwan's National Development

Leading Taiwanese technology firms are looking at relocating their manufacturing bases to India to bring down their exposure to the Chinese market amid the self-governed island's increasingly tense relations with China. Deputy Minister for Taiwan's National Development Kao Shien-Quey said there...

economictimes.indiatimes.com

The picture shows TSMC but the Taiwanese mantri seems to be talking about other electronics firms there.

How boAt is charting the high waters

According to Counterpoint Research, boAT led India’s TWS ( Truly Wireless earphones) segment for the third year in a row with 89 per cent y-o-y growth in 2022 on the back of increased penetration in domestic manufacturing, multiple affordable launches and aggressive promotions. Audio products...

www.thehindubusinessline.com

Meanwhile just a simple step of 20% import duty on CBUs results in high-volume local assembly, denying the Chinaman these revenues and profits, and possibly getting our foot in the door for exports of Wearables too.
BoAt is the largest seller of TWS headsets today, and they assemble their stuff via Dixon mostly.

 

[Suryavanshi]

Where & how will startups find talent in Mumbai when the city never had any serious IT industry to speak of?

Pune would present better opportunities and a decent talent pool.

Pune does not even have a proper airport tho. And Pune does not have the dedicated think tanks that gov has created to aid Mumbai.
Yet it will eat good chunk of Mumbais share of Buisneses which is a good thing.

IT salaries in Bangalore have stagnated in a lot of verticals. People are looking for opportunities in Pune, Gurgaon, Hyderabad which are emerging as decent destinations after the pandemic reset.

But that is what I've been saying to begin with other cities are fast emerging and people refuse to slog out all life for a higher pay check. My father could work in Mumbai slogging through Local trains and buses but I refuse to do that. The new generation seeks things such as work life balance.

My cousin is into network security. He got a 40% raise when he joined a company in Mumbai. He has been trying to shift to Bangalore for over a year but not even Cisco or Amazon can match his existing pay for his profile. They flat out told him he will have to take a salary cut.

Your coursin might be top 5 to 10% of Mumbais wealth bracket but tell me this honestly could he buy a 4 bhk house in Mumbai that would not put a whole in his pocket.
Recent case of my friend who works in some blue prison something like that company. He is supposed to do some HVAC analysis for large buildings and his firm also provide heating/cooling solutions of glass buildings. Hence his job will mostly be centered around Mumbai. Initial training days were done in Ahmedabad which was the best part of the job but they he had to move to Mumbai as job demanded it. Salary went up form 8 to 11 but the job became unsustainable due to high cost of living. Used to live in Thane west and had to travel across Mumbai by any transportation Means. Initially they were provided transportation accommodations but than shifted to providing reimbursements.
He is in a better place today currently training after clearing AAI exam most of his friends shifted to Bangalore at the same or little more salary.
Conclusion work life balance is also an important factor. You cannot stay in a city like Mumbai without deep pockets even after you have bought a home there.

Bangalore will remain the startup capital for a long time to come given the diversity of talent it offers employers regardless of how broken the infrastructure is and the abysmally slow infra development.

I give you 5 years and Mumbai will almost catch up to Bangalore in this 5 year.
I bet an all you can eat party.
Mumbai will have 85 to 90% of the value of Bangalores total unicorns.

 

[Haldilal]

Perhaps let's not under estimate the power of other cities like AHM, NCR, BLR then to compete with MMR. Mumbai's biggest problem is it's infrastructure. Yes, finally some good news's are coming from Public transportation front but still a long way to go. That should be solved by 2026+(metro, new airport, new roads & all).

Strangely Mumbai's problem are also very simple if rectified properly. One of the biggest issue is under supply of houses. Do not know what prevents Govt. of MH from creating a over-supply of residential units to drive prices down.You keep land rates like NYC for a country with 2k USD per capita , strange. It is widely stated that Mumbai's biggest problem is you have to live in sub-standard cramped houses. Many of my friends in the last 10 years started their carrier but ultimately left city to go to BLR, NCR. Now I rarely get news of someone starting their carrier in MMR but BLR/NCR news comes like rly announcement. I am not saying in thin air, see the Population growth % , you will understand.

Only the super rich are buying new houses there creating a false illusion of supertalls' & supercity. It is a dumping ground for money/wealth. How many talls & super talls are Commercial Buildings? the ratio is very poor, almost all are residential units. The middle class is stagnant and new jobs/ new people are definitely not coming in hoardes like in NCR or BLR or even AHM/SRT/HYD.

Ya'll Nibbiars even the migration to the Amdavad, Surat, Hyderabad, Bengaluru slow down. The Tier Two and Tier Three cities are doing better than the Metropolitan and the Tier 1 Cities and this trend will remain for now. The cities like, Nagpur, Ch. Sambhaji Nagar, Kolhapur, Nashik, Combitore, Hassan, Kochi, Vikashpatanam, Vijaywada, Mangaluru, Hubli, Indore, Jaipur, Amristar, Kanpur, Siliguri and numerous other are doing and performing well for now.

 

[shade]

My father could work in Mumbai slogging through Local trains and buses but I refuse to do that. The new generation seeks things such as work life balance.
Recent case of my friend who works in some blue prison something like that company. He is supposed to do some HVAC analysis for large buildings and his firm also provide heating/cooling solutions of glass buildings. Hence his job will mostly be centered around Mumbai. Initial training days were done in Ahmedabad which was the best part of the job but they he had to move to Mumbai as job demanded it. Salary went up form 8 to 11 but the job became unsustainable due to high cost of living. Used to live in Thane west and had to travel across Mumbai by any transportation Means. Initially they were provided transportation accommodations but than shifted to providing reimbursements.

I work in a remote job currently, will probably move to Banglore if I lose this job or feel like changing.
The whole ancient-train-ancient-bus-to-South-Mumbai-and-back is far too cancerous.
There is a nice A/C bus, but that only goes to Borivali in Mumbai which is a suburb

btw this is the current status, unless you have a house in Mumbai itself or a well paying job to pay the high rents, you live in the MMR places like NM or Thane and (((travel))) to Mumbai.

 

[Suryavanshi]

Mumbai is the only city that is undergoing some serious big scale redevelopment.

Never said it didn't, but the pace and quality is lack luster at best. In a city like Mumbai a delay of 5 years in a transportation project will push it back for a good decade.

By saying that the infra is crumbling is ignorance.

The woes and expectations of the city is growing faster than its infra.

MH does not get special treatment from PMO that some states get.

Disagree Gujarat offers cheap lands for its Buisneses unlike any other state. That is why Daman is the center of manufacturing for several pharma companies.
This is a growing sentiment in Maharashtras population that Gujrat is stealing their deals meanwhile Marathis are protesting Armanco oil refinery saying that gives us Chip manufacturing and take your refinery to Gujarat.


To clarify no one says that Mumbai will be overthrown from the numba 1 spot but other cities are fast catching up even tho they don't provide as much infra. Mumbai does have the same efficiency as Tokyo to continue leaving rest of India in the dust.

 

[Suryavanshi]

for fellows who are from Maharashtra and locals of Mumbai may find it decent buy traveling in monsoon is soul crushing there.
@Haldilal you bought a house in a posh locality but tell me was it possible without your parents savings?

1 to 2 cr for a 2bhk and that too you have to shelve out thousand more for unionized househelp services.
I cannot imagine buying a house in Mumbai even with my salary. It's not for those who want to build form scratch.

 

[Suryavanshi]

The performance of 2017 and 2018 was mainly due to the economic descions of Akhikesh Yadav not Yogi, when Yogi came to power his immediate priority was solving the dreaded law and order problem of UP and only after that he could move to economic issues. The results of his various iniatiatives are only showing up now. In 2022 the nominal GSDP growth of UP was almost 17 percent and in 2023 this is projected to be 19 percent.

UP bets on growth in state budget 2023-24

UP Finance minister Suresh Khanna said that there has been a 16.8% increase in state GDP in the year 2022-23. The GSDP growth has been estimated at 19% for 2023-24.

www.moneycontrol.com

Damn at this rate they may touch 800 to 900 billion.