India's economic crisis 2019

YagamiLight

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So the economy is in free fall, NPAs are piling up. Fiscal deficit is sky high and is being cooked up, GDP growth is now around 5% and is looking to fall further, investments are drying up, manufacturing is down and the govt is cooking the books and are lying and unemployment is at all time high since independence.

I think it's time to take a step away from modi bhakthi and time to start discussing the economic meltdown staring us in the face
 

YagamiLight

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Btw, are the bhakton at least now accept Demonetisation waas a bad idea and that it killed the informal sector, gdp growth and finances and has actually hurt the tax collection overall?
 

Tibarn

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The land law reform attempt was a debacle. They didn't have a plan to tackle opposition chutiyapa and so they folded at the first sign of opposition. Land reform has been on the backburner ever since. Who knows when someone will have the guts to tackle it.
 
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So the economy is in free fall, NPAs are piling up. Fiscal deficit is sky high and is being cooked up,
If you can call em sky high right now, what they were when UPA too was around.
unemployment is at all time high since independence
State of unemployed people is simply not comparable with those today. An unemployed guy in a middle income family today has much better life than employed farmers of that time.

The slowdown is a byproduct of global roadblocks. But calling it "crisis", laughable.
I think it's time to take a step away from modi bhakthi and time to start discussing the economic meltdown staring us in the face
We all are discussing it on relevant thread.

There is no "bhakthi" involved here. It's you who is calling out Modi here. Anyone else didn't even bother poltics.

And no matter what bullsh!t you spew, India prior to rise of right wing was even more incompetent.


Simply comprehend, what's the solution? Will a Gandhian socialist & nepotist party like Congress if it regains power will take any measure ever to recover economy? Ghanta!!
We have only party to try, succeed & fail. There is no alternative. So, better keep politics out.
Btw, are the bhakton at least now accept Demonetisation waas a bad idea and that it killed the informal sector
Informal sector recovered shortly after demonetization & its jobs & transactions were back as cash jam was temporary. Instead of throwing rhetorics, offer a real explanation.

Current slowdown has nothing to do with demonetization. A currency replacement act has ZERO long term consequences.
In no way, it just formalized GDP.
and finances and has actually hurt the tax collection overall?
AFAIK, tax collection actually jumped along with GDP growth (formalized) after demonetization as a result of initial stagnation. Then, everything was going normal thereafter.

https://theprint.in/opinion/indias-economic-crisis-has-only-one-root-cause/280917/

It's sad that traditional left wing rags like print make more sense than the supposed business friendly govt.
Besides NPA accumulation part, all other things are rhetorics & unrelated and commented on zabardasti.
 
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varun9509

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So the economy is in free fall, NPAs are piling up. Fiscal deficit is sky high and is being cooked up, GDP growth is now around 5% and is looking to fall further, investments are drying up, manufacturing is down and the govt is cooking the books and are lying and unemployment is at all time high since independence.

I think it's time to take a step away from modi bhakthi and time to start discussing the economic meltdown staring us in the face
Cool down boy, even the Chinese Economy has been just a week away from crashing down for the last 30 years.

I don't know if you know this, when we have a fever, we don't automatically take it as a disease but a simple body mechanism. It does not need a paracetamol every time. It just needs time to push out all toxins.

A free market economy (like India and unlike the Fed controlled USA) is just like that, going through phases. The demonetization and GST made some administrative changes to the structure of the economy, in an effort to take it to an organised form which can be regulated, monitored and taxed properly.

A slowdown today is the result of several factors including this, but it doesn't have to mean we go back to the ways where people from all spheres of business (small, medium and large enterprises) were evading regulations and taxes, at the expense of the consumers population. We the people as consumers should welcome such moves because they bring quality products and services for us. Rome wasn't built in a day, so chill and give some time to the new economy.
 

varun9509

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Btw, are the bhakton at least now accept Demonetisation waas a bad idea and that it killed the informal sector, gdp growth and finances and has actually hurt the tax collection overall?
Not a bhakt myself. But you are trying to take this thread into political sense. What do you propose, we elect Rahul Gandhi who talks about UBI, huh? Let me tell you one thing, UBI would become one more tool for the Congress leeches and their cronies to loot our wealth, just like MNREGA and other programmes.
 

Samar Rathi

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So Congress cells are activated. Economy is down and i agree but you will see some jump back in next quarter.

Our Financed minster is not up to mark and last budget was shit and she is trying to cover the damage now.

However if you think it is priority, it is not. Focus is elsewhere and you can not change our focus now as we are in too deep and can not flinch now.

Stability is backbone of commerce and once we sort out Pakistan situation we will put our full focus on it. In the meantime society need to stand up and take economy responsibility.
 

Haldiram

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Btw, are the bhakton at least now accept Demonetisation waas a bad idea and that it killed the informal sector, gdp growth and finances and has actually hurt the tax collection overall?
Working in the informal sector does not give someone an inalienable right to keep operating in cash and dodge taxes forever. They are welcome to have their books audited, declare their wealth, pay tax and resume their business. They'll have to create pension and provident fund accounts for all their employees. Business owners don't want to do that. They want to earn in cash and pay their employees in cash, so that they can dodge taxes and hire and fire employees with no formal record of their income or employees. This is the Congie way of doing things.
 

Absolut_Vodka

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Slowdown can happen in economy but it doesn't mean you grab govts collar before they remedy the situation. You calling other bhakts means you have political agenda.

And I am sick of the pattern. Everytime GoI faces drawback in any field, all piddis and naxals come out of gutters only to be returned back to their caves with double humiliation and fervour.

This has been so everytime and this time too.
 

ForigenSanghi

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If fiscal deficit of 3.4 % is sky high then what would you call UPA's fiscal deficit of 6.5% ?
Not to mention the GDP growth which was at 3.4% under congis with an inflation of 10.5%. :rofl:
Still remember when mms had banned gold imports and was even deterring people from buying gold ETFs in 2011-12.

Sometimes I start ranting about how Modi is ignoring economy but right then some chut!ya congi crawls out of its hole and reminds me that we have no other options. :frown:
 

ashdoc

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Do give a review of the book if possible...
Well , I have started reading the book . The author first writes about history of demonetizations done before.

She gives examples of earlier demonetizations in India in 1946 and 1978 . She says that in 1946 the then RBI governor Sir Chintaman Deshmukh had opposed the demonetization. Again in 1978 the RBI governor I G Patel had opposed demonetization.

In 1978 the janata government had already declared in its election manifesto about note ban and hence people were more prepared. But both in 1978 and 1946 only 1000 5000 and 10000 rupee notes were banned . At that time only rich people had these notes and common people were not affected .

She also gives examples of demonetizations in foreign countries like Burma Nigeria Russia Ghana north Korea which were totally unsuccessful. She wonders why modi government didn't learn from this history.

Now she is coming to 2016 demonetization. But I have just begun reading that . She says that the really rich were not affected by note ban . Most of their black money was in swiss banks , gold and property. The ones affected were small and medium traders .

She also gives reason for introduction of 2000 rupee note which made future hoarding of money double easy . She says the large number of notes could not be replaced easily in short time and hence it was decided to pack larger volume of money in 2000 rupee note . So more money cash could be back in the system quickly in smaller number of notes .

Also she asks why new notes were of different size than old notes . That made calibration of ATMs to new size note more lengthy and contributed to shortage of cash in early post demonetization period .

She says that the RBI was forced to accept the decision of demonetization and this started the process of erosion of it's independence. Also she claims that wall street journal says that modi government had raised fears of taking advice from quacks by implementing the decision .

I am writing as I read because later I might forget what I read . Completed only one fourth of the book .
 
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Joker

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Btw, are the bhakton at least now accept Demonetisation waas a bad idea and that it killed the informal sector, gdp growth and finances and has actually hurt the tax collection overall?
The problem with Indian economy was ,that majority of the economy was in informal sector, and informal sector was flourishing as it never had to contribute to nation. With demonitization, the chunk of liability of govt, liability which was not contributing, went out of the window. Thus informal sector is showing slowdown as not it has to compete with formal sector, which was fighting a two pronged battle-bearing the burden of the economy and the unfair ground rules of economy made by a robust and sprawling informal economy,. The "slowdown" we are witnessing today is a mere side effect of loss of unaccounted, disposable income ,be it for corporates or the common man on the street. And it will continue for atleast few more years
 

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