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Indian Economy News & Discussion - Aug 26 2015

The Technology & Economic Forum is a venue to discuss issues pertaining to Technological and Economic developments in India. We request members to kindly stay within the mandate of this forum and keep their exchanges of views, on a civilised level, however vehemently any disagreement may be felt. All feedback regarding forum usage may be sent to the moderators using the Feedback Form or by clicking the Report Post Icon in any objectionable post for proper action. Please note that the views expressed by the Members and Moderators on these discussion boards are that of the individuals only and do not reflect the official policy or view of the Bharat-Rakshak.com Website. Copyright Violation is strictly prohibited and may result in revocation of your posting rights - please read the FAQ for full details. Users must also abide by the Forum Guidelines at all times.
Singha
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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Singha » 15 Aug 2017 10:17

does anyone have a equivalent pie chart for India ?
Image

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Singha » 15 Aug 2017 10:22


Singha
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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Singha » 15 Aug 2017 10:30

we are in effect a large leaky bucket nanny state - in theory every citizen including all of us brf elites can avail of nearly free education upto HS level and then highly subsidized higher edu (if we get a seat), we can get nearly free doctor consultation, stay and meds in Govt hospitals (if we can beat the queues and crowds and bear the low quality of infra) and govt servants get pensions, our prices are subsidized by the diesel subsidy and food growers encouraged by the feritilizer subsidy and our electricity is kept cheap by subsidies to the power generators. state govt run transport networks have regulated prices. food subsidy is supposed to run the PDS and supply cheap grains and lentils.

on top of that is a huge debt burden some of it to external and interests to be paid on Govt bonds to entities who purchased them.

this does not leave much to build up institutions of science, expand higher edu, improve govt schools (ppl are abandoning in droves even in villages), capex on transport and power networks, defence R&D capex and so on....

we are in effect many nations in one, from subsistence levels to those who can compete at world level....decades of congi rule instead of moving 100s of millions up faster and building infra led to this peculiar situation where things are strung out - some can barely get food and have no hope of economic mobility while others are gaming the system to put their kids into US UG with 1.5cr banked away for each kid.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby arshyam » 15 Aug 2017 11:06

^^ Rattling the cage, saar? :)

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Supratik » 15 Aug 2017 12:19

PM speech. 3 lakh crore has come into the banking system post-demo.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Singha » 15 Aug 2017 12:35

no arshyam just a reflective mood on all that is lost and gained over the years...sometimes one needs to leave the bridge and climb up the mainmast to see where the ship is going,

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Austin » 15 Aug 2017 12:45

PM Modi Says Rs. 1.75 Lakh Crore Under Scrutiny Post-Notes Ban

Of the 18 lakh, 4.5 lakh people have come out in open and are seeking to amend their "mistakes," PM Modi said, adding that one lakh had not paid income tax ever in past.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Karthik S » 15 Aug 2017 12:47

That's like $25B. That's the kind of amount we were expecting the RBI will not get back.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Austin » 15 Aug 2017 12:52

Singha wrote:no arshyam just a reflective mood on all that is lost and gained over the years...sometimes one needs to leave the bridge and climb up the mainmast to see where the ship is going,


Singha all countries in West and East are nanny state more so in the West , Check how much US and EU spend on Health Care etc for its citizen.

We do spend a huge amount on Health Care but that can be better we must be 2-3 % of GDP atleast on health care considering so many people are deprived of decent health care and not ever one can afford an insurance and if you have health insurance it comes with tons of iffs and buts to deprive of that insurance , I have my own personal experience with that.

The problem is due to corruption the money does not reach these hospitals and health service center and if you visit these government hospitals the big ones have even better doctors than many big private hospitals but lack other facility paid for but siphoned off due to corruption denying a basic fundamental right to the citizen ....A good example is the recent incident in UP where so many infants died due to negligent.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Karthik S » 15 Aug 2017 12:55

Singha wrote:we are in effect a large leaky bucket nanny state - in theory every citizen including all of us brf elites can avail of nearly free education upto HS level and then highly subsidized higher edu (if we get a seat), we can get nearly free doctor consultation, stay and meds in Govt hospitals (if we can beat the queues and crowds and bear the low quality of infra) and govt servants get pensions, our prices are subsidized by the diesel subsidy and food growers encouraged by the feritilizer subsidy and our electricity is kept cheap by subsidies to the power generators. state govt run transport networks have regulated prices. food subsidy is supposed to run the PDS and supply cheap grains and lentils.


Some of the G-7 countries have similar expenses barring one or two. We can't be full capitalist mode. What NM is doing is savings by fixing leakages and increasing tax base to increase govt revenue.
What more is required is stopping grand loan waivers, we waive billions of dollars of loan, identifying who needs subsidy. I've had classmates in KV coming from rich business background paying around Rs 100 fee for entire year.
State govt have to stop indulging in appeasement programs as seen in TG and WB. But I suppose this step will be realized last.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby wig » 15 Aug 2017 12:55

refer to the query above regarding pie chart presentations of income and expenses of our govt
the Union Budget is presented in Parliament annually. The previous budget presented can be accessed here
http://indiabudget.gov.in/budget.asp

it includes the data at a glance and you can find various pie charts in the presentation Budget at a glance. Page 4 and 5 of the presentation. the link is hereunder

http://indiabudget.gov.in/ub2017-18/bag/bag1.pdf

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Austin » 15 Aug 2017 12:58

How many political parties have openly disclosed about black money or have exchanged it with Banks , Will the Government release stastics on Political Parties be it BJP Congress Left Regional parties etc or are we to assume they never had any black money at all ?

Same goes for the Birlas , Ambanis ,Tatas any stastics on big industralist ? So far only the small and medium traders are caught in the net no medium or large companies have ever disclosed having any black money.

The Government should release stastics on Political Parties and Industralist on the money they deposited.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Suraj » 15 Aug 2017 18:35

Austin wrote:How many political parties have openly disclosed about black money or have exchanged it with Banks , Will the Government release stastics on Political Parties be it BJP Congress Left Regional parties etc or are we to assume they never had any black money at all ?

And the rest of this line of discussion goes into the politics thread, for obvious reasons .

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby disha » 15 Aug 2017 23:05

I have setup a poll under thread: "Clean India places, options, initiatives & results ". Please answer the poll at least.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby disha » 17 Aug 2017 00:46

I am surprised that nobody is discussing what Modi's statement of finding 2-3 lakh crores due to Demo/going after black money/GST is going to entail and how it can be put to use (or accounted).

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Suraj » 17 Aug 2017 05:35

Govt revises grain output to record high of 275.68 million tonnes in FY17
The first normal southwest monsoon in 2016 after two years of drought had the central government issuing a revised upgrading of the country's overall foodgrain production in the 2016-17 crop year (ending this June 30) by 2.3 million tonnes, to a record 275.68 mt.

However, for the farmers, the bumper harvest has resulted in an acute drop in prices of many commodities, mainly pulses and oilseeds, leading to agitations in many parts, including some violence.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Gus » 17 Aug 2017 07:16

disha wrote:I am surprised that nobody is discussing what Modi's statement of finding 2-3 lakh crores due to Demo/going after black money/GST is going to entail and how it can be put to use (or accounted).


What did he actually say?

Transcript is - According to the research conducted by outside experts, about Rs.3 lakh crores that had never come into the banking system before, has been brought into the system after the demonetization.More than Rs. 1.75 lakh crores deposited in the banks is under the scanner. Black money worth Rs. 2 lakh crore had to be deposited in the banks and this system has forced them to be accountable.
--
It is hard to understand real numbers when he prefaces stats with "according to outside experts..." which is just a cover to escape being held accountable for those numbers. I honestly expected better. Maybe the translation is bad but it looks odd for modi to take this subject and then preface like that.

We still don't know in public domain what the real numbers are.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby disha » 17 Aug 2017 08:39

He clearly states: "Black money worth Rs. 2 lakh crore had to be deposited in the banks"., this is the money that was well never accounted for and moved out of cushions and beds into banks.

Do not worry about how much dividend RBI gives to GOI. It has no correlation on how much black money is mopped up. In fact., do not even get surprised that instead of dividend., RBI shows "loss" (:ROFL:)

By getting the kala-dhan into the banks., the money supply chasing RE and Gold has dropped down significantly and is seen in their prices. Particularly RE. Further inflation is down., in fact RE is currently deflating (just see the RE thread on this very forum., 9/10 is bemoaning the fall in RE)., which is pulling down the price of other goods and services.

Now look at this news http://www.livemint.com/Politics/spcGDYPKYP8fjkxI0VEg4M/Indias-Q1-fiscal-deficit-hits-81-of-fullyear-target-Govt.html

For ppl like me., who understand only 3 numbers - income, expense and cash on hand - the way I read it GOI is accelerating spending while bringing down the deficit.

The fiscal deficit of the central government as a percentage of the country’s gross domestic product has declined consistently in recent years, from 4.5% in 2013-14 to 4.1%, 3.9% and 3.5%, respectively in 2014-15, 2015-16 and 2016-17, and is further budgeted to come down to 3.2% in the current fiscal year.


And

“In particular, the robust 40% year-on-year expansion in the government’s capital expenditure in Q1 FY2018 is encouraging,” she said.


And read this:

http://indianexpress.com/article/business/economy/fiscal-deficit-soars-to-81-of-fy18-target-in-apr-jun-4776439/

While reducing deficit., money is being spent more. If you are running a house., you have just upgraded your standard of living. Your debt burden is reduced *while* your spending has increased.

So where is this money going?

While Rs 1.37 lakh crore was released as food, fertiliser and fuel subsidies in the first three months of this year, only Rs 93,500 crore had been spent on this front a year ago. Nonetheless, the front-loading of the subsidy amount will ease the liquidity problems for the intermediaries like Food Corporation of India and fertiliser firms.

Subsidies apart, April-June also saw a 39 per cent year-on-year rise in capex to Rs 68,328 crore, nearly half of which was defence-related. Other departments which benefited from the front-loading of expenditure included roads, agriculture, urban development, housing and railways, all priority areas of the government. Thanks to the early passage of 2017-18 Budget, the Centre’s expenditure in the first quarter stood at Rs 6.51 lakh crore, 27 per cent more than Rs 5.12 lakh crore a year ago as departments were given flexibility to front-load spending.


I was asking where will the wall of money go? Now I know., it is going to priority areas and in subsidies. Funny thing is with higher spending in subsidy., the liquidity crunch for FCI and Fertilizer actually eases.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby sivab » 17 Aug 2017 08:54

Gus wrote:--
It is hard to understand real numbers when he prefaces stats with "according to outside experts..." which is just a cover to escape being held accountable for those numbers.


That is a wild unfair accusation without understanding the process involved. Data mining activity of demonetization deposits has been contracted out to vendors with expertise in data mining operations by income tax department. They are the outside experts PM is talking about. They have identified suspicious transactions and ITD is verifying with depositors before initiating action. You can learn about details of the process from following website

https://www.cleanmoney.gov.in/

The website has a status report from ITD.

https://www.cleanmoney.gov.in/pdf/OCM_S ... y_2017.pdf

The cash deposit data was analysed to identify persons whose cash transactions did not appear in line with their tax paying profile.

This analysis resulted in identification of about 17.92 lakh persons for verification process.

Taxpayers have provided response for 13.33 lakh accounts involving cash deposits of around Rs.2.89 lakh crore.


This is a mammoth exercise and PM has given latest info available to him. It may take years to complete legal process. But ITD has all the deposit/income tax data and law has been amended to remove statute of limitations provisions.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Prem Kumar » 17 Aug 2017 09:24

While this is indeed a phenomenal task undertaken by Modi sarkar, the elephant in the room is this: How many big fish - i.e. corrupt politicians of the Sonia ilk & other people in positions of power have been nailed?

The amount of money vacuumed up by a few hundred of these corrupt higher-ups is an order of magnitude greater than the lakhs of black-money hoarders who have squirreled away a few lakhs/crores here and there.

So, going after one segment without showing some big-elephant-slaying will be bad for optics. The refrain of the common man all these years has been: those with power & influence are beyond the law. People trust the Modi sarkar to change that. He must not disappoint.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby disha » 17 Aug 2017 09:52

The part on #Blow2Modi or possible #Blow2Modi., can be taken back into political thread.
---
Point is., I think there is a wall of money and it is going somewhere. How big is the wall and where is it going and its impact on the Indian economy is what I am trying to see.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby yensoy » 17 Aug 2017 10:36

Prem Kumar wrote:While this is indeed a phenomenal task undertaken by Modi sarkar, the elephant in the room is this: How many big fish - i.e. corrupt politicians of the Sonia ilk & other people in positions of power have been nailed?

The amount of money vacuumed up by a few hundred of these corrupt higher-ups is an order of magnitude greater than the lakhs of black-money hoarders who have squirreled away a few lakhs/crores here and there.

So, going after one segment without showing some big-elephant-slaying will be bad for optics. The refrain of the common man all these years has been: those with power & influence are beyond the law. People trust the Modi sarkar to change that. He must not disappoint.


Even at the height of the Cold War, US and USSR didn't fight each other on their territories. They used proxies and beat up small fish aligned to their opponents.

That is what will happen here too. We saw recently IT raids on the Karnataka ministers. That is the level this story will play out. Don't expect any CBI actions against Madame. Despite the Khangress' general rout, they still have some diehard supporters and influence, they probably have people within the administration who will tip them off, they would have structured their deals to maintain deniability, and they have an army of the best paid lawyers & media people.

Not to say the screw won't be tightened on them, but there will be no optics.

Now having said that, I feel a moderately corrupt system which ensures GDP and jobs growth is far more preferable to me than a totally clean system which does neither. Life was born in the murky primordial soup, not in a crystal clean lab.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Suraj » 17 Aug 2017 11:04

I'd like to remind people that this is the economy thread. NO POLITICS. Please delete and move your posts to the politics thread.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Gus » 17 Aug 2017 17:18

sivab,

Thanks for the explanation. I get it, that ITD is data mining and sending notices to those who don't fit their tax profile etc.

my issue is with this specific statement - 'about Rs.3 lakh crores that had never come into the banking system before"

is he basing that one the serial numbers (not necessarily 'bills printed off the books theory' could just be bills that never came back) or just from the profile of people who never put money in bank, but deposited money in demo?

imho, when rbi has not released total money that came back to system, and ITD has just started the process of notice-response-assessment and recovery/payment - how can PM give out numbers that cannot be backed by the institutions giving details backing him?

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Gus » 17 Aug 2017 17:20

Suraj - I don't think what I asked is political and anyways it will only take a few exchanges to get clarity on this..so requesting you to let this flow for now.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Suraj » 17 Aug 2017 18:15

Sorry no, that discussion here ends with earlier post of mine. Nothing further than the post by yensoy. Continue in the politics thread.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby hanumadu » 17 Aug 2017 19:27

The DeMo thread is also a good place if the emphasis is on determining the amount of money that could be paid as taxes or remain unclaimed from the benami accounts.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Singha » 18 Aug 2017 07:33


Hari Seldon
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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Hari Seldon » 20 Aug 2017 13:53

x-posting from cheena dhaga.

India is quietly preparing to end Chinese businesses' free run here (ET)

All quiet on the trade/economic front.

NEW DELHI: India is tightening the rules for businesses entering its power transmission sector and making stringent checks on both power and telecoms equipment for malware — moves that government and industry officials say aim to check China's advance into sensitive sectors.

Chinese firms such as Harbin Electric, Dongfang Electronics, Shanghai Electric and Sifang Automation either supply equipment or manage power distribution networks in 18 cities in India.

Local firms have long lobbied against Chinese involvement in the power sector, raising security concerns and saying they get no reciprocal access to Chinese markets.

With India and China locked in their most serious military face-off in three decades, the effort to restrict Chinese business has gathered more support from within the administration of Prime Minister Narendra Modi, worried about the possibility of a cyber attack.

The Indian government is considering a report prepared by the Central Electricity Authority (CEA) that sets new conditions for firms bidding for power transmission contracts, tipping the scales in favour of local companies.

According to an official involved in drafting the report, who asked not to be named, it says companies looking to invest in India should have been operating there for at least 10 years, have Indian citizens as top executives, and employees of the foreign firm should have lived in India for a certain period, the official said.

Those companies have to detail where they procure the raw materials for transmission systems, and will be barred from further operations in India if their materials contain malware.

Though the report makes no direct reference to China, the official said the recommendations are intended to deter China from making further headway in India, because of the security risks.

CEA Chairman R.K. Verma said the possibility of a crippling cyber attack on India's power systems was a key consideration while drafting the policy. "Cyber attacks are a challenge," he told Reuters.

A representative of a Chinese enterprise engaged in exporting electric power equipment in India told China's state-run Global Times that India's industry has long tried to block foreign competition under the garb of safety issues.

"Now, as Sino-Indian relations are getting intense, the old tune is on again. But in fact, it is unrealistic to completely ban China and India power investment cooperation. India will pay a huge price for this," the paper said.

Shanghai Electric, Harbin Electric, Dongfang Electronics and state-run China Southern Power Grid Co Ltd, all involved in India or trying to enter, did not immediately respond to emails seeking comment on the proposed Indian investment rules.

TELECOMS

The Indian government is moving simultaneously on the telecoms sector, demanding higher security standards in an area dominated by Chinese makers of equipment and smartphones.

In a letter reviewed by Reuters, the ministry of electronics and information technology has asked 21 smartphone makers, most of them Chinese, to provide details about the "safety and security practices, architecture frameworks, guidelines, standards, etc followed in your product/services in the country."

Chinese vendors such as Xiaomi, Lenovo, Oppo, Vivo and Gionee together account for over half of India's $10 billion smartphone market. The letter, dated Aug. 12, was also sent to Apple, Samsung Electronics and local maker Micromax, a ministry source said.

India has also privately raised objections to Chinese firm Shanghai Fosun Pharmaceutical Group's proposed $1.3 billion takeover of Indian drugmaker Gland Pharma, it emerged last month.

"There's a lot of resentment against China for meddling in our internal affairs, supporting Pakistan's cross-border terrorism, and, on the other hand, posing a huge loss to our trade and industry each year," said Satish Kumar, national president of the Swadesh Jagran Manch, a right-wing nationalist group with ties to Modi's ruling party.

The group has this year run a campaign asking Indians not to buy Chinese goods to protect local industry and reset a trade deficit of more than $51 billion.

CHEAP GOODS

India has used Chinese equipment for power generation and distribution as it looks to provide affordable electricity to an estimated 250 million people who are off the grid.

China Southern Power Grid, in association with CLP India Pvt Ltd, is among Chinese firms bidding for power transmission lines, Power Minister Piyush Goyal told Parliament this month.

Sunil Misra, director-general of the Indian Electrical and Electronics Manufacturers' Association, said the new rules for power transmission would help local industry and were in line with the limited access China gives to foreigners in its market.

Indian firms engaged in the power sector include Bharat Heavy Electricals Ltd, Crompton Greaves Consumer Electricals Ltd and Larsen & Toubro Ltd.

Security agencies have implemented a series of protocols and checks for Chinese equipment coming into the power sector, said another person involved in drafting the CEA report.

"This is recent and happening quietly," he said.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Manish_Sharma » 20 Aug 2017 17:29

Folks, I have posted a message on political drama thread that is doing rounds on WhatsApp, would be great if I can get some understanding on it:

viewtopic.php?f=24&t=7362&p=2201351#p2201351

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Yagnasri » 21 Aug 2017 10:26


jayasimha
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Re: Indian Economy News & Discussion - Aug 26 2015

Postby jayasimha » 21 Aug 2017 14:11

http://pib.nic.in/newsite/PrintRelease. ... lid=170087

Press Information Bureau
Government of India
Ministry of Finance
18-August-2017 19:37 IST
Clarification regarding number of Taxpayers added after Demonetization




The data maintained by the IT Department shows that during 1st April, 2017 to 5th August, 2017, 2.79 crore e-returns of Individual taxpayers were received as against 2.23 crore e-returns received during 1st April, 2016 to 5th August, 2016.

e-returns of Individual taxpayers
1st April, 2017 to 5th August, 2017, 2.79 crore
1st April, 2016 to 5th August, 2016, 2.23 crore

Thus, the additional ITRs received in 2017 works out to be 56 lakh.


1st April, 2015 to 5th August, 2015, 2.00 crore

During the same period of 2015, 2.00 crore e-returns were received, meaning thereby, that in 2016, ( 2.23 cr-2.00cr) only 22 lakh (rounded off)) additional e-returns were received by the due date of filing. This data has already been put in public domain by CBDT’s Press Release dated 7th August, 2017.


(b) The analysis given in Table-6 on page 22 of the Economic Survey (Vol.2) is based on the data for the period of 9th November to 31st March of 2016-17 and corresponding periods of last two financial years. Moreover, the growth in the number of taxpayers discussed in the Economic Survey is based on the number of new taxpayers assuming the previous year’s growth rate as the reference growth rate. On the other hand, the growth of Individual return-filers referred to in PM’s speech is with respect to new as well as old taxpayers. Thus, the data used in Economic Survey is different from data referred to in PM’s speech in respect of the period of filing as well as the type of taxpayers and the two are not comparable.

(c) The statement of the Finance Minister regarding addition of 91 lakh taxpayers to the tax-base referred to the total number of new returns filed during the entire financial year 2016-17 and therefore, it is neither comparable to the data in PM’s speech nor with the data in Economic Survey (different period and different type of taxpayers).

(d) The reply to Unstarred Question No. 2017 in Rajya Sabha on 01.08.2017 mentioned that during 09.11.2016 to 31.03.2017 the number of ITRs filed was 1.96 crore as against 1.63 crore filed during the corresponding period of last financial year (2015-16). Therefore, number of additional returns filed during this period works out to be 33 lakh. However, this data cannot be compared with the other data mentioned above. The data referred to in Economic Survey is with regard to new taxpayers or first-time return filers only whereas the data provided in the Rajya sabha Question was in respect of all returns filed.

From the 1st of April to 5th August, 2017, 2.79 crore returns have been filed by Individual taxpayers as against 2.23 crore returns filed during corresponding period of last year. The number is expected to further rise significantly as many more taxpayers are still to file their returns.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Vips » 22 Aug 2017 03:08

Government gets Rs 42,000 crore tax so far in first filing under GST.

As much as Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new Goods and Services Tax (GST)
regime and the revenues are expected to swell further as the filing cycle closes this later this week.

A senior official said that about Rs 15,000 crore has come in as IntegratedGST, which is levied on inter-state movement of goods, and another Rs
5,000 crore by way of cess on demerit goods like cars and tobacco. The remaining Rs 22,000 crore has come in as Central-GST and StateGST,
which would be split equally between the Union and state government.

"Tax deposited till this morning was Rs 42,000 crore," the official said. So far, 10 lakh tax payers have filed returns and another 20 lakh have logged in and saved return forms. "We are seeing good compliance and our estimation is that 90-95 per cent of the assesses will file returns and pay taxes," he said.

Under the GST regime, which was implemented from July 1, businesses are expected to file the monthly tax return.

Tax for the first month is to be filed by an extended deadline of August 25. The deadline was extended as the tax return filing website snapped just a day before the due date ended on August 20. GST unifies more than a dozen central and state levies including excise duty, service tax and VAT, and the revenue generated is to be split equally between the Centre and states.

In July last year, Rs 31,782 crore of excise duty was collected and Rs 19,600 crore of service tax. Estimate for the combined sales tax or VAT collection by states was available. While 72 lakh assessees of the old indirect tax regime have migrated to the GST Network portal, nearly 50 lakh have completed the migration process.

Besides, of the 15 lakh fresh registrations that have happened, as many as 10 lakh are expected to file returns for July. A total of 60 lakh businesses are expected to file returns and pay taxes for July, the official added.

As per the GST law, any registered person who fails to furnish the details of outward or inward supplies or returns required by the due date will have to pay a late fee of Rs 100 for every day during which such failure continues subject to a maximum amount of Rs 5,000. Besides, every person who fails to pay the tax within the period prescribed, shall for the period for which the tax or any part thereof remains unpaid, will be required to pay interest at 18 per cent from the day succeeding the day on which such tax was due to be paid.

The collections from customs duty and IGST from imports post-implementation of GST have almost doubled to Rs 30,000 crore in July. This compares to indirect tax collection of over Rs 16,000 crore of the same month of 2016.

Prem
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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Prem » 24 Aug 2017 09:29

Agriculture exports may grow to $100 billion by 2022: Experts
http://economictimes.indiatimes.com/art ... aign=cppst

MUMBAI: The country's agricultural sector has potential to double farmer income and grow exports to $100 billion by 2022 from the present $36 billion, according to industry experts. "India ranks second globally in agricultural production at $367 billion and we have potential to double farmer income and increase exports to $100 billion by 2022. "Globally, exports in agricultural products is over $1,500 billion annually as per the latest data from WTO and India's share is is less than $35 billion at present," said Crop Care Federation of India (CCFI) president Rajju Shroff. "We have urged the government to increase focus on trebling India's share in agri exports to double farmer income by 2022," Shroff, who is also MD of United Phosphorus Ltd, told reporters here.[b]On lines of the 'Make In India' campaign, the report urged the government to launch 'Grow In India' campaign aiming for substantial gains in agri-exports with a single authority to monitor India's international agricultural trade-both exports and imports. ndia ranks second globally in agricultural production, whereas in services and manufacturing sectors India's position stands at 11th and 12th respectively. Agriculture's contribution to India's economy extends beyond the rural economy and encompasses many activities in manufacturing and services sector. Export surplus from the country's agricultural trade is higher than the corresponding figure achieved by the manufacturing sector, the report said.

Prem
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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Prem » 24 Aug 2017 09:30

delete

Karthik S
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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Karthik S » 24 Aug 2017 09:32

Good news, agri is a low hanging fruit in that you can increase output and thus earnings rather sooner than other industries. Someone posted China's trade deficit countries list. Brazil exported $20B worth of vegetables. If we are trying to seek parity in our trade with them, this area is something we can focus on (if we are not at war btw).

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby Suraj » 25 Aug 2017 05:05

Record reserves turn costly cash pile for RBI
As India’s foreign-exchange reserves march toward the unprecedented $400 billion mark, its central bank faces a costly conundrum. To keep the rupee stable and exports competitive, it is having to mop up inflows that’s adding cash to the local banking system. Problem is, banks are flush with money following Prime Minister Narendra Modi’s demonetization program last year, leaving them already struggling to pay interest on the deposits in an environment where loans aren’t picking up. The resulting need to absorb both dollar- and rupee-liquidity is stretching the Reserve Bank of India’s range of tools and complicating policy. Costs to mop up these inflows have eroded the RBI’s earnings, halving its annual dividend to the government. “The RBI would be paying more on its sterilization bills than it gets on its reserve assets, so it would cut into its profits,” said Brad W. Setser, senior fellow at New York-based thinktank Council on Foreign Relations. “Selling sterilization paper in a country with a relatively high nominal interest rate like India is costly.”

The straightforward response is to let the Rupee appreciate to 60/$, or more, in a gradual and telegraphed manner.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby VKumar » 25 Aug 2017 05:17

Indian government thinking has always been that exports are the SACRED COW as they earn foreign exchange, never mind the cost! USD @ Rs. 60 would hurt exports. On the other hand, government earns duties through imports. So, one solution could be to reduce customs duties and encourage imports, but this would hurt the other SACRED COW, which is MAKE IN INDIA!

Imports use up foreign exchange as compared to inflows from exports and remittances and other inflows.

What the government has tried in the past is to permit outward flow upto USD 240K p.a. Per person for personal expenses or investments. This uses up foreign exchange without impacting local manufacture.

But in fact, this is only for the very rich who can invest overseas.

And at the same time, such outflows impact domestic economy as it encourages overseas investments.

So many problems if you dont let the market decide the exchange rate or even if you do have a market determined exchange rate, that it makes the head spin!

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby yensoy » 25 Aug 2017 09:31

This would be a great time to import key defence technologies with upfront payment. As much as it hurts me to say that we should import rather than make it, if we are going to import it anyway better do it when the rupee is strong. At least import the technical know-how, machinery, key components and subsystems needed.

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Re: Indian Economy News & Discussion - Aug 26 2015

Postby tandav » 28 Aug 2017 11:56

yensoy wrote:This would be a great time to import key defence technologies with upfront payment. As much as it hurts me to say that we should import rather than make it, if we are going to import it anyway better do it when the rupee is strong. At least import the technical know-how, machinery, key components and subsystems needed.


How about creating on demand /cloud manufacturing factory concept... you import the most advanced machines for manufacturing and setup an industrial park with trained technicians on each machine. The machine is rented for job works by anybody with requirement An advanced Amazon type Intra factory logistics grid would move parts from one machine to the other as the work progresses


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