Indian Economy - News & Discussion Oct 12 2013

pankajs · Post by **pankajs** » 25 Apr 2015 13:54

Temple gold can be categorized into Lords jewellery and articles of use, historical artifacts and modern donations. The modern donations part can be melted and reused without touching the other two categories. That itself will free up quite a bit of gold and earn the temples some returns.

The only issue with reuse is that it is supposed to be on the deposit with the central gov. Now till a dharmic GOI is in place there are no worries but an adharmic gov. can appropriate that gold, once it has moved to the GOI vaults, for itself by the stroke of a pen. Anything that goes the gov. route carries that risk. We see that with cash donations. Accounting is a black hole and who knows how much is going where. Even the accounted part is siphoned off quite blatantly for *secular* projects.

Temple gold itself is not safe. In the name of accounting/preservation/etc it can be taken out and replaced with fakes. Has happened and will continue. And without accounting they can and are being stolen.

Yindoos are caught between a rock and a hard place. Our old model of donating to temples is broken and we will need to work out new models to preserve temple, temple wealth and our heritage. Most Yindoos still do not even realize the issue.

panduranghari · Post by **panduranghari** » 25 Apr 2015 14:48

vayu tuvan wrote:
panduranghari: well said, (but you also forgot Kissinger ). I think I already pointed out before on BRF that it is legal repeat LEGAL for American senators and representatives to use inside information to trade stocks/bonds in the stock market. That alone can make somebody from a seedhA sadA $70K annual income to $1 M annual income household. Think of what kind of a killing one can make in futures/options.

Thanks saar. I forgot to add one more line to this. When the captain of the crony capitalist ship. abandons the ship, its time for the people sailing in that ship to jump overboard or catch the lifeboat before it gets full. As you have stated - legally the power brokers can screw the Americans. No wonder Shri Navinder Singh Sarao (who is in UK living with mummy-daddy in Hounslow west London) is hounded by CFTC (who are based in the USA) because he beat the High Frequency Traders like Virtu in their own game.

Gyan · Post by **Gyan** » 25 Apr 2015 19:20

Temple should use this gold to set up schools, colleges, universities and; trusts to invest in business houses. Develop clout like Vatican otherwise one day or another all this Gold will be misappropriated.

hanumadu · Post by **hanumadu** » 26 Apr 2015 08:26

Gyan wrote:Temple should use this gold to set up schools, colleges, universities and; trusts to invest in business houses. Develop clout like Vatican otherwise one day or another all this Gold will be misappropriated.

Absolutely. There is no point in accumulating wealth if it cannot be used. And its donated gold anyway. People will donate more. You invest in them by providing better facilities to them and they will pay you back with more donations.

Frederic · Post by **Frederic** » 26 Apr 2015 20:56

I just had a thought on the temple gold. I have a feeling that MAD, after borrowing the Lord's Gold for a few months, will instigate a debate on temple economics and free the temples from government control thus making temples autonomous, self-sustaining entities with clear social and economic clout.

Suraj · Post by **Suraj** » 26 Apr 2015 23:14

Deficient rainfall not a risk to inflation or GDP

Economists feel it’s too early to downgrade GDP (gross domestic product) estimates or factor in high inflation despite the India Meteorological Department’s early forecast of a deficient monsoon.

International weather agencies have also predicted El Niño-like conditions, which usually have an adverse effect on India’s southwest monsoon, leading to drought. This is likely to aggravate stress in rural India.

Historical data, however, doesn’t point the direction in which prices and GDP would move because of a deficient monsoon.

Over the past 15 years, India has witnessed four El Niño years (2002, 2004, 2006 and 2009). Three of these were drought years but 2006 got normal rain.

“Thus, it would be incorrect to conjecture on drought-like conditions,” explains Soumya Kanti Ghosh, chief economic adviser, State Bank of India.

In the worst case scenario, agri-GDP could remain flat in FY16. On the fiscal side, the government might need to budget for an additional Rs 30,000-crore spend for damage because of unseasonal rain. This year, 9.4 million hectares under cultivation have been damaged so far.

Vote on GST bill in Lok Sabha on Monday

The Goods and Service Tax (GST) bill, tabled in the Lok Sabha on April 24, has been listed for consideration and passing on Monday, the government said on Sunday.

"The GST bill (The Constitution 122nd Amendment Bill, 2014) has been listed for further consideration and passing in the Lok Sabha on Monday," an official statement said here.

In the Lok Sabha on Friday, members of the Congress led by party president Sonia Gandhi, along with those of the Trinamool Congress, the Left group and the Nationalist Congress Party (NCP) staged a walkout after their plea for referring the Constitution Amendment Bill to the Standing Committee was not accepted.

Seen as a key to facilitate industrial growth and improve the business climate in the country, the GST bill needs to be passed by a two-third majority in both houses of parliament and by the legislatures of half of the states in the country to become a law.

By subsuming most indirect taxes levied by the central and state governments such as excise duty, service tax, VAT and sales tax, the Goods and Services Tax proposes to facilitate a common market across the country, leading to economies of scale and reducing inflation through an efficient supply chain.

The government is trying to implement the new GST bill before April 2016.

The Lok Sabha is also slated to pass the Finance Bill during the second week of its current sitting, the statement added.

Labour Ministry to push three bills for Cabinet approval

In a bid to push labour reforms to improve ease of doing business and boost the 'Make in India' programme, Labour Ministry will push three bills for Cabinet approval next week including on small factories, provident fund and prohibition of child labour.

The Ministry is keen on introducing these bills -- Child Labour (Prohibition & Regulation) Amendment Bill, Small Factories (Regulation of Employment and Conditions of Services) Bill, 2014 and Employees' Provident Funds and Miscellaneous Provisions Amendment Bill -- in the ongoing Budget session.

The Lok Sabha session is scheduled to conclude on May 8, while Rajya Sabha will transact business till May 13.

On the Child Labour (Prohibition & Regulation) Amendment Bill, which has been cleared by Labour Minister Bandaru Dattatreya, the official said it provides that any child below 14 years of age will not be employed in an organised sector.

However, the children who help parents in their small establishments like eating joints or floor mills, after school hours, would be kept out of the purview of the new provisions.

The Small Factories (Regulation of Employment and Conditions of Services) Bill seeks to regulate small industries while providing for ease of doing business.

The Bill provides each employer a labour identification number that would allow him to register online and submit a single compliance report for all 44 labour laws.

Besides, the Ministry is seeking comprehensive amendments to the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 to provide workers an option between EPF scheme run by retirement fund body EPFO and New Pension Scheme (NPS).

One of the proposed amendments in the bill authorises the central government to waive off the mandatory PF contributions by workers with certain threshold of monthly income.

As per the provisions of the bill, Employees' Provident Fund Organisation (EPFO) will be a regulatory body for monitoring the implementation of the scheme as there could be cases where workers neither go to EPF nor NPS.

The amendments also seek to change the definition of wages to include basic pay and all allowances paid to workers.

This would increase the PF contributions by workers and employers but result in higher savings for employees.

The bill also provides that all firms with 10 or more workers would come under the purview of the EPFO. At present, only those firms, who employ 20 or more workers, are covered by EPFO.

Karthik S · Post by **Karthik S** » 27 Apr 2015 07:36

Frederic wrote:I just had a thought on the temple gold. I have a feeling that MAD, after borrowing the Lord's Gold for a few months, will instigate a debate on temple economics and free the temples from government control thus making temples autonomous, self-sustaining entities with clear social and economic clout.

Hope this happens!
Temples could use the gold to generates cash flows. Most temples need them anyway from maintaining the structures to paying better salary to the priests.

Prasad · Post by **Prasad** » 27 Apr 2015 13:26

Is there any central reporting agency that list out the temples under govt control (state and centre) and revenues/expenditure?

Prem · Post by **Prem** » 27 Apr 2015 22:30

After 2 dips, reserves are back above 343 Bucks mark
https://www.rbi.org.in/scripts/WSSView.aspx?Id=19779

ShauryaT · Post by **ShauryaT** » 27 Apr 2015 23:54

Prasad wrote:Is there any central reporting agency that list out the temples under govt control (state and centre) and revenues/expenditure?

The temples are under state government control not central. So look for state government reports on the matter for the endowments department in the respective states.

Suraj · Post by **Suraj** » 28 Apr 2015 08:26

This is of particular interest to negi, since he questioned the RuPay card issue during the presentation of the Union Budget this year. Current statistics:
* 135 million cards issued.
* All transactions routed through NPCI
* Issuing banks: 277, including all majors
* International transaction coverage enabled
* ATM and e-commerce coverage: complete

Uptake has been extremely fast, considering RuPay was created in 2012, and really only pushed in mid 2014, when GoI made it central to the cash transfer scheme.

Singha · Post by **Singha** » 28 Apr 2015 10:00

ShauryaT wrote:
Prasad wrote:Is there any central reporting agency that list out the temples under govt control (state and centre) and revenues/expenditure?
The temples are under state government control not central. So look for state government reports on the matter for the endowments department in the respective states.

sometimes it is known as Muzrai dept also.

Karthik S · Post by **Karthik S** » 28 Apr 2015 20:14

Suraj wrote:This is of particular interest to negi, since he questioned the RuPay card issue during the presentation of the Union Budget this year. Current statistics:
* 135 million cards issued.
* All transactions routed through NPCI
* Issuing banks: 277, including all majors
* International transaction coverage enabled
* ATM and e-commerce coverage: complete

Uptake has been extremely fast, considering RuPay was created in 2012, and really only pushed in mid 2014, when GoI made it central to the cash transfer scheme.

Need to advertise and the government should tie up/collaborate with pvt banks such as ICICI, HDFC etc to use RuPay, as these banks are predominantly used as salary accounts in pvt sector.

Suraj · Post by **Suraj** » 28 Apr 2015 20:52

ICICI and HDFC already are part of the the network, and issue RuPay cards. They're both listed under the NPCI issuing banks list linked above. Now all the infrastructure is in place, and every charge, debit or credit card issued in India must have mandatory RuPay compatibility for domestic transactions. They can use external clearance houses for international transactions. No need for Visa, Amex etc to be privy to electronic cash transactions inside India.

RoyG · Post by **RoyG** » 28 Apr 2015 21:40

Suraj wrote:This is of particular interest to negi, since he questioned the RuPay card issue during the presentation of the Union Budget this year. Current statistics:
* 135 million cards issued.
* All transactions routed through NPCI
* Issuing banks: 277, including all majors
* International transaction coverage enabled
* ATM and e-commerce coverage: complete

Uptake has been extremely fast, considering RuPay was created in 2012, and really only pushed in mid 2014, when GoI made it central to the cash transfer scheme.

Good development. All we need to do now is make sure that all the servers are located within India.

vina · Post by **vina** » 29 Apr 2015 10:16

For all this talk of Modi Sarkar cleaning up the muck on the ground and ending "tax terrorism" or whatever, things are hardly changing on the ground. For instance, RPower walked out of a UMPP because the land and stuff hasn't been handed over yet after 5 years , and the govt was promising that this would happen "shortly" and it obviously cut no ice. Good luck trying to find another investor who will put in time, money and effort for more of that 5 year wait nonsense.

The less said about the taxation on financial services and the income classifications the better. It is a god awful mess, riddled with contradictions, impossible to navigate and simply stupid (think of of the Flipkart/Amazon mess of no FDI in retail , but trying to work around it , multiplied by a 100 , here there are no legal restrictions, but some incredibly stupid taxation and regulatory nonsense). As for tax terrorism, wifey received a tax demand for 2009 for Rs 4 lakhs (after 5 years) and she is a salaried person, no business income and no nonsense, with taxes getting deducted at source! Now it becomes "your" problem to make sure some stupid update of some entry happens at the Income Tax dept , which they probably couldn't be bothered to make, and you have to meet the assessing officer / whoever and go Hebbal and Income Tax dept in HMT Bhavan (a very appropriate relic) and get the books corrected and of course, it can't happen in one day, so multiple journeys needed, and those guys don't answer the phone! Paying the taxes and filing the returns is not enough. You have to put up with this kind of nonsense.

Yagnasri · Post by **Yagnasri** » 29 Apr 2015 11:20

Sure, we all have to put up with this kind of nonsense sir. As for as RPower concerned we do not know why it got delayed and how R people could not "manage" the issue even under hopelessly corrupt UPA.

Suraj · Post by **Suraj** » 29 Apr 2015 12:03

vina wrote:For all this talk of Modi Sarkar cleaning up the muck on the ground and ending "tax terrorism" or whatever, things are hardly changing on the ground. For instance, RPower walked out of a UMPP because the land and stuff hasn't been handed over yet after 5 years , and the govt was promising that this would happen "shortly" and it obviously cut no ice. Good luck trying to find another investor who will put in time, money and effort for more of that 5 year wait nonsense.

The UMPP program was launched in 2005-06. The Cabinet Committee on Investment did not approve the Tilaiya UMPP until January 16 2014 . Even if they had the land in 2008, they couldn't have started anything for 5 years. Following the CCI approval, they were obligated to go though MoEF environmental clearance procedure under the able blockade of Jayanthi Natarajan, and keep their original tariff unchanged, despite the coal block re-auction. The new administration came to power in May 2014. In June 2014 the Supreme Court set up a panel to investigate the coal block allocation scam. In September 2014, the Supreme Court canceled coal block allocations. In October 2014, the President signed the ordinance permitting e-allocation of coal blocks. The auction began on Feb 19 2015.

In other words, reality is far different from 'GoI did nothing'. Nine years after the program was announced, there was ONE completed plant, and even now, just two. None of the newer UMPPs received any commercial interest because no one wanted to touch something they knew would be stuck in an administrative quagmire interminably. Every one of them is either postponed, deferred or under bids invited stage.

This administration has to not just approve projects, but be the market maker, by restoring confidence in the process of bureaucratic clearance, whether related to land or coal block access. Anyone with business background would appreciate that recreating the conditions for business is the hardest part. This administration had done everything possible to fix a decade long backlog of broken implementation. They have already fixed the coal block issue. They're fixing the land acquisition issue as we speak, with the LAB currently in parliament.

The most sensible thing for Reliance Power to do was withdraw, and participate again in the plug and play model UMPP program. The Government wants the Land Acquisition Bill to enable them to conduct acquisition more easily. By changing the UMPP process such that bidding is conducted *after* all clearances are obtained, they give bidders far more confidence in executing the project, because they can start right away, with everything already cleared for implementation.

Hari Seldon · Post by **Hari Seldon** » 29 Apr 2015 16:44

From smart cities to enhancing ease of doing business: Nine big decisions taken by the Cabinet today (ET)

Supratik · Post by **Supratik** » 29 Apr 2015 20:20

Cabinet approval for smart cities and Atal mission...........

http://www.newsnation.in/article/77090- ... ssion.html

http://economictimes.indiatimes.com/new ... 094719.cms

Vayutuvan · Post by **Vayutuvan** » 29 Apr 2015 20:27

Suraj wrote:France issues 50 year bonds. Japan and US have talked about 100 year bonds.

As for individual investors abroad, I don't think either NHAI or any other entity really bothers about such mango men issues, to be honest. Institutional investors are whom they're interested in.

That's true. Mangoes by definition are the 99%. So as long as the Coupons are a tad better than the perceived risk, there will be large fund manager subscribers to balance their portfolio. Are financial engineers in Indian banks working on optimizing just like the quants on the other side routinely do?

Suraj · Post by **Suraj** » 29 Apr 2015 20:45

You don't have to buy the bonds directly. You can buy a EM debt fund with exposure to India. Their prospectus will tell you the precise amounts of each bond and coupon rate they have in their portfolio. This isn't like the Resurgent India Bond after Pokharan-II, which was a one off bond offering specifically targeted at NRIs. NHAI bonds are targeted at external buyers, but that primarily means big bond fund types and insurance/pension plan managers.

member_20292 · Post by **member_20292** » 29 Apr 2015 22:29

Suraj,how do you invest in Indian mfs and get their awesome cagrs when located in the USA?

India focused mfs in the usa do not give the same returns as an indian MF in India iirc.

Suraj · Post by **Suraj** » 29 Apr 2015 22:33

Please check the NRI investing in India thread in GDF. There may be information there already.

panduranghari · Post by **panduranghari** » 30 Apr 2015 12:03

vayu tuvan wrote:
Suraj wrote:France issues 50 year bonds. Japan and US have talked about 100 year bonds.

As for individual investors abroad, I don't think either NHAI or any other entity really bothers about such mango men issues, to be honest. Institutional investors are whom they're interested in.
That's true. Mangoes by definition are the 99%. So as long as the Coupons are a tad better than the perceived risk, there will be large fund manager subscribers to balance their portfolio. Are financial engineers in Indian banks working on optimizing just like the quants on the other side routinely do?

I have wondered tad too often, isn't institutional investing a new concept. IIRC it started around the time when the huge oil wealth of the middle east needed to be channeled into 'suitable' investments. This was built up on the fortunes on the bankers of Europe who funded the crusades etc. Where does this lead to eventually? There will always be wealthy people and they will want to earn their share. I think that is where this private banking will go to. Sovereign wealth funds are also very 1970's.

Suraj · Post by **Suraj** » 30 Apr 2015 12:18

Institutional investors and sovereign wealth management are not the same thing. Pension funds and insurance actuarial investments have been around much longer that sovereign wealth funds.

Meanwhile:
India Has Left The Fragile Five Club: Fitch

Remember the notorious Fragile Five during the 2013 taper tantrum? Brazil, India, Indonesia, South Africa and Turkey?

According to a Fitch report today, India has left the Fragile Five club; and Indonesia, to a lesser extent. The other three are still members.

India now has a competent central banker and reform-minded Prime Minister, so its economic outlook as well as finances are looking much brighter:

Indian real GDP growth is now forecast to accelerate to 8.0% in FY16, ending in March, from 7.4% in FY15, although achieving higher real GDP growth depends on implementation.

India also still benefits from much stronger external balances relative to many of its ‘BBB-’ rated peers. The current account deficit, at 1.2% of GDP in FY15 is substantially lower than those of the other four economies discussed in this report. The Reserve Bank of India has increased its foreign exchange reserves further – by more than USD35bn – in the past financial year to USD341bn by end-March 2015. Gross external debt, at 23% of GDP at end-2014, is also below the ‘BBB’ median (54%). A large net commodity importer, India also benefits disproportionately from the sharp fall in materials and oil prices since mid-2014.

FPIs go 'iska MATlab kya ?'
FPIs drag tax dept to court on MAT issue

Among the FPIs that have taken the government to court over the MAT issue are National Westminster Bank Plc and BNP Paribas L1. National Westminster Bank Plc has filed three pleas as a depository of funds.

Other funds include First State Asia Pacific Sustainability Fund, First State Indian Subcontinent Fund, and First State Global Emerging Market Sustainability.

The funds are being represented by the law firm Khaitan & Co. The law firm and the funds could not be immediately approached for response.

Interestingly all funds that have filed the writ are based out of the US, UK and Luxembourg jurisdictions; India’s treaties with these nations do not exempt them from capital gains.

The income-tax department has already clarified that funds belonging to nations with tax treaties will be considered and exempted from MAT demand.

Rajasthan's labour reforms continue to serve as a laboratory and template:
Modi govt takes the lead in labour reforms

As industry presses for labour reforms, the National Democratic Alliance government has proposed allowing companies hiring up to 300 workers to lay them off without seeking official sanction. Currently, industries with up to 100 workers were allowed to do this.

The Centre is following the Rajasthan government, which had made a similar change to its labour laws five months ago.

The Union labour ministry will integrate three laws — the Trade Unions Act, the Industrial Disputes Act and the Industrial Employment (Standing Orders) Act — into a single code for industrial relations.

The notice period for establishments to fire employees or shut down a unit is proposed to be increased to three months from one month now.

Retrenched workers are to be paid an average salary of 45 days, instead of the 15 days at present. A worker will be allowed to object to being laid off within three years, against no clear period specified in the law now.

The proposals are designed to make hiring flexible and bring more workers under labour legislation.

“We are re-examining the labour laws on two aspects — strengthening the social security net of the labours and ensuring compliance be such that no employer is harassed,” Union Labour Secretary Shankar Aggarwal told Business Standard.

Aggarwal said in the name of compliance, because of stringent labour laws, small and big establishments were not able to set up factories in India and there was a lack of flexibility.

The ministry has invited comments on its proposals by May 26. It will hold consultations with trade unions and industry before sending the proposals for Cabinet approval.

Only employees will be allowed to form unions. In the unorganised sector, two officials from outside can become members of a union.

“Politicisation of unions will be significantly restricted. This will also maintain genuine representation of workers,” said a labour ministry official who did not wish to be named.

During conciliatory proceedings, workers in all industrial sectors will not be permitted to go on a strike. The ministry has proposed scrapping various arbitration forums, including the labour court. “The industrial tribunal will continue, but the labour court, the board of arbitration and the tribunal court will cease to exist,” the official said.

Further, strikes will not be allowed without a six-week notice. Now, only workers at public utilities need to provide such a notice to employers.

Mass casual leave will be considered a strike. The proposal says if more than half the workers are on casual leave, it will be treated a strike.

“This will reduce harassment of employers because workers tend to go on casual leave and not call it a strike,” the official added.

These labour law proposals are dramatic and sweeping in nature, and will transform both the economy and political economy.

Sachin · Post by **Sachin** » 30 Apr 2015 14:04

A worker will be allowed to object to being laid off within three years, against no clear period specified in the law now.

Did not get this part. Is it that a worker once laid off has the rights to object it within next three years, or is it that a worker once employed has rights to work for three years before being laid off (i.e no random hire & fire)?

Also note that this is just a plan and has not been formally passed as a law.

panduranghari · Post by **panduranghari** » 30 Apr 2015 17:35

Suraj wrote:Institutional investors and sovereign wealth management are not the same thing. Pension funds and insurance actuarial investments have been around much longer that sovereign wealth funds.

Could you recommend any reading for this?

Supratik · Post by **Supratik** » 30 Apr 2015 19:24

Do these labor reforms need to pass law in parliament? Otherwise it will be difficult. Looking forward to bankruptcy laws.

chaitanya · Post by **chaitanya** » 30 Apr 2015 19:56

March infrastructure output contracts 0.1% y-o-y: Government

In March 2015, production of steel declined by 4.4 per cent and of cement by 4.2 per cent. Refinery products' output contracted 1.3 per cent while natural gas by 1.5 per cent, according to the data released by the Commerce and Industry Ministry.

However, coal production rose by 6 per cent, crude oil by 1.7 per cent and fertiliser output by 5.2 per cent in the last month of 2014-15 fiscal.

Rahul M · Post by **Rahul M** » 30 Apr 2015 21:37

Sachin wrote:
A worker will be allowed to object to being laid off within three years, against no clear period specified in the law now.
Did not get this part. Is it that a worker once laid off has the rights to object it within next three years, or is it that a worker once employed has rights to work for three years before being laid off (i.e no random hire & fire)?

Also note that this is just a plan and has not been formally passed as a law.

the first one. currently, you can object even after 20 years of being laid off.

Suraj · Post by **Suraj** » 30 Apr 2015 22:41

Supratik wrote:Do these labor reforms need to pass law in parliament? Otherwise it will be difficult. Looking forward to bankruptcy laws.

Yes multiple laws will need to be changed. From the article.

The Union labour ministry will integrate three laws — the Trade Unions Act, the Industrial Disputes Act and the Industrial Employment (Standing Orders) Act — into a single code for industrial relations.

Does anyone know if any of these require a constitutional amendment ? As far as I know, the constitution doesn't describe or regulate the nature of commercial activity, and therefore it should not.

Hari Seldon · Post by **Hari Seldon** » 01 May 2015 10:22

x-posting from achievements dhaga.

Narendra Modi government eases incorporation of business, process to take just 1 form starting today (ET)

NEW DELHI: Entrepreneurs keen on setting up new enterprises will be able to incorporate one by filing just one form starting Friday against eight separate forms earlier, as part of the government's drive to make it easier to do business in the country.

The corporate affairs ministry will from May 1 have an integrated company incorporation form to make compliance and reporting easier and convenient for corporates.

"Name availability, allotment of Director Identification Number (DIN), company incorporation and commencement of business will now be possible through a single form," said a senior ministry official who sought anonymity.

The new form, called INC-29, will be available on the MCA website. This is part of the government's drive to improve India's ranking on the globally tracked parameter of ease of doing business. This is a priority area for PM Narendra Modi, who has made it a personal mission to improve India's scores on this parameter. The government wants to reduce the time taken to register a company in India to one day.

Modi has said he wants India to be at 50th position in two years among countries ranked by the World Bank in its annual Ease of Doing Business survey.

ShauryaT · Post by **ShauryaT** » 01 May 2015 18:39

Suraj wrote:
The Union labour ministry will integrate three laws — the Trade Unions Act, the Industrial Disputes Act and the Industrial Employment (Standing Orders) Act — into a single code for industrial relations.
Does anyone know if any of these require a constitutional amendment ? As far as I know, the constitution doesn't describe or regulate the nature of commercial activity, and therefore it should not.

They should not. prsindia.org is a good site to track all legislative matters. Nothing there yet.

member_28359 · Post by **member_28359** » 01 May 2015 20:33

What about the GST bill that was supposed to be passed by the Lok Sabha on Monday? Did it clear the Lok Sabha?

Suraj · Post by **Suraj** » 01 May 2015 21:04

Government hopeful of getting GST Bill passed in Lok Sabha next week

Vamsee · Post by **Vamsee** » 01 May 2015 23:10

Heard somewhere that Sonia has decided not to allow any reform to happen & they will oppose GST and ask for it to be referred to select committee.
Bad news if it happens. Quite literally so much energy went into hammering out consensus on GST that at this point going back is not a good idea.

Modi is bending over backwards to get 2 bills passed LAB & GST. Once they are done, he will not have dependence on Legislature and can focus on execution.
They also know that. So they are hell bent on thwarting those 2 legislations.

Suraj · Post by **Suraj** » 01 May 2015 23:54

INC is not in a position to control the RS on GST bill, and definitely not in a position to do anything at all in LS. They can recommend sending it to a select committee, but BJP can ignore them and get away with it. Multiple prior bills got that demand, whether it was insurance bill or mining and coal bills. All of them still passed. The GST bill opposition comes largely from non-INC states ruled by regional parties, and in some cases, BJP ruled states. On LAB, yes, INC could block it in RS, and force a joint session of parliament.

Please continue any political discussions in the political thread, though. This is not the thread for it.

Prem · Post by **Prem** » 02 May 2015 06:38

https://www.rbi.org.in/scripts/WSSViewD ... n&PARAM1=2
Up to 345, added Buck and half this week.

nandakumar · Post by **nandakumar** » 03 May 2015 11:11

pandyan wrote:x-post. since food and commodity crops has a direct economic impact:
Heard this information:

1. cost of cotton seed (traditional/desi variety) - 9 Rs/kg.
-> farmer owns the cotton and owns the seed for replanting

2. cost of cotton seed (bolgard II/BT/monsanto/mahyco) - 4,000 Rs/kg.
-> farmer owns cotton. cannot replant the seeds
-> claims that seeds are sterile..and due to cross contamination and cross pollination, they can make native seeds sterile as well.
-> Strategy seems to be lockup the seeds and control the food chain. you have to go back to the original company to get more seeds
-> cotton seed is sold in 452 gm pack..why 452 grams because it is 1lb. they are reselling us cotton.

GOI/Indian Agricultural universities/private companies need to prioritize seed banks and start preserving indigenous species. without seed bank and ability to multiply the native seeds, it is completely possible that engineered varieties will overwhelm/overrun native varieties.

http://www.mahyco.com/
Mahyco (Maharastra hybrid seed company) seems to be one of the licensees/jv of monsanto to bring the tech and sell in india.

All info gleamed from: Behind The Label

My understanding is that it is not only GM seeds but even conventional hybrid seed output cannot be used for replanting. You have to go to the govt seed farm or private trade for fresh seeds to sow. Indeed this is the case in animal husbandry as well. No longer does the farmer own a stud bull to impregnate his farm cows. The animal husbandry department too no longer owns stud bulls for this purpose. The dairy economy has gone artificial insemination way totally. The dairy farmer is dependant on a third party for his next cycle of farm income. Farmers seem okay with it too if the growth in milk output is anything to go by.