Indian Economy-News & Updates

[ARCHON]

So what ?

Its false side of real story.

we know what the REAL INDIA is !!!!!!!!

But I want to congratulate Brand Managers of India for their success in making the World believe the opposite of reality.

Dont forget to thank the thousands of workers in these companies too.

 

[Kinetic]

I understand your sentiments for those unfortunate people but some is destiny and some is capability and rest is future.Well situation is not that bad here and the things will improve with time and development.We can't stop other people develop just because rest are being left behind.And the strong developing middle class will only cater to the lower class in future through their enormous consumption of goods and services.All we need is to continue with our present education program and abide by our 5 year plans and one thing is a fact...

This is what we call development...from worst to worse to bad to good to better and finally best...we can't just jump from worst to best........India is a huge developing nation with equal magnitude of problems!

Yes! India's economy is improving and India is developing but thats what we are hearing for last 63 years!!! India will be a developed country by the year dash dash..... !!! Thats it. Middle class! Those middle class are and will be always middle class. That will not effect the condition of our system. 5 year plan? we had them for last 60 years but why people are still poor?

People's standard of living very low and most of the people are not getting the benefits of the improvements. People are poor as like they were in 1947. No education, no food, no home forget electricity and social justice.

ITS THE BEST TIME INDIA HAD EVER...so CHEER UP!

I want to but I can't when I see slums and street children, I go to a govt school or hospital, I go to rural area.... I can't.... they are not living like human. Their houses are so small that every time there is a flood or cyclone they die in thousands.

India has everything but she is still poor just because of our so called 'leaders'. Only few appropriate decisions can change whole economic condition of India with in ten years. But that never gonna happen in thousand years..... thats why Indians have $ 1.5 trillion in swiss bank alone!

 

[Kinetic]

So what ?

Its false side of real story.

we know what the REAL INDIA is !!!!!!!!

But I want to congratulate Brand Managers of India for their success in making the World believe the opposite of reality.

Don't talk too much about India. Your condition is worse. lol

 

[Zebronic]

So what ?

Its false side of real story.

we know what the REAL INDIA is !!!!!!!!

But I want to congratulate Brand Managers of India for their success in making the World believe the opposite of reality.

O boy, India is very large man...we have Asia's largest billionaire(58),
world one of the largest middle class and world largest poor in India.

 

[yashchauhan]

Yes! India's economy is improving and India is developing but thats what we are hearing for last 63 years!!! India will be a developed country by the year dash dash..... !!! Thats it. Middle class! Those middle class are and will be always middle class. That will not effect the condition of our system. 5 year plan? we had them for last 60 years but why people are still poor?

People's standard of living very low and most of the people are not getting the benefits of the improvements. People are poor as like they were in 1947. No education, no food, no home forget electricity and social justice.



I want to but I can't when I see slums and street children, I go to a govt school or hospital, I go to rural area.... I can't.... they are not living like human. Their houses are so small that every time there is a flood or cyclone they die in thousands.

India has everything but she is still poor just because of our so called 'leaders'. Only few appropriate decisions can change whole economic condition of India with in ten years. But that never gonna happen in thousand years..... thats why Indians have $ 1.5 trillion in swiss bank alone!

This india developing thing has started from 2002 only i.e. only 8 yrs back......and for your kind information India's GDP in 2002 was $550 billion and now its $1350 billion and by the end of 2010 it will be $1500 billion that is $150 billion more(India will add an entire pakistan in 2010 only with population of Hong Kong).........change can come only with development and the development is happening......its the best and most progressive government India had in 60 years.......20km of roads are being built everyday in India....Indian ports will handle 700mt cargo by 2012 from 506mt as of now........India's manufacturing is increasing at a rate of 15% per annum ie. doubling in every 7 years....70 million more jobs will be created by 2012......Adult literacy rate will touch 85% mark by 2015.......as of now 72%....we have the youngest population in the world and made adult we will have biggest work force in the world by 2025.......let do our homework first rather than cry like a constipated pigeon....

 

[Ecstacy]

Dubai exposure of banks in India at $537 mn​

Posted: Friday, Apr 23, 2010 at 1531 hrs IST
Updated: Friday, Apr 23, 2010 at 1531 hrs IST
New Delhi: The government said that as many as seven banks in India, including SBI and ICICI Bank, had exposure worth USD 537 million in Dubai World and other group companies at the time of the Emirate's debt crisis in November 2009.

The exposure of the Indian Scheduled Commercial Banks in India to Dubai World, Nakheel Reality and its Group companies as on November 30, 2009, was USD 454.03 million for fund-based facilities and USD 82.94 million for non-fund based facilities, Minister of State for Finance Namo Narain Meena informed the Lok Sabha.

The country's largest lender State Bank of India had exposure to the tune of USD 50 million, while Bank of Baroda had an exposure of USD 200 million.

Besides, private sector lender ICICI Bank had an exposure of over USD 28 million and HDFC Bank of USD 4.23 million.

Other foreign banks present in India with an exposure in Dubai are HSBC (about USD 44 million), Standard Chartered Bank (over 120 million) and Citi Bank (USD 86 million), Meena said.

In November last year, the Dubai government owned Dubai World had asked its creditors for six more months to repay its debts as asset prices were coming down.

Dubai World has total debts of USD 59 billion. This raised concerns over the financial health of the once financially strong Gulf country.

"The government is of the view that the recent global financial crisis has proved the soundness and resilience of our banking system, which has regained and sustained economic growth momentum in the country," he added.

He added that the Indian public sector banks are adequately capitalised and that they are maintaining higher Capital-to-Risk Weighted Assets Ratio (CRAR) to meet any additional provisioning requirement arising out of any unforeseen higher NPA slippages.
Source:Dubai exposure of banks in India at $537 mn

 

[yashchauhan]

OLD ARTICLE!We have grown father than our own expectations...

BBC NEWS | Business | India eyes 25 million automotive jobs

Great to see that India's GDP in 2006 was $650 billion and was expected to double to $1360 by 2016 but we have achieved the goal 6 years prior in 2010 only with GDP of about $1350 billion and by 2016 well above $ 2000 billion the GDP should be somewhere near $3000 billion mark making us the 5th largest economy from presently 12th largest...HURRAY!

 

[Kinetic]

let do our homework first rather than cry like a constipated pigeon....

lol what to answer!!! India was great and my fellow Indian, you made India greater!!! Live in your air cooled room, drive four wheelers and talk about development... all the best.

Do you know why general Indians are not developing? its mainly because of people like you, who always talks about development but never allow them to be developed. For you development mean Delhi, Mumbai and some more towns..... how much you get developed may be but those poor people will not let us to be a developed country and in various index India will remain last.... cheer again...

 

[Ecstacy]

lol what to answer!!! India was great and my fellow Indian, you made India greater!!! Live in your air cooled room, drive four wheeler and talk about development... all the best.

Do you know why general Indians are not developing because of people like you, who will always talk about development but never allow them to be developed. For you development mean Delhi, Mumbai and some more towns..... you how much you get developed those poor people will not let you to be a developed country and in various index you will remain last.... cheer again...

we understand ur concern kinetic.It is very difficult ,if not impossible to develop each and every corner of India like any western country.The population of the country is an impediment to this.But we must keep in mind that fate is in favour of those only who deserve it.30 years back,our economy was not that much developed.But we r in a much better situation now.When we post any new info 'bout economic development,we just celebrate the process of development,that contributes to the development of the nation.We always welcome criticism,provided that they r constructive.Changes r never made overnight.We live in a society that runs on the basis of logic,and it is not logically possible to associate each and every citizen of India with the process of development.But we have made a lot of progress already,and i do believe we will keep up that process.Now it is upto,how u contribute....constructively ..or...........

 

[Kinetic]

we understand ur concern kinetic.It is very difficult ,if not impossible to develop each and every corner of India like any western country.The population of the country is an impediment to this.But we must keep in mind that fate is in favour of those only who deserve it.30 years back,our economy was not that much developed.But we r in a much better situation now.When we post any new info 'bout economic development,we just celebrate the process of development,that contributes to the development of the nation.We always welcome criticism,provided that they r constructive.Changes r never made overnight.We live in a society that runs on the basis of logic,and it is not logically possible to associate each and every citizen of India with the process of development.But we have made a lot of progress already,and i do believe we will keep up that process.Now it is upto,how u contribute....constructively ..or...........

OK let me put some, What was India's place in HDI 30 years back? How much we did improving sanitation, children welfare, child labor, rural development? What the indexes say? What you say about this? How much we changed in last 30 years? What UNICEF says? UNDP?

List of countries by Human Development Index - Wikipedia, the free encyclopedia

You said that we cannot develop every corner of our country. But did we try? Did we ever look how the Panchayet system works? There were 'Green revolution' in India late 60s and we are still happy with that. Land reforms did a job but it was not upto the requirements. We need some basic things to develop India, people often talk about them but never implemented them perfectly. India is developing but most part of India aren't. OK in Mumbai or Pune or Kolkata you visit a govt hospital, you will see the real face of development.

I wanted to say only ten years are required to develop India if our respected leaders wants. Everything is there, we need proper people to guide the Indians and implement plans. Our leaders care about Swiss bank and their children's future

 

[Ecstacy]

OK let me put some, What was India's place in HDI 30 years back? How much we did improving sanitation, children welfare, child labor, rural development? What the indexes say? What you say about this? How much we changed in last 30 years? What UNICEF says? UNDP?

List of countries by Human Development Index - Wikipedia, the free encyclopedia

You said that we cannot develop every corner of our country. But did we try? Did we ever look how the Panchayet system works? There were 'Green revolution' in India late 60s and we are still happy with that. Land reforms did a job but it was not upto the requirements. We need some basic things to develop India, people often talk about them but never implemented them perfectly. India is developing but most part of India aren't. OK in Mumbai or Pune or Kolkata you visit a govt hospital, you will see the real face of development.

I wanted to say only ten years are required to develop India if our respected leaders wants. Everything is there, we need proper people to guide the Indians and implement plans. Our leaders care about Swiss bank and their children's future

u r right kinetic and i agree with u.As a matter of fact, the absence of uniform development led to the naxalite problems that the country is facing right now.i m myself from a naxalite hit area in west bengal.i know the ground reality there.Apart from Kolkata and the greater kolkata region,there is very few other place in West Bengal which u can say properly developed.
But situations r rapidly changing.thanks to the Naxalite issue,which has sent shivers through the spine of ruling party leaders,the focus is now on rural development.
U can check the latest developments in the website of National Bank for Agricultural and Rural Development--NABARD
Apart from that u can also have alook at the website of Indian Rural Development Fund--IRDF
It is a non-profit organization run by non-governmental authority.
We have a very good project by the GoI that aims at development of roads and transportation network in rural regions known as the"Pradhan Mantri Gram Sadak Yojana".Click on it to know more about it.

More inputs on this matter are always welcome.Kinetic has raised a very important issue here.As a citizen of India each and every person deserves to be benefited by the economic developments.Development must not be limited to the metropolitans only.It must be spread across the country as much as it can be.

 

[yashchauhan]

lol what to answer!!! India was great and my fellow Indian, you made India greater!!! Live in your air cooled room, drive four wheelers and talk about development... all the best.

Do you know why general Indians are not developing? its mainly because of people like you, who always talks about development but never allow them to be developed. For you development mean Delhi, Mumbai and some more towns..... how much you get developed may be but those poor people will not let us to be a developed country and in various index India will remain last.... cheer again...

yes you are right as I use air conditioner I create jobs from technicians to repairman to manufacturing units to suppliers....as I drive cars i create jobs in service center,bpo,dealer shops,manufacturing units and a driver job also......and as I use compute I create a few more jobs....that means my three appliances of luxury employ a dozen people throughout the country...now this was my indirect contribution....people of Indfia have been poor because of there own negligence and lack of will and to a level the government but now as we are living in exponential times....their coming generations are not at all wiling to remain the same.....go to Polytechnics,ITIs and other universities throughout the nation and you may see an absolute change happening....

"If you are born poor it not your fault but if you die poor its you to blame."Bill Gates.The man who live in 10><10 room with his * brothers and sisters and became the richest in the world....even America has poverty(17.5) and so do Japan has(14.5)....you find slums as a symbol of oppresioon....go thee and see how dynamic their industry is....BOL....no more chit chat...start working...talking on a foreign country's forum will not Change INdia...

 

[nForce]

Reliance Q4 profit up 30 pct​

Mumbai: Reliance Industries today said its January-March net profit jumped 30 per cent to Rs 4,710 crore, while its full-year turnover crossed Rs 2,00,000 crore mark.

The country's top private sector entity posted a full-year net profit of Rs 15,898 crore, up four per cent from Rs 15,296 crore in the year ended March 31, 2009.

The full-year total income or turnover rose by 35 per cent from Rs 1,53,138 crore in fiscal year 2008-09 to Rs 2,05,926 crore in the latest financial year.

On stand-alone basis, the fourth quarter net profit rose from Rs 3,627 crore in 2008-09 to Rs 4,710 crore in FY'10, RIL said in a statement.

The quarterly total income on stand-alone basis more than doubled to Rs 60,267 crore from Rs 26,793 crore in the corresponding quarter in 2008-09.

RIL also announced a dividend of Rs 7 per equity share of Rs 10 face value, which will aggregate to a total payout of Rs ,430 crore, including taxes.

---------- Post added at 11:59 AM ---------- Previous post was at 11:58 AM ----------

Wipro Q4 net rises 21 pct to Rs 1,209 cr​

Mumbai: IT major Wipro reported 20.77 per cent growth in consolidated net profit at Rs 1,209 crore for the fourth quarter ended March, compared to the same period last year.

Net income from sales rose to Rs 6,982 crore for the quarter ended March 31, 2010, from Rs 6,451.4 crore in the same quarter previous fiscal, Wipro said in a filing to the Bombay Stock Exchange.

The company announced a bonus issue in 2:3 ratio, or 2 equity shares of face value of Rs 2 each for every 3 held. The proposal is subject to shareholders' approval.

In addition, a dividend of Rs 6 per share on the face value of Rs 2 each to shareholders has also been announced.

"We have seen another strong quarter of broad based, volume led growth. We saw good recovery in our challenged verticals of technology and telecom. The business environment is returning to normal," Wipro Chairman Azim Premji said.

For the year ended March 31, 2010, the company posted a consolidated net profit of Rs 4,593 crore, up 18.49 from a year ago.

On the outlook front, Premji added that for the quarter ending June 30, 2010, the company expects revenues from IT services business to be in the range of USD 1,190 million to USD 1,215 million.

"We had a satisfying quarter. We delivered close to the upper end of our guidance with revenues of USD 1,180 million in constant currency. We have driven up margins by 60 basis points despite headwinds of wage increases, rupee appreciation and the impact of cross currency," Wipro Executive Director & CFO Suresh Senapaty said.

On a standalone basis, the company reported a growth of 46.85 per cent in net profit at Rs 1,236 crore for the fourth quarter.

Revenues from IT services in constant currency was USD 1,180 million, with a sequential increase of 4.7 per cent. On a year-on-year basis, the constant currency revenue increase was 7.8 per cent.

The company's IT services during the quarter added 27 new clients and for the whole year, the company added 121 new clients.

The company during the quarter made a net addition of 5,325 employees, taking its headcount to 1,08,071.

Shares of Wipro were trading at Rs 724 on BSE, up 2.99 per cent from previous close.

---------- Post added at 11:59 AM ---------- Previous post was at 11:59 AM ----------

M&M Financial Q4 net up 31 pct​

Mahindra & Mahindra Financial Services said its consolidated net profit rose by 31 per cent to Rs 144 crore for the fourth quarter ended March 31, 2010, over the same period last year.

Total income rose to Rs 483 crore for the fourth quarter ended March 31, from Rs 402 crore in the same period previous fiscal, Mahindra & Mahindra Financial Services (Mahindra Finance) said in a filing to the Bombay Stock Exchange.

Shares of Mahindra & Mahindra Financial Services reacted positively to the news by surging nearly 5 per cent to touch an year-high level of Rs 414.90 on BSE, from previous close.

"Value of assets under management crossed Rs 10,000 crore," the filing added.

For the year ended March 31, 2010, the company has registered a growth of 62 per cent in consolidated net profit at Rs 356 crore, over the same period year-ago.

The board of directors of the company have proposed a dividend of Rs 7.50 per share on the face value of Rs 10 each to the shareholders for the financial year ended March 31, 2010, the filing added.

"The company was able to reduce significantly the interest cost through broad basing the borrowing profile and by establishing many new banking relationship," CFO Mahindra Finance V Ravi said.

Shares of Mahindra & Mahindra Financial Services today closed at Rs 405.85 on BSE, up 2.40 per cent from previous close.

 

[Chanakyaa]

India and Japan Monday signed agreements to build eco-friendly cities along the Rs.3.6 lakh crore ($72 billion) Delhi-Mumbai industrial corridor.

The first memorandum of understanding (MoU) was signed between Delhi-Mumbai Industrial Corridor Development Corp (DMICDC) and the Japan External Trade Organisation (JETRO) for development of eco-friendly and smart cities.

The other MOU was between India Infrastructure Finance Co and the Japan Bank for International Cooperation for setting up a project development fund.

$72 Billion Dollars !!!
Jai Ho..

Official sources pegged Japan's investment in the Delhi-Mumbai industrial corridor to be around $10 billion spread through five years.

"The new township, which would come up on this corridor will help the movement of large populations to these townships," said Commerce Minister Anand Sharma after the two sides signed the pacts.

"This project will help us in faster movement of goods through the corridor and will generate employment, infrastructure and will have a huge multiplier effect for wealth generation," Sharma told reporters.

The 1,483-km Delhi-Mumbai industrial corridor will cross six states -- Delhi and the national capital region, Uttar Pradesh, Maharashtra, Gujarat, Rajasthan and Haryana.

"The MOU between the two countries is a confirmation of political will of both countries to take forward our bilateral co-operation and to further consolidate our relationship," Sharma said. DMICDC managing director and chief executive Amitabh Kant told IANS that the work on the project would start in the next four to five months. "We expect to finish our project by 2017," said Kant.

The agreement comes ahead of the prime ministerial-level meeting between the two countries on Tuesday.

 

[jha]

good news indeed..