Indian Economy: News and Discussion

[SimplyIndian]

India's Foreign Exchange Reserves Surge By $5.271 Billion To Reach Record High Of $598.165 Billion !!
$0.6 T next week?? Might have already crossed as well...

View attachment 93293

It crossed on 2nd june itself. Next fig will be 601. We will surpass Russia in 3 to 4 weeks. With Atmnirbhar 2.0, we will have 1 trillion of reserves before 2024.

This is raw money power which China is boasting since 10 years.

 

[Edinburgh]

UK GDP numbers are always a mystery to me, their GDP growth rate is always considerably lesser than India in recent years and yet they continue to be ranked above India.

there was one year where India GDP was acknowledged to be higher than UK, and yet they are ranked higher than India’s GDP again.

they include the sex industry in the GDP
The countries behind South Korea,：Australia, Brazil, Saudi Arabia and Turkey are all leaders in their region，Only South Korea, the surrounding countries, it can not beat anyone

 

[ezsasa]

It crossed on 2nd june itself. Next fig will be 601. We will surpass Russia in 3 to 4 weeks. With Atmnirbhar 2.0, we will have 1 trillion of reserves before 2024.

This is raw money power which China is boasting since 10 years.

the usual methods of projections do not work for Forex projections, there is a cost incurred to maintain forex cash reserves(based on currency fluctuations).

forex reserves are usually based in prospective import export appetite of businesses.

If the GDP target is 4 trillion $ then 1 trillion $ forex reserve target makes sense, assuming 25% of GDP is foreign trade.

 

[Chandragupt Maurya]

How new GDP series has swung fortunes of states

The economies of poorer states Bihar and Bengal shrunk according to the new series while those of southern states Karnataka and Kerala saw a huge jump.Most of the relatively prosperous states such as Delhi, Kerala and Karnataka saw a further boost to their GSDP numbers when new figures were...

www.livemint.com

 

[FalconSlayers]

 

[sorcerer]

GST Revenue collection for May 2021

₹ 1,02,709 crore gross GST revenue collected in May

Posted On: 05 JUN 2021 4:25PM by PIB Delhi



The gross GST revenue collected in the month of May 2021 is₹1,02,709 crore of which CGST is ₹17,592 crore, SGST is ₹22,653, IGST is ₹53,199 crore (including ₹26,002 crore collected on import of goods) and Cess is ₹ 9,265 crore (including ₹868 crore collected on import of goods).The above figure includes GST collection from domestic transactions till 4th of June since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days for the return filing month May’21 in the wake of covid pandemic second wave.


During this month the government has settled ₹ 15,014 crore to CGST and ₹ 11,653 crore to SGST from IGST as regular settlement.


The revenues for the month of May 2021 are 65% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 56% higher and the revenues from domestic transaction (including import of services) are 69% higher than the revenues from these sources during the same month last year.


This would be eighth month in a row that GST revenues have crossed ₹ 1 lakh crore mark. This is despite the fact that most of the States have been under strict lockdown due to the pandemic. In addition, while the taxpayers with turnover above ₹ 5 crore had to file their returns by 4th June, which they would have otherwise filed by 20th May, smaller taxpayers with turnover less than ₹ 5 crore still have time till first week of July to file the returns without any late fee and interest and the revenue from these taxpayers is deferred till then. The actual revenues for the month of May 2021, thus would be higher and would be known when all the extended dates expire.

 

[Chandragupt Maurya]

Investment proposal worth Rs 6,199 Cr received in Bihar during Corona pandemic : Shahnawaz

Patna, Jun 4 (UNI) Bihar Industries Minister Shahnawaz Hussain on Friday said that the state had received concrete investment proposals of Rs 6,199 Crores during Corona pandemic, which was a good sign.

www.uniindia.com

 

[sorcerer]

Paddy procurement figure also reached all-time high, surpassing previous year high record


Over 805.21 LMTs of paddy procured on MSP for ongoing KMS 2020-21 and RMS

12.33 % more wheat procured this year in comparison to last year’s corresponding period

413.91 LMT wheat procured so far, against the last year corresponding purchase of 368.45 LMT

About 45.06 Lakh farmers benefitted from the ongoing wheat procurement

Government agencies procured 7,51,279.59 MT of Pulses and Oilseeds on MSP
Posted On: 05 JUN 2021 5:30PM by PIB Delhi

Procurement of Wheat in ongoing RMS 2021-22 is continuing smoothly in the procuring States at MSP, as was done in previous seasons and till now (upto 04.06.2021) a quantity of over 413.91 LMT of Wheat has been procured (which is all time high, as it has exceeded previous high 389.92 LMT of RMS 2020-21) against the last year corresponding purchase of 368.45 LMT. About 45.06 Lakh farmers have already been benefitted from the ongoing RMS procurement operations with MSP value of Rs. 81,747.81 Crore

Paddy procurement in the ongoing season Kharif 2020-21 is continuing smoothly in the procuring States with purchase of 805.21 LMTs of paddy (includes Kharif Crop 706.93 LMT and Rabi Crop 98.28 LMT) upto 04.06.2021 against the last year corresponding purchase of 732.40 LMT. About 119.42 Lakh farmers have already been benefitted from the ongoing KMS procurement Operations with MSP value of Rs. 1,52,022.37 Crore. Paddy procurement has also reached at all time high level, surpassing previous high of 773.45 LMT in KMS 2019-20.

Further, based on the proposal from the States, approval was accorded for procurement of 107.81 LMT of Pulse and Oilseeds of Kharif Marketing Season 2020-21 & Rabi Marketing Season 2021 and Summer season 2021 for the States of Tamil Nadu, Karnataka, Maharashtra, Telangana, Gujarat, Haryana, Madhya Pradesh, Uttar Pradesh, Odisha, Rajasthan and Andhra Pradesh under Price Support Scheme (PSS).The sanction for procurement of 1.74 LMT of Copra (the perennial crop) for the States of Andhra Pradesh, Karnataka, Tamil Nadu and Kerala was also given. For other States/UTs approval will also be accorded on receipt of proposals for procurement of Pulses, Oilseeds and Copra under PSS so that procurement of FAQ grade of these crops can be made at notified MSP for the year 2020-21 directly from the registered farmers, if the market rate goes below MSP during the notified harvesting period in the respective States/UTs by the Central Nodal Agencies through State nominated procuring agencies.

Upto04.06.2021, the Government through its Nodal Agencies has procured 7,51,279.59 MT of Moong, Urad, Tur, Gram, Masoor, Groundnut Pods, Mustard Seed and Soyabean having MSP value of Rs.3,928.50 crores benefitting 4,43,412 farmers in Tamil Nadu, Karnataka, Andhra Pradesh, Madhya Pradesh, Maharashtra, Gujarat, Uttar Pradesh, Telangana, Haryana and Rajasthan under Kharif2020-21 & Rabi 2021.

Similarly, 5,089 MT of copra (the perennial crop) having MSP value of Rs.52.40 crore has been procured benefitting 3,961 farmers in Karnataka and Tamil Nadu during the crops season 2020-21. For the season 2021-22, sanction for procurement of 51,000 MT of Copra from Tamil Nadu has been given, against which procurement will be started from the date as decided by the State Government.

The respective State/UTs Governments are making necessary arrangements for commencement of procurement from the date as decided by the respective States based on the arrivals of Pulses and Oilseeds.

****

 

[notaname]

In MP now to build a house you will need to plant a tree it is now going to be compulsory you will not get permission to build if you don't plant a tree, this is going to make life hell already there are so many things on which authorities harass people who build houses now one more thing.

 

[fire starter]

CONTINUOUS CARBON FIBER 3D PRINTING


ASIA'S FIRST AND ONLY, MADE IN INDIA

Technology - Fabheads

Fabheads is India's first and only company with carbon fiber 3D printing capabilities. Our technology is revolutionizing composite manufacturing

www.fabheads.in

 

[Lonewolf]

CONTINUOUS CARBON FIBER 3D PRINTING


ASIA'S FIRST AND ONLY, MADE IN INDIA
View attachment 93348

Technology - Fabheads

Fabheads is India's first and only company with carbon fiber 3D printing capabilities. Our technology is revolutionizing composite manufacturing

www.fabheads.in

Can normal people buy it , or the educational institutions can buy it , this would be amazing

 

[Lonewolf]

CONTINUOUS CARBON FIBER 3D PRINTING


ASIA'S FIRST AND ONLY, MADE IN INDIA
View attachment 93348

Technology - Fabheads

Fabheads is India's first and only company with carbon fiber 3D printing capabilities. Our technology is revolutionizing composite manufacturing

www.fabheads.in

Well it cost upward of 2 lakhs (introductory price ) , still worth it

 

[sauntheninja]

In MP now to build a house you will need to plant a tree it is now going to be compulsory you will not get permission to build if you don't plant a tree, this is going to make life hell already there are so many things on which authorities harass people who build houses now one more thing.

View attachment 93347

Everyone thinks if you own a house or build one you're evil socialism basically

 

[sauntheninja]

How new GDP series has swung fortunes of states

The economies of poorer states Bihar and Bengal shrunk according to the new series while those of southern states Karnataka and Kerala saw a huge jump.Most of the relatively prosperous states such as Delhi, Kerala and Karnataka saw a further boost to their GSDP numbers when new figures were...

www.livemint.com

dosen't this mean the economies of the richer states were artificially inflated with the new methodology or am i interpreting the data wrong

 

[SimplyIndian]

the usual methods of projections do not work for Forex projections, there is a cost incurred to maintain forex cash reserves(based on currency fluctuations).

forex reserves are usually based in prospective import export appetite of businesses.

If the GDP target is 4 trillion $ then 1 trillion $ forex reserve target makes sense, assuming 25% of GDP is foreign trade.

Imo, forex reserves are required for local currency stabilization which is INR in our case that's the first responsibility of fx reserves.

2ndly, it should cover x months of import. 600 billion is very good number from import coverage perspective.

3rdly, it is last resort and sovereign guarantee for external borrowing. In a sense if inr fall falt, we will have usd,eur,gbp to pay external borrowing.

RBI invest in T bills on us gov mostly getting good yield as well.

Government can create sovereign wealth fund if we have sufficient reserves that can be used to give loans to other countries. That's raw power.

More the batter.

 

[FalconSlayers]

 

[Sehwag213]

 

[FalconSlayers]

Netflix to invest in first live-action post-production facility in Mumbai

The Reed Hastings-owned company added 3.98 million paid subscriptions in the January to March quarter globally with 1.36 million of these coming from the Asia Pacific region

www.livemint.com

India's Lenskart to set-up world's largest automated eyewear manufacturing facility, aims to serve 100Mn customers annually - The Tech Portal

Lenskart co-founder Bansal heralded the arrival of India’s first-ever (and the largest in the world) automated eyewear manufacturing facility.

thetechportal.com

Ahmedabad: P&G to set up plant in Sanand, invest over Rs 500 crore | Ahmedabad News - Times of India

US-based multinational consumer goods company Procter & Gamble (P&G) will invest more than Rs 500 crore to set up a health and wellness products manuf

timesofindia.indiatimes.com

 

[Chandragupt Maurya]

dosen't this mean the economies of the richer states were artificially inflated with the new methodology or am i interpreting the data wrong

Yes Exactly,
Under the Fiscal Responsibility and Budget Management Act (FRBM), states are supposed to limit their borrowing to 3% of GSDP. But when the GSDP is inflated, states can spend more in absolute terms without breaching that limit. As pointed out by Ajai Sreevatsan in Mint earlier, Karnataka saw a massive spending binge since 2016, buoyed by the re-estimation of its GSDP. Telangana also seems to have followed a similar approach, with its gross fiscal deficit almost doubling (in absolute terms) between fiscal 2016 and fiscal 2017.

 

[Sehwag213]

UK GDP numbers are always a mystery to me, their GDP growth rate is always considerably lesser than India in recent years and yet they continue to be ranked above India.

there was one year where India GDP was acknowledged to be higher than UK, and yet they are ranked higher than India’s GDP again.

Their Currency appreciated by approx 15% against USD. Whereas India's current barely appreciated. Since GDP is measured in USD , UK got a major boost.