World Economy Slowed as India's GDP Slightly Fell in 2012-13 in USD terms

[RiazHaq]

With Indian rupee's free fall to 61.10 to a US dollar, Indian GDP in USD terms is down to about $1.64 trillion based on Rs. 100.2 trillion divided by 61.10

 

[fast]

With Indian rupee's free fall to 61.10 to a US dollar, Indian GDP in USD terms is down to about $1.64 trillion based on Rs. 100.2 trillion divided by 61.10

Ouch! That's quick to reach 61. It looks like a free fall. GOI still calls on foreign Indian nationals to send money back to shore up the Rupee. Don't they have no fear that international currency raiders like Soros could come in to pop their bubble?

 

[HongWu]

Ouch! That's quick to reach 61. It looks like a free fall. GOI still calls on foreign Indian nationals to send money back to shore up the Rupee. Don't they have no fear that international currency raiders like Soros could come in to pop their bubble?

Looks like Indian rupee will be 100 to 1 US dollar by the end of this year. India is quickly becoming poorer than when their begging for independence from UK finally succeeded.

 

[Icewolf]

All Indians should start buying gold, seriously... When Indian debt bubble collapses India will be in a bad state.. Im advising you to

 

[my2cents]

All Indians should start buying gold, seriously... When Indian debt bubble collapses India will be in a bad state.. Im advising you to

Even gold doesn't look attractive and is loosing its shine. When the global economy is slow then it is a difficult proposition to shore up investors confidence. Time to loosen up protectionist policies and allow free flow of FDI.

Fiscal discipline is in order until this tide of bad news is over.

 

[IND151]

Surprisingly Iran is 4th fastest shrinking economy...

not surprising

The US led policy which aims at forcing Customers of Iran to reduce the amount of oil to be imported from Iran and other sanctions are showing their effect, I Think

 

[IND151]

Isn't inflation good for an economy? Isn't it a multiplier of the growth rate?

Only creeping inflation is good for economy, not running and galloping

galloping inflation is what Germany experienced after 1918, when 1 Dollar=20,000 marks

 

[RiazHaq]

Even gold doesn't look attractive and is loosing its shine. When the global economy is slow then it is a difficult proposition to shore up investors confidence. Time to loosen up protectionist policies and allow free flow of FDI.

Fiscal discipline is in order until this tide of bad news is over.

Indians' love of gold is in large part responsible for worsening current account deficit and pressure on rupee. That's why Indian govt is rightly restricting gold imports.

 

[Pandora]

Curry Pot is ready so now it is time to eat for indian politicians and rich Businessmen.

 

[tranquilium]

Surprisingly Iran is 4th fastest shrinking economy...

What's so surprising about that? It is one of the most heavily sanctioned nations on the planet and its neighbors are not exactly friendly with them as well. I think their situation can be alleviated somewhat if they can get a direct railway connection to China.

 

[my2cents]

Indians' love of gold is in large part responsible for worsening current account deficit and pressure on rupee. That's why Indian govt is rightly restricting gold imports.

Indians love for gold is not going to diminish by imposing duties or restrictive policies. Because of its universal appeal and acceptance we consider gold has safety net against economic collapse or runaway inflation.

You will see a lot of gold coming from middle east via smuggling. It will be Indian govt. who will be at a loss. Loss of revenue and promoting smuggling.

One way to curb the gold imports is to encourage gold EFT's. In Indian context EFT's haven't gotten same response as holding physical gold. Most of the gold we import is used for making jewelry and very little about 25 % is for investment. Hence the luke warm response to gold EFT's.

Weak rupee and high gold imports is responsible for the mess we are in. If we work on these two then we have a chance to narrow our current account deficit.

 

[RiazHaq]

Indians love for gold is not going to diminish by imposing duties or restrictive policies. Because of its universal appeal and acceptance we consider gold has safety net against economic collapse or runaway inflation.

You will see a lot of gold coming from middle east via smuggling. It will be Indian govt. who will be at a loss. Loss of revenue and promoting smuggling.

One way to curb the gold imports is to encourage gold EFT's. In Indian context EFT's haven't gotten same response as holding physical gold. Most of the gold we import is used for making jewelry and very little about 25 % is for investment. Hence the luke warm response to gold EFT's.

Weak rupee and high gold imports is responsible for the mess we are in. If we work on these two then we have a chance to narrow our current account deficit.

I think Indians' love of gold is more emotional than rational. Most Indians who buy gold do it for women's jewelry which signifies family's conspicuous wealth. It's ostentatious--not for investment purpose or hedging against inflation.

 

[UnChosen]

Now the corrupted rich Indian politicians and businessmen can now bring back their ill-gotten wealth at bargain exchange rates and buy up (more) Indian assets. Of course they'll now wait for the next good opportunity to get more stolen wealth out of the country rather than invest in their own country...so the collapsing rupee ends up not giving the country extra export at all.

This is the reason why China has capital control and a pegged currency....can't leave these things to the free market when there are corrupted thieves running around.

 

[Okemos]

Time to import oil from Iran and minerals from India while prices are low!

 

[livingdead]

@RiazHaq how much did pakistani economy grow/shrink in dollar term... during same period..