Indian Economy: News and Discussion

[Indx TechStyle]

Told before, small strikes can shatter small economies of small countries like Pakistan only, not India.
India's FX, stock markets to stabilise within days - govt official

A man watches television inside his currency exchange shop in New Delhi August 30, 2013.
REUTERS/MANSI THAPLIYAL/FILES

India's rupee and stock markets will stabilise in a few days, Economic Affairs Secretary Shaktikanta Das said on Thursday, following a sharp fall in the markets after India launched attacks on suspected militants.

"The markets including the currency markets, the stock market they will stabilise in a matter of a very very few days," Das told reporters.

Indian shares on Thursday posted their biggest decline since the Brexit vote in June, after India said it had conducted "surgical strikes" on suspected militants preparing to infiltrate from Pakistan-ruled Kashmir.

Das said the government's measures to tackle "cross-border terrorism" would have a "positive impact" on the economy's financial stability and growth.

Separately, the secretary said India will borrow 2.45 trillion rupees ($36.63 billion) during the October-March period. Net borrowing in the second half of the year would be about 1.77 trillion rupees.

($1 = 66.8800 Indian rupees)

 

[Prashant12]

Forex reserves move up by $1.166 bn to $370.766 bn

India's foreign exchange reserves increased by $1.166 billion to reach $370.766 billion for the week to September 23 on account of rise in foreign currency assets, according to the Reserve Bank of India (RBI) data.

In the previous week, the reserves had declined by $1.679 billion to $369.6 billion. They had touched life-time high of $371.279 billion in the week to September 9.

Foreign currency assets (FCAs), a major component of the overall reserves, rose by $1.168 billion to $345.242 billion, the RBI said.


FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of non-US currencies, such as euro, pound and yen held in the reserves.

Gold reserves remained unchanged at $21.642 billion, the apex bank said.

The country's special drawing rights with the International Monetary Fund dipped by $1 million to $1.490 billion, while the reserve position with the fund was down by $1.4 million to $2.390 billion, the RBI said.

http://www.business-standard.com/ar...by-1-166-bn-to-370-766-bn-116093000853_1.html

 

[Indx TechStyle]

Why India's long tern prospects remain solid despite growing tensions

 

[Kshatriya87]

Income Declaration Scheme: Rs 65,000 cr and counting
Till 11 pm, the pan-India declarations had exceeded Rs 65,000 cr, implying a tax amount or earning of Rs 30,000 cr for the govt
Shrimi Choudhary, Dilasha Seth & Nivedita Mookerji | Mumbai/New Delhi October 1, 2016 Last Updated at 00:58 IST

 

[Prashant12]

Black money haul: Rs 65,250 crore disclosed through Income Declaration Scheme

As the four-month long Income Declaration Scheme, 2016 ended September 30, Finance Minister Arun Jaitley today said that there has been a major surge in last-minute disclosure. Finance Minister also said that the 1997 scheme cannot be compared with the IDS 2016. Here are the key highlights from Arun Jaitley's speech:

- A total of 64,275 disclosures made
- Rs 65,250 crore undeclared income and asset declared under the domestic black money compliance scheme
- Average declaration of black money is 1 crore
- Rs 56,378 crore- undetected income uncovered through search operations by Income Tax Department
- Black money declaration figure could be revised upwards once final tabulation is made
- Govt has filed 164 prosecution cases against tax evaders from HSBC list
- Rs 8,000 crore have been assessed out of HSBC list
- Identity of the declarants under the IDS will not be disclosed
- Money collected under IDS will go to consolidated fund of India
- Money to be spent on public welfare

http://economictimes.indiatimes.com...e-declaration-scheme/articleshow/54626799.cms

 

[SANITY]

I think the deadline for disclosing black money has passed at the end of September. Does anyone have idea about how much black money is still out and what the government plans to do against it?

Not sure how valid the rationale is for not disclosing the amount and names of culprit.

 

[Akshay_Fenix]

I think the deadline for disclosing black money has passed at the end of September. Does anyone have idea about how much black money is still out and what the government plans to do against it?

Not sure how valid the rationale is for not disclosing the amount and names of culprit.

The government was expecting 1 lak crore but got 65k crore.

 

[Indx TechStyle]

India's biggest-ever spectrum auction kicks off today

Jio’s Rs 6,500 crore deposit is a clear signal that it means business, analysts said. ET looks at what companies want and why.

KOLKATA: India’s largest ever spectrum auction kicks off today with over 2300 Mhz of airwaves on sale at a total reserve price of Rs 5.60 lakh crore.

The coveted 700 Mhz (4G) band will be offered for the first time but starting prices are high.

No. 1 telco Bharti Airtel and newcomer Reliance Jio Infocomm could spend $1 billion each to augment data capacity.

Vodafone India and Idea Cellular, which need to boost 4G holdings, could bid twice that, said Goldman Sachs.

Jio’s Rs 6,500 crore deposit is a clear signal that it means business, analysts said. ET looks at what companies want and why.

 

[Superdefender]

65,250 crore rupees is not small money. Govt. should utilise these black money amount in efficient way. I request Mr. Arun Jetley to send some % of these towards defence as he indicated somedays ago to hike defence allocation.

 

[IndianHawk]

65,250 crore rupees is not small money. Govt. should utilise these black money amount in efficient way. I request Mr. Arun Jetley to send some % of these towards defence as he indicated somedays ago to hike defence allocation.

Yup it should Rafael deal expense just got covered with this money :bounce:

 

[Indx TechStyle]

India Gets $8 Billion Worth of Telecoms Spectrum Bids on Auction’s First Day

India has huge potential—fewer than two in every 10 of the country's 1.3 billion people have a smartphone.
Photograph by ANNA ZIEMINSKI AFP/Getty Images

India has the world’s second-biggest market by mobile phone subscriptions.

India started its biggest ever telecoms airwaves auction on Saturday, receiving 535.31 billion rupees ($8.04 billion) worth of bids on the first day of the sale, a senior government official said.

Market leaders Bharti Airtel Ltd, Vodafone’s local unit and Idea Cellular Ltd are pitted against new entrant Reliance Jio Infocomm Ltd in the battle for airwaves to boost their high-speed data services in what is the world’s second-biggest market by mobile phone subscriptions.

The total value of the airwaves put on the block is estimated to be worth $84 billion based on the auction reserve price set by the government, although industry executives and analysts expect only part of it to be sold.

This Company Will Start Making Smartphones in India Next Month​

Data released by the government’s Department of Telecom (DoT) at the end of five rounds of bidding on Saturday showed carriers stayed away from the most-efficient, yet pricey, 700 megahertz (MHz) band of airwaves.

The 1800 MHz band of airwaves that can also do 4G and are available at less than a quarter of the price of the 700 MHz band saw higher bidding.

The DoT will not release carrier-specific bidding data until the end of the auction. Bidding resumes on Monday.

 

[Indx TechStyle]

NIFTY up 127 points, Sensex up 377.23.
As I said before, no one can obstruct path of Indian Economy.

 

[Screambowl]

Washington: Describing South Asia as a global growth hotspot, the World Bank has said India's GDP growth will remain strong at 7.6 per cent in 2016 and 7.7 per cent in 2017.

 

[Indx TechStyle]

Global competitiveness index: India jumps 16 ranks for second time, second most competitive BRICS economy
WEF ranking: "India's competitiveness has improved across the board, in particular in goods market efficiency, business sophistication, and innovation".
BY: EXPRESS WEB DESK | NEW DELHI |Published On:September 28, 2016 11:33 AM

Here's the official report from World Economic Forum for competitive index.
http://www3.weforum.org/docs/GCR201...lobalCompetitivenessReport2016-2017_FINAL.pdf

 

[tharun]

I have doubt from many days that..
1 USD = 6 yuan and 66 INR still chinese companies are making profits and exporting why can't our's?

 

[aditya10r]

NIFTY up 127 points, Sensex up 377.23.
As I said before, no one can obstruct path of Indian Economy.

i am making some serious money man
cracked 100k mark last month

 

[ezsasa]

I have doubt from many days that..
1 USD = 6 yuan and 66 INR still chinese companies are making profits and exporting why can't our's?

Example :

Let's say Chinese are selling a product for 1000 yuan and Indian vendor is selling the a different product for 1000 rs.

Chinese vendor makes more than 160 USD where as Indian vendor makes around 15 dollars.

That is why they kept their yuan artificially competitive in initial years.

Hope this helps...

 

[tharun]

Example :

Let's say Chinese are selling a product for 1000 yuan and Indian vendor is selling the a different product for 1000 rs.

Chinese vendor makes more than 160 USD where as Indian vendor makes around 15 dollars.

That is why they kept their yuan artificially competitive in initial years.

Hope this helps...

Then why are theirs products cheap? and ours costly...

 

[ezsasa]

Then why are theirs products cheap? and ours costly...

Not being a democracy has its advantages. Once they decided in 90's that they want to be the factory of the world, government heavily incentivised setting up of factories and procurement of raw materials from across the world helped. By the time they reached around 2003-4 market economics took over and large orders from across the world ensured that their products remained competitive.

Just like mobile phones(brick phone)in late 90's in India cost about 1.5 lac. Look at the costs now.

This is one thing I admire most about the Chinese style of governance, once they decide on something they put all their efforts in that direction.

 

[Indx TechStyle]

India's GDP growth to remain strong: World Bank