Indian Economy News & Discussion - Nov 27 2017

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 16 Dec 2017 13:33

Exports grow 30% in November after GST updates
The GST Council's efforts to resolve exporters' woes on refunds seem to have started yielding results. Exports grew 30.55 per cent in November, a month after it contracted 1.1 per cent, also due to the low base effect and rising petroleum prices. In fact, petroleum products, along with engineering goods, gems and jewellery, and chemicals, drove nearly 80 per cent of the rise in merchandise exports.

The outbound shipment stood at $26.19 billion in November against $20.06 billion a year ago. To put things in context, exports had declined by 24.43 per cent in November 2016, the steepest that year.

Exports rose 12.01 per cent at $196.48 billion during the first 8 months of the current financial year. But exporters complained that their funds were still stuck and demanded government intervention to address their concerns including issues related to the goods and services tax (GST).

Growth slowdown bottoming out, says RBI governor Urjit Patel
The consumer price index (CPI)-based inflation rate quickened to 4.88 per cent in November, from 3.58 per cent in October. The rate in June had fallen to a record low of about 1.5 per cent. The central bank works within a framework that aims to keep inflation anchored around a central 4 per cent, in a range of another two percentage points either way.

The government has actively managed price pressure on some key food items, the governor said.

“The economy is at an important juncture. Our recent growth numbers might have disappointed some in the first quarter of this fiscal year but the second quarter (July-September) has recorded an uptick and the slowdown may well be bottoming out.”

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby A_Gupta » 16 Dec 2017 17:13

Bloomberg:
https://www.bloomberg.com/news/articles ... ng-imports
India increased the customs duty on some electronics including mobile phones, television sets, and microwave ovens in a bid to curb imports and boost local manufacturing.

The levy on mobiles and TVs was raised from 10 percent to 15 percent, according to a Ministry of Finance statement. Duty on digital cameras, video cameras and projectors was doubled to 20 percent.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Rahul M » 16 Dec 2017 21:50

ShauryaT wrote:I used to like Prof. Debroy before he joined the government. He was free to speak his mind for the best interests of India but not anymore. Obviously, the answers he gives to questions raised have reasonable and rational explanations, but that is what they are explanations to why objectives have not been achieved.

[youtube]M5ZVF3BGaZ0&t=2087s[/youtube]
https://www.youtube.com/watch?v=M5ZVF3BGaZ0&t=2087s

watching that interview, he is as freely speaking his mind as ever.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Rahul M » 16 Dec 2017 23:07

folks might remember the airtel bank scam that bharti was running on unsuspecting customers.
some action has been taken. http://www.dailyexcelsior.com/uidai-sus ... c-licence/

UIDAI suspends Airtel, Airtel Payments Bank’s eKYC licence
Posted on 16/12/2017 by Dailyexcelsior

NEW DELHI: In its strongest action yet, the UIDAI has temporarily barred Bharti Airtel and Airtel Payments Bank from conducting Aadhaar-based SIM verification of mobile customers using eKYC process as well as e-KYC of payments bank clients.
The action follows allegations of Bharti Airtel using the Aadhaar-eKYC based SIM verification process to open payments bank accounts of its subscribers without their ‘informed consent’. UIDAI also took strong objection to allegations that such payments bank accounts are being linked to receive LPG subsidy.
UIDAI, in an interim order, “suspended e-KYC licence key of Bharti Airtel Ltd and Airtel Payment Bank Ltd with immediate effect,” sources with direct knowledge of the development said.
This essentially means Airtel would not be able to, in the interim, carry out ‘electronic-verification’ or link mobile SIMs of its customers with their 12-digit biometric national ID Aadhaar though the efficient and paperless eKYC (or electronic Know Your Customer) process of UIDAI.
Also, Airtel Payments Bank will not be able to open a new account with Aadhaar e-KYC. However, accounts can be opened through alternate methods, if available. (AGENCIES)

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby A Nandy » 17 Dec 2017 10:18

Also, Airtel Payments Bank will not be able to open a new account with Aadhaar e-KYC. However, accounts can be opened through alternate methods, if available.


Its just a temporary rap. They will not remove their banking license as the should have done after such criminal behavior. This government will simply not go after corporates.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 17 Dec 2017 15:04

Rahul M wrote:folks might remember the airtel bank scam that bharti was running on unsuspecting customers.
some action has been taken. http://www.dailyexcelsior.com/uidai-sus ... c-licence/

UIDAI suspends Airtel, Airtel Payments Bank’s eKYC licence
Posted on 16/12/2017 by Dailyexcelsior

NEW DELHI: In its strongest action yet, the UIDAI has temporarily barred Bharti Airtel and Airtel Payments Bank from conducting Aadhaar-based SIM verification of mobile customers using eKYC process as well as e-KYC of payments bank clients.
The action follows allegations of Bharti Airtel using the Aadhaar-eKYC based SIM verification process to open payments bank accounts of its subscribers without their ‘informed consent’. UIDAI also took strong objection to allegations that such payments bank accounts are being linked to receive LPG subsidy.
UIDAI, in an interim order, “suspended e-KYC licence key of Bharti Airtel Ltd and Airtel Payment Bank Ltd with immediate effect,” sources with direct knowledge of the development said.
This essentially means Airtel would not be able to, in the interim, carry out ‘electronic-verification’ or link mobile SIMs of its customers with their 12-digit biometric national ID Aadhaar though the efficient and paperless eKYC (or electronic Know Your Customer) process of UIDAI.
Also, Airtel Payments Bank will not be able to open a new account with Aadhaar e-KYC. However, accounts can be opened through alternate methods, if available. (AGENCIES)


what about the accounts already opened by other telecom companies and not just airtel??

will the adhar linkages to such accounts be removed?? where will the subsidy money then go because airtel has wiped out the linkage to the already existing subsidy accounts specified by customers??

the sly action by these telecom companies is criminal in nature as well as criminal in intent.

Too bad that we don't have class action suits in India.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Austin » 17 Dec 2017 16:15

It says GOI pays ~ $71 Billion as interest per year for its National Debt and has Debt to GDP of 48 % , GDP is $ 2.25 trillion

https://www.nationaldebtclocks.org/debtclock/india

Just the interest payment is more than 1.5 times of our defence budget

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Bart S » 17 Dec 2017 20:02

A Nandy wrote:
Also, Airtel Payments Bank will not be able to open a new account with Aadhaar e-KYC. However, accounts can be opened through alternate methods, if available.


Its just a temporary rap. They will not remove their banking license as the should have done after such criminal behavior. This government will simply not go after corporates.


This actually just penalizes customers and not Airtel (at least not directly). It is the customer who will have to go through the inconvenience of submitting documents instead of just authenticating to eKYC. It might cost Airtel some new customers but only a small percentage who don't specifically want to sign up with Airtel anyway.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Mollick.R » 18 Dec 2017 14:56

Process to link DBT accounts with Aadhaar to be overhauled

NEW DELHI: The government is overhauling the process followed by banks for mapping Aadhaar-linked bank accounts to subsidy payments. It has also temporarily halted the provision of overwriting existing subsidy-linked bank accounts with freshly mapped Aadhaar accounts.In a meeting held at the cabinet secretariat last week, banks were directed to halt the current process for the next 10 days starting Monday until their core banking software was amended to adopt the new system. Under the prevailing system, customers linking their bank accounts with Aadhaar meant automatically mapping them to the Aadhaar payment bridge hosted by National Payments Corporation of India.

Since government departments send subsidies to the payment bridge, the money was automatically transferred to the last account seeded with Aadhaar.

The overhaul comes after allegations that top telecom service provider Bharti Airtel used the electronic know-your-customer (e-KYC) verification process mandated by the Aadhaar Act to open payments bank accounts without users being aware of this. These were then alleged to have been mapped as the accounts to which subsidy payments would be directed without their informed consent. This led the Unique Identification Authority of India (UIDAI) to temporarily bar Bharti Airtel and its payments bank from using Aadhaar linking for mobile verification or opening new accounts.
"We reviewed the entire system when the Airtel issue cropped up and we have decided that overwriting should be replaced to make it more restrictive," said an official of the Direct Benefits Transfer (DBT) Mission.

Another layer will be added to the mapping process so that banks overwriting an already Aadhaar-linked subsidy account will have to check which one will receive such payments.

The cooking gas subsidy of 4.7 million customers totalling around Rs 167 crore was sent to Airtel payments bank accounts in the past two months. "We started receiving a lot of complaints since people were not aware that their subsidy was being directed to new accounts and they assumed the government had stopped their welfare payments, said a UIDAI official.

"We believe that it will stem some of the over-enthusiasm by companies to make their own accounts as primary accounts for receiving government subsidy without the explicit consent of the customer," said the DBT Mission official. "Now this automatic route will not be possible unless the customer explicitly asks for the subsidy account to be changed."

A finance ministry official said it had been decided jointly by all stakeholders including National Payments Corporation of India that customers' informed consent was needed.
"Norms will soon be worked out by IBA (Indian Banks' Association) on this," he added. [b]The government has asked banks through IBA to amend their software. Until the additional feature is made available, there should be no overwriting, it has said. The new system should be ready in the next 10 days,[/b] said the DBT official. IBA has decided to hold a meeting next week with banks on a new form that will list the existing Aadhaar-linked bank accounts of customers, asking them which one is for subsidies, IBA CEO VG Kannan told ET. UIDAI issued a notice to the company in September after receiving complaints about Bharti Airtel allegedly opening bank accounts without the knowledge of people.

SYSTEM AMENDED Airtel told ET in a statement that it had sought to amend its system. "After UIDAI had brought the issue to our notice, we had put in a process, wherein, every customer had to give an explicit consent to open a bank account," it said.
"The express check within the app was also changed to opt-in mode."

The current system dates from 2013-14 when only one account held by a person had to be linked to Aadhaar to receive subsidies. The current situation has emerged because the government has mandated that all accounts have to be verified with Aadhaar, said the DBT official.

"Financial companies had to make the distinction between seeding and mapping, but they didn't do that, so, we had to change the system," added the DBT official.......................



https://timesofindia.indiatimes.com/business/india-business/process-to-link-dbt-accounts-with-aadhaar-to-be-overhauled/articleshow/62114949.cms

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Mollick.R » 18 Dec 2017 15:05

The best part about this gavarmint is their feedback to reaction cycle is very swift & they are learning quickly from their mistakes & taking corrective actions. :D

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 20 Dec 2017 11:52

India’s jobless growth is a myth

India’s jobless growth is a myth

Between 2009-10 and 2015-16, incremental jobs created exceeded the number of persons who entered the labour force by a wide margin

R. Gopalan, M.C. Singhi.

In India, the overall employment situation is assessed on the basis of periodic comprehensive surveys by NSSO. Photo: Aniruddha Chowdhury/Mint
In India, the overall employment situation is assessed on the basis of periodic comprehensive surveys by NSSO.

Image

Photo: Aniruddha Chowdhury/Mint
We see two major concerns on employment generation in India. The first relates to regular availability of information on employment generation and the second, to its quality, particularly its ability to capture fully the data on employment generation from the new initiatives taken by the government.

Image

Prajakta Patil/Mint
Click here for enlarge]
In India, the overall employment situation is assessed on the basis of periodic comprehensive surveys undertaken by the National Sample Survey Office (NSSO), usually after every five years. The NSSO surveys reveal that overall employment growth from 1993-94 to 2011-12 (the latest year for which the data is available) averaged 1.1% per annum, perceived to be lower than the growth in the number of people who might have been entering the labour force and what one would expect from accelerating output growth. The employment elasticity during this period was only 0.18. A secular decline in the labour force participation rate (LFPR), which reflects willingness to work, from 430 per 1,000 people in 2004-05 to 395 per 1,000 in 2011-12, kept the unemployment rate at low levels.

Since NSSO surveys have been infrequent, the director general of the Labour Bureau has started providing more frequent information on labour markets since 2009-10. It has released five survey reports during this period, the latest being for 2015-16. The methodology is almost similar, but results are based on large surveys. These could be considered a reasonable proxy for assessing the labour market situation, more so in the intervening periods between the publication of NSSO surveys.

We look at the information from these two surveys—NSSO and Labour Bureau—to seek answers to these three questions:

First, whether this period was one of jobless growth? Second, assuming that each state followed a different development strategy, how different was their relative record in providing employment to job seekers? Third, what is the status when it comes to providing regular, productive and well-paid jobs?

Labour Bureau data indicates that between 2009-10 and 2015-16, incremental jobs created exceeded the number of people who entered the labour force by a wide margin. At an aggregate level, 75 million jobs were created, against 61 million who were added to the list of job seekers. During this period, the overall percentage of people in the age group of 15 and above who were willing to work, both male and female, increased marginally. With employment opportunities outnumbering job seekers by 23%, the rate of unemployment also declined. Contrary to general perception, the period 2009-10 to 2015-16 does not seem to be a period of jobless growth.

Notwithstanding interstate differences, the average annual rate of growth of job creation at the all-India level, at 3.2% in 2009-2016, exceeded the rate of growth of job seekers, which averaged 2.4% (Table 1). Six states—Assam, Himachal Pradesh, Jammu and Kashmir, Kerala, Sikkim and Uttarakhand—had lower job creation growth relative to the growth of job seekers. A significantly high growth of incremental job creation in Bihar, Jharkhand and Uttar Pradesh needs to be further analysed to ascertain the contributing factors.

A state-wide analysis suggests that in Gujarat, Maharashtra, Madhya Pradesh and Rajasthan, there was a sharp decline in female job seekers—and this might have helped match job opportunities to job seekers. On the other hand, in Sikkim, there were fewer job opportunities for both males and females. Despite adequate availability of job opportunities at the all-India level, state-wide differences remained significant, and, in some cases, surplus jobs arose only because of a decline in the labour and workforce participation rate for females.

The third question relates to how well paid these jobs were. The Labour Bureau survey (2015-16) has categorized workers according to their monthly income levels. Most of the workers, 84% of all, whether self-employed, regular wage earners, contract workers or casual workers, were getting an income of less than Rs10,000 per month (Figure 1). Regular wage earners or salaried-class workers were better off, with 57% having a monthly income of Rs10,000 or less. Finally, 96.3% of casual workers, including those who were employed for public works, and 85% of self-employed persons had a monthly income of Rs10,000 or less. Enough work was also not available for nearly 40% of the workers; they were being employed for only a part of the year. In terms of decent, productive and well-paid jobs, considerable gaps continued to persist.

It is necessary, then, to evolve strategies to create supplementary opportunities for the self-employed, improve the female labour force participation rate, increase the ratio of female to male job seekers, and reduce interstate differences.

R. Gopalan and M.C. Singhi are, respectively, former secretary and senior adviser, department of economic affairs.

Comments are welcome at theirview@livemint.com

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Mollick.R » 20 Dec 2017 19:59

Latest update about issue of misuse of Aadhaar authentication for DBT by Airtel Payment Bank is .............

NEW DELHI: AirtelBSE -1.45 % has deposited an interim penalty of Rs 2.5 crore with the Aadhaar-issuing body UIDAI after an action against the telecom operator for allegedly opening payments bank accounts of its mobile subscribers without their 'informed consent', according to sources.


The company is learnt to have given the assurance that it will return Rs 190 crore that had flown into the 'unsolicited' payments bank accounts of 31 lakh mobile subscribers over the next 24 hours and will also inform the customers that their subsidy-linked account is being switched back to the originally-chosen account.

Airtel has deposited an interim penalty of Rs 2.5 crore "unconditionally" to the Unique Identification Authority of India (UIDAI),......

Suspending the 'e-KYC licence key', the UIDAI also ordered PricewaterhouseCoopers to conduct an audit of Bharti Airtel and Airtel Payments Bank to ascertain if their systems and processes are in compliance with the Aadhaar Act.


https://economictimes.indiatimes.com/industry/banking/finance/banking/airtel-deposits-interim-penalty-of-rs-2-5-cr-with-uidai/articleshow/62136265.cms

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Gus » 20 Dec 2017 20:26

Why would a company do such a blatant act as diverting subsidy money without customer knowledge or consent. they should be fined more and made to pay compensation to the customer as well.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby arshyam » 21 Dec 2017 06:30

This is fraud, someone has to be thrown in jail. Only criminal proceedings will deter such behaviour.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby pankajs » 21 Dec 2017 09:34

Where are the Rs, 2,000 notes? :)

http://www.firstpost.com/business/where ... 68311.html
Where are Rs 2,000 notes? RBI may be holding them back or may have stopped printing, says SBI report

"This means that the residual amount of high currency notes (Rs 15,787 billion – Rs 13,324 billion) of Rs 2,463 billion may have been printed by the RBI but not supplied in the market," said the report authored Soumya Kanti Ghosh, group chief economic adviser, SBI.

<<snip>>

"As a logical corollary, as 2000 denomination currency led to challenges in transactions, it thus indeed seems that RBI may have either consciously stopped printing the 2000 denomination notes/or printing in smaller numbers after initially it was printed in ample amount to normalise the liquidity situation," said Ecoflash.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby shaun » 22 Dec 2017 09:59

The benefits of Aadhar enabled services is slowly getting appreciated by the masses . In my travel in rural , semi urban parts in India , happened to strike a convo with one rural folk . His ration card is aadhar linked where in he got to know from a sms in his registered mobile that his monthly quota for kerosene is 1.9 ltrs where as he gets only 1.5 ltrs . Based on the sms he enquired about the balance 400ml to the ration owner . First the ration shop owner said that only 1.5 ltrs is allotted and that the sms is wrong . But this guy was not convinced and he narrated the whole thing to his elder brother who have some political connection. Once grilled by his brother , the ration shop owner agreed to provide his full quota. Now the same guy who got sms is now suspecting his quota limits on grains too . :D

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 22 Dec 2017 10:14

Gus wrote:Why would a company do such a blatant act as diverting subsidy money without customer knowledge or consent. they should be fined more and made to pay compensation to the customer as well.


some companies have ALWAYS operated like this.

It is in their DNA.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Austin » 22 Dec 2017 14:04

pankajs wrote:Where are the Rs, 2,000 notes? :)

http://www.firstpost.com/business/where ... 68311.html
Where are Rs 2,000 notes? RBI may be holding them back or may have stopped printing, says SBI report

"This means that the residual amount of high currency notes (Rs 15,787 billion – Rs 13,324 billion) of Rs 2,463 billion may have been printed by the RBI but not supplied in the market," said the report authored Soumya Kanti Ghosh, group chief economic adviser, SBI.

<<snip>>

"As a logical corollary, as 2000 denomination currency led to challenges in transactions, it thus indeed seems that RBI may have either consciously stopped printing the 2000 denomination notes/or printing in smaller numbers after initially it was printed in ample amount to normalise the liquidity situation," said Ecoflash.


Likely Bigger Denomination Notes causes inflation and is cause of black money so printing smaller notes takes care of both

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby A_Gupta » 22 Dec 2017 18:33

https://www.bloomberg.com/news/articles ... s-in-india
Operational or unsecured creditors, who have dues that are not backed by any collateral, would be last in queue to be repaid once an insolvency plea succeeds in the National Company Law Tribunal, India’s bankruptcy courts. Yet, such parties have triggered 44 percent of corporate insolvencies this year, according to the latest data from the Insolvency and Bankruptcy Board of India. Financial or secured creditors were responsible for 32 percent of successful petitions.

The law was enacted last year to encourage asset sales as the bad-debt ratio of Indian banks climbed to be among the worst in the world. It is quickly becoming a bargaining tool for unsecured, smaller lenders dealing with larger corporates that don’t pay despite being solvent, said Khushboo Shah, a Mumbai-based lawyer with MDP & Partners. The bankruptcy law has given them “a ray of hope,” she said.


For those that think there can be no corruption in the private sector.

Such lenders usually settle, waiving off the interest, if they are paid as much as 80 percent of the principal sum owed, Shah said. “Certain operational creditors are using the bankruptcy law as a strong arm tactic but it’s all a result of being neglected far too long by bigger corporate debtors,” she said.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby uddu » 22 Dec 2017 20:37

Patanjali ranked India's most trusted FMCG Brand

Read more at:
//economictimes.indiatimes.com/articleshow/62203569.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

NEW DELHI: Patanjali has been ranked as India's most trusted Fast Moving Consumer Goods (FMCG) Brand by the Brand Trust Report India Study 2017 and has been announced as the most attractive brand in India.

He said Patanjali has been ranked as India's most trusted FMCG Brand in a study covering 11,000 brands across 16 cities by The Brand Trust Report India Study 2017, adding that after an analysis of 10,000 brands, Patanjali has been declared as the most attractive brand.

Earlier in October, Patanjali climbed from 45th place last year to 19th this year, in the Forbes magazine's Annual India Rich List 2017.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Akshay Kapoor » 22 Dec 2017 21:09

Question - if one were to invest his savings in India (50 % equities and 50% FI) for a safe long term steady income what kind of returns should one factor in long term calculations pre tax.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Akshay Kapoor » 22 Dec 2017 21:11

shaun wrote:The benefits of Aadhar enabled services is slowly getting appreciated by the masses . In my travel in rural , semi urban parts in India , happened to strike a convo with one rural folk . His ration card is aadhar linked where in he got to know from a sms in his registered mobile that his monthly quota for kerosene is 1.9 ltrs where as he gets only 1.5 ltrs . Based on the sms he enquired about the balance 400ml to the ration owner . First the ration shop owner said that only 1.5 ltrs is allotted and that the sms is wrong . But this guy was not convinced and he narrated the whole thing to his elder brother who have some political connection. Once grilled by his brother , the ration shop owner agreed to provide his full quota. Now the same guy who got sms is now suspecting his quota limits on grains too . :D


grass roots good governance

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Austin » 22 Dec 2017 21:35

Akshay Kapoor wrote:Question - if one were to invest his savings in India (50 % equities and 50% FI) for a safe long term steady income what kind of returns should one factor in long term calculations pre tax.


Be conservative and long term ( atleast 20 years ) calculate at the rate of 9-10 % returns for Mixed 50-50

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby schinnas » 22 Dec 2017 23:05

Historic returns on that timescale are well higher than 10%

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Akshay Kapoor » 22 Dec 2017 23:13

But this has to be forward looking. Int rates are coming down. I am being conservative and assuming I can get 7 pct. Is that a reasonable assumption. An assumption based on which you can say FU to your boss. So you see it’s a serious question.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby schinnas » 22 Dec 2017 23:22

You are better off checking with wealth management companies like Anand Raathi. They do a mix of equity and bonds (FI) or bond derivatives and meet or best the market and play for the long term. They will give you free advisory and take their commission only from second year onwards.

HDFC bank and ICICI also has investment management support. Meet with all of them, listen to their historic returns and projections and then decide on your course of action. Best wishes.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 22 Dec 2017 23:33

Additional KYC in terms of FATCA is being pushed by SEBI, I hear.

Saw an actual for this "Additional KYC" which I declined to sign.

Why are Indians being asked to sign FATCA??

WTF, do we have to do, with some amreki laws??

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Vips » 23 Dec 2017 06:49

M-cap of BSE-listed cos crosses Rs 150 lakh crores.

The total market valuation of all listed companies on BSE on Friday touched a record high of over Rs 150 lakh crore helped by strong gains in the broader market.

The 30-share index Sensex was trading 169.96 points higher at 33,926.24 during the afternoon trade.

Led by market gains, the market capitalisation (m-cap) of BSE-listed companies rose to Rs 1,50,80,323 crore (USD 2.35 trillion).

The Sensex has gained 7,309.07 points or 27.45 per cent so far this year. The index had hit an all-time high of 33,956.31 on December 20 this year.

The total market valuation of all listed firms on BSE had hit the Rs 100 lakh crore level on November 28, 2014.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 23 Dec 2017 08:03

They seem to have preemptively sacked the guy before the fires reached the higher echelons of their management.

Pathetic risk analysis and piss poor appreciation of the business climate.

A crony once is not a crony always. Maybe they did not even consider the change in govt that took place some years ago??


http://www.newindianexpress.com/business/2017/dec/22/airtel-payments-bank-md-and-ceo-shashi-arora-quits-after-firms-aadhaar-e-kyc-misuse-1734523.html

Airtel Payments Bank MD and CEO Shashi Arora quits after firm's Aadhaar e-KYC misuse
22nd December 2017


NEW DELHI: Airtel Payments Bank Managing Director and CEO Shashi Arora has resigned in the wake of the firm's eKYC licence suspension by Aadhaar-issuing body UIDAI.

"Shashi has decided to move on to pursue opportunities outside of Airtel. We wish Shashi the very best for his future endeavours," the company said in a statement.

Arora has been working with Airtel in senior leadership roles since 2006. He was appointed MD and CEO of Airtel Payments Bank on June 1, 2016.

"He has been an asset for Airtel and over the years has contributed to the company’s growth story. Having led the operations in key telecom circles followed by building a strong DTH business, he has laid the foundation for Airtel's payments bank operations," the statement said.

The Unique Identity Authority of India (UIDAI) had barred Bharti Airtel and Airtel Payments Bank from conducting Aadhaar-based verification of customers using the eKYC process.

The action was taken following allegations that Bharti Airtel was using the Aadhaar-eKYC based SIM verification process to open payments bank accounts of its subscribers without their 'informed consent'.

UIDAI on Thursday allowed Bharti Airtel to use Aadhaar for re-verification of its mobile customers till January 10 with stiff riders after it returned Rs 138-crore LPG subsidy remitted to the unsolicited payments bank accounts.

It, however, maintained that Airtel Payments Bank eKYC licence will remain suspended till final enquiry and audit report.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby andy B » 23 Dec 2017 15:56

chetak wrote:Additional KYC in terms of FATCA is being pushed by SEBI, I hear.

Saw an actual for this "Additional KYC" which I declined to sign.

Why are Indians being asked to sign FATCA??

WTF, do we have to do, with some amreki laws??


Chetak saar I can only share what I see in the banking sector. At this time all Insto and Corporate investors are being asked to sign these additional declarations and this is Unkil's bloody net spreading super far and wide to capture all cash flows generated across georgraphies aboard for apparent taxation purposes and declarations. If you are a investor or institution operating across multiple lands irrespective whether ur dealing in derivatives or utilizing straight debt etc you will be asked to sign this across all OECD lands at least.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 23 Dec 2017 16:21

andy B wrote:
chetak wrote:Additional KYC in terms of FATCA is being pushed by SEBI, I hear.

Saw an actual for this "Additional KYC" which I declined to sign.

Why are Indians being asked to sign FATCA??

WTF, do we have to do, with some amreki laws??


Chetak saar I can only share what I see in the banking sector. At this time all Insto and Corporate investors are being asked to sign these additional declarations and this is Unkil's bloody net spreading super far and wide to capture all cash flows generated across georgraphies aboard for apparent taxation purposes and declarations. If you are a investor or institution operating across multiple lands irrespective whether ur dealing in derivatives or utilizing straight debt etc you will be asked to sign this across all OECD lands at least.


Please take a look at the form if you can, just in case you haven't already.

Why do the amrekis want your PAN no and other details, including whether you have political connections/influence or not??

What if you are just an average aam aadmi Indian investor with nil foreign dealings??

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby srin » 23 Dec 2017 17:19

chetak wrote:Please take a look at the form if you can, just in case you haven't already.

Why do the amrekis want your PAN no and other details, including whether you have political connections/influence or not??

What if you are just an average aam aadmi Indian investor with nil foreign dealings??


Chetak saar, you're right. Though I'm not sure that we send the PAN numbers to Amreeka, yet it is still a bit insulting. Here's what I'd posted a year ago: https://forums.bharat-rakshak.com/viewtopic.php?f=2&t=7280&p=2079387&hilit=fatca#p2079387
srin wrote:PS: I hate the FATCA for as being the most unsovereign thing that anyone has imposed on us - I, an Indian citizen and resident, had to do KYC for mutual funds to declare I'm not a US "tax person". We (and the rest of the world) caved in without a whimper.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby andy B » 23 Dec 2017 17:35

srin wrote:
chetak wrote:Please take a look at the form if you can, just in case you haven't already.

Why do the amrekis want your PAN no and other details, including whether you have political connections/influence or not??

What if you are just an average aam aadmi Indian investor with nil foreign dealings??


Chetak saar, you're right. Though I'm not sure that we send the PAN numbers to Amreeka, yet it is still a bit insulting. Here's what I'd posted a year ago: https://forums.bharat-rakshak.com/viewtopic.php?f=2&t=7280&p=2079387&hilit=fatca#p2079387
srin wrote:PS: I hate the FATCA for as being the most unsovereign thing that anyone has imposed on us - I, an Indian citizen and resident, had to do KYC for mutual funds to declare I'm not a US "tax person". We (and the rest of the world) caved in without a whimper.


Chetak, Srin saars I was aware for corporates and Institutions but did not realise this is being now done for private investors or individuals! As Srin pointed out everyone has bloody caved into this little scheme where people have to declare that they have to declate whether they are a "US tax person" And yes this is happening literally everywhere around the world i have seen it in SG HK EU Americas and ME :evil: :shock:

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby prasan » 23 Dec 2017 19:12

Railways Looks to Shop Abroad, Modi's Office Shoots off 'Make in India' Reminder

http://www.news18.com/amp/news/india/ra ... 12657.html

New Delhi: Prime Minister Narendra Modi's office has asked all government departments to prioritise the use of local products in state projects, after domestic companies objected to a global tender by the Railways Ministry seeking tonnes of steel rails.

The steel and rail ministries have been at loggerheads over the state-run network's decision to buy rails from overseas, despite assurances of supply from local companies Steel Authority of India Ltd (SAIL) and Jindal Steel and Power.

The steel ministry says the tender goes against the ‘Make in India’ manufacturing push championed by Modi. More than three years in office, his government is racing against time to promote local industry to create jobs for millions of Indians before the next general election in 2019.



"It should be the responsibility at the highest level in each department to ensure that the tender conditions are strictly in sync with the public procurement order and each tender must be examined from the point of view of the interest of Indian manufacturers."

The letter was uploaded on the steel ministry's website on Friday. Aruna Sharma, the top civil servant in the steel ministry, heads a government committee on the use of locally made iron and steel in government projects.

The committee met on Thursday and gave Indian Railways "one time exception" to buy 487,000 tonnes of rails under the global tender. The railways had earlier sought to buy 717,000 tonnes under the tender.

State-run SAIL, currently the main supplier of rails to Indian Railways, has struggled to supply the steel as the world's fourth largest rail network tries to upgrade and expand.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby NRao » 27 Dec 2017 02:37

India to overtake UK and France to become fifth-largest economy in 2018: Report

India looks set to leapfrog Britain and France next year to become the world's fifth-largest economy in dollar terms, a report showed on Tuesday. The Centre for Economics and Business Research (Cebr) consultancy's 2018 World Economic League Table painted an upbeat view of the global economy, boosted by cheap energy and technology prices.

..........

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby hanumadu » 27 Dec 2017 10:11

https://www.bloombergquint.com/business/2017/12/26/rcom-to-exit-restructuring-plan-with-zero-write-off-to-lenders

RCom To Exit Debt Recast Plan With Zero Write-Offs To Lenders
Indian banks’ telecom exposure will be reduced by more than Rs 21,000 crore.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby A_Gupta » 27 Dec 2017 20:31

Reuters reports:
https://www.reuters.com/article/us-indi ... EL0ZK?il=0

India will borrow an additional 500 billion rupees ($7.79 billion) this fiscal year, a higher-than-expected figure that could lead to it breaching its fiscal deficit target for the first time in four years and hit the bond and equities markets.
...
India is having to raise the extra funds as the federal government has already spent over $200 billion in eight months to October, about 60 percent of the budgeted spending, while revenue collections were just 48 percent of the target.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby A_Gupta » 27 Dec 2017 20:41

Please ignore the politics on this page from Bloomberg. What is of value is the graph from Manpower, Inc., of their surveys, 2005-2018, of about five thousand employers, the graph is of the fraction of them that see employment increasing at their location.
https://www.bloomberg.com/news/articles ... ia-in-2018

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Sridhar K » 27 Dec 2017 21:32

andy B wrote:
srin wrote:
Chetak saar, you're right. Though I'm not sure that we send the PAN numbers to Amreeka, yet it is still a bit insulting. Here's what I'd posted a year ago: https://forums.bharat-rakshak.com/viewtopic.php?f=2&t=7280&p=2079387&hilit=fatca#p2079387


Chetak, Srin saars I was aware for corporates and Institutions but did not realise this is being now done for private investors or individuals! As Srin pointed out everyone has bloody caved into this little scheme where people have to declare that they have to declate whether they are a "US tax person" And yes this is happening literally everywhere around the world i have seen it in SG HK EU Americas and ME :evil: :shock:


From my earlier understanding, for the Indian banks, it is actually a declaration from you that you are not a US tax payee so that you can be excempted from your data being shared to the US. This is mandatory for any bank that has operations in US even if it is a single branch.e.g sbi, icici etc. Logically any Indian bank with no US branch need not provide this declaration. However I am not sure if they are doing it as part CRS program ( common reporting standards) which was an agreement in the works between countries to share with each other the bank holdings of the citizens holding accounts in other countries

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 27 Dec 2017 23:24

FATCA compliance is only required for those who have US assets . This includes all US people (citizens and GCs) and work visa holders . There’s no requirement for regular folks’ information to be passed to US authorities - no country would do that . If compliance is a burden, Indian banks can just exit from personal banking on US shores and let branches of US banks in India handle all such accounts .


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