Indian Economy News & Discussion - Nov 27 2017

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

Post by Vips »

GST Collection October 2022: 2nd highest ever! Check CGST, SGCT, IGST, Cess details; state-wise revenue data

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Gross GST Revenue Collection October 2022: The gross GST revenue collected in the month of October 2022 stands at Rs 1,51,718 crore. The GST Collection October 2022 data is second highest collection ever with, next only to the collection in April 2022.

Of Rs 1,51,718 crore GST Collection in October 2022, CGST is Rs 26,039 crore, SGST is Rs 33,396 crore, IGST is Rs 81,778 crore (including Rs 37,297 crore collected on import of goods) and Cess is Rs 10,505 crore (including Rs 825 crore collected on import of goods), which is second highest till date.

Moreover, the government has settled Rs 37,626 crore to CGST and Rs 32,883 crore to SGST from IGST as regular settlement.

In addition, Centre has also settled Rs 22,000 crore on adhoc basis in the ratio of 50:50 between Centre and States.

The total revenue of Centre and the States after regular as well as adhoc settlements in the month of October 2022 is Rs 74,665 crore for CGST and Rs 77,279 crore for the SGST.

2nd Highest

-The revenue for October 2022 is second highest monthly collection, next only to the collection in April 2022 and it is for the second time the gross GST collection has crossed Rs. 1.50 lakh crore mark.

For State-wise growth of GST Revenues during October 2022 - Click on the Link.

-October also saw the second highest collection from domestic transactions, next only to April 2022.

- This is the ninth month and for eight months in a row now, that the monthly GST revenues have been more than the Rs 1.4 lakh crore mark.

- During the month of September 2022, 8.3 crore e-way bills were generated, which was significantly higher than 7.7 crore e-way bills generated in August 2022.

TREND IN GST COLLECTION (In Crores)

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For table that shows the state-wise figures of GST collected in each State during the month of October 2022 as compared to October 2021: Click on the article link.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Vips »

UPI transactions grow 7.7 per cent to 730 crore in October.

UPI transactions in India surged 7.7 per cent to 730 crore and the total value stood at more than Rs 12.11 lakh crore in October from 678 crore worth Rs 11.16 lakh crore in September.

The number of instant interbank fund transfer through IMPS (Immediate Payment Service) in October stood at 48.25 crore and the value was at Rs 4.66 lakh crore. In terms of transactions, it was higher by 4.3 per cent compared to September, reported PTI citing the monthly data from the National Payments Corporation of India (NPCI) released on Tuesday.

The NETC FASTag, which facilitates automatic toll collection at NHAI's toll booths across the country, registered a 9.3 per cent growth in the number of transactions compared to 28.3 crore in September.

The corresponding value of transactions stood at Rs 4,451.87 crore in October as against Rs 4,244.76 crore in September.

While the Aadhaar card-enabled AePS, which facilitates easy, quick and safe banking transactions, increased to 11.77 crore in October compared to 10.27 crore in previous month.

The value of AePS transactions rose to Rs 31,112.63 crore from Rs 26,665.58 crore.

NPCI is an umbrella organisation for all retail payments system in India.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Manish_P »

If this data and the prediction is correct, a lot of political parties will need to rework the freebies/subsidisation model they use now..

Nearly 1 in 3 Indians middle class, to double in 25 years: Report
The share of the middle class, with an annual household income of Rs 5-30 lakh, more than doubled from 14% in 2004-05 to 31% last year, and is projected to rise to 63% by 2047, according to a survey by economic research outfit PRICE (People Research on India’s Consumer Economy).

"By 2047, if political and economic reforms have their desired effect, the India income pyramid will have a smallish layer at the bottom, a huge bulge of the middle class and a big creamy ‘rich’ layer on top,” says Rajesh Shukla, MD and CEO of PRICE. According to the report, the middle class will grow to 63% in 2047.

Rajesh Shukla, MD and CEO of PRICE and author of the report, says that while much has been written on this class, defining this “middle” has always been problematic for both academicians and marketers. Lack of a universally acceptable definition, coupled with the well-known problems associated with survey data have resulted in varying estimates of its numerical estimates, says the economist who has been closely tracking the issue.

The report, based on pan-India surveys, provides an overview of the country’s income demographics by states, urban and rural areas, and geographical clusters within each of the eight income categories. It also details the rise of the cities and India’s richer classes and explains how these cities are home to a growing number of rich Indians. It covers the rise of 63 cities witha population of over one million each.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by vijayk »

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From 2001 Saving went up very well
The saving continued to go up till 2006 and stagnated till 2010
started going down from 2010 - 2014
Still went down from 2014 to 2019
Just started going up now. Hope it continues

Does it have any impact on elections? Very inconsistent
NDA-1 lost badly while savings improved
Savings stagnated by 2010 - Still UPA won
Savings went down 2014 - UPA lost
2014-2019 further decline - NDA managed to win

So the perception /narrative/feedback is also important along with real improvement
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Re: Indian Economy News & Discussion - Nov 27 2017

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vijayk
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rajkumar
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by rajkumar »

China-US tensions force Taiwanese tech firms to consider a ‘plan B’ – India or Vietnam

https://amp.scmp.com/economy/article/31 ... or-vietnam
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by vijayk »

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Amazing data points here on nutrition, poverty, sanitation, electricity
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by vijayk »

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Share of Digital transactions in total transactions in India

2016 : 11.3%
2022: 80.4%

Reason why Currency in circulation declined first time in 20 years savings billions in currency printing cost to RBI.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by vijayk »

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

Post by vijayk »

https://timesofindia.indiatimes.com/bus ... 184817.cms
How India will beat China in growth for next six years
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Cyrano »

vijayk wrote:Image

From 2001 Saving went up very well
The saving continued to go up till 2006 and stagnated till 2010
started going down from 2010 - 2014
Still went down from 2014 to 2019
Just started going up now. Hope it continues

Does it have any impact on elections? Very inconsistent
NDA-1 lost badly while savings improved
Savings stagnated by 2010 - Still UPA won
Savings went down 2014 - UPA lost
2014-2019 further decline - NDA managed to win

So the perception /narrative/feedback is also important along with real improvement
Don't know if the definition of savings has remained unchanged since 1998. However decreased savings doesn't by itself imply something is going wrong.

Savings in a family - basic economic & social unit need to grow to a certain size to be put to good use. For ex: one can't finance studies abroad, marriage, asset acquisition like land, house, or invest in a business until the savings reach a certain size. When that happens, they are taken out and used, not for routine/lifestyle consumption but for investment in assets, future plans, put up as capital etc.

Indian families traditionally have a very high savings rate. But if crores of money is sitting in low return savings accounts, FDs etc beyond a point they don't add much value for the economy. But if they are leveraged for productive purposes then they boost economic activity and that's a very good thing.

I think this is what we are seeing in India now, it reflects very positive future outlook of stability an growth among large sections of the population.
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Re: Indian Economy News & Discussion - Nov 27 2017

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

Post by KL Dubey »

Bart S wrote:I read the article in full and he seems to have the biased outlook and sunk cost fallacy of someone who is heavily personally invested (literally married into) in China.
Correct. The authors are just random journalists writing about personal opinions. Might even be on Chinese payroll somewhere.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by chetak »

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Re: Indian Economy News & Discussion - Nov 27 2017

Post by bala »

This may be old news but I find the reasons provided in the video by Shri S. Gurumurthy to be compelling evidence for the causes, concerns & consequences of Demonetisation in India. Note that the fake currency capital of India is Kaliachak in Malda district of West Bengal (a major Kangressi district).

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Re: Indian Economy News & Discussion - Nov 27 2017

Post by bala »

Mumbai on the path of insane growth... and dharavi to be eventually cleared and returned to the Airport land.

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Re: Indian Economy News & Discussion - Nov 27 2017

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Re: Indian Economy News & Discussion - Nov 27 2017

Post by kit »

https://timesofindia.indiatimes.com/ind ... 331057.cms

India is reorientating its growth model towards encouraging investment and leveraging exports – taking it closer to the East Asian growth model, which has proved successful for many economies in lifting per-capita incomes. India’s economy is compounding at a strong rate on a high base and will be one of only three economies in the world that can generate more than US$400bn in annual economic output growth. With India set to drive a fifth of global growth in the coming decade, we believe it offers a compelling opportunity in a world starved of growth.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by vijayk »

https://www.ft.com/content/489cc92c-c95 ... pe=blocked

We forecast that India will be the third-largest economy by 2027, with its GDP more than doubling from the current $3.4tn to $8.5tn over the next 10 years. Incrementally, India will add more than $400bn to its GDP every year, a scale that is only surpassed by the US and China. My colleague Ridham Desai projects that India’s market capitalisation will rise from $3.4tn to $11tn by 2032, the third largest globally.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by kit »

Indias Billion dollar EAM :D

https://timesofindia.indiatimes.com/wor ... 381130.cms

Ties with Russia are to India's advantage and we will keep it going, says Jaishankar on oil imports
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by kit »

Of interest to China should be peace with India to keep its economic growth vs the rest of world and to retain some competitiveness vs India and Co. Stars perfectly aligning for indias destiny.
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Re: Indian Economy News & Discussion - Nov 27 2017

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Can we keep this momentum in spite of global recession?
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by chetak »

vijayk wrote:Image


This is the reason why NPA has gone down and this recovery is boosting the profits of all Public sector banks


Image


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Re: Indian Economy News & Discussion - Nov 27 2017

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

Post by chetak »

vijayk wrote:Image
It has become active in bangalore and deliveries, using couriers, by small local kirana shops are already taking place.

Hopefully, one day soon, it will break the mindless monopolies of cartels and conscienceless transnational conglomerates like amazon and make market access a much more democratic process by seamlessly including the small guys who will cater to a localized diverse customer base.

Much, however needs to be done to iron out the kinks before such initiatives see a broader acceptance

BTW, amazon and all the big players have themselves jumped on to this bandwagon.

go figure
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by chetak »

Small example of how petty politicians hollow out the economy and consign millions to poverty.

SC and MoEFCC exempted DFC from environmental clearance but Pune NGT (Feb22) put a spanner in the works.

Result - Endless delays and a scrapped contract which will probably will have to be rebid.

peoples are indeed p0warfull onlee, no mauka will be left by these termites to do wilful damage, and the nation can go to hell




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Re: Indian Economy News & Discussion - Nov 27 2017

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https://economictimes.indiatimes.com/ne ... 423687.cms
Over 8.5 million jobs added during Sept-Oct 2022: CMI
Over 8.5 million jobs added during Sept-Oct 2022 taking the total number of salaried workers in the country to 85-86 million with highest addition in urban salaried jobs
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Re: Indian Economy News & Discussion - Nov 27 2017

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Yes our intellectuals are anti India. Nobody speaks about added jobs or healthy banking system.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by rsingh »

vijayk wrote:https://www.ft.com/content/489cc92c-c95 ... pe=blocked

We forecast that India will be the third-largest economy by 2027, with its GDP more than doubling from the current $3.4tn to $8.5tn over the next 10 years. Incrementally, India will add more than $400bn to its GDP every year, a scale that is only surpassed by the US and China. My colleague Ridham Desai projects that India’s market capitalisation will rise from $3.4tn to $11tn by 2032, the third largest globally.
Saar could you post this in A nation on March thread. Thanks
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Re: Indian Economy News & Discussion - Nov 27 2017

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Gross direct tax revenue jumps 31 pc to Rs 10.54 lakh cr; net collections cross 61 pc of Budget target.

Gross collection of tax on corporate and individual earnings jumped nearly 31 per cent so far in the current fiscal year to Rs 10.54 lakh crore, the tax department said on Friday. This includes a 41 per cent growth in personal income tax (including Securities Transaction Tax) mop up and 22 per cent increase in corporate tax revenues over the same period last year.

After adjusting for refunds, the net direct tax collections between April 1-November 10 stood at Rs 8.71 lakh crore, which is 61.31 per cent of the Budget estimates (BE) for the full-year tax collection target, the department said.

The Budget had estimated direct tax collection at Rs 14.20 lakh crore this fiscal, higher than Rs 14.10 lakh crore collected last fiscal (2021-22).
Tax on corporate and individual income makes up for direct taxes.

"Direct Tax collections up to 10th November, 2022 show that gross collections are at Rs. 10.54 lakh crore which is 30.69 per cent higher than the gross collections for the corresponding period of last year," as per a statement.

Refunds amounting to Rs 1.83 lakh crore have been issued between April 1-November 10, 61 per cent higher than what was issued in the corresponding period last year.

After adjusting for refunds, net direct tax collection stood at Rs 8.71 lakh crore, 25.71 per cent higher over the year-ago period.

Tax collection is an indicator of economic activity in any country. Collection from levy of tax on goods and services sold (GST) has flattened at around Rs 1.45-1.50 lakh crore per month.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by chetak »

rsingh wrote:Yes our intellectuals are anti India. Nobody speaks about added jobs or healthy banking system.
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Re: Indian Economy News & Discussion - Nov 27 2017

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How increased capital spending in the infrastructure sector will spur growth of the Indian Economy
The overall infrastructure investment is anticipated to grow between FY21 and FY26 at a CAGR of 11.4%, thanks to spending on urban infrastructure, transportation, and water supply. Infrastructure investment was around 5% of GDP in the 10th five-year plan compared to 9% in the 11th plan.
Historically, more than 80% of the money spent on infrastructure in the country has gone into expenditures related to transportation, electricity, water, and irrigation. All of these are critical to infuse new assets that enable economic activity. It has been well established that infrastructure directly contributes to GDP growth.

By encouraging the establishment of related businesses like cement, real estate, and building development projects, the infrastructure sector stimulates India’s economic growth. This leads to more investments in those regions – a notable example has been increased industrial activity in Uttar Pradesh due to the rollout of massive highways across the state.
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Re: Indian Economy News & Discussion - Nov 27 2017

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https://archive.ph/COVkt
Gati Shakti, a rare initiative gaining political consensus in a divided landscape
Is there a new consensus on infrastructure in Indian politics like the one that came about on the 1991 economic reforms by the late 1990s-2000s? The relative ease and pace with which states are onboarding the Centre’s PM Gati Shakti (PMGS) initiative point to a rare moment of agreement and potential joint action in an otherwise deeply divided political environment.

Over the past year, states and Union territories have mapped 734 of the 964 ‘essential layers’ on the National Master Plan (NMP). This translates to a roughly 76% success rate, a big boost to PM-GS that rests on the principle of maximum data-sharing and increased stakeholdership.

The break-up is even more interesting. The number 964 translates into 28 ‘essential layers’ for most states and Union territories. Eight opposition-ruled states — Telangana, Punjab, Delhi, Kerala, Bihar, Chhattisgarh, Tamil Nadu and Jharkhand — have mapped more than 20 layers. Odisha is a shade below at 19, while Rajasthan is at 15. The only standout is West Bengal, which is yet to map a single layer. But the word out is that the wheels are moving after the chief secretaries’ conference at Dharamshala in June, where state officials got a chance to sample the progress made by other states.
Therefore, for a state government, the overall political proposition now changes. From just attracting investments to its state and building ecosystems around one or two urban hubs like Hyderabad, Bengaluru or Gurgaon, it will need to get integrated as soon as possible to the larger India construct as envisaged through NMP for better results.

In fact, existing private infrastructure will want to be visible on the PMGS NMP and, to that extent, will persuade respective states where they are located to sign up at the earliest. Which is why many industrialised opposition states like Telangana and Tamil Nadu have been quick to onboard.
The Binary Vision
And that’s why no opposition party can politically afford to stay out of this digital leap. After all, if states make their data visible, they will also have valuable access to the Centre’s data — infrastructure plans, proposed pipelines, transmission and digital networks.

At a strategic level, the possibility of a whole-of-India visualisation for building supply chains and related physical infrastructure in the country could well become a reality under this initiative given its political acceptability. That by itself is an important turning point because political acceptability — like Aadhaar — is the first step to sustain an initiative like this.
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Re: Indian Economy News & Discussion - Nov 27 2017

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India's October trade deficit widens to $27 billion as exports slump 17%.

India's merchandise trade deficit widened to $26.91 billion in October as exports crashed by 17 percent year-on-year to $29.78 billion while imports rose by 6 percent, data released by the commerce ministry on November 15 showed. The trade deficit stood at $17.91 billion in October 2021.

For April-October as a whole, the merchandise trade deficit stood at $173.46 billion - nearly twice as high as it was in the first seven months of FY22.

Exports in April-October amounted to $263.35 billion, up 13 percent, while imports were 33 percent higher at $436.81 billion.

The fall in exports in October was due to a largely across-the-board fall in commodity exports, with cotton yarn/handloom products down 46 percent, gems and jewellery exports down 22 percent, and engineering goods down 21 percent, among others.

However, external demand for electronic goods was robust, as their exports surged 38 percent year-on-year to $1.85 billion.

Among imports, it was petroleum products that led the charge, rising 29 percent on a year-on-year basis to $15.85 billion in October.

So far this financial year, import of petroleum products is up 60 percent at $130.98 billion, thanks to the surge in global energy prices following Russia's invasion of Ukraine in late February.

Another key import, fertiliser, saw a huge jump in October, posting a stunning 161 percent increase to $2.11 billion.

Import of gold was down 27 percent in October at $3.7 billion. For April-October, gold imports stood at $23.97 billion, down 17 percent compared to the corresponding period last year.

While India continued to suffer on the merchandise front, trade in services prospered.

In October, the surplus from trade in services was 41 percent higher compared to the same month last year, coming in at $12.28 billion. This was on the back of a 40 percent increase in both services exports and imports - the former to $28.58 billion and the latter to $16.3 billion.

For April-October, the services trade surplus amounts to $74.94 billion, up 25 percent from last year.

Netting the services trade surplus with the merchandise trade deficit, India ran a deficit of $14.63 billion in October, which was up 59 percent from October 2021. For April-October, the figure is $98.52 billion, up nearly three times the year-ago figure of $34.05 billion.
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