Indian Economy News & Discussion - Nov 27 2017

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby nandakumar » 18 Sep 2020 10:28

Is FedEx or for that matter, Bluedart in the Indian context, really a proxy for the local manufacturing sector? Could it be that FedEx is really some kind of a backend for Services sector? If Amaxon imports some gadgets from China, FedEx may well be providing the transportation service to the Amazon warehouse in the US. Ditto for India, too.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vera_k » 18 Sep 2020 11:18

There's more than Fedex though. The part about remote work going mainstream must be positive for the Indian IT industry as well, and perhaps will result in a real estate boom in India too as people look for more homes with more room as a result.

executive vice president Brie Carere said on the call that "U.S. spending that would normally have gone into services has shifted towards goods, spending boosted further by pent up demand." Retail sales, she said, are growing year over year, e-commerce is "booming at holiday levels," while the service sector "severely impacted by the pandemic and high unemployment rates, continues to weigh on growth."


housing numbers just keep jarring those who cover the home business. We had the incredible paradox of a high single digit unemployment and incredible home building numbers. Those who kept jobs aren't waiting for a vaccine. They are putting roots down in new homes where they don't have to commute and they ain't coming back. Those homes have now become offices and homes. They are being re-outfitted.


Larry Culp the CEO of GE (GE) , always one of the top 10 stocks traded on Robinhood, told clients that GE sees positive cash flow in the second half.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby A Nandy » 18 Sep 2020 13:06

https://www.dnaindia.com/india/report-e ... er-2843667

Lok Sabha on Thursday took up for discussion two bills for reforms in agriculture marketing with Agriculture Minister Narendra Singh Tomar stating the legislations were in the interest of farmers and provide them the freedom to sell their produce.The House took up the Farmers' Produce Trade and Commerce (Promotion And Facilitation) Bill, 2020, and the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, 2020 together.

The bills seek to replace two ordinances brought by the government earlier this year. Moving the two bills for passage in the House, Tomar said that the two bills aim to make farmers prosperous and legislations will not impact the provisions of minimum support price (MSP).

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby rpartha » 18 Sep 2020 16:22

https://m.timesofindia.com/india/25k-cr ... 178556.cms

With the aim t the government is planning a production linked incentive schemes to boost local manufacturing... about 75bchemicls added to the list with more to be added later..

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby SridharMatlaparthi » 18 Sep 2020 22:53

Rahul M wrote:such a farmer would automatically come in the no-tax bracket after filing return, so what's the problem ?

I am sure you are aware that people whitewash huge amounts of illegal, often criminally gotten income by showing it as farming income, since that is non-taxable. this hits at the root of corruption.


Not sure if this post was a riposte to mine. The average farmer in my area does not have the level of understanding to go and file tax returns. Heck, they cant even understand what they are investing and what exactly they are getting and end up getting into debts. They simply continue doing the same stuff, when tired of the cycle of debt - kill themselves or move to cities as labourers.

As for the rich "poor farmers" - thats a leverage that got to be broken.
One good thing I observed offlate - in case you are paying income taxes, thanks to PAN and AADHAR linkage, govt subsidies are being withheld.
Is this sufficient - not really, what we need is a comprehensive country wide resurvey of lands, people holdings and linkage to Aadhar - kills many birds with a single stone and also a realistic understanding of the challenges that a farmer with small land holding has - which is a majority of the real farmers.

Anyway OT for this thread - Apologies. Just touched a nerve because of what I see.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby rajkumar » 19 Sep 2020 04:10

One good thing I observed offlate - in case you are paying income taxes, thanks to PAN and AADHAR linkage, govt subsidies are being withheld.
Is this sufficient - not really, what we need is a comprehensive country wide resurvey of lands, people holdings and linkage to Aadhar - kills many birds with a single stone and also a realistic understanding of the challenges that a farmer with small land holding has - which is a majority of the real farmers.

Anyway OT for this thread - Apologies. Just touched a nerve because of what I see.


Sridhar,

Please submit to PMO via the channels available

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vijayk » 19 Sep 2020 07:45

https://www.forbes.com/sites/princeghos ... 6635b6c2f2
The Exodus Of Chinese Manufacturing: Shutting Down “The World’s Factory”

However, in the last 3 months, Chinese manufacturing got hit by what can only be described as "a perfect storm" of incidents. A mixture of longstanding issues and new challenges such as high tariffs, Covid-19, and increased geopolitical tensions have resulted in a mass exodus from Chinese manufacturing, and triggered the start of the downfall of the country's manufacturing dominance.

To understand what might make China fail however requires an understanding of what made China's manufacturing economy so successful in the first place.


Individual countries started eating up niche specialities. Vietnam, for example, made massive efforts to grab everyday apparel manufacturing. Popular sportswear brands like Nike NKE -1.5% and Adidas have rapidly re-allocated a vast majority of manufacturing and footwear base to Vietnam, from China.

Thailand has seen an increase of about 19.7% export volume from the US, specializing in automotive, food and beverage, and natural rubber manufacturing. Thailand also offers some competition to China in electronics manufacturing.

Indonesia has also emerged to be a new player in the space - appearing particularly attractive for companies seeking to relocate from China. President Joko Widodo of Indonesia has been incredibly keen to jump on the Chinese manufacturing exodus by presenting close to $1 Bil in federal investments through the creation of an industrials park in Java, Indonesia.

India, another global superpower with a quickly expanding consumer base and previous manufacturing know-how, is also attempting to reclaim a spot as a world exporter. India already has a massive auto, food, and apparel manufacturing base. Apple AAPL -3.2% recently released an intent to start manufacturing the iPhone 11 at a Foxconn owned CM plant in Chennai. There's also talk of assembly of an iPhone SE 2020 at a Wistron plant near Bangalore. Pharmaceutical companies are also turning towards Indian manufacturers for a more reliable production base. Most notably, AstraZeneca will be utilizing Indian contract manufacturer, the Serum Institute, to manufacture its newest Covid-19 drug.

Mexico and Brazil have also grabbed the spotlight and gained huge manufacturing market shares in the automotive space for both internal country production as well as export purposes.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Yagnasri » 19 Sep 2020 10:46

Auto Industry dealers mostly were not paying indirect taxes before GST. That looting is now gone. Auto Makers were all ok with it as long as they were getting away with very low commission rates to the dealers. After GST then entire model has gone to a toss. That is one of the problem no one want to talk about.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby tandav » 19 Sep 2020 22:14

As a person running a business... I can tell you that the entire Income Tax and GST system is pretty broken. I feel that only fools and honest people are doing business and getting hit by enquiry after enquiry by the tax officials, whereas those who break the law get all the advantages and can get away by paying some small penalty. There is no incentive to be honest.

So much so that I feel that it is better that Govt abolishes all taxation and compliances and generates revenue simply by deficit monetization. In this scenario Govt simply prints money for public projects/ infrastructure, special projects (such as setting up chip manufacturing), education, defense, health, social services. People all pay inflation tax equally. Social support by way of subsidized food and healthcare is given if you are unemployed or disabled to the bottom of the pyramid. It is hoped that the investments by Govt will create productive infrastructure which will used by people and offset the deficit spend

In general govt employees should be contractual and get paid only if they deliver projects. Except perhaps defense personnel or police personnel who should be given a salary. All rest should be contract workers... they should only get 10%-20% consultancy fees for projects that are approved by public vote. They do work fast they become rich if not they remain paupers.

https://www.livemint.com/opinion/online ... 56098.html


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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 21 Sep 2020 21:27

Continuing my efforts to keep with the Jal Jeevan Mission every month:
20 September 2020
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Re: Indian Economy News & Discussion - Nov 27 2017

Postby A Nandy » 24 Sep 2020 02:38

http://newsonair.com/News?title=Parliam ... &id=400585

Parliament has passed the three labour code Bills for the welfare and protection of workers. Rajya Sabha gave its nod to these bills today while the Lok Sabha had already passed it on Tuesday.

The Occupational Safety, Health and Working Conditions Code 2020, seeks to amend the laws regulating the occupational safety, health and working conditions of the persons employed in an establishment.

The second bill, The Industrial Relations Code 2020, aims at amending the laws relating to Trade Unions, conditions of employment in industrial establishment or undertaking, investigation and settlement of industrial disputes.

The third bill, The Code on Social Security, 2020 seeks to amend the laws relating to social security of the employees in the country.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Adrija » 24 Sep 2020 12:16

The laws which NaMo government has brought in the last three weeks across labour and agriculture are huge............ same scale and historic impact as Sh PVNR's abolishing of industrial licensing in 1991.... my pranams on behalf of a grateful nation

And now to reform the power sector- the one area where I would sadly give B- to the government.... india needs for power tariffs to come DOWN if any manufacturing is to take off... not to mention to individual households as well for increased prosperity

Once that is also done (which I am hopeful given NaMo), and large scale employment occurs including with foreign capital, should we in 5-6 years from now focus on the next stage... economic nationalism... wherein Indian owned and domiciled companies start becoming world champions across a wider ange of industries and technologies..

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 24 Sep 2020 23:52

Image

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby KJo » 25 Sep 2020 00:00

For a country like India, taking care of the agriculture sector is of high importance. Farmers have to feel that their work is being rewarded and they are not taken advantage of by agencies in the middle.
We also want to avoid situations where farmers give up on farming, and move to big cities and add to the infrastructure burden, and become Uber drivers or "software engineers". This will kill rural India. Instead rural India must be made prosperous so that people stay where they are, and feel happy to do so.
Not everyone wants to move to Bangalore. My own relatives are from a small village in Karnataka and on talking to them, they just want to stay in the village. They prefer the village life where everyone knows everyone else. I am sure that this pattern is widespread across the country so if local economies are supported, the load of infra would be distributed rather than in just big cities that cannot handle it.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby A Nandy » 25 Sep 2020 00:11

List of 25 bills passed

https://www.opindia.com/2020/09/summary ... on-session

The truncated monsoon session of the Parliament concluded yesterday, cut short due to the Coronavirus pandemic. Although the session ran for only 10 days, it was the most productive session ever, with the Lok Sabha achieving a productivity rate of 167%. The session ran from 14th September to 23rd September continuously, without any weekend holidays on Saturday and Sunday. A total of 25 bills were passed during this session, some of which are very significant bills. Let’s have a look at the 25 bills briefly.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby isubodh » 25 Sep 2020 00:23

Adrija wrote:The laws which NaMo government has brought in the last three weeks across labour and agriculture are huge............ same scale and historic impact as Sh PVNR's abolishing of industrial licensing in 1991.... my pranams on behalf of a grateful nation
.


I am not so optimistic, what the bills have done is that practices which were already prevalent have been codified. There was already temporary jobs even in big manufacturing companies. Many farmers were already setting outside of mandis.
Now its all official. I too hope that this will make companies to accept officially that they have temporary workers and some benefits being given. Buyers will be able to buy outside of mandis without having to pay for Inspectors bribes.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Raveen » 25 Sep 2020 00:58

isubodh wrote:
Adrija wrote:The laws which NaMo government has brought in the last three weeks across labour and agriculture are huge............ same scale and historic impact as Sh PVNR's abolishing of industrial licensing in 1991.... my pranams on behalf of a grateful nation
.


I am not so optimistic, what the bills have done is that practices which were already prevalent have been codified. There was already temporary jobs even in big manufacturing companies. Many farmers were already setting outside of mandis.
Now its all official. I too hope that this will make companies to accept officially that they have temporary workers and some benefits being given. Buyers will be able to buy outside of mandis without having to pay for Inspectors bribes.


Wow, so you're suggesting that a law that is passed is no big deal since some of those activities were being conducted illegally and without paying taxes? I suggest Deepika use this as her defence strategy lol

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby bharathp » 25 Sep 2020 10:03

isubodh wrote:
Adrija wrote:The laws which NaMo government has brought in the last three weeks across labour and agriculture are huge............ same scale and historic impact as Sh PVNR's abolishing of industrial licensing in 1991.... my pranams on behalf of a grateful nation
.


I am not so optimistic, what the bills have done is that practices which were already prevalent have been codified. There was already temporary jobs even in big manufacturing companies. Many farmers were already setting outside of mandis.
Now its all official. I too hope that this will make companies to accept officially that they have temporary workers and some benefits being given. Buyers will be able to buy outside of mandis without having to pay for Inspectors bribes.

what was done in hush hush manner under the table can now be done with big investments and with technology. this will also bring many unorganized workers into the organized sector.
i keep thinking why previous govts never tried to bring all these unorganized workers into the tax ambit. the only reason i can think of is that it suited the govt. to have these gaps.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Adrija » 25 Sep 2020 12:58

the only reason i can think of is that it suited the govt. to have these gaps.


Yes, exactly Bharathp garu.... that is exactly how the congress ecosystem worked.... keep laws onerous and ambiguous, so that all the baboo/ neta thugs could continue to engage in extortion and make life miserable for business. Modiji is doing all the right things form a long term perspective in terms of cleaning up and making simpler the whole regulatory and laws so that there is genuine Ease of Doing Business..

It takes a lot to make sure manufacturing and development does NOT happen in India, given our domestic demand and innate nature of entrepreneurship... it is a measure of how corrupt and anti-India the previous ecosystem has been that they managed to succeed in that. Also gives you a sense of the magnitude of clean up NaMo is having to engage in

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby jagga » 25 Sep 2020 16:59

Vodafone wins international arbitration against India in $2 billion tax dispute case
The tribunal, in its ruling, said the government must cease seeking the dues from Vodafone and should also pay 4.3 million pounds ($5.47 million) to the company as partial compensation for its legal costs, the source said.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vijayk » 25 Sep 2020 20:24

Image

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vijayk » 25 Sep 2020 20:25

jagga wrote:Vodafone wins international arbitration against India in $2 billion tax dispute case
The tribunal, in its ruling, said the government must cease seeking the dues from Vodafone and should also pay 4.3 million pounds ($5.47 million) to the company as partial compensation for its legal costs, the source said.


Good news! They should not appeal.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vijayk » 25 Sep 2020 20:30

bharathp wrote:
isubodh wrote:
I am not so optimistic, what the bills have done is that practices which were already prevalent have been codified. There was already temporary jobs even in big manufacturing companies. Many farmers were already setting outside of mandis.
Now its all official. I too hope that this will make companies to accept officially that they have temporary workers and some benefits being given. Buyers will be able to buy outside of mandis without having to pay for Inspectors bribes.

what was done in hush hush manner under the table can now be done with big investments and with technology. this will also bring many unorganized workers into the organized sector.
i keep thinking why previous govts never tried to bring all these unorganized workers into the tax ambit. the only reason i can think of is that it suited the govt. to have these gaps.


Exactly ... Big companies can't do under the table. Small companies can be harassed by every Tom Dick and Harry.

Transparency is key to development

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Rsatchi » 25 Sep 2020 21:19

Suraj wrote:Continuing my efforts to keep with the Jal Jeevan Mission every month:
20 September 2020
Image

Prior statuses:
August 15 2020

Surajji
Surprised by the Punjab and Haryana figures way above southern states
Is it due to the rivers and better irrigation!! What gives

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 26 Sep 2020 00:07

The rivers and canals have been there for a long time . The Jal Jeevan Mission is for piped water connections . The numbers simply reflect where recent focus has been . Bihar for example has improved quite a bit relative to neighbors .

I’m more interested in the month to month progress . The coverage is growing 1-2 percentage points a month and that’s pretty tremendous. Swacch Bharat Mission also began like this and by 2019 it was ubiquitous. Water is a much harder problem so I’m interested in keeping a close eye on the big picture here. State vs state details are just details .

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Vips » 26 Sep 2020 07:44

Forex reserves touch lifetime high at $545 bn; bank deposit rises faster than last year, shows RBI.

India’s foreign exchange reserves surged to a lifetime high of $545.038 billion in the week ended September 18. The week saw a rise of $3.378 billion in forex reserves, according to the weekly publication of RBI. The reserves had fallen by $353 million to $541.660 billion in the previous week. A rise of $3.943 billion to $501.464 billion in foreign currency assets is mainly attributed to the rise in overall forex reserves. Foreign Currency Assets (FCA) are the most important component of the RBI’s foreign exchange reserve and include assets like US Treasury Bills bought by the RBI using foreign currencies. However, on the other hand, the gold reserves fell by $580 million in the week.

Bank deposit rises
The RBI weekly supplement also showed that the value of bank deposits in India increased 12 per cent on-year in the fortnight ended 11 September 2020, compared to 10 per cent last year. The aggregate deposits in scheduled commercial banks rose by Rs 71,417 crore to Rs 142.48 lakh crore in the fortnight. Bank deposits are on a rising streak since the lockdown began in the month of March.

Bank deposits had risen by over Rs 2.8 lakh crore in three fortnights of the lockdown till May 8, while bank credit during the period fell by Rs 1.2 lakh crore, according to the previous data released by the RBI. This has added nearly Rs 4 lakh crore to the liquidity in the banking system by then.

Bank credit surges but growth remain subdued
Meanwhile, bank credit also rose by Rs 8,700 crore in the fortnight to Rs 102.25 lakh crore. However, the growth is nearly half of that in the last year. The bank credit surged 10.4 per cent last year, compared to 5.3 per cent now. Disruptions in the businesses and mounting uncertainty due to the rising number of infections have kept the bank credit subdued even as the central bank has significantly cut the repo rate and linked it directly to retail loans.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Anoop » 27 Sep 2020 00:28

https://theprint.in/ilanomics/end-the-domination-of-public-sector-banks-not-simply-recapitalise-them-thats-true-reform/510501/

https://www.youtube.com/watch?v=sglqZkUvr3o

Placing these two links here for critical appraisal by our forum's economics experts. Prof. Patnaik elaborates on her article in the YouTube interview.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby g.sarkar » 29 Sep 2020 09:03

https://www.indiatoday.in/business/stor ... source=rss
3 Chinese banks to initiate action against Anil Ambani’s worldwide assets to recover debt: Report
Three Chinese banks are likely to initiate enforcement action against Anil Ambani's worldwide assets to recover dues.
India Today Web Desk , New Delhi, September 28, 2020

Three Chinese banks are all set to initiate fresh enforcement action against Anil Ambani’s worldwide assets to recover debts to the tune of $716 million or nearly Rs 5,300 crore. According to a Times of India (TOI) new report, the Industrial and Commercial Bank of China, Export-Import Bank of China and the China Development Bank are also seeking to recover significant legal costs incurred in the process of debt recovery. The development comes after the beleaguered former Reliance Communications (RCom) Chairman was cross-examined by a UK court on Friday, the report added.
Anil Ambani, once the sixth-richest person in the world, was ordered by a UK court on May 22 this year to pay Rs 5,276 crore including interest of Rs 7.04 crore in legal costs to the three banks. By June 29, Ambani’s debt to these banks including accrued interest had risen to $717.6 million.
Attorney Bankim Thanki QC, appearing on behalf of the banks, told the UK High court on Friday that Ambani was “fighting tooth and nail” to avoid paying his dues.
Soon after Friday’s hearing, the banks declared that they have decided to pursue enforcement action and use all remedies against Ambani to recover the dues. A statement issued after the hearing indicated that the banks will use all the information from the cross-examination to pursue available legal options to protect their rights and recover all the outstanding loans Ambani owes to them.
.....
Gautam

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby bharathp » 30 Sep 2020 22:16

https://finance.yahoo.com/news/india-po ... 42991.html

MUMBAI (Reuters) - India's current account surplus rose to a record $19.8 billion in April-June as its trade deficit narrowed sharply, the Reserve Bank of India said on Wednesday.

The current account figure for the first quarter of the fiscal year compared with a surplus of $600 million in the Jan-March quarter, which was the country's first surplus in 13 years.


The country's merchandise trade balance recorded a deficit of $10 billion in April-June, sharply lower than the deficit of $46.8 billion in the same quarter a year ago.


Net services receipts remained stable, primarily on the back of net earnings from computer services, the RBI said.

Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to $18.2 billion, a fall of 8.7% from the previous year.

Net foreign direct investments recorded an outflow of $400 million, as against inflows of $14.0 billion in same quarter previous year.

The balance of payments showed a surplus of $19.8 billion in the first quarter of 2020/21, compared with a surplus of $14 billion a year earlier.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby bharathp » 30 Sep 2020 22:20

for comparison purposes, here is th graph of India's Current account balance each year (NDA ruled times provided positive CA, Congress ruled times produced significant deficit)
Image

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby nam » 30 Sep 2020 23:41

What did we reduce importing? Oil and gold?

It would interesting to know if there is a collapse of demand for chinis consumer goods, which were been directly imported.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby suryag » 01 Oct 2020 07:00

Suraj garu and other gurus - am looking for studies/analysis based on models as to how much the new Agri reforms will help farmers, their incomes and the base effect they may provide to GDP specifically to GSDPs of states that rely on Agri incomes. Please oblige

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 01 Oct 2020 11:34

This is too early to say. It depends on how many states implement the laws. But I can give you some idea of similar reforms elsewhere.

Historically, agriculture has been the most regulated sector of economy. Services and especially IT services, were least regulated, and during the early liberalization years there was a very direct correlation between the amount of regulatory oversight and interference, and the kind of growth seen in a sector. Arguably if the APMC reforms were done in the 1990s , India would look very different today.

Now on to the example elsewhere. China actually started reforming beginning with the agricultural sector. We've heard of their early SEZs (Shenzhen, Zhuhai, Xiamen, Shantou) that were promulgated under Deng in the late 1970s to early 1980s. But a more consequential reform was the Township and Village Enterprise (TVE) reforms.

TVEs among other things enabled the ability to sell agricultural produce independently, and enabled towns to attract business to them. The TVEs rapidly increased rural and semi-urban per capita incomes. These enterprises also solved the employment question - as people leave agriculture, what do they do ? In China they worked in TVEs. Arguably a policy that follows up the APMC liberalization with incentives to found enterprises in smaller towns and villages would work in India just as TVEs gave China the economic boost they built upon.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vijayk » 01 Oct 2020 20:43

https://pib.gov.in/PressReleaseIframePa ... I.whatsapp

In a remarkable turn around, in September 2020, Indian Railways earned Rs. 9896.86 crores from freight loading which is also Rs. 1180.57 crores higher compare to last year’s earnings for the same period (Rs. 8716.29 crores). The increase in freight revenue is 13.54%

Freight loading in September 2020 is 15.3 % more than last year for the same period

All round growth in loading and revenue

Slew of efforts like formation of Business Development Units at zonal levels, running bod specialised parcel & kisan trains and better all round monitoring ensuring the growth

Number of concessions/ discounts are also being given in Indian Railways to make Railways Freight movement very attractive


In a remarkable turn around, Indian Railways has earned more revenue in the month of September as compared to last year inspite of covid related challenges.

In September 2020, Indian Railways earned Rs. 9896.86 crores from freight loading which is also Rs. 1180.57 crores higher compare to last year’s earnings for the same period (Rs. 8716.29 crores). The increase in freight revenue is 13.54%.

It may be noted that trends in Freight traffic reflect the broad trends of economic activities turn around well.

On mission mode, Indian Railways achieved a significant milestone of pulling freight traffic ahead. Indian Railways freight loading and freight revenue for the month of September 2020 surpasses last year’s loading and revenue for the same month.

In the month of September 2020 Indian Railways freight loading was 102.12 million tonnes, which is 13.59 million tonnes higher compare to last year’s freight loading for the same month (88.53 million tonnes). The increase in the freight loading is 15.35%.

In the month of September 2020 Indian Railways earned Rs. 9896.86 crores from freight loading which is also Rs. 1180.57 crores higher compare to last year’s earnings for the same period (Rs. 8716.29 crores). The increase in freight revenue is 13.54%.

In the month of September 2020 Indian Railways loading was 102.12 million tonnes which includes 42.89 million tonnes of coal, 13.53 million tonnes of iron ore, 6.3 million tonnes of foodgrains, 5.34 million tonnes of fertilizers, 6.05 million tonnes of cement (excluding clinker), 3.85 million tonnes of clinker, and 3.52 million tonnes of mineral oil.

It may be noted that improvements in freight movements will be institutionalized and incorporated in the upcoming zero based timetable.

It is worth mentioning that a number of concessions/ discounts are also being given in Indian Railways to make Railways Freight movement very attractive.

Covid 19 has been used by Railways an opportunity to improve all round efficiencies and performances

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

Postby Uttam » 01 Oct 2020 21:14

A few green shoots:

Manufacturing activity expands at fastest pace in 8 years in September: PMI
The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, jumped to 56.8 in September from 52.0 in August


Petrol demand returns to pre-Covid-19 levels, diesel sales inching up
India's petrol sales rose 2 per cent in September - the first increase since the country's lockdown in late March - signaling demand returning to pre-Covid-19 levels



GST collections in September rise to near pre-Covid levels; revenue from these two areas shoot up
During September, the revenues from the import of goods were 102% and the revenues from the domestic transaction were 105% of the revenues from these sources during the same month last year.


Coal India sees fastest growth in output, sales for six years in Sept

India's power generation rises for the first time in seven months


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

Postby chetak » 02 Oct 2020 17:17

like @uttam says: a few green shoots


Image

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

Postby Rishirishi » 04 Oct 2020 11:12

Suraj wrote:This is too early to say. It depends on how many states implement the laws. But I can give you some idea of similar reforms elsewhere.

Historically, agriculture has been the most regulated sector of economy. Services and especially IT services, were least regulated, and during the early liberalization years there was a very direct correlation between the amount of regulatory oversight and interference, and the kind of growth seen in a sector. Arguably if the APMC reforms were done in the 1990s , India would look very different today.

Now on to the example elsewhere. China actually started reforming beginning with the agricultural sector. We've heard of their early SEZs (Shenzhen, Zhuhai, Xiamen, Shantou) that were promulgated under Deng in the late 1970s to early 1980s. But a more consequential reform was the Township and Village Enterprise (TVE) reforms.

TVEs among other things enabled the ability to sell agricultural produce independently, and enabled towns to attract business to them. The TVEs rapidly increased rural and semi-urban per capita incomes. These enterprises also solved the employment question - as people leave agriculture, what do they do ? In China they worked in TVEs. Arguably a policy that follows up the APMC liberalization with incentives to found enterprises in smaller towns and villages would work in India just as TVEs gave China the economic boost they built upon.


Communist China had a much stronger control of the farming sector then India had. China hardly had much industry and even less exports then India. So it was natural to start with deregulation.

Indian farming is pretty free. Some regulations has existed which barred traders from speculative hording of food. Food processing was partly taken over by the government (example sugar mills), which they messed up. But as of now, i think things are pretty much "free". Most advanced countries like EU, USA etc have strong regulation in the farming sector. Farm land use is protected, planing of crops is regulated to ensure stable supply and prices are guaranteed. In a way the farmer becomes a contractor to the government for food. If there is bad harvests the farmers get compensated. This ensures that supply is constant and the farmers gets payed a fair price. In India, farming is a risky business, where farmers face loss if the harvest turns bad or even good (oversupply leads to price crash). I think India should also follow along those lines from critical foods like Rice, lentils, wheat, Milk etc.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby A Nandy » 05 Oct 2020 21:09

https://www.organiser.org/Encyc/2020/10 ... .html?s=09

A key element of the proposed Social Security Code is to clearly define migrant workers and also enlarge the scope of the current scheme to cover the gig economy and those outside the organised sector while recognising the emergence of online platforms and aggregators that provide access to workers. The Bill has mandated registration of all unorganised and gig and platform workers and provision of insurance, maternity, crèche and old age protection benefits. Industries and workers are two sides of the same coin, and these three Bills have tried to balance the rights and obligations of both employers and employees.


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