Indian Economics Thread II

[pbd456]

is Vendanta controlled by family close to Modi?

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ST is negotiating to be a partner.

 

[Lethe]

The April 2023 edition of the IMF's World Economic Outlook database

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that India's nominal GDP in current USD will surpass that of both Germany and Japan in 2027.

 

[Canton_pop]

The plot thickens...

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The Indian obviously confused between potato chip with micro chip

 

[56860]

The April 2023 edition of the IMF's World Economic Outlook database

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that India's nominal GDP in current USD will surpass that of both Germany and Japan in 2027.

Jai Hind!

 

[luminary]

Worthless Degrees Are Creating an

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in India​

Business is booming in India’s

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education industry and new colleges are popping up at breakneck speed. Yet thousands of young Indians are finding themselves graduating with limited or no skills.

It’s a strange paradox. India’s top institutes of technology and management have churned out global business chiefs like

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’s Sundar Pichai and

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’s Satya Nadella. But at the other end of the spectrum are thousands of small private colleges that don’t have regular classes, employ

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with little training, use

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curriculums, and offer no practical

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or job placements.

The government regularly highlights the benefits of having more young people than any other country. Yet half of all graduates in India are unemployable in the future due to problems in the education system,

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to a study by talent assessment firm Wheebox.

Many businesses say they struggle to hire because of the mixed quality of education. That’s kept

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stubbornly high at more than 7%.

One study by the human resource firm SHL found that only 3.8% of

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have the skills needed to be employed in software-related jobs at start-ups.

Even though companies are looking to recruit in areas like electric vehicle manufacturing, artificial intelligence and human-machine interface, the smaller Indian universities still teach outdated material such as the basics of the internal combustion engine.

One Bhopal resident, twenty-five-year-old Tanmay Mandal, paid $4,000 for his bachelor’s degree in civil engineering. Despite the cost, Mandal says he ended up learning almost nothing about construction from teachers who appeared to have insufficient training themselves.

India’s education industry is projected to hit $225 billion by 2025 from $117 billion in 2020, according to the India Brand Equity Foundation, a government trust. That’s still much smaller than the US education industry, where spending is

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to be well above $1 trillion. In India, public spending on education has been stagnant at about 2.9% of GDP, much lower than the 6% target set in the government’s new education policy.

​

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The 2019 satirical film Eeb Allay Ooo! highlights the grim reality of India’s employment crisis. The protagonist, who lacks marketable skills, takes on the impossible job of chasing away monkeys from public spaces. The subcontractor, not happy with his employee’s performance, hurls insults, withholds his wages and finally fires him.

In India, about 52% of workers are

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, having been forced to create their own jobs to earn an income. Casual work makes up 25% of the workforce, while only 23% are regular salaried workers. Labour force participation is 50%, meaning only half the working age population (those aged between 15 to 64 years) work, with an even lower female participation rate of 23% compared to 67% for males.

In 2017–18, 90.7 per cent of India’s employment was in

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, characterised by a vicious cycle of low productivity where too many workers produce too little output. But the trend is not limited to the informal sector. Formal jobs are becoming increasingly precarious due to the growth of part-time, contract and non-union employment conditions.

The demand for jobs is mind boggling. Ajit Ghose, a former International Labour Organisation economist, estimated that

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roughly 12 million jobs each year just to keep up with the influx of new workforce entrants. But open unemployment is a luxury the poor cannot afford — India’s challenge is underemployment. Workers struggle to find adequate hours of work, toil hard with abysmal wages and working conditions and suffer from the indignities of their social position.

Given East Asia’s earlier manufacturing success, large-scale manufacturing has been advanced as a solution to absorb labour demand. India’s manufacturing as a share of GDP has remained flat.

There is evidence of

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and compressed capitalism, a process by which a few sectors leapfrog to a similar level to advanced capitalist countries while the rest lag far behind due to different sectoral growth rates. Today with heightened competition, businesses in labour abundant India are also compelled to adopt capital- and technology -intensive investments for competitiveness, thus generating fewer jobs.

The rewards of working are grossly unequal, favouring the few business owners, large employers, subcontractors and well-educated, skilled workers and professionals in the formal sector. The rest desperately scramble to accept whatever menial jobs come their way, which is not just limited to bellowing Eeb Allay Ooo to chase away monkeys.

WTO panel rules against India in IT tariffs dispute with EU, US​

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[CMP]

Worthless Degrees Are Creating an

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in India​

Business is booming in India’s

Please, Log in or Register to view URLs content!

education industry and new colleges are popping up at breakneck speed. Yet thousands of young Indians are finding themselves graduating with limited or no skills.

​

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The 2019 satirical film Eeb Allay Ooo! highlights the grim reality of India’s employment crisis. The protagonist, who lacks marketable skills, takes on the impossible job of chasing away monkeys from public spaces. The subcontractor, not happy with his employee’s performance, hurls insults, withholds his wages and finally fires him.

WTO panel rules against India in IT tariffs dispute with EU, US​

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They'll be really susceptible to violent revolution down the road.

 

[Ash46]

They'll be really susceptible to violent revolution down the road.

down the road.

Lol no, you do have an idea about the food subsidies that poor receive in India that amount to some 800 million people? If not, do refrain from such grandiose predictions of revolution. When was the last time india revolted for such reasons? Umm almost never regarding employment and such. And they specially won't as long as they are receiving food and subsidised fuel (LNG cylinder) from government.

Employment isn't really something that can make Indians revolt. It's mostly religion. Wanna know when did india revolted against British in a huge way? It wasn't for normal atrocities, lol no. It was when they found pork and beef are used with cartridges and they( Muslims and Hindus) had to take it in mouth to use it. Yeah religion made them revolt against British.

As for violent revolutions against government for failing to provide jobs, make livable cities,doing their basic job?? Lol we don't do that here. There's just no precedent for it.

 

[CMP]

Lol no, you do have an idea about the food subsidies that poor receive in India that amount to some 800 million people? If not, do refrain from such grandiose predictions of revolution. When was the last time india revolted for such reasons? Umm almost never regarding employment and such. And they specially won't as long as they are receiving food and subsidised fuel (LNG cylinder) from government.

Employment isn't really something that can make Indians revolt. It's mostly religion. Wanna know when did india revolted against British in a huge way? It wasn't for normal atrocities, lol no. It was when they found pork and beef are used with cartridges and they( Muslims and Hindus) had to take it in mouth to use it. Yeah religion made them revolt against British.

As for violent revolutions against government for failing to provide jobs, make livable cities,doing their basic job?? Lol we don't do that here. There's just no precedent for it.

That's a shame.

 

[Ash46]

The Indian obviously confused between potato chip with micro chip

Lol no this vedanta Foxconn is blown out of proportion. The minimum criteria for subsidies wan experience in manufacturing 65 nm while the best Foxconn can do atm is 100+. They likely won't even get subsidies.

As for microchips, ISMC signed a MoU to setup a 65 nm fab and invest around 3 billion dollars. It's the one that's already churning those chips and is backed by Intel that is most likely to receive subsidies as that is the only one fulfilling the minimum criteria of 65nm.

 

[mossen]

Potentially a big deal. Intel's president of foundry services is joining Tata to head up their electronics unit. Tata is on record saying they want to invest in chips.

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Unlike the Vedanta-Foxconn tie-up, this looks more promising.