Indian Economy: News and Discussion

[FalconSlayers]

 

[DG7867]

indian economy: India's economy likely contracted 12% in Q1: Report - The Economic Times

m-economictimes-com.cdn.ampproject.org

I would take this report with a bucket-full of salt.

Car sales: The only indicator that partially supports this conclusion is car sales, It was 1.03 lakh for May 2021, but comparing to May 2020 (36K), that's 65% growth w.r.t. 2020.​

GST: GST collections recorded 2% growth w.r.t. May 2019 & 31% growth w.r.t. May 2020.​

Direct taxes: Direct taxes up by 85% compared to last year.​

Exports: Exports up by 46%​

​

Reports like this really makes me wonder if these so-called "Brokerage firms & Rating agencies" (particularly Anglo-Saxon ones) have any connect with the ground realities at all. Classical case being- Current chief economist of IMF was previously the economic advisor for Kerala government. Need I say anything more?

 

[warriorextreme]

Impossible!
We were posting record GST collection throughout the Q1, Industries were busy fulfilling the Huge pending backlog of orders from around the world. Exports were all time high!

I am not sure how these things work and if these predictions are true at all but below two articles might shed some light on this. (One of them is behind paywall but few lines that are visible mention that we have seen increase in tax collection while decrease in GDP growth in 2008-09 as well during global economic crisis)

Is India an outlier when it comes to tax-GDP ratio?

India's tax-GDP ratio appears respectable when compared to other developing countries or emerging markets

www.livemint.com

India’s GDP is down 7%, so how's Centre earning more tax? - Times of India

India News: In a year when the economy shrank 7.3%, the government’s tax kitty swelled by almost 6%. So what gives?

timesofindia.indiatimes.com

 

[sauntheninja]

I would take this report with a bucket-full of salt.

Car sales: The only indicator that partially supports this conclusion is car sales, It was 1.03 lakh for May 2021, but comparing to May 2020 (36K), that's 65% growth w.r.t. 2020.​

GST: GST collections recorded 2% growth w.r.t. May 2019 & 31% growth w.r.t. May 2020.​

Direct taxes: Direct taxes up by 85% compared to last year.​

Exports: Exports up by 46%​

​

Reports like this really makes me wonder if these so-called "Brokerage firms & Rating agencies" (particularly Anglo-Saxon ones) have any connect with the ground realities at all. Classical case being- Current chief economist of IMF was previously the economic advisor for Kerala government. Need I say anything more?

I'm totally confused reading this article is it saying we declined 12% in the whole quarter or only in the month on June?

 

[FalconSlayers]

I'm totally confused reading this article is it saying we declined 12% in the whole quarter or only in the month on June?

Q1

 

[FalconSlayers]

I'm totally confused reading this article is it saying we declined 12% in the whole quarter or only in the month on June?

Lol Q1 isn’t even over yet, And they predicted the GDP growth rate already. r/Lmao.

 

[sauntheninja]

Lol Q1 isn’t even over yet, lmao.

the article makes no sense tbh we only lost the last week of April and May to lockdowns how did we decline a whopping 12% then

 

[IndianYonko]

Lol Q1 isn’t even over yet, And they predicted the GDP growth rate already. r/Lmao.

Quoting in-house data from UBS-India activity indicator, Tanvee Gupta Jain, the economist at the Swiss brokerage, says the indicator suggests that economic activity has contracted an average of 12 per cent in the June 2021 quarter as against 23.9 per cent in June 2020 quarter.

SO CALLED IN HOUSE DATA

 

[FalconSlayers]

Quoting in-house data from UBS-India activity indicator, Tanvee Gupta Jain, the economist at the Swiss brokerage, says the indicator suggests that economic activity has contracted an average of 12 per cent in the June 2021 quarter as against 23.9 per cent in June 2020 quarter.

SO CALLED IN HOUSE DATA

The 1st quarter of FY2021 is only half over yet, we still have 40+ days left for it to end, these rating agencies are truly a joke, this gave me a shock at first.

 

[IndianYonko]

The 1st quarter of FY2021 is only half over yet, we still have 40+ days left for it to end, these rating agencies are truly a joke, this gave me a shock at first.

13 days.. Q1 is from 1st April - 30 June.

Then again data they have must be atleast a month/15 days old.

 

[FalconSlayers]

13 days.. Q1 is from 1st April - 30 June.

Then again data they have must be atleast a month/15 days old.

Sorry my bad

 

[Haldilal]

Ya'll Nibbiars here the Catch.

The Debt MF is not tax free under any conditions. It has 10% tax on the interest accrued after 3 years, and 15% on interest earned below 3 years.

Still, I recommend a debt MF over FD for convenience of money management no forced TDS on a yearly basis, even though one has to pay the tax cumulatively in whichever year they redeem their money. It also gives the flexibility to withdraw money in portions as and when needed, as opposed to breaking the FD. It's convenient, but not safer. The core difference between a debt MF and FD is that, a debt fund is a market-linked product and an FD is not. If large number of MF investors start redeeming their funds, then your NAV will take a hit for no fault of yours. Basically, there is always a looming risk that the bond market can crash like the equity market. Compared to that, an FD backed by gormint or a PPF fund is much safer.

 

[Haldilal]

Ya'll Nibbiars

The Bankruptcy tribunal NCLT has raised doubts over "confidentiality" of the liquidation valuation of the assets of Videocon Industries and its 12 group companies during the insolvency process. The liquidation value of Videocon Industries and its 12 group companies was Rs 2,568.13 crore and fair value of the assets was Rs 4,069.95 crore. While the bid amount submitted by Twin Star Technologies in the resolution plan was Rs 2,962.02 crore. Applicant Twin Star Technologies also valued all the assets and liabilities of all the 13 companies and arrived at almost the same value of the registered valuers.

As per the CIRP Regulations. The liquidation value is ascertained through two registered valuers and is kept as confidential along with fair market value. It is informed to the Committee of Creditors members only at the time of finalising the bids. Videocon Industries and its 12 group companies had a total admitted claims of Rs 64,838.63 crore. It has requested the Committee of Creditors and Twin Star Technologies to increase the payout amount to these operational creditors as they are getting only 0.72 per cent of their admitted claim amount.

 

[fire starter]

 

[sorcerer]

Khadi Village Industries Commission (KVIC) Records Highest Ever Turnover in FY 2020-21 Despite Covid-19 Pandemic


Posted On: 17 JUN 2021 1:53PM by PIB Delhi



In a year completely marred by Covid-19 pandemic, Khadi and Village Industries Commission (KVIC) has recorded its highest-ever turnover. In the year 2020-21, KVIC registered a gross annual turnover of Rs. 95,741.74crores, as compared to Rs. 88,887 crores turnover in 2019-20, thus, registering an increase of 7.71%.


KVIC’s record performance in 2020-21 assumes great significance as production activities remained suspended for more than three months during the nationwide lockdown announced on March 25 last year. During this period, all Khadi production units and sales outlets too remained closed that severely affected the production and sales. However, KVIC swiftly rose to the Hon’ble Prime Minister’s clarion calls for “Aatmanirbhar Bharat” and “Vocal for Local”. The innovative marketing ideas of Minister for Micro, Small and Medium Enterprises, Shri Nitin Gadkari further diversified KVIC’s product range, scaled up local production and paved the way for Khadi’s successive growth.


Compared to the year 2015-16, the overall production in Khadi and Village Industry sectors in 2020-21 has registered a whopping growth of 101% while the gross sales during this period increased by 128.66%.


A host of initiatives like launch of Khadi e-portal, Khadi masks, Khadi footwear, Khadi Prakritik Paint, Khadi hand sanitizers, etc., setting up of a record number of new PMEGP units, new SFURTI clusters, Government’s push to “Swadeshi” and KVIC’s historic agreements with Paramilitary forces for supply of provisions increased the turnover of village industry sector during the pandemic. Compared to the production of Rs. 65,393.40 crores in 2019-20, the production in village industry sector increased to Rs. 70,329.67 crores in 2020-21. Similarly, in FY 2020-21, the sales of village industry products stood at Rs. 92,214.03 crores as compared to Rs. 84,675.29 crores in 2019-20.


The production and sales in the Khadi sector, however, slightly declined as spinning and weaving activities across the country took a major hit during the pandemic. The overall production in the Khadi sector in 2020-21 was recorded at Rs. 1904.49 crores as compared to Rs. 2292.44 crores in 2019-20, while the overall Khadi sales stood at Rs. 3527.71 crore as compared to Rs. 4211.26 crore in the previous year.


KVIC Chairman Shri Vinai Kumar Saxena said that during the Pandemic people responded enthusiastically to the calls of “Aatmanirbhar Bharat” and “Vocal for Local”. He said that during this period, KVIC’s main focus was to create sustainable employment for artisans and unemployed youth. Faced with economic distress, ----------
----------------------
Wipe out china and we will see revival of our own products and produce

 

[sorcerer]

The National Helpline and Reporting Platform provides a mechanism for persons cheated in cyber frauds to report such cases to prevent loss of their hard earned money

Posted On: 17 JUN 2021 7:38PM by PIB Delhi



Reinforcing the commitment of the Modi Government to provide safe and secure digital payments eco-system, the Union Home Ministry under the leadership of the Home Minister Shri Amit Shah has operationalised the national Helpline 155260 and Reporting Platform for preventing financial loss due to cyber fraud. The National Helpline and Reporting Platform provides a mechanism for persons cheated in cyber frauds to report such cases to prevent loss of their hard earned money


The Helpline was soft launched on April 01, 2021. The Helpline155260 and its Reporting Platform has been made operational by the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs, with active support and cooperation from the Reserve Bank of India (RBI), all major banks, Payment Banks, Wallets and Online Merchants.


TheCitizen Financial Cyber Fraud Reporting and Management System has been developed in house by I4C to integrate Law Enforcement Agencies and Banks and Financial Intermediaries. It is currently being utilized along with 155260by seven States and Union Territories (Chhattisgarh, Delhi, Madhya Pradesh, Rajasthan, Telangana, Uttarakhand and Uttar Pradesh) covering more than 35 per cent of the country’s population. Roll out in the others States for pan-national coverage is underway to prevent the flow of money siphoned off by fraudsters. Since, its soft launch, in a short span of two months, Helpline155260 has been able to save more than Rs.1.85 crore of defrauded money from reaching the hands of fraudsters, with Delhi and Rajasthan saving Rs.58 lakh and Rs.53 lakh respectively.


The facility empowers both the banks and the police, by leveraging new-age technologies for sharing online fraud related information and taking action in almost real time. The loss of defrauded money in online cheating cases can be stopped by chasing the money trail and stopping its further flow before it is taken out of the digital ecosystem by the fraudster.


The Helpline and its associated platform operate on the following workflow:

2. 2. Victims of cyber fraud call on Helpline no. 155260, which is manned and operated by the concerned State Police.
   4. The Police operator notes down the fraud transaction details and basic personal information of the caller and submits them in the form of a Ticket on the Citizen Financial Cyber Frauds Reporting and Management System.
   6. The Ticket gets escalated to the concerned Banks, Wallets, Merchants and so on, depending on whether they are the victim’s bank or the bank/wallet in which the defrauded money has gone.
   8. An SMS is also sent to the victim with an acknowledgement number of the complaint with direction to submit complete details of the fraud on the National Cybercrime Reporting Portal (https://cybercrime.gov.in/) within 24 hours, using the acknowledgement number.
   10. The concerned Bank, which can now see the ticket on its dashboard on the Reporting Portal, checks the details in its internal systems.
   12. If the defrauded money is still available, the Bank puts it on hold, ie., the fraudster cannot withdraw the money. If the defrauded money has moved out to another Bank, the Ticket gets escalated to the next Bank to which the money has moved out. This process is repeated until the money is saved from reaching into the hands of the fraudsters.

Currently, the Helpline and its Reporting Platform has all the major public and private sector banks onboard. The notable ones include – State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India, Union Bank, IndusInd, HDFC Bank, ICICI Bank, Axis, Yes and Kotak Mahindra Bank. It also has all major wallets and merchants such as PayTM, PhonePe, Mobikwik, Flipkart and Amazon linked to it.


The success of the Helpline and Reporting Platform can be gauged from the fact that on several occasions, the cheated money has been stopped from reaching fraudsters even after it has been moved by the cheats to five different banks to hide the trail.

 

[sorcerer]

Indian economy turns the corner in June, show data


The Indian economy began regaining momentum in June, ultra-high frequency data indicate, though subdued consumer sentiment is expected to limit the pace of recovery in Asia’s third largest economy. This comes as states gradually ease curbs on business activity, keeping in mind the decline in the number of fresh Covid cases.

Indian economy turns the corner in June, show data

The week ended June 13 was at least the third consecutive week in which economic activity sequentially gained momentum

www.hindustantimes.com

 

[ladder]

Mazagon Dock Shipbuilders puts Rs 2K-crore greenfield capex on hold

Mazagon Dock Shipbuilders puts Rs 2K-crore greenfield capex on hold

The company plans to continue with its annual maintenance capex of Rs 100 crore for FY22

www.business-standard.com

@Haldilal

 

[Haldilal]

Mazagon Dock Shipbuilders puts Rs 2K-crore greenfield capex on hold

Mazagon Dock Shipbuilders puts Rs 2K-crore greenfield capex on hold

The company plans to continue with its annual maintenance capex of Rs 100 crore for FY22

www.business-standard.com

@Haldilal

Ya'll Nibbiars temporary decision that was for the commercial ship building's.

 

[LondonParisTokyo]

Ya'll Nibbiars Remeber the Digital Currency as not eco friendly as the paper currency they requires a lot of energy. And now you have to decide to use the Digital currency or not.

Bitcoin is an extremely inefficient way to conduct transactions, saying the amount of energy consumed in processing those transactions is staggering. And one bitcoin transaction requires about 707.6 kilowatt-hours of electrical energy, the amount of energy the average U.S. household consumes in 24 days. And examined blockchain's online security, and the energy efficiency of proof-of-work public blockchains, and in both cases found it grossly inadequate. The 31–45 TWh of electricity used for bitcoin in 2018 produced 17–22.9 MtCO2.

Then before making wild comment that the Digital currency are great think.

That's if you follow the Proof of Work model. There is such a thing as Proof of Stake, which is less energy intensive.