Tracking Indian Economy till general elections 2019

[sorcerer]

India's tightened consumer goods standards could hurt China imports

NEW DELHI:

India
is tightening quality controls for consumer and capital goods, officials say, a move that follows calls to curb cheap imports from

China
amid diplomatic tensions between the world's two most populous nations over their shared border.

The new rules target toys, electronic goods, machinery, food processing, construction and chemicals, sectors dominated by China, and come amid greater scrutiny of mainland firms looking to enter India's multi-billion dollar power transmission and telecoms business.

For India's toy retailers, who import everything from toy cars to musical phones and even robots from China, the new requirements have meant supply disruptions just ahead of the Diwali festive season.

The government's Bureau of Indian Standards (BIS) has approximately 23,000 standards across industries, many of which are never fully enforced, officials say. Now, government departments have been asked to carry out laboratory tests and spot inspection to ensure goods conform to the regulations.

"We have started this work on a war footing, to have quality control orders for almost every product that we are consuming in the country," said Ramesh Abhishek who heads the Department of Industrial Policy and Promotion.

The new rules apply to both foreign manufacturers and domestic firms.


However, two people familiar with trade policy who did not want to be named said the sectors targeted are ones in which China controls more than two-thirds of the market, such as toy and stainless steel good industries, and where there have been "chronic" complaints of substandard products.

Separately, Indian Steel Secretary Aruna Sharma said her department will soon release new guidelines, raising quality norms for welded stainless steel pipes that are used in oil and gas as well as construction sector.

"There is evidence of China exporting semi-finished and finished goods using stainless steel that do not meet the BIS standards," Sharma said.

India's trade ministry did not respond to Reuters' request for comment on the new rules. China's Foreign Ministry referred questions to the Commerce Ministry, which did not immediately respond to request for comment.

Bilateral trade between India and China boomed to $71.45 billion in 2016-17 from $1.83 billion in 1999-2000, though most of this is skewed to Chinese exports.

The trade deficit has widened to $51.1 billion over the past year, a nine-fold increase over the last decade, despite repeated Indian calls for China to address the imbalance and open its markets.

Those trade differences are now being amplified by the resurfacing of a long-running border dispute, which has stirred protectionist sentiment in India.

In June, a nationalist group tied to Prime Minister Narendra Modi's ruling party began a campaign to discourage the use of Chinese goods in the country.

The Swadeshi Jagran Manch, an affiliate of the main Hindu nationalist organisation that fights for domestic industry and agriculture, has planned a protest rally in Delhi later this month against the influx of Chinese products.

TOYS FROM CHINA

The new testing requirements for toys focus on their chemical content and flammability and demand more stringent testing for those that are electrically operated.

China accounts for 85 percent of India's $760 million toy industry and these are priced at anything from 50 cents to $150.

Several toy importers are urging the government to delay the new regulations until the festival season is over, saying it would choke supply.

"It comes out of the blue, with no forewarning and gives no time for retailers to prepare for compliance," said Kumar Rajagopalan, CEO, Retailers Association of India that represents over 1,000 members.

"As a result, it will have grave consequences, such as losses in terms of huge amounts of money paid as advance by retailers to suppliers overseas and a loss of jobs as some businesses that sell only toys will have to shut shop."

While the new rules could hurt local retail consumption, other industry participants argue they will ultimately help local firms by improving standards and keeping low-end imports in check.

They follow similar moves in August, when the government ordered makers of light emitting diode (LED) bulbs to register their products with the BIS for safety checks in an industry where smuggling of Chinese products is rampant.

"There is a need for stronger enforcement for compliance to these standards," said Sumit Joshi, vice chairman and managing director, Philips Lighting India, the country's largest LED maker

https://economictimes.indiatimes.co...d-hurt-china-imports/articleshow/61132063.cms

 

[sorcerer]

1 million Maharashtra farmers to get farm loan waiver benefits today

Mumbai: The first set of one million farmers in Maharashtra will get the benefit of loan waivers on 18 October, chief minister Devendra Fadnavis announced in Mumbai on Tuesday. The farmers are spread across all districts of Maharashtra and the amount on account of loan waiver will be deposited directly into their accounts on 18 October, Fadnavis said.

By 15 November, 80% of the eligible farmers would have received their loan waiver benefits, the chief minister assured.

Fadnavis declared a farm loan waiver on 24 June after the Bharatiya Janata Party (BJP)-led government in Maharashtra came under intense pressure from the farm lobby and opposition parties after the announcement of a similar sop by the BJP government in Uttar Pradesh.

The Maharashtra loan-waiver was initially estimated to cost Rs34,022 crore but Fadnavis said on Tuesday that the government was not yet in a position to make a precise estimate since several amendments have been made to the original scheme.

“The number of farmers to be covered under the scheme was estimated to be higher as per the initial estimates given by the banks but there has been a correction in these numbers. At the same time, more farmers have been added after we decided to implement the scheme from 2009 instead of 2012 as determined earlier. We will know the precise cost of loan waiver only after the full implementation,” the chief minister said.

When the loan waiver was announced, the government said it would benefit nearly 8.9 million farmers, based on data shared by the State Level Bankers’ Committee (SLBC). But bio-metric identification and online applications, together with the linkage between Aadhaar number and bank accounts, have helped the government identify at least 1.5 million accounts that belong to farmers who are not eligible for loan waiver. Asked if there would be action against these account holders, Fadnavis said the priority right now was delivering the loan waiver benefits to the deserving farmers. “We will come to that later,” he said about these accounts.

Fadnavis justified the online application system to identify genuine farmers who met the criteria determined by the government. “The online database that we have prepared has helped banks and the government weed out fake accounts. Now even the nationalized banks have admitted that the initial estimate about the number of beneficiary accounts was not entirely correct,” he said.


The online application system was launched on 24 July.

Fadnavis said the state had nearly 13.6 million farmers and more than 10 million of them had enrolled for the scheme by undergoing biometric identification. “That 10 million farmers enrolled themselves just in one-and-a-half month proves the online system was a big success,” he said.

Of these 10 million farmers, 6 million had completed their online applications for loan waiver benefits, he said. As some applications mention more than one bank account held either by the farmer or his family members, these 6 million applications involve between 7.7 and 8 million accounts. “These accounts are now being checked and tallied with the biometric data and other information like ration card. The first set of one million farmers who will receive their benefits tomorrow have cleared all scrutiny,” he said.

The chief minister claimed that the online system had helped the government and banks identify fake accounts and also avoid mistakes of omission and commission committed during the implementation of the 2008 and 2009 loan waiver schemes when “undeserving people got the benefits”.

“In 2008 and 2009, it was the banks who benefited most from the loan waivers. This time,we are making sure that deserving farmers get the benefit,” Fadnavis said.

'
http://www.livemint.com/Politics/TK...rmers-will-get-farm-loan-waiver-benefits.html

 

[sorcerer]

Invest India: The inside story of a unique industry-government collaboration to attract FDI into India

Climb the stairs to the first floor of the Vigyan Bhavan Annexe on Delhi’s Maulana Azad Road, and on the left is the Ministry of Development of North Eastern Region. It’s a typical sarkari office with a long corridor, a large section room, cabins of various shapes and sizes for officers and the minister, and tiny rooms for personal assistants. And you won’t miss the sight of peons carrying nadawali files tied with the infamous red tape, from one room to another.

Now, take a few steps back and, instead of veering to the left, turn right. You will enter a well-lit, swanky corporate office with India branding all over the walls. A part of the corridor is modified to run a canteen, with many an employee choosing to spend more time there, sipping coffee and peering into their laptops and smartphones.

As this writer walks into this office, he meets Madhumitha Ramanathan, one of the 108 employees working there. She is neither a deputy secretary nor a joint secretary to the Government of India; she introduces herself as an assistant vice-president. Ramanathan had worked with Goldman Sachs and had experience in equity trading, IPOs, trader surveillance securities and inventory management, before pursuing her MBA at Oxford University. “At the end of my MBA, I had two roles to choose from: head of strategy, Europe, of Amazon in Munich, or assistant VP at Invest India, New Delhi. I chose to return to my country. My parents are happy that their daughter is contributing to building the new India”.

Welcome to Invest India, an investment promotion agency in which the government has 49% equity, the rest is equally divided among three industry bodies — CII, Ficci and Nasscom — thereby technically making it a private entity. While the Department of Industrial Policy & Promotion (DIPP) has a 43.5% stake in the agency, 5.5% has been transferred to 11 states (0.5% each), including Maharashtra, Madhya Pradesh, Telangana and Kerala; this makes the states stakeholders in the mission of Invest India: to woo foreign direct investments (FDI).

Money Matters
Between October 2014 and September 2017, Invest India brought in foreign investments worth $7.4 billion, leading to the creation of 94,312 jobs, according to data available with the agency till last week. That’s still not a huge number compared with the whopping $43 billion worth of FDI that India attracted in 2016-17. But Invest India’s role in attracting FDI is only getting bigger, as it chases 571 foreign companies with a potential investment worth $83 billion. ET Magazine learns that the companies that are considering investments of $1 billion and above in India include French and Korean carmakers Peugeot and Kia Motors respectively, Swedish retail and furniture maker

Ikea
, Chinese real estate company

Wanda
, French defence and aerospace major

Airbus
, Swedish apparel retailer H&M and Chinese wind energy and housing company Sany.

NITI Aayog CEO and former DIPP secretary Amitabh Kant explains how the government, after rolling out the Make in India campaign in September 2014, had felt the need for a dedicated field agency to target foreign companies and pursue them to invest in India. “We had two options — either to create a new agency altogether or give life to an existing one. We chose the latter.

The idea was to make the field agency chase big foreign companies with little presence in India and even handhold those till they set up factories,” he says. Before joining NITI Aayog, Kant was DIPP secretary for two years beginning March 2014, driving the Make in India campaign to woo foreign investors into the manufacturing sector.

Ground Reality

Last week, ET Magazine made two visits to the Invest India office at a time when some 10 executives were out on the field across India, escorting foreign investors — two each in Telangana, Andhra Pradesh and Gujarat, among others. As the agency signs a no-disclosure bond with potential investors, it can’t divulge much on an impending project or its location. Many companies don’t want their competitors to have a clue about their India venture till the actual construction begins. Invest India does not charge any consultancy fee from its customers; its employees receive a salary marginally higher than government levels.

Invest India offers employees a unique blend of sarkari, private sector — largely multinational — and entrepreneurial experience. As Vivek Abraham, who headed the European sales desk of SBI Capital Markets in London before joining Invest India, explains: “I was keen on looking for jobs outside of the financial services sector, and my wife and I had just had our first baby and wanted to be closer to our parents. After Invest India, I will probably be working on my own venture; a regular corporate role will probably not offer as much as Invest India does.”




In pic: The cafeteria at Invest India where employees talk shop
The success of employees like Abraham, though, will ultimately be judged by hard numbers. Much will depend on how much of the $83 billion investments in the pipeline get translated into actual investments on the ground.

Clive Turton, president (Asia Pacific) of Danish wind turbine maker Vestas, acknowledges the role of Invest India in pushing its Gujarat blade factory project, for which construction permits were received in just 22 days, as against the norm of 60.

“Power at the factory site was made available in six months rather than the usual 18 months due to the effective influence of the Invest India cell,” said Turton in an emailed interview. ET Magazine also visited the Rs 500 crore factory that was built near Ahmedabad in a record 15 months between 2015 and 2017. Invest India is also credited with bringing back French automaker Peugeot, which had exited India twice in the past.

Critics, however, question the job-creation ability of FDI and also at times the quality of the funds. If FDI data for the last seven years are considered, it has always been on a rise barring 2012-13 when the inflow fell by 36%. But that was mostly attributed to the very high base of the previous year — $35.1 billion in 2011-12, the highest during the 10-year-long UPA regime. During the last three years, FDI has been impressive at $30.9 billion (2014-15), $40 billion (2015-16) and $43.4 billion (2016-17).

Sachin Pilot, a former Union corporate affairs minister in the Congress-led UPA regime, does not foresee any fall in FDI despite weak economic indicators, like a declining GDP. “FDI into India has been on the rise because we are still growing faster than the rest of the world. But the hot money, whether in the form of FII (into the stock markets) or FDI, is not necessarily going to create jobs. What India needs now is growth with jobs, not jobless growth.”

Former finance secretary Arvind Mayaram questions the quality of FDI that India has attracted during recent years. “It’s being reported that a large proportion of the recent FDI is buying into stressed assets, obviously at distress prices. This kind of FDI is predatory in nature and it comes from investors with deep pockets and long-term appetites. As demand in the market is weak, considering idle capacity in most industries, FDI is seeking high returns but over the long term.”

So, can good FDI numbers be sustained amid sliding economic indicators? “Why not? India is now the most liberalised country for FDI inflows. 98% FDI comes via the automatic route. Our target should now be to reach $100 billion annual FDI in the next two years,” says Kant of NITI Aayog. Over to Invest India.

https://economictimes.indiatimes.co...tract-fdi-into-india/articleshow/61165128.cms


Critics can have a field day ..thats why they are called critics and they have the right to stick to their reputation.

 

[sorcerer]

Why countries like Switzerland, Singapore, Sweden and Japan are focused on making more Indians employable
Last week, India andJapansigned a memorandum of understanding (MoU) to send 3 lakh Indian workers for on-jobtrainingto Japan. Not too far away, two World Bank-backed schemes of Rs 6,655 crore for skill development got the government nod.

Around the same time in Sweden, a delegation led by minister Suresh Prabhu, while soliciting investments, also made a pitch to Swedish honchos to partner in skilling Indian workers. And

last month, backed by the government, LinkedIn signed a pact with IL&FS Skills Development Corporation to roll out the first-ever platform to upskill blue-collar Indian workers and help them network and find jobs.

Earlier, National Skill Development Council (NSDC) had joined hands with Google to train Indian app developers. Then, Asian Development Bank is helping roll out skill programmes from Himachal Pradesh to Odisha.

Ties are being forged with academic institutions like Australia’s Deakin University and Harvard Business School, US, to monitor and aid NSDC’s skill development programmes. Talks are on with community colleges from the US and Canada to beef up India’s vocational training infrastructure.

India is staring at a job crisis. In a country with over 470 million workers, how to create jobs and make Indians employable is the government’s biggest worry. Efforts within the country are on to find some answers.

Equally, an overseas push too is intensifying. PM Narendra Modi’s tenure has been marked by warm diplomatic ties. This warmth has traditionally given a boost to bilateral trade, investment and defence ties. Skilling Indian workers and helping them find jobs just got added to that list.

MoUs and partnerships with countries and companies, universities and trade delegations, have surged. Collaborations with MNCs and their respective industry bodies (say, Business Sweden) are in the works. Avenues to open up global job markets for Indian workers are being explored; example: geriatric caregivers for Japan’s ageing population.

Sweden wants 50,000 fresh women IT graduates from India. Help is coming India’s way from multilateral and bilateral bodies like the World Bank, Japan International Cooperation Agency ( JICA) and the ADB. NRIs too are chipping in, with some wanting to set up skills universities. “Jobs and skilling workers is a tough problem to solve. It cannot be done overnight. But we will do everything we can to solve it,” says Manish Kumar, MD of NSDC.



Helping Hand
There are multiple reasons for countries, companies and multilateral bodies becoming willing partners in Kumar’s endeavours. “Today, one in every five young persons in the world is an Indian. Our role as a multilateral agency is to present India as the human resource capital,” says Shabnam Sinha, lead education specialist, World Bank. Adds Kenichi Yokoyama, country director, ADB: “India is our largest borrower, and also among the best performing.

Now we are focusing our attention on low-income states… skill development and capacity-building will be critical.” Japan has multiple reasons for its multi-level support to India’s skill development push. An ageing population, a shrinking home market and surging Japanese investments in India are nudging a culturally insular Japan to support India. “India has supported us in difficult times. Now it is our time to help,” says Takema Sakamoto, head of JICA India.

India could do with a helping hand. At present, a disparate set of factors — slowing growth, elusive investment, demonetisation and GST along with automation (like banking), global headwinds (in IT services) and structural shifts (in telecom and even agriculture) — has led to rising unemployment in a populous country that adds close to a million new workers every month.

High inflation or high unemployment or both can often decide electoral fortunes. The government is in its fourth year and the 2019 general elections are on the horizon. On the one hand, desperate efforts are on to revive investment and create jobs. On the other, the government is trying hard to equip millions of unskilled and uneducated workers for a tech-led world.

It is a tough problem to solve. At 287 million, India currently has the world’s largest illiterate adult population, says UNESCO. Over 45% of India’s workers are employed in low productivity agriculture. Worryingly, 31% of India’s youth (15-29 years) are NEETs or not in employment, education or training, as per an OECD survey. Dated and poor quality education has created a serious employability issue. Over 80% of engineers are unemployable, according to various studies. Compounding this is India’s growing demographic bulge. By 2027, India will have the world’s largest workforce (between 15 and 64 years) crossing a billion and outpacing China.

It was for this reason that the Congress-led UPA government set up NSDC in 2010. In 2015, the BJP-led NDA government went a step further, targeting to train 400 million workers by 2022 under PMKVY (the Pradhan Mantri Kaushal Vikas Yojana). It has failed miserably. Of the 30.67 lakh candidates trained under the programme (as of July 2017), just 2.9 lakh got jobs. Many issues have riddled the initiative. Multiple authorities, an ill-equipped NSDC, a poor job-creation climate, sub-par training institutes, data fudging and misaligned incentives are just a few. “I see it not as a failure but as a part of the learning curve. Other nations have taken decades to reach where we are today in such a short time,” says Narayanan Ramaswamy, partner, KPMG India. Since last year, as part of a course correction, a raft of measures, including a top deck reshuffle, has been rolled out.

It is in this context that new global partnerships must be viewed. “Combining scale with speed and being flexible as a government body — that’s the toughest part. How do you forge partnerships within those boundaries to deliver?” is what keeps NSDC’s Kumar awake at night. How to ensure that the electorate keeps the faith will also be giving the government some sleepless nights.

World Bank: Training of Thought


The mission:
A $250 million

Skill India
Mission Operation (SIMO) was approved early this year for Skill India programme

The journey: The World Bank is allocating $250 million to help the Indian government in its Skill India programme. SIMO will focus on four result areas — institutional strengthening to deliver high-quality training programme; improving workers’ quality and market relevance; enhancing access for women and disadvantaged groups and expanding skill training through PPP. SIMO is creating a Skills Fund with $38 million, or 50% of the fund, the other half coming from private-sector CSR money; the fund will be operated by NSDC. SIMO will tap into global experience to bring in financial incentives to deliver high-quality training packages at scale. To bring in some competitive spirit, states’ performance will be graded based on their scores. Good ones will be incentivised through state incentive grants.

In pic: Supported by World Bank, young workers train at IL&FS Institute of Skill at Okhla, Delhi
ADB: Into the Skilling Fields


The mission:
With $10 billion funds over the next five years, ADB is focusing on skills, besides infrastructure-building, to boost India’s growth

The journey: ADB's plans stand on two important strands — focus on poorer states like UP, Bihar, Jharkhand, Odisha and Chhattisgarh, and a special emphasis on employability and capacity building.

It aims to create well-paying jobs in India and upskill workers through skill development programmes. In Himachal Pradesh, it is lending $80 million (Rs 524 crore) for the $100 million programme for modernisation of the state’s technical and vocational education and training institutes that will impact 65,000 youth by 2022.

A similar tourism-focused programme is being rolled out in Uttarakhand. Another Rs 628 crore loan to develop tourism infrastructure in Himachal includes training local residents in tourism-related skills like adventure training and tourist guide activities.

A $102 million (Rs 568 crore) loan is in the works for the Odisha government’s $162 million project to train 2 lakh youngsters in the state by 2022. In Madhya Pradesh, the state government has launched a Rs 1,600 crore programme to beef up skill development infrastructure there, helping train 7.5 lakh youth. ADB will provide a Rs 1,005 crore loan for the project. ADB is also funding a skilling project in Meghalaya.

In pic: ADB has rolled out skill development and livelihood programmes in Meghalaya
Singapore Calling


The mission:
ITE Education Services started in 2012 with a World Class Skill Centre (WCSC) in Delhi. Has recently expanded to Assam and Jaipur

The journey: Led by ITE Education Services of Singapore, its Delhi centre runs two courses for retail and hospitality sectors. In 2015, it set up a training centre in Udaipur that offers six courses in tourism and hospitality. Eventually, the one-year programme envisages training 480 students annually. In 2016, it set up a northeast centre in Guwahati and is still vetting demand to zero in on courses to be run there. ITE Education will be the advisor in creating the programme, pedagogy, infrastructure development, training, monitoring and reviewing performance.

In pic: Supported by Singapore’s ITEES , the Delhi centre WCSC grooms young Indians for hospitality and retail sectors
Japan’s Magic Bullet


The mission:
Amid warm political ties, Japan is pouring money (over Rs 1.5 lakh crore of soft loan since 2007) to build India’s infrastructure. Training and upskilling of Indian workers is a major component

The journey: Earlier this week, India and Japan signed a memorandum of cooperation for a technical intern training programme under which three lakh technical interns will be sent to Japan for on-the-job training for three-to-five years. The two nations had earlier, under the manufacturing skill transfer promotion programme, agreed to set up Japan-India Institutes for Manufacturing (JIM) and Japanese Endowed Courses (JEC) in Indian engineering colleges. The programme will train workers in Japanese style of manufacturing. The first four JIMs have been set up by Suzuki, Toyota, Daikin and Yamaha.

For its Rs 1.1 lakh crore bullet train project, Japan is setting up a Rs 600 crore high-speed rail training centre in Gujarat. Equipped with simulators and training equipment, over 4,000 rail engineers are expected to be trained by 2020, with 300 of the first batch to be trained in Japan. Talks are underway for a skill development programme to train Indians on geriatric care and sensitise them to Japanese culture, which would help them get absorbed in Japan.

The Swiss Touch
The mission: SkillSonics started in 2011 in Bengaluru. National Skill Development Corporation has a small stake in it; SkillSonics has a subsidiary in Zurich that helps coordinate between India and Switzerland

The journey: Has adapted Swiss vocational training in India, playing the role of a knowledge partner to Swiss companies and institutes here. Has developed courseware (three months to three years) based on Swiss standards for engineering technicians in sectors like automobiles, aerospace and defence, and across verticals like production, maintenance and service. Partners companies for training and rolling out programmes that upskill shopfloor workers for high-tech manufacturing.

Since 2013, it has conducted training programmes at over 28 locations for companies like ABB, training over 5,000 workers. Takes in 200 students for its two-year programme.

In pic: Sagaya Mary, 22, trains as a fitter at a Buhler India training centre in Bengaluru, supported by SkillSonics
The Swedish Way
The mission: Recently initiated, the plan is still under discussion and being concretised

The journey: Alongside 180 firms already here, a new wave of Swedish firms are entering India, led by Ikea, defence major Saab (will make fighter jets in India in a JV with Adani Group) and H&M. Many of them are starting operations from scratch. Working with Business Sweden as country partner, NSDC is in discussions with over 10 Swedish firms, including Scania, ABB, SKF, Oriflame, Atlas Copco and Volvo Bus, to set up skill academies. Swedish firms will take the lead in identifying job roles, providing pedagogy and in supplying equipment and master trainers. Over 20 Indian private universities will run the programme on their campuses. Swedish skill training provider Kunskapsskolan will also sensitise workers in Swedish culture. The initiative will train workers for Swedish firms in India, some of whom could also be sent overseas. Stockholm Chamber of Commerce wants 50,000 fresh women IT graduates in Sweden. If all goes well, the project could be rolled out by the end of 2017-18.
Read more at:
//economictimes.indiatimes.com/articleshow/61166678.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

 

[Indian Sniper.001]

It's high time. SP and BSP have screwed the state.

 

[Mikesingh]

Has Rahul Gandhi and Co visited this thread? He should so he stops spewing garbage about the economy.

More here....

Led by Chinese, nearly 600 companies line up $85 billion investments in India

NEW DELHI: Sany Heavy Industry heads up a list of close to 600 companies planning to invest a total of about $85 billion in India in projects that will create an estimated 700,000 jobs in the country in next five years.

Invest India, the government's foreign investment promotion agency, is planning to actively promote the country as an investment destination and has drawn up a list of 200 companies not present in India that it wants to target.

"We want to achieve a $100 billion target of foreign investment in the next two years — both greenfield and brownfield," said Invest India managing director Deepak Bagla. India recorded its highest FDI (foreign direct investment) in FY17 at $43 billion, up 9 per cent over the previous year.

Read more at:
//economictimes.indiatimes.com/articleshow/61093929.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
..

 

[Flame Thrower]

@Mikesingh bhai, Opposition spews venom knowingly, not unknowingly. So until we have a sane opposition, let's not hope sane responses from them.

 

[Indian Sniper.001]

Led by Chinese

These chipmunks shouldn't be given any piece of meat. They will screw India, and sabotage India's interests.

 

[Mikesingh]

These chipmunks shouldn't be given any piece of meat. They will screw India, and sabotage India's interests.

I think we'll have them by their collar! The more the Chinks invest here, the less they will flex their military muscle and threaten India like what they did in Doklam knowing full well that all their investments out here would be red flagged and companies asked to pack up and go home.

I believe this is one of the reasons why the Chinks agreed to withdraw from Doklam as the financial stakes were too high. (Some Chinese mobile companies were asked to wind up during the Doklam crises. This sent a clear message to China which forced them to climb down).

 

[Indian Sniper.001]

I think we'll have them by their collar! The more the Chinks invest here, the less they will flex their military muscle

Maybe to an extent. But, let's not forget that we have compromised our National security, by giving a few state contracts to them.

 

[Spectribution]

They want to pump debt and commit usury on a national scale.

 

[Spectribution]

MoUs and partnerships with countries and companies, universities and trade delegations, have surged. Collaborations with MNCs and their respective industry bodies (say, Business Sweden) are in the works. Avenues to open up global job markets for Indian workers are being explored; example: geriatric caregivers for Japan’s ageing population.

Sweden wants 50,000 fresh women IT graduates from India.

Exporting feminazis to India.

 

[sorcerer]

PMLA: Banks to now match original IDs with photocopies

NEW DELHI The Government has made it mandatory for banks and financial institutions to check the original identification documents of individuals dealing in cash above the prescribed threshold, to weed out the use of forged or fake copies.

The Department of Revenue in the Finance Ministry has issued a gazette notification making an amendment to the Prevention of Money-laundering (Maintenance of Records) Rules.

The new rule now requires the reporting entity to compare "the copy of officially valid (identification) document so produced by the client with the original and recording the same on the copy".


The Prevention of Money Laundering Act (PMLA) forms the core of the legal framework put in place by India to combat money laundering and generation of black money.

The PMLA and its rules impose obligation on reporting entities like banks, financial institutions and intermediaries to verify identity of clients, maintain records and furnish information to Financial Intelligence Unit of India (FIU-IND).

As per Rule 9, every reporting entity shall at the time of commencement of an account-based relationship, identify its clients, verify their identity and obtain information on the purpose and intended nature of the business relationship.

Intermediaries like stock broker, chit fund company, cooperative bank, housing finance institution and non-banking finance companies are also classified as reporting entities.

Biometric identification number Aadhaar and other official documents are required to be obtained by the reporting entities from anyone opening a bank account as well as for any financial transaction of Rs 50,000 and above.

The same is also required for all cash dealing of more than Rs 10 lakh or its equivalent in foreign currency, cash transactions where forged or counterfeit currency notes have been used and all suspicious transactions.

All cross border wire transfers of more than Rs 5 lakh in foreign currency and purchase and sale of immovable property valued at Rs 50 lakh or more also fall under this category, according to the reporting rules.

The Gazette notification said in case the officially valid document furnished does not contain updated address, a utility bill like electricity, telephone, post-paid mobile phone, piped gas or water bill which is not more than two months old can be considered as a proof of address.

Also, property or municipal tax receipt, pension or family pension payment orders issued to retired employees by Government departments, or letter of allotment of accommodation from employer can be considered for the same purpose
Read more at:
//economictimes.indiatimes.com/articleshow/61171222.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

 

[anoop_mig25]

I am actually a firm believer in less regulations and red tape, not more.Take anything good and the government is bound to screw it up. With GST, I'm actually disappointed that nobody is talking about doing away with income tax. It is unfair to tax people on their income and then again when they consume goods and services.

So you want either there should be only GST or IT

But then i donot understand one thing , why do west particularly wealthy European nation have both considering that they on an average there 30% of population pays tax and also there tax structure (tax rate) is higher compare to India .This nation should n`t have GST/Vat in first place itself..

I assume collection from IT is not enough to run whole gov system ..

Even if assumed that future gov would drop one of them then it would IT and not gst/vat

As by having gst/vat they would get good amount in tax but same cannot be sure of IT

But then such gov would be termed "suit boot ki sarkar" as gst would effect rich and poor same ..

Rich would be happy but would poor would be happy ????

 

[pmaitra]

I am actually a firm believer in less regulations and red tape, not more.Take anything good and the government is bound to screw it up. With GST, I'm actually disappointed that nobody is talking about doing away with income tax. It is unfair to tax people on their income and then again when they consume goods and services.

You make an interesting point on a tax free society. There are several states in the US (Alaska, Florida, Nevada, South Dakota, Texas, Washington, Wyoming, New Hampshire, and Tennessee) that have no income tax. I think we should have a separate thread on how the system works.

@Razor, @Sakal Gharelu Ustad, et al..

 

[Project Dharma]

So you want either there should be only GST or IT

But then i donot understand one thing , why do west particularly wealthy European nation have both considering that they on an average there 30% of population pays tax and also there tax structure (tax rate) is higher compare to India .This nation should n`t have GST/Vat in first place itself..

I assume collection from IT is not enough to run whole gov system ..

Even if assumed that future gov would drop one of them then it would IT and not gst/vat

As by having gst/vat they would get good amount in tax but same cannot be sure of IT

But then such gov would be termed "suit boot ki sarkar" as gst would effect rich and poor same ..

Rich would be happy but would poor would be happy ????

European countries have a lot of socialist policies and the system somewhat works because of cultural homogeneity and high rate of education. Wait for the refugees to screw it up. Anyway, point being that the government controls the life of its citizens to a high extent.. Indian socialism is a failed experiment because of corruption and illiteracy.=

> IT is not enough to run whole gov system.

I propose burning down the system. It is full of corrupt politicians, if they take x amount of money from you, only a fraction (let's say 10-20%) will reach down to the common man.

> GST effect rich and poor the same.

Well, depends on how it is setup. For example - similarly to IT standard deduction, a certain amount could be free from GST per individual per year. This could be the typical spending of a family living below the poverty line.

 

[Sameer Chaudhary]

मेक इन इंडिया बना वेट इन इंडिया, TESLA की इलेक्ट्रिक कार चली शंघाई ----------------------

टेस्ला अपनी इलेक्ट्रिक वेहिकल की मैन्यूफैक्चरिंग अब चीन के शंघाई में शुरू करने जा रही है. वहीं देश में मोदी सरकार बीते एक साल से टेस्ला और एप्पल जैसी कंपनियों को भारत में मैन्यूफैक्चरिंग करने की मंजूरी देने पर विचार कर रही है. क्या हम मेक इन इंडिया की शर्तों पर खरे उतरने वाली कंपनियों को पहचानते रह जाएंगे और एक-एक कर मल्टीनैशनल कंपनियां दूसरे देशों में अपनी फैक्ट्रियां लगाती रहेंगी?

टेस्ला इंक के प्रमुख इलॉन मस्क और चीन सरकार में नई फैक्ट्री लगाने के लिए शंघाई शहर को चुनने पर सहमति बन चुकी है. यह दावा वॉल स्ट्रील जर्नल ने किया है. अमेरिका से बाहर यह टेस्ला की पहली फैक्ट्री होगी जहां भविष्य के लिए एमीशन फ्री गाड़ियों का निर्माण किया जाएगा. इस सहमति के लिए चीन सरकार ने मेक इन चाइना की कई शर्तों को दरकिनार करते हुए शंघाई के फ्री ट्रेड जोन में टेस्ला की इस इकाई को मंजूरी दी होगी.

अब चीन में लगने वाली टेस्ला की यह फैक्ट्री न सिर्फ चीन की इलेक्ट्रिक कार बनाने की कोशिशों को साकार करेगी बल्कि यह भी दर्शाएगी कि कैसे मेक इन इंडिया जैसे फ्लैगशिप कार्यक्रम के बावजूद हम दुनिया के मैन्यूफैक्चरिंग हव बनने की दौड़ में पिछड़ रहे हैं. लिहाजा सवाल है कि आखिर गलती कहां हो रही है? क्यों 2015 में प्रधानमंत्री मोदी के सामने भारत में कंपनी लगाने की पेशकश करने वाली टेस्ला अब चीन में फैक्ट्री लगाने जा रही है? 2015 में यह पेशकश करने के लिए इलॉन मस्क ने पीएम मोदी से मुलाकात की थी. इसके बावजूद ऐसा क्यों हुआ कि इस दौड़ में भारत पिछड़ गया. इलॉन मस्क के कुछ ट्वीट को देखे तो जवाब मिलता है कि भारत एक सुस्त देश है और वह उनके साथ कारोबार करने वाली मल्टीनैशनल कंपनियों की वास्तविक जरुरतों को समझने की कोशिश भी नहीं करता.

भारत अपनी सड़को पर इलेक्ट्रिक कार दौड़ाना चाहता है. उसकी कोशिश है कि 2030 तक वह देश में इलेक्ट्रिक कारों के ज्यादातर वैरिएंट को बेचे. इसके बावजूद उसने टेस्ला जैसी कंपनी को देश में फैक्ट्री लगाने के लिए प्रोत्साहित करने की कोई कोशिश नहीं की. लेकिन सवाल यह नहीं कि चीन में टेस्ला की फैक्ट्री लगाने का फैसला हो जाने के बाद अब भारत में टेस्ला की दूसरी इकाई नहीं लग सकती. लेकिन यहां समस्या यह है कि भारत मेक इन इंडिया की शर्त पर अड़ा है कि किसी भी विदेशी कंपनी को भारत में मेक इन इंडिया कार्यक्रम के तहत उत्पादन करना है तो उसे कम से कम 30 फीसदी कल-पुर्जे भारत से ही लेने होंगे.

लिहाजा, अभी जब भारत में इलेक्ट्रिक कारों का न तो नामो निशान है और न ही उसके कल पुर्जे कोई बना रहा है तो मेक इन इंडिया कार्यक्रम चाहता है कि देश में आकर इलेक्ट्रिक कार बनाने वाली कंपनी पहले एक-तिहाई कल-पुर्जे बनाने की एंसिलियरी यूनिट भारत में लगाए और तब जाकर उसे मेक इन इंडिया के तहत देश में मैन्यूफैक्चरिंग करने की मंजूरी मिले.

इसी शर्त में फंसा एप्पल की आईफोन फैक्ट्री

मेक इन इंडिया की इस शर्त से टेस्ला अकेले नहीं परेशान है. ठीक ऐसा ही अमेरिकी स्मार्टफोन कंपनी एप्पल के साथ हो रहा है. बीते एक साल से एप्पल कोशिश में है कि वह अपने स्मार्टफोन समेत अन्य प्रोडक्ट की मैन्यूफैक्चरिंग भारत में करे. लेकिन उसके सामने भी मुसीबत एक तिहाई कल-पुर्जों को भारत से प्राप्त करने की है. एप्पल का मानना है कि उसके कल-पुर्जे बेहद की सूक्ष्म तकनीकि से विकसित हुए है और दुनिया के चुनिंदा जगहों पर उनकी मैन्यूफैक्चरिंग की जा रही है. लिहाजा, भारत में एप्पल के उत्पाद बनाने के लिए एप्पल के लिए जरूरी है कि वह अपने इन्हीं सप्लायर से कल-पुर्जों को प्राप्त करे क्योंकि भारत में ऐसे प्रोडक्ट के लिए पुर्जे तैयार करने की क्षमता अभी नहीं है. लिहाजा, इसी शर्त पर फिलहाल एप्पल और भारत सरकार की बातचीत चल रही है और उम्मीद है कि यह बातचीत की किसी निष्कर्श पर न पहुंचे.

अब चीन में भी किसी विदेशी कंपनी को मैन्यूफैक्चरिंग करने की मंजूरी देने के लिए बेहद कड़े नियम हैं. कुछ मामलों में तो चीन के नियम इतने कड़े हैं कि कोई मल्टीनैशनल कंपनियां चीन का रुख करने की पहल भी नहीं करती. इसके बावजूद उसे एप्पल और टेस्ला जैसी कंपनियों के पहल पर फैसला लेने में वक्त नहीं लगता और न ही इन कंपनियों को किसी तरह की रियायत देने में वह देरी करती है क्योंकि वह जानती है कि कहां शर्तों को थोपने से सिर्फ नुकसान होगा और कहां फायदा लेने के लिए वह शर्तों को हटा सकती है. यही समझ भारत में फिलहाल नहीं है और यही नतीजा है कि बीते तीन साल से मेक इन इंडिया जैसा कार्यक्रम मौजूद होने के बाद भी देश में फायदे और नुकसान के मसौदे पर फैसला नहीं लिया जा पा रहा है.

http://aajtak.intoday.in/story/tesl...-replace-china-as-viable-option-1-960110.html

 

[john70]

The reasons ARE VERY CLEAR :

1. China is the largest automobile market in the world.
   
   
   
   
   China buys over 20 million cars, compared to India's 3.2 million units.
   
2. China is the largest producer of automobiles.
   2014 Statistics | OICA
3. China is way ahead than India in almost all measures when it comes to Manufacturing. Be it in availability of skilled labor, infrastructure, capital, supply chains, etc.
4. Chinese Government is specifically targeting EVs as an emerging industry that they would like to master. As such they have many domestic brands like BYD, who are producing EVs, and exporting it to the world.
5. Tesla's cars aren't exactly cheap. Only the relatively well to do can afford Tesla. (In India) In the Luxury segment, the gap between India and China is even bigger.
   BMW sold 456, 000 cars in Mainland China alone, which excludes HK, Macau, and Taiwan. BMW's sales in India amounted to around 6k cars. BMW Group sells more than 2 million vehicles in 2014
   
   While, Audi sold 578,932 cars in China, compared to 10,851 cars sold in India. AUDI AG: new record year with over 1.74 million deliveries in 2014 | Audi USA
   
   As such, almost all major luxury car brands sell somewhere between 20% to 30% of their cars in China alone.
6. China is the largest producer of batteries for Electric Vehicles.
   
   Top 4 of the 10 biggest producers of batteries powering EVs are Chinese. 10 Biggest Electric Car Battery Manufacturers Are…
   And many of the remaining have their manufacturing facilities in China already.
   LG Chem > About LG Chem > Public Relations Center > Press Release
7. Chinese, today, having grown rich, and having endured pollution for quite a while, are desperate to change the situation in their country. Almost every middle class person in China knows AQI, and PMI, while synonymous awareness of environment, especially air pollution in India is absent. China and Chinese are much more willing and even desperate to get EVs.
8. China already has a far more developed market of Electric chargers than India. The Chinese government and private companies (including Tesla) have invested a lot in building an Electric Charger network.
9. China is already the world's second largest market in EV behind the US, but growing at a rapid pace. It is although the biggest market for heavy EVs (Electric buses mainly). Chinese companies have taken a market lead in Electric Bus segment.
10. Tesla can be made substantially cheaper by using Chinese scale, and mass production abilities, to make it a mainstream product.
11. A hand shake doesn't override all the above.

 

[Screambowl]

Agar meri income mein increment nahi hua toh mein BJP ko vote nahi dene wala.

For God's sake stop comparing China's development with India. They are workers and they are doers we are only blamers and we want things for free.

 

[captscooby81]

lets not forget china is ruled by a single party since 1950 in a totalitarian state the functioning is very different compared between a democracy like us ..Be it either BJP or Congress they have to play to the tunes of the opposition and irrespective of how smaller the party.. the chinese run their government by flexing muscles wit burtal power..

The reasons ARE VERY CLEAR :

1. China is the largest automobile market in the world.
   
   
   
   
   China buys over 20 million cars, compared to India's 3.2 million units.
   
2. China is the largest producer of automobiles.
   2014 Statistics | OICA
3. China is way ahead than India in almost all measures when it comes to Manufacturing. Be it in availability of skilled labor, infrastructure, capital, supply chains, etc.
4. Chinese Government is specifically targeting EVs as an emerging industry that they would like to master. As such they have many domestic brands like BYD, who are producing EVs, and exporting it to the world.
5. Tesla's cars aren't exactly cheap. Only the relatively well to do can afford Tesla. (In India) In the Luxury segment, the gap between India and China is even bigger.
   BMW sold 456, 000 cars in Mainland China alone, which excludes HK, Macau, and Taiwan. BMW's sales in India amounted to around 6k cars. BMW Group sells more than 2 million vehicles in 2014
   
   While, Audi sold 578,932 cars in China, compared to 10,851 cars sold in India. AUDI AG: new record year with over 1.74 million deliveries in 2014 | Audi USA
   
   As such, almost all major luxury car brands sell somewhere between 20% to 30% of their cars in China alone.
6. China is the largest producer of batteries for Electric Vehicles.
   
   Top 4 of the 10 biggest producers of batteries powering EVs are Chinese. 10 Biggest Electric Car Battery Manufacturers Are…
   And many of the remaining have their manufacturing facilities in China already.
   LG Chem > About LG Chem > Public Relations Center > Press Release
7. Chinese, today, having grown rich, and having endured pollution for quite a while, are desperate to change the situation in their country. Almost every middle class person in China knows AQI, and PMI, while synonymous awareness of environment, especially air pollution in India is absent. China and Chinese are much more willing and even desperate to get EVs.
8. China already has a far more developed market of Electric chargers than India. The Chinese government and private companies (including Tesla) have invested a lot in building an Electric Charger network.
9. China is already the world's second largest market in EV behind the US, but growing at a rapid pace. It is although the biggest market for heavy EVs (Electric buses mainly). Chinese companies have taken a market lead in Electric Bus segment.
10. Tesla can be made substantially cheaper by using Chinese scale, and mass production abilities, to make it a mainstream product.
11. A hand shake doesn't override all the above.