Indian Economy - News & Discussion 27 May 2012

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Austin
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Austin »

From what I have observed over the period of many years that Mumbai City receives good to heavy rainfall but most of the water gets wasted as it just goes out to sea through well connected drains and since most the roads in Mumbai are either concrete/tar types there is little chance that water would sink in the ground.

Only if they could figure out how to make use of rain water by harvesting it or making sure it does not end up in sea but goes into the ground we wont have quite few water problems to talk off , most the modern building/tower are now being advertised with gin/jaccuzi/fool/garden etc now comes with rain water harvesting so thats one small step in the right direction
Theo_Fidel

Re: Indian Economy - News & Discussion 27 May 2012

Post by Theo_Fidel »

Austin wrote:Only if they could figure out how to make use of rain water by harvesting it or making sure it does not end up in sea but goes into the ground we wont have quite few water problems to talk off , most the modern building/tower are now being advertised with gin/jaccuzi/fool/garden etc now comes with rain water harvesting so thats one small step in the right direction
Yes, that is what I mean and more efficiency as well. At some point all Indian cities are going to have to get over their squeamishness and recycle all their water as well.
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Shalav »

Theo, My bad . I had forgotten about the lakes located outside Mumbai.

There are reports of lower lake levels as compared to last year
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Prem »

http://www.iphonehacks.com/2012/07/appl ... rcing.html
Infosys To Set Up Massive Facility For Apple In India
The Times of India reports that Indian software giant Infosys in on track to set up a 140 thousand square feet office in Bangalore, which would be solely dedicated to Apple's work.The office would be ready by the end of this year, with a capacity to house more than 1,400 employees.Apple outsources application development and maintenance work to the extent of Rs 490 crore to Indian IT services providers. It is said to account for $50 million (Rs 275 crore) of Infosys' annual revenue of $7 billion.
Assuming that the new space that Infosys is taking for Apple will house a new set of employees , it would mean that Apple would be giving an additional business of at least $65 million (Rs 357 crore) every year to Infosys, considering that each Infosys employee accounts for an average annual revenue of $47,000. Infosys has about 1.5 lakh employees.The Indian newspaper notes that Infosys contributed in the development of iCloud, apps used in Apple's retail store and the design of certain iOS frameworks.This piece of news follows a report from February this year, which said that Apple's CIO Neil O'Connor had visited Bangalore to meet with officials from Infosys and Wipro, another Indian software company regarding software outsourcing projects.Apple had famously withdrawn from a huge project to transfer its tech support to India back in 2006 over quality concerns, but it seems that when it comes to software, the Indian IT industry is able to match the company's standards and deliver up to Apple's expectations.Earlier this year, Apple had also put up a dedicated web page highlighting the 500,000+ jobs it had created in the US. It's interesting that the company is choosing to outsource (a part) of the development of certain products to Indian software firms. Although some folks might jump in here to criticize Apple's "hypocritical" stance, the fact remains that a lot of software work can still be done at much cheaper costs in India than the US
.
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Re: Indian Economy - News & Discussion 27 May 2012

Post by paramu »

Theo_Fidel wrote:Yes, the drought was clear 30+ days ago, but gov't has done nothing....

Karnatak is 50% deficit. Most areas are in fact over 80%-90% deficit. The odd thing is rains in TN delta have been good and farmers a planting, even though there is zero water in Kaveri.

The places I worry about are Mumbai/Bengluru/Keral/etc. Esp. Mumbai is completely unprepared for rain failure. To give you an idea. Chennai lives on about 700 million liters of water per day. Mumbai consumes well over 4000 million liters! No one wants to live on as little water as Chennai does but folks need to prepare for that eventuality.
Since when did Theo, a person supposed to be from TN, started using different ending for Karnataka and Kerala, like a non-southie?
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Re: Indian Economy - News & Discussion 27 May 2012

Post by SaiK »

http://www.thehindu.com/business/compan ... epage=true
why is this mafia company interested in desh?
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Austin »

India, Russia agree on Comprehensive Economic Cooperation Agreement with Belarus-Kazakhstan
With an aim to boost trade ties, India and Russia have agreed to jointly study a Comprehensive Economic Cooperation Agreement with Belarus-Kazakhstan and exuded confidence to acheive ambitious an trade target of $ 20 billion by 2015.

"We exchanged constructive views on various aspects of India-Russia trade and investment cooperation. We sought definite solutions to certain outstanding problems confronting our business communities and explored ways to enhance our trade turnover," External Affairs Minister S M Krishna said

The three countries took their economic integration to a new level with the implementation of the common economic space which provides for free movement of goods, services, people and investments.

Besides, he said, the two countries agreed to redouble the efforts to achieve the $ 20 billion trade target by 2015 on account of good trade performance in the first three months of this calendar year.

"The figures for the first quarter of this calendar year are encouraging but clearly more needs to be done," Krishna said.

Echoing similar views, Rogozin said there is tremendous potential to increase the trade between the two nations.

The bilateral trade between India and Russia was nearly $ 9 billion in 2011. India's exports to Russia include pharmaceuticals, coffee, tea, tobacco, processed fruits and cotton yarn while India's imports include mineral products, natural pearls, machinery and equipment and textiles.
chetak
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Re: Indian Economy - News & Discussion 27 May 2012

Post by chetak »

Mauritius routed shady investments, HSBC terror linked transfers, what else have got ourselves into because of our dedicated and asleep at the wheel underachiever?

Mauritius funds into Indian stocks face Sebi, RBI probe

A large number of Mauritius- based entities, which have been used for investing billions of dollars in the Indian markets, have come under the scanner of financial sector regulators Sebi and RBI for possible routing of illicit wealth of Indians and NRIs back into the country.

Market regulator Sebi has identified numerous Mauritius- based funds in its various stock-specific investigations into the cases of market manipulation, as also irregularities related to IPOs, GDRs, takeovers and insider trading, sources close to the development said.
A senior official said that Sebi (Securities and Exchange Board of India) fears many of these Mauritius funds to be related to each other, as it has found various common threads between different entities based out of the island nation.

Also, Mauritius-based entities form a major chunk of the investors that have stopped investing in India, or have sold off their holdings, in the recent months amid certain fresh taxation proposals. This has further raised the hackles of the regulatory agencies, as the proposed changes in the tax regime are supposed to check flow of black money, among others.

Many of these entities, which mostly invest in India through FII (Foreign Institutional Investment) route, have been involved in large-size transactions in Indian stocks in the past, sources said, but refused to disclose the names.

As the matter involves foreign flow of funds through capital markets, as well as through banking channels, the issues are also being looked into by the banking regulator RBI (Reserve Bank of India).

There have been fears for a long time that Mauritius was being used to channelise black money, because of its tax- friendly regime.

It is feared that wealthy Indians, including some company promoters, might be using Mauritius-based funds to route their money back into the country -- either to legitimise their illicit wealth or for share price rigging in the stock market.

There have been concerns that post box-like facilities given by Mauritius authorities to the companies operating from there help in setting up proxy entities to route illicit funds back into the country without any tax or other liabilities.

A large number of FIIs investing into Indian markets are based out of Mauritius and it has been noticed that many of them carry similar addresses, except for post box numbers.

The newly proposed GAAR (General Anti Avoidance Rule) taxation framework provides certain measures for filling such loopholes, but the proposal has met with stiff opposition, especially from foreign investors.

A large number of Mauritius-based entities are used for investing through P-Notes issued by the Sebi-registered FIIs, but the P-Note investment has declined sharply ever since GAAR was announced in March this year.

Sebi is particularly looking into the past records and other available information about the Mauritius-based entities that have shown an unusual trend in their Indian investment activities (either in sale of shares or sudden stopping of purchases) since the GAAR proposal.

Although GAAR has been now postponed to the next year and the government has promised to amend its provisions, the P-Note investors are estimated to have pulled out over Rs 1 trillion (about USD 20 billion) since late March on fears of getting caught in the government's taxation net and its black money trail.

As a result, the quantum of money invested through these P-Notes has hit its rock-bottom levels of just about 10 per cent of total FII (foreign institutional investment) holdings -- which used to be more than 50 per cent a few years ago.

The Participatory Notes (P-Notes) allow foreign HNIs (High Networth Individuals) and other rich investors to invest in India through already-registered FIIs, while saving on time and costs associated with direct registrations.

The flight of P-Note investments began late in March after the government in its union budget proposed new taxation regime of General Anti-Avoidance Rule (GAAR) and certain retrospective amendments for taxing offshore transactions.

It is feared that the new taxes could lead to heavy tax burden for the foreign investors investing through jurisdictions like Mauritius. Most of the overseas entities route their investments into India through such places to take benefit of their tax-friendly regimes
chetak
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Re: Indian Economy - News & Discussion 27 May 2012

Post by chetak »

About time and some one high up the food chain had to say it.

Taxes to be rejigged soon?? :wink:

Need shift in people's attitude to cut gold demand: RBI
A big shift is needed in people's social and cultural attitudes towards gold to cut its demand, which in turn will help ease the current account situation, Reserve Bank Deputy Governor K C Chakrabarty has said.

"Ninety per cent of the gold demand is jewellery or to offer to God. Both have to stop," Chakrabarty said, while speaking at an event here over the weekend.

Sounding sensitive to the fact that offerings at temples come under the realm of faith, Chakrabarty said, "Yes, if it is religious value, it is the faith, (then) why do you require ornaments of 22 carats gold? Why not 2 carat gold? Ultimately, ornament is ornament."
The societal obsession with gold is an archaic idea of the pre-historic times when India was a rich society of abundance, he said.

"Wearing gold as an ornament was a culture when you were a rich society, when you were contributing to 30 per cent of the GDP of the world. Today, we have become a poor country, we need to change our culture," he said, adding that "social and cultural revolution" was needed in attitude towards gold.

Chakrabarty said there is no "intrinsic value" in the "speculative" investment of gold.
He urged financial wizards like chartered accountants to popularise the non-productivity of investment in gold.

The precious metal can't be used for anything productive and gains in value only because of a "mad rush" for the commodity among speculators and the day this will end, the price will fall sharply, he added.

More than the rich, it is investments by poor which is troublesome, and RBI has already flagged gold loans and sale of gold coins by banks, the Deputy Governor said.

"The problem is that it has become a culture where the poor people are purchasing and ultimately, they are borrowing on that gold at 30 per cent. See the tragedy -- this is the thing and for that, unnecessarily our current account is (suffering)," he added.
vic
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Re: Indian Economy - News & Discussion 27 May 2012

Post by vic »

A huge of PE "equity investments" are disguised loans at the astouding interest rates of 24% to 50% per annum compounded in dollar terms. This is a super duper massive scam being protected by MMS as Pranab has been kicked upstairs
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Re: Indian Economy - News & Discussion 27 May 2012

Post by prahaar »

chetak wrote:About time and some one high up the food chain had to say it.

Taxes to be rejigged soon?? :wink:

Need shift in people's attitude to cut gold demand: RBI
One honest question. In this day and age, when all tools of financial investment are losing credibility in the eyes of the aam admi and losing value of Rupee, what other option other than RE or Gold does a simpleton guy with not much backup finances do?
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Suraj »

chetak wrote:About time and some one high up the food chain had to say it.

Taxes to be rejigged soon?? :wink:

Need shift in people's attitude to cut gold demand: RBI
I don't really agree with this RBI official. Gold was and is popular because it is a store of value. People have a more nuanced view than this person seems to give them credit for. While the Rupee is a currency of financial exchange, it is not deemed as a reliable store of value. Why ? Because the chronic high debt environment and a faciliatory monetary policy means the Rupee is seen as a leaky tire whose value is visibly eroded by inflation every year.

GoI not only runs a high deficit load but seems to consider it a virtue to add to it via social spending initiatives that just further erode the value of the money they put in peoples' hands. They'd be far better served by investing in improving supply - help increase production and distribution of goods and services, and improving basic health/sanitation.

As long as GoI keeps doing these things, the people will respond by hoarding gold, which, perhaps unintentionally, also complicates the GoIs efforts to broaden their politically driven dole policies further.
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Re: Indian Economy - News & Discussion 27 May 2012

Post by vera_k »

chetak wrote:About time and some one high up the food chain had to say it.

Taxes to be rejigged soon?? :wink:

Need shift in people's attitude to cut gold demand: RBI
New taxes will only bring back gold smuggling. GoI is asleep at the wheel on developing the financial markets. Even the nascent mutual fund industry was crippled a few years ago. For lack of investment avenues, people are responding by buying gold and real estate.
Aditya_V
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Aditya_V »

We need to shift people from the demand of Gold, but for that we need people to see value from Financial markets, for that we need our Business to develop, for that we need to reduce imports (especially in Key sectors like Defence), for that we need the Agents mafia in Delhi to forgo thier commissions and NAC types alive, basically we need JNU DIng Dings, NAC and Delhi Lutyens crowd to give part of thier Gravy trail.

P.S Gold prices crashed when the Indian stock market boomed in 2003-2008 period. People like us need to be smart to invest now to see the benfits from Stock markets 6-7 years down the line.
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Aditya_V »

Operation Destroy Indian economy by UPA continues, Mr.Pai and Murthy, and host of wallahs supporting UPA is not enough.

I hope IT employees especially relative non perfomers, yes conditions are not perfect in IT but belive me employee welfare is far better.

What a dream for Philipines, Vietnam, China etc. which are trying to catch up.

11 years of non Third Front and non dynasty is all the country got which gave it a chance to compete.

Archaic labour law returns to haunt Indian IT sector
IT companies have enjoyed exemption from this archaic law - the Industrial Employment (Standing Orders) Act, 1946 - for more than a decade.
Only 2 good Industries in this country are exempt it seems, Media and Entertainment and Film Industry. UPA thinks all other industries must go bust.
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Vipul »

GDP base year to be revised to 2011-12.

Dogged by questions on the credibility of its data, the government has initiated revision of base year for calculating the gross domestic product (GDP). The exercise will not only bring the GDP base year to 2011-12 from 2004-05 but could also see a rise in growth rates as it would factor in data from excluded sectors.

“The exercise will take about three to four years to be completed,” country’s chief statistician TCA Anant said.

The move comes at a time when the economy is battling a slowdown and registered a mere 6.5 per cent GPD growth in 2011-12. The Central Statistics Office is already working on revising the base year and the basket for the Index of Industrial Production.

Anant said that exercise will also review the methodology of collecting data and will try to include international accounting changes.

As part of the base revision exercise, the ministry of statistics and programme implementation will also focus on compiling data on the unorganised sector, whose contribution is not measured accurately in the present method. While the sector contributes nearly half of the country’s GDP, it is only captured through five yearly surveys by the CSO.

The new methodology would also try to compile data on value added services, on which there is no formal data.

A recent study by Crisil has questioned the current method of computing GDP and said that it underestimates the size and growth of the Indian economy.
Theo_Fidel

Re: Indian Economy - News & Discussion 27 May 2012

Post by Theo_Fidel »

Drought is now tightening its grip in the South and West as the GOI dithers. It is going to be a brutal drought for the peninsula regions. Maharashtra dams are just 15% full, last year they were 65% full and several were surplusing. There is really only 4 more weeks of rains left. Without Maharastra dams filling Dams downstream in Andhra & Belgaum areas will never fill. This includes dams like Srisailam & Nagarjuna sagar. Even places like Tungabhadra that are usually full by now are dry to the bone. Madikeri, Kaveri source, has only got 40% of its normal rainfall. It is an incredible 75cm, short of rain. This can never be made up. I hope the East/NE/NW can grow enough to feed the rest.

Without Srisailam Chennai's water supply will truly be put to the test this year, esp. if the NE monsoon fails as well which is likely.
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Re: Indian Economy - News & Discussion 27 May 2012

Post by abhishek_sharma »

Image
Singha
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Singha »

the entire western ghats and associated coorg/nilgiri highlands which usually get huge rainfall to feed rivers and dams seems to be in drought!!
coorg used to be so rainy...everytime I visit the place it was always raining for some time every day.
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Klaus »

^^^ Perhaps this is the reason why Karnataka MLA's seem to be unison against the UN's heritage tag proposal. The reason given by them is that 'crucial' irrigation projects in the Ghats will not take off.
Theo_Fidel

Re: Indian Economy - News & Discussion 27 May 2012

Post by Theo_Fidel »

Meanwhile, our governments prepare thusly....

http://www.ndtv.com/article/south/karna ... res-248142

Image

The 17-crore prayer in Karnataka for rain
At a time when Karnataka is reeling under severe drought-like situation, the state government's contingency plan, it seems, is to leave the matter to god.

34,000 temples across Karnataka are performing special ceremonies today to appease the rain gods for more showers in the state. This after the Endowments Ministry of the Karnataka government ordered that each temple may spend Rs. 5000 for these prayers. All temples put together, this will cost Rs. 17 crore.
http://www.deccanherald.com/content/267 ... ss-st.html

Image
At St Philomena’s Church on Ashoka road, one of the oldest cathedrals of the city, special prayers had been organised at different intervals.

The prayers split into six sessions- thrice in the morning and evening was attended by the people of Christian community in large numbers.
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Re: Indian Economy - News & Discussion 27 May 2012

Post by shyam »

Why blame our people onlee.... It is there in TFTA world too...

Texas Governor Declares Weekend of Prayer for Rain

Governor Asks Oklahomans To Pray For Rain
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Prasanna »

Is it a miracle? Heavy rains lash Karnataka after prayers

This incident may make the most hardened atheists think twice. On the very day 34,000 temples across Karnataka [ Images ] started conducting special prayers to seek rainfall in the parched state, heavy rains lashed coastal parts of the state and Bangalore.

The Karnataka government had announced that special prayers would be conducted at 34,000 temples in Kanataka in two phases. The first phase started today while the second will be held on August 2.

The state government, facing the prospect of a severe drought this year, is spending a whopping Rs 17 crore on these prayers. Each temple has received an allocation of Rs 5,000.

Meanwhile, heavy rains have hit the coastal belt of Karnataka and Malnad region. It has been raining heavily in Bangalore since Friday morning.

However, key areas of North Karnataka, which are facing their worst drought in the last 42 years, are yet to receive adequate rainfall.

Incidentally, the government's initiative to conduct prayers had been criticised severely as many felt that the government was spending money unnecessarily.

http://www.rediff.com/news/report/is-it ... 120727.htm
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Kakkaji »

Theo ji:

In Georgia, Gov. Sonny Perdue led a prayer for rain on the steps of the legislature a couple of years ago.

IIRC, it did rain a little bit after the prayers that day. :)
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Kakkaji »

GST rollout unlikely before 2014: Parthasarathi Shome
KOLKATA: Parthasarathi Shome, one of the architects of the proposed goods and service tax, does not expect the government to implement GST regime before 2014 as the next Lok Sabha election may delay preparations for the eagerly awaited tax reform.

The director and chief executive of Indian Council for Research on International Economic Relations ( ICRIER) said the country is most unlikely to put up a fine-tuned administrative setup before 2014 even as the Parliamentary Committee on Finance has completed its hearings on GST and is expected to table report before the Monsoon session.

"An appropriate administrative mechanism should be in place. We have to be patient," Shome told ET.

"I am not terribly optimistic about a well-designed, well administered, well computerised GST before that (Lok Sabha election) unless the government becomes immediately alert about the matter and takes action," said the permanent invitee at the Empowered Committee of State Finance Ministers for VAT and GST.

The policy makers should look at the structural design because it will determine how the tax will impact business decision making, he said.

"That's the crux. If you are correct on this, then the tax system will be seamless," said Shome.

"Things have come to a point where people seem to want GST quickly for paving the way for other reform measures. But I am not sure whether it is necessarily be a good idea without first putting a proper structure in place."

Shome is now busy with consulting with local pressure groups and overseas chambers on the proposed general anti-avoidance rule or GAAR and examining the draft guidelines.

Prime minister Singh has engaged Shome at the job after the proposed guidelines created ripples among investors and net foreign institutional investment plummeted.

"The implementation of GAAR should not create any negative sentiment among investors. It's the uncertainty around its interpretations which puts investors on a shaky ground," Shome said.

The terms of reference for the panel he is heading are examination of the draft guidelines, consult with stakeholders, redraft the guidelines and then, put up the redrafted guidelines for further consultation.
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Gus »

shyam wrote:Why blame our people onlee.... It is there in TFTA world too...

Texas Governor Declares Weekend of Prayer for Rain

Governor Asks Oklahomans To Pray For Rain
shhhh. Its ok if western xtians do it. They are faith based.

We are superstitious. :D
Aditya_V
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Aditya_V »

Theo_Fidel wrote:Meanwhile, our governments prepare thusly....

http://www.ndtv.com/article/south/karna ... res-248142

The 17-crore prayer in Karnataka for rain
At a time when Karnataka is reeling under severe drought-like situation, the state government's contingency plan, it seems, is to leave the matter to god.

34,000 temples across Karnataka are performing special ceremonies today to appease the rain gods for more showers in the state. This after the Endowments Ministry of the Karnataka government ordered that each temple may spend Rs. 5000 for these prayers. All temples put together, this will cost Rs. 17 crore.
Theo-One thing NDTV deliberatly fails to point out is that these are funds not from Tax payer money, but Temple Hundian and other collections from Temples for the purpose of Puja and other activities now being used for those activities.

Such is the way Hindu endowments and Charity trusts operate under Government control and unlike other religions in India.
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Re: Indian Economy - News & Discussion 27 May 2012

Post by vishvak »

Aditya_V wrote:Such is the way Hindu endowments and Charity trusts operate under Government control and unlike other religions in India.
Why is this not considered even religious discrimination to the detriment of Hindu temples and activities that benefit Hindus and temples in spite of clear evidence about it?

Our media is silent on this, thereby being communal and anti-Hindu.

In fact, Govt. control of religious institutions in such a manner for any religion should be a concern for all.

I don't think that even modern first world international countries do this, in fact Govt can tax people for religion. In India it is reverse and still it is not a concern by modern standards. In fact, there are no standards in the whole world for such religious discrimination. These are ad-hoc anti-Hindu measures retrograde and to the detriment of Hindus by any world standards.
Theo_Fidel

Re: Indian Economy - News & Discussion 27 May 2012

Post by Theo_Fidel »

Actually I don't mind the Rs 17 Crore if it emotionally reassures the folks that they are doing everything from their end. BTW the GOI owns much of the pre independence church properties as well, much of it is on long term leases.

What is annoying to me is that this drought was painfully visible 6 weeks ago and I posted it. Even 50% or 60% shortfall we can live with as the ground is wet enough to start, 90% is simply impossible to recover from.

So far this is the sum total of government action.

Just to give you an idea, farm labor, still 50% of the population in the south, by and large has had zero working days for 2 months now. These are folks that are already living hand to mouth. For the first time in forever hunger is starting to return to the land. NREGA programs have been out of funds since March.

The worst effect tof drought is the loss of earning power by the poor which is what causes starvation.
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Singha »

9000 INR for a temp worker in maruti assembly line who works 8 hr shift with barely a few mins break is a pittance.

a apartment security guard who works a similar hrs in blr just sitting around and maintaining a visitor register makes around 7500, plus his employer gives shared acco and LPG cylinder for the guards to live together and cook tiffin and meals.
Theo_Fidel

Re: Indian Economy - News & Discussion 27 May 2012

Post by Theo_Fidel »

Singha saar,

There are qualified engineers at plants in Chennai who start at that wage.

Trully, Bengluru Billi's live on another planet. :P
vera_k
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Re: Indian Economy - News & Discussion 27 May 2012

Post by vera_k »

^^

That is what happens when supply of labour exceeds demand. Not enough security guard positions available, so these people are forced to work for Maruti.

Even then, what is the minimum wage in the area? It must be much lower than what Maruti pays.
Theo_Fidel

Re: Indian Economy - News & Discussion 27 May 2012

Post by Theo_Fidel »

I just got a reply on a note I shot off to a relative in the Chennai auto-parts industry. For un-educated 'contract' worker coming off the street, starting salary is Rs 3,600. Rs 800 bonus for working Saturdays as well. Rs 200 bonus after 1 month, Rs 100 bonus after 6 months, Rs 100 bonus after 1 year. PF paid 60% by management after 1 year. without my asking he said turn over is monstrously high. 30%-50% annually is not unusual. He also says folks up North make less, if that is possible.

Truly reality sucks big time, esp. for the un-educated....
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Re: Indian Economy - News & Discussion 27 May 2012

Post by sum »

Singha wrote:9000 INR for a temp worker in maruti assembly line who works 8 hr shift with barely a few mins break is a pittance.

a apartment security guard who works a similar hrs in blr just sitting around and maintaining a visitor register makes around 7500, plus his employer gives shared acco and LPG cylinder for the guards to live together and cook tiffin and meals.
Singha-saar,
Dont know about pittance but i know of lecturers of various subjects across colleges( PU/Degree) in Bengaluru who earn 9-12K p.m ( and i am not talking just fresh out of college but 3-5 years expreienced).
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Re: Indian Economy - News & Discussion 27 May 2012

Post by hnair »

I got a quote for 32k Rs for round-clock security (works out to ~10 K per shift) in Trivandrum. These were the G4S guys and the costliest of the lot. I heard Bangalore rates are lesser, since you get very competent non-MNC types (like G4S) - like 7k/shift. The guard would get probably half of it, a vehicle and a decent uniform. So it may not be as high as quoted, unless you work in niche firms like Brinks etc

This rain shortage comes at a very bad time. Tempers are going to get frayed all over India. I hope the Central govt keeps a close eye on the states. I wish a lot of elections are there to absorb the angst... :(
Bade
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Bade »

krishnan
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Re: Indian Economy - News & Discussion 27 May 2012

Post by krishnan »

chitambaram set to be FM
jamwal
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Re: Indian Economy - News & Discussion 27 May 2012

Post by jamwal »

sum wrote:
Singha wrote:9000 INR for a temp worker in maruti assembly line who works 8 hr shift with barely a few mins break is a pittance.

a apartment security guard who works a similar hrs in blr just sitting around and maintaining a visitor register makes around 7500, plus his employer gives shared acco and LPG cylinder for the guards to live together and cook tiffin and meals.
Singha-saar,
Dont know about pittance but i know of lecturers of various subjects across colleges( PU/Degree) in Bengaluru who earn 9-12K p.m ( and i am not talking just fresh out of college but 3-5 years expreienced).
So much for people who think large population is an asset not a liability
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Re: Indian Economy - News & Discussion 27 May 2012

Post by Aditya_V »

Low level accountants make 8K-12K a month, considering they are all graduates and have in many cases to put in 12 Hour shifts, deal with MIS, Tax departments and compliance issues, I dont workers are that underpiad, in fact auto drives make around 17K a month in Chennai and call taxi drivers around 25K-30K.
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