Indian Economy News & Discussion - Nov 27 2017

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Supratik
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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 20 Apr 2018 20:19

One more source of corruption.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 20 Apr 2018 23:58

disha wrote:I used to say it as "zoom, zoom, zoom". I was wrong.

I am going to say

zoom ZOOM ZOOM

Here is the deal, the Elephant of Indian economy has started running and it is running on a firm footing. And it is as ferocious as a Lion. In the next decade & half, India is going to be the global growth engine in its relentless march to a USD 10 Trillion economy.

The challenge will be post 2030. Will India be in a "middle income trap" or "cut over into high income trap"? My bet is that it will be later and not former. That of course remains to be seen.

CV sales took a full 6 years to overtake the peak of 2011-12 . Sales were 809,000 in 2011-12 fell down all the way bottoming at 615,000 in 2014-15, rose back to 714,000 in 2016-17, and now 856,000 in 2017-18 .

Car sales similarly peaked in 2011-12, and then dropped for 3 years before finally reaching the 2011-12 peak in 2015-16 .

The trend is repeated in domestic air traffic volume. After peaking in CY2011, it dropped and took 3 more years to overtake that peak.

These are all classic signs of a cycle peaking in 2011 as the pace of reforms died out by late 2009-10, and then the economic cycle bottoming out in 2014-15, taking years to rebuild momentum. Yes it takes 5-6 years sometimes - as in the case of CV sales, when it wasn't until last year that sales overtook the peak in 2011-12. Now as of 2017-18 we can clearly say that all major macroeconomic parameters have rebounded from the peak of UPA2, from which pretty much every major leading indicator fell for the next 3-7 years, depending on which parameter you look at; domestic air traffic took 3 years, car sales a little more than that, CV sales took more than twice as long to rebound.

If any interested posters would keep a monthly eye on Team BHP or elsewhere to post monthly CV sales growth, rail traffic growth, and other parameters, it would help. Ideally, a 15% CV sales growth this year should yield year end sales of ~980,000 CVs . It would be particularly nice if MHCV (medium and heavy commercial vehicle) sales grow stronger than the overall CV figure.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vijayk » 21 Apr 2018 00:18

https://www.financialexpress.com/indust ... y/1068004/

Road construction pace up in April-January at 21.46 km a day


The pace of building highways picked up and touched 21.46 km a day in the April-January period of 2017-18 compared with 18.30 km per day in the same period last fiscal.
The pace of building highways picked up and touched 21.46 km a day in the April-January period of 2017-18 compared with 18.30 km per day in the same period last fiscal. But it still fell short of the 22.3-km-a-day target achieved in 2016-17 and remained far away from road transport and highways minister Nitin Gadkari’s ambitious target of building highways at a pace of 41 km a day.

Total construction, by all agencies responsible, stood at 6,439 km in the first 10 months of the current financial year, compared with 5,492 km in the corresponding period last year.

While the National Highways Authority of India (NHAI) has achieved a pace of 6.91 km a day, against the targeted 9.5 km, the ministry of road transport and highways’ performance remained short of target by a wider margin — it could construct just 13.48 km a day against the goal of 31 km.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vijayk » 21 Apr 2018 00:22

https://www.firstpost.com/business/indi ... 82855.html
India leads in domestic air passenger traffic growth, up by 18% in January: IATA

Despite a slower international passenger demand growth, India's domestic passenger traffic grew by almost 18 percent in January, a global airline association said on Thursday.

Data from the International Air Transport Association (IATA) showed that India's domestic demand -- revenue passenger kilometres (RPK) -- was highest amongst major aviation markets like Australia, Brazil, China, Japan, Russia and the US.

According to the data, India's domestic RPK -- which measures actual passenger traffic -- rose by 17.9 percent in January compared to the corresponding month of the previous year.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vijayk » 21 Apr 2018 03:54

https://www.economist.com/news/business ... e-bust-new

A new bankruptcy code is reshaping Indian business
Mr Mallya is hardly the only embattled Indian tycoon to have cocked a snook at his bankers. Some “promoters” of companies, as founding shareholders of Indian companies are known, have long made full use of a loophole of local corporate law that thwarted banks’ attempts to seize companies in default on their loans. A bunged-up court system made foreclosure all but impossible, so owners of even the sickliest of companies could spend lavishly without fear of repercussions.

The party is now over. Mr Mallya fled to London soon after the bash (Indian authorities are trying to extradite him on charges of fraud, which he denies). But the spotlight on him gave fresh impetus to discussions about finding ways to reign in failed promoters. A new bankruptcy code entered into force in May 2016, and after almost two years of preparation, governs the final rulings on its first big cases this month. Tycoons who had once fobbed off bankers are now getting turfed out of companies they had held onto for decades despite repeated defaults. As a result the outlines of a fresh era in Indian capitalism are taking shape.

The law is brutal for those who fall foul of their creditors. Promoters who have defaulted are explicitly banned from staying on as owners, following an amendment made to the code in November. If a firm is found to be insolvent by a specialised tribunal, the company’s board is in effect fired and an independent expert appointed to run the firm on behalf of its lenders. (In America, say, the owners of an insolvent firm usually continue to run it.) The new manager then prepares the company for fresh investors. If creditors cannot reach a deal in nine months, the business is liquidated and its assets sold for scrap—a bad outcome for all parties.
The result of the new regime, says Rashesh Shah of Edelweiss, an investment bank, has been lively auctions for companies once thought to be impossible to liberate from their promoters’ grasp. A dozen large firms, that were in effect pushed into bankruptcy by the authorities last summer and given nine months to sort out the mess, have attracted winning bids from far and wide, including from the Tata Group and Vedanta, a mining giant. Deep pools of capital, such as Canadian pension funds, private-equity firms and the World Bank’s commercial arm, are among those looking to buy “distressed” assets.

Just this dozen big cases account for around 2.2trn rupees ($33.4bn) of bank debt. That is about a quarter of all the loans banks have already admitted are unlikely to be repaid. Nearly all of the problems lie with state-owned lenders, which have long made injudicious loans to large industrial projects, such as shipbuilding, steel or infrastructure, which have proven especially prone to default.

A further pipeline of 28 cases is due to be resolved by September, accounting for another 2trn rupees or so of bad loans. These include coal-fired power plants that are uneconomical to run, for which liquidation is a real possibility. All told, over 1,500 companies are said to have been deemed insolvent by the courts. The cases of several thousand more are pending.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 21 Apr 2018 09:11

Deleted
Last edited by Suraj on 21 Apr 2018 09:40, edited 1 time in total.
Reason: Politics

Suraj
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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 21 Apr 2018 23:42

A status update on PMJDY:
Image
This has further reduced in 2018 to 190 mllion, below China's 225 million:
190m adults without bank account in India, 225m in China, 100m in TSP

That's a drop from 415m unbanked in 2014 to 190m now, for a gain of 225m new bank accounts, equal to China's entire unbanked population.

It's also possible that the World Bank data is old, because the PMJDY website says:
PMJDY account
314.5 million new accounts under PMJDY . Some of these could be people who already have other accounts, but the total reduction in unbanked adults since 2014 is probably closer to 275-300m than 225m now.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 21 Apr 2018 23:45

Meanwhile:
Cabinet clears ordinance to confiscate properties of fugitive economic offenders
The Union Cabinet Saturday gave its nod for a proposal to promulgate Fugitive Economic Offenders Ordinance 2018 that would empower authorities to attach and confiscate properties and assets of economic offenders like loan defaulters who flee the country.The ordinance, which aims to deter economic offenders like Vijay Mallya and Nirav Modi from evading the process of Indian law, was approved at a Cabinet meeting chaired by Prime Minister Narendra Modi. It will come into effect after the assent of the President.

The Fugitive Economic Offenders Bill was first introduced in Lok Sabha on March 12 but could not be passed due to logjam over various issues.

The Ordinance is expected to re-establish the rule of law with respect to the fugitive economic offenders as they would be forced to return to India to face trial for scheduled offences. Besides, it would help the banks and other financial institutions to achieve higher recovery from financial defaults committed by such fugitive economic offenders, thereby improving the financial health of such institutions.

A special forum is expected to be created for expeditious confiscation of the proceeds of crime, in India or abroad, which would coerce the fugitive to return to India to submit to the jurisdiction of Courts in India to face the law in respect of scheduled offences.

The ordinance defines a Fugitive Economic Offender as a person against whom an arrest warrant has been issued in respect of a scheduled offence and who has left India so as to avoid criminal prosecution, or being abroad, refuses to return to India to face criminal prosecution. Such economic offenders will be tried under Prevention of Money Laundering Act.

Further, in order to ensure that Courts are not over-burdened with such cases, only those cases where the total value involved in such offences is 100 crore rupees or more, is within the purview of this Ordinance.

If at any point of time in the course of the proceeding prior to the declaration, however, the alleged Fugitive Economic Offender returns to India and submits to the appropriate jurisdictional Court, proceedings under the proposed Act would cease by law. All necessary constitutional safeguards in terms of providing hearing to the person through counsel, allowing him time to file a reply, serving notice of summons to him, whether in India or abroad and appeal to the High Court have been provided for.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby krisna » 22 Apr 2018 00:45

https://www.economist.com/news/leaders/ ... as-tycoons
FOR decades, personal connections have provided a well-trodden path to success in Indian business. State-owned banks provided cheap financing for firms whose success often rested on winning official approvals. If a venture soured, the taxpayer frequently ended up being left to shoulder losses. There are plenty of gifted businesspeople in India. But cronyism, not competition, has been the surest route to riches, even after the partial dismantling of the “licence raj” nearly three decades ago.


The fate of 12 troubled large concerns is due to be settled within weeks; another 28 cases are set to be resolved by September. Between them, these firms account for about 40% of loans that banks themselves think are unlikely to be repaid. For enforcing a bankruptcy system that is usually skirted by those with connections, the government of Narendra Modi deserves much credit. Yet the job is far from done.


Many tycoons could count on ministers to put in a word with a recalcitrant banker. Some held political office themselves. If things went awry, bankers would frequently extend repayment periods indefinitely, if only to preserve their own blushes. Overburdened courts were unequal to the task of enforcing contracts.


This system is under a three-pronged assault. The first is a reformed bankruptcy code that makes the seizure of businesses easier (see article). A new set of dedicated courts, backed by a cadre of insolvency professionals, is on hand to help banks seize assets and sell them to fresh owners. To focus the minds of both bankers and borrowers, if no deal can be cut within nine months—a jiffy by Indian legal standards—the firm is shut down and its equipment sold for scrap. This is the point in the process now being reached by the first dozen defaulters.


The second threat to the tycoons is the grievous state of the state-owned banks. Their losses have ballooned. The authorities, tired of recurring bail-outs, are forcing them to recognise which loans are unlikely to be repaid, and to initiate insolvency proceedings in double-quick time. Though their governance remains parlous, at least these banks are no longer able to hide the extent of their problems.


Third, most tycoons have lost influence in Delhi, as politicians from Mr Modi down realise the toxicity of being seen to be in cahoots with “bollygarchs”. Some of India’s grandest businessmen complain that they can no longer get in to meet the prime minister, who much prefers wooing foreign bosses instead. To increase transparency, some state assets are now auctioned online.


Reforming the state-owned banks is the most important task of all. Their balance-sheets are where you find 70% of loans and nearly 100% of problems. Ensuring banks make commercial decisions can only realistically be achieved by privatising at least some of them. Privatised banks would also be free to pay salaries to attract talented staff. The bosses at state-owned banks currently earn under $50,000 a year, a pittance even by Indian executive standards—and it shows.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby arshyam » 22 Apr 2018 07:47

^^ And this august "economics" focused magazine recommended that Indians vote Congress in 2014. Not going into politics, but simply pointing out their level of credibility.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 22 Apr 2018 19:30

Jan Dhan. 315 million accounts. 80000 crores deposit.

https://economictimes.indiatimes.com/in ... 865987.cms

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby VinodTK » 22 Apr 2018 21:48

India's Economy On Track To Beat China

Prime Minister Narendra Modi may be unpopular among Indian citizens lined up in front of empty ATM machines lately, but his policies seem to have helped the Indian economy regain momentum and be on track to beat China’s economy.

On economic growth rates that is.
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chetak
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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 22 Apr 2018 22:23

JayS wrote:On what basis GSTN ownership was given to ICICI et al if they havent put a single paisa in the company..? Shouldnt the company be developing and paying for the SW dev if its a pvt company..?


all these guys have also appointed their own employees in GSTN and are paying them really really handsome salaries from the public exchequer.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 22 Apr 2018 23:56


Katare
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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Katare » 23 Apr 2018 00:18

vijayk wrote:Image


I think rural economy in India is seeing a lot of activity and since rural trade is almost all is in cash, this could be the cause of the cash crunch in the economy. If this is true soon we’ll finally see modi effect on the economy in all it’s glory!

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby nachiket » 23 Apr 2018 08:21

Suraj wrote:If any interested posters would keep a monthly eye on Team BHP or elsewhere to post monthly CV sales growth, rail traffic growth, and other parameters, it would help. Ideally, a 15% CV sales growth this year should yield year end sales of ~980,000 CVs . It would be particularly nice if MHCV (medium and heavy commercial vehicle) sales grow stronger than the overall CV figure.

From the article linked by Supratik, it seems that is perhaps the case.

Another key indicator of active economic activities, particularly in the infrastructure sector, is the growth in the production and sales of commercial vehicles such as heavy-duty trucks that ferry building materials to and fro from the construction site. So how did this sector perform in the past year? “The heavy-duty truck segment has witnessed a growth of 20 per cent in the last 15 months and is continuing (to grow),” says Vinod Aggarwal, managing director and CEO of VE Commercial Vehicles, a joint venture between the Volvo Group and Eicher Motors. Expanding on the reasons for such robust growth in the commercial vehicle segment, Aggarwal says: “This spurt could be attributed to a variety of reasons including stricter implementation of overloading norms by some states, segmental shifts taking place with the market moving from basic economy trucks to higher tonnage and value products (tractor, trailer and multi-axle trucks) for higher economics of operations and profitability among others,” he adds. “With these factors and numerous projects that are underway, the outlook for the industry looks bright. Further, the implementation of emission norms, scrappage policy, and pent-up demand will sustain the growth momentum for medium and heavy commercial vehicles and the sales are expected to close this fiscal year at a six-year high,” says Aggarwal.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Gus » 23 Apr 2018 10:32

Katare wrote:I think rural economy in India is seeing a lot of activity and since rural trade is almost all is in cash, this could be the cause of the cash crunch in the economy. If this is true soon we’ll finally see modi effect on the economy in all it’s glory!


i am still hearing grievances about GST. but demand is bound to pick up as spending cannot be postponed any longer and sacrificing growth when seeing activity from partners/competitors.

everybody is being dragged into formal economy and they are kicking and screaming or being super passive-aggro..

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Karthik S » 23 Apr 2018 11:56

The Great Construction Boom
Pan-India construction of roads, highways, houses, airports and ports is helping allied industries such as infra financing, construction equipment, steel and cement makers perform well


If you drive down any significant state or national highway, chances are, you will see construction or expansion of roads and highway networks going on in full swing. Similarly, construction of buildings and residential complexes and townships are also a common sight across most metros and large towns. In the last 12-15 months, several infrastructure projects including roads, ports, highways, housing etc., have taken off with actual construction work happening in a big way. Cynics may disagree and critics may play it down, but even the ground-statistics and data capture this trend. Take for example the 10-month period that ended on 31 January, 2018. The total construction of roads/highways stood at 6,439 kilometres (km), a jump of 17 per cent over the figures for corresponding period last year. Let’s compare another data set. The average per annum construction of highways in India in the three-year period of NDA regime stood at over 6,200 km against around 5,000 km in the preceding three-year period. Today, one cannot dispute the ground reality. Take for example, the ongoing work on the 650-km-long Biju Expressway in Odisha or the Delhi Eastern Peripheral Expressway across Uttar Pradesh and Delhi National Capital Region. The work is virtually in the last stages on the Delhi-Meerut Expressway and the Mumbai-Vadodara Expressway. Very soon the Delhi Western Peripheral Expressway and the Northern Peripheral Road will be completed. Similar examples exist across the length and breadth of the country; after all infrastructure creation is one of the primary responsibilities of any government for speedier development of the nation.

Apart from roads and highways, the civil aviation ministry has already given its nod for the construction of 18 new airports in the country; the work on some has already started and for others, it will start soon. These include Mopa in Goa; Navi Mumbai, Shirdi and Sindhudurg in Maharashtra; Bijapur, Gulbarga, Hasan and Shimoga in Karnataka; Kannur in Kerala; Pakyong in Sikkim; Karaikal in Puducherry; and Dholera in Gujarat among others. More airports are being planned across various states. Likewise a consistent affordable housing (active construction of 3-4 million units) policy push and a slew of initiatives on the development of port sector have led to measurable growth across all allied businesses that support the construction sector. The year gone by has shown growth in demand for steel, Thermo-Mechanically Treated (TMT) bars (used for all kinds of construction), paints, cement, construction equipment and infrastructure financing among others. And the trend continues.

Efforts by the government to restart stalled infra projects by providing necessary clearances, launching hybrid annuity model or “HAM” and creating National Investment and Infrastructure Fund (NIIF), are also beginning to show positive results. Add to it the recent Cabinet clearance to develop 83,677 km of highways including the Bharatmala project worth Rs 6.92 lakh crore, which will usher in positive sentiments to the construction industry for the next few years. Agrees infrastructure expert J. Padmanabhan of CRISIL Infrastructure Advisory. “Roads and highways have taken a lead in driving growth both at the rural and at the national highway level. Major hurdles have been ironed out...Innovation in PPP (private public partnership) such as the introduction of HAM and successful implementation of asset monetisation programme Viz Toll-Operate-Transfer model have further increased the interest of all stakeholders,” he says.
In its forecast for 2018, the World Steel Association predicts an increased demand for steel including TMT bars, cold-rolled and hot-rolled coils that find use in construction, automobile and the white goods segment. Since the National Steel Policy of 2017 also gives preference to domestically manufactured iron and steel products and aims at facilitating consumption of domestic value-added steel in government procurement in sectors such as shipping, ports and airports, the domestic manufacturers will stay buoyant, at least in the short-term horizon of next two to three years.

On the back of a big push to affordable housing, interest rate subvention on home loans, and continuous infrastructure spending, demand for cement too has improved, at least in pockets of south India and parts of north India. Revival in rural housing demand via the ‘Housing for All’ scheme is expected to further fuel the momentum for the construction industry. Therefore, it is no surprise that gradually the sluggish cement industry that supplies over 65 per cent to the real estate sector, is pegged to grow at 5-6 per cent CAGR between FY17 and FY20. Besides, the ongoing investment in power and infrastructure sectors is also expected to boost demand.

Real Demand
Is this for real or simply an illusion of growth, one may ask. The numbers reveal the truth. Take for example the Indian Construction Equipment (ICE) industry that is already on a growth trajectory after four-years of slowdown (2011-2015). The seven leading product categories of ICE — Backhoe Loader, Excavator, Wheeled Loader, Compactor, Loadall, Skid Steer and Mini Excavator — have all witnessed double-digit growth, say industry experts. “Thanks to the continued momentum in the roads and highways sector and green shoots in sectors such as irrigation and railways, 2017 was again a positive year after 2016 wherein we saw the industry grow by 14 per cent, the highest ever,” says Vipin Sondhi, managing director and CEO at JCB India, a leading manufacturer of construction equipment. He says the government’s thrust on building world-class infrastructure in the country has spurred demand for JCB machines in both urban and rural areas. The increased demand of construction equipment has fueled the revenue of JCB India, which saw its gross turnover increase from over Rs 6,000 crore in 2015-16 to around Rs 8,000 crore in 2016-17. Therefore, an increased demand for construction equipment means there are actual projects that require them. So we turned to one of the successful infrastructure finance companies for its take.

Initiatives such as the Bharatmala project is helping road developers such as Bharat Road Network (BRNL), which has started witnessing a profitable growth in its businesses, says Hemant Kanoria, chairman and managing director of Srei Infrastructure Finance (SIFL). BRNL is promoted by SIFL and is constructing a number of road projects. On its own, SREI Infrastructure Finance too, has clocked remarkable growth in the year gone by. The Kolkata-headquartered firm with a pan-India presence witnessed 236 per cent jump in its net profit and a 43 per cent growth in its total income in FY17 where it disbursed loans of over Rs 17,600 crore, a 21 per cent jump over FY16 figures. “We have seen growth in the areas of construction and mining equipment business in the past year which is helping us do better,” says Kanoria, a well-respected industry veteran.

If there is construction, then obviously there should be demand for construction materials. And the basic construction material being cement, we turned to one of the largest cement manufacturers in India for its take. It is no secret that the cement business has seen its own share of challenges in the last few years with slowdown in demand from the housing sector, ban of sand mining, use of pet coke, etc. Despite challenges, the outlook seems positive and bright says Yadupati Singhania, chairman and managing director of JK Cement. Why? Because the infrastructure sector is undergoing a “revolutionary phase” says Singhania. “There are some developments that are likely to drive the industry in the longer run. It was encouraging to see the reinforcement of the government’s commitment to the Bharatmala Project. Also, the finance minister promising construction of 9,000 km highways by the end of FY19 and visions like ‘Housing for All’ by 2020, will surely give a major boost to cement demand in the next financial year,” he says. That is the reason the company is increasing the capacity of grey cement by 4.2 million tons per annum and also investing around Rs 2,000 crore in the brownfield expansion of its facility in Rajasthan and spilt grinding units in Uttar Pradesh and Gujarat in the next 24 months. “Subsequently, we are setting up a greenfield project at Panna in Madhya Pradesh, where we already have a mining lease,” adds Singhania.

After cement, perhaps one of the key construction elements for a building is steel. So we turned to one of the largest manufacturers of TMT bars, Kamdhenu Group. Chairman & MD Satish Aggarwal also says his company has witnessed a robust demand for its products across categories such as TMT bars, paints, etc., that are required for the construction sector. “In FY18, which was marked by implementation of the Goods and Service Tax regime, we saw an increase in volume growth due to gradual recovery in the real estate and infrastructure sectors. In the nine-month period ended 31 December, 2017, our net revenue from operations was up 38 per cent to Rs 803 crore compared to Rs 583 crore in nine-month period ended 31 December, 2016.” Aggarwal says Kamdhenu is witnessing maximum demand from northern and western parts of the country due to consistent and rapid infrastructure development compared to other regions. “We are witnessing robust demand for our products across both rural and urban areas due to tremendous demand for housing and other infra projects,” says Aggarwal.

Another key indicator of active economic activities, particularly in the infrastructure sector, is the growth in the production and sales of commercial vehicles such as heavy-duty trucks that ferry building materials to and fro from the construction site. So how did this sector perform in the past year? “The heavy-duty truck segment has witnessed a growth of 20 per cent in the last 15 months and is continuing (to grow),” says Vinod Aggarwal, managing director and CEO of VE Commercial Vehicles, a joint venture between the Volvo Group and Eicher Motors. Expanding on the reasons for such robust growth in the commercial vehicle segment, Aggarwal says: “This spurt could be attributed to a variety of reasons including stricter implementation of overloading norms by some states, segmental shifts taking place with the market moving from basic economy trucks to higher tonnage and value products (tractor, trailer and multi-axle trucks) for higher economics of operations and profitability among others,” he adds. “With these factors and numerous projects that are underway, the outlook for the industry looks bright. Further, the implementation of emission norms, scrappage policy, and pent-up demand will sustain the growth momentum for medium and heavy commercial vehicles and the sales are expected to close this fiscal year at a six-year high,” says Aggarwal.

Housing Push
The Pradhan Mantri Awas Yojana (PMAY) or ‘Housing for All’ by 2022 is yet another driver of demand for construction and supporting businesses. Hardeep Singh Puri, the minister of state (independent charge) for Housing and Urban Affairs, recently said that out of the required 12 million houses by 2022, nearly 4 million houses have already been sanctioned under the PMAY scheme. As per the RBI Bulletin of January 2018, over 1.4 million houses under PMAY are grounded for construction while nearly 3 lakh such houses have been completed.

Says Ashish R. Puravankara, managing director of Puravankara and president of CREDAI Bangalore: “The Indian real estate sector is poised at a better position today with the market and consumer sentiment bouncing back. The growth of affordable housing segment has further augmented the market as mid-size home buyers are opting to buy homes that come with certain quality, features and good amenities.” Seeing big demand in the affordable housing segment, Puravankara expects developers to launch more projects in this category. Agrees Niranjan Hiranandani, co-founder and managing director of Mumbai-based Hiranandani Group and president of National Real Estate Development Council (NAREDCO), an apex industry body of the developers. “Only building houses is not a good idea if there is no electricity, water, hospital and basic infrastructure. In the last three to four years, there has been focus on overall infrastructure development. Let’s take the example of the Mumbai region. We have a budget of Rs 1.7 lakh crore for six key infra projects. This was unheard of in previous years. On top of the existing 190 km of railway tracks in Mumbai, now we are adding another 170 km of metro rail routes in the next six years. Then there are the plans for Trans-Harbor Bridge, coastal roads and Navi Mumbai airport. So along with housing, other infrastructure will be coming up and driving the construction boom.” Going forward, the two most important things for affordable housing will be slum redevelopment (without shifting people) and rental housing. “A policy framework on rental housing is coming soon that will further drive the housing market. The target is to create surplus economy in housing. Then the builders can build housing for rental,” adds Hiranandani.

New Opportunities
Sustained growth in any sector leads to innovations, therefore the allied industries supporting the construction business are no different. Kanoria of SREI Infrastructure Finance says the company’s recent initiative iQuippo has transformed the entire customer experience of buying/selling infrastructure equipment. “Right from assisting original equipment manufacturers to marketing their products, enabling and guiding potential buyers in identifying the right assets, iQuippo plays an important role in financing the asset, deploying it, offering insurance, maintenance and operational services, making available spare parts, re-deploying the asset in multiple project sites, identifying buyers for used assets and providing all kinds of fee-based services till the asset is finally disposed,” says Kanoria.

Sensing an uptake in demand for cement in the near-term, JK Cement re-launched two of its brands last year, namely JK PrimaxX and JK Super Cement. “After an extensive market research and brand study, we decided to revitalise our grey cement brand JK Super Cement, with a new visual identity and brand positioning. JK PrimaxX was also re-launched in the market in response to the ever-increasing need for a white cement-based primer for external surface application,” says Singhania of JK Cement.

Due to high demand for specialised construction equipment, there is increased usage of “smart and digitally advanced machines”, says Sondhi of JCB. ”JCB is leading the integration of ‘Internet of Things’ and ‘Big Data’ in its products and services through an advanced telematics technology called JCB Livelink, an effective fleet management system that helps customers remotely monitor and manage their machines. Today, over 60,000 Livelink-enabled machines are working successfully in India. This technology aims to deliver constructive, real-time information to increase productivity and efficiency,” adds Sondhi.

Aggarwal of Kamdhenu says the TMT steel bar industry is witnessing consolidation post-GST implementation. “We expect to benefit from this trend to continue. Recently, we launched an innovative product KamdhenuNxt, the next generation interlock steel in the market, and also launched Kamoproof and Kamocrete for waterproofing solution that offers added strength and durability which modern construction demands,” adds Aggarwal.

But with opportunities, come challenges too. On-time and sustained completion of projects hold the key to ensure that there are no time and cost overruns. If all goes as planned, very soon the country will be able to showcase the best of roads, airports and housing to the whole world.


http://businessworld.in/article/The-Gre ... 18-145332/

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 23 Apr 2018 18:30

Social security coming next. I hope at some point they introduce SS tax to finance this.

https://economictimes.indiatimes.com/ne ... 873130.cms

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 23 Apr 2018 18:59

A few months into the current administration I stated that Modi would disappoint a lot of free marketers who were looking forward to privatization and laissez faire economics . Instead I said he was something else, and he’s been proving me right since - he is a social democrat .

He believes in capitalism , but is also aware of the obvious - there’s are 100s of millions who need to get past basic living needs like food and health security and a minimum of savings . But he doesn’t believe in doing this by ‘soaking the rich’ . Rather, he chose the more effective but politically more dangerous option of the greatest overhaul of the tax code in our history . He wants a system that is efficient and works, not one that’s based on redistribution in time for elections .

The social democracy system is closer to what you see in Germany or the Nordic countries, not the Anglo-American model . Social democracy is also not the same thing as socialism . Social democracy - the provision of a basic social safety net sustained by the government revenues but with all enhanced needs paid for by the users , and a vigorous support of private enterprise - was the model initially popularized by Otto von Bismarck .

There are quite a few who confuse the two , or think one is a little capitalism added to the other . It’s not. You can be a social democrat while outlawing socialism, as Bismarck did . Back then, the two terms were interchangeable , which isn’t the case today .

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 23 Apr 2018 19:19

Suraj wrote:A few months into the current administration I stated that Modi would disappoint a lot of free marketers who were looking forward to privatization and laissez faire economics . Instead I said he was something else, and he’s been proving me right since - he is a social democrat .

He believes in capitalism , but is also aware of the obvious - there’s are 100s of millions who need to get past basic living needs like food and health security and a minimum of savings . But he doesn’t believe in doing this by ‘soaking the rich’ . Rather, he chose the more effective but politically more dangerous option of the greatest overhaul of the tax code in our history . He wants a system that is efficient and works, my one that’s based on redistribution in time for elections .

The social democracy system is closer to what you see in Germany or the Nordic countries, not the Anglo-American model . Social democracy is also not the same thing as socialism . Social democracy - the provision of a basic social safety net sustained by the government revenues but with all enhanced needs paid for by the users , and a vigorous support of private enterprise - was the model initially popularized by Otto von Bismarck .


He turned left very soon after that "suit boot ki sarkar" jibe hit home.

He has been rather populist ever since.

He rarely wore a suit after that, mostly abroad but never in India.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 23 Apr 2018 19:22

Modi is not ‘left’ and certainly not populist! Populism literally is support for a class struggle favoring the poor against an elite - which in no way defines him. His economics have nothing to do with that incident, he’s just going what he did in Gujarat for 12 years .

You’re just one more person to confuse terms . Don’t waste time on western terms when the history of his party provides enough basis. His views can probably best be understood in an Indian context as an amalgam of Swatantra Party and Jana Sangh.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 23 Apr 2018 20:32

Deposits in Jan Dhan accounts cross Rs 80,000 crore


https://www.hindustantimes.com/business ... aMMaK.html


55% of all new bank accounts in the world opened from India, says World Bank report

As per the World Bank Global Findex Report, the percentage of adult bank account holders in India increased to 80% in 2017 as compared to 53% in 2014 and 35% in 2011, financial services secretary Rajiv Kumar said.

India’s financial inclusion efforts have won recognition from the World Bank, as their data indicates 55% of new bank accounts opened globally are from India, financial services secretary Rajiv Kumar said on Saturday.

“World Bank Global Findex Report recognises India’s Financial Inclusion efforts. Of the 51.4 crore bank accounts opened from 2014-17 globally, a whopping 55% from India” he said in a tweet.

The World Bank report released on Friday cited the success of the Jan Dhan Yojana -- the government’s initiative aimed at bringing masses within the formal banking system.

The total number of Jan Dhan account holders has risen to 31.44 crore in March, 2018, from 28.17 crore a year earlier, according to the government data.

As per the World Bank Global Findex Report, the percentage of adult bank account holders in India increased to 80% in 2017 as compared to 53% in 2014 and 35% in 2011, he said.

Women at the forefront, he said, highlights a sharp fall in gender gap from 20% in 2014 to 6% in 2017 in bank accounts due to Government efforts.

The report acknowledges impact of government policy in reducing gaps in bank account ownership between rich and poor to 5% in 2017, down from 15% in 2014, he added. The Global Findex Report, 2017 released by the World Bank noted the rapid increase in financial inclusion that has taken place in India and how the number of account holders in the country has risen from 35% of the adults in 2011 and 53% in 2014 to 80 % in 2017.

This, it states, is comparable to 80% of adults in China who have an account.

The Report also attributes this progress as being driven by the Jan Dhan Yojana policy which has used biometric ID to expand access to financial services.

It may be pertinent to note that the Report sources its data largely from surveys that were conducted in the summer of 2017.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 23 Apr 2018 21:01

IMO it is welfare state backed by free market economics. Like what Suraj said about western Europe and Nordic countries. Welfarism is very expensive to maintain and if not properly done can make the country broke. I hope he leaves behind an efficient, viable system with longevity to finance all this.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Karthik S » 23 Apr 2018 21:17

Cent percent capitalism model will not suit anyone. NM should inculcate an Indic model, wherein the "haves" feel its necessary to help the "have-nots". If we think about it, his appeal for people who can give up subsidy so that govt can divert that money to the have-nots is one of them. Was very happy to see many such people doing the same. We are a relationship based society, need to return to that. In this regard capitalism and socialism etc are both alien to us so to speak.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 23 Apr 2018 21:45

I think people should read about the Rajaji's Swatantra Party. They did not support laissez faire robber baron economics either. Rather, they did not support statist policies and supported private enterprise and trade, but backed by basic welfare services paid for by tax revenues. Here: Why Swatantra ?
The Swatantra Party is founded on the claim that individual citizens should be free to hold their property and carry on their professions freely and through binding mutual agreements among themselves and that the State should assist and encourage in every possible way the individual in this freedom, but not seek to replace him.

Sounds familiar ? That's the basic doctrine of Modi's policies. He believes a lot of people still need a leg up, but only cares to give them that leg up, not do their job for them or gratuitously provide for them. Almost everything provided is a safety net so people don't hesitate to take initiative, worrying about the cost of failure. But the policies are geared towards helping them if they fall, or to get started, no further.

It's worth looking at a large number of economic policies since 2014. Most of them are paid-in but government supported. In other words, they're not a dole. People get the most basic level for free. The next higher levels are paid services. There were several launched in the first year:
8 Insurance Schemes Modi launched and how they benefit you
Similarly, 'Modicare' has a basic coverage level the government pays, and everything more.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Austin » 23 Apr 2018 22:22

India highest recipient of remittances at $69 billion, says World Bank

https://economictimes.indiatimes.com/ne ... 881096.cms

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 23 Apr 2018 22:25

FDI during first three quarters of 2017-18 was $48 billion, on track to hit $64-65 billion for the full year in the last fiscal year ended March 31 2018, exceeding $60 billion the year prior.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby M_Joshi » 24 Apr 2018 00:39

National Geographic to air documentary on Ujjwala Yojana
The NatGeo documentary on Pradhan Mantri Ujjwala Yojana features four women and the transformation in their lives after the introduction of the LPG cylinder

https://www.livemint.com/Politics/mP03J ... ojana.html

The National Geographic channel will air a 44-minute documentary early next month about the Pradhan Mantri Ujjwala Yojana, a government programme that aims to provide free cooking gas connections to poor families.
...
The documentary film features four women and the transformation in their lives after the introduction of the LPG cylinder. It will highlight stories about field workers and volunteers educating people about the advantages of switching to LPG. The Nat Geo team has documented stories across the country, including in the Kashmir Valley, Assam, Uttar Pradesh and Odisha.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby nachiket » 24 Apr 2018 02:17

Guys, I've moved the GSTN related posts to the dedicated GST discussion thread that we have since the discussion may go on for some time. Please continue there : viewtopic.php?p=2267890#p2267890

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Kakkaji » 24 Apr 2018 06:00

Read Deen Dayal Upadhyay's writings, if you want to understand Modinomics.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vish_mulay » 24 Apr 2018 08:13

Even Thengdiji third way is a must read. Dattopant expanded further on Deendaydji thinking for present context.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 24 Apr 2018 22:41

10 Indian cities with GDP as large as a country.

http://www.5forty3.in/gaze_articles.php?articalid=199

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 24 Apr 2018 23:13

Govt meets Rs.10 lakh crore agricultural credit disbursal goal
Agriculture credit is growing every year and reached Rs 10 lakh crore last fiscal, the government said today while stressing upon the need to increase the flow to small farmers as well as providing loan access to tenant cultivators. The agriculture ministry will soon bring a proposal before the Cabinet for improving lending to small and marginal farmers based on the recommendations of the Sarangi committee. “Agriculture credit flow is going up every year. We have achieved the disbursal target of Rs 10 lakh crore in 2017-18 fiscal. The target for the current financial year has been enhanced to Rs 11 lakh crore,” said Ashish Kumar Bhutani, joint secretary in Ministry of Agriculture.

On the sidelines of a conference, organised by industry body Ficci, he said disbursing agriculture credit is not a challenge but the challenge is to give it to right farmers. Bhutani said Rs 6.8 lakh crore was short-term crop loans out of Rs 10 lakh crore credit disbursed last fiscal. In the short-term crop loans, he said 50 per cent amount was provided to small and marginal farmers. He said the ministry has sought data from banks for better targeting of agriculture credit.

March GST collections rise to Rs.96000 crore
The goods and services tax (GST) collections for March exceeded Rs 96,000 crore by April 23, the largest mop-up for any month since the comprehensive indirect tax’s launch in July last year, an official source said. The March collections could cross the coveted Rs 1 lakh crore mark by April-end, as payments are still being made by a section of taxpayers with late penalties, analysts feel. The forecast is based on the customary spurt in tax payments in the last month of the financial year and the fact that only 55 lakh assessees had paid the tax by April 23 — three days past the deadline for payment without fines — against an average of around 65 lakh in the previous months.

However, the Centre is still far from meeting its own projections of GST revenue; for now, GST revenue is less of a problem for states as 14% annual GST revenue growth is guaranteed to them for five years, under a compensation mechanism. Of the total GST collections, the Centre’s share (CGST) has so far been 30% (though CGST share was even lower in the initial months, when the accumulated integrated GST (IGST) pool was apportioned, it share subsequently went up). With the March figures also in, the average monthly GST mop-up so far has been close to Rs 90,000 crore, which means a CGST share of Rs 27,000 crore. This is still a far cry from monthly CGST receipts of Rs 50,325 crore budgeted for 2018-19.

The recent roll-out of the e-way bill mechanism could help the Centre to bridge the revenue gap to an extent. It is also pinning its hopes on the planned introduction of invoices-matching (a simplified comprehensive form for returns-filing was approved by a group of state finance ministers recently; the new form is expected to facilitate invoices-matching).

Dramatic rise in NPAs in India after 2015 in one chart, and it’s not Modi’s fault
The NPA chart shared by Reserve Bank of India’s Deputy Governor N S Vishwanathan during his speech shows that India’s bad loans were only 2.36% in 2011, which kept surging, rather slowly, until March 2015 when it rose dramatically.

Reason: The RBI tightened norm for NPA recognition in 2015, after which banks had to recognise some assets as NPA, which otherwise were considered ‘standard assets’. This growth in stressed assets was, in turn, the outcome of rapid credit growth during 2006-2011, N S Vishwanathan said in his recent speech.

Image

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 25 Apr 2018 18:30


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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vijayk » 26 Apr 2018 02:02

{ Deleted. PLEASE! Can't you stop whining about politics here ? If your post is full of emotions, that's a clue that you're probably thinking in terms of politics and shouldn't hit 'submit'. }
Last edited by Suraj on 26 Apr 2018 02:22, edited 1 time in total.
Reason: Politics

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby SBajwa » 27 Apr 2018 22:29

http://www.tribuneindia.com/news/punjab ... 80266.html

Ruchika M Khanna

Tribune News Service

Chandigarh, April 26
Due to bumper produce this season, Punjab’s major concern is storing the procured wheat. Almost 50 per cent of the wheat procured this year will be stored in the open in mandis. The covered storage space has all been used by the paddy from the last kharif season. The wheat is still arriving in mandis.

This wheat will be subjected to vagaries of weather in case it is not lifted immediately, and could go waste.

The matter was raised by a Punjab government delegation, led by Chief Secretary Karan Avtar Singh, during a meeting with Secretary, Food, GoI, Ravi Kant here on Thursday. Raising the issue of anything between 55-60 lakh metric tonnes (LMT) of wheat that would have to be stored in the open, the state pressed upon the Centre to run more trains next month (Centre has already assured of running 400 special trains for transporting wheat from Punjab to recipient states), so that this wheat stored in the open is first lifted.

Punjab is expecting production of 180 LMT wheat this year, of which 118 LMT will be procured by the government agencies. Till date, 102 LMT of wheat has been procured by the agencies and the FCI. Of this, 70 per cent of wheat that has arrived in mandis in the past 72 hours has been lifted.

Punjab government officials are learnt to have told the Central delegation that the glut in the mandis happened only in the past week when the wheat arrival peaked. But they were following the norm of lifting wheat within 72 hours of its arrival. “The main problem this year will be the storage of the grain being produced,” the state is learnt to have told the Secretary, Food.

Officials say that Ravi Kant has told the state government that a consultant for the storage gap analysis and need for creating more silo storages in Punjab is being appointed, and the report would come out soon.

Sources say that the Central government delegation said after lifting the wheat stored in the open in mandis, they would ensure maximum movement of wheat stored on raised plinths and then move the remaining wheat stocks to other states. This movement would allow the state to have

sufficient storage space for the paddy procurement season that begins in six months from now.

Why the shortage

Total covered foodgrain storage capacity in Punjab is 153 lakh metric tonnes (LMT)
100 LMT of rice from the last kharif marketing season was lying in godowns when procurement began
26 LMT of wheat from the previous year, too, is lying in these storage spaces
Movement of the foodgrain last year has been an average of 17 LMT each month, almost 2 LMT per month less than what it was in 2016

-----------------

Now we have problem of plenty!! Few years ago such wheat was sold at Rs 1 a 100KG to liquor baron Ponty Chadha's group. Why do we still have paddy stored in warehouses (more than 6 months now)? export it!

Let's hope for the best!

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby SBajwa » 27 Apr 2018 23:19

http://www.tribuneindia.com/news/haryan ... 80130.html

Deepender Deswal

Tribune News Service

Hisar, April 26
The tomato growers in Bhiwani and Charkhi Dadri are forced to dump their produce on the roads in the absence of adequate prices in the vegetable markets. The farmers are not getting a good price for tomatos even after the state government has introduced the Bhavanter Bharpay Yojana (BBY) to ensure a better price for vegetables and fruits.

Farmers locked the main gates of the vegetable market in Charkhi Dadri on Thursday alleging that the market committee officials were hand in glove with the arhtiyas who were forcing them to sell their produce as low as Re 1 per kg.

Ajay Singh Tomar, DC, Charkhi Dadri, has suspended the auction recorder of the market committee and also recommended suspension of the market committee secretary for their failure to ensure implementation of Bhavanter scheme.

Farmers Jai Bhagwan and Ram Narayan, brought their tomato produce at the Charkhi Dadri vegetable market on Thursday as per the scheme that they must be ensured a price of Rs 4 per kg for the tomato produce.

Farmers have grown tomatoes on 1,300 acres of land in the district. Nitin Jangu, pradhan of the vegetable market, alleged that the market committee officials were behaving in a discriminatory manner with the arhtiyas as they were providing the J-form to a selected few only.

“Thus, farmers and a few arhtiyas are being harassed by the officials,” he alleged.

Former Minister Satpal Sangwal, however, visited the mandi and held the state government responsible for harassing the farmers in the name of bhavanter scheme.

In Bhiwani, vegetable farmers met Congress Legislative Party leader Kiran Choudhary on Wednesday and alleged that they were forced to dump their produce in open. They alleged that the subsidised seeds of tomatos were of poor quality which resulted in poor fruit as well.

Ramesh, a farmer, said, “We adopted the state government’s horticulture scheme and got the seeds at subsidised rates. But, there are no takers.” Kiran Choudhary has demanded an inquiry into the matter.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby SBajwa » 27 Apr 2018 23:20

http://www.tribuneindia.com/news/haryan ... 80132.html

Karnal, April 26
Commission agents and Uttar Pradesh farmers protested at the grain market here on Thursday against the non-procurement of wheat for the past two days. They locked the token centre near the main gate, leading to a jam of tractors-trailers in the mandi.

“Procurement agencies ask for residential proof as well as land records of farmers from UP. In spite of showing them our land records, Aadhaar cards and ration cards, the procurement agencies have not been procuring wheat,” a farmer from UP said.

The arhtiyas met Karnal SDM Narinder Malik at the market committee office, but the meeting remained inconclusive. “Under e-NAM, farmers can sell their produce anywhere in country, but the Haryana Government has been working against PM Narendra Modi’s ambitious project by not procuring wheat of UP farmers,” said Sumit Chaudhary, an arhtiya.

Karnal Arhtiyas’ Association president Rajnish Chaudhary said, “We are against illegal trading of wheat by arhtiyas, but the produce of farmers should be procured.”

Officials assured protesters that a meeting would be convened on Friday in this regard. Kushal Boora , DFSC, said, “We want to stop illegal trading of wheat from UP. We are only checking documents of farmers to ensure that the produce is of farmers instead of any trader.”

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby SBajwa » 27 Apr 2018 23:21

ttp://www.tribuneindia.com/news/haryan ... 80132.html

Karnal, April 26
Commission agents and Uttar Pradesh farmers protested at the grain market here on Thursday against the non-procurement of wheat for the past two days. They locked the token centre near the main gate, leading to a jam of tractors-trailers in the mandi.

“Procurement agencies ask for residential proof as well as land records of farmers from UP. In spite of showing them our land records, Aadhaar cards and ration cards, the procurement agencies have not been procuring wheat,” a farmer from UP said.

The arhtiyas met Karnal SDM Narinder Malik at the market committee office, but the meeting remained inconclusive. “Under e-NAM, farmers can sell their produce anywhere in country, but the Haryana Government has been working against PM Narendra Modi’s ambitious project by not procuring wheat of UP farmers,” said Sumit Chaudhary, an arhtiya.

Karnal Arhtiyas’ Association president Rajnish Chaudhary said, “We are against illegal trading of wheat by arhtiyas, but the produce of farmers should be procured.”

Officials assured protesters that a meeting would be convened on Friday in this regard. Kushal Boora , DFSC, said, “We want to stop illegal trading of wheat from UP. We are only checking documents of farmers to ensure that the produce is of farmers instead of any trader.”


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