The economy is on a downward spiral, is poised for a hard landing. Many in the BJP know it but do not say it out of fear - YASHWANT SINHA

[BeautifulGame]

 

I shall be failing in my national duty if I did not speak up even now against the mess the finance minister has made of the economy. I am also convinced that what I am going to say reflects the sentiments of a large number of people in the BJP and elsewhere who are not speaking up out of fear.

 

So, what is the picture of the Indian economy today? Private investment has shrunk as never before in two decades, industrial production has all but collapsed, agriculture is in distress, construction industry, a big employer of the work force, is in the doldrums, the rest of the service sector is also in the slow lane, exports have dwindled, sector after sector of the economy is in distress, demonetisation has proved to be an unmitigated economic disaster, a badly conceived and poorly implemented GST has played havoc with businesses and sunk many of them and countless millions have lost their jobs with hardly any new opportunities coming the way of the new entrants to the labour market. 

 

 

And please note that the methodology for calculation of the GDP was changed by the present government in 2015 as a result of which the growth rate recorded earlier increased statistically by over 200 basis points on an annual basis. So, according to the old method of calculation, the growth rate of 5.7 per cent is actually 3.7 per cent or less.

 

The prime minister claims that he has seen poverty from close quarters. His finance minister is working over-time to make sure that all Indians also see it from equally close quarters

 

 

http://indianexpress.com/article/opinion/columns/yashwant-sinha-arun-jaitley-gst-demonetisation-narendra-modi-economy-bjp-i-need-to-speak-up-now-4862716/

 

[coffee_rules]

Another one speaks up when sidelined completely. He is going the Arun Shourie way. Very soon, we can hear MMJ, Advani and other old foggies to come out and bash up the current team. 

[Singh bling]

Everything is fine , nobody should utter a word , Only those with vested interest are speaking against Gov

[cowboysfan]

can we actually see some facts ? how is the economy growing and i dont want the Modi Govt figures.

[mishra]

House prices not rising is clear sign of stagnant economy or cash sucked off Indian economy.

[surajmal]

17 minutes ago, mishra said:

House prices not rising is clear sign of stagnant economy or cash sucked off Indian economy.

Thats a good thing. Proves, govt's efforts against black money are paying off. 

[coffee_rules]

All the dramebaazi, just to belittle his son!

[mishra]

1 hour ago, surajmal said:

Thats a good thing. Proves, govt's efforts against black money are paying off. 

Yes, There is a genuine fear now while accepting big cash deals.

At the same time there are employers who are forced to open accounts for employees , pay in that account and then withdraw to pay the wages in cash as employee cant deal with banks.

[surajmal]

lol at Sinha giving interviews to krantikari channel, boxing champion and pakistan's state channel in one day. Lutyens isn't even being subtle anymore. Which means, 2019 will be a death blow to their cabal. All hail. 

[G_B_]

a bitter old man

 

will destroy his sons political career in the process. Jaswant singh comes to mind

[G_B_]

As far as the economy goes, there is not going to be any "hard landing". 

 

Indian forex reserves are at a record high and growing rapidly. Push comes to shove there will be a stimulus.

 

But ultimately the GST is a much needed reform. Its a medicine.

 

The analyst who predicted India growing at 5.7% last quarter has said he expects India to resume growth at 8% in the October November December quarter this year.

 

 

[Singh bling]

7 hours ago, surajmal said:

Thats a good thing. Proves, govt's efforts against black money are paying off. 

House prices were peaked in 2012 then they declined for 2-3 years and now they have stagnated.

 

One of the reason is house prices are not rising because builders had already constructed too many houses.the golden period of property investment was from late 60 s to 2000 when price of property went 1000s of time , This had impact on so many young people who thought their investment too will jump 100 s of time , so this bubble had to burst

 

As far black money is concerned I challenge anyone to accompany me to local markets of Delhi NCR , most shopkeepers are still selling cheapest products in cash , They have completely stopped accepting debit credit cards without GST

[Stuge]

59 minutes ago, Singh bling said:

House prices were peaked in 2012 then they declined for 2-3 years and now they have stagnated.

 

One of the reason is house prices are not rising because builders had already constructed too many houses.the golden period of property investment was from late 60 s to 2000 when price of property went 1000s of time , This had impact on so many young people who thought their investment too will jump 100 s of time , so this bubble had to burst

 

As far black money is concerned I challenge anyone to accompany me to local markets of Delhi NCR , most shopkeepers are still selling cheapest products in cash , They have completely stopped accepting debit credit cards without GST

See there are people who do that and there are many who don't .Not everyone is going to change overnight ,but many have and many will in future as well .You cannot have everything overnight .

 

 

[zen]

China GDP per capita $8000. Growth rate 7%. GDP per capita increase $560

 

Ind GDP per capita $1700. To add $560 per capita (same as China), it needs to grow at roughly 33% 

 

5% growth adds $85 per capita. 8% growth adds $130 odd per capita

 

Switzerland's GDP per capita is approx. $80000. Even if it grows at 1%, it would add $800 per capita

 

 

Edited September 28, 2017 by zen

[Singh bling]

6 hours ago, Stuge said:

See there are people who do that and there are many who don't .Not everyone is going to change overnight ,but many have and many will in future as well .You cannot have everything overnight .

 

 

You need a proper system for change 

. Unfortunately this Modi Govt hardly did anything in Ease of doing business (EODB) Yet they unleashed so called reforms which were back breaking for small businesses and informal sector which are giving employment to most of people 

 

 

 

[surajmal]

19 minutes ago, Singh bling said:

You need a proper system for change 

. Unfortunately this Modi Govt hardly did anything in Ease of doing business (EODB) Yet they unleashed so called reforms which were back breaking for small businesses and informal sector which are giving employment to most of people 

 

 

 

Thats BJP's vote base. You are saying that Namo and company are stupid enough to destroy their votebank? You should be celebrating then, not crying in every thread. Namo is one and done... Go pour yourself a drink. 

[BeautifulGame]

can we actually see some facts ? how is the economy growing and i dont want the Modi Govt figures.

http://www.thehindu.com/opinion/op-ed/understanding-the-slowdown/article19694073.ece

 

Exports stagnating

 

http://wap.business-standard.com/article/economy-policy/share-of-exports-in-gdp-at-14-year-low-of-19-4-117092500965_1.html

 

 

Inflation rising up again

 

http://m.timesofindia.com/business/india-business/retail-inflation-in-august-shoots-up-by-3-36-highest-in-five-months/articleshow/60478331.cms

 

Petrol price reaching unprecedented levels

 

http://m.hindustantimes.com/business-news/petrol-prices-hiked-rs-79-per-litre-in-mumbai-at-highest-since-august-2014/story-K1nXE29mK6ect6o4PANNoN.html

 

Job creation projections nowhere near as projected. Infact at an eight year low

 

http://businessworld.in/article/-NoJobs-In-India-PM-s-Promise-Of-1-Crore-Jobs-Annually-Far-From-Reality/20-09-2017-126601/

 

Govt planning to inject 65k crore to stimulate economic growth because slipped to a three-year low of 5.7 percent in the quarter ending June.Which in turn will cut into fiscal dificit.

 

http://m.economictimes.com/news/economy/finance/india-considering-7-7-billion-stimulus-spending-in-2017/18-government-sources/articleshow/60780738.cms

 

Also that 5.7 % is after the adjusted stats of GDP growth model .With the old figures the GDP figures are at 3-4% acc to Sinha.

 

 

And Telecom sector is the new sector under Stress and in danger of becoming NPA and to prevent that Govt is planning to bail them out.

 

http://www.livemint.com/Industry/tAgwcBSFOR3bn5T6focq4L/Ministers-panel-starts-hearing-case-for-bailing-out-debtla.html

 

 

 

 

 

 

[Singh bling]

4 hours ago, surajmal said:

Thats BJP's vote base. You are saying that Namo and company are stupid enough to destroy their votebank? You should be celebrating then, not crying in every thread. Namo is one and done... Go pour yourself a drink. 

What was Congress's vote bank.What they did to them? The reforms in India were initiated by Rao Manmohan Govt and that did not survive more than one.

 

Useless commies ruled Bengal for 34 and 1 progressive CM Budhadev bhatacharya came and they got booted out . Development in India hardly gets you vote

 

Anyway I don't see Modi going because we have become country with no opposition.This Sunday Municipal elections were held in Gurgaon and out of 35 seats BJP got 13 , 21 independents got elected.AAP and Congress did not fight election and BJP easily got mayor's post. 

[mishra]

^ Paaji! Super econimist MMS left Indian economy effectively in a sick state with inflation extremely high and rupee loosing value every day. Also opening up of Indian economy was a remedy subscribed by IMF as India was not far from defaulting loan repayments. So be honest with facts. We were not far from Pakistan.

 

Now back to current stateof affairs. Indications are that Informal/black economy in India has been curbed, if not come to a halt. Refer various previous posts by others on tbis thread as to why i say this.

 

so its not all that bad. Indian economy has been made to swallow shock pill of transperency. Its after effect of all that. Most people know that, But they want Modi government to ged rid off the shock as soon as possible as expectation is to have a formal economic growth rate of around 8-9%.

 

 

Edited September 30, 2017 by mishra

[Singh bling]

5 hours ago, mishra said:

^ Paaji! Super econimist MMS left Indian economy effectively in a sick state with inflation extremely high and rupee loosing value every day. Also opening up of Indian economy was a remedy subscribed by IMF as India was not far from defaulting loan repayments. So be honest with facts. We were not far from Pakistan.

 

Now back to current stateof affairs. Indications are that Informal/black economy in India has been curbed, if not come to a halt. Refer various previous posts by others on tbis thread as to why i say this.

 

so its not all that bad. Indian economy has been made to swallow shock pill of transperency. Its after effect of all that. Most people know that, But they want Modi government to ged rid off the shock as soon as possible as expectation is to have a formal economic growth rate of around 8-9%.

 

 

From 2011-14 the world economy was in bad shape , 2014 - 17 world economy improved .And who told you blac money is curbed.

 

1)

Has Govt officials stopped taking bribe?

2)is there any jump in EODB( ease of doingg business)

 

Go to buy property and still you need to pay in white and black

 

From past 6 months I am doing renovation and I had seen so many depressed shopkeepers , Labour rate at present is going downward and you people are just saying same thing , just wait future is great