Indian Economy News & Discussion - Nov 27 2017

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

Postby nam » 17 Jan 2020 04:18

GoI is in airlines, trains , building metro trains, in to oil, in to payment solutions, in to banks, in to defence production, shipping building, coal mining, universities.

You name anything under the sun in India! GoI is omni present!

How can India create it's HSBC, Boeing/LM, Google, Lenovo when GoI's demand are sucked in by what is fundamentally a huge job lot!

Which is why people in India are adverse to risk taking, because you cannot compete against PSU ecosystem.

IT BPO was the only area where GoI was not present and does not create demand. No wonder it succeeded.

Tempted to say, the world's biggest commie state is India, not China!

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Rishirishi » 17 Jan 2020 04:39

What is our dominating commodity? None. Issue is GoI's obsession to have it's pie in every possible area and the resultant attitude of our people towards risk taking


I think India dominate in the back office/ outsourcing industry.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby arshyam » 17 Jan 2020 08:33

kit wrote:
hgupta wrote:Uttam, GOI won't be able to do away with fuel/diesal taxes. It is one of their biggest revenue streams and until the GOI are able to collect income taxes from 80% of the population, the fuel/diesel is a indirect way (not perfect but still) of collecting the actual income tax from the 80% that don't pay up.

Fiscal expansion is very hard without getting 80% of the people to pay their income taxes.



How much or rather how many Indians are there in the taxable bracket for Income tax ?!

Charge to income tax

About 1% of the national population, called the upper class, fall under the 30% slab. It grew 22% annually on average during 2000-10 to 0.58 million income taxpayers. The middle class, who fall under the 10% and 20% slabs, grew 7% annually on average to 2.78 million income taxpayers.

And that on a population of one billion plus

China has seen its ratio of tax revenue to GDP grow from 10.5% in 1994 to 20.1% in 2015.

As for the OECD

Image

India is at 23% already, which seems to be above world average. I suppose as the economy grows, this percentage should come down as other types of direct taxes grow in the pie.

https://m.timesofindia.com/business/ind ... ndia-earns

Cannot insert the graphics as it is not an image.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Karthik S » 17 Jan 2020 08:59

Given India's income tax paying proportion of the population is very low, can it be extrapolated that India still has a large informal economy that's not reflected in the GDP, hence the IT revenue to GDP ratio is high?

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby hanumadu » 17 Jan 2020 09:35

arshyam wrote:=
India is at 23% already, which seems to be above world average. I suppose as the economy grows, this percentage should come down as other types of direct taxes grow in the pie.

https://m.timesofindia.com/business/ind ... ndia-earns

Cannot insert the graphics as it is not an image.

Arshyam ji,
The times of India link shows that Personal Income Tax as %age of total revenue of govt and not as percentage of GDP which is what the graphic in kit's post shows. Probably not the right comparision, I think. As %age of GDP, I think PIT in India comes to less than 2.5%.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby CalvinH » 17 Jan 2020 09:36

you beat me to this..

As per wiki Tax to GDP ratio for india is 16% so with above we can assume that personal income tax to GDP ratio is around 4%

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Karthik S » 17 Jan 2020 09:42

hanumadu wrote:
arshyam wrote:=
India is at 23% already, which seems to be above world average. I suppose as the economy grows, this percentage should come down as other types of direct taxes grow in the pie.

https://m.timesofindia.com/business/ind ... ndia-earns

Cannot insert the graphics as it is not an image.

Arshyam ji,
The times of India link shows that Personal Income Tax as %age of total revenue of govt and not as percentage of GDP which is what the graphic in kit's post shows. Probably not the right comparision, I think. As %age of GDP, I think PIT in India comes to less than 2.5%.


Ah ok, now it gives clearer picture.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby kit » 17 Jan 2020 11:39

https://economictimes.indiatimes.com/tech/hardware/india-proposes-incentives-to-woo-apple-samsung-suppliers/articleshow/73264424.cms


India is considering a plan to offer subsidized loans to mobile handset manufacturers in a bid to attract Apple Inc. and Samsung Electronics Co.’s suppliers to open factories in the nation, said a government official.

The proposals by the Ministry of Electronics and Information Technology includes offering interest subsidy on local borrowing by manufacturers, may form part of the federal budget to be unveiled on Feb. 1, the official said, asking not to be identified citing rules on speaking to the media. It also includes setting up of industrial zones equipped with taxation and customs clearance, along with infrastructure such as roads, power and water supply, the official said.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby arshyam » 17 Jan 2020 18:32

hanumadu wrote:
arshyam wrote:=
India is at 23% already, which seems to be above world average. I suppose as the economy grows, this percentage should come down as other types of direct taxes grow in the pie.

https://m.timesofindia.com/business/ind ... ndia-earns

Cannot insert the graphics as it is not an image.

Arshyam ji,
The times of India link shows that Personal Income Tax as %age of total revenue of govt and not as percentage of GDP which is what the graphic in kit's post shows. Probably not the right comparision, I think. As %age of GDP, I think PIT in India comes to less than 2.5%.

Thanks for the correction saar, didn't spot the fine print.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby tandav » 17 Jan 2020 18:47

arshyam wrote:
hanumadu wrote:Arshyam ji,
The times of India link shows that Personal Income Tax as %age of total revenue of govt and not as percentage of GDP which is what the graphic in kit's post shows. Probably not the right comparision, I think. As %age of GDP, I think PIT in India comes to less than 2.5%.

Thanks for the correction saar, didn't spot the fine print.


what is percentage of GST / indirect taxes as percentage of GDP as of now?

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 17 Jan 2020 20:37

It is because per capita income is very low around 2000 dollars i.e. not many people with taxable income. As the economy grows the PCI also grows and more people enter the taxable bracket. As disposable income increase more consumption i.e. more indirect taxes. So the proportion of tax to GDP is going to improve as the economy expands. Comparisons with developed countries like Denmark or Ireland at this stage is silly. Their income and consumption will be much higher.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Rony » 21 Jan 2020 05:36

As per IMF estimates we are supposed to overtake France and UK in GDP nominal in 2019. Did that happen ? Or we are still waiting on actual 2019 GDP data ?

https://en.wikipedia.org/wiki/List_of_c ... P_(nominal)

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby hanumadu » 21 Jan 2020 06:31

On comparision with China on tax/GDP, China did not increase its tax brackets as its GDP rose. There is no lower limit or zero tax bracket. Chinese are taxed right from the first dollar they earn in a year.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby sudarshan » 21 Jan 2020 06:39

Rony wrote:As per IMF estimates we are supposed to overtake France and UK in GDP nominal in 2019. Did that happen ? Or we are still waiting on actual 2019 GDP data ?

https://en.wikipedia.org/wiki/List_of_c ... P_(nominal)


I think it happened, but nobody outside India wants to admit it. So they hedge around with old data for as long as they can. Give it a few years, there will be a grudging acknowledgment when they can no longer brush it under the carpet.

India's literacy rate was frozen at "52%" for a long time, years after the 2001 census, which revealed a literacy rate >60%. "Let us remember that this is a country where half the people can't read or write" was the mantra. It was only around 2004, 2005 or so, that the acknowledgment of literacy rates north of 60% to 65% came from the white masters.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Rony » 21 Jan 2020 20:18

https://www.business-standard.com/artic ... 204_1.html

India among top 10 FDI recipients, attracts $49 bn inflows in 2019


India was among the top 10 recipients of Foreign Direct Investment in 2019, attracting $49 billion in inflows, a 16 per cent increase from the previous year, driving the FDI growth in South Asia, according to a UN report released on Monday.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Vayutuvan » 22 Jan 2020 05:37

sudarshan wrote:
Rony wrote:As per IMF estimates we are supposed to overtake France and UK in GDP nominal in 2019.


I think it happened, but nobody outside India wants to admit it.


On the Wikipedia page, IMF puts India right after Germany and ahead of the UK and France. But neither WB nor UN does.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby kit » 22 Jan 2020 05:46

Vayutuvan wrote:
sudarshan wrote:
I think it happened, but nobody outside India wants to admit it.


On the Wikipedia page, IMF puts India right after Germany and ahead of the UK and France. But neither WB nor UN does.


doesnt matter , a few years should set the matter right !

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 23 Jan 2020 01:21

The entire world economy is slowing down.

India is still the 2nd fastest growing economy.


Image



Image

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vijayk » 23 Jan 2020 20:10

https://www.opindia.com/2020/01/modi-go ... ssion=true
Over 19.6 lakhs new jobs added in ESIC payroll data in November 2019, highest net addition this financial year

Image

The number of employees registered during the month of November is the second-highest in the financial year so far. The highest was in July with 19,86,360 employees registered during the month.


These numbers are corroborated by the GST collection for the month of November as well. The GST collection numbers that were released in December show that the collection was up by 6% in November 2019.

The collection in November 2019 stood at Rs 1.03 lakh crore in November, reversing two months of decline. GST collections were Rs 97,637 crore in November 2017 and Rs 95,380 crore in October 2019.

In December 2019, the numbers looked even better. GST collections yet again crossed the Rs 1 lakh crore benchmark for the second consecutive month in December 2019. In December, Rs 1.03 lakh crore was collected as GST owing to increased consumption and better compliance.


The gross GST revenue collected in the month of December 2019 was Rs 1,03,184 crore of which CGST was Rs 19,962 crore, SGST was Rs 26,792 crore, IGST was Rs 48,099 crore including Rs 21,295 crore collected on imports and Cess is Rs 8,331 crore.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vijayk » 23 Jan 2020 20:10

Image

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

Postby chetak » 24 Jan 2020 13:28

do all these "economists" become servile uncle toms when they reach the IMF. :mrgreen:

A country like India, single handedly being able to affect the global slowdown by 80% per this "economist" gita gopinath's "simple calculation" is ludicrous and smacks of madrasa maths

On the net, I watched her say this in an interview to rahul kanwal at davos

Image


International Monetary Fund chief economist Gita Gopinath made a scathing remark against India at the World Economic Forum and blamed the country for the global slowdown.
In her own words, she said, "Simple calculation says it would be over 80 per cent."



Indian economists emphatically negate IMF chief economist Gita blaming India for global slump



As IMF chief economist Gita Gopinath points fingers at India for the global slowdown, a battery of Indian economists have negated her remarks

22, Jan 2020

Bengaluru: International Monetary Fund chief economist Gita Gopinath made a scathing remark against India at the World Economic Forum and blamed the country for the global slowdown.
In her own words, she said, "Simple calculation says it would be over 80 per cent."


But on the contrary, a battery of Indian economists have debunked her theory.

Akash Jindal, an economist, said, “For the past 2 years, the US-China trade war has been creating havoc across the world. Blaming India isn't correct. When one compares India's global trade with that of the US and China it is minuscule, then how can India impact world GDP?”

Principal economist India Research & Ratings Sunil Sinha seconded his thoughts. He said, "Global trade is in doldrums which is impacting India's GDP, not the other way round. Exports across the globe have been hit, which have dampened Indian exports, as a result, India cannot be blamed for the downfall in the world's GDP. The world is in midst of a churn, from the US to Europe to Russia - not a single country is showing tremendous growth, trade has been impacted the most in the last 2 years with neither US nor China agreeing to back down. World GDP is a reflection of these trade strains, blaming India isn't correct.”

NR Bhanumurthy Professor at National Institute of Public Finance and Policy said, "India cannot impact the world economy single-handedly and bring it down as IMF is projecting. US-China trade war, US tensions with Iran, exports moving at snail's pace are the primary reasons for the condition of the global economy."

Though Indian economists have jumped to its defence, Congress party had begged to differ. Instead of showing solidarity with the PM Modi and backing to the core, former Union finance minister P Chidambaram had a rather vindictive take on the issue.

He had said, “I suppose we must prepare ourselves for an attack by government ministers on the IMF and Dr Gita Gopinath.”

All the reactions of the Indian economists were as reported by India Today.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby nandakumar » 24 Jan 2020 15:58

To quote the exact phrase that Gita Gopinath used, 'simple calculation'. Well it was precisely that. Simple calculation and not weighted by the relative size of India's economy that is a bit over $3 trillion against global GDP of $80 trillion (nominal GDP). We grew at 11 or 12% in 2018 but is expected to be 10% in 2019. So how can an economy that is only 4% of global GDP growth slowing by 9% be responsible for 80% of slowdown in global growth?

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby kit » 24 Jan 2020 16:32

chetak wrote:do all these "economists" become servile uncle toms when they reach the IMF. :mrgreen:

A country like India, single handedly being able to affect the global slowdown by 80% per this "economist" gita gopinath's "simple calculation" is ludicrous and smacks of madrasa maths

On the net, I watched her say this in an interview to rahul kanwal at davos


International Monetary Fund chief economist Gita Gopinath made a scathing remark against India at the World Economic Forum and blamed the country for the global slowdown.
In her own words, she said, "Simple calculation says it would be over 80 per cent."



Indian economists emphatically negate IMF chief economist Gita blaming India for global slump

Is she on twitter ?.. i hope she gets what she deserves !! :D ., "chief" economist ? :mrgreen:
Last edited by kit on 24 Jan 2020 16:36, edited 1 time in total.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby uddu » 24 Jan 2020 16:33

Modiji must utilze this and in all global forum say that "Look, IMF is calculating that a slowdown in India can cause 80 percent economic slowdown in the world. Hence it's important that all companies start investing in India if you want to see economic growth to happen in the World. Every country in the world is welcome to come to India and invest to reverse the economic slowdown. This statement by IMF shows the importance of India in the economic situation of the whole world." :)

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby V_Raman » 24 Jan 2020 17:39

I think CON parties know that the economy will come to life by end of 2021. They have ~2 years to do something sticky when 2024 comes around. That bloody MAD has done major things so quickly after the election and still has plenty of time for many more major things....

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby kit » 24 Jan 2020 23:03

chetak wrote:do all these "economists" become servile uncle toms when they reach the IMF. :mrgreen:

A country like India, single handedly being able to affect the global slowdown by 80% per this "economist" gita gopinath's "simple calculation" is ludicrous and smacks of madrasa maths

On the net, I watched her say this in an interview to rahul kanwal at davos

Image


International Monetary Fund chief economist Gita Gopinath made a scathing remark against India at the World Economic Forum and blamed the country for the global slowdown.
In her own words, she said, "Simple calculation says it would be over 80 per cent."



Indian economists emphatically negate IMF chief economist Gita blaming India for global slump



As IMF chief economist Gita Gopinath points fingers at India for the global slowdown, a battery of Indian economists have negated her remarks




" Gita Gopinath" husband is Iqbal Dhaliwal who runs the " poverty action club"

https://www.povertyactionlab.org/dhaliwal

I guess now things are now self explanatory !! Husband probably taught her the madrasa math !

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Kaivalya » 24 Jan 2020 23:17

^^

Simple calculations and offhand statements are easy to make because there is no academic voice from the indian perspective who can shame these folks in sm or other places where it matters to them.

Not in India or in the West.

For example, all the MSM and talking heads were issuing warnings about Amazon. Here is the only counter view that I came across with some credibility

https://hbr.org/2020/01/understanding-indias-chilly-reception-of-jeff-bezos

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 24 Jan 2020 23:23

@kit ji

looks like Dhaliwal may be a sikh but one never knows for sure

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 24 Jan 2020 23:28

Kaivalya wrote:^^

Simple calculations and offhand statements are easy to make because there is no academic voice from the indian perspective who can shame these folks in sm or other places where it matters to them.

Not in India or in the West.

For example, all the MSM and talking heads were issuing warnings about Amazon. Here is the only counter view that I came across with some credibility

https://hbr.org/2020/01/understanding-indias-chilly-reception-of-jeff-bezos


Kaivalya ji

no economist is ever responsible for the consequences of their words or even actions. Full of authority and never any responsibility.

there are always too many ifs and buts for them to use and wriggle out of any tricky situation

Look at rajan, he still talks like he is the king of India when some of his actions at the RBI were bordering on the dubious.

If he was still at the RBI today, he would have surely turned up along with padukone to support the JNU jehadis :mrgreen:

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Kaivalya » 25 Jan 2020 02:30

chetak wrote:
Kaivalya wrote:^^

Simple calculations and offhand statements are easy to make because there is no academic voice from the indian perspective who can shame these folks in sm or other places where it matters to them.

Not in India or in the West.

For example, all the MSM and talking heads were issuing warnings about Amazon. Here is the only counter view that I came across with some credibility

https://hbr.org/2020/01/understanding-indias-chilly-reception-of-jeff-bezos


Kaivalya ji

no economist is ever responsible for the consequences of their words or even actions.

If he was still at the RBI today, he would have surely turned up along with padukone to support the JNU jehadis :mrgreen:


True saar... Economists are bad enough - dont remind me about attention craving economists.

An economist, a philosopher, a biologist, and an architect were arguing about what was God's real profession. The philosopher said, "Well, first and foremost, God is a philosopher because he created the principles by which man is to live." "Ridiculous!" said the biologist "Before that, God created man and woman and all living things so clearly he was a biologist." "Wrong," said the architect. "Before that, he created the heavens and the earth. Before the earth, there was only complete confusion and chaos!" "Well," said the economist. "Where do you think the chaos came from?" :rotfl:

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby pankajs » 25 Jan 2020 14:30

https://www.bloombergquint.com/economy- ... -in-budget
India’s Economy Seems to Be Shaking Off a Slump
(Bloomberg) -- India’s economy appears to be shaking off a slump, as activity in the services and manufacturing sectors expanded for a second straight month in December.
Green shoots?

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby tandav » 25 Jan 2020 15:15

Rant on!
Such poor implementation of GST is causing massive issues to honest businesses. Ever since the introduction of GST I have been hoping that they will immediately implement online invoice generation. Instead there seems to be a ever widening cornocopia of forms and returns ranging from GST1 to GST9. A simple online method of raising invoice by vendors and online payment from client on that invoice such that GST is automatically escrowed out to the government kitty would have made this super simple. No filing nonsense, unless full payment is made GST is not assessed to vendor. Input credits are automatically seen, no leakage etc, if client does not pay full amount they cannot claim GST ITC.
Rant off!

The Scam below has surfaced where an enterprising few were able to scam banks/NBFCs to give them loans, so basically they paid govt some small GST (perhaps of the 5% variety) showed huge turnover on invoicing and got NBFCs to lend to them. This process is reasonably easy to do if you are dealing in low GST value items... of course in due course of time these loans will become NPAs and tax paying public will suffer and a few more banks will collapse.

On the other hand we have companies that are working in govt project whose payments have been held up due and there is no recourse or even ability to raise an invoice on government entities. Even after genuinely doing work many government contractors are being threatened by GST officials with account attachments for non payment of GST. How can vendors pay GST when they have not even been paid by their clients. Why should vendor do work of govt and collect tax on government behalf... heck the GST officials should go and sit on client/payers side and ask why they have not paid their vendor and by corollary paid the taxes.

https://timesofindia.indiatimes.com/cit ... 594650.cms

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 26 Jan 2020 10:53

kit wrote:
chetak wrote:do all these "economists" become servile uncle toms when they reach the IMF. :mrgreen:

A country like India, single handedly being able to affect the global slowdown by 80% per this "economist" gita gopinath's "simple calculation" is ludicrous and smacks of madrasa maths.



On the net, I watched her say this in an interview to rahul kanwal at davos





Indian economists emphatically negate IMF chief economist Gita blaming India for global slump

Is she on twitter ?.. i hope she gets what she deserves !! :D ., "chief" economist ? :mrgreen:


I think that this "IMF chief economist" lady has a devious agenda.

Yesterday her boss, the IMF chief said that India's slow down was a temporary phenomenon and growth is expected to pick up soon.

Why would she do that unless she thought that the "IMF chief economist" had crossed some lines. Do IMF chiefs routinely comment on specific countries. One thinks not.

Hasn't India parked about 10 Billion $ with the IMF.

Why would this "IMF chief economist" lady mouth off to the press and that too in a very anti India manner if her intentions or concerns were purely professional, economic or even academic.

she is drawing conclusions that others have not and her opinions are deliberately controversial and she does not have the proof to back up her views except some imagined madrasa maths and her intentions are suspect.

one cannot help but wonder as to whose agenda she is so deviously and deliberately pushing.


When IMF Chief Economist Gita Gopinath, a celebrated economist and a woman who has broken many glass ceilings, makes a statement about CAA, it raises an important question about the India story getting tainted. After all, we have lost the tag of being the world’s fastest-growing economy and many feel the slowdown may be a long drawn one requiring the government to be aggressive, innovative and responsive to economic realities. Gita Gopinath’s contention that the protests will have an over-arching impact on future foreign investments is based on a flawed premise that these protests can be seen to be a reflection of political unrest—which it is not. As the world’s largest democracy, India rightfully allows space for dissent and debate and the protests against the Citizenship Amendment Act should be seen through the same prism. It is not a reflection of any instability in the government or a larger political unrest that can vitiate the investment climate.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Lisa » 26 Jan 2020 15:04

Chetakji,

If these people do not have an India specific agenda, let them show us how many articles they have written on France in a similar light, it has a population of 60 million compared to this population of 1,300 million and in the degree of dislocation on a comparative scale.

https://www.express.co.uk/news/world/12 ... ron-latest

https://en.wikipedia.org/wiki/Yellow_vests_movement

The above disturbance has being going for over a year!

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby kit » 26 Jan 2020 16:36

Lisa wrote:Chetakji,

If these people do not have an India specific agenda, let them show us how many articles they have written on France in a similar light, it has a population of 60 million compared to this population of 1,300 million and in the degree of dislocation on a comparative scale.

https://www.express.co.uk/news/world/12 ... ron-latest

https://en.wikipedia.org/wiki/Yellow_vests_movement

The above disturbance has being going for over a year!


Good point; after all some billionaires need to make money, peace and prosperity does not do that, does it ?

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 27 Jan 2020 01:36

Robust growth for port traffic in December, sequential and YoY
Overall port volumes rose 6% y-o-y in Dec’19 vs y-o-y decline in Oct-Nov; this was partially helped by a weak base of Dec’18. Overall, in Q3FY20, major port volumes remained flat y-o-y. Container volumes rose sequentially in Dec’19 from the weak levels of Sep’19.

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India forex reserves hit lifetime high of $462.2 billion
The country’s foreign exchange reserves rose USD 943 million to touch a life-time high of USD 462.16 billion in the week ended January 17, according to the latest data from the RBI. In the previous week, the reserves had increased by USD 58 million to USD 461.21 billion.

In the reporting week, the rise in reserves was mainly on account of an increase in foreign currency assets, a major component of the overall reserves, which rose by USD 867 million to USD 428.45 billion, the data released by the Reserve Bank of India (RBI) on Friday showed.

Economic woes nearing end; these key sectors likely to turn it around for India’s growth
India’s economy appears to be shaking off a slump, as activity in the services and manufacturing sectors expanded for a second straight month in December. The needle on a gauge measuring so-called animal spirits signaled the economy may be taking a turn for the better, as five of the eight high-frequency indicators tracked by Bloomberg News came in stronger last month. The dial was last at the current position in August.

The dominant services index rose to the highest level in five months in December as improving new work orders helped boost activity. The seasonally adjusted Markit India Services PMI index climbed to 53.3 from 52.7 in November, helping post a strong end to the calendar year.

India’s manufacturing PMI also rose — to 52.7 from 51.2 a month ago — boosted by the fastest increase in new orders since July. A reading above 50 means expansion while anything below that signals contraction.

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

Postby Suraj » 27 Jan 2020 10:29

Explained: How India Tripled Its Mobile Handset Exports In Just One Year, And Ambitious Plans For The Future
Made in India mobile handsets have emerged as an export success between April to November 2019, with their export sales tripling to $2.45 billion (over Rs 17,000 crore), Times of India has reported.

UAE was a major contributor to the export juggernaut by contributing to more than half of the sales at $1.3 billion, a 175 per cent rise from 2018’s $485 million figure. Russia bagged the second position by importing handsets worth $275 million and South Africa was number three with an import value of $144 million.

For the same time in 2018, India had exported mobile handsets worth 783 million. The domestic mobile manufacturing industry in FY20 is expected to rise to Rs 1,35 lakh crores from Rs 94,000 crore in FY 17.

India, which holds the second position in the global mobile handsets market behind China, is projected to grow to 302 million units this year.

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

Postby tandav » 28 Jan 2020 12:15

The Government of India (Government E Marketplace) is a hidden game changer. As of now it is designed to handle government procurement but nothing prevents it from becoming the premier marketplace rivalling Alibaba / Amazon etc they may make it open source and similar to BHIM (which is designed for payments) GEM can be extended for (smart contracts, B2B and B2G works). Need to involve the private sector in some way to create the platform and grease faster work-money transfers, develop better trust mechanisms.

https://gem.gov.in/

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Vadivel » 28 Jan 2020 16:25

tandav wrote:The Government of India (Government E Marketplace) is a hidden game changer. As of now it is designed to handle government procurement but nothing prevents it from becoming the premier marketplace rivalling Alibaba / Amazon etc they may make it open source and similar to BHIM (which is designed for payments) GEM can be extended for (smart contracts, B2B and B2G works). Need to involve the private sector in some way to create the platform and grease faster work-money transfers, develop better trust mechanisms.

https://gem.gov.in/


Have you used it. Try using it once.

Its so convoluted, many SME won't be able to register and bid. I tried adding services and just gave up after couple of tries. You need multiple agencies certificates like NSIC, MEITY etc to add you products or services for certain categories.

If Amazon.com and Gov procurement process sleep together, the child will be gem.gov. :rotfl:

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

Postby tandav » 28 Jan 2020 21:40

I too gave up but feel there is something there


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