Butter Chicken
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Income tax collection grows at 26.2% across India
Indian Economy: News and Discussion
- Thread starter Tuco
- Start date
Kshatriya87
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Digital economy can reach $4 trillion in 4 years: Tech sector to government
Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst
Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst
Mikesingh
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Direct tax mop-up touched Rs 4.12 lakh crore and indirect tax revenue stood at Rs 5.52 lakh crore during April-November.
However, the government is eyeing 12.64 per cent growth in direct tax at Rs 8.47 lakh crore for the current fiscal and 10.8 per cent in indirect tax at Rs 7.79 lakh crore.
Previous year:
Indirect taxes — customs duty, excise duty and services tax — yielded Rs 5.46 lakh crore last fiscal.
The direct tax collection by the government during 2014-15 fell short of the target by about 14 per cent with Rs. 6,96,200 crore revenue coming to its kitty.
So, there's been quite a jump from last year!
prohumanity
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The BJP govt. has taken huge steps to spur India's economy such as Banking act amendment, RERA, new bankruptcy law etc.
One major obstacle to get big foreign investment in India is fear of beurocracy and corruption. Govt is doing good on curtailing red tape and corruption and trying to create a transparent system. If these efforts succeed ,there will be a great flow of foreign funds in India for its massive infrastructure needs.
But there are obstacles such as political bickerings, infightings such as regionalism, casteism, religionism and
on top of it...corrupt people will not give up easily as they are so used to sucking blood of mainstream Indian public. They will do everything to make Modi Govt fail because if Modi succeeds, that is death for these corrupt people.
One major obstacle to get big foreign investment in India is fear of beurocracy and corruption. Govt is doing good on curtailing red tape and corruption and trying to create a transparent system. If these efforts succeed ,there will be a great flow of foreign funds in India for its massive infrastructure needs.
But there are obstacles such as political bickerings, infightings such as regionalism, casteism, religionism and
on top of it...corrupt people will not give up easily as they are so used to sucking blood of mainstream Indian public. They will do everything to make Modi Govt fail because if Modi succeeds, that is death for these corrupt people.
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For many years I have been of the opinion that govt budget money alone cannot fund city/town level PWD works. I guess this is the answer..
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New era dawns in Municipal Finance. History created by Pune Municipal Corporation by launching India's largest municipal bond program.
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New era dawns in Municipal Finance. History created by Pune Municipal Corporation by launching India's largest municipal bond program.
Hiranyaksha
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http://economictimes.indiatimes.com...problem-of-bad-loans/articleshow/59230022.cms
Fifty-six years. That's how long it would take if the one dozen companies the Indian central bank is pushing into bankruptcy were to repay creditors by handing over their entire current operating income.
For India's capital-starved commercial lenders, at the receiving end of much of this $37 billion of unpaid debt, waiting for even 56 days without a resolution isn't an option. Hence the nuclear strike against errant borrowers.
The Reserve Bank of India has used authority it received only last month to identify 12 large corporate accounts for action. This is the first batch of 60 delinquencies it wants to clear up in 90 days. The target smacks of desperation. As the banking regulator, the RBI has thrown all it could at the bad-loan problem. Yet the malaise continues to worsen, afflicting almost one-fifth of all assets. If forced bankruptcies fail, the bank has no Plan B.
The risk of failure isn't trivial. These corporate accounts have one thing in common: a business family that stands to lose control. Most of these "promoters," as controlling shareholders are known in India, will use all their clout to resist any attempt to take away what they see as theirs.
Having already sold their oil-refining business to lighten the debt load, the billionaire Ruia brothers are dead set against giving up ownership of their steel business. Ruia brothers are dead set against giving up ownership of their steel business.
Essar Steel India Ltd. isn't alone. RBI's hit list has several borrowers from the industry, including Bhushan Steel Ltd., Electrosteel Steels Ltd., Monnet Ispat & Energy Ltd. and Bhushan Power & Steel Ltd.
The economics behind RBI's thinking is sound. Despite a near-80 percent jump over one year in metal prices, 55 percent of the Indian steel debt is with borrowers whose operating incomes are inadequate to service interest. To get to an interest-coverage ratio of 1, debt-servicing costs would need to fall by 70 percent, according to Credit Suisse Group AG.
The promoters would claim (to anybody in New Delhi who would listen) that this is only true at present levels of profitability. India's investment drought, they would argue, is coming to an end. Real estate is on the cusp of a frenzy. Tata Steel Ltd. expects auto demand to grow by 9.5 percent.
All it would take for the RBI to make their debt whole again is to tweak restructuring norms, so the lenders are able to exchange more than half their advances for redeemable preference shares or optionally convertible debentures. This, they would insist, would give creditors a better recovery rate than relying on a court-appointed officer to find a buyer. Besides, the funding for the 2019 general elections will have to come from Indian businessmen, not American private equity.
Maybe the RBI has New Delhi's assurance that there'll be no political interference. Or perhaps the central bank just wants to scare the promoters into coughing up fresh equity, a key sticking point in any further restructuring.
The regulator is unlikely to harbor illusions about the ability of a one-year-old bankruptcy law and an under-prepared tribunal to work through complex cases without hiccups. The RBI's taking a gamble, using its new resolution powers via an internal committee whose membership is also secret. This lack of transparency, however, could become a tool for detractors to question its objectivity.
If the first batch of 12 troubled debtors stalls the judicial process, there'll be a question over the remaining $150 billion of stressed assets. And that kitty would swell if telecom loans joined the nightmare, as if a debt-to-Ebitda ratio of 56 years wasn't scary enough.
Fifty-six years. That's how long it would take if the one dozen companies the Indian central bank is pushing into bankruptcy were to repay creditors by handing over their entire current operating income.
For India's capital-starved commercial lenders, at the receiving end of much of this $37 billion of unpaid debt, waiting for even 56 days without a resolution isn't an option. Hence the nuclear strike against errant borrowers.
The Reserve Bank of India has used authority it received only last month to identify 12 large corporate accounts for action. This is the first batch of 60 delinquencies it wants to clear up in 90 days. The target smacks of desperation. As the banking regulator, the RBI has thrown all it could at the bad-loan problem. Yet the malaise continues to worsen, afflicting almost one-fifth of all assets. If forced bankruptcies fail, the bank has no Plan B.
The risk of failure isn't trivial. These corporate accounts have one thing in common: a business family that stands to lose control. Most of these "promoters," as controlling shareholders are known in India, will use all their clout to resist any attempt to take away what they see as theirs.
Having already sold their oil-refining business to lighten the debt load, the billionaire Ruia brothers are dead set against giving up ownership of their steel business. Ruia brothers are dead set against giving up ownership of their steel business.
Essar Steel India Ltd. isn't alone. RBI's hit list has several borrowers from the industry, including Bhushan Steel Ltd., Electrosteel Steels Ltd., Monnet Ispat & Energy Ltd. and Bhushan Power & Steel Ltd.
The economics behind RBI's thinking is sound. Despite a near-80 percent jump over one year in metal prices, 55 percent of the Indian steel debt is with borrowers whose operating incomes are inadequate to service interest. To get to an interest-coverage ratio of 1, debt-servicing costs would need to fall by 70 percent, according to Credit Suisse Group AG.
The promoters would claim (to anybody in New Delhi who would listen) that this is only true at present levels of profitability. India's investment drought, they would argue, is coming to an end. Real estate is on the cusp of a frenzy. Tata Steel Ltd. expects auto demand to grow by 9.5 percent.
All it would take for the RBI to make their debt whole again is to tweak restructuring norms, so the lenders are able to exchange more than half their advances for redeemable preference shares or optionally convertible debentures. This, they would insist, would give creditors a better recovery rate than relying on a court-appointed officer to find a buyer. Besides, the funding for the 2019 general elections will have to come from Indian businessmen, not American private equity.
Maybe the RBI has New Delhi's assurance that there'll be no political interference. Or perhaps the central bank just wants to scare the promoters into coughing up fresh equity, a key sticking point in any further restructuring.
The regulator is unlikely to harbor illusions about the ability of a one-year-old bankruptcy law and an under-prepared tribunal to work through complex cases without hiccups. The RBI's taking a gamble, using its new resolution powers via an internal committee whose membership is also secret. This lack of transparency, however, could become a tool for detractors to question its objectivity.
If the first batch of 12 troubled debtors stalls the judicial process, there'll be a question over the remaining $150 billion of stressed assets. And that kitty would swell if telecom loans joined the nightmare, as if a debt-to-Ebitda ratio of 56 years wasn't scary enough.
Prashant12
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India's forex reserves at record high of $381.95 billion
MUMBAI: The country's forex reserves increased by $799 million, mainly on account of rise in foreign currency assets (FCAs), to touch a record high of $381.955 billion in the week to June 16, RBI said.
In the previous week, the reserves had declined marginally by $11.5 million to $381.156 billion.
FCAs, a major component of overall reserves, rose by $802.4 million to $358.084 billion in the reporting week, the central bank said.
Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
Gold reserves remained unchanged at $20.095 billion.
The special drawing rights with the International Monetary Fund dipped by $1.3 million to $1.469 billion.
The country's reserve position with the IMF, too, declined by $2.1 million to $2.305 billion.
http://timesofindia.indiatimes.com/...gh-of-381-95-billion/articleshow/59288416.cms
MUMBAI: The country's forex reserves increased by $799 million, mainly on account of rise in foreign currency assets (FCAs), to touch a record high of $381.955 billion in the week to June 16, RBI said.
In the previous week, the reserves had declined marginally by $11.5 million to $381.156 billion.
FCAs, a major component of overall reserves, rose by $802.4 million to $358.084 billion in the reporting week, the central bank said.
Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
Gold reserves remained unchanged at $20.095 billion.
The special drawing rights with the International Monetary Fund dipped by $1.3 million to $1.469 billion.
The country's reserve position with the IMF, too, declined by $2.1 million to $2.305 billion.
http://timesofindia.indiatimes.com/...gh-of-381-95-billion/articleshow/59288416.cms
Akshay Fenix
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Find a solution for repaying the borrowed money back withing 270 days or else the government will sell your company.
Tussi great ho Modi ji.
prohumanity
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The current govt. of India is making relentless, unstoppable big punches to fraudsters, blackmarketeers,
tax evaders, corrupt politicians ......of course they will make noises and oppose these reforms. Its the question of survival of 70 years old parallel black economy.
Now, Goods and Services Tax (GST) is a powerful attack on corrupt businesses before they can even get up from ground after the big punch of demonetization only 6 months ago.
I would say " never leave a poisonous snake half killed...." because he can get up and become more dangerous."
Govt need to continue these punches until fraudsters end up realizing "this time its different" and its really time to be compliant with laws for the good of Indian public.
This humongous non performing asset problem is the byproduct of foolish policies of Congress (UPA) govt.
and BJP is now left to clean the s*hit. But, people are getting wiser and able to see the real effrots of BJP govt.
I am on the side of Indian people...I don't care about fraud businesses, corrupt politicians and tax evaders...let them go to hell.
tax evaders, corrupt politicians ......of course they will make noises and oppose these reforms. Its the question of survival of 70 years old parallel black economy.
Now, Goods and Services Tax (GST) is a powerful attack on corrupt businesses before they can even get up from ground after the big punch of demonetization only 6 months ago.
I would say " never leave a poisonous snake half killed...." because he can get up and become more dangerous."
Govt need to continue these punches until fraudsters end up realizing "this time its different" and its really time to be compliant with laws for the good of Indian public.
This humongous non performing asset problem is the byproduct of foolish policies of Congress (UPA) govt.
and BJP is now left to clean the s*hit. But, people are getting wiser and able to see the real effrots of BJP govt.
I am on the side of Indian people...I don't care about fraud businesses, corrupt politicians and tax evaders...let them go to hell.
Prashant12
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Forex reserves at fresh life-time high of USD 382.53 bn
The country's forex reserves surged by USD 576.4 million to touch a new life-time high of USD 382.53 billion in the week to June 23, helped by a rise in foreign currency assets (FCAs), the RBI said.
In the previous week, the reserves had zoomed by USD 799 million to USD 381.955 billion.
FCAs, a major component of overall reserves, rose by USD 580.2 million to USD 358.664 billion in the reporting week, the central bank said.
Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
Gold reserves remained unchanged at USD 20.095 billion.
The special drawing rights with the International Monetary Fund (IMF) dipped by USD 1.5 million to USD 1.467 billion.
The country's reserve position with the IMF too declined by USD 2.3 million to USD 2.303 billion.
http://www.dnaindia.com/business/re...-fresh-life-time-high-of-usd-38253-bn-2488676
The country's forex reserves surged by USD 576.4 million to touch a new life-time high of USD 382.53 billion in the week to June 23, helped by a rise in foreign currency assets (FCAs), the RBI said.
In the previous week, the reserves had zoomed by USD 799 million to USD 381.955 billion.
FCAs, a major component of overall reserves, rose by USD 580.2 million to USD 358.664 billion in the reporting week, the central bank said.
Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
Gold reserves remained unchanged at USD 20.095 billion.
The special drawing rights with the International Monetary Fund (IMF) dipped by USD 1.5 million to USD 1.467 billion.
The country's reserve position with the IMF too declined by USD 2.3 million to USD 2.303 billion.
http://www.dnaindia.com/business/re...-fresh-life-time-high-of-usd-38253-bn-2488676
AnantS
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prohumanity
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Do you trust one of the pillars of "fake media franchise" i.e. Forbes. Just like New York times, BBC, Cnn ,Guardian Economist and Huff post.. They are all in the same gang and paid by the same backers.
They are like jackals...when one starts yelling...all of them start yelling in unison.
Do you not remember these shameless liars who said all kind of ugly and evil things about P M Modi before he was elected ? If your memory is like an Elephant..(.mine is ) then, you will recall the hatemongering they launched against PM Modi and BJP before elections ,because they did not want a strong and determined leader of India. Leaders like Modi can not be intimidated or bribed !
They are like jackals...when one starts yelling...all of them start yelling in unison.
Do you not remember these shameless liars who said all kind of ugly and evil things about P M Modi before he was elected ? If your memory is like an Elephant..(.mine is ) then, you will recall the hatemongering they launched against PM Modi and BJP before elections ,because they did not want a strong and determined leader of India. Leaders like Modi can not be intimidated or bribed !
prohumanity
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GST.....What will be the result.....those tax evaders who used to sell Rs1000 worth of goods but give receipt of only Rs100 , thus not paying tax on Rs 900.....will be in trouble. Now, they will have to pay full tax because they can not bribe Mr.Computer ,our new tax collector...
From this tax revenue ...good roads, schools, hospitals will be built for my Indian brothers and sisters...
No more mansions and ugly fat weddings for thieves and tax evaders !
From this tax revenue ...good roads, schools, hospitals will be built for my Indian brothers and sisters...
No more mansions and ugly fat weddings for thieves and tax evaders !
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Off topic...
Western media is now under full control of closet communists who are spreading old commie ideology under new brands using fake news.
They not only hate Modi but they hate ANYONE who is nationalist (globalism?) and believer in God (except muslims).
Eg:
World leaders hated by western MSM
Trump
Putin (MSM enemy No.1)
Netanyahu
Abe
Modi
Farage
World leaders loved by western MSM
Xi
Trudeau
Macron
Merkel (MSM favourite)
Most dictators of ME (except Iran and Syria)
Royal family of UK
I don't know how deep the rabbit hole goes or who is pulling the strings but this is truly sickening.
Also add Bloomberg and Daily Mail in the list.
Western media is now under full control of closet communists who are spreading old commie ideology under new brands using fake news.
They not only hate Modi but they hate ANYONE who is nationalist (globalism?) and believer in God (except muslims).
Eg:
World leaders hated by western MSM
Trump
Putin (MSM enemy No.1)
Netanyahu
Abe
Modi
Farage
World leaders loved by western MSM
Xi
Trudeau
Macron
Merkel (MSM favourite)
Most dictators of ME (except Iran and Syria)
Royal family of UK
I don't know how deep the rabbit hole goes or who is pulling the strings but this is truly sickening.
AnantS
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Actualy the forbes article I posted is pro modi policy article and actually rebuts/disparages economist for recent hate modi article
Kshatriya87
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As Modi said, its a pity that only 32 lakh citizens have declared an income of over Rs. 10 lakh / annum. This is ridiculous. If you ask me, only the Mumbai district itself will have more than 32 lakh people with income in that range.
I'm not sure if the GST will bring these people out of hiding. If not, an automated system needs to be in place wherein citizens can't hide their real income.
prohumanity
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For last 15 years, culture of corruption and bribery became mainstream and widely accepted by people.
India became "land of jugad" means do anything to get job done...lie..deceit, bribe ,connections and so on.
Even today, I spoke with an Indian friend who said "this is India..Modi or No Modi...corruption will continue...they will find other ways." This shows such pessimism and despair that they still believe that nothing can change the system. When I see from US..I think India is on a powerful path to end corruption as BJP govt has given a glimmer of hope that its possible to fight these evil corrupt powerful forces. Ordinary Indians are staring with surprise thinking is it really possible or its an illusion. Naysayers still want to remain in denial mode.
The tone in West has started changing...the Modi hating Western media (CNN, BBC,Economist and the whole crooked gang) were never tired of badmouthing and demonizing Modi...have started whispering some nicer tunes about him.
I believe Modi is right when he says that when positive energy and determination of over a billion Indians are unleased..no power in the World can stop India's March into glorious future.
India became "land of jugad" means do anything to get job done...lie..deceit, bribe ,connections and so on.
Even today, I spoke with an Indian friend who said "this is India..Modi or No Modi...corruption will continue...they will find other ways." This shows such pessimism and despair that they still believe that nothing can change the system. When I see from US..I think India is on a powerful path to end corruption as BJP govt has given a glimmer of hope that its possible to fight these evil corrupt powerful forces. Ordinary Indians are staring with surprise thinking is it really possible or its an illusion. Naysayers still want to remain in denial mode.
The tone in West has started changing...the Modi hating Western media (CNN, BBC,Economist and the whole crooked gang) were never tired of badmouthing and demonizing Modi...have started whispering some nicer tunes about him.
I believe Modi is right when he says that when positive energy and determination of over a billion Indians are unleased..no power in the World can stop India's March into glorious future.
mayfair
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GST is a long term thing. What this does is replace EVERY single INDIRECT tax into a single tax. So while people may whine about 18% tax on sanitary napkins or biscuits and 28% on something else, do remember, this replaces all other taxes that were there- sales tax, excise, octroi and VAT.
Is it perfect? No. It could not have been. In a federal polity such as India, taxation, law and order and land are subjects vested with the states. Each of them have their own concerns, own agendas and own compulsions (including the oopar ki kamaayi of netas and babus). Also the states are guaranteed revenue increases for five years and GoI has agreed to make up the shortfall in revenue generation.
So GST in its first iteration has had to make compromises. For instance, petroleum, which forms a huge component of states revenues has been left out of the ambit of GST.
As the system finds its feet, I expect many tax slabs will be merged and rationalised. Later on we'll probably see a uniform GST rate for every product across the country.
Will it change the economy? It will. Will it change the people? Well for start we can insist on a proper receipt for everything we buy or whenever we eat out.
Is it perfect? No. It could not have been. In a federal polity such as India, taxation, law and order and land are subjects vested with the states. Each of them have their own concerns, own agendas and own compulsions (including the oopar ki kamaayi of netas and babus). Also the states are guaranteed revenue increases for five years and GoI has agreed to make up the shortfall in revenue generation.
So GST in its first iteration has had to make compromises. For instance, petroleum, which forms a huge component of states revenues has been left out of the ambit of GST.
As the system finds its feet, I expect many tax slabs will be merged and rationalised. Later on we'll probably see a uniform GST rate for every product across the country.
Will it change the economy? It will. Will it change the people? Well for start we can insist on a proper receipt for everything we buy or whenever we eat out.
Butter Chicken
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Foxconn plans to invest up to Rs 32k crore in India
Foxconn, the world's largest contract manufacturer for electronics, has firmed up plans to invest up to $5 billion (around Rs 32,000 crore) in India as it looks to make the country a parallel manufacturing hub to China for export to key markets across Europe and the US. A top official at the Taiwanese company said Foxconn will ramp up Indian operations in an “exponential manner“,
he confidence coming from the implementation of GST as well as imposition of an import duty on mobiles phones that would discourage sourcing from China and other foreign locations. “India is already high on our priority list, and we now plan to step up investments and business here by opening new factories and expanding the manufacturing footprint,“ the official told TOI, requesting anonymity .
A large part of the investments could be directed towards setting up of a display fab unit. “This alone can see us invest around $3 billion.“ Apart from this, around $250 million would be directed towards mechanics such as CNC. “The company will also invest in lithium-ion cell factory and facilities for printed circuit boards (PCBs) which are used in manufacture of devices.“
Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst
Foxconn, the world's largest contract manufacturer for electronics, has firmed up plans to invest up to $5 billion (around Rs 32,000 crore) in India as it looks to make the country a parallel manufacturing hub to China for export to key markets across Europe and the US. A top official at the Taiwanese company said Foxconn will ramp up Indian operations in an “exponential manner“,
he confidence coming from the implementation of GST as well as imposition of an import duty on mobiles phones that would discourage sourcing from China and other foreign locations. “India is already high on our priority list, and we now plan to step up investments and business here by opening new factories and expanding the manufacturing footprint,“ the official told TOI, requesting anonymity .
A large part of the investments could be directed towards setting up of a display fab unit. “This alone can see us invest around $3 billion.“ Apart from this, around $250 million would be directed towards mechanics such as CNC. “The company will also invest in lithium-ion cell factory and facilities for printed circuit boards (PCBs) which are used in manufacture of devices.“
Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst
