Future of Indian Economy | Bitcointalksearch.org

TheUltraElite

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Quote from: Krishna1942 on January 19, 2025, 01:26:47 AM

Indian government has to reduce fees for some currency exchange platforms for example 18% fee is high for crypto is very high.Paypal fees also very high when compared with other countries. Rules and regulations for trading in Indian stocks are also very tough which ultimately reduce funds inflow.

Governments want to shut down crypto operations in India while US is trying to get as many meme coins out as they can. Grin

You cant expect this government who is interested in wasting the taxpayers money to fund their freebie schemes to go forward in technology. I have no idea how the tables will turn but how politics work here, I dont see any short term changes.

Bitcoin Smith

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Quote from: Krishna1942 on January 19, 2025, 01:26:47 AM

Indian government has to reduce fees for some currency exchange platforms for example 18% fee is high for crypto is very high.Paypal fees also very high when compared with other countries. Rules and regulations for trading in Indian stocks are also very tough which ultimately reduce funds inflow.

Government doesn't fix the fees for exchanges, it's done by exchange itself or your talking about capital gains tax? But it's 30% on profits not 18%.

The trading fees for stock is not high like crypto so you might be confusing something here.

India has to reduce the tax rates on crypto, there's no doubt in that and they can actually generate more revenue by decreasing the tax cause it encourages more investors to enter the market as well as to report their tax annually.

Krishna1942

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Indian government has to reduce fees for some currency exchange platforms for example 18% fee is high for crypto is very high.Paypal fees also very high when compared with other countries. Rules and regulations for trading in Indian stocks are also very tough which ultimately reduce funds inflow.

Bitcoin Smith

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Political parties know how to play the people's mind at the election time, they will start blame game or redirect them into religion disputes but how people can forget their daily struggle which is the result of mismanagement of administration.

Democracy is no different from the dictatorship, only difference is there can be other leaders emerge from party not only the son of an existing ruler.

Well, let's talk about something today, when was the last time you realised the toll fees atleast doubled in last couple years and cost of toll fee is almost half as fuel consumption for a travel, they lay road with the tax money collected from people and then collect toll forever like blood suckers. I bet if they reduce the toll fee then the price of every good in India will decrease a bit that will do a lot of benefits to the one who are struggling financially than all these schemes proposed by government.

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The Indian economy is in shambles as the current FM does not have any understanding as to what her state is going through. Why will she have that understanding when she never contested from any state or district? She is killing the middle class and she will continue to do it unless she goes out in the markets of New Delhi and look into the problems that she never thought about.

Car sales have gone down and with the new news that the planning commission or whatever it is called is now being assigned to look into the salary of Government employees, it is evident that she has nothing to do it Finance as she is a clown under the hands of IAS officers. We the middle class who are part of big business houses or international organizations will never get the fair amount of appraisal that we need to survive and thrive.

We are only 2 percent of those who pay tax and we will be the ones who will be squeezed to satisfy the rich and the lower class for votes. Democracy is so flawed that I am reluctant to say we need a dictator to control the current crisis.

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Quote from: elevates on December 13, 2023, 08:45:19 AM

Slowly Indians are moving out from a socialist mentality to a capitalist mentality. With more and more people doing odd jobs to live a decent life in India. If it was 10 years back then no one could have imagined that such kind of odd jobs would be available for anyone. I mean you do not need to pass multiple layers of tests and interviews to get this kind of job. You only need a smartphone and a two-wheeler to become a delivery partner.

It is good that the gig workers are making ends meet but the government will have to be more proactive in establishing norms of their employment. As far as job creation is concerned, government had a huge role to play in it but for the last 5-6 years, they have been banking on startups and local production to boost jobs. This is yet to create an impact because there are no regulations as to how much should be paid as per the type of work being done.

Well-paying, regulated jobs are few and far between. SMEs do not pay well enough or even as per the needs and welfare of employees. We need real innovation and a continuation of exports. There are no easy answers but the push towards electronic manufacturing would be good.

Knowledge economy should also be continued to be promoted. Web3 and DLT technologies included. Yet, the powers that be are not convinced that this won't solve more problems than it creates.

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Quote from: Bitcoin Smith on December 25, 2023, 01:25:49 AM

Reduced import tax regime for edible oils and agri products to stay till March 2025.

The deadline extended to March 2025 from March 2024 to keep the food inflation under control especially the refined Sunflower oil prices went crazy last year, and now it is under control and very affordable but dal prices are on the surge as far as I purchased, so these taxes are not helping to control them.

But why can't government keep the import taxes for food products low forever?

It might be because there are certain food item that are considered luxury. Those food item that are not considered luxury but necessary they have reduced tax. They cannot minimise tax on all products because importing food increases the debt. Which why they increase the tax to reduce the import of food items. This my understanding, I am not an economic expert.

Bitcoin Smith

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Reduced import tax regime for edible oils and agri products to stay till March 2025.

The deadline extended to March 2025 from March 2024 to keep the food inflation under control especially the refined Sunflower oil prices went crazy last year, and now it is under control and very affordable but dal prices are on the surge as far as I purchased, so these taxes are not helping to control them.

But why can't government keep the import taxes for food products low forever?

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Quote from: Bitcoin Smith on December 22, 2023, 07:12:11 AM

Quote from: pakhitheboss on December 19, 2023, 04:51:52 AM

According to a new report published by the World Bank, Indians top the list of remittance back to India. According to the reports $125 billion was remitted back to India by Indian expat in 2023. The second spot goes to Mexico with $67 billion and the third spot goes to China with $50 billion. Now, with so much money coming into India why won't Indian economy get ranked 5th in the world. A lot has to do with remittances and a major chunk of money is coming from Indian expats living in the Middle East.

Source

The actual numbers will be at least tripled than this because we know Hawala is preferred by most of the Indians to send money to their family from abroad for tax evasion and its the pretty simple and cheap method than sending via money transfer but I think there is no deduction in the transferred money in some cases which I am not sure but in the past people who want to send bulk from or to India prefers Hawala.

Hawala is one of the oldest form of sending money in the World. The government made it illegal because it was used to finance terror activities in the past. In the middle East and in particularly in Dubai you can find a lot of Hawala traders. Although it is still used in transferring money but there has been an increase in opening of NRI account as money in that account is not taxable. The bank charges what is applicable in the form of fee but government cannot tax that money.

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Quote from: pakhitheboss on December 19, 2023, 04:51:52 AM

According to a new report published by the World Bank, Indians top the list of remittance back to India. According to the reports $125 billion was remitted back to India by Indian expat in 2023. The second spot goes to Mexico with $67 billion and the third spot goes to China with $50 billion. Now, with so much money coming into India why won't Indian economy get ranked 5th in the world. A lot has to do with remittances and a major chunk of money is coming from Indian expats living in the Middle East.

Source

The actual numbers will be at least tripled than this because we know Hawala is preferred by most of the Indians to send money to their family from abroad for tax evasion and its the pretty simple and cheap method than sending via money transfer but I think there is no deduction in the transferred money in some cases which I am not sure but in the past people who want to send bulk from or to India prefers Hawala.

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Quote from: TheUltraElite on December 19, 2023, 10:38:00 AM

Quote from: pakhitheboss on December 19, 2023, 04:51:52 AM

A lot has to do with remittances and a major chunk of money is coming from Indian expats living in the Middle East.

So when are you moving to Dubai mate? Heard the middle east has majority of crypto players living lavish lives there running operations from there and making loads of money everyday including cars and girls Cheesy

Seriously speaking, I would go there just to make the money on a short term basis, send the money over to the family in India and come back to resume work here.

Some of my family members having living in Dubai for quiet sometime now. The standard of living is very good in that country. I would still be in my own country rather going abroad and work for some Sheikh.

I know a lot of Indians are working in Dubai only to make money and almost all big crypto entrepreneur and influencers have started living in Dubai as they were offered golden visa from that country to shift.

TheUltraElite

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Quote from: pakhitheboss on December 19, 2023, 04:51:52 AM

A lot has to do with remittances and a major chunk of money is coming from Indian expats living in the Middle East.

So when are you moving to Dubai mate? Heard the middle east has majority of crypto players living lavish lives there running operations from there and making loads of money everyday including cars and girls Cheesy

Seriously speaking, I would go there just to make the money on a short term basis, send the money over to the family in India and come back to resume work here.

pakhitheboss

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According to a new report published by the World Bank, Indians top the list of remittance back to India. According to the reports $125 billion was remitted back to India by Indian expat in 2023. The second spot goes to Mexico with $67 billion and the third spot goes to China with $50 billion. Now, with so much money coming into India why won't Indian economy get ranked 5th in the world. A lot has to do with remittances and a major chunk of money is coming from Indian expats living in the Middle East.

Source

Bureau

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Uttar Pradesh under the leadership of Yogi Adityanath's has become the second state with largest economy after Maharashtra in India. Before Uttar Pradesh it was Tamil Nadu which was second largest economy in India. The development happened within a span on of 6 years. Due to the high density of population it is still behind in GDP as compared to Maharashtra. The vision of UP is to become a 1billion dollar economy by 2027. Do you guys think they can achieve this target?

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Nothing lasts forever

The numbers look good this year but even I have heard that the growth rate in India is still on the lower side.
But we are progressing better than the previous years and hopefully with more technological developments India will move forward in the list.
Although there's little to no support for crypto in India but at least they have not banned crypto transactions are planning to formulate regulations for crypto in India.

Bitcoin Smith

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India must lower fiscal deficit 'a lot more' to get a higher rating, says S&P

Do you think our government is making any steps to bring down the Fiscal deficit apart from increasing taxes and milking out from every working class as much as they can? Did you come across anything interesting proposed by BJP finance minister regarding this?

I always witness the blame game on one another instead of taking actions and making right moves. Roll Eyes

TheUltraElite

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Quote from: elevates on December 13, 2023, 08:45:19 AM

Slowly Indians are moving out from a socialist mentality to a capitalist mentality. With more and more people doing odd jobs to live a decent life in India. If it was 10 years back then no one could have imagined that such kind of odd jobs would be available for anyone. I mean you do not need to pass multiple layers of tests and interviews to get this kind of job. You only need a smartphone and a two-wheeler to become a delivery partner.

Still then their jobs are not easy and often they face a number of problems. With customers who refuse to come out of their house when the delivery person has arrived and keep on wasting their time to random dogs who are owned by the customer who start barking and 1-star givers who blame the delivery person for the food price, these people have their share of stories to make.

I never give less than 5stars to any delivery person - I have never yet faced a legitimate problem from their side either.

But it is a job that need your daily time to be sacrificed. If you fall sick or your family members do, then its zero earning for the next few days or more. Its a constant hustle and that leads to more mental and physical burden = high burnout.

elevates

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Quote from: TheUltraElite on December 12, 2023, 07:57:51 AM

The average Indian youth under 30 earns around 10k - 25k Rupees per month and with that there is a struggle to survive with the rising prices. This means that the hunt for better work and thus the hunt for better degrees which can fetch them those higher jobs.

Still the people who are giving the jobs are lot but its getting competitive for the youth and thus a lot of social problems are arising.

India has a long way to go in terms of the development and job creation. Heck they spend very low on the healthcare in GDP which was criticized and that leads to poor government infrastructure when its needed. Although the current government is trying to correct a few, there is problem in the roots.

You can survive as a single person living with your parents with a 25k per month salary. A person with a family without a spouse working will not be able to make ends meet with 25k. I once asked one of Zomato's delivery guy how much he earns every month and the reason for him becoming a partner of Zomato. His answer made me realize how bad the economic condition is for some, he said he works in a shop for 10 hours as a salesman and at night he does the delivery job to make ends meet. He never disclosed to me the amount, he only said if I did not work at night then it would be bad for his family of 4.

Slowly Indians are moving out from a socialist mentality to a capitalist mentality. With more and more people doing odd jobs to live a decent life in India. If it was 10 years back then no one could have imagined that such kind of odd jobs would be available for anyone. I mean you do not need to pass multiple layers of tests and interviews to get this kind of job. You only need a smartphone and a two-wheeler to become a delivery partner.

TheUltraElite

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Quote from: avikz on December 11, 2023, 01:01:23 PM

Also India's population is very young compared to many other countries. The average age of the population is only 28. Can you understand what kind of social unrest will happen if this huge amount of population is not able to find a mean of living! Do not always trust what the government says. India is still an under developed country and we have a long way to go.

The average Indian youth under 30 earns around 10k - 25k Rupees per month and with that there is a struggle to survive with the rising prices. This means that the hunt for better work and thus the hunt for better degrees which can fetch them those higher jobs.

Still the people who are giving the jobs are lot but its getting competitive for the youth and thus a lot of social problems are arising.

India has a long way to go in terms of the development and job creation. Heck they spend very low on the healthcare in GDP which was criticized and that leads to poor government infrastructure when its needed. Although the current government is trying to correct a few, there is problem in the roots.

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