Indian Economy News & Discussion - Nov 27 2017

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

Postby Krita » 27 Jun 2020 00:16


Projected volumes in a big auto company is estimated at 95 percent of pre-lockdown levels.
Only issue is manufacturing at same scale with social distancing norms of the govt.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby kit » 27 Jun 2020 00:37

https://orangenews9.com/boycott-chinese-goods-amidst-indo-china-face-off-the-authors-perspective/
(Brig (retd) GB Reddi)


What are the realities? China’s economic growth since the 1980s is unparalleled. Between 1960 and 1980, its share of global GDP increased from 1.1% to 1.2%. By 2018, China’s share of global GDP had increased to 13%. It is mostly based on export led growth.

However, trade by itself cannot hurt Chinese security interests due to its miniscule share. Most importantly, more than 50% of India’s imports from China are either capital or intermediate goods. Consumer goods, which are more likely to bear a Made in China label, have a share of less than 20%. So what? Import substitution is vital imperative for economic rise which depends on access to financial support, technology as well as export markets.

Viewed in a holistic contest, the possibility of an offensive on the economic front appears a distant prospect if considered from the narratives, discourses and debates in the media. In boxing parlance, it is “throwing the Towel into the Ring” by either the Coach or the Seconds outside the Ring conceding defeat of the boxer.

On the internal political front, the opposition parties are hell bent upon singing their “external masters diktat” and driving a wedge in the unity vital to overcome external aggression.

Despite such demoralizing overtones and odds, the “hard power” – the Armed Forces as the last bastion – is prepared to protect the “Sovereignty and Security” of the nation by valiantly wage war against Chinese PLA.


Ipso facto, the blame squarely falls on the political leadership of the nation over the last 73 years. All that the political leadership and parties have been repeatedly asserting to the “gullible masses or vote banks” is that the nation at the “cross-roads of realizing it full potential over the past 50 to 60 years; and, lately in the new millennium that the nation on the “Raising” course to become a great power.

Comparative analysis of global rankings of China and India from 1949 is highlighted for the readers to draw conclusions. One, on 01 October 1949, “People’s Republic China (PRC) emerged totally war ravaged after World War II followed by the revolution. Two, according to the World Bank in 1978, China’s GDP grew from $149.4 billion at 11th ranking and India’s GDP was $.137.3 billion at 12th ranking. And, Deng Xiaoping introduced the policy of “Four Great Modernizations”.

Three, by 1990, China’s GDP still was $360.86 at 11th ranking and India’s GDP was $320.98 at 12th ranking. Four, there was rapid change thereafter. In 2004, China’s GDP increased to $1955.35 at 6th ranking and India’s GDP was $709.15 at 12th ranking only. Five, ten years down the line in 2014 China’s GDP rose dramatically to $10,438.53 at 2nd ranking and India’s GDP was laggard at $2039.13 at 10th rank marginally improving from 12th ranking.

Now, in 2020, China Nominal GDP is $14.14 trillion at 2nd ranking and India’s GDP is India Nominal GDP: $2.94 trillion at 5th rank.

The comparative data clearly reveals that Indian economy growth remained sluggish until 2004. Even thereafter till 2014, India’s ranking marginally improving to 10th place. And in 2020, India’s ranking has moved to 5th rank. And, the target has been set to achieve US5trillion economy which due to economic recession on account of COVID-19 appears a Himalayan Challenge.

Thus, all the ruling parties are equally responsible and accountable for the “elephantine growth” until 2014.

Growth in two fields is recorded to provide a perspective between China and India. For example, in the electronic fields, the Electronics Corporation of India Limited (ECIL) was established under the Department of Atomic Energy, on April 11, 1967 at Hyderabad and credited with producing the first indigenous digital computers, TDC 312 and TDC 316, solid state TV, control and instrumentation for nuclear power plants and first earth station antenna of India, to create a strong indigenous base in electronics, has woefully remained a laggard in producing semi conductor chips and even consumer electronics.

Liberalization of India’s telecom industry was initiated in early 1990s. The Industry has grown over twenty times in just ten years, from under 37 million subscribers in the year 2001 to over 846 million subscribers in the year 2011, and 1.1514 billion at the end of December 2019. As of Dec 2019, India has the world’s second-largest mobile phone user base with over 1.1514 billion users

The Electronic component industry was valued at $ 13.5 bn in 2015; of which Electro-mechanical segment had the highest share at 30%. Passive and active segments handled 27% and 22% share, respectively, while the remaining market of 20% was handled by the Others segment. Nearly 70-80% of the electronic components market is imports-driven.

The government has placed electronics manufacturing on high priority with a major focus on initiatives such as Digital India, Make in India and supportive FDI policies to bolster electronic manufacturing. As a result, domestic production is expected to grow to $104 billion in 2020.



In contrast, it was only in 1998 that China created Ministry of Information Industry (MII) which restructured China Telecom into three parts: China Telecom (fixed-line), China Mobile (Mobile) and China Satcom (Satelite). Followed the second restructuring in 2002 geographically into north and south. Parallel to this double fission, the telecommunications division of the Ministry of Railways (MOR) established a new actor in 2000: China TieTong.

According to China Daily, 286.2 million personal computers (90.6% of the global supply), 1.77 billion phones (70.6% of global supply of smartphones) and 109 million units (80% of global supply of air conditioners) were produced in 2015. Today, China is the world’s largest manufacturer of mobile phones, computers and televisions, respectively producing over 90 percent, 90 percent and 70 percent of these devices in 2018.

China’s electronic information industry, like much of its economy, is both export-oriented and foreign capital-led. Top 10 Electronic companies include: Aigo, Haier, TCL, BBK Electronics, Huawe, Lenovo, OnePlus, Oppo, Vivo, and Xiaomi. The electronic information industry has grown three times faster than the national GDP growth rate and has grown faster than the machinery manufacturing and metallurgy industries.

Revenue for the Electric Component Manufacturing industry in China is expected to grow to total $302.6 billion.

Next, in the crude steel production from 1950 onward, both China and India were at the same level of about 1 MTPA capacity. By 2017, China achieved a remarkable steel output of 803.8 MTPA producing almost 50% of world steel. Its rise was mainly from 2000 onward. China imports iron ore from India also. In case of India, there has been slow but steady growth throughout the period. The Ministry of Steel aims to increase the steel production capacity to 300 million tons by 2030-31 from 134.6 million tons in 2017-2018.

Besides rich iron ore, there are 95 minerals produced by India – 4 fuel-related minerals, 10 metallic minerals, 23 non-metallic minerals, 3 atomic minerals and 55 minor minerals (bauxite, copper etc); but mostly exported instead of value addition to Japan, China and South Korea instead of producing both for export and domestic markets – loot and scoot of raw materials. India holds a fair advantage in cost of production and conversion costs in steel and alumina.

No wonder, India’s academic economic experts, particularly those in foreign countries, are harping on the present large scale dependence of imports from China and comparatively low exports to China justifying the continuation of trade relations having failed to ensure import substitution whilst they enjoyed prized posts to steer the economy. And, the industrial barons would toe their line at the cost of growth of domestic industries in all fields. For, they are only concerned with their profits and least concerned with national security interests.

In retrospect, “Fraudsters of Hindustan”, who were in the forefront of “looting and scooting” the nation, are squarely responsible and accountable for the current dismal state of the nation. Dismal have been the policies, strategies and processes of the past on the economy front. Self aggrandizement was the sole interest of political leaders; but not the society or national interests. Corruption since 1980 has engulfed the nation.

However, the blame also squarely rests with the “We the People” for regularly electing “Fraudsters” as their leaders to steer the course of the nation to realize its full potential. Even now it is never too late for “We the People” to send the “Dynasties, Neo Dynasties, Cronies, Criminals” masquerading as leaders to the dustbin of history.

Never late than ever, Modi-led NDA government must carry out pragmatic review of the economic scenario from short, mid and long terms views and stop promoting China’s national economy security interests at the cost of India’s economy security interests.

After all, why award contracts to Chinese firms to execute infrastructure projects when India has such heavy weights like L & T, GMR and others?


Similarly, there is vast scope available for domestic manufacturing to substitute Chinese imports in various fields and also for exports. Encourage and develop technology through indigenous innovation. Stop export of raw materials and ensure their exploitation by expanding capacities and encouraging setting up of additional capacities like steel production to reach 300 MTPA by 2025 instead of 2030. Similarly, fast pace growth in all other sectors shall be ultimate objective.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Ambar » 27 Jun 2020 04:22

Vadivel wrote:Experience of an Indian entrepreneur in China

I am the Vice President of a medium sized Indian corporate.

https://orangenews9.com/experience-of-a ... -in-china/


I don't doubt your experience in China. The scale, productivity and cost efficiency achieved by China is unparalleled including when compared to peak manufacturing and production in US and Europe during the late 19th and 20th centuries. The ease of doing business in countries like China or Vietnam or somewhere in the gulf compared to democracies is that the former have a single vision, and they have all the time and resources to dedicate towards making that vision a reality. Where as democracies need to worry about election cycles, state level politics, local politics, courts, environmental activists, labor unions etc which saddles the system and slows them down, this is especially true in a developing country like India where we have a very active and free first world democracy while also being third world developing country at the same time. China's had a great run for the last 35 years or so, now is its model of creating millions of human drones that are dedicated to creating nothing but cheap goods for rest of world sustainable or are the democracies that function based on consensus, environmental concerns, courts, labor rights etc better in the long run only time will tell. For now until rest of the world figures out a way to get rid of its addiction for cheap junk, China will continue to produce things at a scale and pace which will remain unmatched for a long time to come.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Rishirishi » 27 Jun 2020 05:52

kit wrote:https://orangenews9.com/boycott-chinese-goods-amidst-indo-china-face-off-the-authors-perspective/
(Brig (retd) GB Reddi)


What are the realities? China’s economic growth since the 1980s is unparalleled. Between 1960 and 1980, its share of global GDP increased from 1.1% to 1.2%. By 2018, China’s share of global GDP had increased to 13%. It is mostly based on export led growth.

However, trade by itself cannot hurt Chinese security interests due to its miniscule share. Most importantly, more than 50% of India’s imports from China are either capital or intermediate goods. Consumer goods, which are more likely to bear a Made in China label, have a share of less than 20%. So what? Import substitution is vital imperative for economic rise which depends on access to financial support, technology as well as export markets.

Viewed in a holistic contest, the possibility of an offensive on the economic front appears a distant prospect if considered from the narratives, discourses and debates in the media. In boxing parlance, it is “throwing the Towel into the Ring” by either the Coach or the Seconds outside the Ring conceding defeat of the boxer.

On the internal political front, the opposition parties are hell bent upon singing their “external masters diktat” and driving a wedge in the unity vital to overcome external aggression.

Despite such demoralizing overtones and odds, the “hard power” – the Armed Forces as the last bastion – is prepared to protect the “Sovereignty and Security” of the nation by valiantly wage war against Chinese PLA.


Ipso facto, the blame squarely falls on the political leadership of the nation over the last 73 years. All that the political leadership and parties have been repeatedly asserting to the “gullible masses or vote banks” is that the nation at the “cross-roads of realizing it full potential over the past 50 to 60 years; and, lately in the new millennium that the nation on the “Raising” course to become a great power.

Comparative analysis of global rankings of China and India from 1949 is highlighted for the readers to draw conclusions. One, on 01 October 1949, “People’s Republic China (PRC) emerged totally war ravaged after World War II followed by the revolution. Two, according to the World Bank in 1978, China’s GDP grew from $149.4 billion at 11th ranking and India’s GDP was $.137.3 billion at 12th ranking. And, Deng Xiaoping introduced the policy of “Four Great Modernizations”.

Three, by 1990, China’s GDP still was $360.86 at 11th ranking and India’s GDP was $320.98 at 12th ranking. Four, there was rapid change thereafter. In 2004, China’s GDP increased to $1955.35 at 6th ranking and India’s GDP was $709.15 at 12th ranking only. Five, ten years down the line in 2014 China’s GDP rose dramatically to $10,438.53 at 2nd ranking and India’s GDP was laggard at $2039.13 at 10th rank marginally improving from 12th ranking.

Now, in 2020, China Nominal GDP is $14.14 trillion at 2nd ranking and India’s GDP is India Nominal GDP: $2.94 trillion at 5th rank.

The comparative data clearly reveals that Indian economy growth remained sluggish until 2004. Even thereafter till 2014, India’s ranking marginally improving to 10th place. And in 2020, India’s ranking has moved to 5th rank. And, the target has been set to achieve US5trillion economy which due to economic recession on account of COVID-19 appears a Himalayan Challenge.

Thus, all the ruling parties are equally responsible and accountable for the “elephantine growth” until 2014.

Growth in two fields is recorded to provide a perspective between China and India. For example, in the electronic fields, the Electronics Corporation of India Limited (ECIL) was established under the Department of Atomic Energy, on April 11, 1967 at Hyderabad and credited with producing the first indigenous digital computers, TDC 312 and TDC 316, solid state TV, control and instrumentation for nuclear power plants and first earth station antenna of India, to create a strong indigenous base in electronics, has woefully remained a laggard in producing semi conductor chips and even consumer electronics.

Liberalization of India’s telecom industry was initiated in early 1990s. The Industry has grown over twenty times in just ten years, from under 37 million subscribers in the year 2001 to over 846 million subscribers in the year 2011, and 1.1514 billion at the end of December 2019. As of Dec 2019, India has the world’s second-largest mobile phone user base with over 1.1514 billion users

The Electronic component industry was valued at $ 13.5 bn in 2015; of which Electro-mechanical segment had the highest share at 30%. Passive and active segments handled 27% and 22% share, respectively, while the remaining market of 20% was handled by the Others segment. Nearly 70-80% of the electronic components market is imports-driven.

The government has placed electronics manufacturing on high priority with a major focus on initiatives such as Digital India, Make in India and supportive FDI policies to bolster electronic manufacturing. As a result, domestic production is expected to grow to $104 billion in 2020.



In contrast, it was only in 1998 that China created Ministry of Information Industry (MII) which restructured China Telecom into three parts: China Telecom (fixed-line), China Mobile (Mobile) and China Satcom (Satelite). Followed the second restructuring in 2002 geographically into north and south. Parallel to this double fission, the telecommunications division of the Ministry of Railways (MOR) established a new actor in 2000: China TieTong.

According to China Daily, 286.2 million personal computers (90.6% of the global supply), 1.77 billion phones (70.6% of global supply of smartphones) and 109 million units (80% of global supply of air conditioners) were produced in 2015. Today, China is the world’s largest manufacturer of mobile phones, computers and televisions, respectively producing over 90 percent, 90 percent and 70 percent of these devices in 2018.

China’s electronic information industry, like much of its economy, is both export-oriented and foreign capital-led. Top 10 Electronic companies include: Aigo, Haier, TCL, BBK Electronics, Huawe, Lenovo, OnePlus, Oppo, Vivo, and Xiaomi. The electronic information industry has grown three times faster than the national GDP growth rate and has grown faster than the machinery manufacturing and metallurgy industries.

Revenue for the Electric Component Manufacturing industry in China is expected to grow to total $302.6 billion.

Next, in the crude steel production from 1950 onward, both China and India were at the same level of about 1 MTPA capacity. By 2017, China achieved a remarkable steel output of 803.8 MTPA producing almost 50% of world steel. Its rise was mainly from 2000 onward. China imports iron ore from India also. In case of India, there has been slow but steady growth throughout the period. The Ministry of Steel aims to increase the steel production capacity to 300 million tons by 2030-31 from 134.6 million tons in 2017-2018.

Besides rich iron ore, there are 95 minerals produced by India – 4 fuel-related minerals, 10 metallic minerals, 23 non-metallic minerals, 3 atomic minerals and 55 minor minerals (bauxite, copper etc); but mostly exported instead of value addition to Japan, China and South Korea instead of producing both for export and domestic markets – loot and scoot of raw materials. India holds a fair advantage in cost of production and conversion costs in steel and alumina.

No wonder, India’s academic economic experts, particularly those in foreign countries, are harping on the present large scale dependence of imports from China and comparatively low exports to China justifying the continuation of trade relations having failed to ensure import substitution whilst they enjoyed prized posts to steer the economy. And, the industrial barons would toe their line at the cost of growth of domestic industries in all fields. For, they are only concerned with their profits and least concerned with national security interests.

In retrospect, “Fraudsters of Hindustan”, who were in the forefront of “looting and scooting” the nation, are squarely responsible and accountable for the current dismal state of the nation. Dismal have been the policies, strategies and processes of the past on the economy front. Self aggrandizement was the sole interest of political leaders; but not the society or national interests. Corruption since 1980 has engulfed the nation.

However, the blame also squarely rests with the “We the People” for regularly electing “Fraudsters” as their leaders to steer the course of the nation to realize its full potential. Even now it is never too late for “We the People” to send the “Dynasties, Neo Dynasties, Cronies, Criminals” masquerading as leaders to the dustbin of history.

Never late than ever, Modi-led NDA government must carry out pragmatic review of the economic scenario from short, mid and long terms views and stop promoting China’s national economy security interests at the cost of India’s economy security interests.

After all, why award contracts to Chinese firms to execute infrastructure projects when India has such heavy weights like L & T, GMR and others?


Similarly, there is vast scope available for domestic manufacturing to substitute Chinese imports in various fields and also for exports. Encourage and develop technology through indigenous innovation. Stop export of raw materials and ensure their exploitation by expanding capacities and encouraging setting up of additional capacities like steel production to reach 300 MTPA by 2025 instead of 2030. Similarly, fast pace growth in all other sectors shall be ultimate objective.


I think the main important thing was missed out. That is the role Hong Kong and Taiwan has played. They together with Japan and South Korea pioneered the export lead growth model. Thousand of Hong Kong and Taiwan factories moved to China in a very short timeframe, becase they were all the same people. China had a good path they could follow.

India has done pretty well also, and been one of the fastest growing economies of the world. I visit India every 2-3 years and can feel the difference every time. Who had AC in the 90's ? now every one has them. Look at any tourist spot. it will be full of lower middle class people who could never afford to take an holiday.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Mollick.R » 27 Jun 2020 17:27

[quote="Mollick.R"]This is bigggggg, strategically as big as demonetization.
Looks like finally Govt decided to bite the bullet & used its sledgehammer :D :D :D

Cooperative banks brought under RBI supervision
BY GULVEEN, ET BUREAU | UPDATED: JUN 25, 2020, 07.31 AM IST

NEW DELHI: The Cabinet on Wednesday approved a slew of proposals, including an ordinance bringing cooperative banks under supervisory powers of the Reserve Bank of India and a Rs 1,542-crore interest subvention scheme in micro loans.
.
.
.
COOPERATIVE BANKS
Following the cabinet decision, 1,482 urban cooperative banks and 58 multi-state cooperative banks will come under the central bank’s oversight, which would mean tighter supervision.

RBI’s powers on scheduled banks would be hence applicable on cooperative banks as well. “The decision to bring 1,540 cooperative banks under RBI's supervision will give an assurance to more than 8.6 crore depositors in these banks that their money amounting to Rs 4.84 lakh crore will stay safe,” Union minister Prakash Javadekar said. The banks will come under RBI supervision with immediate effect from date of President’s approval on the ordinance.

Cooperative banks had for a long been a weak link in the financial system because of lack of adequate oversight. While RBI has been regulating and supervising banking functions, primary oversight has been with the registrar of societies. The Union cabinet had in February this year approved amendment to the Banking Regulation Act to bring cooperative banks under the RBI. The ordinance will implement provisions immediately while law is amended in Parliament.The proposal had been announced in the budget this year.


................

https://economictimes.indiatimes.com/industry/banking/finance/banking/cooperative-banks-to-be-brought-under-rbi-supervision/articleshow/76554428.cms


Sorry for Ref to old news article (6th feb 2020), this is the current one News Article i wanted to quote.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Mollick.R » 27 Jun 2020 17:31

President promulgates ordinance to bring co-operative banks under RBI supervision
PTI|Last Updated: Jun 27, 2020, 10.52 AM IST

New Delhi: President Ram Nath Kovind has promulgated the Banking Regulation (Amendment) Ordinance, 2020 to bring all urban cooperative banks and multi-state cooperative banks under the supervision of the RBI in order to protect the interest of depositors.

The Ordinance amends the Banking Regulation Act, 1949 as applicable to cooperative banks, an official statement said on Saturday.

"The Ordinance seeks to protect the interests of depositors and strengthen cooperative banks by improving governance and oversight by extending powers already available with RBI in respect of other banks to Co-operative Banks as well for sound banking regulation, and by ensuring professionalism and enabling their access to capital," it said.

The amendments do not affect existing powers of the State Registrars of Co-operative Societies under state co-operative laws, it added.

The amendments also do not apply to Primary Agricultural Credit Societies (PACS) or co-operative societies whose primary object and principal business is long-term finance for agricultural development, and which do not use the words "bank", "banker" or "banking" and do not act as drawees of cheques, it said.

"The Ordinance also amends Section 45 of the Banking Regulation Act, to enable making of a scheme of reconstruction or amalgamation of a banking company for protecting the interest of the public, depositors and the banking system and for securing its proper management, even without making an order of moratorium, so as to avoid disruption of the financial system," it said.

There are 1,482 urban cooperative banks and 58 multi-state cooperative banks having about 8.6 crore depositors with total savings deposit of about Rs 4.85 lakh crore.

The decision assumes significance in the wake of scams in cooperative banks, including the Punjab and Maharashtra Cooperative (PMC) Bank, affecting lakhs of customers who are facing difficulty in withdrawing their money due to restrictions imposed by the Reserve Bank of India (RBI).


https://economictimes.indiatimes.com/industry/banking/finance/banking/president-promulgates-ordinance-to-bring-co-operative-banks-under-rbi-supervision/articleshow/76656891.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Mollick.R » 27 Jun 2020 17:32

Hope RBI has enough manpower to handle additional workload............................

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby disha » 27 Jun 2020 23:51

https://swarajyamag.com/economy/rural-india-is-leading-revival-of-indian-economy-during-covid-19-crisis-heres-how-it-is-happening

The additional cash flow in the rural areas has helped tractor sales recover. During May, tractor sales across the country increased four per cent with companies such as Sonalika registering a 17 per cent rise in sales.

The buoyancy in the rural economy is also reflected by the fastest growth in seven years in sales of seeds this year.

Besides these, the spending by the Modi government under the rural employment or Mahatma Gandhi National Rural Employment Scheme (MNRES) has resulted in higher liquidity.

Ministry of Agriculture’s Sanjay Agarwal feels that rural India would be the driving factor of Indian economy post-coronavirus.

His views are supplemented by Hero Motor Corp Chairman Pawan K Munjal, who says that his company expects a strong revival in the coming months.


From CNBC interview of Hero Motor Corp


"Our engines are revving and we are sprinting ahead. We expect a strong demand revival in the coming months"

@HeroMotoCorp Chairman @pawankmunjal in a freewheeling chat with @parikshitl


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Re: Indian Economy News & Discussion - Nov 27 2017

Postby mukkan » 28 Jun 2020 21:20

Deleted
Last edited by Suraj on 28 Jun 2020 23:30, edited 1 time in total.
Reason: Political discussions go in the politics thread.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Vips » 29 Jun 2020 02:56

Aadhaar-based farmer database in the works.

The Centre plans to digitise all its farm-oriented schemes and ensure farmers are paid procurement prices directly, by launching an Aadhaar-based database that will also map landholdings of beneficiaries, said officials. In the first phase, the database will have details of 50 million farmers across nine states, they said.

“The database, to be completed by June 30, will have satellite imaging of individual farm land so that farmers may be provided advisories based on the kind of land they possess and the crop they grow,” said Vivek Agarwal, joint secretary of newly created Digital Agriculture Division.

Agarwal, also the CEO of PM-Kisan scheme, said the database may be shared with farm technology companies for developing innovative solutions to increase productivity. The database will also help ensure direct benefit transfer (DBT) in the bank accounts of authentic farmers

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby mukkan » 29 Jun 2020 03:41

Can someone explain how economic policies in a democracy can be discussed without discussing politics? Any economic policy is directly linked to politics. There is no implementation of economic policies without thinking of the political impact for the ruling party.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 29 Jun 2020 09:22

mukkan wrote:Can someone explain how economic policies in a democracy can be discussed without discussing politics? Any economic policy is directly linked to politics. There is no implementation of economic policies without thinking of the political impact for the ruling party.

This thread has always separated the two because latitude to discuss politics will turn it into a politics thread. This thread is also one of the most heavily viewed and widely commented on ones on the forum, and this has been the case for 15+ years now, so it’s very much possible to accomplish.

Posters need to figure out how to separate the politics from political economy and focus on just the economic aspects of a discussion for posts here. It’s not hard; if it were, this thread would not get the traction it does.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vinod » 29 Jun 2020 16:38

Post COVID, Indian govt will have to kick start the economy. I hope they increase the spending by doing the following
1. Increase the defence budget specifically for local produce. It doesn't matter whether defence forces like it or not. They are getting the local stuff! This should be done by both private and public industries. Just need to identify few products that can be manufactored locally as much as possible. Given our China stand-off this should be easier to push through.
2. Increase spending on heath. Refurbish all the govt hospitals. Bring select few to international standards. Again use, local supplies only.
3. Increase spending on education. Refurbish all govt schools and universities. High tech govt schools should be done.

Improved spending on other infrastructure projects can be done. But I think above 3 are the ones that are most long lasting ones as a modi govt legacy!

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vimal » 30 Jun 2020 10:32

https://www.bloomberg.com/news/articles ... nflows-oil

The Toughest Times May Be Over for Asia’s Worst-Performing Currency


India’s rupee, this year’s worst-performing currency in Asia, may finally be ready to join the recovery seen in emerging markets.

The rupee may strengthen to 75 per dollar by the end of December, an advance of about 1% from 75.5650 at 11:20 a.m. in Mumbai on Monday, according to a Bloomberg survey. The currency has dropped 5.6% so far in 2020.

The prospect of a rare current-account surplus following robust foreign inflows and the global oil-price collapse will help nudge the rupee higher, according to Barclays Plc and Scotiabank. A mild improvement in India’s dominant services sector and trade data in May after the gradual easing of the world’s strictest lockdown also bodes well for future flows into local assets.

“The inflows picture has turned hugely positive for the rupee, with many companies attracting foreign interest,” said Sajal Gupta, head of foreign exchange at Edelweiss Securities Pvt. in Mumbai. The rupee may climb to as high as 72 by end of the year, he said, implying a gain of about 5%.


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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Mollick.R » 30 Jun 2020 11:43

Gen. Zhao Zongqi & Xi has given the sleeping tiger the nudge it needed exactly for acting boldly and in a well planned , well synchronized & collective manner. It seems that one by one govt is pulling out all arrows from its Quiver...........
Good days coming for Indian Manufacturing.............


Govt may license import of ACs, TVs to check shipments
TNN | Jun 30, 2020, 06.43 AM IST

NEW DELHI: The government is looking to license the import of 10-12 items, including air conditioners and several of its components, and parts of television sets as it discourages the entry of foreign goods into the country, especially those from China.
While work on licensing of products had started a few months ago, with agarbatti and tyres being among the initial set of items along with palm oil, the list has expanded in recent weeks as tension on the Ladakh border escalated, government sources told TOI.
The focus on reducing import of products such as air conditioners and its components is also part of an exercise to boost domestic production of around a dozen items. While imports can be regulated in multiple ways — including an increase in customs duty and putting in place barriers such as technical standards — licensing and allowing entry of specific goods only from designated ports are being discussed.

Unlike duty hikes, which are across the board, licensing can allow for import from select countries. Similarly, entry through designated ports helps monitor the goods better without holding up entry of all items.
Air conditioners, along with steel, aluminum, footwear, potato and oranges, is among the initial set of items where local manufacturing is proposed to be incentivised with another dozen items, including lithium ion batteries, antibiotics, petrochemicals, auto and mobile parts, toys, sports goods, TV sets, solar equipment and electronics integrated circuits, added to the list by the commerce and industry ministry, which is overseeing the process.


Sources said the Directorate General of Foreign Trade has been asked to look at a set of goods where the licensing option can be exercised with ACs being among the first set of items. During a recent presentation before commerce and industry minister Piyush Goyal, a group of CEOs and industry representatives headed by Mahindra & Mahindra managing director Pawan Goenka had pointed to the need for import restrictions through higher duties apart from several measures.

A group comprising Panasonic MD Manish Sharma had worked on the initial set of proposals as the government realised that nearly a third of the 7 million air conditioners were being imported, with the rest being assembled in the country. Within the assembled category, nearly 90% of the compressors were being imported from China and Thailand.

In case of TV sets, the main hurdle is the absence of fabrication facility in the country and recent increase in import duty has pushed companies such as Samsung to import from Vietnam by taking advantage of India’s free trade agreement with Asean countries.


Times of India Link.

https://timesofindia.indiatimes.com/business/india-business/govt-may-license-import-of-acs-tvs-to-check-shipments/articleshow/76701178.cms

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vimal » 30 Jun 2020 11:50

Time to rescind the FTA with ASEAN. These guys are pests.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Mollick.R » 30 Jun 2020 12:08

vimal wrote:Time to rescind the FTA with ASEAN. These guys are pests.


Vietnam & Thailand is milking FTA agreements with India to the best. In fact Vietnam can be considered as team B of china. Majority of their manufacturing or screwdriver giri facilities are owned by mainland (Han) Chinese businessman or Vietnamese citizens with Chinese lineage.

PM Modi to review FTAs this week; CEA to make presentation
By Kirtika Suneja, ET Bureau |Updated: June 29, 2020, 11.06PM IST

The meeting assumes significance because China is suspected to route goods through other countries, taking advantage of the trade pacts.

Article is behind paywall


https://economictimes.indiatimes.com/news/economy/foreign-trade/pm-modi-to-review-ftas-this-week-cea-to-make-presentation/primeshow/76697736.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vimal » 30 Jun 2020 18:49

Hopefully the new GoI policy will prevent such rubbermarked goods from evading taxes.


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Re: Indian Economy News & Discussion - Nov 27 2017

Postby nachiket » 30 Jun 2020 23:24

vimal wrote:The rupee may strengthen to 75 per dollar by the end of December, an advance of about 1% from 75.5650 at 11:20 a.m. in Mumbai on Monday, according to a Bloomberg survey. The currency has dropped 5.6% so far in 2020.

“The inflows picture has turned hugely positive for the rupee, with many companies attracting foreign interest,” said Sajal Gupta, head of foreign exchange at Edelweiss Securities Pvt. in Mumbai. The rupee may climb to as high as 72 by end of the year, he said, implying a gain of about 5%.


Yeah, not if the RBI has anything to say about it. Keep in mind that our forex reserves were steadily rising to over $500bn while the Rupee was continuing to be the worst performing currency.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vimal » 01 Jul 2020 03:06

I dont understand the mechanism of forex that well but isn't a weak rupee better for exporting nation. With falling imports and cheap oil, keeping the rupee weak makes sense to my layman sense but gurus may correct me here.


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Re: Indian Economy News & Discussion - Nov 27 2017

Postby chaitanya » 01 Jul 2020 22:16

Manufacturing contraction seems to be easing: June Manufacturing PMI is at 47.2, up from 30.8 in May. Article

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 01 Jul 2020 23:23

India records quarterly current account surplus for first time in 13 years
India's current account turned positive in the last quarter of the 2019/20 fiscal year as a result of a lower trade deficit and a sharp rise in net invisible receipts, the Reserve Bank of India said on Tuesday, the first quarterly surplus in 13 years.

The current account recorded a surplus of $600 million or 0.1% of Indian gross domestic product in the three months to March 2020 compared to a deficit of 0.7% in the same period a year ago, RBI data showed.

This represents the first time that India's quarterly current account, which measures the difference between the value of a country's imported and exported goods and services, has recorded a surplus since the January-March quarter of 2007.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 02 Jul 2020 22:39

GST collections rebound to almost 91K crore in June, not far from the 97K crore in March when the lockdown began.
June GST collections stand at Rs 90,917 crore
Image

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Vips » 03 Jul 2020 03:43

SAIL records highest ever sales in June.

Steel Authority of India Limited (SAIL) achieved its highest-ever June sales during June’20. Domestic sales and export stood at 12.77 Lakh tonne, a jump of more than 18% over the corresponding period last year (CPLY). In June’20, the company also recorded its highest-ever exports for any month. It exported 3.4 lakh tonne steel during this period.

It also achieved the best ever June dispatches of Rails to the Indian Railways in June’20.

Incidentally, for the first time in the country, SAIL flagged off the first rake of R-260 grade Vanadium alloyed high strength 260 meter rails to the Indian Railways, capable of delivering higher speed and bearing higher axle load. In addition, SAIL has also sold 42 thousand tonne of Pig Iron during June 2020.

Commenting on the performance, Union Minister of Petroleum & Natural Gas and Steel Dharmendra Pradhan said: “Record June sales and exports by SAIL is indicative of the buoyancy and sharp recovery our economy is witnessing."

SAIL chairman, Anil Kumar Chaudhary said: “The Nation has entered into Unlock 2 phase and gradually the pace of industrial activities has started picking up. The market is looking up along with the consumption and SAIL is geared up to leverage all its potential to domestic demand."

At the same time, avenues in export market have also opened up and SAIL is relentlessly working to meet the demand generating from the new vistas, he added.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby vijayk » 03 Jul 2020 21:22


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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Mollick.R » 04 Jul 2020 14:30

X-Post from Achievement Tracking Thread...

Companies Act reforms amid Covid-19: A primer

ET CONTRIBUTORS|Last Updated: Jul 04, 2020, 11.45 AM IST

By Dheeraj Nair, Angad Baxi & Vishrutyi Sahni

The Central Government’s final tranche of COVID-19 economic packages included numerous reforms for the corporate sector, to facilitate self-reliance and ease of living for domestic corporations.

These recommendations originally constituted the Cabinet-approved “Companies Amendment Bill, 2020”, tabled in the Lok Sabha session of March 2020. The Government is now expediting these amendments, by promulgating an ordinance, as an economic measure.

The announcement only highlights some aspects of the Bill, perhaps intentionally illustrative in nature, but the expectation is the entirety of the Bill may be given full effect as an ordinance.

Direct listing in foreign jurisdictions
India does not currently permit direct listing on foreign stock exchanges by domestic corporations and, reciprocally, neither are foreign companies allowed to directly list their equity shares on Indian stock exchanges. Depository receipts are the only permissible method for Indian companies to raise capital abroad.

The Bill introduces a regime of direct listing of securities of domestic public corporations in certain foreign jurisdictions, thereby allowing domestic corporations to access a larger pool of capital. This is particularly beneficial for startups and specialized sectors, such as technology, which are always looking to raise capital from open markets, and can now do so without expanding or migrating to other jurisdictions.

Decriminalization of offences
The Bill proposes decriminalization of penal provisions of the Companies Act, 2013 (“Act”), particularly provisions that are minor, technical, and lack subjective determination. This amendment has gained prominence due to its wide-ranging applicability to all corporations and key managerial personnel. The Bill attempts to introduce this reform by the following mechanism:

    Re-categorization of 23 compoundable offences to In-house Adjudication Mechanism of Adjudicating Officers with appeals lying before the Regional Director.
    Omission of the 7 compoundable offences from the penal regime.
    Limiting 11 compoundable offences to fines only.
    Alternate framework for 5 offences.
    Penalties for certain companies (One-Person Companies, Small Companies, Startup Companies, or Producer Companies) to be one-half of the penalty specified in the respective provisions, subject to a maximum of Rs 2 lakh in case of a company and Rs 1 lakh in case of individual or default officer.

This recommendation marks the second attempt of the Government to decriminalize the Act, the first being the Companies (Amendment) Act, 2019.

Corporate Social Responsibility (CSR)
Currently, any company with net worth of Rs 500 crore or turnover of Rs 1000 crore or net profit of Rs 5 crore or more in the last three financial years is required to spend 2% of its average net profit towards its CSR policy and set up a CSR Committee.

The Bill now allows eligible companies, whose spending exceeds their CSR obligation in a financial year, to set off the excess amount towards their CSR obligations in subsequent financial years. The Bill also introduces an exemption from constituting a CSR Committee for companies with a CSR obligation of less than Rs 50 lakh.

Exclusion from listed companies
Under the present regime, a “listed company” would also include private companies that choose to list their debt securities on stock exchanges, without listing their shares, and still be subject to the rigours of statutory compliances, thus discouraging private companies from listing debt securities. To incentivize private company listing, the Bill contemplates exclusion of companies issuing specified classes of securities from the definition of “listed company”.

Producer Companies
The erstwhile Companies Act, 1956 introduced Chapter-IXA to regulate the agrarian economy; however, the same is not part of the new Act. The CLC Report defines a Producer Company as a "body corporate comprising farmers and agriculturalists who work in cooperation with each other to promote better standards of living and gain easier access to credit, technology, market, etc".

Taking a cue therefrom, the Bill postulates insertion of Chapter-XXIA in the Act, to provide a framework for classification of Producer Companies and relaxations and benefits extended thereto, akin to the 1956 Act. These would include conducting meetings, memberships, and maintenance of accounts, etc.

Exemptions from filing resolutions
The Act currently requires a company to file copies of board resolutions passed in respect of granting loans, security, and guarantees. This requirement was relaxed for banking companies vide the Companies Act (Amendment), 2017. However, non-banking financial companies (NBFC) and housing finance companies (HFC) were never extended these exemptions, despite being engaged in conducting regular lending activities, and they remained obligated to file resolutions that impacted the confidentiality of lending agreements.

Therefore, the Bill seeks to further extend the exemption to NBFCs and HFCs, in accordance with prescribed Central Government rules.

Beneficial shareholding
The Act defines “beneficial interest” as a person holding at least 10% shares in a company or exercising significant influence. A person with beneficial interest is required to make a declaration of interest in a company. The Bill empowers the Central Government to exempt any person from complying with these requirements, if it is deemed in the interest of the public.

Benches of National Company Law Appellate Tribunal (NCLAT)
The Bill seeks to set up NCLAT benches in places other than Delhi. The Central Government has announced the constitution of a NCLAT in Chennai, with effect from March 18, 2020, with jurisdiction over Andhra Pradesh, Karnataka, Kerala, Lakshadweep, Puducherry, Tamil Nadu, and Telangana. This is certainly a positive move to ensure litigants easier access to the Appellate Tribunal and help to reduce the backlog of cases.

Conclusion
These reforms were needed much earlier, rather than being spurred by a pandemic. Nevertheless, better late than never! For example, a permissible list of equities in international markets will help raise funds and provide competitive standing for Indian companies in the global market. These are extraordinary times when such economic measures will boost the confidence of companies currently facing financial, human resource, supply chain, and compliance difficulties.

(Dheeraj Nair is Partner, Angad Baxi and Vishrutyi Sahni are Associates, at J Sagar Associates.)


ECONOMIC TIMES OF INDIA NEW ARTICLE LINK
https://economictimes.indiatimes.com/small-biz/legal/companies-act-reforms-amid-covid-19-a-primer/articleshow/76781817.cms

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Mollick.R » 04 Jul 2020 14:34

X-Post from Achievement Tracking Thread...

16 States Give Go-Ahead To Centre's Agriculture Reforms; APMCs To Co-Exist With New Farm Produce Trading Platforms

by M R Subramani-Jun 30, 2020 11:53 AM

At least 16 States have issued circulars to implement the Centre’s three Ordinances on agricultural reforms, though it is not necessary for them to issue such circulars, according to Union Ministry of Agriculture and Farmers Welfare Secretary Sanjay Agarwal.

“As such, the Ordinances are self-contained and do not need the State circulars. The Ordinances have been promulgated as part of Trade and Commerce and the Concurrent list,” Agarwal told two separate webinars hosted by Agribazaar and CEOs India Forum.

On 5 June, the Narendra Modi government promulgated three Ordinances to usher in reforms in Indian agriculture that are seen even more crucial that the 1991 economic reforms of the P V Narasimha Rao government.

While one of the Ordinances allows farmers to sell their produce anywhere in the country as part of “one country one market”, the second Ordinance removes the ceiling on storage of commodities.

The removal of the ceiling will help processors and industrial users to buy and store farm commodities without any fear during the peak arrival season. There are two benefits from this move.

One, farmers' produce will be bought by processors and users without any problem.

Two, growers need not worry about their produce being bought during peak harvest season as in earlier times, they were forced to resort to distress sale to third parties.

The third Ordinance allows contract farming of agricultural commodities with the user and grower entering into a formal agreement even before planting begins.

Agarwal said that Agricultural Produce Marketing Committee (APMC) yards or physical mandis (markets) would not be touched by the Centre’s Ordinance to allow farmers to sell their products anywhere across the country.

“APMCs, mandis, silos or private bazaars can co-exist with the new trade area (new platform) that would come up following the Ordinance on the Farmers’ Produce Trade and Commerce (Promotion and Facilitation),” Agarwal said.

Anyone can come forward and set up a trade area provided he/she has a permanent account number (PAN) registered with the Income Tax Department.

“We have not come up with any condition or rules on setting up a trade area. There are no restrictions nor licence is required even for e-trading,” the Agriculture and Farmers Welfare Ministry Secretary said.

The Government would watch the trade area evolve and intervene or interfere with rules and regulations only if necessary.

The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Ordinance has a provision for the Centre to develop a price information and market intelligence system for agricultural produce.

As part of this, the Agricultural Marketing Information System (Agmarknet), which provides data of prices of various agricultural produce in all physical markets in the country, will be integrated with the electronic National Agricultural Market (eNAM) from 1 July, Agarwal said.

Stating that eNam had grown over the years, he said the volume on the electronic platform has touched Rs one lakh crore. However, no priority will be given to eNAM as private agricultural marketing trade areas will run parallel to it.

As part of its agricultural reforms, the Centre would want at least 10,000 Farmers Producers Organisations (FPOs) to come up. “These FPOs can become aggregators of agricultural products and in turn will help farmers become businessmen,” Agarwal said.

The Centre will also change the regulations for Warehousing Development and Regulatory Authority to allow village level storages to come up. Such a step will also bring in much needed private investment in storage systems.

On fears raised by some industrial users on the reimposition of stock limits for essential items, the Agricultural and Farmers’ Welfare Secretary said that it would not apply to value-addition export and industrial units.

“It will mainly apply to wholesale traders only,” he said.

The Modi government is going all out to ensure that the agricultural reforms it has announced as part of the Rs 20 lakh crore Atmanirbhar Bharat Abhiyan yields the desired results.

Towards this end, almost all bureaucrats concerned with farmers welfare are taking part in webinars being organised by private and public institutions. The Agribazaar and CEO Forums Webinars witnessed, apart from Agarwal, the participation of Food Processing Industries Secretary Pushpa Subramaniam, Department of Animal Husbandry Secretary Atul Chaturvedi and Department of Fisheries Secretary Rajeev Ranjan.

Both webinars saw the participation of over 3,000 persons, including corporate representatives such as S Shivkumar of ITC, Balram Singh Yadav of Godrej and foreign investors such as Temasek and UK government’s CDC Group.


Swarajyamag Link
https://swarajyamag.com/economy/16-states-give-go-ahead-to-centres-agriculture-reforms-apmcs-to-co-exist-with-new-farm-produce-trading-platforms

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Suraj » 04 Jul 2020 21:23

There’s quite a lot of significant reforms happening that aren’t getting adequate coverage and analysis either here or in MSM . Thanks for posting that .

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Mollick.R » 07 Jul 2020 11:36

X-Post from Achievement Tracking Thread...

India climbs to 34th spot in Global Real Estate Transparency Index as regulatory reforms show results

The progress in the country’s REIT framework, enhanced market data and sustainability initiatives has pushed India’s ranking to 34th position in JLL and LaSalle’s biennial Global Real Estate Transparency Index (GRETI).

India's rank has improved by five notches from 39 to 34 since the last six years from 2014 until 2020.

India has also edged into the top 20 for Sustainability Transparency through the role of organisations like the Indian Green Building Council and Green Rating for Integrated Habitat Assessment, the report said.


The impact of key reforms and steady improvement in Indian real estate has enthused global investors. Institutional investments created a new benchmark of 5 billion dollars annually in last three years.
The government’s objective of providing ‘Housing for all’ by 2022 is being achieved through regulatory and fiscal incentives as well as providing tax benefits to sovereign wealth funds for investments in affordable housing.

Within the realty sector, key structural reforms such as the Real Estate Regulation and Development Act 2016 (RERA), GST, Benami Transaction Prohibition (Amendment) Act, 2016, Insolvency and Bankruptcy Code, digitization of land records have brought about greater transparency in what was an erstwhile largely unregulated sector a few years back.

The 2020 Index is launched at a time of massive economic and societal disruption where the need for transparent processes, accurate and timely data and high ethical standards are in closer focus.

The backdrop of COVID-19 is also ensuring that transparency within Asia Pacific’s real estate legal and regulatory systems is more important than ever to global investors as they look to deploy approximately $40 billion in dry powder capital into the region.

“India has seen a steady improvement in the Global Transparency Index over the years. In fact, along with Indonesia, Philippines and Vietnam, we are among the handful of countries that have seen the maximum improvement owing to positive governmental support and an enhanced ecosystem of transparency. In particular, the national REIT framework has been a major contributor to transparency in India, and with ongoing progress and governance, will continue to attract more interest from institutional investors,” said Ramesh Nair, CEO and Country Head (India) JLL.
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Emerging markets have shown the greatest advancement in the Index, with six Asia Pacific markets – Mainland China (32nd), Thailand (33rd), India (34th), Indonesia (40th), Philippines (44th) and Vietnam (56th) – among the top 10 biggest improvers globally. Mature markets such as Australia (3rd) and New Zealand (6th) have maintained their positions near the top of the global ranking.

Over the last decade, India has shown promising developments and is now at the cusp of being ‘Transparent’ within the GRETI 2020 rankings. At the same time, India’s rank in World Bank’s ‘Ease of Doing Business Ranking’ improved significantly from 142 in 2014 to 63 in 2019.

Another key driver of transparency is the volume of real estate market data now available due to the growing adoption of Proptech platforms, digital tools and “big data” techniques.
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JLL and LaSalle have been tracking real estate transparency since 1999. This 11th edition of GRETI covers 99 countries and territories, and 163 city regions. This latest survey has been extended to quantify 210 separate elements of transparency, with additional coverage on sustainability and resilience, health and wellness, proptech and alternatives sectors.
First Published on Jul 7, 2020 09:05 am

MoneyControl Link......

https://www.moneycontrol.com/news/business/real-estate/india-climbs-to-34th-spot-in-global-real-estate-transparency-index-as-regulatory-reforms-show-results-5515631.html

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Rishi_Tri » 07 Jul 2020 12:09

Mollick.R wrote:
vimal wrote:Time to rescind the FTA with ASEAN. These guys are pests.


Vietnam & Thailand is milking FTA agreements with India to the best. In fact Vietnam can be considered as team B of china. Majority of their manufacturing or screwdriver giri facilities are owned by mainland (Han) Chinese businessman or Vietnamese citizens with Chinese lineage.

PM Modi to review FTAs this week; CEA to make presentation
By Kirtika Suneja, ET Bureau |Updated: June 29, 2020, 11.06PM IST

The meeting assumes significance because China is suspected to route goods through other countries, taking advantage of the trade pacts.

Article is behind paywall


https://economictimes.indiatimes.com/news/economy/foreign-trade/pm-modi-to-review-ftas-this-week-cea-to-make-presentation/primeshow/76697736.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23


It took a Health Crisis for Government of India to wake up to the absolute disaster that happened across manufacturing in India over last ten years and accelerated over last five years. Across all segments .. Micro, Small, Medium, Large...

Just two examples:

1. I still can't wrap my mind round the fact that Indian Supermarkets sell shady Made In China crockey, mugs, glass items when Firozabad in Uttar Pradesh was the biggest glass / ceramic making center in the whole world.

2. Or that, numerous Small and Medium manufacturers in Delhi made high class furniture and sold in Markets such as Panchkuian Road. In fact, Panchkuian road transformed from a market for good Made in India Furniture to a shady destination for Cheap Chinese stuff.

Economics does not explain this. Only a sinister design to hollow out India from inside does.

This piecemeal approach of selective licences won't work. It has to be complete ban on Non High Tech, Non Essential Items. Otherwise you create another route to be exploited.

I so wish, PM Modi had better advisors. We won't have lost five years or approx $ 500 BN gifted to China / South East Asia.

Anyhow, as is Said: Subah ka Bhoola Shaam ko Ghar Aa Jaye, to Use Bhoola Nahi Kehte. .. or .. Stitch in Time, Saves Nine.

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Mollick.R » 07 Jul 2020 12:26

In the social media (Short Video Format) app space, I can see a new Josh & spark lit up within 10 days. Previously this space was filled up only with pessimism & "Hum/Tum se naa ho payega" syndrome. Ban of 59 Chinese apps by GOI has charged up the moral (& business case) of the desi developers. Hope some at least moderately successful products comes out & sustains in market for long run.

China banned Goggle, Facebook , Twitter to its 140 cr population market & built domestic giants like BAT (Baidu, Alibaba, Tencent), which has now respectable size, tech manpower base & product rolled on as well as on pipeline.
Hope this ban of Chinese app stays at least for 5 year (If not for perpetual)

The race to build an Indian social network

10 min read . Updated: 07 Jul 2020, 08:15 AM IST // Prasid Banerjee
NEW DELHI : Over the past three months, home-grown variants of short-video social networking apps have cruised through some unusual times. Border tensions and #BoycottChina campaigns had already resulted in a steady uptick in their user base. And then came the ban on 59 Chinese apps on the evening of 29 June, which targeted TikTok, Helo, Vigo Video and Bigo Live, among others.

By 9pm that evening, merely an hour after the announcement which hadn’t even come into effect yet, hourly installations spiked, with 300,000 to 400,000 people downloading the app every hour, according to Sumit Ghosh of Chingari, one of the several India-made apps vying to be a TikTok alternative. Within days, daily active users tripled on Roposo, another Indian short-video app.

With roughly 200 million Indians waiting to be snapped up, a mad dash has ensued to build a viable Indian social network from the ground up. While the Indian government’s ban targets a slew of apps—from browsers to file-sharing platforms—only a few segments have any real “Indian" alternatives. E-commerce platforms like Shein and Club Factory were also banned, but Flipkart and Myntra, which are the supposed Indian options, already have mature user bases.

The race for “indigenization" has thus essentially fallen on the shoulders of social media firms, particularly short-video apps. The prize: the eyeballs of erstwhile users from “Bharat" who were on the banned Chinese apps, which together had nearly one-fourth the total number of users currently on Facebook, the world’s largest social platform.

Chingari’s Ghosh said he wants to reach 100 million users in three months, which is the same target that Shivank Agarwal, founder of Mitron, another short-video app, has set for himself. For comparison, it took ByteDance 200 days to develop Duyin (TikTok’s Chinese variant) and about a year to reach 100 million users.

The tearing hurry within the Indian app ecosystem is fuelled by uncertainty over how long the ban on TikTok may last. Business plans are being crafted with the assumption that it will last at least 90 days.And this brief period may be the only window of opportunity. In the social media space, it’s nearly impossible to topple a platform that has made it big. TikTok didn’t topple either Facebook or Instagram. It merely created a new niche for itself by introducing short-videos.

“It’s a phenomenal and unprecedented opportunity for startups to build something that is world-class, with content and experiences designed keeping Indian users in mind," said Arun Tadanki, lead of LetsVenture, a Bengaluru-based technology platform that connects angel investors with startups.

“The pace at which an app like Mitron is progressing right now, at the end of three or six months, they’ll probably have 100-200 million users. And then, it’s a completely different game even if those (banned) apps are allowed to come back," he added.

For now, even investors want to get a piece of the action. Mitron raised ₹2 crore in a seed round from Tadanki and 3One4 Capital. Tadanki said the deal was one of the fastest in his career. Chingari, on the other hand, is raising funds too and plans to go for a Series A round of investment, skipping the seed round altogether.

The Indian government waded in late last week with its own app innovation challenge, which seeks to incubate home-grown apps in key sectors. But this short burst of excitement will soon have to grapple with some real challenges. Building a social network requires deep pockets, a large innovative workforce, and a market where digital advertising revenue is substantial, among other factors. Even tech giants like Google have tried and failed many times.

Merely cloning the TikTok experience will not work, says technology and policy consultant Prasanto K. Roy. “Source code for lookalikes of popular apps like Zoom are available on various websites and can be bought for as little as $25. But that isn’t enough," he said. “Essentially, this vacuum in the market is an opportunity, but it’s an opportunity for very few players," he added.



Read full article here at Livemint............(A long article, but worth of your time.)

https://www.livemint.com/technology/apps/the-race-to-build-an-indian-social-network-11594043077273.html

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Re: Indian Economy News & Discussion - Nov 27 2017

Postby M_Joshi » 07 Jul 2020 18:58

Mollick.R wrote:In the social media (Short Video Format) app space, I can see a new Josh & spark lit up within 10 days. Previously this space was filled up only with pessimism & "Hum/Tum se naa ho payega" syndrome. Ban of 59 Chinese apps by GOI has charged up the moral (& business case) of the desi developers. Hope some at least moderately successful products comes out & sustains in market for long run.

China banned Goggle, Facebook , Twitter to its 140 cr population market & built domestic giants like BAT (Baidu, Alibaba, Tencent), which has now respectable size, tech manpower base & product rolled on as well as on pipeline.
Hope this ban of Chinese app stays at least for 5 year (If not for perpetual)

The race to build an Indian social network


https://www.livemint.com/technology/apps/the-race-to-build-an-indian-social-network-11594043077273.html


I don't think this Chinese app ban is temporary. Govt. has realised the need & opportunity for the India app eco-system to develop. govt has launced App Challenge 3 days back.

https://innovate.mygov.in/app-challenge/

BACKGROUND
MeitY in partnership with Atal Innovation Mission – Niti Aayog launches Digital India AatmaNirbhar Bharat Innovate Challenge to identify the best Indian Apps that are already being used by citizens and have the potential to scale and become world class Apps in their respective categories. This Innovation Challenge with various cash awards and incentives of featuring Apps on Leader Boards seeks to create an ecosystem where Indian entrepreneurs and Startups are incentivised to ideate, incubate, build, nurture and sustain Tech solutions that can serve not only citizens within India but also the world.

The Mantra is to Make in India for India and the World.

The AatmaNirbhar Bharat App Innovation Challenge is being launched in the following 8 broad categories:

Office Productivity & Work from Home
Social Networking
E-Learning
Entertainment
Health & Wellness
Business including Agritech and Fintech
News
Games
There may be several sub categories within each category.

INDICATIVE LIST OF SUB CATEGORIES AND PROBLEM STATEMENTS
A mobile application harnessing the most accurate facial and / or body mapping technology to allow for a true-to-life virtual try out of products like spectacles, clothes, etc.
Mobile application for real-time speech-to-speech translation and camera translation of multiple languages.
An automated web-based application that handles business-to-business lead generation and cold emailing and is completely manageable from a mobile device itself.
Application to use mobile devices as image scanners with features like on the fly image correction, image editing, text recognition, etc.
Application to provide cloud storage integration, cross-platform file transfer via FTP or LAN, and a root browser on mobile device
A robust indigenous anti-virus software for mobile devices.
Application to optimize mobile device's performance by cleaning junk/cache files, optimizing device memory and optimizing battery usage.
A mobile based live streaming platform for hosting webinars, lectures, etc.
A mobile based messaging and video calling application

A mobile based microblogging application
A mobile based news application that uses cutting-edge technology to recommend the most relevant and interesting news individually to each use.
A mobile application offering satellite imagery and street maps, as well as functions such as a route planner for traveling by foot, car, or with public transportation.
A mobile based online gaming platform which also functions as a social hub for gamers
A mobile based photo-editing application with all standard image editing features


Bolded categories are where most of the banned Chinese apps were. Govt has specifically focussed on these categories. One notable mention is to make a desi microblogging app/site aka desi twitter. Hopefully some apps catch on.

TERMS AND CONDITIONS
The contest is open to Indian Citizens only.
...........................

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

Postby darshan » 07 Jul 2020 20:53

#Reform

Govt Set To Throw Open City Gas Distribution Networks Across The Country To Competition; Will Benefit Consumers
https://swarajyamag.com/news-brief/govt ... -consumers
In yet another reform initiative in the oil and gas sector, the government is set to throw open city gas distribution (CGD) networks across the country to competition, allowing participation of more than one player in a circle vying to attract consumers.

"We have finalised regulations on allowing competition in CGD areas that will be notified in next seven to 10 days," Petroleum and Natural Gas and Regulatory Board (PNGRB) Chairman D K Sarraf told IANS.

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

Postby Uttam » 07 Jul 2020 23:11

#Reform

Govt eases export, import process; lays out ‘Turant Customs’ plan for faster clearance

In an effort to smoothen the process of imports and exports in India, the government has introduced a contactless process, which would enhance the in-house testing capability of the customs. M Ajit Kumar, Chairman, Central Board of Indirect Taxes & Customs (CBIC) unveiled new and modern testing equipment inducted into the Central Revenues Control Laboratory (CRCL), aimed at making imports and exports clearances faster, said a statement by the Ministry of Finance. Under the CBIC’s flagship programme — Turant Customs — the government has equipped the testing facilities of the CRCL with state-of-art equipment, costing about Rs 80 crores.
............

Mollick.R
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Re: Indian Economy News & Discussion - Nov 27 2017

Postby Mollick.R » 08 Jul 2020 01:05

M_Joshi wrote:
Mollick.R wrote:In the social media (Short Video Format) app space, I can see a new Josh & spark lit up within 10 days. Previously this space was filled up only with pessimism & "Hum/Tum se naa ho payega" syndrome. Ban of 59 Chinese apps by GOI has charged up the moral (& business case) of the desi developers. Hope some at least moderately successful products comes out & sustains in market for long run.

China banned Goggle, Facebook , Twitter to its 140 cr population market & built domestic giants like BAT (Baidu, Alibaba, Tencent), which has now respectable size, tech manpower base & product rolled on as well as on pipeline.
Hope this ban of Chinese app stays at least for 5 year (If not for perpetual)

The race to build an Indian social network


https://www.livemint.com/technology/apps/the-race-to-build-an-indian-social-network-11594043077273.html


I don't think this Chinese app ban is temporary. Govt. has realised the need & opportunity for the India app eco-system to develop. govt has launced App Challenge 3 days back.

https://innovate.mygov.in/app-challenge/

BACKGROUND
................

The Mantra is to Make in India for India and the World.

The AatmaNirbhar Bharat App Innovation Challenge is being launched in the following 8 broad categories:

Office Productivity & Work from Home
Social Networking
E-Learning
Entertainment
Health & Wellness
Business including Agritech and Fintech
News
Games
There may be several sub categories within each category.

INDICATIVE LIST OF SUB CATEGORIES AND PROBLEM STATEMENTS
A mobile application harnessing the most accurate facial and / or body mapping technology to allow for a true-to-life virtual try out of products like spectacles, clothes, etc.
Mobile application for real-time speech-to-speech translation and camera translation of multiple languages.
An automated web-based application that handles business-to-business lead generation and cold emailing and is completely manageable from a mobile device itself.
Application to use mobile devices as image scanners with features like on the fly image correction, image editing, text recognition, etc.
Application to provide cloud storage integration, cross-platform file transfer via FTP or LAN, and a root browser on mobile device
A robust indigenous anti-virus software for mobile devices.
Application to optimize mobile device's performance by cleaning junk/cache files, optimizing device memory and optimizing battery usage.
A mobile based live streaming platform for hosting webinars, lectures, etc.
A mobile based messaging and video calling application

A mobile based microblogging application
A mobile based news application that uses cutting-edge technology to recommend the most relevant and interesting news individually to each use.
A mobile application offering satellite imagery and street maps, as well as functions such as a route planner for traveling by foot, car, or with public transportation.
A mobile based online gaming platform which also functions as a social hub for gamers
A mobile based photo-editing application with all standard image editing features


Bolded categories are where most of the banned Chinese apps were. Govt has specifically focussed on these categories. One notable mention is to make a desi microblogging app/site aka desi twitter. Hopefully some apps catch on.



Joshi jee, I'm aware of the App challenge currently being hosted by GOI.
Yet I'm sceptical for following reasons (currently I'm speaking only about "Social Media App's Context)

1. For a successful Social Media App to stand on its own coding the app is the easiest part to begin with, out of total stages of creating & sustaining a blockbuster app.
2. Take for example around 2 weeks ago it was found much promoted Mitron app is a clone of TikTok app & some college student bought source code of it from some paki website for as little as $34.

Soon after the media reported about the popularity of Mitron app, a team of developers from Pakistan named QBoxus contacted Indian reporters through Twitter. The QBoxus team claimed that they are the ones who actually created an app called TicTic and then put up the source code on CodeCanyon for sale at $34 or around Rs 2,571.
In an interaction with The Times of India--GadgetsNow, Irfan Sheikh-- one of the team members of QBoxus-- claimed that one of the buyers of TicTic simply ‘rebranded’ it into Mitron.

“It’s a direct copy of TicTic app. You can ask your technical team to download both (TicTic and Mitron) apps and test it,” said Sheikh, who is based in Lahore.
https://timesofindia.indiatimes.com/gadgets-news/desi-tiktok-rival-app-mitron-has-a-pakistan-connection/articleshow/76100681.cms


3. Real challenges comes from

3A. Maintaining the data on cloud :- App Owners Own the data centres or hires the space from Amazon/ Microsoft etc ???
As the user base increases exponentially the requirement of this infrastructure (DATA centres) and cost associated with it (Hire charges or ownership & maintenance charges) increases.

3B. Zetabytes of user data doesn't makes sense until unless you have right algorithms and or AI tools to seek/ manipulate the data and serve/feed (Jukt like Facebook's feeds or Twitter or TickTok's suggestions) user what he needs (likes to consumes even subconsciously also). Biggies of silicon valley and now Chinese BAT combo too is hiring large numbers of best of STEM from top educational institutes across globe for those tasks.

3C. Marketing and Promotion :- Just do some basic google and figure out how much Instagram pays to celebrity bolly or holly star for posting a single photo in Bikini. More celebrities/social influencers are there in your platform more mango people flock on your platform creating "Network Effect".
It requires huge financial and marketing muscle to do it in the beginning and sustain it in long run when you have competition.

3D. Financial viability :- Generate enough revenue from advertisement or paid services to sustain and grow your opex and capex.

3E. Self sustaining ecosystem :- keep doing 3A+3B+3C +3D for continuously for long period of time. Just like a single or few Hits doesn't makes a Movie studio or Record company or say few month of high TRP is not enough to sustain a TV news channel. In tech world we have seen AOL/yahoo/Orkut etc shutting down because of so many reasons in addition to tech obsolescence.
Mighty goggle is yet confused how to monetise Android platform to really make money & profit out of its investments on the platforms.

As a jingo I'm happy to see the new found josh shown by desi app platforms, but I'm equally sceptical about them & GOI funded app development competition. Let's see where it pans out.

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

Postby mukkan » 08 Jul 2020 07:41

Chinese investment in US startups
Image

mukkan wrote:It will be hard to get too many people to relocate to India. Even people with India origin have too much sunk cost and other family commitments for them to move back to India. So Indian companies should think truly global and go where the talent is. They need to open subsidiaries in US and hire people paying market rate. These days, no physical office space needed, that will save some cost. This is the playbook from Chinese companies with great support from Chinese government. They aggressively find highly experienced Chinese folks and hire them to work from US. I am not sure how many Indian companies are ready to risk that much upfront investment. Will GOI invest in companies developing high end technologies and follow the strategy of Chinese government? I don't think so. All of them will get scared with $$$$$$$$ multiplication factor of 76!

Prasad wrote:A few more PhDs coming back to teach would be great too. Same with masters guys coming back to plug into outer create new startups.

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

Postby suryag » 08 Jul 2020 20:10

Actually out of personal experience - CCP authorized companies (big ones that you are aware of) are smarter, they not only hire Chinese/origin students but additionally hire nerdy Whites/Indians at more than market prices in California and Canada and then in 3 years shut shop all along transferring stuff/knowhow-why-what back to motherland.

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

Postby mukkan » 08 Jul 2020 20:52

Agree completely, they hire non Chinese also. After shutting shop in US, some of Chinese employees go to China to continue the effort.

suryag wrote:Actually out of personal experience - CCP authorized companies (big ones that you are aware of) are smarter, they not only hire Chinese/origin students but additionally hire nerdy Whites/Indians at more than market prices in California and Canada and then in 3 years shut shop all along transferring stuff/knowhow-why-what back to motherland.


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