Indian Economy: News and Discussion

[Prashant12]

December GST collection up 9% YoY at Rs 1.03 lakh crore

https://economictimes.indiatimes.co...m_medium=HPTN&utm_campaign=AL1&utm_content=23

 

[nongaddarliberal]

December GST collection up 9% YoY at Rs 1.03 lakh crore

https://economictimes.indiatimes.co...m_medium=HPTN&utm_campaign=AL1&utm_content=23

Multiplying this by 12, and converting to dollars, that's only 170 billion dollars tax in a year. Does anyone have figures for total taxes collected throughout this year, apart from GST? 170 billion is pathetically low when taken as a percentage of GDP.

 

[ezsasa]

Multiplying this by 12, and converting to dollars, that's only 170 billion dollars tax in a year. Does anyone have figures for total taxes collected throughout this year, apart from GST? 170 billion is pathetically low when taken as a percentage of GDP.

Revenue receipts is about 20 lakh crore for this FY.

Revenue receipt for 2014 was 13.6 lakh crore, for reference.

nothing wrong in consolidating all infra expenditure into a single amount, because they need attract private investors.

 

[Deathstar]

Multiplying this by 12, and converting to dollars, that's only 170 billion dollars tax in a year. Does anyone have figures for total taxes collected throughout this year, apart from GST? 170 billion is pathetically low when taken as a percentage of GDP.

Thats just GST , add other indirect taxes eg alcohol , Fuel etc. Then various Direct taxes. Disinvestments , different revenues etc etc

 

[nongaddarliberal]

Revenue receipts is about 20 lakh crore for this FY.

Revenue receipt for 2014 was 13.6 lakh crore, for reference.

nothing wrong in consolidating all infra expenditure into a single amount, because they need attract private investors.

I was talking about tax collection. Not about infra. It's actually a good idea to advertise infra spending after all this gloomy news about the economy. I just wanted to know how much tax were collected in total this fiscal. 20 lakh crore is still 280 billion USD, which is less than 10% of GDP. I guess state revenues will add a lot to that number.

 

[ezsasa]

I was talking about tax collection. Not about infra. It's actually a good idea to advertise infra spending after all this gloomy news about the economy. I just wanted to know how much tax were collected in total this fiscal. 20 lakh crore is still 280 billion USD, which is less than 10% of GDP. I guess state revenues will add a lot to that number.

Yeah, I have been trying to find sum of centre + state tax revenues for some time. I have not found it yet, and RBI dataset does not open.

I think it will be close to 500 billion $.

Assuming the formula is central revenue + state revenue - central grants to states.

 

[Haldiram]

20 lakh crore is still 280 billion USD, which is less than 10% of GDP. I guess state revenues will add a lot to that number.

Indian gormint is the largest borrower of rupee from RBI. The RBI sells the rupee to the gormint in the form of bonds and other instruments. The difference between the money available through taxes and revenues minus the money needed to run the country causes the domestic deficit (which is later extracted from citizens indirectly through petrol price rise).

Your observation is accurate. The state doesn't collect nearly enough tax + organic revenue to meet its yearly operational needs. In a way, when we put money in PPF, even that goes towards this fund. Instead of borrowing from the RBI, they could increase PPF limit from 1.5L to 3L per year and they will get a huge stream of revenue. They will still owe the 8-9% interest on PPF deposits, but in this case, the interest will go to the people, instead of RBI.

Taxes have never contributed more than 10% of any of our annual budget. That's why Swamy recommends getting rid of taxes altogether, because it's more paperwork headache and less actual money.

 

[Mikesingh]

Do more taxes mean greater growth and prosperity? Maybe not! There are a myriad other ways to fill the kitty. For eg, in the UAE, there is NO income tax!! Just VAT at 5% across the board including VAT they get from the millions of tourists that flock countries like Dubai for sheer entertainment and shopping carnivals. But look where the UAE is in infrastructure etc. UAE is the second largest in the ME after SA, with a GDP of USD 414 billion in 2018!! It is 40 times smaller than India but its GDP is just 6 times less than India's but a per capita GDP of $39,709 (nominal, 2018)!!!

Tourism is one of the bigger non-oil sources of revenue in the UAE, with some of the world's most luxurious hotels being based in the UAE. A massive construction boom, (I saw this happening last week while in Dubai where a huge number of projects were taking shape including metros, hotels, entertainment hubs and so on being constructed at breakneck speed 24X7), an expanding manufacturing base, and a thriving services sector that are helping the UAE diversify its economy. And then it ranks 16th in the Ease of Doing Business. We are way way down the ladder here. What are we doing in this regard? SFA!

Dubai, having far smaller oil reserves than Abu Dhabi and becoming less dependent on oil now, is diversifying at breakneck speed and see where it is today! It's spanking 12 lane motorways, (Having speed limits upto 120 kmh in town!!!) superbly designed skyscrapers, swanky shopping malls (Dubai has the biggest mall in the world and the tallest building, the Burj Khalifa!), entertainment that is way better than any in the world and incredible cleanliness. Millions of tourists flock Dubai every year to have a feel of this out-of-this-world landscape! And Dubai makes billions from this.

Except for a lot of hot air being spewed by our great economists, nothing seems to be moving! Our manufacturing base is shrinking, a once thriving services sector is in the boondocks and we have run out of ideas on how to diversify our economy. High time we pull up our socks and get down to action than mere lip service if we are to become a $5 trillion economy in the next 5 years.

 

[Prashant12]

FDI rises 15 per cent during Apr-Sep to $26 billion

https://economictimes.indiatimes.co...m_medium=HPTN&utm_campaign=AL1&utm_content=23

Maruti Suzuki, M&M beat year-end blues, post rise in domestic sales figures

https://economictimes.indiatimes.co...-in-car-sales-in-dec/articleshow/73055534.cms

 

[Akshay_Fenix]

...........................................................................................................................

 

[Akshay_Fenix]

https://docdro.id/1qNXZ0f

 

[indus]

View attachment 41200

https://docdro.id/1qNXZ0f

As I had said its just a figures collection excercise. Vision document. No mentions of actual projects identified, or cities in which specific infra is being planned or executed. Just a whole of nothing.

 

[Akshay_Fenix]

As I had said its just a figures collection excercise. Vision document. No mentions of actual projects identified, or cities in which specific infra is being planned or executed. Just a whole of nothing.

...........................................................

 

[Prashant12]

Factory activity strengthens in December, PMI rises to 52.7

https://economictimes.indiatimes.co...m_medium=HPTN&utm_campaign=AL1&utm_content=23

 

[Chinmoy]

FDI rises 15 per cent during Apr-Sep to $26 billion

https://economictimes.indiatimes.co...m_medium=HPTN&utm_campaign=AL1&utm_content=23

Maruti Suzuki, M&M beat year-end blues, post rise in domestic sales figures

https://economictimes.indiatimes.co...-in-car-sales-in-dec/articleshow/73055534.cms

Seems Maharastra and Jharkhand comprises of maximum car users from Maruti and M&M. Or should I say that they declared it too early? They should have waited till Delhi election.

 

[vampyrbladez]

Seems Maharastra and Jharkhand comprises of maximum car users from Maruti and M&M. Or should I say that they declared it too early? They should have waited till Delhi election.

So that Kejruddin wins again? After burning this city for a week, it took the Delhi Police to thrash some sense into the muzzies! Delhi roads are sub-par what they were during Sheila era,all projects have been on autopilot effectively and 'Mohalla Clinics' and 'AAPiya Schemes' are total fraud!

 

[Chinmoy]

So that Kejruddin wins again? After burning this city for a week, it took the Delhi Police to thrash some sense into the muzzies! Delhi roads are sub-par what they were during Sheila era,all projects have been on autopilot effectively and 'Mohalla Clinics' and 'AAPiya Schemes' are total fraud!

I think you missed the sarcasm part or I am not good at it.

 

[maniacguy]

https://economictimes.indiatimes.co...-troubling-incidents/articleshow/73078598.cms

Hit job from ny cucks

 

[Prashant12]

India's forex reserves at record high of US$ 457.47 billion as on 27 December 2019

India's forex reserves jumps by US$ 2.52 billion in the week ended 27 December

India's foreign exchange reserves jumped by US$ 2.52 billion to US$ 457.47 billion in the week ended 27 December 2019. The foreign exchange reserves had stood at US$ 454.95 a week ago.
Within the foreign exchange reserves, the foreign currency assets moved up to US$ 424.94 billion in the week ended 27 December 2019 from US$ 422.73 billion a week ago.

The gold asset also increased to US$ 27.39 billion from US$ 27.13 billion a week ago.

SDRs were flat at US$ 1.44 billion in the week ended 27 December 2019.

India's foreign exchange reserves increased by US$ 44.60 billion over March 2019, while jumped US$ 64.06 billion over a year ago level.

https://www.business-standard.com/a...on-as-on-27-december-2019-120010300896_1.html

 

[Chimpoo]

This is a bad decision that will haunt us.This is not in India's best interest.You can not trust the Chinese.

This is what Reuters reported:
(Reuters) - The Indian government has allowed Chinese telecom company Huawei Technologies Co to participate in trials for 5G networks, a company spokesman said on Monday.


India's nod to Huawei comes at a time when the global rollout of 5G technology has been complicated by U.S. sanctions against the company. The United States has been lobbying allies not to use Huawei's network equipment in their 5G networks.

Indian television channel CNBC-TV18 reported https://www.cnbctv18.com/telecom/ch...ssion-to-participate-in-5g-trials-4962581.htm the news first, citing a senior official. The trials will be held in January, according to the official, the channel reported.

India's telecom department was not immediately available for comment outside regular business hours.
The telecom department will meet operators on Dec. 31 to confirm the timing for 5G trials, CNBC-TV18 reported, saying all wireless operators in India had received in-principle approvals to conduct the trials.

Curious as to what the thinking behind this decision is or what lobbying went on behind the sences ,especially in wake of India's rejection of RCEP.

Even assuming there is no security risk in handing over India's mobile smartphone network operations to a Chinese government owned entity , with links to the People's Liberation Army.