India’s economy to contract 9.6% in FY21, steeper than 3.2% shrinkage projected earlier: World Bank

[Indos]

Goods and Services Tax (GST) collected in September 2019 stood at Rs 91,916 crore

Goods and Services Tax (GST) collected in September 2020 stood at Rs. 95,480 crore

Yet people are claiming Economy is Shrinking


How did the Tax collection INCREASE when the actual goods and services DECREASED ?

@jamahir

I just dont understand of why South Asian countries are fond to use "crore" words in their English news as I think it is not an English word. I even dont know what crore means and Google Translate also doesnt know what crore means in Indonesian language.

 

[FuturePAF]

@jamahir

I just dont understand of why South Asian countries are fond to use "crore" words in their English news as I think it is not an English word. I even dont know what crore means and Google Translate also doesnt know what crore means in Indonesian language.

Another relic holding slowing down global accounting. Crore is 10 million I think.

 

[jamahir]

@jamahir

I just dont understand of why South Asian countries are fond to use "crore" words in their English news as I think it is not an English word. I even dont know what crore means and Google Translate also doesnt know what crore means in Indonesian language.

Yes, I agree that when South Asians come on international forums they should use million and billion.

One lakh units = 100,000.

One million units = 10 lakh.

One crore units = 10 million.

100 crore units = 1 billion.

 

[ziaulislam]

India’s economy to contract 9.6% in FY21, steeper than 3.2% shrinkage projected earlier: World Bank
Kirtika Suneja
Updated: Oct 08, 2020, 03:21 PM IST

New Delhi: The World Bank expects India’s economy to contract 9.6% FY21, steeper than 3.2% shrinkage projected earlier.

South Asia as a region is set to plunge into its worst ever recession with a sharper than expected contraction of 7.7%, the World Bank said in its half-yearly South Asia Focus update released on Thursday.

India’s growth is projected to rebound to 5.4% in FY22, mostly reflecting base effects, assuming Covid19 -related restrictions are completely lifted by 2022. As per the bank, weak activity, domestically and abroad, is also likely to depress both Indian imports and exports.

India’s economy shrank an unprecedented 23.9% in the first quarter.

“India’s economy was already slowing before the pandemic. (Though) we are impressed by the government’s response with limited resources and fiscal space…the big problem is that the informal sector has no coverage. There are no systems in place to support those people,” said Hans Timmer, World Bank Chief Economist for the South Asia Region.

The report highlighted that informal workers are not generally covered by social insurance and few have savings or access to finance, and three-quarters of all workers in South Asia depend on informal employment.

“While the poor have faced rising food prices, the Covid-19 crisis has also affected informal workers in the middle of the income distribution who experienced sharp drops in earnings,” the bank said.

“The impact is not only on the poor but also people above the poverty line who have been hit hard,” said Timmer, adding that the self-employed and those in the services sector earlier had ways of absorbing the shocks but are unable to do so now.

Noting that there are serious vulnerabilities in India’s banking sector and solvency of firms, which are not being helped by the pandemic, he said the region will witness muted recovery as a whole and the case is the same for India.

India’s economy to contract 9.6% in FY21, muted recovery seen: World Bank

Indias growth is projected to rebound to 5.4% in FY22, mostly reflecting base effects, assuming Covid19 -related restrictions are completely lifted by 2022. As per the bank, weak activity, domestically and abroad, is also likely to depress both Indian imports and exports.

economictimes.indiatimes.com

I m surprised it will rebound by 5%
Is it because they are changing base calculations AGAIN

 

[Nasr]

India’s economy to contract 9.6% in FY21, steeper than 3.2% shrinkage projected earlier: World Bank
Kirtika Suneja
Updated: Oct 08, 2020, 03:21 PM IST

New Delhi: The World Bank expects India’s economy to contract 9.6% FY21, steeper than 3.2% shrinkage projected earlier.

South Asia as a region is set to plunge into its worst ever recession with a sharper than expected contraction of 7.7%, the World Bank said in its half-yearly South Asia Focus update released on Thursday.

India’s growth is projected to rebound to 5.4% in FY22, mostly reflecting base effects, assuming Covid19 -related restrictions are completely lifted by 2022. As per the bank, weak activity, domestically and abroad, is also likely to depress both Indian imports and exports.

India’s economy shrank an unprecedented 23.9% in the first quarter.

“India’s economy was already slowing before the pandemic. (Though) we are impressed by the government’s response with limited resources and fiscal space…the big problem is that the informal sector has no coverage. There are no systems in place to support those people,” said Hans Timmer, World Bank Chief Economist for the South Asia Region.

The report highlighted that informal workers are not generally covered by social insurance and few have savings or access to finance, and three-quarters of all workers in South Asia depend on informal employment.

“While the poor have faced rising food prices, the Covid-19 crisis has also affected informal workers in the middle of the income distribution who experienced sharp drops in earnings,” the bank said.

“The impact is not only on the poor but also people above the poverty line who have been hit hard,” said Timmer, adding that the self-employed and those in the services sector earlier had ways of absorbing the shocks but are unable to do so now.

Noting that there are serious vulnerabilities in India’s banking sector and solvency of firms, which are not being helped by the pandemic, he said the region will witness muted recovery as a whole and the case is the same for India.

India’s economy to contract 9.6% in FY21, muted recovery seen: World Bank

Indias growth is projected to rebound to 5.4% in FY22, mostly reflecting base effects, assuming Covid19 -related restrictions are completely lifted by 2022. As per the bank, weak activity, domestically and abroad, is also likely to depress both Indian imports and exports.

economictimes.indiatimes.com

The so-called "largest democracy in the world", with one of the largest military in the world, a nuclear state and a j@cka$$ leader, leading 1.3 billion indians into an oblivion!!

 

[Nasr]

Cry a bit more. Our agricultural economy is strong.

Manufacturer	September 2020	September 2019	YoY Growth (%)
Mahindra & Mahindra	42,361	36,046	17.5%
TAFE	19,973	14,473	38.0%
Sonalika	16,000	10,571	51.4%
Escorts	11,453	10,521	8.9%
John Deere	9,805	6,010	63.1%
New Holland	4,301	3,339	28.8%
Kubota	1,275	1,273	0.2%
VST	949	619	53.3%
Preet	656	149	340.3%
Indofarm	541	328	64.9%
Captain	393	212	85.4%
Force	368	399	-7.8%
SDF	290	501	-42.1%
Ace	284	198	43.3%
Total Sales	1,08,649	84,639

The same agricultural economy that has your farmers commiting suicides at record rates?!

Suicides of nearly 60,000 Indian farmers linked to climate change, study claims

Rising temperatures and the resultant stress on India’s agricultural sector may have contributed to increase in suicides over the past 30 years, research shows

www.theguardian.com

You indians hold a wonderful track record of living in a parallel dimension!!

 

[AgNoStiC MuSliM]

Yes, I agree that when South Asians come on international forums they should use million and billion.

One lakh units = 100,000.

One million units = 10 lakh.

One crore units = 10 million.

100 crore units = 1 billion.

Pakistan doesn’t use crore in official statistics - you’ll notice Pakistani Government & media will use trillion, billion and million.

Crore is still commonly used informally though.

PS: The word ‘lac’ (100,000) is another one.

 

[Protest_again]

The same agricultural economy that has your farmers commiting suicides at record rates?!

Suicides of nearly 60,000 Indian farmers linked to climate change, study claims

Rising temperatures and the resultant stress on India’s agricultural sector may have contributed to increase in suicides over the past 30 years, research shows

www.theguardian.com

You indians hold a wonderful track record of living in a parallel dimension!!

Of course, more than 54% of India's population (700 million) still make their living from agriculture. If anyone of them commits suicide then it is registered as a farmers suicide. So the suicide rate of farmers per your own numbers is less than 0.1% per annum.

And the rest 600 million commits more suicides for financial reasons but that wouldn't get the same coverage because they are not marginal sections of the society. So you need to understand what and why to raise that point.

India farm subsidies every year is more than entire budget of Pakistan. So don't just go by Indian media's biased reporting but use your brain a bit.

Also India opened up its farm economy only this month. Hopefully there'll be explosion in production and farmers will income will sufficiently boosted. Then they will probably buy 3 million tractors rather than 1.2 million now.

Pakistan needs to catch up. With just 30000 tractors a year, that is abysmal showing.

 

[Nasr]

Of course, more than 54% of India's population (700 million) still make their living from agriculture. If anyone of them commits suicide then it is registered as a farmers suicide. So the suicide rate of farmers per your own numbers is less than 0.1%.

And the rest 600 million commits more suicides for financial reasons but that wouldn't get the same coverage because they are not marginal sections of the society. So you need to understand what and why to raise that point.

India farm subsidies every year is more than entire budget of Pakistan. So don't just go by Indian media's biased reporting but use your brain a bit.

Also India opened up its farm economy only this month. Hopefully there'll be explosion in production and farmers will income will sufficiently boosted. Then they will probably buy 3 million tractors rather than 1.2 million now.

Pakistan needs to catch up. With just 30000 tractors a year, that is abysmal showing.

You know it's always amusing to read indians comparing their country to Pakistan. When it's a undisputed fact that you cannot compare the two countries simply because both countries have vastly different size of arable land, because india has is larger territorially. Plus the fact that india has a population of 1.3 billion, while Pakistan has a population of 200 million.

But anyhoo, can't argue with someone who lives on planet mars and complains about no rain.

 

[Protest_again]

You know it's always amusing to read indians comparing their country to Pakistan. When it's a undisputed fact that you cannot compare the two countries simply because both countries have vastly different size of arable land, because india has is larger territorially. Plus the fact that india has a population of 1.3 billion, while Pakistan has a population of 200 million.

But anyhoo, can't argue with someone who lives on planet mars and complains about no rain.

Pakistan has larger percentage of population living on agriculture. lol.

But restricting myself to tractors. Tractors are not used to long distance travel, no geographical size doesn't matter. India has 8 times the arable land compared to Pakistan but sells 40 times more tractors. I don't know but any standards you are no where close to India to be taken in the same breath.

 

[hualushui]

Indians: Fake News

 

[Pakistan Space Agency]

First they give the Indians the good news. After Indians have maniacally bragged and partied like clowns, then they receive the slap.

It's happened many times now.

Why is it that mostly negative news on India always turns out to be the truth?

 

[jamahir]

The same agricultural economy that has your farmers commiting suicides at record rates?!

Suicides of nearly 60,000 Indian farmers linked to climate change, study claims

Rising temperatures and the resultant stress on India’s agricultural sector may have contributed to increase in suicides over the past 30 years, research shows

www.theguardian.com

The farmer suicides have less to do with climate change and more to do with India being an extremely capitalist society. There is no Nature's entity called 'Earth Climate Change Office' which forces Indian farmers to commit suicide. Rather it is the micro-credit lenders, banks and informal private lenders who harass the farmers to the point of suicide. Farmers in India have small land holdings and the lenders charge high interest which the farmer isn't simply able to repay.

Of course, more than 54% of India's population (700 million) still make their living from agriculture. If anyone of them commits suicide then it is registered as a farmers suicide. So the suicide rate of farmers per your own numbers is less than 0.1%.

And the rest 600 million commits more suicides for financial reasons but that wouldn't get the same coverage because they are not marginal sections of the society. So you need to understand what and why to raise that point.

Firstly, just between 1995 and 2015 there have been more than 300,000 farmer suicides in India between. Casually shrugging that away with use of fancy capitalist numbers should not be done.

Secondly, most suicides in India happen because of India's socio-economic structure being extremely capitalist. This is as true for a student as for a farmer as also for a white collar professional.

 

[Protest_again]

The farmer suicides have less to do with climate change and more to do with India being an extremely capitalist society. There is no Nature's entity called 'Earth Climate Change Office' which forces Indian farmers to commit suicide. Rather it is the micro-credit lenders, banks and informal private lenders who harass the farmers to the point of suicide. Farmers in India have small land holdings and the lenders charge high interest which the farmer isn't simply able to repay.



Firstly, just between 1995 and 2015 there have been more than 300,000 farmer suicides in India between. Casually shrugging that away with use of fancy capitalist numbers should not be done.

Secondly, most suicides in India happen because of India's socio-economic structure being extremely capitalist. This is as true for a student as for a farmer as also for a white collar professional.

Oh, please spare me. India farm economy was protected and deliberately kept poor. It is only now that reforms have taken place and farmers are liberated. In the coming decades, farming will grow and farmers will see tremendous growth in prosperity just as other sectors of economy has seen since their reforms. Please spare me your communist mumbo jumbo.

And I did not use fancy capitalist numbers. I told you who constitute a farmer in this country and given a realistic assessment of suicides compared to the expanse of population who are called farmers.

 

[jamahir]

Please spare me your communist mumbo jumbo.

And I did not use fancy capitalist numbers. I told you who constitute a farmer in this country and given a realistic assessment of suicides compared to the expanse of population who are called farmers.

Why do you think students and white collar professionals in India commit suicide ?