Indian Economy : News,Discussions & Updates
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Infrastructure like roads, ports and airports are another way. have you ever read why and how city of Udaipur created? It was done to provide employment to people of Mewaar.
So we should create cities like Udaipur? follow sucess stories of 1559? How about cutting ridiculous spends and electioneering sops announced before every elections in states like UP, how about cutting subsidies to sugar factories? how about raising the education budget? how about lowering SME interest rates to 5%? how about liquidating defualted assets in NCLT? how about removal of LTCG taxes and remove double taxation?
But nooo we need more statues for pigeons to shit on.
A donkey in the hide of a Lion gets caught by the sound it makes. Post what you think and stop being a donkey in Lion's hide. Confront me with facts and your views.
Yes, we need to remove every statue of Ambedkar which rightfully gets all the shit of even birds. I am happy with all the bird shit on the statues of upper caste Hindus.
There is dichotomy in my mind of how to respond to you, on one hand I have extreme respect for you technical skills and tremendous gratitude towards your service to the nation in the forces,
on the other hand you have this extreme discriminatory casteist behavior that i find extremely revolting. Any desire to remove statues has my blessing all the way, but you are only interested in ambedkar and not all of them. That is not just hypocrisy, but the primary reason of everything that is wrong the society.
You claim top 100 businesses in India do not use Indian Banks, without any reference to any such fact, simplest of simplest thought would make you realize most of the sucessfull companies not just in India but around the world aspire to debt free, the ones who are high debt companies and sucessfull are so due to nature of business Petrochemical, infra etc. PSU NBFC's and PSU banks are the biggest source of financing for all such companies, every thing from RIL, L&T, L&T fin, NTPC, Mah and Mah, bajaj finserv, derive their financing needs from Indian financial institutions through different instruments. Even mismanaged organisations like ADAG furnishes all thier requirements through Indian banks but you claim top 100 banks do not use Indian banks, based on what?
Rupee logs biggest single-day gain in 5 years, leaps 100 paise on crude respite
PTI | Nov 2, 2018, 18:27 IST
HIGHLIGHTS
- With crude oil prices constantly dipping, concerns over widening current account deficit have slightly eased, helping the rupee claw back some lost ground
- A bullish trend in the equity market and fresh foreign fund inflows also provided support to the domestic currency
rupee
on Friday clocked its biggest single-day gain in over five years, surging by 100 paise to close at 72.45 against the US dollar on easing crude oil prices and possibility that the US might grant waivers to India from sanctions on Iranian oil imports.
Besides, a bullish trend in the equity market and fresh foreign fund inflows provided support to the domestic currency, which has witnessed a massive 150 paise rise in the last two trading sessions. The domestic currency had Thursday gained 50 paise.
At the Interbank Foreign Exchange (Forex) market, the domestic unit Friday opened on a higher note at 73.14, then gained further ground and touched an intra-day high of 72.43, a jump of 102 paise. It, however, closed at 72.45 against the greenback, showing a rise of 100 paise -- the best day for the Indian unit since September 2013.
With crude oil prices constantly dipping, concerns over widening current account deficit have slightly eased, helping the rupee claw back some lost ground.
The reports have suggested that the Trump administration is considering granting waivers to India and some other countries, which will allow these nations to continue buying oil from Iran, despite the renewal of US sanctions from next week.
The US had told various countries, including India, to cut oil imports from the Persian Gulf nation to "zero" by November 4 or face sanctions.
"Broad-based weakness in dollar along with fall in crude oil prices boosted the Indian rupee, which climbed 1.40 per cent to 72.44. Local currency had a single biggest day gain in five years amid improvement in macro environment. Foreign funds have turned buyer in domestic equity and debt market," an analyst said.
Brent crude, the international benchmark, was trading at $72.98 per barrel.
"Crude oil traded near seven-month lows pressured by higher output from major oil producers... Brent crude has corrected 17 per cent from its recent high of 86.74 registered on October 3," the analyst noted.
Meanwhile, foreign funds on a net basis bought shares worth Rs 348.75 crore from the capital markets Thursday, while domestic institutional investors sold shares worth Rs 509.17 crore, provisional data showed.
Market benchmark Sensex soared almost 580 points to end at a one-month high of 35,011.65 Friday. The NSE Nifty leaped 172.55 points, or 1.66 per cent, to 10,553.
The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 72.8798 and for rupee/euro at 83.2292. The reference rate for rupee/British pound was fixed at 94.7530 and for rupee/100 Japanese yen at 64.47.
Rupee logs biggest single-day gain in 5 years, leaps 100 paise on crude respite - Times of India
I don't mind statues. Our man wants to build bullet train through....UP. I can understand if it was mumbai/delhi corridor which will be enormously profitable but UP has the votes.
in my experience our man has a couple of drinks on friday evenings so you should probably just ignore some of the out of place statemnts,
Aapki sun Li Moodie ne.
MSMEs Get The Modi Touch: Twelve Big Bang Reforms Announced To Boost The Sector
Here are the 12 reforms announced by the Modi government.
- Approving loans in just 59 minutes, with a sealing cap of Rs 1 crore.
- Interest rate for GST registered MSME to be 2 per cent lower than the market rate, applicable for loans up to Rs 1 crore. Exporters to get 3 to 5 per cent subvention on loans.
- Companies having a turnover of over Rs 500 crore to compulsorily register on the TreDS platform. This would help the MSMEs supplying to these companies in case of a delayed payment.
- Government entities to make 25 per cent of all their purchases through MSMEs.
- Government entities would also have to get 3 per cent of their procurement done through MSMEs run and owned by women.
- All central government enterprises to be present on GeM portal helping MSMEs supply directly to them. This will also aid in eliminating the middleman culture.
- Twenty new hubs and 100 toll rooms to be created at the cost of Rs 6,000 crore to help technological up-gradation of MSMEs.
- Pharma companies to be part of clusters, which basically meansenterprises being physically present in a small 5 km radius. The Central government would bear 70 per cent of all the expenses needed to form such clusters.
- Returns with regards to eight labour laws and 10 central government rules would only need to be filed once a year.
- A possible end to inspector raj as inspectors would be allocated the establishment digitally and they would also need to file reports within 48 hours with appropriate reasons.
- Air and water consents for MSMEs to now be merged together and routine environment inspections would also end.
- MSMEs would not have to face criminal action for small and inadvertent mistakes, resulting in a reduction of 60 per cent in total cases.
It's Friday today, in case you took the day off today and celebrated the weekend yesterday.
I am with you. Let us remove each and every statue as they are more of a problem and undermine the contribution of those great people for whom they are built by creating social frictions. Youy break a statue and we have communal riots. Is this what those tall people of our society ever wanted?
Regarding your point about financing of companies, your data is pre 2015.
two years sober this september....before that it was Smirnoff and Redbull on Friday/Sat/Sun.....I stopped when I realized I'd start giving the old ruskies a run for their money and save my liver
If this is your state of sobriety, I wonder how were you when you were a drunkard. Or perhaps all that alcohol imbibed did take a toll on your intellect. Not that there was much to begin with.two years sober this september....before that it was Smirnoff and Redbull on Friday/Sat/Sun.....I stopped when I realized I'd start giving the old ruskies a run for their money and save my liver
RBI's only priority is controlling inflation, and only they have the ability to do it in a way that brings changes to the ground in the fastest possible manner. It's the only institution in India that is capable of averting a crisis. RBI's current prediction for second half is 4.8%, while the goal is 4.4%. Job creation, welfare etc is not their mandate. RBI is doing what any world class institution should do. Their job is to control money flow and according to them there is too much money flow in the system.
What the govt wants can't be done.
RBI vs Centre: Why the Modi Govt Wants to Increase Control Over Central Bank
Not to mention the govt is trying to break its fiscal deficit target. If the govt keeps absorbing debt, then where will the private sector raise money from?
Until the bad loans situation is not fully addressed, the RBI should continue following their monetary tightening policies. Rajan explains it:
Raghuram Rajan explains: Understanding bad loans
Whatever is happening now is not the fault of the current govt, but they will have to suck it up and live with it. Interfering in RBI today will mean we will not be able to handle any other global crisis that we cannot control that can likely happen tomorrow. Brexit is yet to happen, China's economic problem has deteriorated to the point where even Xi Jinping had to make a public speech about their current economic conditions recently, oil rise, Iran sanctions, trade war; any of these can potentially blow a catastrophic hole in India, which only RBI can help avert.
Xi Jinping admits 'uncertainty' in China's economy
Mastercard lodged US protest over Narendra Modi's promotion of Indian card network RuPay
US financial services corporation Mastercard told the United States government in June that Indian Prime Minister Narendra Modi was using nationalism to promote the use of a domestic payments network, and New Delhi's protectionist policies were hurting foreign payment companies, a document seen by Reuters showed.
In a written reference to Modi's stance, Mastercard told the Office of the United States Trade Representative (USTR) on June 21 that the prime minister "associated the use of RuPay cards with nationalism, claiming it serves as 'kind of national service'."
The note, which was sent by a Mastercard Vice President for Global Public Policy, Sahra English, said that, while Modi's digital payments push was "commendable", the Indian government had adopted "a series of protectionist measures" to the detriment of global companies.
U.S. companies in India have been increasingly battling Modi's policies they perceive to be protectionist. This year, U.S. technology companies have protested against an Indian law that would require them to store more data locally, raising their costs.
US financial services corporation Mastercard told the United States government in June that Indian Prime Minister Narendra Modi was using nationalism to promote the use of a domestic payments network, and New Delhi's protectionist policies were hurting foreign payment companies, a document seen by Reuters showed.
In a written reference to Modi's stance, Mastercard told the Office of the United States Trade Representative (USTR) on June 21 that the prime minister "associated the use of RuPay cards with nationalism, claiming it serves as 'kind of national service'."
The note, which was sent by a Mastercard Vice President for Global Public Policy, Sahra English, said that, while Modi's digital payments push was "commendable", the Indian government had adopted "a series of protectionist measures" to the detriment of global companies.
U.S. companies in India have been increasingly battling Modi's policies they perceive to be protectionist. This year, U.S. technology companies have protested against an Indian law that would require them to store more data locally, raising their costs.
These tech companies were once enjoying duopoly e.g. Visa & Mastercard, and used to charge heavy amount from domestic banks. Thanks to NPCI, we now have RuPay.
But I think Mastercard's representative is wrong here, RuPay is not being promoted by PM but also by all the banks who own NPCI, the reason is very simple, NPCI is non-profit organization, charges 40% less than Visa & Mastercard and is owned by several Indian Banks. Why would SBI, BOB, BOI & other PSU banks would pay 500-600 Cr annually for getway payment when Rupay does it for 350-400 Crs.
Plus this US tech giant were not participating in the 'Jandhan' welfare Scheme as they considered it as not profitable, hence they lost huge market share to Rupay, all the PSU banks have worked day-night to open lakhs of accounts and provided them Rupay cards.
But still the per capita volume of transaction on Rupay cards is still very low as the pvt banks in India still uses Visa & Mastercard.
But I think Mastercard's representative is wrong here, RuPay is not being promoted by PM but also by all the banks who own NPCI, the reason is very simple, NPCI is non-profit organization, charges 40% less than Visa & Mastercard and is owned by several Indian Banks. Why would SBI, BOB, BOI & other PSU banks would pay 500-600 Cr annually for getway payment when Rupay does it for 350-400 Crs.
Plus this US tech giant were not participating in the 'Jandhan' welfare Scheme as they considered it as not profitable, hence they lost huge market share to Rupay, all the PSU banks have worked day-night to open lakhs of accounts and provided them Rupay cards.
But still the per capita volume of transaction on Rupay cards is still very low as the pvt banks in India still uses Visa & Mastercard.