Future of Indian Economy | Bitcointalksearch.org

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Quote from: elevates on December 13, 2023, 09:45:19 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, 02:25:49 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.

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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, 08:12:11 AM

Quote from: pakhitheboss on December 19, 2023, 05:51:52 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.

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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, 05:51:52 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, 11:38:00 AM

Quote from: pakhitheboss on December 19, 2023, 05:51:52 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.

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Quote from: pakhitheboss on December 19, 2023, 05:51:52 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.

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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

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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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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.

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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

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Quote from: elevates on December 13, 2023, 09:45:19 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.

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Quote from: TheUltraElite on December 12, 2023, 08:57:51 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.

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Quote from: avikz on December 11, 2023, 02:01:23 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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Quote from: avikz on December 11, 2023, 02:01:23 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, 10:34:17 AM

Quote from: Bureau on December 09, 2023, 08:32:20 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.

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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, 08:32:20 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%.

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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.

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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, 01:06:59 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, 12:33:46 PM

Quote from: pakhitheboss on December 05, 2023, 09:21:22 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, 09:21:22 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.

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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.

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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.

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