Indian Economy News & Discussion - Nov 27 2017

[NRao]

It will simply blow you away.....

Treasury Leadership Forum 2023 Deepak Bagla

Apologies for re-posting the entire post, but:

Deepak Bagla resigns as managing director and CEO of Invest India

Bagla was at the helm of Invest India since 2015. Earlier, he had stints at World Bank, Citibank, and private equity firm 3i Group

Deepak Bagla, managing director and chief executive officer of Invest India, the government’s nodal investment promotion and facilitation body, has resigned from his post, commerce ministry sources confirmed.

Bagla has cited “personal reasons” for stepping down from the post. “He has been there for a long time. He wanted to leave on personal grounds,” said a commerce ministry official.

................

I hate stats in the form of percentages.

One of my Whatsapp sources claimed that this guy fudged numbers for that video.

Added l8r:

Deepak Bagla steps down as MD & CEO of Invest India

Deepak Bagla, Managing Director and CEO of Invest India, has stepped down after a Ministry of Commerce audit questioned the work accomplished by the investment promotion body, people aware of the matter told Moneycontrol.

Moneycontrol has learned that the audit had been going on for a year and Bagla came in for intense questioning. The people cited above also said the Commerce Ministry had reprimanded Bagla, stating that the audit had found no substantial work had happened on ground.

.............

[vijayk]

India Contributed Almost 15% of
Global GDP in the Past Decade
Growth strongly outperforms Asia-Pacific region and Emerging Markets

https://www.worldeconomics.com/Thoughts ... -2010.aspx

[chetak]

good to see India talking the ONLY language which the whites understand


https://www.livemint.com/economy/india-may-hit-back-at-eu-s-carbon-tax-11679335500441.html

India is considering imposing retaliatory tariffs on European Union exports in response to the bloc’s proposed carbon tax that could disrupt over $8 billion worth of Indian metal exports to the EU, two government officials aware of the development said.

Starting 1 October, iron, steel, and aluminium exports to European Union countries from across the world will face added scrutiny under the bloc’s Carbon Border Adjustment Mechanism (CBAM), or carbon tax. Suppliers will have to report greenhouse gas emissions ‘embedded’ in their consignments before taxes are levied from 1 January 2026.

[vera_k]

Something to lighten the mood. Still think UPI makes it not particularly useful for transactions in India.
Bitcoin is a peaceful revolution

[Tanaji]

Seems Hindenburg short seller has tweeted that there is another report inbound soon

[chetak]

good to see India talking the ONLY language which the whites understand


https://www.livemint.com/economy/india-may-hit-back-at-eu-s-carbon-tax-11679335500441.html

India is considering imposing retaliatory tariffs on European Union exports in response to the bloc’s proposed carbon tax that could disrupt over $8 billion worth of Indian metal exports to the EU, two government officials aware of the development said.

Starting 1 October, iron, steel, and aluminium exports to European Union countries from across the world will face added scrutiny under the bloc’s Carbon Border Adjustment Mechanism (CBAM), or carbon tax. Suppliers will have to report greenhouse gas emissions ‘embedded’ in their consignments before taxes are levied from 1 January 2026.

The goras have got the message. They caved immediately


and these ball less wonders are now producing a lot of their electricity from coal fired power plants, after needlessly getting into a fruitless fight with Putin's Russia

India said it would impose retaliatory tax on EU firms. EU immediately capitulated, says it’s “ready to work with India on carbon tax”.

https://www.livemint.com/industry/energy/eu-says-it-s-ready-to-work-with-india-on-carbon-tax-11679423674958.html

The European Union is willing to collaborate with India in easing the administrative burden for businesses while enforcing its Carbon Border Adjustment Mechanism (CBAM), which seeks to impose tariffs on imports with a high carbon footprint entering the 27-member bloc.

The offer to resolve the issue comes after Mint reported that India is considering imposing retaliatory tariffs on EU imports in response to the carbon tax, which India said was “unjustifiable discrimination" towards developing nations

[drnayar]

Seems Hindenburg short seller has tweeted that there is another report inbound soon

that and pappu/kejri tamasha., the punjabi car chase, "farmers" landing in delhi all converging nicely into the election scene.. The western/Soros attempts at regime change is so damn glaring and evident

[KL Dubey]

Seems Hindenburg short seller has tweeted that there is another report inbound soon

that and pappu/kejri tamasha., the punjabi car chase, "farmers" landing in delhi all converging nicely into the election scene.. The western/Soros attempts at regime change is so damn glaring and evident

...and these strenuous efforts will bring up 400 seats for Modi this time.

[rajkumar]

India Set To Post Current Account Surplus : Decoding The India Trade Picture....

[vijayk]

Seems Hindenburg short seller has tweeted that there is another report inbound soon

I think he is going after Block (formerly Square)

[drnayar]

https://www.livemint.com/videos/india-aims-to-launch-a-1000-times-faster-6g-network-by-2030-11679581277030.html

Prime Minister Modi unveiled India’s plans to design, develop, and deploy 6G network technology that will make cheap internet available across the length and breadth of the country by as soon as 2030. The Bharat 6G mission, which has been introduced in the vision document, the mission, aims to position India as a global leader in 6G innovation. India plans to develop standards for 6G technology in the first phase of a mission that will span two years starting in 2023, followed by the second phase involving building a 6G ecosystem over the following five years until 2030. The goal is to provide high-speed internet that is about, a 1,000 times faster than the 1 Gbps top speed of 5G.

[vijayk]

https://www.moneycontrol.com/news/busin ... 00101.html
ONDC expands into Mobility space (Ola/Uber)

[vijayk]

[drnayar]

2030 inflection point for AI : US/China

Role of American oligarchs

[vijayk]

https://archive.ph/WY9tA

Japan’s Daikin targets India as air-con and heat-pump manufacturing hub
World’s largest air-conditioner maker sees huge export potential and untapped domestic demand for cooling systems

[Adrija]

https://youtu.be/_MaWquzOvRE

Worth a watch.... relatively short but to the point and makes some very good points IMVHO

Apologies if posted already

[chetak]

https://www.livemint.com/companies/news/apple-inc-supplier-pegatron-in-talks-to-open-second-india-factory-report-11679685370288.html

The talks for starting a second Pegatron facility on lease are ongoing and it will be located inside Mahindra World City near Chennai, just around where the company inaugurated the first plant in September 2022.

Pegatron's planned investment outlay for the expansion is not immediately clear. The first source, however, said the new factory will be smaller than the first one.

Apple Inc has bet big on the South Asian nation since it began iPhone assembly in the country in 2017 via Wistron and later Foxconn, in line with the Indian government's push for local manufacturing.

India is the second biggest smartphone market in the world, where Apple also plans to assemble iPad tablets and AirPods.

India's Karnataka state said this week it has approved a $968 million investment by Foxconn, leading to the creation of 50,000 jobs.

Last week, Reuters reported Foxconn has plans to build a $200 million factory in India to produce the wireless earphones for Apple after winning a contract. It already assembles some iPhone models at its plant located in Tamil Nadu.

[vijayk]

https://economictimes.indiatimes.com/op ... s?from=mdr
How India is getting ready for a record high in services exports

If anyone has subscription, please post some details here

[chanakya_neeti]

Here is the main summary:

In the post-pandemic phase, India's services exports aggregated $206.1 billion in 2020-21, growing to $254.5 billion in 2021-22. If, as expected, India does top $300 billion this fiscal year, then the country would have grown services exports by a record 50% in three years.

If anyone has subscription, please post some details here

[sgrover]

https://economictimes.indiatimes.com/opinion/et-commentary/how-india-is-getting-ready-for-a-record-high-in-services-exports/articleshow/99016395.cms?from=mdr
How India is getting ready for a record high in services exports

If anyone has subscription, please post some details here

Full article: https://archive.is/GulrK

[yensoy]

https://economictimes.indiatimes.com/opinion/et-commentary/how-india-is-getting-ready-for-a-record-high-in-services-exports/articleshow/99016395.cms?from=mdr
How India is getting ready for a record high in services exports
If anyone has subscription, please post some details here

This is due to the growth of India based engineering centers of just about any western tech and finance company. The outsourcing model is maxed out, insourcing is the way forward. And without sufficient scale in India you just aren't going to find enough talent. After all the best brains don't need a job, they need to see a career path ahead of them which only comes when there is a large investment in this form. I think this can easily grow to the trillion dollar range within a decade. This is relatively recession proof because getting engineering work done in India is a cost saving measure that will be particularly attractive during tough times.

It is now Indian government (GoI and state governments) to deliver on infra to improve living standards - traffic, air/water quality, garbage disposal, schooling and medical care being the the top concerns of this class of society, and just to be clear this helps every class of society. Beside the direct employment this sector provides there is a multiplier effect in the local economy due to all the professional and private support services needed.

At the same time we can't lose focus on manufacturing and growing the prowess of our own industry/MIC/institutions.

[A_Gupta]

India also witnessed sharp growth in services exports. Sonal Varma, MD & Chief Economist-India & Asia Ex-Japan, Nomura Financial Advisory & Securities (India), Megha Chawla Partner, Bain & Company and Arindam Sen, Partner/Principal & GBS Leader, Markets & Business Development, EY, share their views.

[James]

Came across this press release (released in April 2021) from the Indian Embassy in Moscow regarding the PLI scheme

https://indianembassy-moscow.gov.in/pre ... Dcompliant.

While the tone of the release is generally positive, I was very surprised to see this sentence in the last paragraph:
<<Quote
After a string of botched implementations (demonetization, goods and services tax), the government has got a major scheme right.
Unquote>>

Who would have cleared this in an official Indian embassy press release?

[JTull]

Came across this press release (released in April 2021) from the Indian Embassy in Moscow regarding the PLI scheme

https://indianembassy-moscow.gov.in/pre ... Dcompliant.

While the tone of the release is generally positive, I was very surprised to see this sentence in the last paragraph:
<<Quote
After a string of botched implementations (demonetization, goods and services tax), the government has got a major scheme right.
Unquote>>

Who would have cleared this in an official Indian embassy press release?

It is worth asking them on Twitter @IndEmbMoscow

[Cyrano]

Someone did a lazy cut paste. Please also tag EAM DrSJ on Twitter, his team will pick up and rectify.

[Atmavik]

https://youtu.be/MH7JaVs-D1o

INDIAS Manufacturing Moment. Make in India 1.0 is a success

We are plugging in to the global supply chain , words of Manohar Parikar comming true

[Aldonkar]

https://youtu.be/MH7JaVs-D1o

INDIAS Manufacturing Moment. Make in India 1.0 is a success

We are plugging in to the global supply chain , words of Manohar Parikar comming true

Atamvik, thank you for posting this. I found it very inspiring. As a retired engineer, I have been saying for ages that India's day will come. Finally she has a government that knows how to encourage growth.