Indian Economics Thread II

[TK3600]

While living in India. Regarding the cost of living, it has increased considerably. It's not uncommon to see houses going for 400k USD and in prime locations more than a million dollars. The thing is things are also cheap if you know where to look at because not everyone is earning in that. Still majority of city would not be in IT like the drivers, maids, and others. The salary for such people should be around 2000 USD annually.

I personally was using that for half a decade. But I think the laws for indexed taxation was from the beginning when these instruments were introduced in the market.

It's already at more than 40% if you're earning more than 50,000 USD ig( it's around that, don't know if it is exactly). The problem isnt tax it's corruption. Places like Delhi have a really good public transportation system. The metro reaches almost everywhere. Places like Noida Gurgaon are also doing good in infra. Hyderabad for one has really good and wide roads, I mean majority of my friends who plan on going back would be buying some villa in Hyderabad as things are still sane there. But banglore was given a silver spoon( IT Companies started to sprung up there because the weather was really cool so you didn't have to spend much in cooling costs of computers servers etc. It wasn't some state of the art policies and incentives the locals provided just good geography. And then you know the cycle in tech, people moved there bcz that's where the companies are and companies moved there bcz that's where the people are.) . And yet they wasted it on corruption, people appeasement, welfare policies.

And there's another, municipalities don't have much financial independence, their budget is mostly approved from state government and they can't run deficits so even the municipalities which wants to do good cant do much because of lack of funds( as funds collected from them have to be passed on to state and state decided to use that money to subsidise rural places as that's where majority of votes lie and cities needs are ignored).

Oh boy you don't know the extent of propaganda, pseudoscience etc that has made its way in every part of India. See what the problem is.. india didn't have much access to internet pre 2015 ig but with the introduction of jio things changed, most of the country got connected to internet. Now it was a huge opportunity for political parties. And BJP used it to full extent. It bought all the media houses(all of them) and now they mostly just parrot the supreme leader. I mean he is the only PM which hasn't taken a press conference yet( there was one but it was scripted no uncomfortable questions). So what you have is you open the news, all of them are BJP spokesperson, you open the YouTube channels and lot of them are sponsored or supported by BJP and they produce a ton of India superpower or china shit videos to make themselves feel better. Every baby step in right direction is shown as revolutionary, every bad thing is pushed under the rug so yeah the Atmosphere of politics have changed a lot in the country..

It's good enough that we left last year fed up with all these things. And there's no sour grapes. I was making 50K USD ( CTC was 45 lakh pa inr)at a fintech company in banglore and around 100k in online business. Moved to Dubai as I think next few years or decade might be a disaster in making. I'm still in my mid 20s to I can move back a decade later or just go back to Malaysia but family is in India and they don't want to move anywhere so. Duabi is just 4 hrs from Hyderabad by flight so it's close enough to get to them in case of emergency but yeah apart from family I don't really want to go back

Whats wrong with BJP, they sound like same as American parties.

 

[Ash46]

Whats wrong with BJP, they sound like same as American parties.

Yes they do resemble republicans.

I'm not sure there are a lot of people who are optimistic about the future of America going forward, especially when Trump was at helm. So you can understand the nervousness with BJP

 

[TK3600]

Yes they do resemble republicans.

I'm not sure there are a lot of people who are optimistic about the future of America going forward, especially when Trump was at helm. So you can understand the nervousness with BJP

I said parties plural. Democrates dominates media like BJP. BJP is more overtly racist. I suppose you can say it combines worst traits of both party.

 

[Bellum_Romanum]

A tale of two economies from the 2 countries with the largest populations.

https://twitter.com/i/web/status/1644789334040780802

 

[Bellum_Romanum]

The tweet speaks for itself:

https://twitter.com/i/web/status/1645034250314579968

 

[sndef888]

The

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on Tuesday cut India’s growth forecast for 2023-24 to 6.3% from its December estimate of 6.6% amid global headwinds and with rising borrowing costs and slower income growth leading to a moderation in consumption, even as its country director Auguste Tano Kouame said the Indian economy continues to show strong resilience to external shocks.

World Bank slashes India’s GDP growth forecast to 6.3%
Meanwhile, the Asian Development Bank (ADB) on Tuesday said that India’s economy would grow at a slower-than-expected 6.4% this year. The growth estimates by both multilateral agencies are close to the Reserve Bank of India’s (RBI) February 8 forecast of 6.4% growth in 2023-24. The Economic Survey on January 31 projected India’s GDP growth at 6.5% in real terms , with a broader range of 6-6.8% depending on downside and upside risks.

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The World Bank, in its latest India Development Update (IDU) report said the country’s growth is expected to be constrained by slower consumption growth and challenging external conditions. “Rising borrowing costs and slower income growth will weigh on private consumption growth, and government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fiscal support measures,” it said. Experts expect the Monetary Policy Committee of the Reserve Bank of India (RBI), which is holding its bi-monthly meeting from April 3-6 to raise policy rates for the seventh time to tame inflation, which remains over the central bank’s upper tolerance limit of 6%. A recent spike in international crude oil prices is one of the major worries for experts as India is a net importer of energy.

The World Bank’s biannual report also cautioned about “headwinds to India’s growth” in FY24. “Recent financial sector turmoil in the US and Europe could reduce appetite for emerging market assets, trigger another bout of capital flight and put pressure on the Indian rupee,” it said. “Tighter global financial conditions could also weigh on the risk appetite for private investment in India,” it added. The report, which factored in developments up to March 31, did not take into account the recent spike in fuel rates after producers’ cartel OPEC+ pledged to cut output recently. The development saw benchmark Brent crude surge over $5 (6.3%) to $84.93 a barrel on Monday.

Kouame enumerated several factors responsible for India’s growth resilience such as strong infrastructure spending, export growth driven by services, improved labour market, and robust revenue collections to support public spending. Commerce minister Piyush Goyal recently announced that India’s exports will cross $760 billion in FY23. Meanwhile, recent official data pointed to robust gross direct tax ( ₹19.68 lakh crore) and indirect tax ( ₹18.1 lakh crore) collections in 2022-23.

“But we see some signs of moderation in global environment, which also implies moderation in India,” Kouame said hinting at the current geo-political turmoil affecting global supply chains and inflation triggering tightening of interest rates by central banks. The reopening of China (after the pandemic) is, however, a positive development and “India will benefit” from that, he added.

Kouame said China’s revival and the ‘China-plus-one’ strategy are two different things – while the opening of China will help global economies, India is well placed to benefit from the ‘China-plus-one’ strategy (where countries look to broaden their manufacturing and supplier base) provided it creates conducive environment for foreign investors. “China re-opens, it adds to the global growth” and that will also indirectly benefit India, he explained.

The report said the reopening of China’s economy and stronger than expected growth in the United States and Euro area at the end of 2022 are providing some tailwinds to growth in 2023. “Although significant challenges remain in the global environment, India was one of the fastest growing economies in the world with real GDP growing 7.7 percent year-on-year during Q1-Q3 fiscal year 2022/23 (April-March FY22/23)… While the overall growth momentum remains robust and real GDP growth for FY22/23 is estimated to be 6.9 percent, there were signs of moderation in Q3 as growth slowed to 4.4 percent year-on-year,” it said.

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The report also expressed confidence in India’s banking sector. Indian banks are well capitalised, and the impact of policy tightening on bank balance sheets has been less severe in India due to the relatively modest pace of tightening, it detailed.

Commenting on the World Bank trimming India’s growth projection, Associated Chambers of Commerce and Industry of India (ASSOCHAM) president Ajay Singh said: “A few percentage points doesn’t matter… We have to take into account what is happening globally.” He said that despite strong global headwinds, India is one of the fastest growing major economies in the world. Singh, however, urged RBI to pause raising policy rates further, which would adversely impact investor’s sentiment. He said, Union government is making huge capital investments, which will result in a “sharp uptick” in private investment in two to three years.

Interesting, agencies are now downgrading India's growth forecasts to low 6% while increasing China's forecast to high 5%

In the end it's likely to be very similar. Which for a country at India's state of development is not really a good thing

 

[coolgod]

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World Startup Convention: The India start-up gala that exploded into a scandal​

Some of the sponsors and participants said that they were under the impression that big names such as Indian Prime Minister Narendra Modi, Alphabet CEO Sundar Pichai and Twitter chief Elon Musk would be attending. But organisers said their images had been used for an earlier event planned for January which fell through.

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The "world's biggest startup funding festival" that never was​

The World Startup Convention garnered much attention from young Indians but turned out to be a flop

The convention, coming

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, was marketed as a gateway to international exposure for India and other nations’ entrepreneurial ecosystems. Popular content creators and celebrities such as the writers Ankur Warikoo and Chetan Bhagat, the YouTuber Praful Billore, and the entrepreneur Raj Shamani promoted it, getting startups excited.

On the day, though, the World Startup Convention turned out to be a scam: bereft of investors or ministers, poorly organized, and dubiously marketed. The event was “a monumental and landmark case of how to spot red flags for such events in the creator economy,” Neel Gogia, the co-founder of influencer marketing agency IPLIX Media, told Quartz.

How to scam scammers in India

 

[pbd456]

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World Startup Convention: The India start-up gala that exploded into a scandal​

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The "world's biggest startup funding festival" that never was​

The World Startup Convention garnered much attention from young Indians but turned out to be a flop



How to scam scammers in India

startups can still learn from their peers. it is a nice networking event.

 

[proelite]

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[luminary]

India:

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​

Modi has counted on sympathetic journalists and financial speculators in the West to cast a seductive veil over his version of political economy, environmental activism and history.

‘There is something thrilling about the rise of Narendra Modi,’ Gideon Rachman, the chief foreign affairs columnist for the Financial Times, wrote in April 2014.

‘I’d bet on Modi to transform India, all of it, including the newly integrated Kashmir region,’ Roger Cohen of the New York Times wrote in 2019 after Modi annulled the special constitutional status of India’s only Muslim-majority state and imposed a months-long curfew.

The CEO of McKinsey recently said that we may be living in ‘India’s century’.

Praising Modi for ‘implementing policies that have modernised India and supported its growth’, the economist and investor Nouriel Roubini described the country as a ‘vibrant democracy’.

But it is becoming harder to evade the bleak reality that, despoiled by a venal, inept and tyrannical regime, ‘India is broken’ – the title of a disturbing new book by the economic historian Ashoka Mody.

The number of Indians who sleep hungry rose from 190 million in 2018 to 350 million in 2022, and malnutrition and malnourishment killed nearly two-thirds of the children who died under the age of five last year.

At the same time, Modi’s cronies have flourished. The Economist estimates that the share of billionaire wealth in India derived from cronyism has risen from 29 per cent to 43 per cent in six years. According to a recent Oxfam report, India’s richest 1 per cent owned more than 40.5 per cent of its total wealth in 2021 – a statistic that even the notorious oligarchies of Russia and Latin America never came close to matching.

The new Indian plutocracy owes its swift ascent to Modi, and he has audaciously clarified the quid pro quo. Under the ‘electoral bond’ scheme he introduced in 2017, any business or special interest group can give unlimited sums of money to his party while keeping the transaction hidden from public scrutiny.

Increasingly, the mollycoddling of yet another exponent of crony capitalism and ethnic-racial supremacism is driven by the imperatives of the new Cold War: the Biden administration’s resolve, deepened by the war in Ukraine, somehow to contain China. Adani’s lavish purchase of the port of Haifa came after the US put pressure on Israel to disallow his Chinese rival, the Shanghai International Port Group, from managing a port frequented by the Sixth Fleet of the US Navy.

‘Unless India makes a dramatic investment in its human capital, its demographic advantages will turn into a demographic disaster in the form of a massive unemployable labour force.’

Today, the scope for labour-intensive jobs in Indian industry shrinks further, the large middle class long fantasised about by foreign corporations stubbornly fails to materialise, and private investment keeps falling despite lavish government spending on infrastructure.

Modi’s government has not made the budgetary allocations for public health and education that would be necessary for securing a large demographic advantage. Instead, it has sought to deploy many of the unemployable and frustrated labour force as storm-troopers of Hindu supremacism, indoctrinating them with a garishly fabricated Indian past and equally kitsch daydreams of India’s future as a world guru.

Ideological delusion

In the mainstream Western narrative shaped during the Cold War, India – with its regular elections – long starred as a counterexample to many authoritarian and anti-Western countries. The tattered old fable about India’s democracy is being urgently revamped as the Biden administration pursues its new Cold War against Chinese and Russian "autocracy".

In recent months, India has also suffered humiliating military defeats and losses of territory to China while becoming economically ever more dependent on imports from the country.

No matter: India is now firmly fixed in the Cold War imagination as a military as well as democratic counterweight to the free world’s autocratic adversaries, and Western policymakers and commentators trumpet the country’s virtues even more loudly than before.

Speaking at a meeting last year of the anti-China military coalition QUAD in Tokyo, Biden complimented Modi for ‘making sure democracies deliver, because that’s what this is about: democracies v. autocracies’. In stalwart attendance at Biden’s ‘Summit of Democracy’ with Netanyahu last month, Modi invoked ‘our sacred Mahabharata’ and ‘our sacred Vedas’ while insisting once again that ‘India indeed is the mother of democracy.’

As New Delhi prepares to host a G20 summit in September, Western officials and opinion-makers more keenly echo Modi’s claims for India’s democracy with words such as ‘largest’ and ‘vibrant’. Both adjectives were deployed last month by a State Department spokesperson as he tried to evade comment on Modi’s crackdown on the BBC.

Visiting India in early March, Italy’s far-fight prime minister, Giorgia Meloni, described Modi as the ‘most loved of all world leaders’. A few days later, Australia’s new prime minister, Anthony Albanese, joined him in a lap of honour in an improvised chariot at the new Narendra Modi cricket stadium in Gujarat.

Such flattery helps Modi to project himself domestically as a universally revered icon, and further demoralise his political opposition. It encourages his fan base to think that Hindu superpowerdom is imminent – a demagogic vanity that is certain to be disappointed and to degenerate into vengeful xenophobia. Fawning on a Hindu supremacist, as his supporters routinely clamour for a genocide of Muslims in India, also entrenches lies and propaganda deeper in the public life of Western societies. Adani’s business empire may or may not turn out to be the largest con in corporate history. But far greater dangers to civic morality, let alone democracy and global peace, are posed by those peddling the gigantic hoax of Modi’s India – the first big fraud of the new 'Cold War'.