Indian Economy: News and Discussion

[sorcerer]

Monthly Production Report for April 2020

Press Information Bureau

pib.gov.in

 

[Mikesingh]

Ohh sh*t.................


View attachment 48485

Just goes to show what a hypocritical society we are. This guy preaches and dishes out moral lessons on probity, honesty, integrity, and morality on TV debates, though he speaks like a pansy. Part of the liberal left, this fellow has finally been caught for his deceit and dishonesty! And the Lutyens media and the pseudo liberal gang are full of these frauds and scamsters.

 

[Sanatani]

Waste of money! You don't need the N95 mask. It's meant for the staff in hospitals who are in close contact with COVID patients and for suspected patients too. An ordinary mask that you get at pharmacies is good enough. In fact you don't need a mask at all unless you have the virus that can spread to others. But in public everyone needs to wear a mask as one doesn't know who is infected thereby creating apprehension in others.

How did you come to conclusion that I don't work in a hospital or don't come in contact with symptomatic/asymptomatic patients?

 

[sorcerer]

After FDI curbs, India plans stricter check on FPIs from China and HK

Read more at:
https://economictimes.indiatimes.co...ofinterest&utm_medium=text&utm_campaign=cppst

Ban china completely from investing in India..There wlll be others to take their place.
They are meddling everywhere including our own borders..

 

[sorcerer]

India’s forex reserves rise to $487 billion
India’s foreign exchange reserves rose $1.726 billion to $487.039 billion during the week to May 15, just short of its life-time high of $487.238 billion. After the reserves reached its previous lifetime high in the week to March 6, it fell by $11.983 billion in the week ended March 20, the highest fall since the global financial crisis of 2008, and subsequently increased.

India’s forex reserves rise to $487 billion

After the reserves reached its previous lifetime high in the week to March 6, it fell by $11.983 billion in the week ended March 20, the highest fall since the global financial crisis of 2008, and subsequently increased.

www.financialexpress.com

 

[Mikesingh]

How did you come to conclusion that I don't work in a hospital or don't come in contact with symptomatic/asymptomatic patients?

You didn't say so! I ain't neither a telepath nor a clairvoyant to know that you work in a hospital.

 

[ezsasa]

The government has not been able to stop the black marketing of N95 masks. I brought five today ,each for RS 375.

N95 is for medical professionals not for civilians.

 

[HariPrasad-1]

India’s forex reserves rise to $487 billion
India’s foreign exchange reserves rose $1.726 billion to $487.039 billion during the week to May 15, just short of its life-time high of $487.238 billion. After the reserves reached its previous lifetime high in the week to March 6, it fell by $11.983 billion in the week ended March 20, the highest fall since the global financial crisis of 2008, and subsequently increased.

India’s forex reserves rise to $487 billion

After the reserves reached its previous lifetime high in the week to March 6, it fell by $11.983 billion in the week ended March 20, the highest fall since the global financial crisis of 2008, and subsequently increased.

www.financialexpress.com

We should earn some interest on it. If we earn 3 to 4 pc, even then it will be a huge amount.

 

[HariPrasad-1]

Printing Press has its own down side:
1. Bond market will be screwed with high yield; meaning reserving major part of budget to service the debt .
2. Can spike inflation; Helicopter money doesn't help much as compared to systematic infusion which could create more jobs and infrastructure. Worst victim of printing press Venezuela.
3. Once you start printing, you don't know the extent when to stop; Demands of under developed 1.3 Billion populace is insatiable.
4. Can generate a dangerous precedence that may tempt the buffoons from oppositions to make further outlandish promise during elections.

The current stimulus is off-the-bit in a sense that it doesn't have wage protection component like The US, UK package does. In any scenario, for India, it's hard to protect the interest of workers in unorganized sector. So, if Govt had announced distribution of money, you simply couldn't have averted this movement to zero as identification and distribution of money will take its own time. To avoid that, they thought off raising the MNREGA allocation to cater them once laborers reach their village and allowing states to borrow more so that they can run their own welfare scheme.

The decisions related to deregulation were unnecessary to tie them in the package announcement; who you are going to impress with liberalisation in Space and Atomic energy or defense for that matter in times when it's a question of survival.

I have problem with tagging this package as 20L crore package; it's deceptive and gives people false hope. Daily wage workers and poors would have been utterly disappointed having seen no money coming in their hand after the details emerged. The PM could have avoided this by just announcing a "COVID Package" or something like that.

This is a big amount. It should be used for making jungles, lakes , regenerate rivers, strengthening of rural and agriculture sector. We should eliminate poverty, pollution, lack of green cover and water security issue with this. We should rejuvenate all rivers by planting billions of trees. Sadguru is doing an excellent work for kaveri. This need to be replicated for all major rivers.

 

[Sanatani]

I

N95 is for medical professionals not for civilians.

I am sorry. Didn't knew that.

 

[here2where]

First day of re-opening of commercial air travel and immediate chaos. Civil aviation mantri should have coordinated center/state rules (eg - MH) on all requirements to avoid all the flight cancellations seen today.

 

[Holy Triad]

@Sanatani is a practicing physician, currently working in a reputable hospital.

Many pages ago,(in the wuhan thread) we had a discussion on his bio.

 

[Gautam Sarkar]

Jio mart :

JioMart website goes live across 200 cities in India

The wider launch of the service comes after the company began testing its home delivery service in Navi Mumbai, Thane and Kalyan in late April

tech.economictimes.indiatimes.com

 

[here2where]

UP CM says 'seek our permission if you want to our men to work in your state'.

If states want UP migrant workers back they have to seek our permission: Yogi Adityanath

Adityanath said it has been proposed to look into various factors associated with migrant workers' rights and to prevent exploitation while providing an official framework to ensure socio-economic-legal support for them.

www.financialexpress.com

Good policy - if implemented right, it can protect migrant rights. Its well known how these migrants are exploited - They are brought to the major cities by agents for working for cheaper wages and are the deprived lot for basic amenities or comforts. Their plight of this kind is because of non-payment of fair wages or the irresponsible attitude of their employers. the unorganised labour force is a deprived lot even if they work for the government directly. Many government departments engage contract labourers and the department as the principle employer seldom take care of the labourers interests. They leave everything to the contractors who always exploit them. The contract labourers work much more than the regular employee and are paid pittance. The Law and law keepers and the responsible ones are not concerned to look into the core issue of the labourers.

Current priority of CMs of BHIMARU states seems to provide mnrega and other employment opportunities to the lakhs of its population who are returning / returned home.

Migrants are back home. Creating jobs for them is next challenge | Opinion

Now Uttar Pradesh and other states such as Bihar, Madhya Pradesh, Orissa and West Bengal have to face the bigger challenge of handling the lakhs and lakhs of labourers who have returned to their homes and are still coming back in droves.

www.hindustantimes.com

Question is what about the states like TN,KA, KL, MH etc that desperately needs these same labourers back in their work places else businesses (RE, etc) there will crumble. Chicken or egg.

 

[ezsasa]

India looks to store cheap Oil in US & Australia..

Dharmendra Pradhan: India looks to store cheap oil in United States | India Business News - Times of India

India Business News: India is looking at storing some low priced US oil in facilities there as its local storage is full, oil minister Dharmendra Pradhan said. India’s pla

timesofindia.indiatimes.com

 

[Sanatani]

For all you guys who are good with business and economics.
Before March India was not producing a single PPE ,whereas within a span of 3 months we have almost become self sufficient in PPEs. This means that we have the required skill , resources and infrastructure to manufacture a lot of things ,if not all which we import. Still we depend on imports for so many things.
What is the reason for it ? Do you see it changing within the next few months.

 

[IndianHawk]

India looks to store cheap Oil in US & Australia..

Dharmendra Pradhan: India looks to store cheap oil in United States | India Business News - Times of India

India Business News: India is looking at storing some low priced US oil in facilities there as its local storage is full, oil minister Dharmendra Pradhan said. India’s pla

timesofindia.indiatimes.com

That's very smart move as well as quick thinking.
As USA has become largest producer of oil it has been looking to empty is massive strategic oil storage ( as it's not oil insecure anymore).

We can use that space . Buy extra us oil when cheap ( like now) and store it us storage and retrieve it when oil prices go higher. Kudos to mr. Pradhan.

 

[IndianHawk]

For all you guys who are good with business and economics.
Before March India was not producing a single PPE ,whereas within a span of 3 months we have almost become self sufficient in PPEs. This means that we have the required skill , resources and infrastructure to manufacture a lot of things ,if not all which we import. Still we depend on imports for so many things.
What is the reason for it ? Do you see it changing within the next few months.

The main reason are Chinese imports.

We can substitute a lot of them easily like data cable headphones , Chargers and toys ,small electrical things etc.

The problem is that whoever invests to build them in India will have to face chinese dumping and won't make profit for a while this prevents people from investing.

But if we apply huge tarriff on China or ban chiese supply outright we can give space for our industries to catch up. We did the same with ppe when we returned shitty Chinese products.

And we did the same with smartphone components as we kept increasing tarrff gradually on different components to promote domestic building. And now we are second largest smartphone maker in the world. And we have seen more and more smartphone components built in India now.

So basically our manufacturing can thrive if we give it protection from Chinese or asean dumping untill it reaches competitive scale.

The other issue is land availability for huge factories and labour reforms. Good thing is that many governments have built landpools and UP and MP have reformed labour laws.

Also refer to my post here to have a look at our present manufacturing trend.

India in facts and data - Myth busting thread

This thread will be used to impart accurate data and facts about India. Economy , defense spending , infrastructure progress . Investment , manufacturing energy sector. Etc. The goal is to remove common misconceptions about our current status in various sectors and in the world in general. So...

defenceforumindia.com

 

[here2where]

Uber india lays off 600 employees, after laying off 3700 emplyees on may 14.
Ola india lays off 1400 employees

Uber India Lays Off 600 Employees as Coronavirus Crisis Batters Revenues of Cab Aggregators - News18

Uber India's decision comes after the Centre, on May 17, extended the nationwide lockdown until May 31, but allowed several more relaxations outside containment zones to restart economic activity.

www.news18.com

TVS motor goes for 6 month pay cut... 5% to 20% range.

TVS Motor announces 6-month salary cut as sales plummet - Times of India

News News: In an issued statement TVS Motor Company said, "In the wake of the unprecedented crisis, TVS Motor Company has rolled out a temporary salary reduction

timesofindia.indiatimes.com

 

[Sanatani]

The main reason are Chinese imports.

We can substitute a lot of them easily like data cable headphones , Chargers and toys ,small electrical things etc.

The problem is that whoever invests to build them in India will have to face chinese dumping and won't make profit for a while this prevents people from investing.

But if we apply huge tarriff on China or ban chiese supply outright we can give space for our industries to catch up. We did the same with ppe when we returned shitty Chinese products.

And we did the same with smartphone components as we kept increasing tarrff gradually on different components to promote domestic building. And now we are second largest smartphone maker in the world. And we have seen more and more smartphone components built in India now.

So basically our manufacturing can thrive if we give it protection from Chinese or asean dumping untill it reaches competitive scale.

The other issue is land availability for huge factories and labour reforms. Good thing is that many governments have built landpools and UP and MP have reformed labour laws.

Also refer to my post here to have a look at our present manufacturing trend.

India in facts and data - Myth busting thread

This thread will be used to impart accurate data and facts about India. Economy , defense spending , infrastructure progress . Investment , manufacturing energy sector. Etc. The goal is to remove common misconceptions about our current status in various sectors and in the world in general. So...

defenceforumindia.com

It means that our manufacturing can survive only if gets government protection in the form of antidumping laws.
So there is no chance of us becoming exporters of manufactured products as because other countries will provide equal opportunities to China as well as India.