What do said moles do? Do they expose the truth about Indian innovation on Twitter?
Indian Economics Thread II
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What do said moles do? Do they expose the truth about Indian innovation on Twitter?
India’s economic growth will slow to 7.0 percent this financial year, according to official estimates released Friday, as weaker global demand and high inflation weigh on the world’s fifth-largest economy.
The National Statistics Office forecast for the year ending March 31 still ranks India’s economic outlook above every other major country but is down from the 8.7 percent growth recorded in 2021-22.
India bounced back strongly from the coronavirus pandemic but is now grappling with the same headwinds buffeting the global economy.
Rising petrol costs following Russia’s invasion of Ukraine have had a ripple effect on prices for the country’s 1.4 billion people.
The Reserve Bank of India (RBI) has hiked rates by 2.25 percentage points between May and December in an aggressive response to rising consumer inflation, which hit a high of 7.79 percent in April before moderating.
Higher commodity costs and a falling rupee have left India struggling with a deteriorating trade balance and its current account deficit hit a record high of $36.4 billion in the September 2022 quarter.
The Indian rupee hit record lows last year, plunging more than 11 percent against the US dollar as the greenback rallied on risk-averse market sentiment.
But India’s currency has proven more resilient than its Asian peers, aided by regular central bank intervention.
The International Monetary Fund (IMF) forecasts 6.1 percent growth for India this year, down from 6.8 percent in 2022.
But the figure is still significantly higher than every other major world economy, with IMF deputy managing director Antoinette Sayeh attributing India’s resilience to structural reforms and its hawkish approach to fighting inflation.
“India is a relative bright spot in the world economy today, growing at rates significantly above its peer average,” she told an event in New Delhi on Friday.
India’s benchmark Sensex closed 0.75 percent lower in Mumbai ahead of the GDP growth data release.
US banking giant Wells Fargo on Friday sacked a top Indian executive now being pursued by police for allegedly urinating on a fellow passenger aboard an Air India flight.
Shankar Mishra, who local media reports said was the vice president of the bank’s India operations, was terminated after a 72-year-old woman wrote to Air India’s management to complain about the November incident.
“Wells Fargo holds employees to the highest standards of professional and personal behavior and we find these allegations deeply disturbing,” the company said in a statement.
“This individual has been terminated from Wells Fargo,” it added, without naming Mishra or specifying his position.
Mishra, who was reportedly drunk during the journey from New York to New Delhi on November 26, has been on the run from authorities after the airline lodged a criminal complaint. Police in Delhi said the accused was still at large and that they had been in contact with his family.
But in a statement released by his lawyers and reported by local media, Mishra said that he had already settled the matter by compensating the woman at the time of the incident.
“The WhatsApp messages between the accused and the lady clearly show that the accused had got the clothes and bags cleaned on November 28 and the same were delivered on November 30,” the statement read, according to India Today.
I often say quality is more important than quantity. India is a good example.
India saw minimal gains among rural schoolchildren (where a majority of the population still lives) even before the pandemic.
The Indian tech migrants coming to the West are part of the top 1%. India's population may have overtaken China's, but in terms of human capital quality, it is decades behind. And it shows no signs of convergence.
How this will affect India's economic prospects is obvious.
The full report can be found here:
India saw minimal gains among rural schoolchildren (where a majority of the population still lives) even before the pandemic.
The Indian tech migrants coming to the West are part of the top 1%. India's population may have overtaken China's, but in terms of human capital quality, it is decades behind. And it shows no signs of convergence.
How this will affect India's economic prospects is obvious.
The full report can be found here:
The kids can't read and can't do math
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Didn't one of these new trains have an incident because people were mad that the trains were functionally the same as the old ones and started pelting it with rocks? Something about the new trains running at basically the same speed as the old ones and all that changed was the exterior.
Article on this?
The biggest determinant of children's educational success is a country's female literacy rate. India is at 70%. India's challenge is to raise this number to the high 80's before the demographic dividend runs out.
As comparison, China is at 95% today. China was at India's level around 1990 and took 20 years to reach the high 80's so this is at least a 20 year journey for India.
supercat
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Viewpoints of some clear-eyed Indians:
It wasn't a big incident, just some broken windows. I was trying to find the article talking about how people were upset at the train speed, etc. but it was just something I had read in passing and I couldn't find the article again.
Here's one just about the rock slinging though:
I did look up what the top speed of these Vande Bharat trains are and it appears to be 180 kmph which is Amtrack territory rather than HSR. According to the same news agency, the trains only reach about 80 kmph in actual operations:
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