Indian Economy News & Discussion - Nov 27 2017

Varuna · Post by **Varuna** » 01 Jan 2023 15:48

Jal jeevan mission update:

Coverage is above 56% now. All states a shade of blue now (i.e. above 25%)

Jal Jeevan govt dashboard link
https://ejalshakti.gov.in/jjmreport/JJMIndia.aspx

Jan 1 2023

chetak · Post by **chetak** » 01 Jan 2023 20:28

Gross GST revenue collected during December 2022 reached ₹1,49,507 crore, going up by 15% compared to December 2021

https://www.thehindu.com/business/Econo ... 326791.ece

Suraj · Post by **Suraj** » 02 Jan 2023 00:18

Varuna wrote:Jal jeevan mission update:

Coverage is above 56% now. All states a shade of blue now (i.e. above 25%)

Jal Jeevan govt dashboard link
https://ejalshakti.gov.in/jjmreport/JJMIndia.aspx

Jan 1 2023

Great news indeed!!

saip · Post by **saip** » 03 Jan 2023 01:21

Demonetization was ruled legal by the Supreme Court (4 to 1) but UndieTV headlined it thus : "NOTES BAN ACTION 'UNLAWFUL' SAYS SUPREME COURT JUDGE IN DISSENTING ORDER"
Link

VinodTK · Post by **VinodTK** » 06 Jan 2023 19:23

India becomes 3rd largest auto market globally, surpasses Japan: Report

India's sales of new vehicles totalled at least 4.25 million units, based on preliminary results, topping the 4.2 million sold in Japan.
New vehicles delivered in India totalled 4.13 million between January and November 2022, according to the Society of Indian Automobile Manufacturers. Adding December's sales volume reported on Sunday by Maruti Suzuki, India's largest carmaker, brings the total to roughly 4.25 million units.

Kaivalya · Post by **Kaivalya** » 09 Jan 2023 15:27

https://finance.yahoo.com/news/iphone-e ... 06680.html

Apple Inc. exported more than $2.5 billion of iPhones from India from April to December, nearly twice the previous fiscal year’s total, underscoring how the US tech giant is accelerating a shift from China with geopolitical tensions on the rise.

Kaivalya · Post by **Kaivalya** » 09 Jan 2023 15:37

https://www.thenationalnews.com/busines ... ding-boom/

Amid surging demand for online loans, Gaurav Hinduja, co-founder of Indian digital lender axio, says that his company is adding 10,000 customers a day and has amassed more than six million users to date.

“These are used to finance purchases from consumer products, tickets, to medical purposes,” he says, explaining that axio's customers take out instant loans of between $150 and $2,000 through its digital platform, and that 60 per cent of them are securing credit through a formal system for the first time.

A lack of credit history often prevents many from securing loans from banks and other finance companies, prompting them to turn to informal lenders who offer loans at exorbitant interest rates.

But digital lenders are providing an alternative by using algorithms, artificial intelligence, and their own analysis to assess a customer's creditworthiness and gradually build up a credit history by using their platforms.

“We take a low-and-grow approach to providing credit to our customers, meaning we begin by lending small, and gradually, as per the customer's repayment history, the amount grows,” says Mr Hinduja of axio.

Digital lending is set to become a 1.3 trillion $ market by 2030

vijayk · Post by **vijayk** » 11 Jan 2023 21:36

vijayk · Post by **vijayk** » 11 Jan 2023 22:38

https://www.moneycontrol.com/news/busin ... 49351.html
Direct tax collections at 87% of FY23 target as on January 10

vijayk · Post by **vijayk** » 12 Jan 2023 19:30

https://www.moneycontrol.com/news/busin ... 53711.html
India's IIP growth rebounds to 7.1% in November
For April-November 2022, India's industrial output is up 5.5 percent on a year-on-year basis, down from 7.1 percent in the first eight months of FY22.

India's industrial growth, as per the Index of Industrial Production (IIP), accelerated to 7.1 percent in November, data released on January 12 by the Ministry of Statistics and Programme Implementation showed.

IIP growth returned to positive territory in November after it had contracted by 4 percent in October - the industry's worst performance in 26 months. The figure has now been revised to show industrial output shrunk by 4.2 percent in October.

The IIP in November stood at 137.1, which is higher as compared to 128 in the year-ago period. In October 2022, an IIP of 129.3 was clocked.

vijayk · Post by **vijayk** » 12 Jan 2023 22:38

vijayk · Post by **vijayk** » 12 Jan 2023 22:41

https://timesofindia.indiatimes.com/bus ... 889196.cms
Why middle class is all set to shape Indian economy and politics

vijayk · Post by **vijayk** » 15 Jan 2023 05:34

India saving a lot of money on crude. But Indian Govt. did not reduce any price on crude. Hope they are using it wisely to cut deficit or invest in building up solar/hydrogen capacity.

JTull · Post by **JTull** » 16 Jan 2023 01:40

vijayk wrote:India saving a lot of money on crude. But Indian Govt. did not reduce any price on crude. Hope they are using it wisely to cut deficit or invest in building up solar/hydrogen capacity.

On the contrary, India is effectively getting Crude at pre-war levels and retail prices weren't raised inline with most of the world.

vijayk · Post by **vijayk** » 16 Jan 2023 02:30

Lets see how the budget pans out this year. Best year for effective middle class tax reforms

Atmavik · Post by **Atmavik** » 16 Jan 2023 11:04

vijayk wrote:Lets see how the budget pans out this year. Best year for effective middle class tax reforms

In last years budget 2 banks were to be privatized, i dont see any progress on that front.

vimal · Post by **vimal** » 16 Jan 2023 14:55

What constitutes the middle class in India? From anecdotal evidence, middle class has very little say in politics due to lack of number. Lower middle/poor overwhelmingly vote more and form vote banks.

Vips · Post by **Vips** » 18 Jan 2023 22:50

India's merchandise trade crosses the $1-trillion mark in 2022.

India’s merchandise trade crossed the $1-trillion mark in calendar year 2022 with the share of exports at $450 billion and imports at $723 billion. This comes amid growing uncertainty on the external front.

Outbound shipments grew 13.7 per cent year-on-year (YoY) in 2022, while imports rose by 21 per cent, commerce and industry ministry’s data showed. Exports witnessed a robust double-digit growth in the range of 34-20 per cent during the first six months of the year.

Thereafter, the growth started falling to single digits July onwards, closing the year at a 12 per cent contraction. This comes as recession fears in developed economies weighed on exports from India.

The sustained growth in exports can be attributed to the pent-up demand factor due to the opening up of most developed economies in 2021, with the easing of Covid restrictions.

Besides, India saw a significant jump in exports to developed markets such as the US, Singapore, Hong Kong and European nations such as the Netherlands, the UK, Belgium and Germany, among others.

Before this, over the last decade, merchandise exports from India hovered around $260-330 billion, with the highest being $330 billion in fiscal year 2018-19.

Around this time, a substantial amount of goods were being exported to neighboring countries, predominantly the ASEAN nations.

According to a report published by Global Trade Research Initiative (GTRI), the $1 trillion total merchandise trade has been achieved despite gloomy conditions worldwide.

“This also prepares us for a tough year ahead as GDP (gross domestic product) growth in major economies slows down to less than 3 per cent in 2023,” said the report, authored by former Indian Trade Service officer Ajay Srivastava.

Of the total merchandise imports of $723 billion in 2022, two-thirds comprised five items — crude oil ($270 billion), coal ($80 billion), gold and diamond ($80 billion), electronics ($72 billion) and machinery ($55 billion), the report said. On the other hand, exports have been dominated by engineering goods, gems and jewellery, drugs and pharmaceuticals as well as electronic goods.

Mounting geopolitical turmoil due to the Russia-Ukraine conflict, high inflation and monetary policy tightening in developed economies have resulted in recessionary trends in the US and Europe.

Last year, the World Trade Organization (WTO) projected 3 per cent growth in volume of global merchandise trade in 2022 compared to 9.8 per cent growth in 2021.

Atmavik · Post by **Atmavik** » 19 Jan 2023 05:13

vimal wrote:What constitutes the middle class in India? From anecdotal evidence, middle class has very little say in politics due to lack of number. Lower middle/poor overwhelmingly vote more and form vote banks.

Slowly but surely things are changing .. Coupta keeps harping that Modi is taking Hindu middle class for granted with higher petrol prices and rollback of subsidies but forgets to mention what we got in return

1 Expressway and infra buildup
2 Balakote & surgical strikes
3 Ram mandir and Kashi Temple
4 Art 370 to dustbin
5 LCA order (ok this is for brf)

If we can get a large order of Atags that will be cherry on top

also watch out for women voters, schems like ujjwala, Toilets at home and now Nal se Jal are a game changer

I think we have also moved on from just empty promises to a track record of delivering

Cyrano · Post by **Cyrano** » 19 Jan 2023 12:07

Must watch

rajkumar · Post by **rajkumar** » 19 Jan 2023 15:08

Cyrano wrote:Must watch

Absolutely Brilliant...to every BRFite please send this to all your Indian & non Indian friends.

vijayk · Post by **vijayk** » 20 Jan 2023 02:21

rajkumar wrote:
Cyrano wrote:Must watch

Absolutely Brilliant...to every BRFite please send this to all your Indian & non Indian friends.

Amazed to see how clearly, brilliantly and passionately these leaders speak in the world stage. You feel proud to listen to them. They can answer any question so promptly and clearly.

Among friends, few rabid anti-Modi haters have turned around after COVID handling, budget handling and now his infra push/growth

Kanoji · Post by **Kanoji** » 20 Jan 2023 18:23

'Prime Minister Modi's Leadership Is Critical In This Fractured World': WEF Founder Klaus Schwab

https://swarajyamag.com/world/prime-min ... aus-schwab

“I commend the country’s decisive action on the climate case for renewables, its contribution to the global healthcare ecosystem, the focus on an economic model for women-led development, and its leadership on digital public infrastructure," Schwab said.

India is promoting a just and equitable growth for all in the world during its G20 presidency, it added.

“India’s G20 presidency comes at a crucial time, Prime Minister Modi’s leadership is critical in this fractured world,” Schwab said.

vijayk · Post by **vijayk** » 21 Jan 2023 04:39

https://www.ey.com/en_in/news/2023/01/e ... llor-15000
EY projects India to become a US$26 trillion economy by 2047 with a six-fold increase in per capita income to US$15,000

EY forecasts India to be the fastest growing large economy witnessing a six-fold increase in its per capita GDP that would cross US$15,000 by 2047
The report identifies eight key areas that will accelerate India’s growth over the next decade
Amid the ongoing megatrends, India would have a significant advantage owing to its strong domestic demand, digitalization, largest talent pool globally, financial inclusion, global competitiveness, and sustainability transition
Macroeconomic stability, ease of doing business, power sector reforms and greater energy independence are key to economic resilience

Atmavik · Post by **Atmavik** » 22 Jan 2023 10:36

https://youtu.be/031vbvwNcqM

Semi supply chain discussion.

minister Ashwini vaishnav making a strong case for India to be part of semi supply change

chetak · Post by **chetak** » 23 Jan 2023 12:12

@ashwani_mahajan·3h

MNCs looting India via royalty and technical fees. These payments have exceeded $20 billion now. They were hardly $2-3 billion earlier. This impacts our $ stocks & tax revenue. Calls for a cap on royalties, as was before 2009(when it was removed by MMS)

not to mention metha's bonus payouts

isubodh · Post by **isubodh** » 23 Jan 2023 14:28

vijayk wrote:https://www.ey.com/en_in/news/2023/01/e ... llor-15000
EY projects India to become a US$26 trillion economy by 2047 with a six-fold increase in per capita income to US$15,000

The same companies are giving consulting services to the govt. It's kind of conflict of interest. Since making these projections benifits their contracts for services to make state/country trillion dollar economies.

Who will make independent objective analysis.

Cyrano · Post by **Cyrano** » 23 Jan 2023 14:50

French administration is in the tight grip of McKinsey, with millions of fees paid each year - unsurprising when the President is an ex-investment banker and many ministers come from corporate backgrounds. This became a scandal recently. Dependency on consulting firms leads to a trend of highly educated and laboriously selected bureaucrats being kept out of important tasks in policy analysis and formulation. The longer this goes on the weaker they become and strengthens the grip of consulting firms who have no skin in the game and no accountability.

Indian Govt should be very careful outsourcing thinking and analysis to private entities.

vijayk · Post by **vijayk** » 23 Jan 2023 21:44

https://archive.ph/tVDaT
The Global Economy Needs a New Powerhouse. India Is Stepping Up
Prime Minister Narendra Modi wants to make India a developed nation. How soon can a country once synonymous with red tape become a $10 trillion economy?

India’s economic transformation is kicking into high gear.
Global manufacturers are looking beyond China, with Prime Minister Narendra Modi stepping up to seize the moment. The government is spending nearly 20% of its budget this fiscal year on capital investments, the most in at least a decade.
Modi is closer than any predecessor to being able to claim that the nation — which may have just passed China as the world’s most populous — is finally meeting its economic potential. To get there, he’ll have to wrestle with the drawbacks of its exceptional scale: the remnants of the red tape and corruption that has slowed India’s rise, and the stark inequality that defines the democracy of 1.4 billion people.
“India is on the cusp of huge change,” said Nandan Nilekani, a founder of Infosys Ltd., one of the nation’s largest technology services companies. India has quickly created capacity to support tens of thousands of startups, a few billion smartphones and data rates that rank among the lowest in the world, he said.

vijayk · Post by **vijayk** » 24 Jan 2023 19:47

vijayk · Post by **vijayk** » 24 Jan 2023 20:34

https://twitter.com/Tushar15_/status/16 ... 2592857091

Tushar Gupta @Tushar15_

Raghuram Rajan wants the labour-related value to come to India. So, by his Linkedin post logic, we should aim to be a cheap labour sweatshop where shoes and garments are made and not semiconductors. Forget what the world needs, let's focus on goals that got obsolete decades ago.

gakakkad · Post by **gakakkad** » 24 Jan 2023 21:18

^^ very specious argument. Having foundries does not come in the way of having facilities engaged in Chip design. It's not like you can have one and not the other. Even a technician job in a semiconductor packaging facility is a high skilled job and a significant value addition to digging trenches in MNREGA. STEM/engineering jobs can be 100s of thousands to maybe a few million. Will still be a minuscule proportion of our labour force. You are not going to have 500 million scientists/engineers/managers or even 50 million

PLI is not a dole. Poor understanding of what the scheme is. " What about human capital oriented PLA bla bla? Don't get the argument at all. Because it's not that PLI is mainly creating screwdriver jobs.

vijayk · Post by **vijayk** » 24 Jan 2023 23:28

gakakkad wrote:^^ very specious argument. Having foundries does not come in the way of having facilities engaged in Chip design. It's not like you can have one and not the other. Even a technician job in a semiconductor packaging facility is a high skilled job and a significant value addition to digging trenches in MNREGA. STEM/engineering jobs can be 100s of thousands to maybe a few million. Will still be a minuscule proportion of our labour force. You are not going to have 500 million scientists/engineers/managers or even 50 million

PLI is not a dole. Poor understanding of what the scheme is. " What about human capital oriented PLA bla bla? Don't get the argument at all. Because it's not that PLI is mainly creating screwdriver jobs.

Unbelievable that this idiot thinks Computer science grads design chips.

He wants us to find cheaper countries to outsource. We are the one of the lowest wage country.

fanne · Post by **fanne** » 24 Jan 2023 23:33

He is not an idiot, he is a sold out!!

Atmavik · Post by **Atmavik** » 25 Jan 2023 01:28

fanne wrote:He is not an idiot, he is a sold out!!

Also an infiriority complex that we sdre s cannot do anything big . This is the nehruvian view that has held us back and one which Modi is challenging . This mindset is being demolished with every express way, airport , DFC & vande bharat train

suryag · Post by **suryag** » 25 Jan 2023 02:26

I ahve only one sentence for raghuram rajan garu, there is no need to open your mouth and confirm your ignorance on a topic that isnt your forte.

Any chip building industry needs a lot of ancillary activities, please look at what KLAC, ASML, Lam Research etc do, apart from this there are also downstream activities like chip packaging, testing, assembly houses etc that lead to further employment. Indian companies(tech services companies + product companies) are already at a high level of maturity when it comes to fabless activity. This should be seen as a progression to the next level. Imagine a Mahindra/Tata using Made/Designed in India ethernet switches, microcontrollers etc.

vera_k · Post by **vera_k** » 25 Jan 2023 10:10

Posting here since wrongdoing by Adani will have a large impact. Hindenburg's prior short attack on EROS proved accurate.

Adani research

chetak · Post by **chetak** » 25 Jan 2023 10:47

suryag wrote:I ahve only one sentence for raghuram rajan garu, there is no need to open your mouth and confirm your ignorance on a topic that isnt your forte.

Any chip building industry needs a lot of ancillary activities, please look at what KLAC, ASML, Lam Research etc do, apart from this there are also downstream activities like chip packaging, testing, assembly houses etc that lead to further employment. Indian companies(tech services companies + product companies) are already at a high level of maturity when it comes to fabless activity. This should be seen as a progression to the next level. Imagine a Mahindra/Tata using Made/Designed in India ethernet switches, microcontrollers etc.

suryag ji,

rrr ruled out "not joining a political party in the future" at an interview in davos

he said " who knows what may happen in the future"

so, why is he hanging around India so much, doesn't he have a job to do or has he reached a dead end or what

and he is a definite deep state asset, deeply inimical to India's interests as he so ably demonstrated during his RBI tenure

then there is that other lady from the IMF, gita gopinath, who is constantly parading in and out of the PM Modi's office with expensive bouquets

We don't have that many dealings with the IMF and also we are not a debtor nation, so what gives....

and frankly her time would be better served if she went parading in and out of the paki PM's office

why are all these deep state assets spending so much of time in India,

are they fishing for jobs or for information

Prasad · Post by **Prasad** » 25 Jan 2023 10:53

TSMC became the biggest foundry company only recently. The US has been the home of semiconductors since the Bell Labs times of p-n junctions and transistors under Schokley. They had and still have a massive foundry base and not just Qcomm. Intel & AMD both were as much foundry companies as design. AMD spun off Global Foundries due to their financial troubles in the mid-2000s. The reason they have such valuable design expertise in the US is because they were colocated with manufacturing for so long.

What an astonishingly asinine take.

chetak · Post by **chetak** » 25 Jan 2023 11:06

vera_k wrote:Posting here since wrongdoing by Adani will have a large impact. Hindenburg's prior short attack on EROS proved accurate.

Adani research

that explains pappu's long running rant about ambani, adani and poonjipathis

It was a planned hit job to target Modi