Indian Economy: News and Discussion

[Concard]

and ..

India’s Russian oil imports jump to 10-month high in May

India’s crude oil imports from Russia climbed in May to hit the highest in 10 months due to reduced ...

www.polymerupdate.com

Exclusive: India's Reliance to buy Russian oil in roubles, sources say

https://www.reuters.com/markets/commodities/indias-reliance-buy-russian-oil-roubles-sources-say-2024-05-28/

Sberbank sees spike in Rupee credit requests from Russian firms expanding in India

Sberbank sees spike in Rupee credit requests from Russian firms expanding in India

Sberbank meets Russian companies' demand for rupee credit amid increased financing needs in foreign currencies.

www.thehindubusinessline.com

Are we still paying them in INR for Oil? How does paying in roubles work?

 

[ezsasa]

Are we still paying them in INR for Oil? How does paying in roubles work?

trade with russia happens thru these accounts.
====
Explained: How special Rupee Vostro accounts can facilitate India-Russia trade

https://www.livemint.com/news/india/indiarussia-discuss-vostro-accounts-to-address-payment-related-concerns-s-jaishankar-11681784897058.html

2023
RBI approved 34 applications from Russian banks for vostro accounts: Govt

https://www.business-standard.com/finance/news/rbi-approved-34-applications-from-russian-banks-for-vostro-accounts-govt-123080200811_1.html

2024
Russia ‘uses up much of its ₹ balance in Indian banks’

Russia ‘uses up much of its ₹ balance in Indian banks’

Russia has used up $8 billion rupee balance in India, but officials are not concerned due to investments and trade.

www.thehindubusinessline.com

 

[Haldilal]

Ya'll Nibbiars

1 .

Flaminia Ecarb India opens manufacturing plant in Pune, Maharashtra

India is the first foray of Ecarb Italy Srl outside of Europe

www.indianchemicalnews.com

2 .

M&M to invest Rs 5000 crore in Farm business till FY27 | Autocar Professional

M&M to invest Rs 5000 crore in Farm business till FY27

www.autocarpro.in

3 .

Godrej Appliances Expands R&D Facility in Pune

The extended R&D facility with additional new area of 43,000 sq ft will enable the brand to potentially double its R&D manpower strength as well. Manufacturing | InFocus

smestreet.in

4 .

First batch of made-in-India 'Nagastra-1' delivered to Army: Key features of this 'suicide drone' | India News - Times of India

India News: NEW DELHI: Solar Industries, based in Nagpur, has delivered the first indigenously developed Loitering Munition, Nagastra–1, to the Indian Army.

timesofindia.indiatimes.com

5 .

L&T bags 'large' offshore order from ONGC

The scope of work includes engineering, procurement, construction, installation, and commissioning of four wellhead platforms, 140-km pipeline and associated topside modifications at Tapti Daman block at a Western offshore location, the company said.

m.economictimes.com

6 .

CTC Global Opens ACCC® Core Production Facility in Pune, India

CTC Global is pleased to announce the grand opening of its fifth ACCC® Conductor Core manufacturing facility - located in Pune, India. CTC Global sele

www.businesswire.com

7 .

Mercedes Benz to make Rs 3,000 crore investment in Maharashtra: minister

German car-maker Mercedes Benz will invest Rs 3,000 crore in Maharashtra, according to state Industries Minister Uday Samant. During his visit to Germany, Samant met with top executives of Mercedes Benz to discuss investment opportunities. This investment is expected to create employment...

m.economictimes.com

8 .

Mumbai in line to house govt’s animation centre of excellence

The government plans to establish a National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, and Comics (AVGC) in Mumbai, along with proposing an AVGC policy to boost the sector's growth and unlock its potential.

economictimes.indiatimes.com

9 .

M&M to strengthen its auto game with 23 launches in pipeline by 2030 - ET Auto

The Mumbai-based company targets to have INR 27k crore capex and investment between FY25-27. Mahindra and Mahindra has given a detailed outlook to expand the auto and farm business where it is focusing on bringing more options for potential buyers in both the sectors.

auto.economictimes.indiatimes.com

10 .

IMC India leases office in Mumbai’s BKC at Rs 700 per sq ft/month for short tenure

The company has leased nearly 43,000 sq ft office space on the 34th floor of sea-view premium commercial tower Altimus in central Mumbai for a long-term tenure of 10 years at monthly rental of Rs 350 per sq ft.

economictimes.indiatimes.com

11 .

CleanMax Enviro Energy targets 3000 MW capacity by 2026

CleanMax Enviro Energy Solutions, backed by Brookfield Renewable, aims to increase operational capacity to over 3,000 MW by June 2026. The company has expanded to 8 states in India, with significant growth in commercial and industrial segments.

m.economictimes.com

12 .

Komatsu to refurbish coal mining equipment in India

Service center in Nagpur to tap country's growing energy demand

asia.nikkei.com

 

[dfcool]

Reasons why Germany is going downhill, described by German.

Interestingly - except 4, Everything is applicable to India and many other countries.

Without solving deep problems with IRON FIRST, A Country may not achieve its long term Goals in its due course.

1) Mindset and Culture. The idea of entrepreneurship, hard work and reward for risk is becoming completely alien to Germans. New technologies and high growth sectors are almost exclusively perceived in terms of their risks and downsides. Security, reliance on the government for problem solving and tall poppy syndrome are paramount.

2) aka Babudom: Overly complex civic systems. Germans always were famous for their bureaucracy. But government interference in the most minute details of running a business, endless red tape and micro regulations have made it largely impossible to be competitive on the international stage.

3) Poor Work Ethic. What? The Germans? Aren’t they known to be the hard working ones? Well - somehow, our trains are also known to be the punctual ones. These cliches might have been true during the “Wirtschaftswunder” - but today, Germans work the fewest hours of any OECD country.

4) Climate Focus. Germany’s government is focused on a largely ideologically driven understanding of climate change prevention. It’s not just that Russian gas is no longer available - in addition all nuclear power plants were shut off. Climate regulation and taxation also adds to rising energy prices and production costs.

5) Worker Rights: Germany has very high levels of worker protections, making it hard to scale workforces up and down and near impossible to dismiss employees for performance reasons.

6) High Taxes. Germany has some of the highest corporation and personal income taxes in the developed world. And while e.g. Scandinavian countries have even higher taxes, in Germany it doesn’t feel like you’re getting something of equal value back from the state. This is of course highly subjective.

7) Few Future Industries. Germany’s industry has focused on gas powered mobility and advanced machine building - and has become a world leader in many of these areas. It has, however, very few software, AI, or other companies that make up the bulk of e.g. the US economic growth.
(the opposite is true in india, India lacks heavy, precise machinery industries but good at Software)

 

[Arjun Mk1A]

Reasons why Germany is going downhill, described by German.

Interestingly - except 4, Everything is applicable to India and many other countries.

Without solving deep problems with IRON FIRST, A Country may not achieve its long term Goals in its due course.

1) Mindset and Culture. The idea of entrepreneurship, hard work and reward for risk is becoming completely alien to Germans. New technologies and high growth sectors are almost exclusively perceived in terms of their risks and downsides. Security, reliance on the government for problem solving and tall poppy syndrome are paramount.

2) aka Babudom: Overly complex civic systems. Germans always were famous for their bureaucracy. But government interference in the most minute details of running a business, endless red tape and micro regulations have made it largely impossible to be competitive on the international stage.

3) Poor Work Ethic. What? The Germans? Aren’t they known to be the hard working ones? Well - somehow, our trains are also known to be the punctual ones. These cliches might have been true during the “Wirtschaftswunder” - but today, Germans work the fewest hours of any OECD country.

4) Climate Focus. Germany’s government is focused on a largely ideologically driven understanding of climate change prevention. It’s not just that Russian gas is no longer available - in addition all nuclear power plants were shut off. Climate regulation and taxation also adds to rising energy prices and production costs.

5) Worker Rights: Germany has very high levels of worker protections, making it hard to scale workforces up and down and near impossible to dismiss employees for performance reasons.

6) High Taxes. Germany has some of the highest corporation and personal income taxes in the developed world. And while e.g. Scandinavian countries have even higher taxes, in Germany it doesn’t feel like you’re getting something of equal value back from the state. This is of course highly subjective.

7) Few Future Industries. Germany’s industry has focused on gas powered mobility and advanced machine building - and has become a world leader in many of these areas. It has, however, very few software, AI, or other companies that make up the bulk of e.g. the US economic growth.
(the opposite is true in india, India lacks heavy, precise machinery industries but good at Software)

Two of their Flagship is getting shafted by Chinese now.

Solar - Entire supply chain is captured by Chinese.
Automobiles - Could not able to compete against Chinese EV Companies and their own cars are becoming pricier with shit level software.

Apart from that, in last decade they are another lapdog of US.

 

[slayingheaven]

Two of their Flagship is getting shafted by Chinese now.

Solar - Entire supply chain is captured by Chinese.
Automobiles - Could not able to compete against Chinese EV Companies and their own cars are becoming pricier with shit level software.

Apart from that, in last decade they are another lapdog of US.

I mean they walked right into trap of Chinese. The Politicians are funded by Bourgeois CEO/Shareholder class so that the Chinese could gobble up their Industry and as for why would they do that? Simple: Immediate Money and Short Term Returns. After all CEO and Shareholders would get Returns instantly and doesn't care about impending CCPest tactics in future. Germany now has only two industries alive and thriving that it takes sometime for Chinese to beat them i.e Precision Manufacturing Machinery and related Precision Industry like Zeiss or 3D-Printing or such and another is Engines. Of course no one could beat them now since it is not easy to break into these fields as they require a traditional legacy of decades. But, they gonna get rekt in future. Guess Germs have to move out their ass and slog in future and not gonna flaunt their EuroPoor lifestyle.

 

[ezsasa]

4 lakh crore over four years translating to 2 lakh jobs.
so roughly 2 crores of investment needed for 1 job to be created, for these industries.
======
PLI scheme to attract Rs 3-4 lakh cr investments over 4 yrs; pvt sector capex may accelerate: Icra

PLI scheme to attract Rs 3-4 lakh cr investments over 4 yrs; pvt sector capex may accelerate: Icra

Production-Linked Incentive (PLI) scheme is projected to draw investments worth Rs 3-4 lakh crore over four years, creating 2 lakh jobs. Icra Executive VP K Ravichandran foresees private sector capex growth in sectors like oil, gas, metals, healthcare, and cement, with potential tax breaks to...

economictimes.indiatimes.com

 

[Blackmamba]

4 lakh crore over four years translating to 2 lakh jobs.
so roughly 2 crores of investment needed for 1 job to be created, for these industries.
======
PLI scheme to attract Rs 3-4 lakh cr investments over 4 yrs; pvt sector capex may accelerate: Icra

PLI scheme to attract Rs 3-4 lakh cr investments over 4 yrs; pvt sector capex may accelerate: Icra

Production-Linked Incentive (PLI) scheme is projected to draw investments worth Rs 3-4 lakh crore over four years, creating 2 lakh jobs. Icra Executive VP K Ravichandran foresees private sector capex growth in sectors like oil, gas, metals, healthcare, and cement, with potential tax breaks to...

economictimes.indiatimes.com

Where is the 2 lakh figure coming from this what govt is stating
pib.gov.in/PressReleaseIframePage.aspx?PRID=1996964
Production Linked Incentive Schemes witness over Rs. 1.03 lakh crore of investment till Nov 2023

PLI Schemes lead to production/ sales of Rs. 8.61 lakh crore and employment generation of over 6.78 lakh

 

[ezsasa]

Where is the 2 lakh figure coming from this what govt is stating
pib.gov.in/PressReleaseIframePage.aspx?PRID=1996964
Production Linked Incentive Schemes witness over Rs. 1.03 lakh crore of investment till Nov 2023

PLI Schemes lead to production/ sales of Rs. 8.61 lakh crore and employment generation of over 6.78 lakh

as it says in the news article, it's ICRA's estimates for future investments. ICRA is a credit rating agency.

they are talking about capex investment, so we have to assume they are talking about direct jobs created by capex investment.
govt numbers will include direct and indirect jobs, as it says in the pib statement.

 

[ezsasa]

Essar
=====
"We are building a green ammonia, a green hydron project in Jamnagar. We are going to invest around Rs 30,000 crore. The idea is to create green molecules that can be transported directly rather than green ammonia. Because you carry green ammonia and then you convert it into hydrogen. That cost is very high. So we are trying to build a complex which can make green molecules from hydrogen and largely in the biofuels space and export that," Prashant Ruia, director of Essar Capital, tells
@PTI_News

 

[sauntheninja]

Essar
=====
"We are building a green ammonia, a green hydron project in Jamnagar. We are going to invest around Rs 30,000 crore. The idea is to create green molecules that can be transported directly rather than green ammonia. Because you carry green ammonia and then you convert it into hydrogen. That cost is very high. So we are trying to build a complex which can make green molecules from hydrogen and largely in the biofuels space and export that," Prashant Ruia, director of Essar Capital, tells
@PTI_News

Wonder why stuff like this never makes the mainstream news

 

[ezsasa]

Wonder why stuff like this never makes the mainstream news

PTI is as mainstream as it gets, you should be wondering why these things do not get amplified.

 

[MadMaxFuryR]

Reasons why Germany is going downhill, described by German.

Interestingly - except 4, Everything is applicable to India and many other countries.

Without solving deep problems with IRON FIRST, A Country may not achieve its long term Goals in its due course.

1) Mindset and Culture. The idea of entrepreneurship, hard work and reward for risk is becoming completely alien to Germans. New technologies and high growth sectors are almost exclusively perceived in terms of their risks and downsides. Security, reliance on the government for problem solving and tall poppy syndrome are paramount.

2) aka Babudom: Overly complex civic systems. Germans always were famous for their bureaucracy. But government interference in the most minute details of running a business, endless red tape and micro regulations have made it largely impossible to be competitive on the international stage.

3) Poor Work Ethic. What? The Germans? Aren’t they known to be the hard working ones? Well - somehow, our trains are also known to be the punctual ones. These cliches might have been true during the “Wirtschaftswunder” - but today, Germans work the fewest hours of any OECD country.

4) Climate Focus. Germany’s government is focused on a largely ideologically driven understanding of climate change prevention. It’s not just that Russian gas is no longer available - in addition all nuclear power plants were shut off. Climate regulation and taxation also adds to rising energy prices and production costs.

5) Worker Rights: Germany has very high levels of worker protections, making it hard to scale workforces up and down and near impossible to dismiss employees for performance reasons.

6) High Taxes. Germany has some of the highest corporation and personal income taxes in the developed world. And while e.g. Scandinavian countries have even higher taxes, in Germany it doesn’t feel like you’re getting something of equal value back from the state. This is of course highly subjective.

7) Few Future Industries. Germany’s industry has focused on gas powered mobility and advanced machine building - and has become a world leader in many of these areas. It has, however, very few software, AI, or other companies that make up the bulk of e.g. the US economic growth.
(the opposite is true in india, India lacks heavy, precise machinery industries but good at Software)

Baba Kalyani briefly mentions and acknowledges Point 3 (watch starting from 7:32).

 

[Crazywithmath]

Thread



Have not gone through the details yet but Bihar, UP performing better than Bengal;

 

[dfcool]

Today's AI is same as EV in early 2010s. Very Costly, even for developed countries. So Only with unlimited money can offord it (Likes of USA, Microsoft, Google, Apple etc)

India companies can only play pivotal role in AI only when ROI is good.

So the ultimate solution would be not GPUs but CPU run AI models. There is some early progress but long way to go.

============

1 H100 nvidia GPU consumes 30x electricity in a year as an Ola S1 scooter!

H100 power is 700W standalone nd ~1KW w peripherals. That’s 1x24x365 = 8.7 MWh energy/yr

S1 efficiency is 30km/KWh. 20 km/day driving. That’s 20x365/30 = 0.25 MWh/yr

 

[sauntheninja]

Thread



Have not gone through the details yet but Bihar, UP performing better than Bengal;

View attachment 258280

Bihar UP figures looking too good?

 

[NutCracker]

Today's AI is same as EV in early 2010s. Very Costly, even for developed countries. So Only with unlimited money can offord it (Likes of USA, Microsoft, Google, Apple etc)

India companies can only play pivotal role in AI only when ROI is good.

So the ultimate solution would be not GPUs but CPU run AI models. There is some early progress but long way to go.

============

1 H100 nvidia GPU consumes 30x electricity in a year as an Ola S1 scooter!

H100 power is 700W standalone nd ~1KW w peripherals. That’s 1x24x365 = 8.7 MWh energy/yr

S1 efficiency is 30km/KWh. 20 km/day driving. That’s 20x365/30 = 0.25 MWh/yr

.
Unnecessarily brought up his Ola stats. Even consumer grade GPU's like latest 4090 goes upto 450W now days. He should concentrate on AWS like Cloud services as he tweeted few weeks back. It is becoming way too expensive and offers huge profit margin.

 

[vin bharat mahan]

Check the situation of hiring in center in last 10 year.

SSC paper got leaked twice. Then the selected candidates had to wait for 2-3 years to get the joining letters. many are still waiting for get the letter.

that delay of 2-3 year happened in 2018 nd 2019 papers....now things r moving smoothly in SSC CGL. oh last year only ASO post in CAG nd some other post get delayed for joining job in SSC CGL. now joining happening in 6-12 months in most post of SSC CGL.

 

[vin bharat mahan]

Ya'll Nibbiars The Public Opinion is not with the F.M. mostly even so called Government supporters critizing the reappointment.

lol...ye 12 lakh yearly kamane walo ke liye tier 3 me rehne me problem aa rahi bol raha. or 12 lakh tak tax free krne ko bol raha.....ye pagla gaya hai kya, hum log or ye log alag 2 parallel india me jee rahe hai kya?? government job wale 50000 approx monthly me kese chala rahe apna ghar?? saudi nhi hai bhai ye, jo jab mann aaya tax me discount de diya. government ka budget aadhe se kam ho jayega, agr 12 lakh kamane wale tak taxx me chhoot mil gayi to.
isse badiya ye ninja technique sikh lo:-

 

[NutCracker]

lol...ye 12 lakh yearly kamane walo ke liye tier 3 me rehne me problem aa rahi bol raha. or 12 lakh tak tax free krne ko bol raha.....ye pagla gaya hai kya, hum log or ye log alag 2 parallel india me jee rahe hai kya?? government job wale 50000 approx monthly me kese chala rahe apna ghar?? saudi nhi hai bhai ye, jo jab mann aaya tax me discount de diya. government ka budget aadhe se kam ho jayega, agr 12 lakh walo ko taxx me chhoot mil gayi to.
isse badiya ye technique sikh lo:-

.
India is one of those rare countries where 2X of GDP per capita goes untaxed, and Pajeet Bharti wants to make it 4X. Govt should be asked to curb private school fees instead of tax reliefs.