Indian Economy: News and Discussion

[RedHood108]

ITM Dozco (India) Pvt Ltd, a major Equipment manufacturer for Construction and Mining Industries, is all set to build a factory in Thervoy Kandigai SIPCOT, Thiruvallur.

ITM Dozco: A partnership of Italy's Italtractor ITM SpA and Dozco India.

 

[Kumata]

lol... Bangalore used to be one large refrigerator for 10-11 months of the year till we ran out of luck this year.

Yeah... I remember , during our college days we used to sit on walls of Yelahanka AF station to watch Air show for free while enjoying Kaju fruits, Chiku and ripe jackfruits with coconut water .. Off course all off our hardwork during previous night and weather was awesome.. Urbanization killed sleepy B,lore

 

[Kumata]

Reserve Bank of India - Press Releases

The Reserve Bank of India had announced the withdrawal of ₹2000 banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The total value of ₹2000 banknotes in circulation, which amounted to ₹3.62 lakh crore on March 31, 2023 had declined to ₹3.56 lakh crore as at the close of business on May 19, 2023. The status of withdrawal of ₹2000 banknotes as at July end was published by the RBI vide Press Release No. 2023-2024/682 dated August 01, 2023.

According to the data received from the banks, the total value of ₹2000 banknotes received back from circulation is ₹3.32 lakh crore up to August 31, 2023. Consequently, ₹2000 banknotes in circulation as at the close of business on August 31, 2023 stood at ₹0.24 lakh crore. Thus, 93% of the ₹2000 banknotes in circulation as on May 19, 2023, have since been returned.

Data collected from major banks indicates that out of the total banknotes in ₹2000 denomination received back from circulation, about 87% is in the form of deposits and the remaining around 13% has been exchanged into other denomination banknotes.

Members of the public are requested to utilise the remaining period until September 30, 2023 to deposit and/or exchange the ₹2000 banknotes held with them.

 

[Haldilal]

Ya'll Nibbiars

 

[Haldilal]

Ya'll Nibbiars The JSW has signed a TOT for technology from a Mleechas firm Leaper Motors.

 

[RedHood108]

Foundation stone for the upcoming Apparel Park was laid yesterday in Sec-29, YEIDA:

Spread across 175 acres
Expected investment - Rs 3000 Cr
Expected revenuew - Rs 10000 Cr annually
Expected employment - 3 lakh
Completion in 30 months
89 plots on offer, of which possession of 39 plots handed over to investors

 

[ezsasa]

since GDP growth is usually discussed in %, to bring in the aspect of what the actual numbers in GDP growth looks like:

in crores, difference in GDP with previous year:

Year	GDP (Real)	Differential	%
2016-17​	12308193​	938700
2017-18​	13144582​	836389	6.80​
2018-19​	13992914​	848332	6.45​
2019-20​	14515958​	523044	3.74​
2020-21​	13558473​	-957485	-6.60​
2021-22​	14735515​	1177042	8.68​

- taken from last available numbers from RBI, will change as 2RE numbers come in.

the GDP change % margins are so slim for India, 70000 crores is almost half a percentage point these days.

let's take express way construction of say 1000 crores ₹ as an example. of the 1000 crores ₹ let's say 300 crores ₹ goes for land acquisition, this 300 crores ₹ are not counted in GDP calculation. of the remaining 700 crores ₹ all of it may not make it to GDP estimates since small contractors may not be listed in MCA-21 (ministry of corporate affairs list of companies that is used for GDP estimate calcuation).

this is why GDP is an estimate, it's not the actual number of economic value addition that happens in an economy.

 

[karn]

Yeah... I remember , during our college days we used to sit on walls of Yelahanka AF station to watch Air show for free while enjoying Kaju fruits, Chiku and ripe jackfruits with coconut water .. Off course all off our hardwork during previous night and weather was awesome.. Urbanization killed sleepy B,lore

Are you from nitte or mvit ?

 

[RedHood108]

 

[Haldilal]

Ya'll Nibbiars The Corning' is planning to set up a manufacturing plant to make Gorilla Glass for smartphones in Telangana.

 

[RedHood108]

Details of 17 approved Ethanol plants of Bihar,
Company name and Kilo Litres per day (KLPD) :

1. Patel Agri Industries (unit 1,2&3) (Nalanda) - 200+200+100 KLPD
2. Aaditri Agrotech (Madhubani) - 500
3. Bihar Distilleries (Bhojpur) - 400
4. Chandrika Power (Nalanda) - 60
5. SGS biofuels (Buxar) - 200
6. Eastern India Biofuels (Purnea) - 65
7. Bharat Oorja Distilleries (Muzaffarpur) - 110
8. Muzaffarpur Biofuels (Muzaffarpur) - 110
9. Micromax Biofuels (Muzaffarpur) - 100
10. Naturals Dairy (Muzaffarpur) - 60
11. Bharat Plus Ethanol (Buxar) - 100
12. New way Homes (Begusarai) - 150
13. Sona Sati Organics (Gopalganj) - 167.5
14. Sahu Agro Ethanol (Bhagalpur) - 50
15. Brajendra Kumar Builders (Patna) - 60.

 

[iNorthernerOn9]

 

[Physx32]

India’s GDP numbers puzzle economists

While economists had made their calculations based on the EBITDA numbers of manufacturing companies, the government seems to have based its calculation on IIP data. While EBITDA is reflective of the formal sector, the latter is largely reflective of the informal sector.

www.moneycontrol.com

 

[MuffleParch]

This must piss off "Mr. Know All" Raghuram Rajan. I don't believe he was ever rated A+ by this group.

 

[Shuturmurg]

That's how Nehru tried to industrialize India first time around, hopefully turns out better this time :

Licence Raj - Wikipedia

en.wikipedia.org

 

[Blademaster]

That's how Nehru tried to industrialize India first time around, hopefully turns out better this time :

Licence Raj - Wikipedia

en.wikipedia.org

this time there’s no cap on production or income. Just the requirement that the stuff be produced locally using local labor.

and this is designed to keep Chinese imports out and level the playing field.

 

[Krishnarjun]

Ya'll Nibbiars The Swedish Company Atlas Copco starts the construction of the manufacturing plant and Office Building at Talegaon Pune with a Investment 9f 15p crore rupees. It will manufacture air and gas Compressor Systems.

View attachment 219870

The critical components of the compressor still come from Belgium. About time they started manufacturing here including the related R&D given their strong presence in India for decades now.

 

[Krishnarjun]

Sam Altman said Indians would fail at building ChatGPT, Reliance boss Mukesh Ambani says challenge accepted

Reliance Chairman Mukesh Ambani on Monday said that his company Jio will create AI models tuned for Indian users. "Jio promises AI to everyone, everywhere. And we shall deliver," he said, over two months after OpenAI CEO Sam Altman said that Indians can try but would fail at challenging ChatGPT.

www.indiatoday.in

I think Altman was addressing a question on budget to develop large scale AI models akin to chatGPT. Someone asked if it would be possible with $10 million, to which he said that's hopeless. Later on he cleverly covered it up saying it's not possible on such a low budget. But yeah, we are becoming the experts in developing complex technology economically, so a robust indigenous AI is not a distant dream.

 

[sauntheninja]

India’s GDP numbers puzzle economists

While economists had made their calculations based on the EBITDA numbers of manufacturing companies, the government seems to have based its calculation on IIP data. While EBITDA is reflective of the formal sector, the latter is largely reflective of the informal sector.

www.moneycontrol.com

If the manufacturing growth becomes double digits what's our growth rate then?

 

[Krishnarjun]

FDI (Foreign Direct Investment) has increased from $ 4 billion in 2000 to $ 71 billion in 2022.

1. FDI increased 1671% in the last 22 years
View attachment 220384
2. Maharashtra gets the most FDI investment in India
View attachment 220385
3. IT and Service sector is where most FDI investment is done
View attachment 220386

FDI in computer software, hardware, automobile & metallurgical industry reduced big time YoY. Although just between 2021-22 & 2022-23, still that's key sectors to make in India. Wonder how does it hold up with the current GDP growth numbers. Hopefully recent response to PLI will make things better.