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Look How Rich India's Become Under New Prime Minister Modi

Jayanta

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The “Modi Magic” continues in India. Ever since last May’s election of new Prime Minister Narendra Modi, India has been showered with good fortune.

Here’s one way to measure India’s new found flow of money: India’s foreign exchange reserves rose $1.39 billion in the last week of March alone, putting the Reserve Bank of India's (RBI) rainy day fund at $341.37 billion. India is no longer far behind its other BRIC peers. Russia’s Central Bank has $360 billion. Brazil has $371 billion.

This is the second time in a two week period the reserves have risen as the RBI gets busy buying dollars from the open market to prevent the rupee from strengthening too much. Yes…strengthening. The rupee closed Friday at 62.09 to the dollar. The Indian currency has gained 2% against the dollar this year, which is not easy. Russia’s currency, the ruble, has gained too but that is because it was sent to the slaughterhouse in December when it hit an all-time low of 70 to 1. The rupee has been as stable as the Chinese yuan, actually. Much of that is due to foreign investors buying Indian stocks and bonds.

Everyone is bullish on Modi. That is making the government richer, and in turn making India richer as well.

U.S. businessman Ravin Gandhi, the CEO of household chemical goods company GMM Nonstick Coatings set up shop in India in 2011. He has a factory in Modi’s home state of Gujarat, one of the most developed and high tech states in the country.

“We chose Gujarat because of Modi. He ran the state when I came here. The only problem I have with infrastructure is during monsoon season, but Modi was very good working on public-private partnerships,” Gandhi says. “If we had to kick in money to help build a road to get goods out of my factory to the ports, we did it. We have 80 employees there and I’m hiring year after year,” he says, adding that the local market for his particular business has doubled in size over the last four years.

Forget the RBI and big corporate bank accounts, growth at companies like GMM means more jobs, which means more Indians gainfully employed in this nation of 1.2 billion.
For the big guns out there, foreign investors helped India’s local currency bond market grow 32% year-over-year last month.

Modi and his BJP party continue pushing through reforms, hoping to attract investment.

The latest is the so-called Land Bill. Big conglomerates like the Tata Group told FORBES last year that existing land rights policies made it difficult for utility companies to expand.

Modi has proposed changes to the law which will make it easier for companies to buy land. If it passes, the changes would speed up development in rural infrastructure like roads and electric power, as well as rural housing. Those two items have been used by Modi as the calling card to the land acquisition bill. It also helps India build up its defense industry, too. And India’s small family farms are wary about the bill, fearing that their back yards might have a Tata coal fired power plant breathing down their necks in the future. Or, they might be bought out on the cheap and not know where to go from there. The opposition party, led by the former ruling Indian National Congress, calls the land bill anti-farmer. This is shaping up to be a fight. The market will be watching to see if Modi takes one on the chin, or is able to reform land laws in his country.

“Those spreading lies do not know how to protect the interests of farmers,”Modi reportedly said during a rally this week.

Such are the sticking points to building a wealthier society.

India, compared to its BRIC counterparts, is notoriously underdeveloped and poor. But if there is one unanimous call out there among businesses and portfolio managers it is this: India is going to grow. India is going to get even richer.

The Indian economy is the bright spot in emerging markets today. Much of the success factor rests on Modi’s shoulders for now. It appears that the majority of people think he can improve people’s lives.

Look How Rich India's Become Under New Prime Minister Modi - Forbes
 
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In developed countries, a homeless person can't survive with 100$ for a month but in India, its more than enough.

you can hardly meet your ends with that income sir... by chance if you happen to live in a city like mumbai then you have to either look for a higher paying job or leave the city and move to a small town..
 
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you could hardly meet your ends meet with that money sir... by chance if you happen to live in a city like mumbai then you have to either look for a higher paying job or leave the city and move to a small town..

Actually, I'm staying in Bangalore for past 9 month now and I happened to visit a homeless shelter in Bangalore and incharge of that shelter informed me that a person needs 6000 INR to survive in Bangalore. So a family of 4 could need 6000*4=24000 INR.

PS: I'm quoting what that person had informed me and he said it's bare minimum to "SURVIVE". Just basic shelter, food and clothing
 
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Actually, I'm staying in Bangalore for past 9 month now and I happened to visit a homeless shelter in Bangalore and incharge of that shelter informed me that a person needs 6000 INR to survive in Bangalore. So a family of 4 could need 6000*4=24000 INR.

PS: I'm quoting what that person had informed me and he said it's bare minimum to "SURVIVE". Just basic shelter, food and clothing
good to know that u r in bangalore.. njy u r stay in India... :)
 
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Why there is no reduction of fares of trains, autos, public transports, goods, etc when there is overall reduction in fuel prices?
 
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Only the top 0.01% of Indians prosper. The rest are fed to the dogs. Mega corruption is present, not just in India, in all developing countries.

A lot of good people are being kept poor for the benefit of an elite few.

But India has always been an elitist country where your caste defines you, deep rooted cultural dominance.

Its funny some Indians are so involved in this culture they will look up at their "superiors" and be so happy at their riches like they are their own. Thousands of years of social conditioning to say "yes master" "you deserve all the money master as you are a superior caste to me" :rofl::rofl: What a joke India can be sometimes. So much potential but diluted by a billion morons.
 
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Its funny some Indians are so involved in this culture they will look up at their "superiors" and be so happy at their riches like they are their own. Thousands of years of social conditioning to say "yes master" "you deserve all the money master as you are a superior caste to me" :rofl::rofl: What a joke India can be sometimes. So much potential but diluted by a billion morons.

your comments started good by accepting most developing have the same situation...but you ended up by pointing India only...seems you forget about Zamidars in pakistan, shia, sunnis, punjabis culture in pakistan with lots of discrimination towards each other and how punjabi self ego led to partition of pakistan...How is that mentality different ?
 
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your comments started good by accepting most developing have the same situation...but you ended up by pointing India only...seems you forget about Zamidars in pakistan, shia, sunnis, punjabis culture in pakistan with lots of discrimination towards each other and how punjabi self ego led to partition of pakistan...How is that mentality different ?

Its exactly the same damn problem my friend.
 
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define rich? is it trickling down to the poorest group??

For the wealth to tickle down to the poor, the country should have money first. So this is the first stage....giving away freebies to the poor isn't development...giving them a job is. What previous government did was giving away freebies in the name of projects like NREGA, which has also been effected by rampant corruption. Besides that the long list of corruption...one step at a time now. If you want to judge the present government give it some more time ans see how many millions are lifted up from the BPL status.
 
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For the wealth to tickle down to the poor, the country should have money first. So this is the first stage....giving away freebies to the poor isn't development...giving them a job is. What previous government did was giving away freebies in the name of projects like NREGA, which has also been effected by rampant corruption. Besides that the long list of corruption...one step at a time now. If you want to judge the present government give it some more time ans see how many millions are lifted up from the BPL status.

India has been growing since 1992. Why has it taken them more than 20 years just to start building toilets? I am mentioning this because this is basic sanitation, a basic standard of living. My Indian friends have visited villages recently and they have told some parts don't even have roads, no street lighting. Electricity will cut off 6 hours at a time.

Here in England the poorest man has a 42 inch tv and enough money for a satellite subscription. That is money trickling down.

Its not about a hand out, its about providing basics. If India has funds to go to space then they have enough to do these things.
 
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