Indian Economy: News and Discussion

IndianHawk

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India build almost 14000 km highway last fiscal year. This is scorching pace. Have not seen such figures even in china forget anywhere else. Simply astounding.

Now as this infrastructure turns into massive growth India will be leapfrogging every major economy.
 

FalconSlayers

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India build almost 14000 km highway last fiscal year. This is scorching pace. Have not seen such figures even in china forget anywhere else. Simply astounding.

Now as this infrastructure turns into massive growth India will be leapfrogging every major economy.
What was the highest ever a country peaked in road construction?
 

IndianHawk

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What was the highest ever a country peaked in road construction?
No idea. I tried to research chinese speed but hard to find accurate data because of language barrier.

What I could gather is that chinese were building 6000 miles ( approx 10000km ) highway per year in their prime infrastructure building time (2011-2018).

We are comfortably surpassing that.

But to remember that chinese have moved on to expressways and bullet train where we are still in initial stages but in 4-5 years we should catch up to that pace also.

With our speed within a decade and half we should have infrastructure as good as china relative to population density.
 

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India received $83 billion in remittances in 2020: World Bank report
India received over USD83 billion in remittances in 2020, a drop of just 0.2 per cent from the previous year, despite a pandemic that devastated the world economy, according to a World Bank report.


China, which received USD59.5 billion in remittances in 2020 against USD68.3 billion the previous year, is a distant second in terms of global remittances for the year gone by, as per the latest World Bank data released on Wednesday.


In 2019, India had received USD83.3 billion in remittances.

 

sorcerer

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FMCG industry record 9.4% growth in Jan-March, rural continue to perform and metro cities recover

IBEF: May 13, 2021


According to Nielsen, the Indian FMCG industry grew 9.4% in the January-March quarter of 2021, supported by consumption-led growth and value expansion from higher product prices, particularly for staples. The rural market registered an increase of 14.6% in the quarter and the metro markets registered positive growth after two quarters.

In the January-March 2021 quarter, revenue growth in the Fast Moving Consumer Goods (FMCG) industry from conventional sales channels climbed to double digits, while development in e-commerce normalised to single digits. NielsenIQ’s Retail Intelligence team released FMCG Snapshot for Q1 2021 and stated, “The FMCG industry in India has developed positive growth, growing at 9.4% in the quarter ending March 2021, up from 7.3% in the previous quarter (October-December 2020) over the same quarter last year.”

NielsenIQ South Asia Lead Mr. Diptanshu Ray said, “This is bolstered by categories such as staples, essential non-foods, and indulgences. However, he advises that the beginning of the second quarter may generate some future directions, as the situation in the country is dynamic.” The report added, “Now that lockdowns have reappeared, and with last-mile delivery on the surge, the e-commerce channel will remain dynamic.”

As per the report, In January-March 2021, metro cities experienced 2.2% growth. Rural markets maintained their growth momentum, increasing by 14.6% in the March 2021 quarter after growing by 14.2% in the previous quarter. Nielsen predicts a good monsoon this season, making it the third consecutive year of rural excitement.

This boosted agrarian household earnings and maintained rural sentiments upbeat. Furthermore, rural-centric schemes such as increased funding for MGNREGA, wage increases, and increases in MSP of key crops have played a significant role in keeping FMCG consumption in rural markets resilient. “We have also seen large and medium-sized companies recovering in Rural India,” it added.

Nielsen stated that consumption growth was consistent for both foods and non-foods. The price increase boosted the food basket, particularly in staples such as packaged tea and edible oils. Consumption growth in non-staple food categories such as ketchup, coffee, cheese, and biscuits has been observed as a result of enhanced in-home consumption.

According to the report, there are signs of personal care category growth resumption, while the Snacking and Impulse Foods baskets have maintained their growth trajectory.


 

sorcerer

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India added 42.3 tonnes gold to its reserves in FY21

India’s gold reserves went up by 42.3 tonnes in the one-year period ended March 31, 2021, against 40.45 tonnes in the year-ago period.

As at end-March 2021, the Reserve Bank held 695.31 tonnes of gold as part of its foreign exchange reserves management against 653.01 tonnes as at March-end 2020, as per the central bank’s “Half Yearly Report on Management of Foreign Exchange (Fx) Reserves.”

 

shade

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Hardware PLI: Govt cuts manufacturing target by half


======================================================================

Even before it gets operationalised, the government has had to cut the output of its production-linked incentive (pli) scheme for IT hardware, which includes laptops, tablets, all-in-one PCs and servers, by half with manufacturers turning up with low bids. As a result, the utilisation of the outlay for the scheme will also come down by a similar quantum and export targets will take a big hit —from Rs 2.45 lakh crore over a four-year period announced earlier to a mere Rs 60,000 crore.

IT hardware manufacturers blame this on the low incentive structure which works out to an average of 2-2.5% over a four-year period which does not justify relocating units from China or Vietnam, especially for hardware products, where import duties are nil as they fall under IT products. The incentive structure for mobile phones PLI, which got operationalised in August 2020 and saw companies committing up to the maximum limit, works out to around 4.5% over a five-year period.

When the government had announced the IT hardware PLI scheme on February 24, the outlay was fixed at Rs 7,350 crore over a four-year period. During this period, the government had estimated a production of up to Rs 3.26 lakh crore, of which exports were expected to be of the order of Rs 2.45 lakh crore. Last week (May 4), when the government announced the names of the companies which have applied for the scheme, the production target was slashed to Rs 1.60 lakh crore of which exports would be of the order of Rs 60,000 crore. Since the incentive structure is based on achieving a minimum threshold of incremental sales over base year going up to a maximum limit, with companies committing lower production target only half the outlay of Rs 7,350 crore will get utilised.

Though 19 companies have submitted applications, the scheme will now make sense for only players which already have production capacity in India — Dell and HP, for instance. Here also it would be domestic sales which would be attractive for them rather than exporting which has been the main driving force for the government behind designing PLI schemes.

India’s import of laptops has increased by 42% –– from $2.97 billion to $4.21 billion –– in value terms, in the last five years. Around 87% of imports continues to come from China. In absolute terms, India’s dependency on China is very high –– it has increased from $2.83 billion to $3.65 billion during the last five years. For the year ending March 2021, India’s import of laptops is estimated to have reached close to $5 billion out of which imports from China would be around $4.35 billion.

As per estimates, the global market for laptops, tablets and desktop computers has grown from $229.38 billion in 2018 to $ 240.99 billion in 2019 and is expected to stabilize around $220 billion by 2025. Only six global players comprise 89% of the market shipments for laptops and 81% for tablets. The United States and European Union together represent more than 40% of the global market.

The global manufacturing hubs are limited to a handful of countries with China being the predominant supplier to the world 66% market share (2019); $100 billion in value).

Companies which have applied under category IT hardware are Dell, ICT (Wistron), Flextronics, Rising Stars Hi-Tech (Foxconn) and Lava. Fourteen companies have filed applications under the category domestic companies, which include Dixon, Infopower (JV of Sahasra and MiTAC), Bhagwati (Micromax), Syrma, Orbic, Neolync, Optiemus, Netweb, VVDN, Smile Electronics, Panache Digilife, HLBS, RDP Workstations and Coconics.

=====================================================================


No other news outlet reporting on this topic, so keep salt ready, but then again article is very thorough.

Also spit on whoever it was that signed the ITA 1996 agreement with WTO, which is why Laptops and other computer maal here is imported at 0% duty.
Gormint paradigm is baiting manufacturers with "Large domestic market" and then getting them to export.
Now here they can just import at 0% duty thanks to (((free trade))) so that door is closed at the start.

Computer manufacturing is a billion dollar opportunity that will go to Vietnam now, as it is people making a beeline to that country, not to mention the shills in media peddling negative image of India as investment destination with corona doom and gloom
 

sauntheninja

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Hardware PLI: Govt cuts manufacturing target by half


======================================================================

Even before it gets operationalised, the government has had to cut the output of its production-linked incentive (pli) scheme for IT hardware, which includes laptops, tablets, all-in-one PCs and servers, by half with manufacturers turning up with low bids. As a result, the utilisation of the outlay for the scheme will also come down by a similar quantum and export targets will take a big hit —from Rs 2.45 lakh crore over a four-year period announced earlier to a mere Rs 60,000 crore.

IT hardware manufacturers blame this on the low incentive structure which works out to an average of 2-2.5% over a four-year period which does not justify relocating units from China or Vietnam, especially for hardware products, where import duties are nil as they fall under IT products. The incentive structure for mobile phones PLI, which got operationalised in August 2020 and saw companies committing up to the maximum limit, works out to around 4.5% over a five-year period.

When the government had announced the IT hardware PLI scheme on February 24, the outlay was fixed at Rs 7,350 crore over a four-year period. During this period, the government had estimated a production of up to Rs 3.26 lakh crore, of which exports were expected to be of the order of Rs 2.45 lakh crore. Last week (May 4), when the government announced the names of the companies which have applied for the scheme, the production target was slashed to Rs 1.60 lakh crore of which exports would be of the order of Rs 60,000 crore. Since the incentive structure is based on achieving a minimum threshold of incremental sales over base year going up to a maximum limit, with companies committing lower production target only half the outlay of Rs 7,350 crore will get utilised.

Though 19 companies have submitted applications, the scheme will now make sense for only players which already have production capacity in India — Dell and HP, for instance. Here also it would be domestic sales which would be attractive for them rather than exporting which has been the main driving force for the government behind designing PLI schemes.

India’s import of laptops has increased by 42% –– from $2.97 billion to $4.21 billion –– in value terms, in the last five years. Around 87% of imports continues to come from China. In absolute terms, India’s dependency on China is very high –– it has increased from $2.83 billion to $3.65 billion during the last five years. For the year ending March 2021, India’s import of laptops is estimated to have reached close to $5 billion out of which imports from China would be around $4.35 billion.

As per estimates, the global market for laptops, tablets and desktop computers has grown from $229.38 billion in 2018 to $ 240.99 billion in 2019 and is expected to stabilize around $220 billion by 2025. Only six global players comprise 89% of the market shipments for laptops and 81% for tablets. The United States and European Union together represent more than 40% of the global market.

The global manufacturing hubs are limited to a handful of countries with China being the predominant supplier to the world 66% market share (2019); $100 billion in value).

Companies which have applied under category IT hardware are Dell, ICT (Wistron), Flextronics, Rising Stars Hi-Tech (Foxconn) and Lava. Fourteen companies have filed applications under the category domestic companies, which include Dixon, Infopower (JV of Sahasra and MiTAC), Bhagwati (Micromax), Syrma, Orbic, Neolync, Optiemus, Netweb, VVDN, Smile Electronics, Panache Digilife, HLBS, RDP Workstations and Coconics.

=====================================================================


No other news outlet reporting on this topic, so keep salt ready, but then again article is very thorough.

Also spit on whoever it was that signed the ITA 1996 agreement with WTO, which is why Laptops and other computer maal here is imported at 0% duty.
Gormint paradigm is baiting manufacturers with "Large domestic market" and then getting them to export.
Now here they can just import at 0% duty thanks to (((free trade))) so that door is closed at the start.

Computer manufacturing is a billion dollar opportunity that will go to Vietnam now, as it is people making a beeline to that country, not to mention the shills in media peddling negative image of India as investment destination with corona doom and gloom
If the import duty is nil why are laptops and other hardware so expensive in India?
 

sorcerer

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Total Rs 56,059.54 crores DBT to farmers' account during current RMS 2021-22

91% of the total due payment, Rs 23,402 crores already transferred in to Punjab farmers account through DBT

About 36.19 Lakh Wheat farmers benefitted from the ongoing RMS procurement Operations


Posted On: 13 MAY 2021 7:57PM by PIB Delhi



During Rabi Marketing Season 2021-22, Mission "One Nation, One MSP, One DBT " has been given a firm shape as for the First Time, farmers of Punjab & Haryana have started receiving payments directly into their bank accounts against sale of their Wheat crop. Now DBT has been implemented across the country.


Wheat procurement is going on smoothly in the procuring States & UTs of Punjab, Haryana, Uttar Pradesh, Chandigarh, Madhya Pradesh, Rajasthan and other States with purchase of over 353.99 LMT upto 12th May 2021 against 268.91 LMT during corresponding period of last year.


Upto 12.5.2021, about Rs 56,059.54 crores has been directly transferred to farmers' account in the country, out of which Rs 23,402 crores, which is 91% of due payment, have been released to the farmers of Punjab.


Out of the total purchase of 353.98 LMT wheat, major contribution has been made by Punjab- 131.14LMT (37.04%), Haryana- 81.07 LMT (22.90%) and Madhya Pradesh -103.71 LMT (29.29%) upto 12thMay 2021. This season Punjab & Haryana has surpassed last year’s procurement fig as well as current target/estimate and also achieved all time high record procurement.


About 36.19 Lakh Wheat farmers have already been benefitted from the ongoing RMS procurement Operations with MSP value of about Rs. 69,912.61 Crore.
 

sorcerer

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Government of India’s Special Window Completes First Residential Project

Union Minister for Finance & Corporate Affairs Nirmala Sitharaman today handed over possession to homebuyers virtually as Government of India’s Special Window for Affordable & Mid-Income Housing (SWAMIH) completes its first residential project.


The residential project – Rivali Park, located in suburban Mumbai, was the first housing project in India to have received funding under the SWAMIH Fund. The SWAMIH Fund was launched by Sitharaman in November 2019.


Rivali Park Wintergreens is the first investment by the Fund and is also the first project to get completed. It is a large project spread over 7 acres consisting of 708 units of various configurations. The project is “Rivali Park Wintergreens” developed by CCI Projects Pvt Ltd (CCIPPL), an associate company of Cable Corporation of India Ltd.


 

Chandragupt Maurya

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SKC

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Maybe because of 18% GST and the companies themselves wanting to make fat margins.
Global Chip shortage has effected Hardware companies really bad. Just check any online platform like Amazon, Flipkart, other than Chinese vendors and Samsung there is literally no other company who has stock.
Almost all Computer related electronics are super costly right now.
 

Chandragupt Maurya

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