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 »

[url=ttps://www.thehindubusinessline.com/money-and- ... 305990.ece]Interoperable cardless cash withdrawal at ATMs likely to see takers in millennials, rural population.[/url]

Contactless payments are set to get another boost with the Reserve Bank of India’s (RBI) plan to enable cardless cash withdrawals at ATMs. While the facility had gained some traction during the pandemic, players believe that it will now see more usage and adoption, especially from the younger population and in rural areas.

“It’s another channel or platform for customers to access cash. In the new approach, cash is still withdrawn from ATM machines; the change is — instead of physical debit cards, customers can use UPI-based QR code to withdraw cash,” Ashish Ahuja, Chief Operating Officer, Fino Payments Bank, said, adding that it will further simplify banking.

“This form of cash withdrawal will inherently appeal to the newer generation that is digitally savvy and experiments with newer initiatives. Their usage and acceptance will play a key role in making UPI-based QR code cash withdrawals more widespread,” he added.

Rustom Irani, MD and CEO, Hitachi Payment Services, said such withdrawals would also help the rural population, as many of them do not have or use debit cards. “This will help further financial inclusion. At Hitachi Payment Services, we plan on providing the facility at our white label ATMs shortly,” he said.

QR code scanning
The RBI has said the facility will be based on UPI and the details are expected to be announced shortly. According to industry players, this will be based on QR code scanning. “We believe QR codes are the future of banking and payments industry for their inherent ease of use and facilitating secure cashless transactions,” Ahuja said.

A report by SBI Ecowrap said it also expects it to operate as a QR code scanning at ATM through UPI to withdraw cash from any ATM. “Additionally, introducing a dual layered, SMS and password enabled withdrawal facility, on the line of SBI’s YONO cash could work wonders for the diverse customers segments,” it added.

Banks offer service
SBI was the first bank to launch the facility way back in 2019, wherein customers could withdraw money through the YONO app. It gained popularity during the pandemic and a handful of more banks offer the service, such as HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, RBL Banks and Bank of Baroda. But most players use different technology.

“Touchless and contactless means of payments have gained a lot of traction since the pandemic. A cardless cash withdrawal system also enables people to not worry about the safety and security of their debit cards. People don’t want to touch anything as far as possible and this will take care of that concern,” noted a banker.

Depending on the bank, amounts between ₹10,000 to 20,000 per day can be withdrawn using the service. Customers usually have the option to withdraw funds at the bank’s ATM or at specific stores.
isubodh
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by isubodh »

Vips wrote:[url=ttps://www.thehindubusinessline.com/money-and- ... 305990.ece]Interoperable cardless cash withdrawal at ATMs likely to see takers in millennials, rural population.[/url]
.
Will this mean Visa/Mastercard won't be needed anymore ? So NPCI will verify transaction and all traffic to Visa/Mastercard bebit cards will be redirected to NPCI ?
Vips
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Vips »

It will depend if the move is only to withdraw or access cash. Credit Cards will continue to be used for buy now pay later transactions.
Bart S
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Bart S »

isubodh wrote:
Vips wrote:[url=ttps://www.thehindubusinessline.com/money-and- ... 305990.ece]Interoperable cardless cash withdrawal at ATMs likely to see takers in millennials, rural population.[/url]
.
Will this mean Visa/Mastercard won't be needed anymore ? So NPCI will verify transaction and all traffic to Visa/Mastercard bebit cards will be redirected to NPCI ?
Only for debit cards. Basically someone who doesn't use a debit card for merchant payments anyway because they use UPI, but had to retain it for ATM usage can now do away with it altogether. It's just a way to operate an ATM without an ATM card.

Credit cards are not replaced by this, and that is where Visa and Mastercard make most of their money. Also, most financially literate people will not use a credit card at an ATM due to the excessive fees and interest, unless there is some exceptional situation. For credit, GOI has been a bit shortsighted here, there should be an extension to UPI (in collaboration with banks) where the bank provides credit (for e.g. allow a person to make transactions up to a certain credit limit, even if they have zero balance in their account). Would massively unlock microfinance for small time vendors who otherwise have to borrow from unregulated money lenders at very high interest rates, and also streamline/standardize the non-credit card BNPL business that is largely catered to by apps from startups.
arshyam
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by arshyam »

I believe the Jan Dhan accounts have some overdraft facility already.
Suraj
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Suraj »

Microfinance is addressed through the MUDRA scheme. It peaked at 62 million loans sanctioned in 2019-20, but has dropped since then during COVID to 49 million loans in 2021-22 which just ended. Total value is over 3 lakh crore disbursed . It should rise strongly again this fiscal years, hopefully to over 55m loans and over 3.5 lakh crore.

PMJDY accounts have an overdraft facility up to Rs.10,000.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Vadivel »

Funds to states way below 42%; why that hurts growth

Against the Finance Commission awards, Centre collects cess and surcharge but devolves less to states as share in fiscal resources.


As the Centre prepares the next Budget to be presented on February 1, 2022, one of the top priorities must be to devolve more funds to states – which it has failed to do since 2015.
States not only spend more on capital investment than the Centre, thereby boosting growth prospects of the economy, they are fiscally more disciplined than the Centre. They face resource crunch especially after surrendering their rights to many indirect taxes while adopting the GST in 2017 and they are also denied their legitimate share of disinvestment proceeds – all of which were detailed in Fortune India article ‘Why states are denied share of CPSE sale proceeds?’

https://www.fortuneindia.com/opinion/fu ... wth/106687
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Kanoji »

Suraj wrote:Microfinance is addressed through the MUDRA scheme. It peaked at 62 million loans sanctioned in 2019-20, but has dropped since then during COVID to 49 million loans in 2021-22 which just ended. Total value is over 3 lakh crore disbursed . It should rise strongly again this fiscal years, hopefully to over 55m loans and over 3.5 lakh crore.

PMJDY accounts have an overdraft facility up to Rs.10,000.
Suraj Sir,

Could you please post some info about the repayment rate of Mudra loans? I am curious to know how banks and other microfinance companies have profited from disbursing MUDRA loans. Or if you could point me in the direction of sites where I might get this info - I would really be grateful.

I have read in Prof Vaidyanathan's book that small and micro enterprises have created 138 million jobs in India. In contrast the jobs created in the white collar space is a fraction of this number.

I am not a finance person. Please treat this question as a request from a curious mango person who is keen on the success of the MUDRA scheme in view of its role in job creation.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by nandakumar »

Kanoji
This link might help
https://www.mudra.org.in/Home/ShowPDF
Kanoji
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Kanoji »

nandakumar wrote:Kanoji
This link might help
https://www.mudra.org.in/Home/ShowPDF
Thank you Nandakumar sir. Much appreciated.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by M_Joshi »

Considering the run rate of GST Collections over the past few months & the overall business performance of ours & the peer industries in the month of March 2022, I'm positive that the GST Collections would be in the north of Rs. 2L crores. If not that it would be very close to 2L cr. Value generated due to deadlines of project closures last month was too high.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by chetak »

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

Post by vimal »

Record wheat crop, high stocks to help India meet rising global demand

NEW DELHI, April 11 (Reuters) - Bumper harvests and overflowing grain bins will help India to meet wheat import needs of the world's top buyers as Russia's Ukraine invasion hits supplies from the Black Sea region, a top government official said.

India, the world's second biggest wheat producer, is prepared to meet any extra demand for wheat from buyers in south Asia and Southeast Asia, and also from countries further afield in Europe, West Asia and North Africa. Ukraine is a major producer of grains but exports have been disrupted since the Russian invasion in February.

"The Indian market has sufficient stocks, and India is in a comfortable position to meet requests from wheat importing countries," Sudhanshu Pandey, the most senior civil servant at the Ministry of Consumer Affairs, Food and Public Distribution, told Reuters in an interview.

India's new season wheat harvest is underway, with this year's production pegged at a record 111.32 million tonnes - making it the sixth season in a row that the country has produced a surplus.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by vijayk »

Indian traders are running to Russia to open up a lot of shops to take advantage of western companies leaving Russia it seems.
Hope to see all Indian brand foods/electronics/clothes take over Russia. Gujju bhais should be in every nook and corner
Karan M
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Karan M »

Any links?
kit
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by kit »

vijayk wrote:Indian traders are running to Russia to open up a lot of shops to take advantage of western companies leaving Russia it seems.
Hope to see all Indian brand foods/electronics/clothes take over Russia. Gujju bhais should be in every nook and corner
had been expecting that for a while !!.. lol

would feel like home once Amul ,Dabur, Godrej..etc set up shop :mrgreen: .. a corner pav bhaji instead of MacDonalds maybe :(( ?
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by hanumadu »

vijayk wrote:Indian traders are running to Russia to open up a lot of shops to take advantage of western companies leaving Russia it seems.
Hope to see all Indian brand foods/electronics/clothes take over Russia. Gujju bhais should be in every nook and corner
Automobile industry has a huge opportunity here. If Russians have something to buy from us, the rupee-ruble trade can work.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Vayutuvan »

kit wrote:... a corner pav bhaji instead of MacDonalds maybe :(( ?
Russians eat a lot of meat. Biryani corner would be more McD. Instead of pavbhaji, it has to pav-chicken koorma or pav-porkgrill.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Suraj »

Posted this on twitter - the 2021-22 finished with a stratospherically high $669 billion in total exports:
https://twitter.com/surajbrf/status/1514299144860438528

Also the first time since 1949 India will make the top 10 list of exporting countries. India fell out of that list in late 1949, and out of the top 20 in 1957. It reentered the top 20 in 2010, but remained stagnant around 17-20 until the last 2-3 years when it moved up steadily to 16 and now to a likely #8:
https://twitter.com/surajbrf/status/1514307530473705476
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by V_Raman »

What happened to Indian covid vaccine exports to the rest of the world? Have they ramped up?
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by vimal »

Let there be a thousand tandoori chicken shops in Russia.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by srin »

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

Post by Suraj »

V_Raman wrote:What happened to Indian covid vaccine exports to the rest of the world? Have they ramped up?
MEA Vaccine Maitri Site
175 million doses exported.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by vijayk »

https://www.financialexpress.com/econom ... y/2488631/
Morgan Stanley’s report: Indian economy at the cusp of an industrial capex cycle journey
The sustained pickup in end demand trends will mean a continued improvement in capacity utilisation, boding well for the capex outlook.
The Indian economy is at the cusp of an industrial capex cycle journey, argues Morgan Stanley, as corporate balance sheets have undergone deleveraging and the health of banking system has been restored. Consumer demand is also expected to get a fillip with pandemic related restrictions are being relaxed gradually.
According to Morgan Stanley, within the region, India stands out as it does not face the challenge of high debt and deterioration of demographics that many others are facing. “The promise of a strong structural story has always been there, but unlocking it has been a challenge in the past few years. For a strong and sustainable recovery, India needs to revive the private corporate capex cycle and achieve a lift-off in infrastructure investment,” said the foreign brokerage.

The country’s private corporate investment to GDP ratio has declined sharply from the peak of 17.8% of GDP in FY08 to 9.2% in FY21. An impaired banking system and a lack of end demand were the key reasons behind it.

Indeed, since 2013, India has not experienced a growth recovery that has been sustained beyond 18 month
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by vinod »

US bonds are crashing. Not sure where to put this.

Does anyone know the real impact of this?
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Ambar »

Jaljeera's curious interest in the workings of the RBI

https://qz.com/india/2151919/why-rbi-is ... inflation/

The Reserve Bank of India (RBI) had apparently been trying to underplay inflation for the government’s benefit.

A three-part investigative report by The Reporters’ Collective and Al Jazeera, this week, showed that the RBI may have used an unwritten “escape clause” to avoid treating its inability to rein in price rise as “failure.”

The government has played along because the central bank would otherwise be forced to hike interest rates, making its market borrowings more expensive and worsening things for India’s wobbly economy.

The Indian government has officially set a target of 4% for inflation for the RBI, but with a tolerance band of two percentage points. In only five out of the 22 months since November 2019 have consumer prices remained close to that target. This year, they have even breached the upper limit of the 2%-6% tolerance band—in January (6.01%) and February (6.07%).

Consumer prices in India are expected to continue rising.

The RBI finally acknowledged the risk of inflation today (April 8) in its monetary policy statement. It revised its inflation forecast to 5.7% for the ongoing financial year from 4.5% projected in February.

“A combination of high international commodity prices and elevated logistic disruptions could aggravate input costs across agriculture,
manufacturing, and services sectors. Their pass-through to retail prices, therefore, warrants continuous monitoring and proactive supply management,” governor Shaktikanta Das said in his statement (pdf) today.

Assuming crude oil prices average around $100 per barrel in 2022-23, the RBI downgraded its estimate for India’s real GDP growth—an “overarching priority”—to 7.2% for the fiscal year, compared to its earlier guidance of 7.8%.

The quarterly projections were sharply revised to 16.2% for April-June 2022, 6.2% for July-September 2022, 4.1% for October-December 2022, and 4% for January-March 2023.

RBI’s escape from accountability
The Indian law allows the RBI to miss its inflation target for three consecutive quarters before qualifying it as a “failure.” Under Das, it missed the target in January-March 2020, April-June 2020, and July-September 2020.

The RBI’s monetary policy committee (MPC), however, discarded the inflation data for April and May 2020. It said the national lockdown had led policymakers to use a different methodology to arrive at the inflation figure, rendering the estimates “unrealistic.”

“But, records show, these numbers had been endorsed at all levels of the government and its statistical agencies and had been used by the government for all other economic assessments,” Al Jazeera reported.

Under Indian law, on failure to meet the inflation target for three consecutive quarters, the RBI is required to write to the government within a month explaining the cause, along with a corrective plan. “This transparency is required to prevent businesses and citizens from losing faith in the RBI and the government’s ability to rein in inflation,” the report said.

The country’s finance ministry, however, gave the RBI leeway. It reportedly decided that such accountability will be applicable only from the quarter beginning July 2020.

This was allegedly out of fear that the RBI would hike rates to control inflation, making market borrowings costlier at a time when the economy was already struggling. The Indian government plans to borrow 14.95 lakh crore rupees (nearly $200 billion) in the fiscal year ending 2023 to fund its revenue gap.

Sovereign debt management
While the RBI’s mandate is to maintain price stability with a view on growth, governor Shaktikanta Das has made it clear that growth was “the overarching priority” at this stage.

The RBI’s monetary policy stance differs from those of other global central banks. Besides the US Federal Reserve and the Bank of England, central banks of even emerging market countries like Brazil, South Africa, and Russia have been making price stability their priority.

Under Das, the RBI has reduced the repo rate—at which banks borrow from it—by a record 135 basis points (100 basis points equals 1 percentage point) between February 2019 and February 2020. During the pandemic, despite high inflation, the repo rate was further slashed by 115 basis points to an all-time low of 4%.

Lower rates make borrowing money cheaper. This encourages consumers and businesses to spend and invest more. Lowering rates, however, also leads to rising consumer prices.

Das hinted at prolonged policy support and doing “whatever is necessary” to support growth.

RBI’s credibility may have taken a hit
The RBI’s current inflation stance may have eroded its credibility.

“They should have written the letter, pointing to the exceptional circumstances that prevailed from March 2020, and arguing that this technical ‘failure” was, in fact, a modest success,” Williem Buiter, adjunct professor of international and public affairs at Columbia University, told Al Jazeera.

On March 22, Das ruled out the possibility of inflation staying above 6% for long. He argued, instead, that withdrawal of the policy of support will be counterproductive.

Buiter, however, believes otherwise.

“It is time to recognise that this inflation is not transitory or temporary, that it is not driven by short-live supply shocks and increases in global fossil fuel prices that are unlikely to be repeated,” he said.

The RBI must raise policy rates now, Buiter said.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Vips »

Goods exports grow 37% to $18.79 b in the first fortnight of April 2022.

Foreign Secy Harshvardhan Singhla indicates FY23 export target set at $470 billion

India’s goods exports posted a growth of 37 per cent (year-on-year) to $18.79 billion in the first two weeks of April 2022 in sync with the performance in financial year 2021-22.

Imports during the April 1-14 period increased 12.24 per cent to $25.84 billion, a rise of 12.24 to $25.84 billion.
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Re: Indian Economy News & Discussion - Nov 27 2017

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Service sector exports likely to touch USD 350 billion this fiscal: SEPC
Services sector exports are likely to touch USD 350 billion in the current fiscal, SEPC said on Wednesday. The export target for services and certain goods sectors was discussed in a meeting with Commerce and Industry Minister Piyush Goyal here on Wednesday.

Abhay Sinha, Deputy Director-General, Service Export Promotion Council (SEPC), said the target has been revised from USD 300 billion to USD 350 billion for 2022-23.

India's services sector exports touched an all-time high of around USD 250 billion in FY22.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Vips »

Nandan Nilekani to head Open Network for Digital Commerce for taking on Amazon, Walmart in India.

He co-founded software powerhouse Infosys Ltd., became a billionaire and went on to spearhead a colossal government program to create biometric identification for India’s almost 1.4 billion people.

Now 66, Nandan Nilekani has one more ambitious goal. The high-profile mogul is helping Prime Minister Narendra Modi build an open technology network that seeks to level the playing field for small merchants in the country’s fragmented but fast-growing $1 trillion retail market.

Its stated purpose is to create a freely accessible online system where traders and consumers can buy and sell everything from 23-cent detergent bars to $1,800 airline tickets. But its unspoken objective is to eventually curb the powers of Amazon.com Inc. and Walmart Inc.-owned Flipkart, whose online domination has alarmed small merchants and the millions of local mom-and-pop stores, called kirana, that form the nation’s retail backbone.

As the two global giants poured a combined $24 billion into India and captured 80% of the online retail market with aggressive discounts and promotion of preferred sellers, the kirana shops are fearful of an uncertain future. Despite online commerce accounting for just about 6% of the overall retail market, they are anxious they will be eventually snuffed out, meeting a fate similar to many family-owned businesses in the U.S. and elsewhere.

The not-for-profit system, which goes by the unwieldy name of Open Network for Digital Commerce, or ONDC, seeks to address those concerns. Never attempted anywhere else, it aims to allow small merchants and retailers to plug in and gain the reach and economies of scale of giants. Essentially, the government would create its own e-commerce ecosystem for everyone, designed to loosen the stranglehold of companies like Amazon that dictate which brands get access to prime consumers and on what terms.

“It’s an idea whose time has come,” Nilekani said recently in a conversation at his private office in the Billionaire’s Row area of Koramangala in Bangalore, home to some of the nation’s top tech tycoons. “We owe it to the millions of small sellers to show an easy way to participate in the new high-growth area of digital commerce.”

A pilot of the not-for-profit, government-run network is set to be rolled out next month to select users in five cities. Lenders including ICICI Bank Ltd. and state-owned Punjab National Bank and State Bank of India have bought stakes in the entity. A spokesman for Amazon said they’re trying to better understand the model to see if the Seattle-based company has a role to play. Flipkart didn’t respond to a request seeking comment.

India has become a battlefield for some global retail behemoths that are either shut out of China or are struggling to compete with local rivals there. With almost 800 million smartphone users, the sheer size and potential have turned the South Asian country into an ideal testing ground for many companies, including Google, Meta Platforms Inc. and homegrown giants such as billionaire Mukesh Ambani’s Reliance Industries Ltd.

In his previous avatars, Nilekani helped the government develop the Aadhar biometric ID system, roughly a digital equivalent of the U.S. social security program. For most Indians, it is their first proof of existence. Authorities say it helps reduce fraud and ensures welfare payments reach the right people. Nilekani also helped introduce a payments backbone called the United Payment Interface, or UPI. Used by the likes of Google and WhatsApp, it surpassed 5 billion transactions last month.

Hired as an adviser to ONDC last summer, the salt-and-pepper haired, mustachioed tech czar wants to do for e-commerce what UPI did for digital payments.

But his biggest challenge would be to ensure the network achieves its goals. Amazon and Flipkart have dominated the market because their tested technology lures merchants and buyers to their platforms. The government needs to build something comparable — or better — if it wants to outdo the dominant e-commerce platforms, said Anil Kumar, chief executive officer of Redseer Management Consulting Pvt.

“Everything hinges on the network bringing on the widest set of buyers, sellers, payments logistics and warehousing providers, and so on,” said Bangalore-based Kumar. “The challenge is to standardize and smoothen the experience such as returns and refunds for buyers and sellers and to create an open network where everybody wins.”

Nilekani will also be under pressure to avoid the kind of controversies that have dogged his previous projects. Aadhar has been under a cloud over data privacy, security and identity-related concerns. India’s Supreme Court is currently examining a matter linked to UPI, after a lawmaker accused Amazon, Google and Meta’s WhatsApp of participating in the system without much scrutiny and allegedly in violation of rules.

If successful, the e-commerce grid could help millions of small businesses go online and worry less about the global giants. Among those eager to try it out is Kauser Cheruvanthody, 42, one of the owners of a five-store baby-products chain in Bangalore. He’s never sold online but a 30% decline in sales during the pandemic came as a shock.

“ONDC could change the game,” Cheruvanthody said. “I’m ready to fight Amazon and others, discount for discount.”

Despite the challenges, Nilekani is the right man for the task, said Hemant Taneja, managing partner at Palo Alto-based venture capital firm General Catalyst.

“Nandan is known for his long game, for setting up systems for enduring change with very intentional thinking on which parts of the economy should be digital public goods and which parts capitalism-driven,” Taneja said.

Entrepreneurs such as Kumar Vembu are enthused by the prospects of an open model. His startup GoFrugal provides enterprise software to over 30,000 small traders and quick-service restaurants. He’s now helping hundreds of them integrate with the new network.

“Until now, small retailers were bringing a knife to the gunfight,” said Vembu. “Now, we can properly equip them to compete.”

The open network is targeting 100 cities in the coming months said CEO Thampy Koshy, a former senior partner of Ernst & Young.

Aadhar took nine years to reach a billion people on the platform, while UPI took five years to cross 4 billion monthly transactions. Nilekani said he’s optimistic that ONDC will be rolled out much faster as India has been down this road before.

“We are charting a new course and the goal is to change the rules of the e-commerce game,” he said.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by kit »

https://economictimes.indiatimes.com/in ... 209963.cms


vedanta is seeking incentives from Prime Minister Narendra Modi's federal government and is also in talks with several Indian states. After getting subsidies, and once its definitive agreements are in place, the company plans to raise bank debt of as much as $3 billion.

"We have financial banking relationships across India. We are talking to them," said Akarsh Hebbar, Vedanta's Global Managing Director of Display and Semiconductor Business.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by vijayk »

https://swarajyamag.com/news-brief/semi ... e-in-india
SemiconIndia 2022: Applied Materials To Invest Over Rs 1,800 Crore In India
conference.

Applied Materials, a leading semiconductor and display equipment supplier in the world, announced today (29 April) an investment of over Rs 1,800 crore in India.

What's the occasion? The announcement came at the SemiconIndia 2022 conference, which is being held over three days, between 29 April and 1 May, in Bengaluru, Karnataka.

What they said: "We are announcing Rs 340 crore investment to scale our infrastructure. Over the next five years, we expect to spend over Rs 1,500 crore towards enhanced product development and validation centre. That includes dedicated campus, additional talent, and development labs," Prabu Raja, Senior Vice President, Semiconductor Products Group, Applied Materials, said via video conference.

Applied Materials has acquired a land parcel in Bengaluru for a cost of Rs 340 crore. Here, a proposed manufacturing facility will come up.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by JTull »

GST revenues at all-time high of Rs 1.68 lakh crore in April

NEW DELHI: GST revenues in April touched the highest ever level of about Rs 1.68 lakh crore, up 20 per cent from the year-ago period, on improved compliance, the Finance Ministry said on Sunday.

In April 2022, 1.06 crore GST returns in GSTR-3B were filed.

The gross GST collection in April 2022 is an all-time high and Rs 25,000 crore more than the previous highest collection of Rs 1.42 lakh crore recorded in March.

The gross GST revenue collected in April is Rs 1,67,540 crore, of which CGST is Rs 33,159 crore, SGST is Rs 41,793 crore, IGST is Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and cess is Rs 10,649 crore (including Rs 857 crore collected on import of goods), the ministry said.


In a statement, the ministry said that there is a "clear improvement in the compliance behaviour, which has been a result of various measures taken by the tax administration to nudge taxpayers to file returns timely, to making compliance easier and strict enforcement action was taken against errant taxpayers identified based on data analytics and artificial intelligence".
JTull
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by JTull »

UPI Soars To Record High Of 5.58 Billion Transactions In April 2022, Volume And Value Up By 111% YoY Basis
Unified Payments Interface (UPI) soared to a record high in April recording 558 crore (5.58 billion) transactions totaling ₹9.83 trillion (₹9.83 lakh crore), the highest for the payment platform — both in terms of volume and value of transactions — since its inception, according to data from the National Payments Corporation of India.

In March 2022, UPI breached 500 crore (5 billion) transactions in a month for the first time. In April 2022, volume of transactions was up 3.33 per cent and value of transactions also rose 2.36 per cent compared to previous month.

In April 2021, UPI had processed 264 crore (2.64 billion) transactions worth ₹4.93 lakh crore (₹4.93 trillion).

On a year-on-year (YoY) basis, the volume of transactions jumped 111 per cent and value of transactions increased by almost 100 per cent.

UPI had breached the ₹1 lakh crore (₹1trillion) milestone in December 2018, and then crossed ₹2-lakh crore (₹2 trillion) in payments in terms of value in December 2019.

BHIM UPI has emerged as the most popular means of digital payments, accounting for 38.77 per cent of all such payments in FY21.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Vips »

Exports up 24% to $38 billion in April.

Exports rose by 24.22 per cent to $38.19 billion in April on account of healthy performance by sectors like petroleum products, electronic goods and chemicals, the commerce ministry said on Tuesday.

Imports during the month under review grew 26.55 per cent to $58.26 billion. The trade deficit in April 2022 widened to $20.07 billion as against
$15.29 billion in the year-ago period, it said.

https://economictimes.indiatimes.com/ne ... 275027.cms

This is the highest ever exports growth in April.
April trade deficit at $20.07 billion vs $15.29 billion in April 21
Non-petroleum exports rise 12.3% in April, non-petroleum imports up only 9.8%
Petroleum products, Electronic goods and chemicals record major increase in exports
Value of non-petroleum and non-gems and jewellery exports in April 2022 was $27.16 billion, registering a positive growth of 14.38% over non-petroleum and non-gems and jewellery exports of $23.74 billion in April 2021.
Petroleum products (113.21%), Electronic goods (64.04%) and Chemicals (26.71%) led the way in high increase in exports during April, 2022.
India’s merchandise import in April 2022 was $58.26 billion, an increase of 26.55% over $46.04 billion in April 2021.
Value of non-petroleum imports was $38.75 billion in April 2022 with a positive growth of 9.87% over non-petroleum imports of $35.27 billion in April 2021.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by vijayk »

RBI raised repo rates by 40 points catching Nirmalaji and MoF by surprise
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Ambar »

Why do you think it caught her by surprise ? Even though she is a super-dove, Tai is on record in a recent interview saying how low interest rates are harming the elderly and the savers and at some point soon we need to taper back on the pandemic stimulus. We are the last major economy to begin rising rates, so i cannot think of a reason why she or anyone in the MoF would be surprised by RBI's decision.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by vijayk »

Ambar wrote:Why do you think it caught her by surprise ? Even though she is a super-dove, Tai is on record in a recent interview saying how low interest rates are harming the elderly and the savers and at some point soon we need to taper back on the pandemic stimulus. We are the last major economy to begin rising rates, so i cannot think of a reason why she or anyone in the MoF would be surprised by RBI's decision.
Lot of talk on how LIC IPO is coming out and rate increase has affected the market.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by nandakumar »

vijayk wrote:RBI raised repo rates by 40 points catching Nirmalaji and MoF by surprise
Frankly, this decision doesn't make any sense. Ostensibly, this is supposed to be a response to the rising trend of inflation. The theory goes that it is supposed to raise the cost of funds in the banking system thus forcing them to raise lending rates. The resultant increase in borrowing costs would dampen demand for goods and services which should help in bringing down prices. But the reality is that banks far from borrowing money from the RBI has actually been parking surplus funds with the RBI for the better of the year. So where is the transmission mechanism for policy interest rate working it's way to lowering prices in the economy?
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by Dilbu »

India's GDP to hit $5 trillion in FY29, rupee at 94 a dollar, suggests IMF data
India may only become a $5-trillion economy in FY29, according to the International Monetary Fund (IMF).

According to data from the IMF's World Economic Outlook Database, updated last month, India's nominal GDP is seen rising to $4.92 trillion in FY28. As such, it will only be in the following year, or FY29, that the GDP will cross the $5-trillion mark. That's four years beyond the target the Narendra Modi government had set.
Finance ministry officials had earlier indicated that the government's target of raising India's GDP to $5 trillion by FY25 might get delayed by a year or two, with Chief Economic Adviser V Anantha Nageswaran saying as much following the presentation of the 2022 Budget.

"If we continue to retain the path of 8 percent of real GDP growth, it will translate into even 8 percent dollar GDP growth. If we extrapolate it, we should be a $5-trillion economy in terms of nominal GDP in the financial year 2025-26 or the financial year 2026-27," Nageswaran had said on February 1.
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Re: Indian Economy News & Discussion - Nov 27 2017

Post by V_Raman »

I will be happy with 5T by 2029. i will not be happy with 1-USD=94-INR though. INR should strengthen rather than devalue.
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