Indian Economy: News and Discussion

[Crazywithmath]

The statistics of stunting, hunger, malnutrition etc don't apply to any of the members who post here so it is understandable for them to feel indignant or dismayed over the 'false' reporting.

Most of these figures relate to rural India where bulk of our population resides.

If you have stepped out of your comfort zone and gone beyond 'tourist' areas, then it would be safe to assume a good part of rural India in several states is shamefully poor and undernourished. Honestly speaking, I'd rope myself than live through that drudgery every day of my life and it exists to this day. .. and those figures are definitely not in single digits.

How much does a nurse or a plain mbbs doctor earn at a corporate/semi-corporate private hospital in a big Indian city?

I don't deny the prevalence of malnutrition; I never did. It is just that the NFHS figures are grossly overestimating things and the secondary/tertiary indicators don't add up.

Go through the recently published HCES and you would find that Indians, by and large, are not struggling to procure food at all! And this is what an incumbent member of the Prime Minister's EAC has to say about the NFHS; not me,

https://indianexpress.com/article/opinion/columns/shamika-ravi-writes-our-national-surveys-are-based-on-faulty-sampling-8799300/

Two other members of the EAC;

Bibek Debroy And Sanjeev Sanyal Use This Example Of 'Question On Mosquito Nets' To Show Why NFHS Questionnaire Needs Revamp

In their article in a daily today (24 April), Bibek Debroy and Sanjeev Sanyal argue, with example, that NFHS questionnaires need to be more reflective of ground realities.

www.google.com

This is what an IMF paper claimed;

IMF paper says India has nearly eliminated extreme poverty - Times of India

India Business News: Poverty declined in the Congress era as well as under BJP rule. However, it was not just subsidised food but rapid GDP growth that made the difference

timesofindia.indiatimes.com

And I just posted this thing today ;

Nice

All of this flies in the face of the findings of the NFHS.

Look, I have put enough data already; cannot help if someone is willfully ignoring them all and this is the last post I am making on this topic.

 

[AnantS]

Good thing about KV's are the unit co's child and the sweeper's child can be bench mates in school but you won't find this in rural/semi-rural India where caste/hierarchy lines are strictly drawn even in educational institutions.

This is rapidly dimnishing in rural areas .. but what worries me is blind aping of instagram antics by rural kids and population substitution by toxic green.

 

[AnantS]

The statistics of stunting, hunger, malnutrition etc don't apply to any of the members who post here so it is understandable for them to feel indignant or dismayed over the 'false' reporting.

Most of these figures relate to rural India where bulk of our population resides.

If you have stepped out of your comfort zone and gone beyond 'tourist' areas, then it would be safe to assume a good part of rural India in several states is shamefully poor and undernourished. Honestly speaking, I'd rope myself than live through that drudgery every day of my life and it exists to this day. .. and those figures are definitely not in single digits.

How much does a nurse or a plain mbbs doctor earn at a corporate/semi-corporate private hospital in a big Indian city?

if that mbbs is from cis countries without passing indian exam - 15000 to 20000. And thats the same figure engg institute(pvt 3rd tier) teachers earn...

 

[another_armchair]

if that mbbs is from cis countries without passing indian exam - 15000 to 20000. And thats the same figure engg institute(pvt 3rd tier) teachers earn...

My cousins daughter did her mbbs from Russia.. was interning with a hosp making around 20k, food and accommodation free till she was kicked out during an internal churn. Now back home wondering whether she should go back for her PG or prepare for fmge.

MBBS passouts from India with < 5-10 years of experience don't make a great deal of money either even though you scored well in acads. Unless you have a hospital/clinic of your own, 35-45k with night duty is where pay peaks out. Cousin quit her job at a top corp hospital couple of yrs ago and sat at home preparing for PG ... with limited seats and under general category, its tough as hell. She asked me if its ok to do an MBA and become a consultant. I didn't know what to say.

There is a world outside the bubble that's being talked about.. its not gloom & doom but at the same time, lets not be so dismissive about such data.

For every Bengaluru, there are a 100 small rural clusters where salaries peak at Rs. 7-12k for non specialized roles such as tailor, plumber, electrician etc... and with cost of living so steep, its not easy for the landless workers who live paycheck to paycheck with migrating to bigger cities the only solution.

 

[karn]

if a cargo vessel is taking a longer route for a payment that is supposed to come in mar, and it comes in apr . where is this revenue shown, in current fiscal or next one?

I'm not sure .This fiscal is till Feb right ? The drip started in Jan this year .
Got it from here

https://indianexpress.com/article/business/commodities/red-sea-crisis-indias-petroleum-exports-to-europe-nosedive-to-18-month-low-in-january-9161353/

 

[AnantS]

My cousins daughter did her mbbs from Russia.. was interning with a hosp making around 20k, food and accommodation free till she was kicked out during an internal churn. Now back home wondering whether she should go back for her PG or prepare for fmge.

MBBS passouts from India with < 5-10 years of experience don't make a great deal of money either even though you scored well in acads. Unless you have a hospital/clinic of your own, 35-45k with night duty is where pay peaks out. Cousin quit her job at a top corp hospital couple of yrs ago and sat at home preparing for PG ... with limited seats and under general category, its tough as hell. She asked me if its ok to do an MBA and become a consultant. I didn't know what to say.

There is a world outside the bubble that's being talked about.. its not gloom & doom but at the same time, lets not be so dismissive about such data.

For every Bengaluru, there are a 100 small rural clusters where salaries peak at Rs. 7-12k for non specialized roles such as tailor, plumber, electrician etc... and with cost of living so steep, its not easy for the landless workers who live paycheck to paycheck with migrating to bigger cities the only solution.

that doom and gloom is not only in india but outside too. my known a topper throughout .. went to canuckistan to become doc, completed diploma but ms got stuck because of pr.. ended up depressed and came back coz of bad job situation in canada ..

 

[ezsasa]

These people have their head so deep in their own punch bowl that they don't even know that India introduced T+1 in 2021 and is now shooting for T+0.


Jan 2023
===
New T+1 settlement cycle comes into effect today: What does it mean, how will investors be impacted?

https://indianexpress.com/article/explained/explained-economics/t1-settlement-cycle-comes-into-effect-on-january-27-8406168/

 

[brat4]

if a cargo vessel is taking a longer route for a payment that is supposed to come in mar, and it comes in apr . where is this revenue shown, in current fiscal or next one?

usually in the west (USA), the payments for goods shipped is considered "AR" - accounts receivable
and is added to the balance sheet as "Assets" of the company
the day the payment is made, this "Asset" is converted to "Cash flow" - which will show in the balance as "payments" which goes into the profit/revenue

 

[ezsasa]

usually in the west (USA), the payments for goods shipped is considered "AR" - accounts receivable
and is added to the balance sheet as "Assets" of the company
the day the payment is made, this "Asset" is converted to "Cash flow" - which will show in the balance as "payments" which goes into the profit/revenue

if AR booked in march, and payments come in apr, will the payments show up in march balance sheet?

because of the round trip over africa, shipped goods from india will be reaching late to north america, basically trying to figure out if this longer shipping route will effect GDP numbers of this fiscal.

 

[another_armchair]

if AR booked in march, and payments come in apr, will the payments show up in march balance sheet?

because of the round trip over africa, shipped goods from india will be reaching late to north america, basically trying to figure out if this longer shipping route will effect GDP numbers of this fiscal.

The general practice is GR(Goods Receipt) is issued only after physical acceptance/delivery of goods by the buyer/receiver. Till then, it is showed as accounts receivable/sales receivable in the books of the supplier.

Payments go under accrued payments on the liabilities side of the balance sheet of the buyer till such payment is made after receipt of goods.

Knowledge on the subject is limited and practices may have changed. This is what I learnt in my past life while doing CA foundation.

Accounts experts - I sometimes look at debtor days of a company before buying a stock.

Does it apply to the above scenario w,r,t supply of goods and payment for the same after receipt of goods at the consignees premises?

 

[another_armchair]

that doom and gloom is not only in india but outside too. my known a topper throughout .. went to canuckistan to become doc, completed diploma but ms got stuck because of pr.. ended up depressed and came back coz of bad job situation in canada ..

OpenCity - Urban Data Portal

OpenCity aspires to bring in visibility and transparency into urban local governance and enable data based decision making in cities.

data.opencity.in

^Source - Govt. of Karnataka

_id	Sl No	District	GDDP in Rs Cr (Current prices)	GDDP in Rs Cr (Constant prices)	Net District Domestic Product in Rs. Cr (Current Prices)	NDDP in Rs. Cr (Constant Prices)	Per Capita Income in Rs. (Per Capita NDDP at Current Prices)

2	2	Bengaluru Urban	698461	443487	656283	412963	621131
3	3	Bengaluru Rural	37997	22488	34754	20211	319380

If the above 'data' were to be applied uniformly/verbatim, then a lot of people wouldn't have to show up at people's doors to scrub their utensils and mop their floors for a salary of 2.5-3k a month.

If per capita income at current prices is 6,21,131, what should be the family income of a family of 4 adults. Applying same logic it should be 6,21,131 x 4 = 24,84,524. Is that acceptable?

 

[brat4]

if AR booked in march, and payments come in apr, will the payments show up in march balance sheet?

because of the round trip over africa, shipped goods from india will be reaching late to north america, basically trying to figure out if this longer shipping route will effect GDP numbers of this fiscal.

The general practice is GR(Goods Receipt) is issued only after physical acceptance/delivery of goods by the buyer/receiver. Till then, it is showed as accounts receivable/sales receivable in the books of the supplier.

Payments go under accrued payments on the liabilities side of the balance sheet of the buyer till such payment is made after receipt of goods.

Knowledge on the subject is limited and practices may have changed. This is what I learnt in my past life while doing CA foundation.

Accounts experts - I sometimes look at debtor days of a company before buying a stock.

Does it apply to the above scenario w,r,t supply of goods and payment for the same after receipt of goods at the consignees premises?

ok, this is accounting principles:

when company A places an order with company B, company B begins work and creates an asset from company B's own resources.

as of this point, company B has used its own resources and created an asset that company B wants - but still hasnt paid for it yet.
this is same as company B's resources (raw material) has now been converted to an Asset by use of services
so company B's raw material + company B's services = company B's Asset

when company B's Asset is now being "shipped" to company A -> this still belongs to company B (unless other wise already paid by company B and its paid at source)
when company A receives this "Asset", it pays for it to company B - at this point, company B changes the accounting and removes this Asset from Company B's "Assets and holdings" (negative values) and adds "cash paid" to "cash flow" section (positive value).

the difference in the "Asset" and the "payment" is now the profit

 

[karn]

OpenCity - Urban Data Portal

OpenCity aspires to bring in visibility and transparency into urban local governance and enable data based decision making in cities.

data.opencity.in

^Source - Govt. of Karnataka

_id	Sl No	District	GDDP in Rs Cr (Current prices)	GDDP in Rs Cr (Constant prices)	Net District Domestic Product in Rs. Cr (Current Prices)	NDDP in Rs. Cr (Constant Prices)	Per Capita Income in Rs. (Per Capita NDDP at Current Prices)

2	2	Bengaluru Urban	698461	443487	656283	412963	621131
3	3	Bengaluru Rural	37997	22488	34754	20211	319380

If the above 'data' were to be applied uniformly/verbatim, then a lot of people wouldn't have to show up at people's doors to scrub their utensils and mop their floors for a salary of 2.5-3k a month.

If per capita income at current prices is 6,21,131, what should be the family income of a family of 4 adults. Applying same logic it should be 6,21,131 x 4 = 24,84,524. Is that acceptable?

Most people that scrub floor and wash utensils work in multiple houses and they earn in the range of 2.5 - 3 lakhs a year . And 24 lakhs a year per family is very comfortable leave alone acceptable.
Unless you are making some other point.

 

[FalconSlayers]

Based Madness

 

[another_armchair]

Most people that scrub floor and wash utensils work in multiple houses and they earn in the range of 2.5 - 3 lakhs a year . And 24 lakhs a year per family is very comfortable leave alone acceptable.
Unless you are making some other point.

Family of four - husband is a mason and makes about 20k a month. No work during the rains so hand loans at 36% interest are the only way to tide over monthly expenses when there's a shortfall. Wife works in four houses.. not all of them pay 2.5-3k a month. Averages 10k a month maybe. Two minor kids. Try applying the 24L figure and tell them this is how much you are earning per year as a family of four according to Govt. data .. and it will sound like an extremely crude joke on them.

80 crore Indians needing food security.. I suppose the Govt. has accepted that reality or they would've scrapped that too like the liquor quota and disability allowance of ex-servicemen, pensioners etc.

 

[karn]

Family of four - husband is a mason and makes about 20k a month. No work during the rains. Wife works in four houses.. not all of them pay 2.5-3k a month. Averages 10k a month maybe. Two minor kids. Try applying the 24L figure and tell them this is how much you are earning per year as a family of four.. and it will sound like an extremely crude joke on them.

80 crore Indians needing food security.. I suppose the Govt. has accepted that reality or they would've scrapped that too like the liquor quota and disability allowance of ex-servicemen, pensioners etc.

Ive yet to meet a housekeeper that made less than 2 LPA . Heck one dude made 4 by doing extra stuff like washing cars .

 

[another_armchair]

Ive yet to meet a housekeeper that made less that 2 LPA . Heck one dude made 4 by doing extra stuff like washing cars .

Yep... all those pourakarmikas and anganwadi workers striking work and demanding their dues barely get 7k a month for sweeping the streets of bangalore and going from door to door picking garbage.

Yep... those washing cars, delivering milk, news paper etc do make extra cash but they are territorial and one group will not allow another to enter the area even if they can't cover demand. Its the same in our complex n rwa is helpless because they don't want to antagonize the union.

 

[brat4]

Ive yet to meet a housekeeper that made less than 2 LPA . Heck one dude made 4 by doing extra stuff like washing cars .

consider the fact that this is paid sometimes in cash and is outside the tax gambit, along with almost no track of leaves, holidays (any holidays/ festivals, they are gone) along with a lot of benefits (chai paani at the houses, left over/seconds for toys.books etc).
its not a career per se, but its not a bad gig.

 

[karn]

Yep... all those pourakarmikas and anganwadi workers striking work and demanding their dues barely get 7k a month for sweeping the streets of bangalore and going from door to door picking garbage.

Yep... those washing cars, delivering milk, news paper etc do make extra cash but they are territorial and one group will not allow another to enter the area even if they can't cover demand. Its the same in our complex n rwa is helpless because they don't want to antagonize the union.

Street sweeping is 3-4 hours of work . The street sweeper in near my apartment also sweeps the common area of our building gets paid 10k for that work . For her street sweeping + apartment work is from 7 AM till 12 PM . You can always get cheaper bihari or nepali labour but they tend to ditch you every 6 months or so.

 

[karn]

consider the fact that this is paid sometimes in cash and is outside the tax gambit, along with almost no track of leaves, holidays (any holidays/ festivals, they are gone) along with a lot of benefits (chai paani at the houses, left over/seconds for toys.books etc).
its not a career per se, but its not a bad gig.

True .. the 4 Lakh guy I mentioned has 10 Acres of land in his village but he prefers doing this than going home and doing farming ..