Dismiss Notice
Welcome to IDF- Indian Defence Forum , register for free to join this friendly community of defence enthusiastic from around the world. Make your opinion heard and appreciated.

Economy News

Discussion in 'World Economy' started by Indian_Idol, Jun 2, 2010.

  1. Som Thomas

    Som Thomas 2nd Lieutant FULL MEMBER

    Joined:
    Nov 16, 2016
    Messages:
    164
    Likes Received:
    296
    Country Flag:
    India
    India starts exporting petroleum products to Myanmar
    India’s Numaligarh Refinery exported the first consignment of 30 tonnes of high speed diesel to Myanmar by land route
    Gireesh Chandra Prasad
    [​IMG]
    Oil minister Dharmendra Pradhan had visited Myanmar in February this year to explore collaboration in the oil and gas sector. File photo: Mint

    New Delhi: India on Monday started exporting petroleum products to Myanmar by road, discovering a new market for its fast- growing oil refining sector at a time when renewable energy and electric mobility are laying claim to a higher share of the domestic energy market.

    “The first consignment of 30 tonnes of high speed diesel was sent today from India to Myanmar by land route,” said an oil ministry statement, adding that Numaligarh Refinery Ltd. exported the fuel.

    Numaligarh Refinery despatched the first diesel consignment across the Moreh Custom Check Point on the Indian side and Tamu Custom Check Point on the Myanmar side, added the statement. The Indian state-owned refinery is already supplying diesel to Bangladesh.

    Numaligarh Refinery, situated 420 km from the India-Myanmar border, has tied up with Myanmar’s Parami Energy Group of Companies for the supply of diesel. Myanmar has opened up a new market for India’s export of petroleum products, which at $12 billion in 2016-17, had grown 12.61% from a year ago.

    India’s refining capacity of 230 million tonne is also expanding at about 7%. The country is now preparing to build a 60 million tonne a year refinery-cum petrochemical complex in Maharashtra, which is expected to be completed by 2022. Such refinery capacity expansion when growing renewable energy generation is eating into consumption of diesel for power generation, necessitates refiners to find new markets.

    Supply of diesel to Myanmar is part of Prime Minister Narendra Modi’s goal of having better hydrocarbon synergy with neighbouring countries as well as promoting India’s ‘Act East Policy,’ said the oil ministry statement.

    Oil minister Dharmendra Pradhan had visited Myanmar in February this year to explore collaboration in the oil and gas sector including setting up of liquified natural gas terminals, retail marketing, refurbishment of refineries and participation in exploration of hydrocarbons.

    http://www.livemint.com/Industry/Ur...-exporting-petroleum-products-to-Myanmar.html
     
    Pundrick and Nilgiri like this.
  2. Agent_47

    Agent_47 Admin - Blog Staff Member MODERATOR

    Joined:
    Aug 3, 2011
    Messages:
    2,926
    Likes Received:
    5,789
    Country Flag:
    India
    Flaws in India’s economic growth model are becoming clear

    India has a way of confounding expectations. Analysts agreed that, months after Prime Minister Narendra Modi’s ill-fated decision to withdraw 86% of currency from circulation overnight, growth would bounce back. Economists polled by Bloombergexpected growth in the April to June quarter to be 6.5%; other estimates were even higher. So when the government’s official statisticians released the real number last week—5.7% over the equivalent quarter of the previous year—there was general surprise, even shock.

    From the outside, it may seem puzzling that Indian growth is stuttering, given the benign macroeconomic environment: easy money flowing in, global growth reviving, solid government revenues and deep foreign exchange reserves, oil that’s still not too pricey, and decent monsoons that have kept food prices and thus overall inflation low. This is a very different scenario than India faced the last time growth began to stutter, when the government had to deal with high oil prices sending inflation, fuel subsidies and the import bill through the roof, not to mention 2013’s so-called taper tantrum. So what could India be doing wrong, given that everything seems to be going right?

    In fact, no one should be shocked. India’s economy has been growing less and less healthy for awhile. GDP growth has now declined steadily for six straight quarters. This is a slowdown caused by factors deeper than the cash ban or any other temporary phenomenon. Something is broken in the Indian government’s policy mix.

    Growth is unlikely to revive till it’s fixed. It’s true there might be a bit of a dead cat bounce in the medium term: For example, manufacturers who were running down inventories in anticipation of India’s new indirect tax regime, the goods and services tax or GST, might expand output a bit more. Imports might fall a bit as a consequence of subdued domestic demand.

    But none of that will change the fact that government spending and low oil prices have deceptively boosted the growth numbers, masking the true state of the economy. In fact, if public spending is excluded, growth in the past quarter barely topped 4%. Export growth is terrible and industrial growth is the lowest in five years. And the government will struggle to keep investing at these levels; it started spending big unusually early in India’s financial year, which starts in April, and has already run through 93% of its budgeted fiscal deficit.



    This has been Modi’s preferred policy mix: government spending, including on infrastructure, combined with seeking heavy foreign exchange inflows to stimulate the stock market and fund the private sector. The model worked—just about—as long as oil and commodity prices were falling. That global phenomenon led to low inflation in India—a big importer of oil—and kept government revenues buoyant and costs low. Now it’s clear that this model is broken and has been for some time—since at least the beginning of 2016.

    Last year, just as the effects of the oil bonanza were wearing off, Modi introduced “demonetisation,” insisting that “the best time for surgery is when the patient is healthy.” It turns out that the Indian economy wasn’t that healthy at all. Worse, the cash ban—poorly conceived and executed—has greatly damaged Modi’s reputation as an economic manager.

    Nor can anyone explain why, if Modi wanted to expend his considerable political capital on a big and disruptive move, he would pick an untested policy with few benefits and big risks, one that his best economists warned him against—instead of, say, spending that political capital on cleaning up the bad debts that are choking India’s financial system, or on reform to India’s archaic, socialist-era factor markets. Now that the failure of the policy is generally accepted, it’s hard to see how his government can be trusted to introduce effective policy changes.

    Yet, effective reform—and political will—is precisely what’s needed now. The government’s first task should be to clean up bad debts far quicker than it has so far—even if powerful people, including company owners, lose money in the process. Second: The government needs to stop chasing after foreign capital to replace shy domestic capital, if it means that the rupee stays high and exports struggle. And third: Officials must quickly fix those parts of the GST that are putting small companies and exporters out of business. It may take Modi some time to recover his reputation as an economic manager. That’s all the more reason to start the process now. Bloomberg View

    http://www.livemint.com/Opinion/KuL...economic-growth-model-are-becoming-clear.html
     
  3. Nilgiri

    Nilgiri Lieutenant GEO STRATEGIC ANALYST

    Joined:
    Oct 16, 2016
    Messages:
    632
    Likes Received:
    1,590
    Country Flag:
    India
    http://www.newindianexpress.com/opi...n--a-multidimensional-project-1652562--1.html

    That 99 per cent of the de-legalised Rs 500/1,000 denomination notes was returned back to the Reserve Bank of India (RBI) has been cited by opposition parties, experts and the media alike as the sole test of failure of demonetisation (which, for brevity, I shall henceforth refer to as de-mon). But it is a less than fair assessment of what was essentially a multipurpose project. The one-line conclusion certifying it as a failure judges a multidimensional corrective venture on the basis of one single parameter: the quantum of notes returned. This conclusion has become popular due to the tempestuous and irrational political debate we witnessed at the end of 2016. The media epilogue that Narendra Modi’s de-mon is a rout, based on superficial logic, is a bluff. But to call the bluff, we need a surgical analysis of de-mon, which was missing in the debate then and is missing even now.

    The background to de-mon

    A flashback to November 2016 when demonetisation was announced. The background to de-mon was the unprecedented rise in the circulation of high-value notes (500/1000) from Rs 1.5 lakh crore in 2004 to almost Rs 15.5 lakh crore when de-mon was announced — with their share in the total currency in circulation going up from 34 per cent to over 88 per cent. The Reserve Bank of India had told the government that a third of the high-value notes which moved out of the banking system, some Rs 6 lakh crore, never returned. They circulate outside the system — the inference being that this huge unmonitored cash was financing and building a massive black economy.

    This was manifest in the steep rise in gold, stock and land prices by almost ten times in the six years from 2004 to 2010 as compared the previous five years, 1999-2004. That asset price rise was not stoked by any matching real growth. It was the other way round. The spurious rise in asset values generated the mirage of high growth in India like it happened in the USA prior to 2008. This was evident from the fact that despite the high growth of 8.6 per cent recorded in the six years [2004-2010], jobs rose by just 2.7 million as compared to the job growth of 60 million in the earlier five-year period (1999-2004) on the strength of a medium growth rate of 5.4 per cent.

    And moreover, while the latter high-growth period witnessed an annual inflation rate of 6.5 per cent, the earlier five-year average growth period recorded an inflation rate of just 4.6 per cent. And further, the external sector did well in the medium-growth period with the closing years posting a current account surplus of $20 billion after 25 years of relentless current account deficit. But the latter six-year high-growth period accounted for a current account deficit of hundreds of billions of dollars.

    It did not need a seer to say that the hyper GDP growth in the latter six years was just wealth-led growth — a mirage that yielded neither jobs nor gave external or internal comfort to the economy. The reason for this spurious growth clearly was the high asset prices, which were fuelled only by an unprecedented rise in high-denomination notes. No economist or commentator has disputed either the figures or the conclusions based on them. And yet none of these critical facts was noticed in the politically and ideologically surcharged debate on de-mon which was reduced to a single-point issue to the exclusion of its other critical dimensions.

    Politics reduced de-mon to a single test

    The debate on de-mon became utterly political, casting economics aside. Economists and camera-holding journos looked at people queuing up at banks to exchange or deposit the old notes and turned populist in opposing de-mon like politicians and media. De-mon was such an India-specific issue that it had no parallel elsewhere in the world. Foreign experts, who had no knowledge of India-specific issues, lambasted de-mon as a disaster. Local experts led by Dr Manmohan Singh said Narendra Modi has destroyed the economy. With the powerful national and global guild of economists, media and the opposition launching a war on him, Modi singlehandedly led the de-mon politics from the front, withstood the assault and went through the ordeal by fire.

    He directly communicated with the people and requested them to bear with the trouble he was giving them. And they willingly endorsed him, as his huge electoral victories since he unveiled de-mon demonstrated. But in the process, Modi had to use the singularly popular logic, which they would easily understand — namely to detect and eliminate black money — to defend de-mon. And by inference, only the notes that did not return to the banks came to be regarded as black money detected and eliminated. The result was that a multi-dimensional correction to the economic drift came to be reduced by anti-Modi politics to the only proposition, that is: whether de-mon was a failure or success would depend on the sole test of how much black cash would or would not return to the banks. This reductionist logic has obscured a more wholesome view of the de-mon effect and has now demonised the project itself.


    Multidimensional correction aimed and achieved



    Apart from the fact that de-mon was aimed at puncturing the unprecedented high-denomination cash stock buildup that stoking an asset price rise and threatening the economy with an unmanageable future crisis, it was intended as a multidimensional correction to the economy. The multiple objectives inherent in the de-mon project were: (1) to catch black money; (2) to prevent its growth; (3) to expand the taxpayer base; (4) to arrest and deflate cash-stoked asset prices; (5) to bring down the burgeoning cash stock, particularly the high-denomination notes that had become the villain; (6) to suck up the excess cash with the public that was building a parallel economy to the banking system; (7) to enable the banks to multiply the additional deposits by fractional reserve model as lendable resources; (8) to bring down the interest rates; (9) to increase the share of financial savings in household savings; (10) to crash the unaffordable land prices to make housing affordable; (11) to organise the unorganised sector and provide organised support to it; (12) to shift from a jobless high growth to growth with jobs — namely growth of a real economy; and (13) eliminate fake currency and starve Kashmir terrorists and naxalites of funds.

    The list is not exhaustive still. Against the background of a monumental cash-driven asset price-led deceptive growth, none of these goals could be attained except by sucking away the huge cash build-up through a high-value note ban. The ban would destroy the appetite for high-value notes, and transform the cash-led economy into a less-cash economy. So tested, Modi’s de-mon project has been a huge success in achieving its multiple objectives. But, unfortunately, the experts and the media who have taken a position against de-mon from the word go ceased to be objective to look at its multi-dimensional impact. Instead, they were actually waiting to pronounce it as a failure and once the RBI announced that 99 per cent of the de-legalised notes were returned, they clutched at it as the sole index of its failure. Equating the success of the anti-black money agenda of the de-mon project with only the quantum of de-legalised notes not returned is irrational and wrong. If black money holders daringly deposit the de-legalised notes in the banks, it becomes the subject of a tax probe. This aspect is completely ignored by the anti de-mon — read as anti-Modi — rhetoric which came to be regarded as a de-mon discourse.

    Black money agenda a success, not failure

    Before examining how far the de-mon project achieved its multi-dimensional objectives or the course correction it set as its goal, take the popular objective of unearthing black cash. The de-legalised notes not deposited in the banks, of course, give open-and-shut proof of black cash exposed by de-mon. But it does not mean that black cash deposited in the banks will go undetected. If the people who had black de-legalised notes took a risk and deposited them in banks, it only means that the income tax authority will have to scrutinise the deposits and collect taxes on such deposits — which of course takes time. And that is happening.

    Some Rs 2.9 lakh crore deposits of cash is being investigated for tax. Black money detection under de-mon falls into three categories: (1) undisclosed income in de-legalised notes admitted Rs 29,000 cr; (2) old notes not deposited Rs 16,000 crore; and (3) most importantly, deposits of Rs 2.90 lakh crore under tax probe. The last component, which is huge, is being completely disregarded to conclude, totally unfairly, that the black money agenda of de-mon has bombed. The actual discovery of Rs 45,000 crore of black money and the potential discovery of Rs 2.9 lakh crore under probe — uncovering a total of Rs 3.35 lakh crore as actual and potential black money — has been achieved only because of de-mon. Even if half the potential black cash deposit is eventually taxed, that would mean detection of some Rs 1.5 lakh crore of black money, most of which would be recovered as tax and penalty.

    None of the voluntary disclosure schemes attempted earlier was a success. The two such schemes which yielded a fair amount of tax were the one in 1997 which yielded Rs 9,500 crore and the latest in 2016 which yielded Rs 29,400 crore. De-mon is bound to yield multiples of the amount of tax extracted through voluntary disclosures in the past. Besides the uncovering of actual and potential black money of Rs 3.35 lakh crore, de-mon has expanded the individual income tax base. For 2016-17, as compared to the earlier year, some 57 lakh more assessees have filed returns, advance tax collections are up by 42 per cent and self assessment tax by 34 per cent. Ignoring such vital facts to conclude the de-mon project as a failure in uncovering black money is definitely superficial. It is also recklessly premature as, at any rate, one will have to wait till the tax probe is over to know how much the tax is recovered on the `2.9 lakh crore deposits under probe. By all counts the black money agenda of de-mon is a success, not a failure by any standard.

    The author is a well-known commentator on political and economic affairs.
     
    Angel Eyes, TrueGR!T and randomradio like this.
  4. Som Thomas

    Som Thomas 2nd Lieutant FULL MEMBER

    Joined:
    Nov 16, 2016
    Messages:
    164
    Likes Received:
    296
    Country Flag:
    India
    HTT signs agreement to develop a Hyperloop in India
    Posted 11 hours ago by Darrell Etherington(@etherington)
    [​IMG]
    Hyperloop Transportation Technologies (HTT) has signed a memorandum of understanding with the government of the Indian state of Andhra Pradesh to develop a Hyperloop transportation route between the cities of Amaravati and Vijaywada, the company announced today. The route will reduce a one-hour trip to as little as just six minutes, if successful, and will employ a public private partnership model funded primarily from private sources to fund its construction.

    This is the first agreement of its kind in India for a Hyperloop route, and HTT says it expects to generate 2,500 jobs during the project. The two-phase plan includes first conducting a feasibility study beginning in October, which is expected to last around six months, and then to follow that up with Phase 2, which will be the actual construction of the Hyperloop itself.

    During that initial phase, HTT will work with private and public stakeholders to determine the best route to connect the two cities, while taking into account the position of surrounding cities and other considerations. The Andhra Pradesh Economic Development Board will be helping HTT navigate regulatory requirements to make sure the project has official government approval as it moves forward.[​IMG]

    The goal for the state in bringing in the Hyperloop is to help it establish itself and Amaravati as a technology and software hub, and to generally help improve standards of living in the area, according to a press release.

    HTT announced in June that it had reached an agreement with a number of South Korean agencies and institutions to generate a Hyperloop transportation system in the country. Rival Hyperloop One has also recently made progress with its efforts, including successful high-speed testing of a full-size pod at its Nevada test track.

    https://techcrunch.com/2017/09/06/htt-signs-agreement-to-develop-a-hyperloop-in-india/
     
  5. Nilgiri

    Nilgiri Lieutenant GEO STRATEGIC ANALYST

    Joined:
    Oct 16, 2016
    Messages:
    632
    Likes Received:
    1,590
    Country Flag:
    India
    Agent_47, Blackjay, Pundrick and 3 others like this.
  6. Som Thomas

    Som Thomas 2nd Lieutant FULL MEMBER

    Joined:
    Nov 16, 2016
    Messages:
    164
    Likes Received:
    296
    Country Flag:
    India
    Morgan Stanley now project growth of 6.4 per cent and 7.4 per cent in 2017 and 2018. File Photo
    Reuters Morgan Stanley now project growth of 6.4 per cent and 7.4 per cent in 2017 and 2018. File Photo
    NEW DELHI, SEP 6:
    Economic activity in the country lost some pace amid GST related disruptions but underlying growth momentum remains strong and the country may clock 6.7 per cent growth this fiscal, says a Morgan Stanley report.

    India’s economic growth slipped to a three-year low of 5.7 per cent in April-June, underscoring the disruptions caused by uncertainty related to the GST rollout amid slowdown in manufacturing activities.

    Commenting on the GDP numbers, Morgan Stanley said, “We are inclined not to read this as a sign of general slowdown in aggregate demand”.

    “Indeed, we remain skeptical that the GDP statistics are fully reflecting the underlying growth trends in the economy,” Morgan Stanley said in a research note. It further said that a number of high frequency growth indicators are indicating that end demand is holding up well and is running counter to the slowdown exhibited in the national accounts.

    However, on account of the weak GDP print in June 2017 quarter, Morgan Stanley has made some mark-to-market adjustments to its full year GDP growth estimates. “We believe that June 2017 likely marked the trough in growth in this cycle and we expect GDP growth to accelerate by almost 200 bps to 7.5 per cent year-on-year in March 2018 quarter,” it said.

    On a calendar year basis, Morgan Stanley now project growth of 6.4 per cent and 7.4 per cent in 2017 and 2018, respectively, as against 7.6 per cent and 8.0 per cent previously. The revised new financial 2018 and fiscal 2019 growth estimates are at 6.7 per cent and 7.5 per cent, respectively.

    According to Morgan Stanley, currency replacement programme and GST had led to a deceleration in growth momentum. “However, considering that these events are already in the rear view mirror, we expect the underlying economic growth momentum to reassert themselves, leading to a re-acceleration in growth,” it said.

    “In our view, India is moving on to the next phase of the business cycle of productive growth — a phase marked by further improvement in growth while macro stability remains in check. This will also set the stage for a sustained growth cycle,” it added.

    (This article was published on September 6, 2017)
    http://www.thehindubusinessline.com...as-gst-impact-fades-morgan/article9847310.ece
     
    Schwifty likes this.
  7. lca-fan

    lca-fan Major SENIOR MEMBER

    Joined:
    Sep 9, 2015
    Messages:
    2,375
    Likes Received:
    4,766
    Country Flag:
    India
    Forex kitty swells by $3.57 bn, closes in on $400 bn-mark
    After remaining unchanged for many weeks, gold reserves also rose by $748.3 mn to $20.691 bn
    Press Trust of India | Mumbai Last Updated at September 8, 2017 20:31 IST
    [​IMG]
    The forex reserves surged by a massive USD 3.572 billion to touch a record high of USD 398.122 billion for the week ended September 1, on account of rise in foreign currency assets, RBI data showed today.

    In the previous week, the reserves had increased by USD 1.148 billion to USD 394.55 billion.

    Last month, American brokerage Morgan Stanley had forecast that the reserves might touch the USD 400 billion mark in the week to September 8. And if the rise in the kitty continues with the same speed, it may cross that magic numbers next week.

    The foreign currency assets (FCAs), a major component of the overall reserves, increased by USD 2.808 billion to USD 373.641 billion for the reporting week, according to the data.

    Expressed in US dollar terms, FCAs include the effect of appreciation or depreciation of non-US dollarcurrencies, such as the euro, the pound and the yen held in the reserves.

    After remaining unchanged for many weeks, gold reserves also rose by USD 748.3 million to USD 20.691 billion.

    The special drawing rights with the International Monetary Fund (IMF) increased by USD 6.5 million to USD 1.506 billion, the apex bank said.

    The country's reserve position with the IMF also increased by USD 9.8 million to USD 2.283 billion, it said.
    http://www.business-standard.com/ar...-closes-in-on-400-bn-mark-117090801040_1.html
     
    Angel Eyes likes this.
  8. lca-fan

    lca-fan Major SENIOR MEMBER

    Joined:
    Sep 9, 2015
    Messages:
    2,375
    Likes Received:
    4,766
    Country Flag:
    India
    How Doklam dents China's bullet train chase against Japan in India
    ECONOMICTIMES.COM| Updated: Sep 08, 2017, 01.54 PM IST


    Japanese Prime Minister Shinzo Abe's visit to India on September 14 will reflect the fast-changing equations in the Asia-Pacific after Doklam.

    Abe will be in the country for the Mumbai-Ahmedabad High Speed Rail Project, also called the bullet train project. After the 73-day standoff at the Sikkim border, India is veering away from China and towards Japan in several fields. This shift can be noticed in the bullet train projects as Japan can upstage China in winning other projects in India, which China is also eyeing.

    China and Japan have been competing to bag high-speed rail contracts in the region. China beat Japan last year to bag a project in Indonesia. Both are locked in a contest for the Singapore-Kuala Lumpur high-speed rail. Thailand has signed two contracts with Chinese state enterprises for a high-speed rail project.

    China and Japan will be battling for a Thailand-Malaysia high-speed railway link too.

    Japanese trains are considered safer but costlier while China is considered to have better expertise in building in challenging conditions.

    According to a Bloomberg report, Japan’s sales pitch revolves around quality: its network boasts a record of zero fatal accidents in more than half-century of history. Japanese trains also require low lower repair expenses which offset initial higher costs.

    While Japan has bagged the first bullet train project for Mumbai-Ahmedabad route, China is eyeing other proposed routes. It is carrying out feasibility studies for Chennai-New Delhi and New Delhi-Mumbai routes.

    Doklam conflict may be over but it has changed India-China ties. India will remain wary of China for a long time. That's why Japan can beat China in India for bullet train projects. While earlier India would have chosen between China and Japan after considering all the aspects such as price, efficiency and maintenance costs carefully, now it can lean towards Japan.

    Since India and Japan are coming closer in maritime trade and military cooperation, India will prefer Japan to China in other deals too. So, Doklam may cost China a few mega train projects in India.

    Indian projects will help Japan stay afloat in the train diplomacy as China is beating it in several other countries. An India-Japan axis is emerging in the Asia-Pacific. Both the countries have plans to counter China's ambitious One Belt One Road project and are also willing to cooperate on investing in Africa where China has major interests. If India-Japan axis grows stronger, Chinese companies might have to face the heat in other countries in the region where China is easily bagging infrastructure deals now.

    Abe's visit to India right after Prime Minister Narendra Modi's China visit is telling in itself.

    http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst
     
    Itachi and Som Thomas like this.
  9. Zer0reZ

    Zer0reZ 2nd Lieutant FULL MEMBER

    Joined:
    Jun 10, 2017
    Messages:
    232
    Likes Received:
    286
    Country Flag:
    India
    Telecom Commission meet: Airtel gets Rs 3,100-cr contract to connect 4,500 NE villages

    "Six states — Arunachal Pradesh, Jharkhand, Tamil Nadu, Gujarat, Maharashtra and Chhattisgarh — would take up a state-led model of Bharat Net. They had submitted detailed project reports earlier, which were approved," the source said.

    The total cost of Bharat Net Phase II is Rs 18,792 crore. The cost of implementing it in six states would be around Rs 7,000 crore. For mobile towers' coverage of uncovered areas under the Universal Service Obligation Fund, around 4,177 towers will be installed for covering 4,502 villages at a cost of Rs 3,100 crore. After this project, only two states will remain uncovered under this project — Meghalaya and Arunachal Pradesh.

    http://www.firstpost.com/tech/news-...etails-on-recommendations-of-img-4024009.html


    Nokia and ZTE to execute Rs 6000-crore network expansion

    Finnish communications company Nokia and Chinese telecom gear maker ZTE has bagged the Rs 6000 crore network expansion project of state-owned Bharat Sanchar Nigam Ltd (BSNL). Nokia will execute the network expansion in the south and western regions, while ZTE will do so in the north and the east. ZTE has agreed to match L1 bidder (Nokia). Presently, BSNL has 1.3 lakh BTS across the country. In Bengal, the telecom operator has installed 1000 BTS in Kolkata and in next two years 1000 more would be added under the current expansion.
     
    Som Thomas and Agent_47 like this.
  10. Paliwal Warrior

    Paliwal Warrior Lt. Colonel ELITE MEMBER

    Joined:
    Aug 4, 2013
    Messages:
    6,182
    Likes Received:
    902

    No.bhakts shouting ban Chinese products ?
     
  11. Som Thomas

    Som Thomas 2nd Lieutant FULL MEMBER

    Joined:
    Nov 16, 2016
    Messages:
    164
    Likes Received:
    296
    Country Flag:
    India
    Forex reserves jump $3.5 billion to close in on $400 billion mark
    Pratik BhaktaSep 08, 2017, 08.13 PM IST
    Mumbai: India's foreign exchange reserves inch closer to the $400 billion supported by strong inflows from foreign investors into indian markets along with movement in goldreserves with the central bank as per data from the RBI released on Friday.

    According to sources in the market, there could be a very rare movement of gold reserves with the RBI which went up by almost $750 million to reach $20.6 billion as on September 1.

    "The increase in gold reserves is a big positive and could be mainly driven by lessening of uncertainty over imposition of Goods and Services Tax which could have driven up demand for gold in the market," said Soumya Kanti Ghosh, chief economist, State Bank of India.

    Bankers say accumulation of gold as reserves is also a strong point for the central bank as it is considered to be a safe haven much like Dollar.

    Besides change in gold reserves the strong inflow of foreign currency into Indian equity and debt markets would have also helped the central bank to shore up its reserves, said market sources.

    According to data shared by NSDL, foreign investors have pumped in Rs 956 crore in the month of August taking their total investments for the year to Rs 1.7 lakh crore as of the second week of September.

    http://m.economictimes.com/markets/...-on-400-billion-mark/articleshow/60427624.cms
     
  12. Som Thomas

    Som Thomas 2nd Lieutant FULL MEMBER

    Joined:
    Nov 16, 2016
    Messages:
    164
    Likes Received:
    296
    Country Flag:
    India
    Banning Chinese cheap products is welcome. But technology wise we must learn from them. This would provide us an opportunity to emulate from the best. Not so long ago they were beginners now they are pro and compete with the best. The only problem I see with ZTE is we need to be wary of snooping and sabotage in hostile times.

    I don't understand why modi govt push for more collaboration with the Japanese. The Japanese have top off the shelve technology. We must collaborate more with the Japanese in technological areas such as material science engineering( Japanese have solid foundation in material science) , the next country is Israel.
     
  13. Som Thomas

    Som Thomas 2nd Lieutant FULL MEMBER

    Joined:
    Nov 16, 2016
    Messages:
    164
    Likes Received:
    296
    Country Flag:
    India
    Updated: Sep 08, 2017, 04.50 PM IST
    West Bengal leads in new tax registration under GST regime

    That GST is technology driven is itself a “huge opportunity” for businesses, Mr Singh observed.
    While the national average is 23%, West Bengal leads the pack with as high as 77% in new tax registration under the GST regime in India. The figures were disclosed by Mr Arvind Singh, the new principal commissioner, GST & CX, eastern regionat a session titled “Democratisation of Services” on the second of the two-day ICT East organized by CII here on Friday.
    According to him, even states such as Gujarat and Maharashtra are behind West Bengal in GST registration. The figure speaks highly of West Bengal, Mr Singh said, adding that about 245,000 people in the state are tax payers while the number in the country stands at around 8 million.

    “GST, which is technology driven, is eliminating human interfaces. Not only has it brought a wonderful change in the entire psyche of businesses, it has given birth to a whole new vocabulary. Words such as OTP and digital signature have emerged. The challenge is to make sure even small business people understand these parlances,” Mr Singh said, adding, “Democratisation of services means larger participation of the common people, not just the big ones. Please make particular efforts to popularize these words.”

    That GST is technology driven is itself a “huge opportunity” for businesses, Mr Singh observed.

    Earlier, Mr Dipankar Chakrabarti, Executive Director - Advisory Risk & Quality Management Leader, PwC India, who chaired the session, said democratization means that the masses must get the advantage of the new technology. “People must be provided with an easy way to understand data. “ It requires sharing information in a form that everyone can read and understand. It requires timely communication about what is happening in a relevant and personal way. It means giving people the stories that are trapped in the data so they can do something with the information,” he said.

    http://economictimes.indiatimes.com...ion-under-gst-regime/articleshow/60424721.cms
     
  14. An Indian

    An Indian 2nd Lieutant FULL MEMBER

    Joined:
    Dec 11, 2015
    Messages:
    234
    Likes Received:
    196
    Country Flag:
    India
    Beyond increasing the tax base and impacting the two major black money sink holes (politics and real-estate), demonetization has had other wins which no one seems to be talking about:
    • The entire illegal activities (from extortion, trafficking, gambling, drugs etc.,) are all cash based. They were hit very badly.
    • Naxalites
    • Kashmir
    There's more but I think just these three would have had a significant (+ve) impact on the GDP.
     
    Nilgiri likes this.
  15. Zer0reZ

    Zer0reZ 2nd Lieutant FULL MEMBER

    Joined:
    Jun 10, 2017
    Messages:
    232
    Likes Received:
    286
    Country Flag:
    India
    India Imposes Countervailing Tax on Chinese Stainless Steel

    Despite India being world’s second largest producer of stainless steel, its steel industry was under stress as China was subsidizing its export and flooding the Indian market with cheaper variants.

    New Delhi (Sputnik) – In a first of its kind move, the Indian government has imposed heavy taxation on the import of stainless steel flat products from China. A notification issued by the finance ministry prescribes an 18.95% countervailing duty (CVD) on imports for the next five years. Countervailing duty is country-specific and is imposed to safeguard domestic industry against unfair trade subsidies provided by the local governments of the exporting country.

    India investigators have found that China has been providing 81 types of subsidies to its industries under five different heads including grants (0.55%), export financing (0%), tax & VAT incentives (2.3%), provision of goods & services (15.78%) and preferential loans and lending totaling 18.95%.

    "CVD on Stainless Steel will strengthen the ongoing efforts of Indian industry for moving towards 100 % quality regime for better safety and health of users. This will provide a level playing field to the industry to grow to its full potential after attaining 2nd largest rank in stainless steel production in the world in 2016," Narendra Singh Tomar, India's Ministry of Steel said on Friday.

    The investigation was initiated in April 2016 by the India's Directorate General of Anti-Dumping and Allied Duties (DGAD) in response to a surge in subsidized imports of stainless steel flat products. Indian companies had complained that imports were distorting the domestic market which was leading to financial stress in the industry. A research report prepared by country's largest bank State Bank of India said that top five steel companies of India owe more than $22.4 billion to banks. The steel industry is one of the biggest job providers in the country's manufacturing sector. The Indian government had also imposed the Stainless Steel Quality Control Order (QCO) and other trade remedial measures in recent past to save domestic steel companies from stress.
     
    Itachi and Angel Eyes like this.

Share This Page