Indian Economy: News and Discussion

[captscooby81]

As I said previously I got a feeling this govt wants people to move away from home ownership to rental lifestyle . Not all but they want to move bulk of future home owners away from ownership to rental . Or something like Singapore type housing development project where most houses will be built by govt and very few ultra high-end luxury projects will go to private .

Dis be like Deja Vu from last year :

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https://defenceforumindia.com/forum...-news-and-discussion.64/page-300#post-1572482

The gormint wants to kickstart their affordable housing project which is stuck because of land prices. They want to dissuade people from competitively pumping money into real estate to make land cheaper.

It seems unlikely that they will be able to meet their affordable housing construction targets and there is a lot of empty inventory with private builders, so the gormint will most likely bring the benami law and put those builders under pressure and then cut deals with them to sell off a portion of their empty inventory as affordable housing scheme and tell them use that money to break even on their investment and repay their loans to the bank.

1 teer me 3 nishan.

The gormint will get to pat themselves on the back for delivering on their affordable housing promise, the builders will be able to pull their nuts out of the fire, and the banks will get back the money they had lent to the builders.

 

[Kumata]

GST only applies to commercial business taxation and not individual tax payers. It has brought businesses into the tax net because now even if the retailer wants to deal in cash, the wholesaler who supplies his maal still has to pay GST because while ferrying the goods on inter-state highway check naakas they have to show GST paid receipts. Once the wholesaler is taxed, he will not give the wares to the retailer without squeezing that GST out of him.

Personal income tax will never catch 100% people in its net. 60% of Indians are into agriculture which is tax exempt. Only 10% Indians are employed in formal service sectors (PSU + private combined). The rest are small shop owners who don't fall in either category. Even the salaried class must understand that no one has forcefully put a gun to their head to remain salaried all their life. When opportunity knocks, one can save some capital and start a small business. To be fair, the ones who are business class today also started in less-than-ideal circumstances. Not referring to the Tatas, and Ambanis but the normal kirana shop owner, mithai shop owner etc. They also get indirectly taxed in the form of business uncertainty. Sometimes raw material becomes costly, sometimes the economy stagnates.

Business owners play the function of job creators for the salaried class so unko indirectly tax me thoda leniency mil jaati hai. Just like the salaried class pays a portion of their income as tax, the business class pays it in the form of salaries for their employees. Net net no one escapes this Indrajaal.

Agree, personnel taxation will never reach 100 % but it's horribly inadequate at just odd 5%. Agriculture is another sector which i have never understood. On one hand, farmers are killing themselves while other hand prices of vegggies is pretty decent. So clearly they are not getting the price being paid by end user. The middle man in mandi 's is laughing away to bank. Why dont govt taxes these middle man. They need to destroy this system of Mandi's and aaadtis .. let the farmer come to market and sell directly to end user. this cartel of middle man must break else i don't see any improvement.

Why cant we tax atleast rich farmers who zoom around in Mercs and Audi's . They are farmers just on paper to save taxes and would have rarely seen the fields...

Another thing is that salaied class too is very much required. If every body starts opening shops than who will buy off them and how will manufacturing develops when they have no hands to work. Yes, automation is there but u cant automate everything and in coutry like india where labor is cheap, it will be useless to invest in automation....

 

[Craigs]

Agree, personnel taxation will never reach 100 % but it's horribly inadequate at just odd 5%. Agriculture is another sector which i have never understood. On one hand, farmers are killing themselves while other hand prices of vegggies is pretty decent. So clearly they are not getting the price being paid by end user. The middle man in mandi 's is laughing away to bank. Why dont govt taxes these middle man. They need to destroy this system of Mandi's and aaadtis .. let the farmer come to market and sell directly to end user. this cartel of middle man must break else i don't see any improvement.

Why cant we tax atleast rich farmers who zoom around in Mercs and Audi's . They are farmers just on paper to save taxes and would have rarely seen the fields...

Another thing is that salaied class too is very much required. If every body starts opening shops than who will buy off them and how will manufacturing develops when they have no hands to work. Yes, automation is there but u cant automate everything and in coutry like india where labor is cheap, it will be useless to invest in automation....

Screw Income Tax, just jack up the consumption tax... You want to buy BMW, Audi - go ahead pay 500% tax + yearly registration etc. Also hike up the parking tax. Tax all luxury items at ususrious rates that will be more fair than anything else. Put sin tax on all addictive things... Put plastic use cess on all single use packaging etc.....

 

[HariPrasad-1]

Services PMI rises to 7-year high at 55.5 in January

https://www.thehindubusinessline.co...ar-high-at-555-in-january/article30740472.ece

Solid demand lifts India services activity to 7 year high in January


Read more at:
https://economictimes.indiatimes.co...ofinterest&utm_medium=text&utm_campaign=cppst

Hope this is sustainable. Let us hope for the revival of economy and rise in GDP.

 

[HariPrasad-1]

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When swamy says something, it should be taken seriously.

 

[Kumata]

Screw Income Tax, just jack up the consumption tax... You want to buy BMW, Audi - go ahead pay 500% tax + yearly registration etc. Also hike up the parking tax. Tax all luxury items at ususrious rates that will be more fair than anything else. Put sin tax on all addictive things... Put plastic use cess on all single use packaging etc.....

It's already there... not at 500% though ..you cannot tax beyond a point.. no doubt those well off will or have migrated to US / Canada or Australia already including many of my friends selling their properties and everything... they do regret it but than quality of life is too good to be ignored and than it all boils down to " What do i get back after paying to useless govt my whole life" and i have no answers...Ultimately, Our taxes are spend giving freebies / subsidies and help relection of netas.. nothign else.. while ideally they should be spending these taxes on building nation.... Poor continue to bloat their stomach earning nothing and living off subsidised ration / housing and everything..what do i get after paying 5 grand each year as taxes... Baba ji ka Ghanta

Another problem is reservation... i could have easily cleared PMT way back in 1997 but lost by 2 marks.. while those with 35 marks are doctors today.. its any ones guess how those doctors are....and another reasonwhy health facilities are suffering... same with IAS / IPS or other imp govt functions...U see people do not want govt jobs b,cause they want to do some thing for society and nation but b,casue its easy money.. if nothing ,, govt will offer them VRS in BSNL styles and voila.. you are lakhpati by doing nothing.....

 

[Mikesingh]

Agree, personnel taxation will never reach 100 % but it's horribly inadequate at just odd 5%. Agriculture is another sector which i have never understood. On one hand, farmers are killing themselves while other hand prices of vegggies is pretty decent. So clearly they are not getting the price being paid by end user. The middle man in mandi 's is laughing away to bank. Why dont govt taxes these middle man. They need to destroy this system of Mandi's and aaadtis .. let the farmer come to market and sell directly to end user. this cartel of middle man must break else i don't see any improvement.

Why cant we tax atleast rich farmers who zoom around in Mercs and Audi's . They are farmers just on paper to save taxes and would have rarely seen the fields...

Driving down from Ooty, I stopped at a small makeshift tarp shed where a couple of farmers were selling potatoes and tomatoes directly from their farms. Asked them the price and was bowled over! Just Rs 10 a kilo for potatoes (Rs 30 in retail) and Rs 15 per kg for tomatoes (Rs 40 in retail). So who's eating up the dosh? No prizes for guessing!

 

[Mikesingh]

Screw Income Tax, just jack up the consumption tax... You want to buy BMW, Audi - go ahead pay 500% tax + yearly registration etc. Also hike up the parking tax. Tax all luxury items at ususrious rates that will be more fair than anything else. Put sin tax on all addictive things... Put plastic use cess on all single use packaging etc.....

Agreed. But then the stock market will sink without a trace!! And with it your hard earned investments!

 

[Craigs]

Agreed. But then the stock market will sink without a trace!! And with it your hard earned investments!

Why???????????????????????????? Tax revenue based on consumption will be way more than income tax. This can be used by govt for investing in economy I prefer infrastructure which will generate huge employment. Since there is no income tax, there will be more discretionary income and personal consumption will rise tooo..... 2 out of 3 components of GDP will be stimulated. Now if GDP rises then stock market has to rise. Even if momentarily in the beginning it falls I would say it is an opportunity for the wise to stock up.

 

[Craigs]

When swamy says something, it should be taken seriously.

Not sure if East Asia is suffering right now.... heck even Argentina is lording it up better than us. Not sure what Swamy is trying to say.

 

[sorcerer]

India-PRC trade deficit falls from $63.05 bn to $53.57 bn

India’s trade with China decreased from $89.71 billion in 2017-18 to $87.07 billion in 2018-19. Imports from China declined from $76.38 billion in 2017-18 to $70.32 billion in 2018-19 and exports grew from $13.33 billion to $16.75 billion during this same period, according to the Directorate General of Commercial Intelligence and Statistics (DGCIS).

As a result, India’s trade deficit with China reduced from $63.05 billion to $53.57 billion in the above period. However, there are some reports of some goods of Chinese origin coming into India from other countries like Singapore and Hong Kong, on which field formations have been appropriately sensitised, minister of commerce and industry Piyush Goyal told the parliament upper house recently.

 

[Kumata]

Driving down from Ooty, I stopped at a small makeshift tarp shed where a couple of farmers were selling potatoes and tomatoes directly from their farms. Asked them the price and was bowled over! Just Rs 10 a kilo for potatoes (Rs 30 in retail) and Rs 15 per kg for tomatoes (Rs 40 in retail). So who's eating up the dosh? No prizes for guessing!

Ever thought why Sharad pawar always wants to be agriculture minister.. :grin::grin:

 

[Kumata]

Agreed. But then the stock market will sink without a trace!! And with it your hard earned investments!

Fuck the stock market.. its a tool for super rich to be more rich on the expense of poor people...remeber easy money spoils you to the core...

 

[ezsasa]

Fuck the stock market.. its a tool for super rich to be more rich on the expense of poor people...remeber easy money spoils you to the core...

And Indian stock market is a scam at a different level, when you buy Indian shares you are not actually buy a share of the company.

Others can correct me if I am wrong.

 

[Craigs]

Ever thought why Sharad pawar always wants to be agriculture minister.. :grin::grin:

Did you factor in the cost of fuel+bulk storage+wastage?

 

[Kumata]

Did you factor in the cost of fuel+bulk storage+wastage?

Irrespective of above, triple the price ????

 

[Craigs]

Irrespective of above, triple the price ????

You will be surprised how much simply wastage adds to the equation.

 

[Kumata]

You will be surprised how much simply wastage adds to the equation.

Go ahead.. I prefer to be corrected rather than livings in fools paradise...

 

[Why so serious?]

Last year, Cognizant became the second IT firm after TCS to employ over 200,000 employees in India.
Cognizant steps up campus hiring, hikes starting salaries by up to 18%
3 min read . 10 Feb 2020Ayushman Baruah

• New Jersey-based firm plans a 30% increase in recruitment of engineering and science graduates this year
• India is a high-growth, attractive market for Cognizant, says chief executive Brian Humphries

BENGALURU : Nasdaq-listed Cognizant Technology Solutions Corp. plans to hire more technical graduates in India this year as a growing number of students equip themselves with digital skills. The company aims to hire more than 20,000 students from campuses in India this year, according to Brian Humphries, chief executive officer (CEO), Cognizant.

“With more and more university students becoming digitally ready, we have decided on a 30% increase in our hiring of engineering and science graduates for 2020," Humphries said in an email interview.

The Teaneck, New Jersey-based firm has also increased annual campus salaries for engineering graduates by 18% to ₹400,000.



“The acceptance rate for offers we have made in about 100 premier engineering campuses is more than 80%, reflecting increased confidence in Cognizant. This is much higher than recent years," Humphries said.

Cognizant’s plans to grow its India workforce comes even as the company announced laying off 10,000-12,000 employees in the September quarter as part of a programme to optimise costs and simplify its organizational structure. Last year, Cognizant became the second information technology firm after Tata Consultancy Services Ltd (TCS) to employ more than 200,000 employees in India. TCS is India’s largest IT sector employer with a total headcount of about 440,000 employees.

“India is a high-growth, attractive market for Cognizant," Humphries said.


Cognizant aims to leverage the local talent and capabilities within India. “There is a palpable initiative among Indian enterprises to attain and in some cases even define global benchmarks in digital adoption. They are increasingly focusing on the imperative to ‘think fast’ and ‘think forward’ to strengthen their relevance for the future," said the Cognizant CEO.

Last week, Cognizant expanded its presence in Karnataka with a new, 100,000 square feet facility in Mangalore that can accommodate more than 1,100 employees. It also has operations in Bengaluru and Mysuru with a total of about 29,000 employees in the state. Most of its employees in India are based in Chennai.

“To ensure we have the right digital skills in a supply-constrained environment, we have doubled our investment in Cognizant Academy in 2020. This will enable us to reskill and redeploy our people towards our digital imperatives. To accelerate our digital momentum, we believe we need to hire or reskill approximately 25,000 resources in 2020, and we have started to operationalise this," Humphries said. Cognizant sees commercial opportunity in India, which is its largest global hub for employees. “We have built a very strong position in India with our digital solutions, as well as end-to-end transformational engagements in sectors such as financial services, insurance, retail, life sciences, manufacturing, and education. We currently have approximately 80 clients in India across these industries," Humphries said.


India’s strength in digital capabilities is in tune with Cognizant’s global vision, according to which it aims to extend its capabilities in the four key areas of data, digital engineering, cloud, and the internet of things. The company’s digital revenue continues to grow more than 20% year-on-year and comprised 38% of total revenue in the December quarter.

 

[Roshan]

It's already there... not at 500% though ..you cannot tax beyond a point.. no doubt those well off will or have migrated to US / Canada or Australia already including many of my friends selling their properties and everything... they do regret it but than quality of life is too good to be ignored and than it all boils down to " What do i get back after paying to useless govt my whole life" and i have no answers...Ultimately, Our taxes are spend giving freebies / subsidies and help relection of netas.. nothign else.. while ideally they should be spending these taxes on building nation.... Poor continue to bloat their stomach earning nothing and living off subsidised ration / housing and everything..what do i get after paying 5 grand each year as taxes... Baba ji ka Ghanta

Another problem is reservation... i could have easily cleared PMT way back in 1997 but lost by 2 marks.. while those with 35 marks are doctors today.. its any ones guess how those doctors are....and another reasonwhy health facilities are suffering... same with IAS / IPS or other imp govt functions...U see people do not want govt jobs b,cause they want to do some thing for society and nation but b,casue its easy money.. if nothing ,, govt will offer them VRS in BSNL styles and voila.. you are lakhpati by doing nothing.....

Agree on the quality of life bit but your money goes a lot further in india than it does any first world country. People who migrate from india to the first world trade in their mostly upper middle class lifestyles to live like paupers almost and project an image of success online. More than half of the people from my peer group who have gone abroad belong to this category even though most won't admit it.