Indian Economy: News and Discussion

[Chandragupt Maurya]

Bihar cant replicate the growth of UP without the investment from foreign firms and large infra project.

These will grow the fastest in terms of value.
1 Odisha
2 Bihar
3 Jharkhand
4 Chattisgarh

I am little bit skeptical about the GDP figures of UP
Economy of UP grew fast but not as fast as Bihar , MP , Andhra Pradesh and Chhattisgarh though I will wait for the revised estimates in August-September maybe it is inflated because of Construction boom

 

[Chandragupt Maurya]

If UP is really getting investment at huge scale then outmigration from the state should decline according to a report in 2017 UP was the biggest supplier of cheap labour
The study reveals that UP’s net migration is more than the double that of the next state in pan India list- Bihar.

UP has highest migration rate in country: ASSOCHAM | Lucknow News - Times of India

The apex industry body- ASSOCHAM submitted a six-point development agenda to the UP CM Yogi Adityanath on Wednesday pointing out that outmigration in

timesofindia.indiatimes.com

And Yogi Government should also bring the law like Haryana did people of Uttar Pradesh should get 75% quota for jobs in UP

 

[Suryavanshi]

If UP is really getting investment at huge scale then outmigration from the state should decline according to a report in 2017 UP was the biggest supplier of cheap labour
The study reveals that UP’s net migration is more than the double that of the next state in pan India list- Bihar.

UP has highest migration rate in country: ASSOCHAM | Lucknow News - Times of India

The apex industry body- ASSOCHAM submitted a six-point development agenda to the UP CM Yogi Adityanath on Wednesday pointing out that outmigration in

timesofindia.indiatimes.com

And Yogi Government should also bring the law like Haryana did people of Uttar Pradesh should get 75% quota for jobs in UP

A state with 35% people below lower income group and positive fertility rate isn't going to run out on cheap labour any time soon.

 

[Crazywithmath]

It will be a stupid thing to do. When the central gov is going to liberalise sectors after sectors states should not go backward. Such laws are constitutionally challenging and practically impossible to implement on ground. The was a lot of hue and cry about the Andhra reservation law. 20 months later, it is stuck in a court and have not been implemented. Investments have not stopped there coz the investors and corporate houses see through these jumlas. Something similar will happen with the Haryana reservation law as well. Even if it passes the test of law (highly unlikely) it will not be implemented properly. There is just too much bureaucracy involved; worse, most of the state governments do not even have the required mechanism to verify whether the laws are strictly kept to or not.

Andhra Pradesh's local job quota law cleared 20 months ago yet to pick up pace

The Andhra law exempted companies for three years if they demonstrate that specialised manpower needed by them is not available locally but they have to train and engage local candidates within this duration

www.hindustantimes.com

Job quota in India: Job quota for locals, an idea whose time may not come - Times of India

India News: Madhya Pradesh's plan to announce reservation for locals in government jobs ignores implementation hassles in other states

timesofindia.indiatimes.com

Is Haryana’s new reservation law constitutionally tenable?

Under the Haryana State Employment of Local Candidates Act, 2021 , every employer is required to employ 75% “local candidates” for posts where the gross monthly salary is not more than ₹50,000

www.hindustantimes.com

 

[SKC]

I am little bit skeptical about the GDP figures of UP
Economy of UP grew fast but not as fast as Bihar , MP , Andhra Pradesh and Chhattisgarh though I will wait for the revised estimates in August-September maybe it is inflated because of Construction boom

GDP of UP was already among top 3 or 4 place among all states. Even smaller % growth leads to good amount in $Billion.
Lot of local employment generation is happening and also labor coming from neighboring states is decreasing with passing years. Earlier big problem with UP was that local people were willing enough for doing labor work. They used to demand being made manager of the company directly, no one wanted to start with menial work of small scale. but now people are willing to do labor intensive work also.

 

[Chandragupt Maurya]

A state with 35% people below lower income group and positive fertility rate isn't going to run out on cheap labour any time soon.

Outmigration from UP and Bihar should decline (from UP in Particular) both the states are growing at a very fast pace Bihar (15.6% - 2019-20) and UP (6.50% - 2019-20) on nominal terms
But if outmigration from these two states doesn’t decline these numbers mean nothing

 

[Chandragupt Maurya]

GDP of UP was already among top 3 or 4 place among all states. Even smaller % growth leads to good amount in $Billion.
Lot of local employment generation is happening and also labor coming from neighboring states is decreasing with passing years. Earlier big problem with UP was that local people were willing enough for doing labor work. They used to demand being made manager of the company directly, no one wanted to start with menial work of small scale. but now people are willing to do labor intensive work also.

It should appear in stats if it’s happening
outmigration from UP must decline people of UP should get jobs in UP if it doesn’t happen I won’t believe that economy of UP is booming

 

[FalconSlayers]

TBH I see UP crossing some 1 trillion by 2027 easy. Noida alone will contribute some 100 billion.
UP desperately needs more Economic clusters on the central and eastern side.

Today I took my Sister to Noida for her JEE Mains exam, it looked no different than Delhi and is the same.

 

[Haldilal]

Ya'll Ninbiars who wants credit.

Government to set up Rs 20,000 crore DFI to promote infra financing

Unveiling the Union Budget 2021-22, the Finance Minister said that a professionally-managed DFI to be set up to provide, enable and catalyze infrastructure financing.

m.economictimes.com

 

[HariPrasad-1]

Ya'll Nibbiars The Adani Welspun discovers gas in Mumbai Offshore's Tapti-Daman Sector.

Good news but the future is renewable energy and energy storage.

 

[HariPrasad-1]

The article says economy of UP increased from 10.9 lac crore (150 billion USD) to 21.73 lac crore (300 billion USD) per capita income doubled too and UP is ranked 2nd in Ease Of Doing business this is Hindutva based politics far better than Secular gundaraj Of Akhilesh Mulayam

They tried to make an impression that Hindutvavadi means backward looking like Islam and they are anti progress. However, if you look back and see, country has progressed most in the time of Hindutvavadis and progress was least when the Gandhi dynasty ruled the country.

 

[HariPrasad-1]

The article says economy of UP increased from 10.9 lac crore (150 billion USD) to 21.73 lac crore (300 billion USD) per capita income doubled too and UP is ranked 2nd in Ease Of Doing business this is Hindutva based politics far better than Secular gundaraj Of Akhilesh Mulayam

GDP doubled in 4 years. Bloody this is insane. Only Yogi can do this. Unemployment rate down from 17.5% to 4%. The guys who was defamed as anti progress and backward looking by siculars has emerged as a role model of Progress. The progress of UP is unparallell and envious. Yogi for PM after Modi.

 

[sauntheninja]

Bihar cant replicate the growth of UP without the investment from foreign firms and large infra project.

These will grow the fastest in terms of value.
1 Odisha
2 Bihar
3 Jharkhand
4 Chattisgarh

Any reason why Jharkhand and Chattishgarh are so high on your list?

 

[sauntheninja]

India's exports during March 1-14 up 17% at USD 14 billion

Imports during the period increased 27.77 per cent to USD 22.24 billion, leaving a trade deficit of USD 8.02 billion, the data showed.

economictimes.indiatimes.com

 

[sauntheninja]

In the previous post, we already debunked the fake news that UP rose from #5 to #2 in state GSDP and that in the last 1 year UP, jumped ahead of Karnataka & Gujarat.
Ajay has also made more fake claims.
Here is a report about his speech & the fake claims he makes in them - UP will become India's largest economy after BJP comes to power in 2022 polls, says Yogi
Fake Claim 1

The CM said the GDP of the state was Rs 10.90 lakh crore in 2015-16 (when the state was being run by the Samajwadi Party government) which has grown to Rs 21.73 lakh crore in four years. It has increased more than twice in four years

• First of all, 2015-16 to 2020-21 is 5 Years not 4 years. Unless it's some Vedic Math I am not familiar with.
• Also even if 5 years, it hasn't really doubled. In 2015-16, UP's GSDP was 11.37 Lakh crores. In 2020-21, it's supposed to be 19.4 Lakh crores. That's a 70% increase - much, much less than doubling.
• 70% increase in 5 years, works out to a 11.26% increase per year CAGR. West Bengal's 2020-21 GSDP is not yet available. But in 4 years (2015-16 to 2019-20), West Bengal grew at 11.98% CAGR - i.e grew faster than Uttar Pradesh. If you compare 2015-16 to 2019-20 only, West Bengal grew at 11.98% CAGR while UP grew at 12.06% - Ajay had practically the same growth as what several BJP supporters consider the worst performing economy in the whole wide world.

Fake Claim 2

He said the per capita income in 2015-16, when the SP was in power, was Rs 43,000, which has now increased to Rs 95,000.

That UP's per capita income has grown to 95,000 is probably a big lie.
In 2019-20, as per RBI data, UP's per capita income (current prices) was Rs. 70,419. RBI hasn't published 2020-21's data yet, but a jump from 70,000 to 95,000 in 1 year is unimaginable.
Also we can try to roughly calculate it. UP's GSDP on current prices for 2020-21 is 19.4 Lakh Crores. Assuming UP's population is the same in 2020-21 as it was the previous year, then that works out to a per-capita GDP of around 76,000 Rs, a far cry from Ajay's claim of 95,000. Also, the denominator has surely increased in one year, so it's probably even lesser than 76,000.
Again, even in the growth in per capita figures, West Bengal did better than UP. RBI has published Net Per Capita figures upto 2019-20

• At Current price, Uttar Pradesh has grown 49.5% from 2015-16 to 2019-20.
  West Bengal has grown 52.3% in the same period.
• At Constant price, Uttar Pradesh has grown 23.5% from 2015-16 to 2019-20.
  West Bengal has grown 25.3% in the same period.

Sources:
GSDP data upto 2019-20 taken from - https://m.rbi.org.in/Scripts/PublicationsView.aspx?id=20006
The 2020-21 GSDP data for 2020-21 taken from https://timesofindia.indiatimes.com...ist-beats-gujarat-tn/articleshow/81219023.cms
Per Capita figures taken from https://m.rbi.org.in/Scripts/PublicationsView.aspx?id=20005 & https://m.rbi.org.in/Scripts/PublicationsView.aspx?id=20004
Thank you to serLundry for linking me to Ajay's speech in the previous post comments.

 

[asaffronladoftherisingsun]

 

[Haldilal]

Ya'll Nibbiars Gland Pharma is owned by Fosun.

 

[asaffronladoftherisingsun]

Ya'll Nibbiars Glad Pharma is owned by Fosun.

A subsidiary held by fosun. Why they chose a subsidiary to manufacture sputnik.

 

[ezsasa]

Good news but the future is renewable energy and energy storage.

Natural gas remains the raw feed for many industries, natural gas is here to stay as long as new gas wells keep getting discovered.

 

[Haldilal]

A subsidiary held by fosun. Why they chose a subsidiary to manufacture sputnik.

Ya'll Nibbiars Low cost so the Chinese can relabbel them as Fosun Pharma and give it to it's People's.