Indian Economy News & Discussion - Nov 27 2017

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Karan M
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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Karan M » 22 Dec 2018 03:37

Supratik wrote:You should see MSP as income enhancement. Say you are in a IT job. You expect your company to give a hike in your salary every year which increases your income. Similarly a farmer expects a hike in income. Nothing wrong in it.


Not too sure of that, most pvt sector employees suck it up when they dont get a hike. In contrast, there seems to be a huge missing link between income and expenditure in the so called lower income groups. Even in the ones that are doing well, and not a victim of circumstances (like the really destitute farmers who are caught in a permanent debt cycle) They spend like there is no tomorrow and don't plan and save prudently. When one crop fails or one bad downturn happens, they expect the Govt to step in and angrily vote against it, if it doesn't heed their demands. I am not sure how long this cycle is sustainable.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chetak » 22 Dec 2018 22:35

Karan M wrote:
Supratik wrote:You should see MSP as income enhancement. Say you are in a IT job. You expect your company to give a hike in your salary every year which increases your income. Similarly a farmer expects a hike in income. Nothing wrong in it.


Not too sure of that, most pvt sector employees suck it up when they dont get a hike. In contrast, there seems to be a huge missing link between income and expenditure in the so called lower income groups. Even in the ones that are doing well, and not a victim of circumstances (like the really destitute farmers who are caught in a permanent debt cycle) They spend like there is no tomorrow and don't plan and save prudently. When one crop fails or one bad downturn happens, they expect the Govt to step in and angrily vote against it, if it doesn't heed their demands. I am not sure how long this cycle is sustainable.


The APMC system, the cooperative banks and other rural banks controlled by politicians have completely ruined the rural as well as the agricultural economy of the country.

father fadnavis has just recently dismantled the entire system in MAH and disenfranchised the political class, especially the NCP and congi strong holds in these sectors. The politicos are still shell shocked and the media is very quiet.

Allow farmers direct access to the market without middlemen intervention but most farmers will sell off at whatever price they get to whoever has the money to buy at whatever price they offer and splurge the proceeds on shiny new FMCG goods not really needed by them. These FMCG companies have all set up close to the markets/mandis and unfailingly entice the farmers who have their pockets jingling with cash after they have just sold their produce.

Why are they crying about the MSP when the govt will certainly not/simply cannot buy all the produce in the markets??

The farmers lack the capacity to hold/store their produce even in the short term and so will sell off to whoever is willing to buy and this price is never the MSP.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Gus » 23 Dec 2018 16:18

What are the implications to us from fed rate hike?

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Singha » 23 Dec 2018 20:31

the PM will flag off the Bogibeel bridge @ dibrugarh over brahmaputra next week.
a long journey ends. all trial runs of trains successful


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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Vips » 23 Dec 2018 20:38

Indian stock market becomes 7th largest globally.

Indian stock market has achieved the latest milestone. India's domestoc and equity market has surpassed Germany to become world's seventh largest stock market. It should be noted that Germany is Europe's biggest share market.

According to Bloomberg data, Indian stock market, for the first time in seven years, has surpassed European's largest economy.

The achievement came after India's positive returns as firms depend upon domestic demand.

Meanwhile, Indian companies have raised nearly Rs 6 lakh crore from equity and debt instruments in 2018, but volatile market conditions brought down the kitty by 30 per cent and political uncertainties ahead of the 2019 general elections may again cast a shadow on fund-raising activities in first half of the new year.

Experts, however, are hopeful the fund-raising will gather steam in second half of 2019 with a pick-up in the overall investment climate.The data shows the debt market remains the most preferred route for raising funds to support business needs of the corporate world.

Out of the cumulative Rs 5.9 lakh crore garnered so far this year from capital markets, a large chunk or Rs 5.1 lakh crore has been mopped up from the debt market and the remaining amount of about Rs 78,500 came from equity markets, figures compiled by data analytics major Prime Database showed.

In 2017, firms had raised Rs 8.6 lakh crore, including nearly Rs 7 lakh crore through debt markets and Rs 1.6 lakh crore from equities. In equity market, funds mostly came from initial public offers (IPOs) and issuance of shares to institutional investors.The final figures may go up to end the year at around Rs 6 lakh crore for debt and equities, experts said.

The funds have been raised mainly for business expansion plans, loan repayments and to support working capital, while a large amount raised from IPOs also went to the promoters, private equity firms and other existing shareholders for part or full sale of their investments.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Singha » 24 Dec 2018 09:09

One of my school friends is a recruiter for smart city project in
North east. I guess those selected will be taken in by various PSU orgs involved on contract. More info may be obtained from the email
———
Looking for different profiles for Smart Cities of North East India. Pls email to flugelsoft@gmail.com along with subject for which profile. Key Experts . Pls share among your friends.


Main Team

Team Leader

Housing Expert

Infra Expert - Sewerge & Drainage

PPMS Expert

Urban Finance Expert

ICT & E governance Expert

Transport Planner

Procurement Specialist

Support Staff for Project Implementation and Supervision

Construction Manager

Asst Construction manager

Urban Designer

Urban Planner

Support Engineer

Road Engineer

Associate Engineer (ICT)

Associate Engineer (Finance)

Landscape Architect

Associate Engineer (Urban Infra)

Project Design and Development Team

Hydraulic / Drainage Expert

Water Supply Expert

Sr. Business Analyst/

Urban Designer

Transportation Planner

Waste Water Expert

Landscape Architect

Renewable Energy Expert

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Civil Engineer

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Environment Management expert

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Utility Engineer

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Support Staff

Urban Planner

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Singha » 24 Dec 2018 09:15

List of ne cities
Agartala
Padighat (ap)
Guwahati
Imphal
Aizawl
Kohima
Namchi ( sikkim) - i think its on bg route to gangtok coming up
Shillong

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Yagnasri » 24 Dec 2018 10:09

@Singha I am interested sir. But as you know I am a crow with a finance degree. They may not need me.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Singha » 24 Dec 2018 10:48

I think its kind of appropriate for firms who provide these services as they will be giving out contracts over the next 10 years to complete the plans and in parallel projects will get executed. knowing GOI , it may not be as tight as building a CVN under one roof.
but you can send email to that address and get the proper documents and see.

he was saying there is a construction boom in govt projects in NE states under Namo govt. various european construction firms have setup project offices. civil and structural engineering is in demand.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby yensoy » 24 Dec 2018 11:05

Singha wrote:he was saying there is a construction boom in govt projects in NE states under Namo govt. various european construction firms have setup project offices. civil and structural engineering is in demand.


That is fantastic and the right thing. Instead of having NE youth requiring to migrate and do all sorts of service jobs to find gainful employment, imagine what an amazing powerhouse of BPO/Tech/AI aided analytics there could be with NE people working right there in NE. I believe Korean dramas are very popular; maybe we could get a slice of the Korean outsourcing market as well if language skills are developed. Meanwhile NE youth of course have the option of getting great positions in the rest of the country but on their own terms rather than being compelled to do so.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Singha » 24 Dec 2018 15:47

finance minister has put a note regarding criticisms of GST, with facts

https://www.facebook.com/notes/arun-jai ... 003629715/

Eighteen Months of the GST
ARUN JAITLEY·MONDAY, DECEMBER 24, 2018
The Goods and Services Tax was implemented w.e.f. 1st July, 2017. It hasn’t completed eighteen months of implementation as yet. The GST has been at the receiving end of a lot of ill-informed and motivated criticism. What has been its real performance?
The Pre-GST regime
India had the worst indirect tax system anywhere in the world. Both the Centre and the State Government were entitled to levy a set of taxes. There were seventeen taxes levied. An entrepreneur, therefore, faced seventeen inspectors, seventeen returns and seventeen assessments. The rate of taxation were exorbitantly high. The standard rate of VAT and excise was 14.5% and 12.5% respectively. To this could be added the CST and the cascading effect of tax on tax. The standard rate thus became 31% on a large number of commodities. The assessees had only two options – either to pay a high rate of tax or evade it. Tax evasion was prevalent to a large extent. India comprised of multiple markets. Each State was a separate market because the rate of tax could be different. Interstate sales became inherently inefficient because trucks had to wait for hours and days at the State borders.
The GST impact on 1st July, 2017
From the date of its implementation, the GST changed the situation radically. All seventeen taxes were combined into one. The whole of India became one market. The interstate barriers disappeared. Entry into the cities became open with abolition of the entry tax. States were charging an entertainment tax ranging from 35% to 110%. This came down radically. 235 items were being charged at either 31% tax or even higher. All except 10 such items were brought down immediately to 28%. The 10 such items were brought down to even a lower rate i.e.18%. Multiple slabs were fixed transiently in order to ensure the tax of no commodity goes up radically. This contained the inflation impact. Most aam aadmi items were placed in the zero or 5% tax bracket. Returns became online; assessments will be online; multiple inspectors had disappeared. The States were guaranteed that for the first five years they will be ensured a 14% annual revenue increase.
The revenue trends
A frequently made comment has been that the revenue positon has been disappointing. The comment is based on an inadequate understanding of both the targets and the revenue increase. The targets set for the State in the GST regime is unprecedently high. Even though GST commenced on 1st July, 2017, the base year for revenue increase has been calculated is 2015-16. For each year a 14% increase is guaranteed. Thus, even when 18 months have not been finished since the launch of GST, on this day every State has a target of improving its revenue with three 14% increases compounded annually over the base year of 2015-16. This is close to a 50% being reached in the second year itself. It is almost an unachievable target. Yet six States have already achieved it, another seven are within a striking distance of achieving it and only eighteen are still more than 10% away from achieving it. By the third, fourth and fifth year, as in the case of VAT, the ability to increase revenues and closing the gap will substantially increase. Those States which do not achieve the target of 14% are paid out of the compensation cess. The requirement of compensation cess in the second year is expected to be much lower than the first year. This increase in the tax collection has to be factored keeping in mind the significant rate reduction which has taken place in the GST. The reduction in monetary terms amounts to about Rs.80000 crores per year. Notwithstanding the substantial tax reduction, the GST collection in the first six months of this year has shown a significant improvement as compared to the first year. The average monthly tax collected in the first year was Rs.89700 crore as compared to Rs.97100 crore per month in the second year.
The rate rationalisation
We were faced with a situation with a large number of commodities being taxed heavily in the pre-GST regime. The Congress legacy of indirect tax was a 31% tax. We transiently put them in the 28% slab. As the revenues kept increasing, we started bringing down the rates. Most of the commodities have seen tax reduced. Today, barring tobacco products, luxury vehicles, molasses, air-conditioners, aerated water, large TVs, and dish washers, all 28 items have been transferred from 28% slab to 18% and 12% slab. Only cement and auto parts are items of common use which remain in 28% slab. Our next priority will be to transfer cement into a lower slab. All other building materials have already been transferred from 28% to 18% and 12%. The sun is setting on the 28% slab.
Of the 1216 commodities which are used, broadly 183 are taxed at zero rate, 308 at 5%, 178 at 12% and 517 at 18%. The 28% slab is now a dying slab. Restaurants are being levied a tax compounded under the composition of turnover at 5%. Assessees with turnover upto Rs.20 lakhs are exempted from tax payment. Assessees upto Rs.1 crore turnover can get a composition by paying 1% tax. The composition scheme for small service tax assessees is under consideration. Cinema tickets tax between 35% to 110% has been brought down to 12% and 18%. The GST has helped in controlling inflation. Evasion has also come down.
The net effect
Lower rate of taxes, increased tax base, higher collections, easy for trade and least interface in assessments with a significant part of the tax rationalisation over, the growth percentage in the years to come will increase. The transformation has been done over a period of 18 months. Any abrupt transformation could have been either detrimental to revenue or to trade.
The GST Council
The GST Council has had 31 meetings. It is India’s first experiment with the federal institution. It is a body that has behaved with utmost responsibility. Several thousand decisions, including legislative drafting, rules drafting, notifications, fixing initial rates and rationalising rates have all been taken unanimously with consensus. The political noise outside is inconsistent with the harmony inside the Council.
A personal thought with regard to the future road map
With the GST transformation completed, we are close to completing the first set of rate of rationalisation i.e. phasing out the 28% slab except in luxury and sin goods. A future road map could well be to work towards a single standard rate instead of two standard rates of 12% and 18%. It could be a rate at some mid-point between the two. Obviously, this will take some reasonable time when the tax will rise significantly. The country should eventually have a GST which will have only slabs of zero, 5% and standard rate with luxury and sin goods as an exception.
Epilogue
Those who oppressed India with a 31% indirect tax and consistently belittled the GST must seriously introspect. Irresponsible politics and irresponsible economics is only a race to the bottom.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Austin » 24 Dec 2018 20:57

Arvind Subramanian: 'Brace for slower growth

https://m.rediff.com/business/interview ... 181224.htm

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Austin » 25 Dec 2018 11:59

Trading Economic has updated Debt to GDP Ratio for most countries we are at 68 % of Debt to GDP Ratio

https://tradingeconomics.com/india/gove ... ebt-to-gdp

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Neshant » 26 Dec 2018 15:27

What Happened to Indian Smartphone Manufacturers ?



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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Ashokk » 27 Dec 2018 01:39

PSBs’ recovery against NPAs doubles this year
NEW DELHI: Public sector banks reported recovery of Rs 60,713 crore against non-performing assets (NPAs) in the first half of the current year, which is double of the amount recovered in the corresponding period last year and more significant returns on high-value accounts are expected, the government has said.

In response to a parliamentary question, the finance ministry said following amendments to the Banking Regulation Act, the Reserve Bank of India directed banks to initiate insolvency proceedings before the National Company Law Tribunal in 41 cases, 12 of which had cumulative outstanding of Rs 1,97,769 crore as on March 31, 2017. The remaining 29 had an outstanding of Rs 1,35,846 crore as on June 30, 2017.

“As per RBI data on global operations (with provisional data for September 2018), during the last three and a half financial years, NPAs of scheduled commercial banks reduced by Rs 2,83,770 crore due to recoveries,” the government told BJP MPs Kirti Azad and Bharatiben Shiyal.

The government said measures such an asset quality review (AQR) initiated in 2015 for clean and fully provisioned balance sheets revealed a high incidence of NPAs that were piling up since 2008 — a period when UPA was in office. “As per RBI inputs, primary reasons for spurt in stressed assets is aggressive lending practices, wilful default, loan frauds, corruption in some cases and an economic slowdown,” it added.

The AQR enforced by the Modi government led to stressed accounts being reclassified as NPAs and expected losses were provided for. The transparent recognition of stressed assets led to gross NPAs of scheduled commercial banks increasing from Rs 2,51,054 crore as on March 31, 2014 to Rs 3,09,399 crore on March 31, 2015; Rs 5,66,247 crore on March 31, 2016; Rs 7,28,740 crore on March 31, 2017 and Rs 9,62,621 crore on March 31, 2018. This provisionally declined to Rs 9,46,062 on September 30, 2018.

The government said rise in NPAs was in good part due to banks being made to recognise stressed assets as NPAs and the withdrawal of restructuring schemes in 2017-18. This led to an honest appraisal of the state of bank finances and the role played by indiscreet and risky lending in the past.

With the adoption of a ‘creditor-in-saddle’ approach under the Insolvency and Bankruptcy Code, and interim resolution professionals taking over management of a corporate debtor at the outset, the incentive to abuse the legal system has been taken away, the finance ministry said.

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, has been amended to make it more effective with a three-month jail term for a borrower who does not provide asset details and for the lender to get possession of mortgaged property in 30 days.

Public sector banks have created stressed asset verticals for stringent recovery, set our protocols for pre and post sanction and close monitoring of large value accounts.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 27 Dec 2018 20:52

A good start but not enough to regulate e-commerce. If not restricted Walmart and Amazon will gobble up the Indian market.

https://swarajyamag.com/current-affairs ... ed-to-know

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 27 Dec 2018 21:07

This foolish strategy was adopted by electronic appliance manufacturers as well and many have disappeared. They don't know how to build companies in the 21st century.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Austin » 27 Dec 2018 22:05

India just made life tougher for Amazon and Walmart

https://edition.cnn.com/2018/12/27/busi ... index.html

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby M_Joshi » 28 Dec 2018 16:46

Neshant wrote:What Happened to Indian Smartphone Manufacturers ?




One comment on this Video :

One sole and major reason why you can't hear anything from these brands is a Patent Lawsuit from Ericsson. Now, when this lawsuit took place these brands like Micromax, Lava, Intex tried their best to block dissemination of this information in popular domain. If you go and search for "Standard Essential Patents" "Ericsson V. Micromax" you will find information enough for you to know the reason for the failure of these brands.

Basically, these patents were based on EU Patent Laws (which has broader jurisdiction and application, even in India, as widened by our Supreme Court), for which one is obliged to get licence for certain Patents which are Standard and Essential for you to operate into that particular business.

In the case of smartphones these patents were related to "Bandwidth Connection" and blah blah without which you can't even operate a normal mobile phone. Micromax, Lava and Intex found it too convenient to not get a license for these patents and kept running their business like dorks, eventually faced a lawsuit from Ericsson and conclusively lost it.

They had to pay heavy damages (compensation) and were ordered for Temporary injunction (where you have to shut your business down temporarily) by Supreme court of India. This led to drastic plunge in the share prices, and brought these companies on the verge of bankruptcy.

Chinese Manufacturers like BBK Electronics (Parent Company of OnePlus, Oppo and Vivo) and Xiaomi took advantage of this opportunity by intense marketing and insurgence into the Indian markets.

No doubt they are making better products and have better services, but back in late 2015 it was nearly impossible to beat these Indian brands and capture their markets. Those patent lawsuits made it a cake walk for Chinese Manufacturers.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 28 Dec 2018 18:16

This if true again shows that they don't know how to do business in the 21st century.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 28 Dec 2018 19:10


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

Postby Supratik » 28 Dec 2018 19:18


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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 28 Dec 2018 22:51


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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 29 Dec 2018 06:03

Direct tax collections up 14% to Dec 20
The government on Friday said the net direct tax collection till December 20 this fiscal amounted to Rs 7.36 lakh crore, a growth of 14% over the same period a year ago. This is 64% of the Budget estimate for direct tax collection in the current fiscal.

“The growth rate of gross direct tax collection and net direct tax collection for the current financial year 2018-19 as on 20.12.2018 is 14.6% and 14.0%, respectively,” the government said.

The number of income tax e-returns filed till December 6 stood at 6.09 crore, which is 47% higher than last year.

Responding to a question on whether demonetisation had helped in improving direct tax collection, the government said the growth of 14.6% in direct tax revenue in the year of demonetisation (financial year 2016-17), 18% in financial year 2017-18 and 14% in the current financial year is indicative of a positive impact of demonetisation on revenue growth.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby eklavya » 30 Dec 2018 19:30

Deleted . Poster banned for returning from ban and resuming tirade he was banned for .

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 30 Dec 2018 21:31

Govt considering introducing universal basic income (UBI) scheme.

https://www.sundayguardianlive.com/news ... anger-2019

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 30 Dec 2018 21:46

deleted

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Austin » 31 Dec 2018 20:55

India ahead of China on FDI front in 2018; beats Asian neighbour for first time in 20 years

https://www.financialexpress.com/econom ... s/1428120/

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Austin » 01 Jan 2019 18:34

India remains ahead of China; retains world's fastest growing economy title

https://www.businesstoday.in/top-story/ ... 05803.html

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Austin » 01 Jan 2019 18:41

India's external debt declines 3.6% to $510.4 billion at Sept-end

Read more at:
https://economictimes.indiatimes.com/ar ... aign=cppst

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Supratik » 01 Jan 2019 23:42



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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Mollick.R » 02 Jan 2019 19:17

Cabinet approves merger of Dena, Vijaya Bank with Bank of Baroda
Agencies | Jan 2, 2019, 06.15 PM IST

NEW DELHI: The Union Cabinet on Wednesday approved the first-ever three-way merger in the history of Indian banking with the amalgamation of state-owned Vijaya Bank, Dena Bank and Bank of Baroda (BoB).


"There will be no impact on the service conditions of the employees and there will be no retrenchment following the merger," Union law minister Ravi Shankar Prasad said.


BoB also finalised the share swap ratio for merger of Vijaya Bank and Dena Bank with itself.As per the scheme of amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held. In case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB.


The article doesn't mentions explicitly that after merger whether there will there be 3 different bank (brand names) or it will be BOB only. As we have seen in PFC- REC case, that govt said they will operate under existing two different company names.

https://timesofindia.indiatimes.com/business/india-business/cabinet-approves-merger-of-dena-vijaya-bank-with-bank-of-baroda/articleshowprint/67350917.cms

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby arshyam » 02 Jan 2019 19:30

^^ It will be BoB going forward.

From Swarajya: https://swarajyamag.com/insta/first-thr ... -of-baroda

The press release states that “Vijaya Bank and Dena Bank are transferor banks and BoB is transferee bank.”

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 02 Jan 2019 23:04

Services trade data for October were released mid Dec:
Services trade data October 2018
October 2018:
Exports: $16.8 billion
Imports: $10.1 billion

April-Oct 2018:
Exports: $117.9 billion
Imports: $72.7 billion
Surplus: $45.2 billion
Suraj wrote:Services export data for September was released a couple of weeks ago:
Services trade data September 2018
September 2018
Exports: $16.4 billion
Imports: $9.9 billion

April-Sept 2018:
Exports: $101.1 billion
Imports: $62.6 billion
Surplus: $38.5 billion

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 02 Jan 2019 23:25

60 million connections under Pradhan Mantri Ujjwala Yojana
The government Wednesday gave out the 6-croreth free cooking gas (LPG) connection as the scheme to make available cleaner fuel in every household kitchens runs ahead of schedule. Vice President M Venkaiah Naidu handed over papers for an LPG connection under the Pradhan Mantri Ujjwala Yojana (PMUY) – which was launched on May 1, 2016, with a target to give 5 crore connections by March 2019 – to a Muslim lady Jasmina Khatoon from Shivpark, Khanpur in the national capital. The target was later raised to 8 crore connections by 2021 and now envisages giving all households a connection. Speaking on the occasion, Naidu termed the scheme as revolutionary and “possibly the world’s biggest poverty alleviation programme.”

Why Urjit Patel resigned? Here’s what PM Modi revealed for first time about the issue
Opening up for the first time after Urjit Patel’s resignation, Prime Minister Narendra Modi said that the former RBI governor resigned for personal reasons. “I am revealing for the first time, he was telling me about this for 6-7 months before his resignation. He even gave it in writing. He wrote to me personally. No such question (of political pressure) arises”, Modi said on Tuesday in an interview with ANI news agency.

RBI loan recast gift to MSMEs: Proposed to Urjit Patel, applied by Shaktikanta Das, hailed by Gurumurthy
The Reserve Bank of India’s one-time loan restructuring plan for ailing MSMEs, rolled out under the new governor Shaktikanta Das, is on the same lines as what the board proposed during a crucial meeting in November, under the then governor Urjit Patel.

The plan, then called by Fitch Ratings as a “step backwards” when proposed in November, has now been hailed by S Gurumurthy, the Modi-government appointee on the RBI board, who was largely seen as pushing for easier lending norms to boost credit flow.

“A major step for the MSMEs with a total liability up to (Rs) 25 crores suffering from past issues and illiquidity, though delayed. Congratulation RBI for the restructure circular,” S Gurumurthy said in a tweet.

According to the RBI circular, banks would consider for restructuring those loans of up to Rs 25 crore to MSMEs that are classified as ‘standard’ as on 1 January 2019. Only those stressed loans would be considered for restructuring that are not yet classified as Non-Performing Loans. The process of restructuring has to be implemented by March 31, 2020.

RBI circular: RBI releases guidelines on restructuring of advances to MSMEs
PMJAY Ayushman Bharat: Nearly 7 lakh provided treatment in first 100 days
Over 6.95 lakh beneficiaries have availed free hospitalisation benefits worth Rs 924 crore in the first 100 days of the Pradhan Mantri Jan Arogya Yojana (PMJAY), which offers Rs 5-lakh-a-year free health cover to 10.7 crore households.

“Once awareness on the scheme increases, it is anticipated that in the next few years, almost 1 crore plus families will benefit each year,” finance minister Arun Jaitley said in a Facebook post, lauding the scheme as a game changer in healthcare.

In the first 100 days, 5.29 lakh hospitalisation claims have been filed worth about Rs 684.6 crore, with average hospitalisation cost of`12,932 per patient.

NITI Aayog had estimated average cost to be about Rs 10,000 as the scheme matures. PMJAY was rolled out on September 23.

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

Postby nash » 03 Jan 2019 01:37

@ Suraj

April-Oct 2018 numbers are not adding up.

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

Postby Suraj » 03 Jan 2019 02:37

Fixed it I think.

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

Postby Supratik » 03 Jan 2019 19:35


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

Postby ArjunPandit » 04 Jan 2019 17:22

Supratik wrote:Benami law is being implemented.

https://economictimes.indiatimes.com/ne ... _content=4

modi had said once, whenever you hear people shouting intolerance etc, be aware that he's tigheting the screws somewhere.


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