Indian Economy: News and Discussion

[jackprince]

Ya'll Nibbiars Fuel under GST state funds will be hurt. Aur Fascist ki sazish GOI unable to bring it under the GST. Maut ka saudagar. And sadly many of this are from Kerala, Tamil Naidu, Karnataka, Delhi. And also few from Andhra pradesh, Bengal, Maharashtra, UP.

The comment are lits.

Minister is just fooling the common persons.

If the intention of the Govt was to lower the fuel prices and give relief to common man, then they would have done it without such GST council meet 'formalities' which is actually a hogwash, at least for fuel price consideration under GST. Even if they bring it under GST regime, please do not expect any reasonable relief. May be 3-5 rupees at the max...thank UP election for that.

The above break up of fuel prices in Delhi tells you how the central taxes have made the mockery of deregulated prices. For folks who think states are the ones who oppose GST for the sake of it, no one wants to let go off the cash cow, be it anyone. However, please note the share of taxes for both petrol and diesel.

While the excise duties remain almost same for both petrol and diesel, it’s the diesel which attracts less VAT than petrol in Delhi. The price difference remains more than ₹10 and should help the commercial sector. Many states have reduced the VAT component to at least provide some respite but the same cannot be said about the excise part. Meanwhile, we continue to pay higher prices in which the tax component is actually more than the product itself- almost a diamond-water paradox.

Most of them think Modi is to blame.

Modi is indeed to blame. GST regime came during his tenure, he failed to incorporate that.

Even if I accept it to be a necessary compromise to pass the bill, the huge fuel cess that constitutes a major part pof the price to the consumer, is unacceptable especially when whole nation is reeling under the sky high rise of fuel prices. It is not only middle class who gets impacted, but every single societal sector. Remember that the Govt didn't pass on the reduction in prices when fuel prices were at all time low.

Had there been a worthwhile opposition who could string two words together, BJP's ass would have been on fire. Modi is a lucky guy who faced only nincompoop's in his opposition 7 years straight!

 

[Okabe Rintarou]

He is from Azerbaijan so he should not be pro India.
But then what is the use of hearing or watching any piece of info that boast Indian ego. We should be good realistic feedback and learn from mistakes.
While we are on good track, lots of work remain mainly at our society level. How to treat each other, giving each other respect irrespective of caste, creed or religion may help alleviate many of society ills.

1.) Its not because he isn't pandering to our ego. His feedback isn't always realistic. I've seen him compare India to China in the imperialism metric. Do you think India has imperial tendencies at all? Let alone those comparable to Chinese ones?
2.) Taking care of our society and removing its ills should be something done through introspection, not through prompts of external actors, because external actors, more often than not, are neither from our cultural background, nor share our desire for India's well-being.
Sorry for OT.

 

[jackprince]

Urban Planning is the Biggest Pain point of this Nation. People just don't understand the Gravity of this problem and think It is not a big deal. I will give u a real world example. Two out of my three friends in Kolkata can't buy a car because there is no place to park in front of there Homes. The main road is 4 Km away and is wavy like hell, two cars and jam happens. Just think how much demand curtailment happens bcoz of this.

Same for many other cities , people can give there own examples. New Age cities are the only choice. I am not seeing any hope of demolition China style to remodify cities due to public pressure.

So we can hope new urban centres make the Old cities/old part of cities redundant. Like Noida, Gurgaon makes OLD Delhi redundant. No kiraidaar culture, making 3 storied bldg for renting purpose BS. WE NEED SUB-URBAN REVOLUTION, Is Modi listening?

China style demolition would create an Evergrande.

The old cities obviously wont have the infra like newer planned cities. Yet many don't leave because of the character of the older part of cities that blends into their own characters and in their blood. Most inner old city folks of Kolkata that I have met simply can't imagine life in open area of suburbia. Same for me - I being a suburbia born and brought up, find the city life suffocating even if the place I live is considerably more open and well connected than the old Kolkata.

However, the demand curtailment in car market doesn't mean that the money is not ultimately reaching the market. Those who don't buy cars, use it to buy something else. Ultimately, those with disposable income will always find a place to spend. Most of the New Yorkers don't have a car despite being among the highest per capita income group in the world. It doesn't mean that their money isn't finding its way into the market in other ways.

Anyhow, in a separate note, the real estate in India, especially in metroes, is already over-inflated despite there being more supply than demand available in the market. Indian real estate market is a stone's throw away from creating another sub-prime crisis - a desi version.

 

[sauntheninja]

China style demolition would create an Evergrande.

The old cities obviously wont have the infra like newer planned cities. Yet many don't leave because of the character of the older part of cities that blends into their own characters and in their blood. Most inner old city folks of Kolkata that I have met simply can't imagine life in open area of suburbia. Same for me - I being a suburbia born and brought up, find the city life suffocating even if the place I live is considerably more open and well connected than the old Kolkata.

However, the demand curtailment in car market doesn't mean that the money is not ultimately reaching the market. Those who don't buy cars, use it to buy something else. Ultimately, those with disposable income will always find a place to spend. Most of the New Yorkers don't have a car despite being among the highest per capita income group in the world. It doesn't mean that their money isn't finding its way into the market in other ways.

Anyhow, in a separate note, the real estate in India, especially in metroes, is already over-inflated despite there being more supply than demand available in the market. Indian real estate market is a stone's throw away from creating another sub-prime crisis - a desi version.

We need to create new cities like china did somehow lessen the burden on our metropolitan cities so that they can become livable while creating new urban centres

 

[jackprince]

As per Finance Commission, centre has to share 42% of central taxes with the state governments. It's called devolution. [41% to states + 1% to J&K UT].
That 42% is split between different states based on certain criteria.

Direct taxes : If 100 rupees is collected as Income tax then 42 rupees will be transferred to States and centre will have 58 rs.

Indirect taxes : If 100 rupees is collected as GST then half is State GST and half is Central GST. Now this central GST also has to be transferred to states at 42%. So for 100 rupee GST, centre will get only 29 rupees.

Not so much where Cess is concerned. Cess is not shared with states

Cess, surcharge share doubles to 19.9% of central taxes in FY21: Report

The share of cesses and surcharges in the gross tax revenue of the Centre has nearly doubled to 19.9 per cent in 2020-21 from 10.4 per cent in 2011-12

www.business-standard.com

‘Centre’s high fuel cess is hurting states’

The excessive taxation on fuel is curtailing states’ ability to spend on health and administration, Kerala FM said

www.livemint.com

 

[jackprince]

We need to create new cities like china did somehow lessen the burden on our metropolitan cities so that they can become livable while creating new urban centres

The new cities or the extended cities are already being built around every old cities and metroes.

Navi Mumbai in Mumbai, Gurgaon near Delhi, New Town in Kolkata - all are just that. Only, unlike crazy bat-eaters we are not dead set on demolishing everything and erasing our roots.

We beilieve in options - just as every democracy should. Those who love the close knit bonding of gallis and mohollas of old cities, they have their own place and those who want to 'live' in fresher environment, they can too.

 

[Coalmine]

I've seen this guy's videos multiple times, seems like he is biased against India, but very good at masking it.

Most foreign channels are biased unless they are doing reaction to Indian food, restaurants or bollywood songs or need viewss in general.

 

[sorcerer]

India has emerged as 4th largest exporter of Marine products in the world: MoS I&B Dr L Murugan

India has emerged as 4th largest exporter of Marine products in the world: MoS I&B Dr L Murugan - NewsOnAIR -

MoS I&B Dr L Murugan said that India has emerged as the 4th largest exporter of Marine products in the world. After inaugurating the Vanijya Saptah programme organised by the Directorate General of Foreign Trade in the Madras Export Promotion Zone at Tambaram in Chennai, he said, marine products...

newsonair.com

 

[Haldilal]

Modi is indeed to blame. GST regime came during his tenure, he failed to incorporate that.

Even if I accept it to be a necessary compromise to pass the bill, the huge fuel cess that constitutes a major part pof the price to the consumer, is unacceptable especially when whole nation is reeling under the sky high rise of fuel prices. It is not only middle class who gets impacted, but every single societal sector. Remember that the Govt didn't pass on the reduction in prices when fuel prices were at all time low.

Had there been a worthwhile opposition who could string two words together, BJP's ass would have been on fire. Modi is a lucky guy who faced only nincompoop's in his opposition 7 years straight!

Ya'll Nibbiars and herby modi resigns.

 

[jackprince]

Ya'll Nibbiars and herby modi resigns.

View attachment 112035

Well, you gotta admit that he faced the opposition where Pappu, Momota, Akhilesh, Stalin, Khujli et are 'leaders'. They don't have any vision except how to bully their way to power and Modi learnt the pulse of the people.


Just see what are the clownish issues being raised by the opposition - he held umbrella, he took photos and what rubbish! It is not just a coincidence that Pappu is called the biggest campaigner for BJP.

 

[Tang]

IT sector can not grow on its own it needs manufacturing

Nice joke

 

[sauntheninja]

The new cities or the extended cities are already being built around every old cities and metroes.

Navi Mumbai in Mumbai, Gurgaon near Delhi, New Town in Kolkata - all are just that. Only, unlike crazy bat-eaters we are not dead set on demolishing everything and erasing our roots.

We beilieve in options - just as every democracy should. Those who love the close knit bonding of gallis and mohollas of old cities, they have their own place and those who want to 'live' in fresher environment, they can too.

I would much rather live in a cookie cutter city with all the modern amenities than a city that has a lot of history but has cranky infrastructure might be cool to visit as a tourist but not live for a long period of time

 

[jackprince]

I would much rather live in a cookie cutter city with all the modern amenities than a city that has a lot of history but has cranky infrastructure might be cool to visit as a tourist but not live for a long period of time

That's just what I said. what 'you' would like doesn't translate into what everyone 'should' like. Everyone should have a choice. You just can't impose your want onto others.

My son most probably would never like to live in places other than crowded cities as he is growing up in a city, but I still crave for my life of pre-1990 suburbia. If I had an option, I would have shifted to a less crowded place with open area - may be some relatively urbanised village. But, my son already gets tired of open spaces and crave for buildings, cars and lights. I used to draw trees, open fields, rising suns and village markets, huts when I was 6 year old, and my son today draws buildings, cities and cars.

It is how we grow up that builds our perspective.

 

[jackprince]

The issue never was whether you prefer living in a city or not the problem rather is our cities are not livable unless you stay in gated societies with amenities. I will give you an example building metros in mumbai is a great idea but it has totally choked the roads by making it narrower why because when roads were being built nobody thought they would need a metro system so its just kinda shoehorned in rather than it being an natural extension to the city compare this to other cities around the world where their leaders had envisioned that they would need to upgrade their public transport and for them it was easy to build

Not livable by whose standard? The metric shouldn't be set based on some imported concept of ideal. It is required that people deal with the situation in hand rather than hoping for an opportunity to start from the beginning afresh. It doesn't happen in real world. Real world doesn't give an opportunity to do a do over.

Indian cities are overcrowded by the standard of almost any other nation, except perhaps China. So, it is given that an unique set of challenges would be faced by the metroes of India. The space is premium in every metro cities in India without a fail. Had they been not 'livable' people wouldn't have had flocked there. Neither would the businesses that operate from there.

Anyhow, the idea of extension of an existing city is to incorporate the larger population and give the breathing room for those who seek it. A perfect solution for the challenges of real world that Indian cities face.

 

[Crazywithmath]

Modi is indeed to blame. GST regime came during his tenure, he failed to incorporate that.

Honestly, INC proposed a better GST system with fewer slabs and a highest slab of 12%. But as usual they could not implement it. While it's true that the current system is definitely better than the previous one and is projected to help economic growth in the longer run; there is simply no point having the most complex GST system in the world. I mean it has been 4 years and these guys are still btinging newer product categories in the 28% slab, WTF.

Nimo Tai is indicating that the inverted duty structures will be taken up first once the pandemic is over and the states have reached some sort of consensus regarding this issue. The duty lowering and merging of slabs would be taken up even later! May the Almighty be with us however I am not sure whether even the Almighty can help us.

 

[ezsasa]

Honestly, INC proposed a better GST system with fewer slabs and a highest slab of 12%. But as usual they could not implement it. While it's true that the current system is definitely better than the previous one and is projected to help economic growth in the longer run; there is simply no point having the most complex GST system in the world. I mean it has been 4 years and these guys are still btinging newer product categories in the 28% slab, WTF.

Nimo Tai is indicating that the inverted duty structures will be taken up first once the pandemic is over and the states have reached some sort of consensus regarding this issue. The duty lowering and merging of slabs would be taken up even later! May the Almighty be with us however I am not sure whether even the Almighty can help us.

How many GST slabs was INC proposing ?

 

[Crazywithmath]

How many GST slabs was INC proposing ?

Not more than 3 iirc
Even Jaitely promised that eventually the number of slabs would be reduced.

 

[Crazywithmath]

Here is what the FM is saying.
Part-1.

Nirmala Sitharaman Interview, Part One: "We Are On A Spending Offensive”

With barely four months to go before her next budget, Finance Minister Nirmala Sitharaman dismisses any suggestion that there is a reluctance to spend on part of the Centre. Part one of a four-part interview.

swarajyamag.com

Part-2.

Nirmala Sitharaman Interview, Part Two: 'Privatisation Is Moving, And It Won’t Take Forever'

[object Object]

www.google.com

Part-3.

Nirmala Sitharaman Interview, Part Three: 'GST Rate Rationalisation Is On, Only Timing Is The Issue'

In this third and final part of her interview to Swarajya, Finance Minister Nirmala Sitharaman speaks about the GST regime and the reforms that are being worked on related to that.

swarajyamag.com

 

[ezsasa]

Not more than 3 iirc
Even Jaitely promised that eventually the number of slabs would be reduced.

even with the current number of slabs, what exactly is the problem?

small businesses don't file GST returns anyways. MSME and above will have IT solutions to handle GST documentation. from a company perspective, all ERP softwares are equipped to handle tax. tax rates are fed along with the material master, software takes care of rest of the process. just that sales tax and VAT calculations have been replaced with something else.

 

[Crazywithmath]

'swiftly'