kit wrote:I feel Modi 1.0 was a closet socialist despite professing to be capitalist oriented
Argue this in the politics thread please .
kit wrote:I feel Modi 1.0 was a closet socialist despite professing to be capitalist oriented
Singha wrote:before china started ripping along at 10% growth, these basic gaps in the bottom 80% were closed by deng xiaoping in the 70s and early 80s.[/b]
The countries being considered for diversification include Mexico, India, Vietnam, Indonesia and Malaysia. India and Vietnam are among the favourites for smartphone diversification, the people said, who asked for anonymity as the discussions are private.
Apple has not set a deadline for the suppliers to finalise their business proposals. Both sides are working together to identify the most favourable incentives on offer and to review business environments outside China.
Reduction in fresh accretions to non-performing assets (NPAs), higher recoveries from existing stressed assets under the Insolvency and Bankruptcy Code and a pick-up in credit growth should help shrink banks’ gross NPAs by 350 basis points to 8% by March 2020, Crisil said in a report on Tuesday.
According to the agency, public sector banks, which account for over 80% of the NPAs in the system, alone could see gross NPAs climb down over 400 bps to approximately 10.6% by March 2020, from a peak of 14.6% in March 2018.
This is a classic case of swindling of taxpayers money by bank officials that took place during the erstwhile regime of Mayawati and Akhilesh Yadav, which was buried in the files until now.
A recent probe has unearthed that at least 40 of the total 50 cooperative banks in Uttar Pradesh have been hit by fraud involving various modus operandi like forging loan amounts, siphoning of subsidy money from beneficiary accounts in connivance with bank officials, fictitious fixed deposits and embezzlement of money recovered from the accounts declared as Non-Performing Assets (NPAs).
Cooperative and regional rural banks play a crucial role in the rural financial system of the country and are expected to take care of the expanding and diverse credit needs of agriculture and rural development. More than 50 percent of the rural credit is disbursed by the cooperative banks and the National Bank for Agriculture and Rural Development (NABARD) is responsible for the regulation and supervising of the functions of these banks.
Documents accessed by Firstpost reveal that almost all the 46 branches of Zilla Sahkari Bank in Muradabad have been hit by fraud. At least four of the 19 branches of the Aligarh Zila Sahkari Bank Limited have also been compromised. A committee which was constituted to investigate the fraud discovered that Rs 9.5 crores were swindled through fake loans and more than Rs 1.70 crore was siphoned off from saving accounts. A detailed questionnaire sent to MVS Rami Reddy, principal secretary, Uttar Pradesh Cooperative Department and Jiji Mammen, chief general manager, NABARD remained unanswered.
According to the internal investigation team, the fraud started during the Bahujan Samaj Party regime in 2011 and various methods were used for fund embezzlement like loan amounts were released without obtaining details of borrowers, fixed deposits were closed before maturity and amount transferred to certain fraud accounts in a pool. Term loans were arranged fraudulently and the amount was transferred to third-party accounts and subsequently siphoned off through cash payments and online transfers.
abhik wrote:This is only validating screwdriver-in-India, most of this is defense offsets, as discussed in mil forum.
Following multiple instances wherein the 2016 Press Note 3 was flouted by the e-commerce companies, the government, in December, introduced Press Note 2. The aim was to make it more difficult for the e-tailers to use their nearly endless stream of foreign capital to fund high discount and have exclusive tie-ups with brands, stressing upon the need for a level-playing field. On the face of it, the rules seemed to be a death knell for e-commerce companies. who were circumventing Press Note 3 by means of tie- ups or having stakes in third party entities.
However within a few months, the companies smartly made changes in their organisational structure to adhere to the norms without disrupting their business model.
In an earlier interaction with Moneycontrol, Vishal Gondal, founder and chief executive of GOQii had stated that merchants do not have millions of dollars to fund discounts and it is done by deep-pocketed companies.
Interestingly, the meeting took place immediately before the scheduled visit of US Secretary of State Michael Pompeo. The visit is expected to focus on resolving "trade frictions".
Yogi_G wrote:As I had mentioned earlier, the left is bruised and battered and needs some ammo to propel itself to national attention again, labour reforms is its opportunity to generate noise chaos and do a Mamata Bannerjee a la Singur. Questions is, will Modi catch the bull by its horns, on the back of a strong mandate and drive through labour reforms. If we think we are somehow immune from the pains that come with an industrial revolution then we are fooling ourselves. Yes, sweatshops and competitive exploitation will be a norm for some time but the smartness of the government lies in how well it can built a social seurity net across blue collar workers. Close friends who are first generation entrepreneurs say finding skilled labour and retaining them is the biggest challenge. Per some of them, India is clearly losing the race in replacing China in building a complete govt backed ecosystem replete with tax holidays, labour supply and infrastructure. While we are power surplus, we are missing the other pieces in building a complete ecosystem. We built a complete automobile industry ecosystem from scratch with strong Govt backing in the past, immediately after our 1991 reforms.
Heck, my maid from Andhra got a total of 20,000 rupees during elections and will not turn up for work for another 4 months. The freebie culture is driving the entitlement culture even deeper into the ground. Targeted land and labour reforms helping to bring in industries in droves is not going to be a easy task in India with the sense of entitlement we have built. BJPs power still doesnt fully reflect in many labour unions across states (BMS) yet and I wait and watch what Modi will do here.
India is the biggest virtual exporter of water
In 2014-15, India exported 37.2 lakh tonnes of basmati. To export this rice, the country used around 10 trillion litres of water. To put it another way, India virtually exported 10 trillion litres of water. At least one-fifth of this would have been surface/groundwater. In these times of global climate change, water is the one commodity where you don’t want a trade surplus (i.e, exports higher than imports).
China is the eleventh largest country in the world in terms of virtual water imports and it runs a virtual water trade surplus in crop and animal products, that is, it has higher virtual water imports. But China ends up exporting more water than importing because of its overseas sales of industrial products.
In contrast, India is a large virtual net export of water because of agricultural products. One policy implication: While the country strives to increase manufacturing exports, care should be taken to maximize water use efficiency lest it ends up virtually exporting more water.
The PM said water scarcity was a big concern. Modi said he has constituted the new Jal Shakti ministry with the purpose of addressing the issue and stressed the need for water conservation. Linking it to agricultural, the PM said sugarcane farmers could do well to adopt micro-irrigation for the crop.
In 2014-15, India exported 37.2 lakh tonnes of basmati. To export this rice, the country used around 10 trillion litres of water. To put it another way, India virtually exported 10 trillion litres of water.
The Nikkei-IHS Markit India Manufacturing Purchasing Managers' Index (PMI) was at 52.1 in June, down from May's three-month high of 52.7, but still signalling an improvement in operating conditions across the sector. The average PMI reading for the opening quarter of fiscal year 2019-20 was the lowest recorded since the second quarter of FY18.
Consumer goods were the key source of growth where robust increases in sales, output and employment were registered. Modest expansions in production and new work were noted in the intermediate goods category but here jobs stagnated. At the same time, operating conditions in the capital goods sector were broadly unchanged.
Code: Select all
2019 May 138.7
2019 Apr 132.1 (was 127.5)
2019 Mar 145.2
2019 Feb 125.9
2019 Jan 134.5
2018 Dec 131.5
2018 Nov 128.3
2018 Oct 134.8
2018 Sep 127.2
2018 Aug 128.8
2018 Jul 129.2
2018 Jun 131.2
2018 May 131.9
2018 Apr 124.3
2018 Mar 138.5
2018 Feb 123.2
India had its driest June in five years due to a delay in monsoon rains, the weather department said late on Sunday, raising fears for crops and the broader economy. Overall, rains were a third below average, although in some states, including the sugar cane growing northern state of Uttar Pradesh, they were as much as 61 percent down, data from the India Meteorological Department (IMD) showed.
Over half of India’s arable land relies on rainfall, while agriculture makes up about 15% of Asia’s third-largest economy, which is already suffering a slowdown. The monsoon usually covers nearly the entire country by July 1, but has covered less than two-thirds so far this year, according to the IMD data. If the rains don’t improve over the next two to three weeks, India could face a crisis that hammers harvests and rural demand, analysts said. Companies supplying farmers with everything from tractors to consumer goods would be vulnerable.
The country is still recovering from a drought last year that ravaged crops, killed livestock, emptied reservoirs and drained water supplies to city dwellers and some industries. Rains first arrived in the southern state of Kerala a week late on June 8, but the developing Cyclone Vayu in the Arabian Sea drew moisture from the monsoon and weakened its progress.
June ended with 33 per cent of monsoon precipitation and over 78 per cent of meteorological subdivision recording “deficient” rainfall, according to the India Meteorological Department. However, monsoon is likely to become active this week. IMD’s Additional Director-General Mrutyunjay Mahapatra said formation of a low pressure in the Bay of Bengal will bring good rainfall to central India, including Odisha and parts of Rajasthan.
Parts of north India like Delhi, Punjab and Haryana may not benefit due to this low pressure area and it is unlikely that these states will get rainfall because of it, Mahapatra said. Private weather forecaster Skymet’s Managing Director Jatin Singh said monsoon surge is expected from June 30 to July 15 with a short break in between.
This spell would be a result of a low pressure area which is likely to form in the Bay of Bengal. Odisha, north coastal Andhra Pradesh, south Chhattisgarh, northern parts of Telangana, south Madhya Pradesh, Vidarbha region, parts of central Maharashtra, southwest Madhya Pradesh, south Rajasthan and Gujarat would benefit the maximum from this spell, he said. The official monsoon season in the country starts on June 1 and ends on September 30.
As of June 30, monsoon has reached almost the entire country, except a few parts of north India. It is yet to reach Delhi, Haryana, Himachal Pradesh and Jammu and Kashmir. Of the 36 meteorological subdivisions, 28 have recorded “deficient” rainfall, while two subdivisions recorded precipitation that was classified under the “large deficient” category.
Narendra Modi’s second term will be spent confronting some of the unintended consequences of his first. The Indian prime minister’s corruption crackdown went a long way to helping his Bharatiya Janata Party secure another five years in power. It also chastened tycoons and hurt private investment. A crisis of confidence now hovers over the $3 trillion economy.
Many executives cheered Modi’s efforts to clean up corporate India. These have included an effort to extradite beer baron Vijay Mallya from London to face fraud charges at home while preventing founders of other failing companies including Naresh Goyal at Jet Airways from going overseas. The trouble is that breaking up the cosy nexus between bankers, politicians, and tycoons is causing harm too.
The new industrial policy was ready by the end of the first term of the Modi government when Suresh Prabhu helmed the commerce and industry ministry; however, it was left to be announced after the general election, fearing its recommendations on labour reforms would have electoral repercussions. Incumbent commerce minister Piyush Goyal is said to have tweaked a few provisions in the policy after taking charge of the ministry.
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