Indian Economy: News and Discussion

[ezsasa]

How the figure came. Is it by export or minimizing the imports or FDI or through privatization.
I'm very unknown to economics.

Didn’t want to get into too many variables. Simple math based on current trends.

 

[Haldiram]

Is there any bank in India that is not fucking with our money

It's pretty risky to speak highly of any financial institution these days. Jinki khud ki reputation crisis me hai, hum unko recommend karke apni reputation kyu mitti me milaye.

All of them have NPAs, but just like sexually transmitted diseases, not all patients die from the virus, depending on the size and immunity of the host's body.

NPAs went from 3.8% to 14.5% after DeMo, no one batted an eye. It 'declined' from 14.5% to 14.1%, and they are calling it a reduction in NPAs. This is called creative accounting. No wonder the banking space faces a credibility crisis. If they say it's day, people have to open the window to check if the sun is really out.

Most bank's NPAs went 3X-4X after 2016 DeMo. This shows that lack of funds was not the reason for our liquidity crisis. More money only made the hole more big. It means that there is rot in the banking system. If the issue was only a lack of funds, then a good banking institutions would have been able to plug the holes with the huge sum of money they received after DeMo. The mandate of the institution itself is geared towards siphoning depositor's money to low-credibility borrowers in exchange for a middle-man's commission paid to the bank's higher ups, no amount of money will fix this issue. Chanda Kocchar roamed around for years masquerading as an icon of integrity and success and what not. What happened now?

Can't blame the gormint for their policy if the institution that executes the policy is full of corrupt bankers.

When the CEO of the bank themselves is involved in siphoning money of their own depositors, then why blame the lower rung officers? they're just doing their job. They don't formulate policy. All these frauds are orchestrated at the highest levels and they blame CAs and bank officers for it. A bank manager is not even allowed to handle transactions beyond a few crores. Frauds worth thousands of crores require the CEO's co-operation.

 

[angeldude13]

It's pretty risky to speak highly of any financial institution these days. Jinki khud ki reputation crisis me hai, hum unko recommend karke apni reputation kyu mitti me milaye.

All of them have NPAs, but just like sexually transmitted diseases, not all patients die from the virus, depending on the size and immunity of the host's body.

NPAs went from 3.8% to 14.5% after DeMo, no one batted an eye. It 'declined' from 14.5% to 14.1%, and they are calling it a reduction in NPAs. This is called creative accounting. No wonder the banking space faces a credibility crisis. If they say it's day, people have to open the window to check if the sun is really out.

Most bank's NPAs went 3X-4X after 2016 DeMo. This shows that lack of funds was not the reason for our liquidity crisis. More money only made the hole more big. It means that there is rot in the banking system. If the issue was only a lack of funds, then a good banking institutions would have been able to plug the holes with the huge sum of money they received after DeMo. The mandate of the institution itself is geared towards siphoning depositor's money to low-credibility borrowers in exchange for a middle-man's commission paid to the bank's higher ups, no amount of money will fix this issue. Chanda Kocchar roamed around for years masquerading as an icon of integrity and success and what not. What happened now?

Can't blame the gormint for their policy if the institution that executes the policy is full of corrupt bankers.

When the CEO of the bank themselves is involved in siphoning money of their own depositors, then why blame the lower rung officers? they're just doing their job. They don't formulate policy. All these frauds are orchestrated at the highest levels and they blame CAs and bank officers for it. A bank manager is not even allowed to handle transactions beyond a few crores. Frauds worth thousands of crores require the CEO's co-operation.

Well I knew about the bank manager level scam. You know when you take a loan from the bank you have to pay some amount to the manager to sanction the loan. This mostly happens in rural area but a friend of mine in banking sector confirmed that it happens in Metro cities too.

 

[Haldiram]

Well I knew about the bank manager level scam. You know when you take a loan from the bank you have to pay some amount to the manager to sanction the loan. This mostly happens in rural area but a friend of mine in banking sector confirmed that it happens in Metro cities too.

Very ironic that we are to pay them a bribe for giving us a loan whose interest they will benefit from, where as they should be giving us incentives to take a loan from them.

 

[angeldude13]

Very ironic that we are to pay them a bribe for giving us a loan whose interest they will benefit from.

Thanks for educating noobs like me bro.
A friend gifted me intelligent investor few months back, I think it's time to read it now.

 

[vampyrbladez]

@Haldiram,strange situation regarding onion prices.

Traders, meanwhile, allege that the government’s action was unwarranted as farmers need to earn some extra money from onion, an opportunity they get once in 4-5 years.

Meanwhile, the Centre has also directed states to take stringent action against illegal hoarding of the vegetable. It has also urged all states to utilise the 57,000 tonnes of onion it has stored as buffer stock. So far, the governments of Delhi, Haryana and Andhra have done so, to cool prices. The Delhi government has already started providing onion at Rs 23.9 a kg to buyers in the capital, with 5 kg limit per family.

Uttam More, a Lasalgaon based wholesaler, said, “The next season crop is estimated to hit mandis by early November. Hence, there is very little room for onion price to decline from the current level for one month. Consumers will have to bear with high onion prices for one month.”

https://www.business-standard.com/a...ction-but-supplies-worsen-119100401142_1.html

Farmers want onions to touch Rs. 100 - 120 / kg and squeeze the Middle Class as compensation for last year when onion prices reached Rs. 2 - 10 / kg.

Meanwhile the Middle Class which has put up with Gadkari's road rules and high taxes wants to ensure food security. Idiot leftist rags like Wire want sky high inflation without factoring in stagnant wage growth.

The propensity for middle class outrage – and the government’s overzealous interventions – over an increase in food prices is part of the reason why farm incomes have stagnated in India.

https://thewire.in/agriculture/farmers-experts-explain-why-fear-over-onion-prices-is-unfounded

What would you do????????????

 

[vampyrbladez]

http://www.newindianexpress.com/cit...h-out-of-meals-in-festive-season-2043422.html

Ginger, pepper prices plunge; Farmers in crisis

https://english.mathrubhumi.com/agr...per-prices-plunge-farmers-in-crisis-1.4159242

 

[Haldiram]

@Haldiram,strange situation regarding onion prices.



https://www.business-standard.com/a...ction-but-supplies-worsen-119100401142_1.html

Farmers want onions to touch Rs. 100 - 120 / kg and squeeze the Middle Class as compensation for last year when onion prices reached Rs. 2 - 10 / kg.

Meanwhile the Middle Class which has put up with Gadkari's road rules and high taxes wants to ensure food security. Idiot leftist rags like Wire want sky high inflation without factoring in stagnant wage growth.



https://thewire.in/agriculture/farmers-experts-explain-why-fear-over-onion-prices-is-unfounded

What would you do????????????

Once the farmer sells the onion to the trader/ or gormint buffer, he already got paid that day's rate for it. Traders begging for extra prices in the name of farmers are not going to go back and give that extra money to the farmer. They're asking for extra resale margin for themselves. Plus, it's election season so poverty porn sells like hot cakes.

No one wants to be seen as anti-farmer during election season, but truth be told, neither the gormint, nor the middlemen traders, nor the farmers give two hoots about consumers. All three of them will gladly suck the consumer dry if they get a chance. The gotmint takes its commission indirectly through toll tax imposed on transport trucks, the middleman takes his cut through his wholesale-retail pricing spread, and the farmer is always after MSP rise, all at the expense of the consumer. Once the MSP is raised, the commissions earned by the other two also go up proportionately.

 

[indus]

My 2 cents/ onions.
The Govt had planned for this price hike. By creating a buffer stock in Nasik and Gujarat from the Rabi crop during May -June 19.
Since the farmer prices were running already above MSP, Govt bought the produce through open auctions, and farmers got the best available price with payment credited in their accounts by next day. The problem is that the current crop got damaged due to late monsoons. So there is a shortage in current stock arrival. Plus the stored stock also got damaged during storage and losses are in the range of 30-40%. Now Govt is utilizing the stored stock as much as it can. But its facing logistics problems there.
As far as i know, farmers dont have much to gain from this price hike. Its the traders who want the hike. But the moot question is why shld onion be considered an essential food item. If consumers put a rationing on the consumption, there wl be less incentive to hoard. But Govt wants to play to the gallery. Bvoz votes matter.

 

[vampyrbladez]

My 2 cents/ onions.
The Govt had planned for this price hike. By creating a buffer stock in Nasik and Gujarat from the Rabi crop during May -June 19.
Since the farmer prices were running already above MSP, Govt bought the produce through open auctions, and farmers got the best available price with payment credited in their accounts by next day. The problem is that the current crop got damaged due to late monsoons. So there is a shortage in current stock arrival. Plus the stored stock also got damaged during storage and losses are in the range of 30-40%. Now Govt is utilizing the stored stock as much as it can. But its facing logistics problems there.
As far as i know, farmers dont have much to gain from this price hike. Its the traders who want the hike. But the moot question is why shld onion be considered an essential food item. If consumers put a rationing on the consumption, there wl be less incentive to hoard. But Govt wants to play to the gallery. Bvoz votes matter.

At a time of negotive economic sentiment, the people's patience is based on their access to basic necessities and public utilities at an affordable rate. If prices of veggies go up massively, you will see protests and food riots. The rural population gets no benefit as @Haldiram says, only the middlemen profit. Thus you need to 'play to the gallery' because people can put off their purchase of an LCD TV by 2 months in time for festival sale but can't do so for food.

 

[Haldiram]

At a time of negotive economic sentiment, the people's patience is based on their access to basic necessities and public utilities at an affordable rate. If prices of veggies go up massively, you will see protests and food riots. The rural population gets no benefit as @Haldiram says, only the middlemen profit. Thus you need to 'play to the gallery' because people can put off their purchase of an LCD TV by 2 months in time for festival sale but can't do so for food.

Methinks @indus and me said the same thing?

 

[ezsasa]

At a time of negotive economic sentiment, the people's patience is based on their access to basic necessities and public utilities at an affordable rate. If prices of veggies go up massively, you will see protests and food riots. The rural population gets no benefit as @Haldiram says, only the middlemen profit. Thus you need to 'play to the gallery' because people can put off their purchase of an LCD TV by 2 months in time for festival sale but can't do so for food.

This middlemen profit for agri myth has been busted last year, there was a calculation floating around from farmer to table(non super market).

It was a lengthy calculation, and middleman was Not profiting much.

Rather it was the APMC which was the culprit, creating more unnecessary steps from farmer to table. I think it is true because on the outskirts of Vizag and Vijayawada, vegetables sold directly by farmers from nearby villages is 5-6 times cheaper.

 

[Abhijat]

This middlemen profit for agri myth has been busted last year, there was a calculation floating around from farmer to table(non super market).

It was a lengthy calculation, and middleman was Not profiting much.

Rather it was the APMC which was the culprit, creating more unnecessary steps from farmer to table. I think it is true because on the outskirts of Vizag and Vijayawada, vegetables sold directly by farmers from nearby villages is 5-6 times cheaper.

If possible could you please post the link ? Or any idea which keywords should i use to search for same ? . Would really appreciate.

 

[ezsasa]

If possible could you please post the link ? Or any idea which keywords should i use to search for same ? . Would really appreciate.

I remember seeing it on muglikar’s Twitter timeline sometime ago.. it was a photo of sheet of paper with handwritten calculation.

 

[avknight1408]

This middlemen profit for agri myth has been busted last year, there was a calculation floating around from farmer to table(non super market).

It was a lengthy calculation, and middleman was Not profiting much.

Rather it was the APMC which was the culprit, creating more unnecessary steps from farmer to table. I think it is true because on the outskirts of Vizag and Vijayawada, vegetables sold directly by farmers from nearby villages is 5-6 times cheaper.

You are right. The APMC are the biggest culprit. The way forward is to promote contract farming with retail chains. Read the below articles for more.
https://www.thehindubusinessline.co.../farmed-out-to-big-retail/article23101646.ece


https://www.livemint.com/Opinion/xQ...big-retail-meets-small-farmers.html?facet=amp

 

[Haldiram]

@Indx TechStyle da pendulum has done its work, now it might go to do other work.

 

[Indx TechStyle]

@Indx TechStyle da pendulum has done its work, now it might go to do other work.

What happened & what's gonna happen??

 

[indiatester]

Indicator on how the recommendation profession works.

 

[Roshan]

It's not cow dung toothpaste. It's a bathing soap. It's using clinically sanitized undigested grass particles in the dung as a scraping material to exfoliate dead skin cells. It doesn't smell like methane. They have added gelatin to hold it all together and artificial essence. I'd recommend that one try it. It's a high quality product. Your normal factory made soaps have low TFM content (fats) and high detergent content which causes drying and flaking of skin due to chemicals. Hand made khadi soaps have high glycerin content. It's good for the skin. It's typically 2-3X the price of a factory made soap but it's worth the price. It also doesn't dissolve away like factory made soaps.

Me bought this from local Dmart. Would highly recommend it. They have lemon, neem, aloe vera flavors (and rose, strawberry, apple for gays)

Nibbas mock Indian things until other White Nibbas start adopting it, then they get validation. Same thing happened with Yoga. Foreigners started doing it so the trend caught on here.

Research shows that there are 17X more insects by weight, compared to the total human population. That makes insect farming and eating a viable source of proteins for a population that is nearing 9 billion and getting harder to feed by the day. Today if you ask someone if they want to eat insect, they will eww you. 5 years later, some American company will start selling chocolate smothered grasshoppers and Indians will import it from Ebay. China has been eating insects since centuries. China didn't change its view for foreigners.

There are already startups selling insect chocolates and ice creams.

Have seen a few such ideas on shark tank basically. Even the meat eating investors recoiled seeing it coz it was too much for them. Its too much to ask or expect indians to adopt such a diet in the near future when we don't eat ..exotic meats as such. :biggrin2:

 

[Haldiram]

Have seen a few such ideas on shark tank basically. Even the meat eating investors recoiled seeing it coz it was too much for them. Its too much to ask or expect indians to adopt such a diet in the near future when we don't eat ..exotic meats as such. :biggrin2:

http://www.indiaenvironmentportal.org.in/files/file/Entomophagy_nutritional_security.pdf