Indian Economy-News & Updates

[SinoIndusFriendship]

CHINA & INDIA - ASIA FIRST

I like it, thanks friend. The first one is like a yin-yang symbol.

 

[amarnath]

More money, means more more transactions, more transactions means more growth, more growth means more jobs.

more jobs mean people can find a stable source of Income. Then their kids can go to school. and then they can get jobs.

It cant be avoided any longer but there is an Indian dream now.
You get your kids though college and then they get a High paying job, bringing the whole family up in the economic ladder.

interesting times we live in

Yes, this really is a testing time for Indian Economy.... We have recovered really fast...

 

[Nemesis]

Such a distinction means nothing until the 25% - 30% below the poverty line benefit.

 

[Supersonic26]

yes, yes...... India is doing all that it can.... going smooth, we need to get rid of poverty too...

Buddy poverty there to stay with us. Let it be 2030 or 2050. However india can become 3rd largest economy if india keeps growing same pace.

 

[Stumper]

More money, means more more transactions, more transactions means more growth, more growth means more jobs.

more jobs mean people can find a stable source of Income. Then their kids can go to school. and then they can get jobs.

It cant be avoided any longer but there is an Indian dream now.
You get your kids though college and then they get a High paying job, bringing the whole family up in the economic ladder.

interesting times we live in

Have you ever for a moment considered where is this growth directed towards? ... How have we grown in the rural areas?... Where is this spending middle class spread?

Do you know there is imbalance between production and agriculture? and the gap is widening.

Do you know we have not reformed in health care and judiciary since ages?

Do you know our education reforms are more or less cosmetic changes here and there?. Its still text book based, where kids and university students learn subjects and gets exam marks .... with little coming in the way of independent research or innovation.

I guess we dont care as long as our kids can get educated and get a job.

The way i see it, we are NOT scaling out, as china does. As i see it, GoI needs to have a realistic view of where we are moving ahead. We need to make drastic changes in health care, rural, education and Agriculture sector. GoI needs to curtail that deficit and prioritize and build on this infrastructure that will support the basic needs of worlds largest population.

Lets not pat our back for the temporary benefits we see today. Unless we make some drastic and on-ground changes to this sectors, all i see is a Urbanized country, still unable to provide a comprehensive living standards to its own citizens.

 

[Stumper]

Buddy poverty there to stay with us. Let it be 2030 or 2050. However india can become 3rd largest economy if india keeps growing same pace.

Thats the mind-set which has helped us remain a developing nation, 60 years after independence.

The "Chalta Hai" attitude. The reluctance of the masses to question government and reluctant of masses to be accommodate progressive changes if it involves discomfort!.

 

[Supersonic26]

Thats the mind-set which has helped us remain a developing nation, 60 years after independence.

The "Chalta Hai" attitude. The reluctance of the masses to question government and reluctant of masses to be accommodate progressive changes if it involves discomfort!.

dont take it on heart buddy. Poverty will reduce but not vanish. Haven't u seen moderate poverty in america? Moderate or without moderate both are povertys isn't it? America has 300 million population. India touching 1.2 billion. We are democrasy. If we were communist then we would have hope poverty will vanish. India without poverty is like a dream. India can vanish poverty but for that we need to kick democrasy aka 'Freedom'. Now decide buddy what you want. Democrasy ya aazadi?

 

[xuxu1457]

Chinese govt expects more trade with India Source: Global Times [00:52 January 20 2010] Comments By Li Qiaoyi
Trade between China and India has great potential to grow, the Chinese commerce minister and Indian commerce and industry minister told a media briefing after the eighth session of the China and India Joint Economic Group, held in Beijing Tuesday.
Trade between China and India totaled $43.38 billion in 2009, an increase of 75 percent from 2006, according to data released by the General Administration of Customs (GAC) Tuesday. Currently China is India's second-largest trading partner, while India is China's ninth-largest trading partner.
Chinese Commerce Minister Chen Deming said the current size and level of bilateral economic cooperation between China and India is not in line with the two countries' economic size and the complementarity and growth potential of their economies.
Bilateral trade value in 2009 only accounted for 1.97 percent of China's total trade value for the whole year, according to the GAC. Sino-Indian trade value registered a small percentage of India's total trade value as well. From April to November 2009, India's imports and exports totaled $274.68 billion, according to the latest data from the Indian Ministry of Commerce and Industry.
Indian Commerce and Industry Minister Anand Sharma showed confidence of exceeding $60 billion in Sino-India trade by 2010, a goal set by Chinese Premier Wen Jiabao and Indian Prime Minister Manmohan Singh in 2008.
Both Chen and Sharma encouraged more mutual investment, which remains at a low level now and has the potential to grow.
Sharma welcomed more Chinese enterprises to come to India to participate in local infrastructure construction. Income earned by Chinese enterprises from infrastructure construction projects in India totals more than $10 billion, according to Chen.
Sharma also showed concern over the imbalance in bilateral trade. He urged China to import more from India to achieve bilateral trade balance.
China's exports to India last year amounted to $29.67 billion while its imports from India registered $13.71 billion, with China's trade surplus with India exceeding $15 billion, according to the GAC.
Chen said the two countries should work together to resolve the imbalance. He stated that China encouraged Indian enterprises in sectors such as IT and pharmaceuticals to cooperate more with Chinese enterprises and to expect bigger market share in China.
The increasing trade imbalance between the two countries, if it continues, will affect overall bilateral trade, said Sun Shihai, deputy director of the Institute of Asia-Pacific Studies at the Chinese Academy of Social Sciences.
India should diversify the items it exports to China, and export more high valued-added products to increase export values, Sun suggested, adding the two sides should work more to enhance trust in each other's products to foster bilateral trade.
India should hold more exhibitions in big trading partner provinces in China to enable local enterprises to understand more about Indian-made products, and China should actively organize trade and investment promotion groups to visit India as it has done to facilitate trade and investment between China and the US and Europe, Sun said.
Sun said China should pay attention not to adversely impact local employment in India while expanding outbound investment in India.

 

[Stumper]

dont take it on heart buddy. Poverty will reduce but not vanish. Haven't u seen moderate poverty in america? Moderate or without moderate both are povertys isn't it? America has 300 million population. India touching 1.2 billion.

Sonic : Im questioning the very mind set that says its OK to HAVE poverty. The word POVERTY itself calls for a big debate starting with the very definition of the word. It will have varying definition across cultures. Example: Having more money as compared to that 5 years back, or having more per capita income as compared to other nation or simply not having basic necessity deemed necessary for a human to survive, and so on.

So, to start with you and me wont agree on definition of poverty itself.

What we can however agree on is :
A) Does our country have a proper health care plan in place?
B)Does our country provide for a proper employment opportunities or care for those who cant get wages appropriate for human to survive?
C)Do we have a fair, fast and equal-rights judiciary practiced on ground?
D)How good is our education system? How is it spread uniformly across our states?

We are democrasy. If we were communist then we would have hope poverty will vanish. India without poverty is like a dream. India can vanish poverty but for that we need to kick democrasy aka 'Freedom'. Now decide buddy what you want. Democrasy ya aazadi?

Are you saying developed nations in Americas or Europe are communists?

The mentality that Poverty can not be eradicated is by itself defeating. Poverty will always be a relative word and hence you dont have a target to aim at (so no question of saying we cant ELIMINATE poverty). But what we can however aim towards is to build a social infrastructure on par with the developed nations.

 

[fatman17]

and just imagine if india and pakistan mend fences.....what further opportunities open up for the 1.2 billion people of the two countries.

 

[gogbot]

Have you ever for a moment considered where is this growth directed towards? ... How have we grown in the rural areas?... Where is this spending middle class spread?

Do you know there is imbalance between production and agriculture? and the gap is widening.

Do you know we have not reformed in health care and judiciary since ages?

Do you know our education reforms are more or less cosmetic changes here and there?. Its still text book based, where kids and university students learn subjects and gets exam marks .... with little coming in the way of independent research or innovation.

I guess we dont care as long as our kids can get educated and get a job.

The way i see it, we are NOT scaling out, as china does. As i see it, GoI needs to have a realistic view of where we are moving ahead. We need to make drastic changes in health care, rural, education and Agriculture sector. GoI needs to curtail that deficit and prioritize and build on this infrastructure that will support the basic needs of worlds largest population.

Lets not pat our back for the temporary benefits we see today. Unless we make some drastic and on-ground changes to this sectors, all i see is a Urbanized country, still unable to provide a comprehensive living standards to its own citizens.

Do you know despite all those problems we have grown, and continue to grow.

When people want to list the changes needed in India. They can write enough to fill whole country.

But that hasn't stopped us has it, even on the ground level, While there are numerous problems people have befitted immensely from the growth.

India has only experienced one decade of Fast paced growth. we have another ahead of us led by the very economist who started the whole process.

People will always need to criticize the government that's how changes that need to happen will happen. I firmly believe there is enough political will India today to ensure that What needs to happen for the country to prosper is not a question of if but when .

While you are right to point out the many problems we still face.

you should take time to look at the road we took to get here in the first place.

 

[Stumper]

and just imagine if india and pakistan mend fences.....what further opportunities open up for the 1.2 billion people of the two countries.

Ah, you touched my raw nerve. Many on this forum have debated that the politicians from my side and military establishment from your side wont allow this. I have a contrary view here.

I feel both the parties wont allow peace as it does not serve the purpose --- that of respective citizens not endorsing it.

I say, Let citizens of each country experience the fruits of economic and social development. Keep Kashmir as a status quo for the time people see what they can achieve by development on other areas. Let them grow, mature and have the feeling of security/belief on state apparatus. Only then will they allow respective government's the mandate to negotiate with other party on a fair solution on Kashmir knowing fully well that they stand to loose all they have gained if they dont bring this issue to a resolution.

As someone rightly said, Wars are not fought because one side is wrong. Wars are fought because both the sides are correct. Only economic freedom will set this mind set amongst people.

 

[Stumper]

Do you know despite all those problems we have grown, and continue to grow.

When people want to list the changes needed in India. They can write enough to fill whole country.

But that hasn't stopped us has it, even on the ground level, While there are numerous problems people have befitted immensely from the growth.

India has only experienced one decade of Fast paced growth. we have another ahead of us led by the very economist who started the whole process.

People will always need to criticize the government that's how changes that need to happen will happen. I firmly believe there is enough political will India today to ensure that What needs to happen for the country to prosper is not a question of if but when .

While you are right to point out the many problems we still face.

you should take time to look at the road we took to get here in the first place.

We have grown, have we? .... and how will you objectively define growth? ... by the airports we have built , or by growth in our GDP or by the malls we have built, or by the FII investment in our country?

None, im afraid takes away the fact, that we still after 60 years of freedom have quota/reservation system in our day to day life. We still have a mass exodus of people from rural to urban cities. We still have a pathetic health care system. We have people who beg for a living, we have people who practice religious intolerance and discriminate against people based on religion and caste. We still have biggest slums in our economic capital and other cities.

We can go on and on , but the fact is that behind this economic jubilation we have somewhere forgotten what is the ills we still continue to live with.

Let me give you a example....

The other day, i had a heated debate on the movie 3 idiots. I'm yet to hear any one person not agreeing with the movies point ie; Rotten education system.

While a entertaining movie, that movie squarely lies the blame on our education system. While partly correct, what none of the viewers failed to question was : Is this education system something that the state have forced on us or is this something that we have unwittingly carved out of our need? . I say , its us who have carved out this form of education. Us the people, Us the society. A society where people are judged on basis of how much he/she earns. A society which treats people based on his social status. A society which divides people based on his/her ranks.

No doubt, education system just yielded to the need of such a society by serving what we needed --- "People with best potentials for higher earnings - ie;Doctors and Engineers"

The reason i went off-topic here is that, all the people i encountered after watching this movie were in a bliss land. The blame was shifted to some one else -- the education system. No one , even those i debated with, would agree on my thoughts -- That we the people needs to also question ourselves and our society which judges people by his/her economic achievements. By blaming the education system, we lay off of our responsibility. We have shifted the action on government.

And that is what i see in our world today. We indians are happily living in a la-la land. Happy that we are being touted as the next big economic thing (and we produce all this growth thing as the proof of being on right track).

What we are trying hard and fast to forget is that we are lacking big time on social development.

Thats what worries me.

 

[karan.1970]

Do you know despite all those problems we have grown, and continue to grow.

When people want to list the changes needed in India. They can write enough to fill whole country.

But that hasn't stopped us has it, even on the ground level, While there are numerous problems people have befitted immensely from the growth.

India has only experienced one decade of Fast paced growth. we have another ahead of us led by the very economist who started the whole process.

People will always need to criticize the government that's how changes that need to happen will happen. I firmly believe there is enough political will India today to ensure that What needs to happen for the country to prosper is not a question of if but when .

While you are right to point out the many problems we still face.

you should take time to look at the road we took to get here in the first place.

All of saying the same thing though in different flavors

The economic growth and poverty reduction is tied at the hip. One can not happen without the other. By PPP we still have 26% people below poverty line. No discussion that this is appalling but we cant forget that this figure was 51% in 1977 and 36% in 1993. So lets not belittle this growth. We still have a long way to go, but hey, done properly, the jorney is as fulfilling as the destination

Special thanks to fatman sir for a noble sentiment..

 

[Stumper]

All of saying the same thing though in different flavors

The economic growth and poverty reduction is tied at the hip. One can not happen without the other. By PPP we still have 26% people below poverty line. No discussion that this is appalling but we cant forget that this figure was 51% in 1977 and 36% in 1993. So lets not belittle this growth. We still have a long way to go, but hey, done properly, the jorney is as fulfilling as the destination

Special thanks to fatman sir for a noble sentiment..

Karan: We are not saying same thing!! . I'm saying our growth is not spread out like Chinese. We have not focussed on the social growth at all!!! .... im worried that this one directional focus will lead to a imbalance, which if not corrected today shall lead us to a chaos in near future. Our people and society still has the old rigid way of thinking -- non tolerance to change and others.

So, us the people should come out of this la la land and start some serious thoughts on how we can start this up-liftment.