The Organization for Economic Cooperation and Development (OECD) on Wednesday pegged India’s FY23 economic growth at 6.9 per cent, the lowest by a major bank or institution, saying the country had been adversely affected by Russia’s invasion of Ukraine.
“As an importer of energy, fertilisers and edible oils, India is adversely affected by the war in Ukraine. Gross domestic product (GDP) growth, which reached 8.7 per cent in FY22, is projected to slow to 6.9 per cent in FY23 and 6.2 per cent in FY24, with weaker external demand growth and tighter monetary conditions being mitigated by strong government spending and an ambitious set of measures to simplify the business environment,” OECD said in its June global macroeconomic report.
The institution said that headline inflation is projected to ease gradually, though remaining above the central bank’s upper tolerance limit of 6 percent throughout 2022 and 2023.
Indian Economy News & Discussion - Nov 27 2017
Re: Indian Economy News & Discussion - Nov 27 2017
India's economy to grow at 6.9% in FY23: OECD global macroeconomic report
Re: Indian Economy News & Discussion - Nov 27 2017
Fitch lauds Indian economic recovery, ups outlook from negative to stable
Fitch Ratings has revised the outlook on India's long-term foreign-currency Issuer Default Rating (IDR) from “negative” to “stable” on diminished downside risks to medium-term growth. It affirmed the IDR at 'BBB-'.
The revision in outlook reflects India's rapid economic recovery and easing financial sector weaknesses, despite near-term headwinds from the global commodity price shock. “We expect robust growth relative to peers in order to support credit metrics in line with the current rating,” Fitch said in a statement.
Re: Indian Economy News & Discussion - Nov 27 2017
India: Factory Output Surges 7.1% In April Powered By Power And Mining Sectors, Capital Goods And Consumer Durables Show Resilience
https://swarajyamag.com/economy/india-f ... robustness
https://swarajyamag.com/economy/india-f ... robustness
Re: Indian Economy News & Discussion - Nov 27 2017
https://swarajyamag.com/ideas/why-linki ... ital-india
Why Linking Credit Cards With UPI Is Big News For Digital India
Why Linking Credit Cards With UPI Is Big News For Digital India
Firstly, the linking of credit cards with UPI will have a direct bearing on the number and volume of transactions. UPI, on debit payments alone and contrary to the hopes and expectations of many, breached the Rs 10 trillion mark in May 2022, with the number of transactions inching towards 6 billion. However, even with a debit facility alone, there are reasons to be bullish on the UPI volumes, and the numbers could go as high as 50 billion per month in another four-five years. The credit card integration is only going to accelerate this push.
Two, there is now an opportunity for banks and other financial institutions to go big on digital credit cards. Already, some applications and platforms offer a pay later facility. In the United States, Apple, through an in-house subsidiary, will soon begin experimenting with a digital credit card for the services within its ecosystem.
The ideal endgame for India’s pursuit of financial inclusion is to ensure personalised access to formal financing products. The building blocks have already been put in place in the last eight years, starting with Aadhaar, Jan Dhan accounts, the digital payments on mobile connected to the first two components, and most importantly, the account aggregator framework. Thus, a steady increase in the adoption of the account aggregator framework is expected, given financial institutions will seek elaborate information on first-time borrowers.
With the open network for digital commerce coming into play soon, having users choose from a wider option of payments, easing their access to credit and allowing financial institutions to create customised financial products that may offer a loan of as little as Rs 1,000 for a week to Rs 5,000 for a month, the marketplace for e-commerce will also receive a big boost, especially for the vendors.
There is also the worry of predatory lending to desperate first-time borrowers at high interest rates, as was the case during the 2008 financial crisis when everyone could access NINJA (no income, no jobs) loans. For the loan providers, this is an opportunity to garner data which they later sell to third parties or to enable harassment for the borrower. Awareness must always be the key to customer-friendly regulations for financial institutions willing to sign up to make credit offerings in the future.
The UPI framework is merely getting started, even at 6 billion transactions per month, even with only RuPay credit cards linked to the UPI IDs, but the potential for the entire ecosystem, with each block powering a specific purpose, is huge. It only gets bigger, better, and bolder from here.
Re: Indian Economy News & Discussion - Nov 27 2017
https://swarajyamag.com/economy/centres ... ent-in-may
Centre's Fuel Tax Cut Eases Retail Inflation To 7.04 Per Cent In May
Centre's Fuel Tax Cut Eases Retail Inflation To 7.04 Per Cent In May
Retail inflation eased to 7.04 per cent in May, mainly on account of softening food and fuel prices as the government as well as the RBI stepped in to control spiralling price rise by way of duty cuts and repo rate hike.
However, the inflation print stayed above the Reserve Bank's upper tolerance level of 6 per cent for the fifth month in a row.
The Consumer Price Index (CPI) based retail inflation was 7.79 per cent in April. In the year-ago month of May 2021, retail inflation stood at 6.3 per cent.
Inflation in the food basket in May 2022 was at 7.97 per cent, down from 8.31 per cent in the previous month, as per data released by the National Statistical Office (NSO) on Monday.
The food basket has weightage of 39.06 per cent in the overall Consumer Price Index.
As per the data, the inflation print in 'cereals and products' segment eased to 5.33 per cent in May as against 5.96 per cent in the preceding month, while that for 'oil and fats' softened to 13.26 per cent from 17.28 per cent.
Re: Indian Economy News & Discussion - Nov 27 2017
^^^ Interesting - use of fiscal policy (in addition to the monetary policy that RBI uses) to counteract inflation. I wonder if this can be institutionalized ?
Re: Indian Economy News & Discussion - Nov 27 2017
Merchandise exports grow by 20% and Services exports up by 30% in May 2022.
India’s overall exports (Merchandise and Services combined) in May 2022 are estimated to be USD 62.21 Billion, exhibiting a positive growth of 24.03 per cent over the same period last year. The merchandise exports in May 2022 were USD 38.94 Billion, as compared to USD 32.30 Billion in May 2021, exhibiting a positive growth of 20.55 per cent.
The estimated value of services export for May 2022 is USD 23.28 Billion, exhibiting a positive growth of 30.32 per cent vis-a-vis May 2021 (USD 17.86 Billion).
India’s overall exports (Merchandise and Services combined) in April-May 2022 are estimated to be USD 124.59 Billion, exhibiting a positive growth of 25.90 per cent over the same period last. The merchandise exports for the period April-May 2022 were USD 78.72 Billion as against USD 63.05 Billion during the period April-May 2021, registering a positive growth of 24.86 per cent.
The estimated value of services export for April-May 2022 is USD 45.87 Billion, exhibiting a positive growth of 27.71 per cent vis-a-vis April-May 2021 (USD 35.92 Billion).
The overall imports (Merchandise and Services combined) in May 2022 are estimated to be USD 77.65 Billion, exhibiting a positive growth of 59.19 per cent over the same period last year. The overall imports in April-May 2022 are estimated to be USD 151.89 Billion, exhibiting a positive growth of 45.44 per cent over the same period last year.
India’s overall exports (Merchandise and Services combined) in May 2022 are estimated to be USD 62.21 Billion, exhibiting a positive growth of 24.03 per cent over the same period last year. The merchandise exports in May 2022 were USD 38.94 Billion, as compared to USD 32.30 Billion in May 2021, exhibiting a positive growth of 20.55 per cent.
The estimated value of services export for May 2022 is USD 23.28 Billion, exhibiting a positive growth of 30.32 per cent vis-a-vis May 2021 (USD 17.86 Billion).
India’s overall exports (Merchandise and Services combined) in April-May 2022 are estimated to be USD 124.59 Billion, exhibiting a positive growth of 25.90 per cent over the same period last. The merchandise exports for the period April-May 2022 were USD 78.72 Billion as against USD 63.05 Billion during the period April-May 2021, registering a positive growth of 24.86 per cent.
The estimated value of services export for April-May 2022 is USD 45.87 Billion, exhibiting a positive growth of 27.71 per cent vis-a-vis April-May 2021 (USD 35.92 Billion).
The overall imports (Merchandise and Services combined) in May 2022 are estimated to be USD 77.65 Billion, exhibiting a positive growth of 59.19 per cent over the same period last year. The overall imports in April-May 2022 are estimated to be USD 151.89 Billion, exhibiting a positive growth of 45.44 per cent over the same period last year.
Re: Indian Economy News & Discussion - Nov 27 2017
You will soon be able to use UPI in France in addition to UAE, Singapore
In yet another boost to the Unified Payments Interface (UPI) and Rupay, union communications and electronics & information technology minister Ashwini Vaishnaw has announced that UPI and Rupay cards will soon be accepted in France. According to a report by ANI, The National Payments Corporation of India International (NPCI International), the international arm of National Payments Corporation of India (NPCI) has signed a memorandum of understanding (MoU) with Lyra Network, a French payment solutions company. As part of the MoU, Lyra Networks will allow Indians to pay using UPI and Rupay cards at terminals and machines offered by Lyra Networks, making it easier especially for students and tourists from India to make payments.
Re: Indian Economy News & Discussion - Nov 27 2017
https://www.opindia.com/2022/06/russia- ... route/amp/
International North-South Transport Corridor: Russia sends test consignment to India through Caspian Sea – Iran route avoiding Suez Canal
International North-South Transport Corridor: Russia sends test consignment to India through Caspian Sea – Iran route avoiding Suez Canal
The duration of the journey is less than 25 days, as opposed to the approximately 40 days it now takes to move cargo from Russia to India through the Baltic Sea – North Sea – Mediterranean Sea – Suez Canal – Red Sea -Arabian Sea route
Re: Indian Economy News & Discussion - Nov 27 2017
Wasn't there a proposal for an oil pipeline along same route .. would have immense geopolitical significance !!Kaivalya wrote:https://www.opindia.com/2022/06/russia- ... route/amp/
International North-South Transport Corridor: Russia sends test consignment to India through Caspian Sea – Iran route avoiding Suez Canal
The duration of the journey is less than 25 days, as opposed to the approximately 40 days it now takes to move cargo from Russia to India through the Baltic Sea – North Sea – Mediterranean Sea – Suez Canal – Red Sea -Arabian Sea route
I can very well imagine cheap Russian oil supplying the the largest oil consumer in the world ., a nice 40-50 percent on favourable terms and in Rupees would mean a sea change in Indias financial prowess
Re: Indian Economy News & Discussion - Nov 27 2017
Direct Tax Collections Jump 51% YoY to Rs 2.8 Lakh Crore During April 1-June 15.
India’s direct tax collections jumped 51 per cent to Rs 2.8 lakh crore in the current quarter till June 15, compared with Rs 1.85 lakh crore in the year-ago same period. Total advance tax collections show growth of about 49 per cent year-on-year during April 1-June 15 to Rs 42,680 crore, against Rs 28,779 crore a year ago, sources told CNBC-TV18.
The total advance tax collections had posted around 45 per cent jump to Rs 28,779 crore during April 1-June 15, 2022. In the advance taxes, corporate tax saw an increase of 45 per cent to Rs 26,798 crore during the current quarter so far, against Rs 18,357 crore in the year-ago period, the sources said.
Advanced personal income tax registered a 52 per cent jump to Rs 15,881 crore, compared with Rs 10,422 crore a year ago, they said.
Region-wise, Cochin posted a growth of 134 per cent in the direct tax collections, Mumbai saw 60 per cent rise and Delhi witnessed a 57 per cent jump. The direct tax collection from Bengaluru also saw a jump of 57 per cent during April 1-June 15, compared to the corresponding period last year, the sources told CNBC-TV18.
The net direct tax collections (income tax and corporate tax) reached an all-time high of Rs 14.09 lakh crore in the financial year 2021-22 against Rs 9.45 lakh crore collections in FY 2020-21. The gross direct tax collection (before adjusting for refunds) for 2021-22 stood at Rs 16,34,454.95 crore compared with Rs 12,31,270.52 crore in 2020-21, thereby registering a growth of 32.75 per cent.
Apart from direct tax collections, GST collections in May hit an amount of Rs 1,40,885 crore, which was a 44 per cent year-on-year jump. However, it was a drop of 16 per cent as compared to the GST collections in April. The gross GST revenue collected in May 2022 was Rs 1,40,885 crore, of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, IGST is Rs 73,345 crore (including Rs 37469 crore collected on import of goods) and cess is Rs 10,502 crore (including Rs 931 crore collected on import of goods).
This was only the fourth time the monthly GST collection crossed Rs 1.40-lakh-crore mark since the inception of GST and the third month at a stretch since March 2022. “The revenues for the month of May 2022 are 44 per cent higher than the GST revenues in the same month last year of Rs 97,821 crore. During the month, revenues from import of goods was 43 per cent higher and the revenues from domestic transaction (including import of services) are 44 per cent higher than the revenues from these sources during the same month last year," said the finance ministry.
The gross GST revenue collected in the month of May 2022 is Rs 1,40,885 crore of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, IGST is Rs 73,345 crore (including Rs 37469 crore collected on import of goods) and cess is Rs 10,502 crore (including Rs 931 crore collected on import of goods).
India’s direct tax collections jumped 51 per cent to Rs 2.8 lakh crore in the current quarter till June 15, compared with Rs 1.85 lakh crore in the year-ago same period. Total advance tax collections show growth of about 49 per cent year-on-year during April 1-June 15 to Rs 42,680 crore, against Rs 28,779 crore a year ago, sources told CNBC-TV18.
The total advance tax collections had posted around 45 per cent jump to Rs 28,779 crore during April 1-June 15, 2022. In the advance taxes, corporate tax saw an increase of 45 per cent to Rs 26,798 crore during the current quarter so far, against Rs 18,357 crore in the year-ago period, the sources said.
Advanced personal income tax registered a 52 per cent jump to Rs 15,881 crore, compared with Rs 10,422 crore a year ago, they said.
Region-wise, Cochin posted a growth of 134 per cent in the direct tax collections, Mumbai saw 60 per cent rise and Delhi witnessed a 57 per cent jump. The direct tax collection from Bengaluru also saw a jump of 57 per cent during April 1-June 15, compared to the corresponding period last year, the sources told CNBC-TV18.
The net direct tax collections (income tax and corporate tax) reached an all-time high of Rs 14.09 lakh crore in the financial year 2021-22 against Rs 9.45 lakh crore collections in FY 2020-21. The gross direct tax collection (before adjusting for refunds) for 2021-22 stood at Rs 16,34,454.95 crore compared with Rs 12,31,270.52 crore in 2020-21, thereby registering a growth of 32.75 per cent.
Apart from direct tax collections, GST collections in May hit an amount of Rs 1,40,885 crore, which was a 44 per cent year-on-year jump. However, it was a drop of 16 per cent as compared to the GST collections in April. The gross GST revenue collected in May 2022 was Rs 1,40,885 crore, of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, IGST is Rs 73,345 crore (including Rs 37469 crore collected on import of goods) and cess is Rs 10,502 crore (including Rs 931 crore collected on import of goods).
This was only the fourth time the monthly GST collection crossed Rs 1.40-lakh-crore mark since the inception of GST and the third month at a stretch since March 2022. “The revenues for the month of May 2022 are 44 per cent higher than the GST revenues in the same month last year of Rs 97,821 crore. During the month, revenues from import of goods was 43 per cent higher and the revenues from domestic transaction (including import of services) are 44 per cent higher than the revenues from these sources during the same month last year," said the finance ministry.
The gross GST revenue collected in the month of May 2022 is Rs 1,40,885 crore of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, IGST is Rs 73,345 crore (including Rs 37469 crore collected on import of goods) and cess is Rs 10,502 crore (including Rs 931 crore collected on import of goods).
Re: Indian Economy News & Discussion - Nov 27 2017
Four Indian companies join Apple, Google & Amazon as world’s top 100 brands
Four Indian companies — namely TCS, HDFC Bank, Infosys and LIC — were featured among the top 100 global biggest brands, along with companies like Apple, Google, Amazon and Microsoft.
TCS was the most valuable brand coming out of India, which sat on the 46th spot of the list. The company’s brand value is estimated to be $50 billion by Kantar Brands 2022, the author of the ‘Most Valuable Global Brands’ report.
Its counterpart Infosys, a latest entrant in the list, was ranked at 64th position as its brand value lingered at $33 billion. Wipro —which is one of the top IT firms in India along with TCS and Infosys — was missing from the top 100 list.
Meanwhile, HDFC Bank stood at the 61st rank as the second biggest brand from India. LIC — which recently held India’s biggest public issue of ₹21,000 crore — was at the 92nd spot, with a brand value of $23 billion.
Re: Indian Economy News & Discussion - Nov 27 2017
This is why India needs a corridor to Central Asia via POK and Afghanistan. I hope this will be action soon.Kaivalya wrote:https://www.opindia.com/2022/06/russia- ... route/amp/
International North-South Transport Corridor: Russia sends test consignment to India through Caspian Sea – Iran route avoiding Suez Canal
The duration of the journey is less than 25 days, as opposed to the approximately 40 days it now takes to move cargo from Russia to India through the Baltic Sea – North Sea – Mediterranean Sea – Suez Canal – Red Sea -Arabian Sea route
Re: Indian Economy News & Discussion - Nov 27 2017
Finally, it has come to this
This factory as well as the copper industry are both strategic in nature
![Image](https://pbs.twimg.com/media/FVqlkUrVIAAduaI?format=jpg&name=large)
This factory as well as the copper industry are both strategic in nature
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Re: Indian Economy News & Discussion - Nov 27 2017
The Sterlite plant needs a local strongman to handle the activists led opposition in Tuticorin. He, in all probability would be financially (indirectly of course) and politically supported by the present ruling dispensation in TN. It is advantage VV Minerals- owned by a powerful local entrepreneur.
Re: Indian Economy News & Discussion - Nov 27 2017
Perhaps this was the endgame all along...
Re: Indian Economy News & Discussion - Nov 27 2017
a small bird recently "tweeted" opening of a new copper refinery in Russia to meet "ongoing demands"
Re: Indian Economy News & Discussion - Nov 27 2017
it better not be VV, by all definition he is BIF.nandakumar wrote:The Sterlite plant needs a local strongman to handle the activists led opposition in Tuticorin. He, in all probability would be financially (indirectly of course) and politically supported by the present ruling dispensation in TN. It is advantage VV Minerals- owned by a powerful local entrepreneur.
Re: Indian Economy News & Discussion - Nov 27 2017
Arima wrote:it better not be VV, by all definition he is BIF.nandakumar wrote:The Sterlite plant needs a local strongman to handle the activists led opposition in Tuticorin. He, in all probability would be financially (indirectly of course) and politically supported by the present ruling dispensation in TN. It is advantage VV Minerals- owned by a powerful local entrepreneur.
interesting
https://www.thehindu.com/news/national/ ... 395859.ece
The Income Tax (IT) Department’s search operation against V.V. Minerals, owned by Thoothukudi-based mining baron S. Vaikundarajan, has revealed that the group had undisclosed income to the tune of ₹1,825 crore.
A senior I-T official from the department’s investigations wing said that cash and gold were also seized during the operation. “We have seized cash amounting to ₹8.5 crore. The gold value is yet to be valued,” he said.
Re: Indian Economy News & Discussion - Nov 27 2017
x posted from the political thread
https://indianexpress.com/article/india ... g-7987895/
Jammu and Kashmir will be hosting the G-20 summit in 2023.
G-20 brings together the world's major economies.
Union Territory government on Thursday set up a five-member high level committee for overall coordination.
https://indianexpress.com/article/india ... g-7987895/
According to the MEA, India will be part of the G20 Troika (preceding, current, and incoming G20 Presidencies) from December 1, 2021 till November 30, 2024.
G20 brings together 19 of the world’ leading economies and the European Union, with its members accounting for more than 80 per cent of global GDP, 75 percent of global trade and 60 percent of the global population, according to the MEA.
G20 member nations are Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States.
Re: Indian Economy News & Discussion - Nov 27 2017
g.sarkar wrote:Actually methane is not produced by gobar gas plants. It is produced by the digestive system of cattle and normally escapes into the atmosphere. Gobar gas plants just burns methane after it is caught in a digester, where gobar is placed. Fertilizer is also produced as a biproduct. It was not very successful in India, but it did take off in China, if I remember correctly.
Gautam
https://timesofindia.indiatimes.com/blo ... -rakshaks/
Unlike in India, where the biogas development programme was elite in both its initiative and composition, the Chinese process was far more adapted to village-level knowhow and resources. So, while Indian scientists strove to build a technologically efficient biogas plant, the Chinese worked with the materials they had, adjusted to the capabilities of their farmers, and built one hundred times the number of biogas digesters.
And they gradually improved their technical quality as incomes and technical capabilities rose. The benefits of such an adapted approach were manifold. At the level of the individual household, they provided gas at no cost that could be used for cooking and lighting a lamp. This freed women from other daily chores such as collecting fuel and stoking a fire, while the lamp significantly expanded the work-day and improved educational levels by making it easier for parents to read and children to study after dark.
At the same time, biogas use reduced the pressure on local wood resources while the digesters transformed agricultural refuse (stalks, leaves, human and animal excrements) into a bug-free nitrogen-rich manure for use in agriculture. These incentives, in turn, spurred the development of toilets, collection of refuse, and animal husbandry.
Moreover, customary handling of human waste and pig dung in China had resulted in widespread incidence of intestinal parasitic diseases such as schistosomiasis (bilharzia), which affected both humans and pigs. The spread of biogas digesters ensured a much cleaner and sanitary handling of waste as the process killed more than 90% of the parasite eggs. The result was a substantial improvement in rural health, lower medical expenses and improved productivity.
In the wake of Patel and Moulik’s trip to China, a biogas promotion programme was initiated in India in 1981. A 2015 paper by Shiv Kumar Lohan and others offers numbers for the changes since. By 1990 India had 1.23 million biogas plants. This number grew to 4.54 million by 2012. The corresponding Chinese numbers were 27 million biogas plants built.
Re: Indian Economy News & Discussion - Nov 27 2017
BTW have somebody seen real gobar gas plant? This farrticle is from fantasy world. Our plants are very simple and efficient. You need on cement sand metal pipes and some times a small compressure.you get subsidies. But in village people do not like gas cooked food. For example real sarson ka stag is cooked overnight over slow heat. Even Chapati tested different when cooked on gas.
Re: Indian Economy News & Discussion - Nov 27 2017
India saw 9.36 billion transactions worth Rs 10.2 trillion in Q1 2022, UPI leads.
India saw 9.36 billion transactions amounting to Rs 10.25 trillion in the first quarter (January-March period) via various payment modes led by Unified Payment Interface (UPI), a new report showed on Monday.
The UPI P2M (person to merchant) transactions emerged as the most preferred payment mode among consumers with a market share of 64 per cent in volume and 50 per cent in terms of value, according to the report by Worldline, a global leader in payments industry.
In Q1 2022, UPI clocked over 14.55 billion transactions in volume and Rs 26.19 trillion in terms of value.
Its transactions volume and value has almost doubled since last year recording about a 99 per cent increase in volume and over 90 per cent increase in value compared to Q1 2021.
As of the first quarter, the top UPI apps in terms of volume were PhonePe, Google Pay, Paytm Payments Bank App, Amazon Pay, Axis banks App while top PSP UPI Players were and Payments Bank.
Among the top UPI Apps, Phone Pe, Google Pay and Paytm accounted for 94.8 per cent of UPI transactions volume and 93 per cent of UPI transactions value as of March 2022, the report showed.
The average ticket size (ATS) for UPI P2P (peer-to-peer) transactions was Rs 2,455 and Rs 860 for P2M transactions (as of March).
The POS deployment witnessed over 28 per cent growth in Q1 2022 compared to a year before.
Credit cards accounted for 7 per cent of transactions, but 26 per cent of value, indicating that customers still prefer to use their credit cards for high value transactions.
Debit cards account for 10 per cent of transactions, but 18 per cent in value. The volume has shrunk from previous years likely because of the rise of UPI.
As of March, the total number of POS terminals deployed by merchant acquiring banks were 6.07 million with over half a million POS terminals deployed during Q1 2022.
The POS deployment witnessed over 28 per cent growth in Q1 2022 compared to a year before.
As of March, the total number of Bharat QRs were 4.97 million, a 39 per cent rise as compared to March 2021 while UPI QRs stood at 172.73 million, registering an increase of 87 per cent as compared to March 2021.
The total number of credit and debit cards in circulation by the end of Q1 2022 was 991.28 million.
As of January, there were about 658 million Internet users and about 1.2 billion mobile subscribers in India.
In Q1 2022, consumers made 15.6 billion mobile based payments whereas net banking/Internet browser-based transactions were over 1 billion, the report showed.
India saw 9.36 billion transactions amounting to Rs 10.25 trillion in the first quarter (January-March period) via various payment modes led by Unified Payment Interface (UPI), a new report showed on Monday.
The UPI P2M (person to merchant) transactions emerged as the most preferred payment mode among consumers with a market share of 64 per cent in volume and 50 per cent in terms of value, according to the report by Worldline, a global leader in payments industry.
In Q1 2022, UPI clocked over 14.55 billion transactions in volume and Rs 26.19 trillion in terms of value.
Its transactions volume and value has almost doubled since last year recording about a 99 per cent increase in volume and over 90 per cent increase in value compared to Q1 2021.
As of the first quarter, the top UPI apps in terms of volume were PhonePe, Google Pay, Paytm Payments Bank App, Amazon Pay, Axis banks App while top PSP UPI Players were and Payments Bank.
Among the top UPI Apps, Phone Pe, Google Pay and Paytm accounted for 94.8 per cent of UPI transactions volume and 93 per cent of UPI transactions value as of March 2022, the report showed.
The average ticket size (ATS) for UPI P2P (peer-to-peer) transactions was Rs 2,455 and Rs 860 for P2M transactions (as of March).
The POS deployment witnessed over 28 per cent growth in Q1 2022 compared to a year before.
Credit cards accounted for 7 per cent of transactions, but 26 per cent of value, indicating that customers still prefer to use their credit cards for high value transactions.
Debit cards account for 10 per cent of transactions, but 18 per cent in value. The volume has shrunk from previous years likely because of the rise of UPI.
As of March, the total number of POS terminals deployed by merchant acquiring banks were 6.07 million with over half a million POS terminals deployed during Q1 2022.
The POS deployment witnessed over 28 per cent growth in Q1 2022 compared to a year before.
As of March, the total number of Bharat QRs were 4.97 million, a 39 per cent rise as compared to March 2021 while UPI QRs stood at 172.73 million, registering an increase of 87 per cent as compared to March 2021.
The total number of credit and debit cards in circulation by the end of Q1 2022 was 991.28 million.
As of January, there were about 658 million Internet users and about 1.2 billion mobile subscribers in India.
In Q1 2022, consumers made 15.6 billion mobile based payments whereas net banking/Internet browser-based transactions were over 1 billion, the report showed.
Re: Indian Economy News & Discussion - Nov 27 2017
Here is a video - https://www.youtube.com/watch?v=iIda6HiXc4kg.sarkar wrote:Actually methane is not produced by gobar gas plants. It is produced by the digestive system of cattle and normally escapes into the atmosphere. Gobar gas plants just burns methane after it is caught in a digester, where gobar is placed. Fertilizer is also produced as a biproduct. It was not very successful in India, but it did take off in China, if I remember correctly.
Gautam
Indians will never touch human waste like what these guys are doing...
Re: Indian Economy News & Discussion - Nov 27 2017
https://fortune.com/2022/06/30/blockcha ... bal-reach/.
As Silicon Valley fantasizes about Web3, India leaps ahead on payments
As Silicon Valley fantasizes about Web3, India leaps ahead on payments
For more than a decade, Silicon Valley’s moguls have been promoting Bitcoin and blockchain-based cryptocurrencies, claiming these will transform global commerce. Instead, Bitcoin long ago died as a digital currency, becoming nothing more than an empty speculative asset with its value most recently plunging from $60,000 to less than $20,000. Meanwhile, as those same hypesters now promote a mystical Internet world called Web3, India is racing ahead and implementing what the crypto crowd had promised—with its Unified Payment Services (UPI).
A French company, Lyra Network, just announced it would deploy UPI. Entrance into the European Union is just the latest international move for UPI, an alternative payments system designed to be secure, reliable, and interoperable among different payment companies. Merchants in Singapore, Malaysia, Thailand, Philippines, Vietnam, Cambodia, and Bhutan, accept UPI payments through QR-code payment systems common in Asia. The National Payments Corporation of India is now negotiating with Australia to integrate UPI with Australia’s own nascent fast payment rail, called New Payments Platform.
The reason for its broad adoption abroad is that UPI has been shown to work well for a very large population. In addition, UPI has an open protocol upon which other technologies can be built, creating a much larger and more useful network than its competitors for financial payments. By facilitating exactly what blockchain was supposed to do—cutting out intermediaries and inducing greater competition—UPI could force a global acceleration of innovation in payment technology.
Because UPI transactions are presently free and will eventually cost only a tiny fraction of what merchants and consumers pay to move money on private payment systems such as those run by Mastercard and Visa, the UPI payment rails could boost GDP in India by a meaningful amount. As for security, UPI was also designed to require strong two-factor authentication, making it more impervious to fraud than the older systems in richer countries.
As a result, whilst blockchain may have been all the rage in Silicon Valley, UPI has become a global favorite. Facebook, Google, and Walmart have all given UPI a direct or indirect vote of confidence: Payment subsidiaries of all three giants are using UPI to help customers in India make payments. So good is UPI that Google brought it to the U.S. Treasury Department as an example of good implementation of open payments standards and technology.
Re: Indian Economy News & Discussion - Nov 27 2017
IHCL AGM: Chandrasekaran faces shareholder's ire over observing minute's silence for Pallonji Mistry
https://timesofindia.indiatimes.com/ind ... 581838.cms
Ratan Tata's hold on the group and its management is still very tight; even Chandra is reluctant to be remotely seen sympathetic to Mistrys
https://timesofindia.indiatimes.com/ind ... 581838.cms
Ratan Tata's hold on the group and its management is still very tight; even Chandra is reluctant to be remotely seen sympathetic to Mistrys
Re: Indian Economy News & Discussion - Nov 27 2017
Interesting article by Andy Mukherjee in Bloomberg on the division of the Mukesh Ambani empire among his 3 children. But what is most interesting is the bolded section where the Ambanis have this ambitious target of producing/selling "green" hydrogen in 1 decade at the rate of 1 dollar per kg. This is like a moonshot target given that even using methane as a feedstock, currently the cost of producing hydrogen is in the region of $3-5 per kg. And hydrogen where available for fuel cell vehicles is priced at > 10 dollars per kg. There was a recent article where Road Transport Minister Nitin Gadkari was driven around in a Toyota Mirai donated to him by Toyota. This car, picture given below, has a range of about 600 km on a hydrogen tank of 5.65 kg. You work out the maths, at Rs 80 to the USD, the fuel/hydrogen cost of running this car is less than 1 rupee per km!! Of course, there are lots of hurdles e.g. what exactly is "green" hydrogen as per the Ambanis, what if hydrogen has to be produced via electrolysis, what will be the power source in that case....but even at $2 per kg as the sale price, it will revolutionize road transportation.
How Ambani Will Split His Empire to Avoid Dad’s Folly
![Image](https://toyota-cms-media.s3.amazonaws.com/wp-content/uploads/2019/10/2021_Mirai_007-1500x900.jpg)
How Ambani Will Split His Empire to Avoid Dad’s Folly
Ambani’s first-born, Akash, 30, will succeed him as chairman at India’s No.1 wireless carrier Reliance Jio Infocomm Ltd. The patriarch, who resigned from the Infocomm board, will continue to helm Jio Platforms Ltd., which owns all digital assets including the telco. This is probably a stopgap arrangement until Jio Platforms, whose investors include Meta Platforms Inc. and Alphabet Inc., concludes its much-awaited initial public offering. Since telecom carriage is entwined with commerce — Ambani’s Reliance Retail runs India’s largest network of stores while his JioMart is a federation of mom-and-pop shops looking to sell online — Akash’s twin sister Isha is widely expected to head it.
In such a scenario, the 27-year-old Anant — the youngest of the three children — will likely preside over the legacy oil-to-chemicals business. But with a twist: He has to complete his dad’s pivot away from polluting hydrocarbons and toward cleaner energy sources like solar panels, sodium-ion batteries and, most importantly, green hydrogen at under $1 per 1 kilogram within a decade, or what his dad calls the 1-1-1 target.
![Image](https://toyota-cms-media.s3.amazonaws.com/wp-content/uploads/2019/10/2021_Mirai_007-1500x900.jpg)
Re: Indian Economy News & Discussion - Nov 27 2017
GST collection surges by 56% YoY to Rs 1,44,616 crore in June.
The Goods and Services Tax (GST) revenue for the month of June surged by 56% on an annual basis to nearly Rs 1.45 lakh crore as against Rs 1.4 lakh crore in May, revealed finance minister Nirmala Sitharaman on Friday.
"Our monthly GST collections are not going below that," she added.
The CGST accounted for Rs 25,306 crore, SGST for Rs 32,406 crore and IGST for Rs 75887 crore (including Rs 40102 crore collected on import of goods). The cess, including Rs 1197 crore collected on import of goods, stood at ₹11,018 crore.
According to the PIB press release, the GST collection in June this year is the second highest collection next to the month of April 2022 (with collection of Rs 1,67,540 crore).
The GST council had recently announced an increase in rates to address inverted duty structures and withdrawing some exemptions effective from July 18.
Sitharaman said any increase in GST rates is intended to make up for "inefficiencies" in the value chain.
The decision was made to support states in managing their resources and ensuring that their programmes, particularly capital expenditures, are successfully implemented during the fiscal year.
The wider reform of the GST slabs has been put off as the council gave the group of ministers (GoM) on rate rationalisation another three months to give its recommendations.
There was no decision on the taxation of online gaming, casinos, and horse racing, as the GoM that reviewed the issue has been asked to make a final recommendation by July 15, following a representation from Goa on casinos.
The Goods and Services Tax (GST) revenue for the month of June surged by 56% on an annual basis to nearly Rs 1.45 lakh crore as against Rs 1.4 lakh crore in May, revealed finance minister Nirmala Sitharaman on Friday.
"Our monthly GST collections are not going below that," she added.
The CGST accounted for Rs 25,306 crore, SGST for Rs 32,406 crore and IGST for Rs 75887 crore (including Rs 40102 crore collected on import of goods). The cess, including Rs 1197 crore collected on import of goods, stood at ₹11,018 crore.
According to the PIB press release, the GST collection in June this year is the second highest collection next to the month of April 2022 (with collection of Rs 1,67,540 crore).
The GST council had recently announced an increase in rates to address inverted duty structures and withdrawing some exemptions effective from July 18.
Sitharaman said any increase in GST rates is intended to make up for "inefficiencies" in the value chain.
The decision was made to support states in managing their resources and ensuring that their programmes, particularly capital expenditures, are successfully implemented during the fiscal year.
The wider reform of the GST slabs has been put off as the council gave the group of ministers (GoM) on rate rationalisation another three months to give its recommendations.
There was no decision on the taxation of online gaming, casinos, and horse racing, as the GoM that reviewed the issue has been asked to make a final recommendation by July 15, following a representation from Goa on casinos.
Re: Indian Economy News & Discussion - Nov 27 2017
https://lkyspp.nus.edu.sg/cag/publicati ... ply-chains
China, India and the contest for global supply chains
China, India and the contest for global supply chains
New Round of Industrial Transfer: The Reasons
Chinese commentators argue that unlike the labour-intensive industries (clothing, furniture, etc.) that relocated from China in the last decade, the latest pull-out appears to be dominated by technology-intensive industries. Three main reasons have been put forward to explain this trend:
First, this is part of the natural process of industrial transformation where low-value industries flow towards countries with lower labour and land costs. Second, challenges in the external environment such as geopolitics and the pandemic have made operating in China untenable, forcing many foreign-funded enterprises to opt for a “China+1” operation model. Third and most importantly, Sino-US trade frictions which have been intensifying since 2018, and have greatly impacted important sectors like electronic components. The US-China trade competition is viewed by some as the biggest driving force for multinational companies to leave China, with high-end manufacturing moving to the US and low-end industries relocating to Vietnam and India.
China sees two big winners: Vietnam and India
Chinese experts are of the opinion that in the past few years, the manufacturing capabilities of emerging economies like Vietnam, India, and Indonesia, have started to catch up with China. For example, while China used to be the global mobile phone manufacturing hub, accounting for 75% of the world’s mobile phone production in 2016, its share fell to 67.4% in 2021 as production centres began to move to alternative locations like India and Vietnam.
In the Chinese assessment, Vietnam has been the biggest beneficiary of this round of industrial transfer from China. Between 2019 and 2021, Vietnam's exports to the US increased by almost 25% to US$96.3 billion. Notably, the export of items like computers, electronic products and their parts exceeded US$10 billion, demonstrating the impressive growth of Vietnam’s high-tech manufacturing sector.
On the other hand, India has emerged as a key destination for low-value industries leaving China, particularly mobile phone manufacturers. Many have been attracted by India's low labour cost and high tariff policy. The supply chain of global brands like Samsung and Apple, as well as Chinese companies like Oppo, Vivo, Xiaomi, Lenovo, TCL, Haier, Midea and other electronics and home appliance industry chains have taken root in India.
“Cooperative Vietnam” v/s “Competitive India”
Undeniably, the outflow of industries will be a blow to the Chinese economy. However, some Chinese experts believe that the negative impact to China would be far less if these industries relocated to Vietnam rather than India. After all, Vietnam is constrained by a small domestic market, meaning that it could only play a minor role as a processing and transhipment hub in the global electronics industry chain. Thus, China need not feel threatened by the loss of manufacturing to Vietnam, and could still treat it as an extension/spill over of China's economic space, as an expansion of the international influence of China's industrial chain.
Re: Indian Economy News & Discussion - Nov 27 2017
https://swarajyamag.com/technology/fab- ... ng-complex
landgrab opportunity? fishy
IGSS says that with the proposed Rs 25,600 crore investment, it will have a fab that runs 28-nm, 45-nm and 65-nm technology. However, some industry experts are sceptical about these claims. According to their estimates, at the level of investment proposed by IGSS, it would be challenging to achieve the scale indicated by their plan.
A quick back-of-the-envelope calculation based on the incentives offered by the union government, the incentive sought by the IGSS proposal is likely to be a tune of close to $1 billion. The investment size means that IGSS is likely to have proposed setting up a 65-nm (or close) fab.
The only technology provider IGSS has mentioned so far is the Interuniversity Microelectronics Centre (IMEC).
IMEC is what can be called an intermediate research organisation in the world of semiconductor fabs. It is predominantly an R&D institute, not a high-volume commercial fab. It lacks experience in high-volume manufacturing and tech readiness.
landgrab opportunity? fishy
IGSS says that with the proposed Rs 25,600 crore investment, it will have a fab that runs 28-nm, 45-nm and 65-nm technology. However, some industry experts are sceptical about these claims. According to their estimates, at the level of investment proposed by IGSS, it would be challenging to achieve the scale indicated by their plan.
A quick back-of-the-envelope calculation based on the incentives offered by the union government, the incentive sought by the IGSS proposal is likely to be a tune of close to $1 billion. The investment size means that IGSS is likely to have proposed setting up a 65-nm (or close) fab.
The only technology provider IGSS has mentioned so far is the Interuniversity Microelectronics Centre (IMEC).
IMEC is what can be called an intermediate research organisation in the world of semiconductor fabs. It is predominantly an R&D institute, not a high-volume commercial fab. It lacks experience in high-volume manufacturing and tech readiness.
Re: Indian Economy News & Discussion - Nov 27 2017
Why would anyone invest in a state when successful plants like Sterlite can be shutdown any moment. This is just an eyewash, until DMK CPI(M), InC, TMK and thier backers like Jagath Jasper Raj , PFI, SDPI are solved no development or Investment will take place.
Re: Indian Economy News & Discussion - Nov 27 2017
https://swarajyamag.com/business/big-wi ... hree-years
Big Win For Make In India: Toy Imports Down By 71 Per Cent To $116 Million, Exports Up 61 Per Cent To $326 Million In Last Three Years
Big Win For Make In India: Toy Imports Down By 71 Per Cent To $116 Million, Exports Up 61 Per Cent To $326 Million In Last Three Years
modest numbers but in right directionIn a big boost for the government's 'Make in India' initiative, the import of toys has gone down by 71 per cent while the export has shot up by 61 per cent over the last three years.
For HS Codes 9503, 9504, and 9505, the import of toys to India has reduced from USD 371 Mn in FY 2018-19 to USD 110Mn in FY 2021-22 thus showing a decrease of 70.35 percent.
The imports of toys under HS codes 9503 (tricycles, scooters, pedal cars and similar wheeled toys; dolls' carriages, dolls, puzzles etc), 9504 (video game consoles and machines, articles for funfair, table or parlour games etc), and 9505 (festive, carnival or other entertainment articles, including conjuring tricks and novelty jokes) have reduced from $371 million in FY 2018-19 to $110 million in FY 2021-22, showing a decrease of 70.35 percent.
Meanwhile, the exports of the aforementioned toys have increased from $202 million in FY 2018-19 to $326 million in FY 2021-22, up by 61.39 percent, a Commerce Ministry release said on Tuesday (5 July).
Re: Indian Economy News & Discussion - Nov 27 2017
https://www.dailypioneer.com/2022/busin ... -govt.html
India to be self-sufficient in urea by 2025 end; output of conventional & nano urea rising: Govt
IFFCO Nano Urea: Best Fertilizer for Your Agriculture Crops
https://nanourea.in
https://patents.google.com/patent/CN1269774C/en
India to be self-sufficient in urea by 2025 end; output of conventional & nano urea rising: Govt
IFFCO Nano Urea: Best Fertilizer for Your Agriculture Crops
https://nanourea.in
https://patents.google.com/patent/CN1269774C/en
Re: Indian Economy News & Discussion - Nov 27 2017
Alternative to SWIFT: NPCI plans to take the UPI system to 32 million NRIs
Indians overseas remitted $87 billion last year, the biggest inflow for any country tracked by the World Bank
https://wap.business-standard.com/artic ... 175_1.html
Indians overseas remitted $87 billion last year, the biggest inflow for any country tracked by the World Bank
https://wap.business-standard.com/artic ... 175_1.html
Re: Indian Economy News & Discussion - Nov 27 2017
![Image](https://akm-img-a-in.tosshub.com/businesstoday/styles/medium_crop_simple/public/images/story/202207/whatsapp_image_2022-07-04_at_7.46.23_pm.jpeg?itok=jcMqZuwj)
Why did Coal Imports go up 242%?
The trade deficit during the first three months of this fiscal widened to USD 70.25 billion from USD 31.42 billion in the year-ago period.
Crude oil imports in June soared 94 per cent to USD 20.73 billion. Coal and coke imports surged to USD 6.41 billion in June 2022 as against USD 1.88 billion in June 2021.
Gold imports during the month rose sharply by 169.5 per cent to USD 2.61 billion.
On the exports front, outbound shipments of petroleum products rose by 98 per cent to USD 7.82 billion. Gems and jewellery shipments increased by 19.41 per cent to USD 3.37 billion.
Commenting on the numbers, ICRA Ltd Chief Economist Aditi Nayar said that despite an expected fall in gold imports, the merchandise trade deficit widened further to a ''worrying'' level in June, with a sequential dip in exports.
''With a steady uptick in the size of the merchandise trade deficit over the course of the quarter, we expect the current account deficit to more than double to USD 30 billion in Q1 FY'2023, from the modest USD 13 billion in the previous quarter,'' she said.
The export growth was constrained by the base effect as well as the contraction posted by engineering goods, drugs and pharma, cotton yarn, she added.
Re: Indian Economy News & Discussion - Nov 27 2017
^^ Possibly due to high Power demand in peak June month. Domestic coal supplies are not able to keep up.
As power consumption spike up, Coal Ministry mulls opening 12 new mines by 2022
As power consumption spike up, Coal Ministry mulls opening 12 new mines by 2022
Citing the coal supply shortage and high power consumption, the Coal Ministry on 7 July said it is mulling to start production of 12 new coal mines by 2022-end. Currently, a total of 36 captive and commercial mines are under production.
Re: Indian Economy News & Discussion - Nov 27 2017
RBI announces International Trade Settlement in Indian Rupees
Does this help in short term or long term giving Rupee better leverage?
![Image](https://pbs.twimg.com/media/FXZMAByacAEG-AM?format=jpg&name=large)
![Image](https://pbs.twimg.com/media/FXZMCUzacAAMoWd?format=png&name=medium)
Does this help in short term or long term giving Rupee better leverage?
Re: Indian Economy News & Discussion - Nov 27 2017
https://swarajyamag.com/economy/crisil- ... c-activity
CRISIL Hints At Uptick In Corporate Revenues Thanks To Recovery In Economic Activity
CRISIL Hints At Uptick In Corporate Revenues Thanks To Recovery In Economic Activity
of the fiscal year 2022-23 which looks robust despite disruptions, expectations of monetary tightening and heightened inflation expectations, a CRISIL analysis of over 300 companies rings a note of caution. It indicates that corporate profitability — which is earnings before interest, taxes, depreciation and amortisation (EBITDA) margin — may have seen a 200-300 basis points fall in first quarter (Q1) financial year 2023 (FY23), on an year-on-year basis.
However, it estimates growth in corporate revenue by 30 per cent year-on-year (YoY) in the first quarter of the fiscal on the back of volume gains largely triggered by recovery in economic activity.
Carrying over the positive note in a survey reflecting company prospects, 44 per cent of the 136 top CEOs polled by the Confederation of Indian Industry (CII) at its second national council meeting projected revenue growth of their firms in the range of 10-20 per cent during first half of FY23, followed by another 32 per cent of the CEOs who anticipated a bigger jump in revenues, to the tune of more than 20 per cent during the same period.
The optimism extended to profits as well, with 45 per cent of the CEOs indicating that their company’s profit growth is likely to increase more than 10 per cent, closely followed by 40 per cent of CEOs who felt profit growth may be up to 10 per cent, during first half (H1) FY23.
However, the overall buoyant profit outlook is underlined by the concern, of 46 per cent of the CEOs polled, over rising input prices affecting their profits between 5-10 per cent during H1 FY23. Another 28 per cent of CEOs expect a bigger hit to their profits in the range of 10-20 per cent.
On the external front, while a large share of the CEOs expect a further depreciation in the rupee and expect it to stand at more than Rs 80/US dollar during H1 FY23, a sizeable 55 per cent of them also expect their exports to benefit and perform better in H1 FY23 versus last year’s levels.
On the imports front, about 50 per cent of the CEOs indicate mild to moderate disruption in supply of inputs during the first half of the current year compared to first half of last year but having diversified majority of the procurement away from China, industry is banking on the opportunities during these disruptions in terms of enhanced exports or new export opportunities.
Another encouraging factor, as highlighted by the CII poll, is the expectation of improvement in rural demand in H1 FY23 as against the corresponding period last year.