Bharat Rakshak

the surveys that estimate the unorganized sector

India’s GDP growth for the second quarter of the current financial year 2023-24 came in at a much better than expected number of 7.6%, much higher than 6.2% in the second quarter of the previous fiscal year. Most analysts were expecting the Q2 GDP growth data to moderate to around 6.8%. The 7.6% GDP growth is a slight moderation from the 7.8% GDP growth witnessed in the first quarter of FY24.

The Indian economy has also managed to retain its tag of being the fastest growing major economy in the world. India’s real GDP attained a level of Rs 41.74 lakh crore in Q2 of 2023-24 as against Rs 38.78 lakh crore in the second quarter of 2022-23. The nominal GDP is estimated at Rs 71.66 lakh crore in Q2 FY24 as against Rs 65.67 lakh crore in Q2 2022-23. This is a growth of 9.1% as compared to 17.2% in Q2 2022-23.
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Suraj wrote: ↑01 Dec 2023 00:50 Official MOSPI Report on Q2 GDP growth (pdf)

Mort Walker wrote: ↑03 Dec 2023 20:12

Suraj wrote: ↑01 Dec 2023 00:50 Official MOSPI Report on Q2 GDP growth (pdf)

Why are they still following the 2011-12 base year? I would have thought it would be something more recent.

US examined Hindenburg allegations before giving loan to Adani

US, Dec 5 (Bloomberg) - The US government concluded that short-seller Hindenburg Research’s allegations of corporate fraud against Indian billionaire Gautam Adani weren’t relevant before extending his conglomerate as much as $553 million for a container terminal in Sri Lanka, a senior US official said.

Allegations in a scathing report by US-based Hindenburg Research, which erased around $100 billion from the Adani Group’s market value earlier this year, were front and center as the International Development Finance Corp., or DFC, conducted a due diligence investigation of the conglomerate, an official from the US agency told Bloomberg.

The DFC was satisfied that the accusations in the short-seller’s report, which said Adani was pulling off “the largest con in corporate history,” weren’t applicable to Adani Ports & Special Economic Zone Ltd., the subsidiary spearheading the Sri Lankan project, the DFC official said, declining to be named to detail the negotiations.

The US agency will also continue to monitor the Indian firm to ensure the US government doesn’t unintentionally support financial misconduct or other inappropriate behavior, the official said, noting that it’s critical that the US approaches infrastructure projects differently than China.

The Sri Lankan port deal involving Adani marks one of the biggest and most prominent US government-backed infrastructure projects in Asia. It comes after years of American efforts to counter growing Chinese influence in the region as a result of President Xi Jinping’s Belt and Road Initiative to build infrastructure around the globe.

The Adani Group has denied the allegations featured in the Hindenburg report, including stock-price manipulation. Formal regulatory inquiries and court hearings into the issue in India haven’t uncovered any wrongdoing. Adani stocks have rallied of late, and Adani Ports and Special Economic Zone Ltd. has gained 7.4% so far this year.

The Adani Group, which has attracted controversy for its giant Australia coal mine and for the billionaire’s perceived closeness with Indian Prime Minister Narendra Modi, has touted the DFC’s investment as a vote of confidence following the Hindenburg allegations.

“We see this as a reaffirmation by the international community of our vision, our capabilities and our governance,” Karan Adani, the tycoon’s son and chief executive officer at Adani Ports, told reporters in Colombo when the deal was announced.

A_Gupta wrote: ↑03 Dec 2023 06:16 ^^^ "The farm sector grew by a tepid 1.2% year-on-year"

Does not bode well for rural happiness.

Mort Walker wrote: ↑03 Dec 2023 20:12

Suraj wrote: ↑01 Dec 2023 00:50 Official MOSPI Report on Q2 GDP growth (pdf)

Why are they still following the 2011-12 base year? I would have thought it would be something more recent.

Haresh wrote: ↑07 Dec 2023 01:25 Just a question here for anyone who can assist.

I am visiting India again in October 2024.
One of the things I will be doing is assisting a nephew of mine to purchase an electric rickshaw.
I will be loaning him the money, because I do not want him dealing with loan sharks and just want to assist his family out of poverty.

What is the cost of these ? where in Punjab are they sold, are the batteries reliable and what sort of costs are involved ?

Appreciate any advise thank you

KL Dubey wrote: ↑07 Dec 2023 03:10

Haresh wrote: ↑07 Dec 2023 01:25 Just a question here for anyone who can assist.

I am visiting India again in October 2024.
One of the things I will be doing is assisting a nephew of mine to purchase an electric rickshaw.
I will be loaning him the money, because I do not want him dealing with loan sharks and just want to assist his family out of poverty.

What is the cost of these ? where in Punjab are they sold, are the batteries reliable and what sort of costs are involved ?

Appreciate any advise thank you

Cost is about Rs 1-1.3 lakhs depending on the exact type and the battery (acid versus lithium).

Public sector banks like Punjab Natl Bank offer e-rickshaw financing: https://www.pnbindia.in/downloadprocess ... NEg8vpAw==

Not sure if they are "loan sharks".

The above document says the financing covers most of the costs of battery replacement for the first two years. Lead acid batteries typically last 2-3 years or so, lithium ones will last much longer but cost more.

Kudos to you for helping out!

PS: Google is a good friend

Haresh wrote: ↑07 Dec 2023 15:56 Thank You, yes I know Google is a friend, however I am in London, just needed some real local knowledge.
The other thing I intend to do is organise some skills training, for the ladies as well as the young men. For the ladies I was thinking thinking, dress making, phulkari, jewelry making. The intention is to get a group of about five ladies trained in these skills, so they can pass these skills onto others who can't afford the training. With regards to the young men, I was thinking tech training from the local Industrial training Institutes, does anyone have any experience of these ?
The purpose is to skill them, get them off the land and out of poverty. They always ask me if I can help the immigrate, I can't.

KL Dubey wrote: ↑07 Dec 2023 18:50

Foreign portfolio investors yet again failed to gain from their bearish bets on the Indian markets for the third time this year; instead had to rush to cover their short positions as the Modi wave remained as strong as 2015 and the mood of the nation indicated a thumping majority to BJP in 2024 national elections

Haresh wrote: ↑07 Dec 2023 01:25 Just a question here for anyone who can assist.

I am visiting India again in October 2024.
One of the things I will be doing is assisting a nephew of mine to purchase an electric rickshaw.
I will be loaning him the money, because I do not want him dealing with loan sharks and just want to assist his family out of poverty.

What is the cost of these ? where in Punjab are they sold, are the batteries reliable and what sort of costs are involved ?

Appreciate any advise thank you

chetak wrote: ↑08 Dec 2023 20:43 Betting Against Modi Wave? How Stock Market Bears Burnt Their Fingers




https://www.businessworld.in/article/Be ... 23-501429/

Foreign portfolio investors yet again failed to gain from their bearish bets on the Indian markets for the third time this year; instead had to rush to cover their short positions as the Modi wave remained as strong as 2015 and the mood of the nation indicated a thumping majority to BJP in 2024 national elections

On October 26, Indian government-owned Goa Shipyard signed a substantial shipbuilding contract with Russia. The agreement calls for Goa to construct 24 river-sea class cargo ships for Russian clients in the Caspian Sea by 2027.

(Goa Shipyard file photo)


India to Build 24 Cargo Ships for Russia

Goa Shipyard Russia looks to employ India's state-owned Goa Shipyard to build vessels for the Caspain Sea route

PUBLISHED NOV 3, 2023 9:45 PM BY THE MARITIME EXECUTIVE



India is reportedly in a deal to build 24 river-sea class cargo ships for Russia by 2027, as Russia continues to seek new outlets to support its struggling shipbuilding industry. With Russia facing numerous economic sanctions from the West due to the ongoing war in Ukraine, its shipbuilding sector has taken a major hit. This is forcing Russia to seek partnerships with other shipbuilding nations to keep up with ship orders.

The latest development appears to be an agreement with India and its state-owned Goa shipyard. Separately the Indian government has declared its intent to expand its shipbuilding industry seeking to be a global player that is well-timed with Russia’s needs.

Dmitry Dubovik, director of the Caspian International North-South Integration Club, revealed the deal last week during the Astrakhan International Forum in Russia. The event brought together stakeholders involved in the development of the proposed International North-South Transport Corridor (INSTC). One objective of the route is to connect Russia and India via the Caspian Sea through Iran. Previously, Russia had detailed its plans to build containerships tailored to the route.

According to Dubovik, the plan is to build vessels as part of the effort to expand shipping on the Caspian Sea. The first four ships are to be launched in 2024, coming from the Goa Shipyard. They will include chemical carriers, bulk carriers, and containerships tailored to the service.

“The advantages of cooperation with India are that the cost will be lowered by almost half to that of Russian manufacturers,” he highlighted to the participants.

The project according to Dubovik’s statements at the conference will be financed by the Russian Agency for Export Credit and Investment Insurance (EXIAR), through the Russian Export Center (REC).

This deal comes months after India and Russia announced in May that they were working to conclude an intergovernmental agreement on shipbuilding and ship repair.

“I would like to suggest that Astrakhan-based companies consider the possibility of using their competencies and ship personnel at our shipyards in India,” said Pawan Kapur, the Indian ambassador to China, while on a visit to Astrakhan City at the time. “I am participating in negotiations with Russia’s United Shipbuilding Corporation (USC). We will see how these two interests can be combined."

Last week, USC’s new owner VTB Bank revealed that the company is seeking a partnership with China as it is the number one shipbuilder in the world. USC is Russia’s largest shipbuilder and owns several shipyards in the country including the Astrakhan Shipbuilding Production Association (ASPO). It has also been reported that Russia was seeking shipbuilding support from India and China for its lagging efforts to build ice-class shipping as it moves to expand shipping in the Arctic.

gakakkad wrote: ↑26 Nov 2023 00:36 ^ if anything the gdp is underestimated .

drnayar wrote: ↑11 Dec 2023 02:32 The Russians are going to use their money parked with India more than 20 billion. they need to get something for their moolah ..and this is just one venture. They will not be paying anything