Indian Economy News & Discussion - Nov 27 2017

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Varuna » 29 Apr 2021 14:26

^^ I track that dashboard almost every second day, and it hasn't moved for around 10 days. Not sure if there is lack of reporting, or work has come to a standstill due to the second wave.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 29 Apr 2021 21:34

Yes I noticed that the incremental gain is less than the 2% typically. It appears to be a reporting delay associated with the Covid situation, so I went ahead and posted it anyway since it would thus be representative of middle of the month when I typically do my update.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Kakkaji » 14 May 2021 23:47

About 1 million central government civilian postings lying vacant as of FY19

Close to one million civilian postings in the central government, or 22.7% of total sanctioned positions of about four million, were lying vacant at the end of the fiscal year ended March 2019, data from the finance ministry show.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby sankum » 15 May 2021 00:41

^^^
Good its saves Rs One Lakh Crore per year in pay expenditure which can be invested in infrastructure. Railways at 12 lakh employees have 3 lakh empty posts but of this 12 lakh 4 lakh are deemed surplus which when vacant will save Rs 40000 Cr/ year.
Why doesn't the post vacant not required eliminated than declared as vacant.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby disha » 18 May 2021 11:36

^Good point. Not sure if the concerned ministries are thinking in that manner. Or even the minister has focus on the "vacancy" and streamlining job postings.

---

Regarding the Jal Jeevan Mission:

https://swarajyamag.com/news-brief/big-move-to-digitise-water-supply-infrastructure-across-rural-india

The National Jal Jeevan Mission in partnership with State Governments and sector partners has started facilitating sensor-based water supply system on pilot basis in several villages.

The data from 11 pilot locations about the daily water supply quantity and regularity are shown on the Jal Jeevan Mission dashboard.


Imagine mapping water distribution and consumption in each and every village and near real time monitoring of it. Just brings direct service delivery to the consumer.


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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Vips » 25 May 2021 06:03

India attracts record FDI of $81 bn in FY21; Gujarat remains top recipient.

Foreign direct equity investments (FDI) inflows grew by 19 per cent year-on-year (YoY) in financial year 2020-21 (FY21) to a record $59.64 billion, according to data released by the Department for Promotion of Industry and Internal Trade (DPIIT) on Monday.

Despite the disruption caused by the Covid-19 pandemic in FY21, India attracted the highest ever total FDI inflow, which includes equity capital of unincorporated bodies, reinvested earnings, and other capital. Total FDI stood at $81.72 billion, up 10 per cent YoY. In FY20, India attracted gross inflows of $74.39 billion.

“Measures taken by the government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased inflows. The trends are an endorsement of India’s status as a preferred investment destination amongst global investors,” an official statement said.

According to the data shared by the government, Singapore remained the largest source of FDI for the third consecutive year, with a share of 29 per cent. It was followed by the US with 23 per cent share, and Mauritius with 9 per cent.

“Out of top 10 countries, Saudi Arabia is the top investor in terms of percentage increase during FY21. It invested $2.8 billion in comparison to US$ 89.93 million reported in the previous financial year,” the statement said, adding that there was a 227 per cent and 44 per cent increase recorded in FDI equity inflow from the USA and the UK, respectively.

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Gujarat was the top recipient of FDI among states, with 37 per cent share of total FDI equity inflows, followed by Maharashtra and Karnataka with 27 per cent and 13 per cent, respectively.

Gujarat attracted the lion’s share of inbound FDI under the computer software and hardware sector at 78 per cent. This was followed by Karnataka and Delhi at 9 per cent and 5 per cent, respectively.

“Majority of the equity inflow of Gujarat has been reported in the sectors ‘Computer Software & Hardware’ (94 per cent) :?: and Construction (Infrastructure) Activities (2 per cent) during the FY21,” the statement said.

Computer software and hardware emerged as the top sector in FY21 with around 44 per cent of the total FDI equity inflow, followed by construction and infrastructure-related activities at 13 per cent, and services sector’s with 8 per cent.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby ajit.d » 25 May 2021 18:13

sankum wrote:^^^
Good its saves Rs One Lakh Crore per year in pay expenditure which can be invested in infrastructure. Railways at 12 lakh employees have 3 lakh empty posts but of this 12 lakh 4 lakh are deemed surplus which when vacant will save Rs 40000 Cr/ year.
Why doesn't the post vacant not required eliminated than declared as vacant.

<Lurk mode off>
Sorry Sanku jii, I beg to differ.

This is an opportunity to pack the said vacancies with "Right" people in order to control the narrative and build momentum for implementation of Modiji's central schemes. In the middle of pandemic, this could also be a way of pumping massive amount of money into the economy. Not exactly a conservative fiscal policy, but one that empowers the Right.

Else, you can expect the next non-BJP govt to stuff these vacancies with their people, which creates a headache for next 30 years
<Lurk mode on>

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 31 May 2021 20:59

Q4 (Jan-Mar 2021) GDP data is out, up 1.6%: Q4 GDP Data from CSO/MOSPI

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Ambar » 01 Jun 2021 18:15

The last two quarters of 2020-21 fiscal year were encouraging as evident by the 1.6% growth in Q4, it is unfortunate that we got hit by the 2nd wave just when the economy had begun to recover. It will be hard to predict how the next 18 to 24 months will look like not just in India but around the world. While there is a lot of pent up demand, high household savings thanks to government stimulus and lack of non-discretionary spending, there are also mitigating factors like high inflation ( our wholesale inflation just crossed 10% is now at a 8 yr high ), dispersed labor, construction cost and delays, and supply chain bottlenecks. Government is in a tough spot - spend more to make up for the lack of private sector spending and you end up worsening the inflation, spend less and combined with reduced spending by the private sector then you invite the ire of the state governments.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Ambar » 04 Jun 2021 00:51

Deleted
Last edited by Suraj on 04 Jun 2021 04:59, edited 1 time in total.
Reason: Please avoid politics here.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Vadivel » 04 Jun 2021 12:09

Excellent document - Niti Aryog's Ranking of states


https://niti.gov.in/writereaddata/files ... preads.pdf

Dashboard

https://sdgindiaindex.niti.gov.in/

{Deleted}
Last edited by Suraj on 05 Jun 2021 03:17, edited 1 time in total.
Reason: The data can stand on its own with MSM opinion crafting.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vijayk » 09 Jun 2021 01:35

https://www.business-standard.com/artic ... 565_1.html

India's Merchandise Exports Spike 67.39% On Year In May 2021

India's merchandise exports in May 2021 was USD 32.21 billion, an increase of 67.39% over USD 19.24 billion in May 2020 and an increase of 7.93% over USD 29.85 billion in May 2019. India's merchandise exports in Apr-May 2021 was USD 62.84 billion, an increase of 112.29% over USD 29.6 billion in Apr-May 2020 and an increase of 12.44% over USD 55.88 billion in Apr-May 2019.

India's merchandise imports in May 2021 was USD 38.53 billion, an increase of 68.54% over USD 22.86 billion in May 2020 and a decline of 17.47% over USD 46.68 billion in May 2019. India's merchandise imports in Apr-May 2021 was USD 84.25 billion, an increase of 110.73% over USD 39.98 billion in Apr-May 2020 and a decrease of 5.41% over USD 89.07 billion in Apr-May 2019.


In May 2021, the value of non-petroleum exports was USD 26.94 billion, registering a positive growth of 54.06% over USD 17.49 billion in May 2020 and a positive growth of 8.08% over USD 24.92 billion in May 2019. The value of non-petroleum and non-gems and jewellery exports in May 2021 was USD 23.97 billion, registering a positive growth of 45.96% over USD 16.42 billion in May 2020 and a positive growth of 11.51% over USD 21.5 billion in May 2019. The cumulative value of non-petroleum and non-gems and jewellery exports in April-May 2021 was USD 47.59 billion, an increase of 86.64% over USD 25.5 billion in April-May 2020 and an increase of 15.78% over USD 41.11 billion in April-May 2019.


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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 11 Jun 2021 23:47


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Re: Indian Economy News & Discussion - Nov 27 2017

Postby arshyam » 12 Jun 2021 07:59

With Forex Reserves At Record High Of $600 Billion, RBI May Bring In External Financial Consultants To Improve Yields - Swarajya via Yahoo

In a major development, the Reserve Bank of India (RBI) is likely to engage external financial consultants to manage a part of its massive foreign exchange reserves, which are now estimated to be hovering at record high levels of around $600 billion, to improve the yields at a time when the interest rates have hit record low globally, reports Economic Times.

With foreign exchange war chest growing to a size of as much as about a fifth of the Indian GDP, the RBI wants to better safeguard the reserves, given the increasing complexities of managing inflows from multiple channels.

Even in its latest annual report, the RBI had underscored that its agenda was to continue to explore new asset classes, new jurisdictions and markets for deployment of foreign currency assets for portfolio diversification, and in the process "tap advice from external experts, if required".

Select global institutions which include some of the Big Four consulting majors and financial institutions are also said to have informally reached out to RBI in this regard. However, no formal appointment has been made so far.

It should be noted that some of the prominent Southeast Asian central banks are also said to have appointed long-term asset managers to partially manage their foreign currency assets.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Vips » 13 Jun 2021 08:26

Uttar Pradesh gets Rs 10,870 crore for Jal Jeevan Mission.

The Centre has allocated Rs 10,870 crore to Uttar Pradesh under Jal Jeevan Mission in 2021-22 as the state government looks to provide 7.8 million piped water connections across 60,000 villages this year ahead of the assembly polls next year.

The central allocation for the mission has been increased to Rs 10,870.50 crore from Rs 2,571 crore last fiscal and Rs 1,206 crore in 2019-20.

Work under the Jal Jeevan Mission will begin in 60,000 villages in the coming days, people aware of the development said. The government will provide tap water supply in 177 arsenic and fluoride affected habitations this year, they said.

There are 26.3 million households across about 97,000 villages in the state. Out of these, only about three million, or 11.3%, households have tap water supply in their homes at present.

In the last 21 months, the state has provided tap water supply to 2.49 million (9.45%) households. Despite this, there are about 23.3 million households without tap water supply in Uttar Pradesh.

The state had assured availability of Rs 3,348 crore of central fund for the Jal Jeevan Mission last fiscal year, including enhanced allocation of Rs 2,571crore and opening balance of Rs 777 crore. It could utilize only Rs 2,053 crore from this fund.

Union Jal Shakti minister Gajendra Singh Shekhawat has written a letter to UP chief minister Yogi Adityanath, urging him to take necessary measures to accelerate the implementation of the mission.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vinamr_s » 13 Jun 2021 18:53



This number should be seen with:

1. Total debt on GoI in USD
2. Total repatriable investments by foreign companies (i.e. total USD RBI will have to give to companies willing to repatriate their investment + capital gains + profits back)

Edit: Clarification:

by (1) I mean the debt that GoI has to pay with interest strictly in US dollars, and not the total debt converted to USD.

by “investments by foreign companies” in (2) I mean FDI i.e. total US dollars given to RBI in exchange for rupees to work in India.
Last edited by vinamr_s on 14 Jun 2021 18:36, edited 1 time in total.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby arshyam » 13 Jun 2021 23:12

^^ So what are those numbers looking like ?

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vijayk » 13 Jun 2021 23:49

vinamr_s wrote:


This number should be seen with:

1. Total debt on GoI in USD
2. Total repatriable investments by foreign companies (i.e. total USD RBI will have to give to companies willing to repatriate their investment + capital gains + profits back)


https://countryeconomy.com/national-debt/india

Total public debt - (internal and external) 2020 - 2.4 trillion

In 2020 India public debt was 2,427,886 million dollars, has increased 307,132 million since 2019.

This amount means that the debt in 2020 reached 89.56% of India GDP, a 15.67 percentage point rise from 2019, when it was 73.89% of GDP.

If we check the tables we can see the evolution of India debt. It has risen since 2010 in global debt terms, when it was 1,127,257 million dollars and also in terms of GDP percentage, when it amounted to 66.04%.

According to the last data point published, India per capita debt in 2020 was 1,777 dollars per inhabitant. In 2019 it was 1,552 dollars, afterwards rising by 225 dollars, and if we again check 2010 we can see that then the debt per person was 913 dollars .

The position of India, as compared with the rest of the world, has worsened in 2020 in terms of GDP percentage. Currently it is country number 157 in the list of debt to GDP and 75 in debt per capita, out of the 189 we publish.



https://dea.gov.in/sites/default/files/ ... 202020.pdf

India’s external debt continues to be sustainable and prudently managed.
At end-December 2020, India’s external debt was placed at US$ 563.5 billion, recording an increase of US$ 6.8 billion over its level at end-September 2020 (Table 1).
The external debt to GDP ratio decreased to 21.4 per cent as at end-December 2020 from 21.6 per cent a quarter ago.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby arshyam » 14 Jun 2021 07:46

^^ These numbers should be seen with:
1. How much of this is due when?
2. How much is internal vs external?
3. How much is payable in dollars vs rupees?
4. What is the country's annual income (inflow) in dollars? Broken down by type of inflow - export earnings, remittances, FDI, FPI, FII, other forms of foreign currency deposits, etc.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 14 Jun 2021 21:14

India’s Q1 merchandise exports may grow to USD 87.2 billion: Exim Bank
The country’s total merchandise exports are projected to grow 70.1 per cent to USD 87.2 billion in the first quarter of fiscal 2021-22 from USD 51.3 billion in the year, Export-Import Bank of India (India Exim Bank) said.

The non-oil exports may jump 68.5 per cent to USD 78.26 billion in the April-June period as compared with USD 46.4 billion in the corresponding period of fiscal 2020-21, it said.

Base effect drives up IIP growth in April
The index of industrial production (IIP) hit 126.6 in April, marking a 134.4% surge from a year before, driven primarily by a favourable base.

Government officials and analysts cautioned against reading too much into the latest rate of expansion, given that a Covid-induced lockdown in April 2020 had substantially hampered industrial production (IIP had crashed by 57.3%).

In fact, the government released only the index readings for April on Friday, without announcing the growth rates, as comparisons with April 2020 data are fraught with risks of erroneous interpretations.

Nevertheless, at 126.6, the index reading for April is a tad higher than that of 126.5 for April 2019 (before the pandemic). The government also revised up IIP growth to 24.1% for March from 22.4% reported earlier and to -0.6% for January from -0.9%.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Vips » 19 Jun 2021 02:40

del
Last edited by Vips on 19 Jun 2021 03:00, edited 1 time in total.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Vips » 19 Jun 2021 02:47

India's record foreign exchange pile may not be adequate: RBI paper.

India’s record more than $600 billion of foreign exchange reserves might not be good enough, as it falls short on some measures including import cover and liability outflows, according to a new research from the central bank.

“While foreign exchange reserves provide cushions against unforeseen external shocks, levels are often deceptive,” Reserve Bank of India researchers, led by Deputy Governor Michael Debabrata Patra, wrote in the latest monthly bulletin. “A better gauge of external vulnerability is an assessment of specific indicators.”

Foreign exchange reserves surged to $605 billion in the week to June 4 as the RBI mopped up dollars flowing into the nation’s booming stock market as well as via foreign direct investments. The pile is the world’s fifth-biggest after China, Japan, Switzerland and Russia, and is enough to cover 15 months of imports.

Image
That’s less than the 39 months cover offered by Switzerland’s reserves, 22 by Japan’s, 20 by Russia’s and 16 months by China’s pile, according to the RBI researchers. Besides, India’s net international investment position -- which is the assets over liabilities -- is a minus 12.9% of gross domestic product. The minus figure denotes that liabilities owed to foreigners are more than assets.

“These factors warrant a pragmatic assessment of reserve adequacy on FX reserves, including exposure to valuation changes and market risk in a world of heightened global uncertainty,” the researchers said.

In its latest annual report, the RBI had said that given the record pile up of reserves it would explore new asset classes and markets for deployment of foreign currency assets as it seeks to diversify its portfolio and seek higher returns. Currently, the RBI invests only in gold and sovereign debt.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Vips » 19 Jun 2021 03:01

Are our forex reserves adequate?

The growing foreign exchange kitty has created a problem of plenty for the Reserve Bank of India. It’s attracting unwanted attention, along with calls for using the reserves to fund infrastructure expenses, capitalise state-owned banks and better management of the assets in the reserves.

The RBI’s latest monthly bulletin has tried to take the discussion along another channel by pointing out that the reserves may not be as robust as perceived.

The report, while highlighting the $600 billion milestone for forex reserves, pointed out that India currently holds the fifth largest foreign exchange reserves, twelfth largest holding of US treasury securities and tenth largest gold reserves.

But the central bank also made two other observations alongside. One, it stated that the import cover for 15 months provided by our reserves compares poorly with other countries with large forex reserves such as Switzerland (39 months), Japan (22 months), Russia (20 months) and China (16 months) - So 3 trillion + reserves are not so big or huge after all. Two, that the net international investment position of -12.9 per cent of GDP needs to be taken in to account while assessing the adequacy of reserves.

It is not easy to assess the adequacy of forex reserves of a country. As the IMF states, “Assessing the appropriate level of reserves to hold is challenging — not just because of the multiple roles played by reserves, but also because of the complexity of quantifying external risks and vulnerabilities, and the opportunity cost each country faces.”

That said, conventional ratios used to gauge adequacy of forex reserves show a vast improvement now, compared to two years ago. Also, given that the central bank will have to continue market intervention in order to maintain rupee stability, the reserves are likely to grow further.

There is however no need for the RBI to get defensive about the growing reserves. It should instead look for ways to put the reserves to optimum use.

Are reserves adequate?
The moot question is: what is the right way to gauge the adequacy of reserves? The metrics used for this purpose have evolved with the changes in the composition of the external account over the years. Many committees set up by the RBI have deliberated and improved upon these, suggesting the most relevant measures for the country.

While trade based metric such as import cover was the most popular pre-2000, use of debt based indicators became more relevant as external debt grew. The predominance of foreign portfolio flows in the capital account called for gauging the reserves in the context of these flows as well.

If we consider the import cover provided by forex reserves now, it was 15 months towards the end of last month. While the RBI has pointed out that the cover is much lower when compared to other countries, a better way to analyse the number will be by comparing it with past data. Current import cover is, in fact, a vast improvement from the cover enjoyed historically. For instance, the import cover in March 2019 was 9.6 months and in September 2013, it was at an abysmal 6.6 months.

Another metric used to measure forex reserves — the ratio of short-term debt (based on original maturity) to reserves — has also improved of late. This ratio has declined to 17.7 per cent towards the end of December 2020 from 26.3 per cent in March 2019. It stood at a high of 34.2 per cent in September 2013.

While the RBI is not wrong in pointing out that we have more external liabilities than external assets in the IIP, the higher holding of reserves currently, give comfort on one of the most volatile component of our external account, portfolio flows. The ratio that takes into account more volatile portfolio flows — ratio of volatile capital flows (including cumulative portfolio inflows and outstanding short-term debt) to reserves — has improved to 67 per cent in December 2020, from 86.7 per cent in March 2019 or 97.3 per cent in September 2013.

Reserve accretion may continue
Given the stance of global central banks to continue their bond purchases and to maintain interest rates at ultra-low levels, global investors are likely to remain flush with funds, at least until first half of 2022 and the hunt for higher yield and better growth will bring these investors to Indian equity and debt market in the near future. The RBI will have to continue buying dollars in this scenario to maintain stability in rupee movement.

The reserve accretion is therefore largely due to the policies of other central banks and there is no need for the RBI to be defensive about the growing pile of reserves. As the Governor, Shaktikanta Das, stated in Nani Palkhivala Memorial Lecture this January, “EMEs typically remain at the receiving end. In order to mitigate global spillovers, they have no recourse but to build their own forex reserve buffers, even though at the cost of being included in currency manipulators list or monitoring list of the US Treasury. I feel that this aspect needs greater understanding on both sides so that EMEs can actively use policy tools to overcome the capital flow related challenges.”

Also with most central banks likely to begin monetary policy normalisation by 2022 or 2023, de-leveraging and risk-off trade can cause volatility in financial markets and the reserve buffer will be handy to absorb such shocks.

The central bank should however begin to seriously consider diversification of assets held in its reserves away from US treasury securities which do not yield any interest and also carry risk of capital loss. Engaging an external consultant to recommend apt allocation is the way forward to make the most from the reserve holdings.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Kakkaji » 20 Jun 2021 07:47

Jal Jeevan Mission: About 7.99 lakh households in Assam have tap water connections, rise of 10 pc from 2019, says govt

About 7.99 lakh households in Assam have tap water connections, a rise of 10 per cent from 2019, the Jal Shakti Ministry said on Saturday, as it allocated a grant of Rs 5,601.16 crore to the state to expedite the implementation of Jal Jeevan Mission.

Union Jal Shakti Minister Gajendra Singh Shekhawat, while approving this four-fold increase in allocation, assured full assistance to the state for making provision of tap water supply in every rural home by 2024, the ministry said in a statement.

The ministry further said that Assam has already approved schemes for 41.9 lakh tap water connections and work orders for about 17.85 lakh connections have been issued in 2021-22.

n Assam on August 15, 2019, at the time of launch of the Jal Jeevan Mission, only 1.11 lakh (1.76 per cent) households, out of a total of 63.35 lakh households in 25,335 villages, had tap water supply. In the last 22 months, 6.88 lakh households (10.87 per cent) in the state have been provided tap water connections, thus 7.99 lakh households (12.63 per cent) have tap water supply.

The state has to provide tap water supply to the remaining 55.35 lakh households in the next three years. To achieve this task, Assam has planned to provide connections to 22.63 lakh households in 2021-22, 20.84 lakh households in 2022-23, and 13.20 lakh tap water connections in 2023-24.

The Jal Shakti Ministry this year allocated a grant of Rs 5,601.16 crore to Assam under the Jal Jeevan Mission, a four fold increase from Rs 1,608.51 crore in 2020-21.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 20 Jun 2021 13:22

a lesson in economics


Image

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 21 Jun 2021 23:06

First trial run of double stacked container load from Mundra Gujarat to NCR on the WDFC
This is going to strongly drive Mundra port growth given the delays around JNPT and MH govt interference.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby disha » 24 Jun 2021 23:17

This nonsense article on economy came out of the stables of swarajyamag today.

https://swarajyamag.com/economy/we-may-be-at-the-starting-point-of-an-inflationary-depression

There is general discussion on US Fed and central bankers veering into Indian situation and author making a mess out of it. Author introduces a nonsensical term like inflationary depression and makes a mumbo-jumbo of "deflation" prior to 1919 in USA.

Even though the author makes some cogent points on the "bifurcation of inflation" (my term), and argues for strict monetary policies in US (and West), contradicts himself with the following statement:

What About The Indian Economy?

The less said the better, I guess. When Nirmala Sitharaman and Shaktikanta Das occupied the positions of Finance Minister and RBI Governor — the two most critical positions from an economic perspective — I had some hope.

Both these people knew little about economics from an Austrian perspective, and were starting at ground zero. When you know little, there is a chance that you will look at the problems with an open mind. This could have led them to the altar of the Mises Institute.

But, instead, they have allowed the neo-Keynesians within these institutions to run on steroids and they have done the exact opposite of what they ought to be doing — ie, raising rates, encouraging savings, curtailing government expenditure, deregulating, etc.

If you think the Indian government bungled big time on Covid, just wait till we face the full consequences of the actions of our economic planners. The Covid missteps will appear like a misdemeanour.

Shanmuganathan N is the CIO at Plus43 Wealth Advisors. He can be contacted at shan@plus43capital.com.



My take: Nonsense of article. Author makes argument for strict monetary policy for US Fed and loose monetary policy for India RBI. The best case I can think of is that the author made money in the US stock market and seeing that the valuations are high wants to make money off Indian stock market. Hence the policy prescriptions that will aid the author's own economic well being playing in both US and Indian stock markets.


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