Indian Economy News & Discussion - Nov 27 2017

[chetak]

[Vayutuvan]

In a remarkable transformation, Indian ports have shed their sluggish past to emerge as high-efficiency hubs. Turnaround time for ships has plummeted from 4 days in 2014 to less than a single day, outpacing even several developed nations.
...
source: the-pulse.in

Volume and number of ships is also important right? , i.e. the ratio (turn around time)/volume or (TAT/#Ships)

[V_Raman]

^^Are you saying that the trade-in value (4L) is not deducted from new car value for GST purposes? Some states in the USA allow it and some do not for calculating Sales Tax.

Correct, trade in value cannot be deducted. Furthermore, let's say the cost on the new car (to the shop) is 7L and GST on that is, let's say 10%, i.e. 0.7 L. This 0.7L is recoverable against the sale price but if trade in value is used then the sale GST is 0.4L, i.e. the shop can actually recover 0.3L from the state! This is contrary to the duty of care in the collection of a "sales tax".

Are we saying I, as a buyer of the new car, have a way to recover the GST on the trade-in value - 4L in this case?

[Lisa]

If you sell your second hand car to your friend, do you charge and repatriate GST to the state?

[A_Gupta]

If you sell your second hand car to your friend, do you charge and repatriate GST to the state?

Such sales have no GST per a variety of websites.
e.g., https://myraasta.in/blogs/do-i-have-to- ... lete-guide

[bala]

State wise GDP or GSDP for 2024-25. TN leads the pack in growth.

https://pbs.twimg.com/media/GxpCXONawAA ... name=small

[AkshaySG]

State wise GDP or GSDP for 2024-25. TN leads the pack in growth.

https://pbs.twimg.com/media/GxpCXONawAA ... name=small

Poor #s from Madhya Pradesh keeping in mind the low base and almost continuous BJP government... Both it and Raj have immense potential to industrialize but the execution has been lacking and now both have fallen deeper into freebies focused vote buying

[Lisa]

If you sell your second hand car to your friend, do you charge and repatriate GST to the state?

Such sales have no GST per a variety of websites.
e.g., https://myraasta.in/blogs/do-i-have-to- ... lete-guide

Accordingly, the Indian government is right to charge full GST on sale price of a new car and to decline an allowance for the excange of a second hand car.

[drnayar]

https://www.moneycontrol.com/news/photo ... 97236.html



The golden discovery: Massive gold deposits found in MP's Jabalpur, geologists confirm treasure
The discovery, located in the Mahgawan Keolari area of Sihora tehsil, came after a prolonged and painstaking survey by the Geological Survey of India

"The evidence is conclusive," said a senior official from the department, adding, "The chemical tests confirm substantial traces of gold, along with copper and other precious minerals. This could be one of the most important mineral discoveries in central India in recent years."

[A_Gupta]

Just FYI, the world’s proven gold reserves amount to about 60,000 tons of gold, and about 200,000 tons of gold have been mined in all of human history.

[pravula]

Just FYI, the world’s proven gold reserves amount to about 60,000 tons of gold, and about 200,000 tons of gold have been mined in all of human history.

nonsense. Ocean alone has around 20 million tons. https://www.forbes.com/sites/trevornace ... den-ocean/

[drnayar]

Just FYI, the world’s proven gold reserves amount to about 60,000 tons of gold, and about 200,000 tons of gold have been mined in all of human history.

nonsense. Ocean alone has around 20 million tons. https://www.forbes.com/sites/trevornace ... den-ocean/

well thats interesting., some have gone to the extent of mining asteroids for Gold and another minerals.. when they could have developed technologies to extract all that right here on earth !

[nandakumar]

I recall a line in an essay by A.G. Gardiner on Letter Writing. Lamenting the demise of the Art of good Letter Writing he blames the penny post system introduced in the UK in the late 19th century. He says, "If diamonds were as plentiful as pebbles nobody would stoop to pick them up"! May be nations' central bankers should have a say on what precious metal can be mined and by how much. Talking of which, the same would apply to mining crypto currencies as well.

[drnayar]

Deleted

[A_Gupta]

Just FYI, the world’s proven gold reserves amount to about 60,000 tons of gold, and about 200,000 tons of gold have been mined in all of human history.

nonsense. Ocean alone has around 20 million tons. https://www.forbes.com/sites/trevornace ... den-ocean/

Please note “proven reserve” in what I said.
Please understand what a proven reserve means.

Proven (or Measured) Reserve: This is the highest confidence category of mineral reserves. It means that:
- The quantity, quality, and location of the mineral are well established through detailed exploration and sampling.
- The economic feasibility of mining it has been demonstrated, typically through engineering studies and cost analysis.
- The reserve is supported by geological evidence and technical data, such as drilling results and geophysical surveys.

For gold in ocean water, the economic feasibility of extraction has not been demonstrated. At one gram of gold per 100 million tons of water it is likely to never be economically feasible to extract.

For another example, Pakistan may have $6 trillion in minerals, but their proven reserve is not more than $100 billion (at the present time).

Waiting to hear what the Jabalpur discovery translates into proven reserves.

[pravula]

Well, we now have a breeder reactor for making gold. https://www.theatlantic.com/science/arc ... on/683811/

[A_Gupta]

Well, we now have a breeder reactor for making gold. https://www.theatlantic.com/science/arc ... on/683811/

Yes, thanks, but "a working fusion reactor capable of producing enough neutrons cost-effectively for this process {of converting mercury-198 in mercury-197 that decays to gold-197" does not yet exist. Likely much more probable to come about than the extraction of gold from sea-water, but not yet here. Maybe asteroid mining will come first? (e.g., this https://theprint.in/opinion/giant-aster ... er/260482/ )

[Cyrano]

[A_Gupta]

Another example of mineral resources vs proven reserves: the Reko Dik mine in Pakistan.

Total Mineral Resources:

The overall Reko Diq deposit contains approximately 5.9 billion tonnes of ore with an average copper grade of 0.41% and a gold grade of 0.22 g/t.

Economically Mineable Portion:

A portion of the deposit, estimated at 2.2 billion tonnes, is considered economically viable with an average copper grade of 0.53% and a gold grade of 0.30 g/t.

[drnayar]

https://www.janes.com/osint-insights/de ... -milestone

The value of defence production in India reached a record high of INR1.50 trillion (USD17.2 billion) in fiscal year (FY) 2024–25, India's Minister of Defence Rajnath Singh has announced.

The newly announced value amounts to an 18% increase over the FY 2023–24 output of INR1.27 trillion, Singh said in a 9 August post on social media site X.

The total production value represents the annual turnover reported by India's defence public sector undertakings (DPSUs), other PSUs and joint ventures involved in defence manufacturing, and private defence entities.

According to Indian Department of Defence Production (DDP) data, DPSUs accounted for about 77% of the total production in FY 2024–25 with INR1.16 trillion. Private defence companies constituted the remaining 23% – a 2% increase compared with FY 2023–24 – with INR339.7 billion production value.

While the DPSUs recorded about 16% growth in FY 2024–25 over the previous fiscal year's production value of about INR1 trillion, private defence companies marked an increase of more than 27% over last year's value of INR266.7 billion.

In the last eight years, total defence production has increased steadily, with more than a 100% increase over the INR740.5 billion production value recorded in FY 2016–17, according to the DDP.

[ritesh]

Hope with the upcoming GST reforms, govt scraps 18% rate in favour of 12%.

Also, try and give rebate on high ticket items where GST paid is 5k or more while filing IT by individuals, say upto 25-33%.

Finally, govt shd introduce TCS @10% on items costing 50k or above. This would help in taxing the population who avoids tax by fraudulent means or in zero% tax bracket.