Future of Indian Economy - page 2. | Bitcointalksearch.org

pakhitheboss

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

That is correct! Even if India reaches at the fifth position in the global economy list, you can easily see the GDP per capita is quite low. But at the same time, India houses the richest man in Asia. So the main problem for India is the wealth distribution. This huge amount of inquality needs to be solved first. With the current social structure and bureaucratic systems, it is never going to happen.

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.

After reading your reply about GDP per capita being low I remembered an article that I came across some time back. Today, I had to search for that article once again to get the data provided by the government of India recently. The article that I am talking about was published in the month of October this year and talked in depth about the Indian economy and its projection.

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The Indian economy is currently the world's fifth largest, with a size of $3.75 trillion. The per-capita income, as per the government data, stood at ₹98,374 in 2022-23. This is equivalent to around $1,183.

According to the government of India, the per capita income has risen significantly. My question here is that they are coming up with data from the organized sector, whereas a big chunk of the working force in India is part of the unorganized sector. The division can be clearly seen if you see the laborers working on a construction site, why is the government not coming up with those figures?

There is big parity within the middle class in India which is of course the biggest class across the globe. The upper middle class might be earning good but the lower middle class is actually struggling to survive and there is nothing the government wants to do about this issue.

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Quote from: Bitcoin Smith on December 09, 2023, 09:34:17 AM

Quote from: Bureau on December 09, 2023, 07:32:20 AM

Our Finance Minister Nirmala ji came up with a number and that was 135 million Indians are out of poverty in the last 5 years. She said it in the Parliament while replying to a question asked by the opposition. Now, my question is do you guys think in the last 5 years India has made so much progress that a big number of Indians have been rooted in the middle class? My next question to you guys is, do you see changes happening around you in the last 5 years?

Isn't that obvious because the government set such a funny requirement who make monthly pay of Rs.1300 in urban areas and Rs.1060 in rural areas are considered as above poverty line. So I won't be surprised even if the government claims 100% of India is living above the poverty line.

Well, according to world reports India is doing very poor like 111th rank in hunger out of 125 countries.

Happiness Index 126th our 136.

Employment rate 45%.

That is correct! Even if India reaches at the fifth position in the global economy list, you can easily see the GDP per capita is quite low. But at the same time, India houses the richest man in Asia. So the main problem for India is the wealth distribution. This huge amount of inquality needs to be solved first. With the current social structure and bureaucratic systems, it is never going to happen.

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.

Bureau

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I was going through reddit and saw that after the government providing money to build toilets in rural areas. Indians from rural North to South still defecate outside without using the toilets build for the job, the data was from 2022.

The only region that doesn't is the East and those which have mountain. What is with this obsession of shitting outside in open land. The biggest contributor is still Bihar followed by Jharkhand. This surely pisses me off as India trying be the next super giant economically cannot stop it's citizens from doing shit outside the bathroom.

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Quote from: Bureau on December 09, 2023, 07:32:20 AM

Our Finance Minister Nirmala ji came up with a number and that was 135 million Indians are out of poverty in the last 5 years. She said it in the Parliament while replying to a question asked by the opposition. Now, my question is do you guys think in the last 5 years India has made so much progress that a big number of Indians have been rooted in the middle class? My next question to you guys is, do you see changes happening around you in the last 5 years?

Isn't that obvious because the government set such a funny requirement who make monthly pay of Rs.1300 in urban areas and Rs.1060 in rural areas are considered as above poverty line. So I won't be surprised even if the government claims 100% of India is living above the poverty line.

Well, according to world reports India is doing very poor like 111th rank in hunger out of 125 countries.

Happiness Index 126th our 136.

Employment rate 45%.

elevates

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India will rise and make itself one of the biggest economies in the next 10 years. Practically it is happening and after the latest round of elections, the ruling party will come again. Considering what has happened from 2014 to 2023, India has changed a lot and will continue. The reason is simple we have a PM who has nothing to do with his family. His family as per him is us who are the citizens of this country, so why would he jeopardize our life? Think about it and do not NRI's are coming back to India but, brains are still going abroad.

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The lower classes will hide under BPL card and all and avoid taxation and the small shop/businesses in locailties will evade taxation too, buy multiple Android phones for every person in the family and a couple of RE Bullet motorbikes while the middle class will bear the taxation burden with hefty advance taxes coming in.

I agree that we dont have much of a choice here. But the problem is in the roots of the country and the corruption that development faces. The economy has been like this for years and every ruling party change is only a change of the name and face. Because the corruption is so ingrained in us, not much changes can happen.

Bureau

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Our Finance Minister Nirmala ji came up with a number and that was 135 million Indians are out of poverty in the last 5 years. She said it in the Parliament while replying to a question asked by the opposition. Now, my question is do you guys think in the last 5 years India has made so much progress that a big number of Indians have been rooted in the middle class? My next question to you guys is, do you see changes happening around you in the last 5 years?

My answer to both my questions starts with the first one.

Yes, I have seen my housemaid asking me for more money for a few chores in the last five years. BTW, I have increased her monthly pay and I have seen her husband who is a small transport lorry driver buying a new one for his business. Her younger son is now studying in a private school and her elder one is studying engineering.

Second question and my answer.

There is a big change in infrastructure happening everywhere I go but the roads are still the same. Corruption has increased as I can see roads building today and after three months there would be digging done for pipes, cables, etc.

What do guys have to say?

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Quote from: pakhitheboss on December 05, 2023, 12:06:59 PM

I agree they are having a bad time, but how much the government or the ruling party is to be blamed can be decided by the timeline.

Maybe when a better party line comes in, things will turn out rapidly. We just have to wait it out.

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To an extent the Indian exchange were largely to be blamed on thier own atrocious fees. As of now they are offering zero fees on trading, which for me is very late.

They somewhat dug their own grave there. But they realized it when it was too late. Stock brokers have zero brokerage fees but only charge in selling.

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The ruling party has made the situation more difficult when they realized cryptocurrency could become a game changer for them. I won't blame them for nothing as they are know to respond late and when they do respond they make a mess.

With so much talks will international names, I was thinking crypto should have become more of the government's buzzword in coming days, but seems like it is not the case. However if things turn good with crypto in the West, the East will follow.

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As of other projects that they copied and implemented from the west or east they are doing good with it.

Crypto will too, dont worry.

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Quote from: TheUltraElite on December 05, 2023, 11:33:46 AM

Quote from: pakhitheboss on December 05, 2023, 08:21:22 AM

Recently I came accross an article where they discussed how much TDS the Indian government lost because of their 1percent policy.

Indian exchanges are having a tough time running here. From the outside we see them run effectively but in the inside, I am sure they are having their own bad days and trying to recover from the mess. Government's policies are done by people who are illiterate on cryptocurrency and how it works, its benefits and hence they make stuff up in such a way that it hurts people.

No use blaming the ruling part about it - if a new party comes in, they will follow the same shit their predecessors did, same has happened for years now.

We can continue to keep our fingers crossed and hope for taxation reduction and crypto-friendly laws.

I agree they are having a bad time, but how much the government or the ruling party is to be blamed can be decided by the timeline.

To an extent the Indian exchange were largely to be blamed on thier own atrocious fees. As of now they are offering zero fees on trading, which for me is very late.

The ruling party has made the situation more difficult when they realized cryptocurrency could become a game changer for them. I won't blame them for nothing as they are know to respond late and when they do respond they make a mess.

As of other projects that they copied and implemented from the west or east they are doing good with it.

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Quote from: pakhitheboss on December 05, 2023, 08:21:22 AM

Recently I came accross an article where they discussed how much TDS the Indian government lost because of their 1percent policy.

Indian exchanges are having a tough time running here. From the outside we see them run effectively but in the inside, I am sure they are having their own bad days and trying to recover from the mess. Government's policies are done by people who are illiterate on cryptocurrency and how it works, its benefits and hence they make stuff up in such a way that it hurts people.

No use blaming the ruling part about it - if a new party comes in, they will follow the same shit their predecessors did, same has happened for years now.

We can continue to keep our fingers crossed and hope for taxation reduction and crypto-friendly laws.

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I got your point and sometimes I wonder how come these Indian exchanges are surviving? tTo be honest no users would like to pay 1% TDS on every trade and without transactions and users there would be no business but it's really sad state of affair to see crypto industry treated so badly in India and exchanges have already earned more than enough during last bull run itself for ts survival but it's the users who are left without much choice, I have even read an article about trying to regulating all the CEX operating in India and existing Indian exchanges are welcoming this moves as they are losing customers for foreign exchange.

pakhitheboss

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Everything is looking good for the Indian economy except crypto contribution to the economy. The way the ruling party which I feel will again be ruling for another 5 years has been treating crypto makes me wonder how illeterates these guys can be.

Take a look at US, they have a SEC that is working as legal entity to run an extortion racket only against crypto exchanges. Have you ever thought why? Because they want to get their hands on untraceable money through the ETFs. This is why they are constantly after exchanges.

In India you cannot do such a thing as we are true democracy that doesn't have a deep state as per my knowledge. What they can do is to come up with some regulations to control the market and make good money to boost the economy. Recently I came accross an article where they discussed how much TDS the Indian government lost because of their 1percent policy.

TheUltraElite

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We are emerging economically, but at a slow rate, in other sectors we are developing apart from healthcare which has slumped down.

These things are not in our direct control, but we have to adjust ourselves to meet the economic trend, so allow it to take its own course while you plan on how to manage savings, earn and grow your wealth.

Crypto has little role to play here, the top GDP countries also have the proportionally high crypto ownership and users.

Bitcoin Smith

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I always love to discuss the economic status of our country, and since we don't have one, I just created this so we can discuss anything related to our Indian economy and how we are doing and everything else.

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In 2023, we cracked the top 5 countries in terms of overall GDP surpassing France and UK, now we are estimated to reach in the top 2023 list by 2023 if the GDP growth remains 8–9%, and likely we will be there as per the economic expert all over the world. SO how do you see this growth especially GDP growth is 7%, and we are the only country to have such high growth rate in all the list, and it shows that we are emerging economically in the world's arena.

Topic: Future of Indian Economy - page 2. (Read 316 times)