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On 5/28/2019 at 1:01 PM, mishra said:

Above view is after visiting my home town and witnessing the sea change. Yogi took my town atleast 25-35 years ahead (comparable to previous UP regimes) in just 2 years

I have heard Yogi has put the fear of God in UP's criminals, that many are willingly surrendering to escape encounters :cantstop:. Is law and order better now than it was 5 years ago?

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4 hours ago, Gollum said:

I have heard Yogi has put the fear of God in UP's criminals, that many are willingly surrendering to escape encounters :cantstop:. Is law and order better now than it was 5 years ago?

Oh yes. Definitely yes. Police responds to calls. Cctvs are appearing at various locations, Electric wires has been cabled all around city, so no more power theft. No loadshedding apart from few scheduled hours during day.

Local people claim that a lot of criminals would have been put in their place had it not been misinformed policeman shooting that IT guy. Some claim it was a setup to warn Yogi.

Open Sewers missing, Mosquito density less that New Delhi, Streets as clean as one in Central Delhi, Public Toilets are clean. Ganga had water, that too clean, encroachment of Road and public space was almost negligible, Roads 3-4 times wider, Parks well maintained, City is also given a holy Outlook. I can go in and on. 

There is a reason why UP voted Modi. Credit and all Credit goes to Yogi

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As per poll promise the Ministry of water has been created in cabinet.

 

Also three more poll promises made to farmers and traders have been delivered in first cabinet meet today

 

https://m.hindustantimes.com/india-news/at-pm-modi-s-first-meet-cabinet-extends-rs-6-000-assistance-to-all-farmers/story-CHn8NNVpLCtJTnlfpQsUrM.html

Edited by Straight Drive

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On 5/28/2019 at 1:51 PM, velu said:

 

75% of tamilnadus GDP comes from kongunadu :proud:

 

260 * 0.75 = $195 bn .. 

5th biggest state in terms of gdp  @The Dark Horse  @Stan AF  @G_B_  :pray:  :protest:

This isn't Dhoni's ODI average for you to extrapolate. :laugh:  At best it's 30-35%. Maybe 40 at the very best of times. You must be smoking something really strong to say 75.  Chennai must be higher as their GDP must be closer to 80-90 billion$.

 

Read this article to know why BJP/AIADMK lost and CPI(M) made a roaring comeback with 1.75 lakh victory margin.

 

Quote

Maniraj, a member of the Coimbatore Pump Manufacturers Association (COPMA) says that though it does not have any particular political leaning, this time the situation is different. “Last time we supported Modi since we had high hopes on him. This time around, contrary to our expectations, the Central government has brought in laws that place enormous stress on our industry,” he begins.

Describing how Goods and Services Tax (GST), which was introduced in 2017 damaged their livelihoods, Maniraj says that the tax rates thrust on their line of work was illogical. “The GST for buying pump sets and spare parts is 18% and for selling the tax is 12%. How is this even logical?” he asks pointing out that the 6% difference goes out from their pockets. 

Explaining that Coimbatore has a lot of small-scale workshops, he says that none in their 70,000-unit strong association expected to be burdened with such a high GST rate. “All of us who supported Modi last time are very angry with him now,” Maniraj says.

Maniraj says that their main demand is to reduce GST levy to 5%. He notes that the association tried to raise their problems with the Centre since 2017 but were unsuccessful.  “CP Radhakrishnan is now saying the first signature by Modi as Prime Minister will be to reduce the GST levy to 5%. But our question is why didn’t they do it all this time?” Maniraj asks.

Demonetisation is another poll issue for James, who owns a machine workshop in Coimbatore and is a member of the Tamil Nadu Association for Cottage and Tiny Entrepreneurs.

“Demonetisation actually hit us hard because our business works on cash-and- carry format. We also pay off our workers on a daily basis. So, when the government put a restriction on withdrawing our own money, we suffered a lot. A good number of our members have shut down their business because they were not able to bear the impact of demonetization,” he says.

James notes that while CPI(M)’s PR Natarajan had called representatives of the association for a meeting and promised to bring down GST rates, BJP’s Radhakrishnan had allegedly not taken their representations.

 

https://www.thenewsminute.com/article/tn-s-kongu-industrial-belt-gst-and-demonetization-are-issues-election-100138 

Edited by Stan AF

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1 hour ago, Stan AF said:

 

This isn't Dhoni's ODI average for you to extrapolate. :laugh:  At best it's 30-35%. Maybe 40 at the very best of times. You must be smoking something really strong to say 75.  Chennai must be higher as their GDP must be closer to 80-90 billion$.

 

Read this article to know why BJP/AIADMK lost and CPI(M) made a roaring comeback with 1.75 lakh victory margin.

 

 

i think  demonitization backfired badly for bjp in tn ..

in assembly polls for the 18 seats both dmk and admk got 40-41% votes clearly shows peeps are not happy with bjp ..

 

i think if congress pitched development and demonitization gotcha , they might have won few more seats in the north ..

 

but congee think tank decided to take bjp in their own game aka nationalism 

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RBI says bank fraud touches unprecedented 71,500 crore in 2018-19

2 min read . Updated: 03 Jun 2019, 02:47 PM IST PTI

  • The data assumes significance as banks are grappling with high-profile fraud cases involving Nirav Modi and Vijay Mallya among others
  • A total of 5,916 such cases were reported by banks in 2017-18 involving 41,167.03 crore, RBI said
Topics

New Delhi: Over 6,800 cases of bank fraud involving an unprecedented 71,500 crore have been reported in 2018-19, the Reserve Bank of India has said.

 

A total of 5,916 such cases were reported by banks in 2017-18 involving 41,167.03 crore, it said.

As many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of 71,542.93 crore in the last fiscal (increase of over 73 per cent in the fraud amount), the Reserve Bank of India (RBI) said in reply to an RTI query filed by this PTI journalist.

 

In the last 11 fiscal years, a total of 53,334 cases of fraud were reported by banks involving a massive amount of 2.05 lakh crore, the central bank's data said.

 

During 2008-09, a total of 4,372 cases were reported involving an amount of 1,860.09 crore. In 2009-10, 1,998.94 crore worth fraud was reported in 4,669 cases.

A total of 4,534 and 4,093 such cases were reported in 2010-11 and 2011-12 involving 3,815.76 crore and 4,501.15 crore, respectively.

 

In the 2012-13 fiscal, 4,235 fraud cases involving 8,590.86 crore were reported by banks as against 4,306 cases (involving 10,170.81 crore) in 2013-14 and 4,639 cases (involving 19,455.07 crore) in 2014-15, the RBI said.

As many as 4,693 and 5,076 cases of fraud were reported in 2015-16 and 2016-17 involving 18,698.82 crore and 23,933.85 crore, respectively, it said.

 

"Cases of fraud reported to RBI are required to be filed by banks as criminal complaints with law enforcement agencies. The information in respect of action being taken or already taken is not available readily," the central bank said.

The data assumes significance as banks are grappling with high-profile fraud cases involving absconding billionaire Nirav Modi and liquor baron Vijay Mallya among others.

 

The large-scale fraud had prompted anti-corruption watchdog Central Vigilance Commission (CVC) to do an analysis and it came out with a report on top 100 frauds.

The analysis focussed on the modus operandi, amount involved, type of lending (consortium or individual), anomalies observed, loopholes that facilitated perpetration of the fraud concerned and the systemic improvement required to plug the gaps in the system and procedures.

 

The frauds were classified and analysed for 13 sectors, including gem and jewellery, manufacturing and industry, agriculture, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort.

The measures suggested by the CVC included strengthening standard operating procedures (SOPs) and the monitoring system, among others.

 

The CBI in 2018 booked top officials of two public sector banks, a former CMD of IDBI Bank, former Aircel promoter C Sivasankaran, his son and companies controlled by him in connection with a 600-crore loan fraud in the IDBI.

The investigative agency named 15 bank officials who worked at senior levels at the IDBI in 2010 and 2014 when loans were sanctioned to companies controlled by Sivasankaran, in its FIR registered on a complaint from the CVC.

 

Managing Director and CEO of Indian Bank, Kishor Kharat (who was then MD and CEO of IDBI Bank) and his counterpart in Syndicate Bank, Melwyn Rego (then deputy managing director in IDBI Bank) along with then Chairman-cum-Managing Director of IDBI Bank M S Raghavan, have been named in the latest FIR filed by the CBI.

Central agencies like the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) are also probing big-ticket bank fraud cases.

 

https://www.livemint.com/industry/banking/rbi-says-bank-fraud-touches-unprecedented-rs-71-500-crore-in-2018-19-1559552056883.html

Edited by Stan AF

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Unemployment in India highest among urban youth, says government data

PRERNA SINDWANIJUN 3, 2019, 14:44 IST
 
Unemployment-in-India-highest-among-urban-youth-says-government-data.jpg?63685
 
  • The Ministry of Statistics and Program Implementation has released employment data, projecting the unemployment rate at 6.1% in 2017-18.
  • Joblessness among the educated urban workforce was higher that the uneducated among men and women.
  • Unemployment rate among young urban jobseekers has been on the rise for three quarters now — which stood at 23.7% in the December quarter of 2018.
As the Modi government enters its second term, unemployment remains the biggest challenge in India. 

The latest employment survey has highlighted worrying trends in the job market. The Periodic Labour Force Survey (PLFS) put out by the National Statistic Office(NSO) has shown that the unemployment rate among young urban jobseekers has been on the rise for three quarters now — which stood at 23.7% in the December quarter of 2018. 

According to the figures released by the Ministry of Statistics and Program Implementation (MoSPD), the unemployment rate in India hit 6.1% — proving the disputed NSSO survey to be statistically correct. 
 

On an average, Indian students spend nearly 11 years in formal education. However, the report noted that the country projected higher unemployment rate as the education level increases. While unemployment stood at 2.1% among the illiterate urban men, nearly 9.2% of the men with secondary education were unemployed, the report added. 

Moving to the female unemployment rate, the unemployment among the educated women — secondary or higher education — hit 20% in 2017-18. 

Overall, the unemployment among urban men stood at 7.8%, while the joblessness was recorded as 5.7% among women. 
 

The official release of the report has reopened the debate on India’s job crisis. The National Sample Survey Office(NSSO) job survey for 2017-18 revealed that the unemployment rate in India is on a 45-year high. 

The Finance Ministry released an official statement that said "There can be nothing farther away from the truth than saying that unemployment in India is at a 45 year low," India Today reported. 

 

https://www.businessinsider.in/unemployment-in-india-highest-among-urban-youth-says-government-data/articleshow/69631185.cms

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an industrial centre like Coimbatore will realise the futility of voting for CPM. 

 

They will bring nothing to the city. I can understand voting for the DMK. But seriously CPM a party which does not favour industry?

 

Already there are rumours the chancellor of SRM university Pachamuthu is looking to mend fences with the BJP. 

 

A lot of these DMK MP's have major business interests. 

 

 

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Supported modi during 2014 elections.  

There is no difference between bjp and Congress. 

Both looted the country. Bjp looting without proof. 

Very disappointed with modi schemes and reforms.  Would rate Man Mohan Singh has best PM in implementing Of reforms.  

 

Bjp work on in social media, buying media.  

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Maruti, Tata, Honda, Mahindra shut down production – Cars worth Rs 35k cr lying unsold

Liquidity crunch, slow job growth and weak buyer sentiment has had an adverse effect on passenger vehicle sales over the past 7 months.

By Pearl Daniels On Jun 10, 2019
 

Maruti car sales dealer

Automakers in India are in the throes of deep despair. Two and four wheeler automakers are being faced with rising stocks and rising inventories due to a weak market sentiment which has been extending over the past 7 months.

 

As per the latest census, at the start of June 2019, there are around half a million passenger vehicles worth $ 5 billion (Rs.35,000 crores) lying unsold in company dealerships. In the two wheeler segment, this figure stands at 3 million units valued at $2.5 billion (Rs.17,000 crores).

 

To counter these rising stocks, both four and two wheeler makers in India had decided to shut plants for extended periods. These shut downs started in the month of May itself with Maruti Suzuki, Mahindra and Tata Motors suspending production in the past month.

Car plants shut down Image – Economic Times

Maruti Suzuki plans a second round of shutdown from June 23-30 while Mahindra stated that its manufacturing unit, Mahindra Vehicle Manufacturers will have no production days from 5-13 days in the first quarter of 2019-20.

The Tata Motors’ Sanand plant was shut from May 27 to June 3 while the production unit of Honda Cars India was shut down from June 5-8. Renault Nissan and Skoda Auto also plan another round of shut down from 4-10 days during June 2019 for scheduled maintenance.

 

This shutdown will reduce industry output by 20-25 percent during the May-June period which will put less pressure on company stockyards and dealerships. The dealers have to contend with rising inventory as much as 50 percent over normal while they also have to pay GST on unsold stocks putting them under severe financial constraint.

 

Maruti Suzuki, the country’s largest automaker has the capacity to manufacture 15.5 lakh units at its two facilities in Gurgaon and Manesar. The company is dealing with inventory of around 50,000 vehicles as compared to an average of 25,000-30,000 cars.

 

Hyundai Motors on the other hand has managed to show off better results, buoyed by the recently launched Venue. Though the company’s domestic volumes dipped by 5.6 percent to 42,502 units in may 2019 as against 45,008 units sold in May 2018, the company made up in exports with volumes as high as 50.8 percent shipping 16,600 units in May 2019 as against 11,008 units in May 2019.

 

https://www.rushlane.com/new-mahindra-thar-automatic-roxor-12313074.html

Edited by Stan AF

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India’s GDP growth: New evidence for fresh beginnings

Methodological changes have led to overestimating GDP growth by 2.5 percentage points per year between 2011-12 and 2016-17. Actual growth is around 4.5 per cent.

 

 

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My results indicate that methodological changes led to GDP growth being overstated by about 2.5 percentage points per year between 2011-12 and 2016-17, a period that spans both UPA and NDA governments. Official estimates place average annual growth for this period at about 7 per cent. Actual growth may have been about 4.5 per cent, with a 95 per cent confidence interval of 3.5 to 5.5 per cent. 

 

 

gdp-1.jpg

 

 

A few important clarifications. Much of the recent commentary has portrayed these changes as political, since they were announced late in 2014 after the NDA-2 government came into power, and because there have been other, more recent GDP controversies, such as the back-casting exercise, and puzzling upward revisions for the most recent years. But the methodological changes, which did not originate from the politicians, must be distinguished from these recent controversies. The substantive work was done by technocrats, and largely under the UPA-2 government.

 

Moreover, the effort was desirable, both to expand the data for GDP estimation and to move to a methodology more suited for a technologically advancing, dynamic economy. The non-politicised nature of the changes can be seen from the fact that the new estimates bumped up growth for 2013-14, the last year of the UPA-2 government.

 

 

The research paper provides a variety of evidence on mis-estimation, but here I discuss two strands. First, I compile 17 key indicators for the period 2001-02 to 2017-18 that are typically correlated with GDP growth: Electricity consumption, two-wheeler sales, commercial vehicle sales, tractor sales, airline passenger traffic, foreign tourist arrivals, railway freight traffic, index of industrial production (IIP), IIP (manufacturing), IIP (consumer goods), petroleum, cement, steel, overall real credit, real credit to industry, and exports and imports of goods and services. These indicators are also chosen because they are mostly produced independently of the CSO.

 

https://indianexpress.com/article/opinion/columns/indias-gdp-growth-new-evidence-for-fresh-beginnings-5774138/

Edited by Stan AF

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Always knew that we cannot trust any government to release true data. Be it UPA or NDA. This should be more or less closer to the truth with respect to GDP/Jobs data and the overall slowdown.

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1 hour ago, Stan AF said:

Maruti, Tata, Honda, Mahindra shut down production – Cars worth Rs 35k cr lying unsold

Liquidity crunch, slow job growth and weak buyer sentiment has had an adverse effect on passenger vehicle sales over the past 7 months.

By Pearl Daniels On Jun 10, 2019
 

Maruti car sales dealer

Automakers in India are in the throes of deep despair. Two and four wheeler automakers are being faced with rising stocks and rising inventories due to a weak market sentiment which has been extending over the past 7 months.

 

As per the latest census, at the start of June 2019, there are around half a million passenger vehicles worth $ 5 billion (Rs.35,000 crores) lying unsold in company dealerships. In the two wheeler segment, this figure stands at 3 million units valued at $2.5 billion (Rs.17,000 crores).

 

To counter these rising stocks, both four and two wheeler makers in India had decided to shut plants for extended periods. These shut downs started in the month of May itself with Maruti Suzuki, Mahindra and Tata Motors suspending production in the past month.

Car plants shut down Image – Economic Times

Maruti Suzuki plans a second round of shutdown from June 23-30 while Mahindra stated that its manufacturing unit, Mahindra Vehicle Manufacturers will have no production days from 5-13 days in the first quarter of 2019-20.

The Tata Motors’ Sanand plant was shut from May 27 to June 3 while the production unit of Honda Cars India was shut down from June 5-8. Renault Nissan and Skoda Auto also plan another round of shut down from 4-10 days during June 2019 for scheduled maintenance.

 

This shutdown will reduce industry output by 20-25 percent during the May-June period which will put less pressure on company stockyards and dealerships. The dealers have to contend with rising inventory as much as 50 percent over normal while they also have to pay GST on unsold stocks putting them under severe financial constraint.

 

Maruti Suzuki, the country’s largest automaker has the capacity to manufacture 15.5 lakh units at its two facilities in Gurgaon and Manesar. The company is dealing with inventory of around 50,000 vehicles as compared to an average of 25,000-30,000 cars.

 

Hyundai Motors on the other hand has managed to show off better results, buoyed by the recently launched Venue. Though the company’s domestic volumes dipped by 5.6 percent to 42,502 units in may 2019 as against 45,008 units sold in May 2018, the company made up in exports with volumes as high as 50.8 percent shipping 16,600 units in May 2019 as against 11,008 units in May 2019.

 

https://www.rushlane.com/new-mahindra-thar-automatic-roxor-12313074.html

Good that people are not buying cars.  Already far too many vehicles in India.  It is a good sign.

Edited by rkt.india

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On 6/7/2019 at 3:05 PM, G_B_ said:

an industrial centre like Coimbatore will realise the futility of voting for CPM. 

 

They will bring nothing to the city. I can understand voting for the DMK. But seriously CPM a party which does not favour industry?

 

Already there are rumours the chancellor of SRM university Pachamuthu is looking to mend fences with the BJP. 

 

A lot of these DMK MP's have major business interests. 

 

 

 

BJP shot its own foot by the way of demonetization .. 

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On 6/1/2019 at 8:35 PM, velu said:

i think if congress pitched development and demonitization gotcha , they might have won few more seats in the north ..

 

but congee think tank decided to take bjp in their own game aka nationalism 

Congress after losing the election be like Olenna Tyrell looking at the economy, :laugh: Let bjp handle this mess. 

img.gif

Edited by Stan AF

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10 hours ago, Stan AF said:

Maruti, Tata, Honda, Mahindra shut down production – Cars worth Rs 35k cr lying unsold

Liquidity crunch, slow job growth and weak buyer sentiment has had an adverse effect on passenger vehicle sales over the past 7 months.

By Pearl Daniels On Jun 10, 2019
 

Maruti car sales dealer

Automakers in India are in the throes of deep despair. Two and four wheeler automakers are being faced with rising stocks and rising inventories due to a weak market sentiment which has been extending over the past 7 months.

 

As per the latest census, at the start of June 2019, there are around half a million passenger vehicles worth $ 5 billion (Rs.35,000 crores) lying unsold in company dealerships. In the two wheeler segment, this figure stands at 3 million units valued at $2.5 billion (Rs.17,000 crores).

 

To counter these rising stocks, both four and two wheeler makers in India had decided to shut plants for extended periods. These shut downs started in the month of May itself with Maruti Suzuki, Mahindra and Tata Motors suspending production in the past month.

Car plants shut down Image – Economic Times

Maruti Suzuki plans a second round of shutdown from June 23-30 while Mahindra stated that its manufacturing unit, Mahindra Vehicle Manufacturers will have no production days from 5-13 days in the first quarter of 2019-20.

The Tata Motors’ Sanand plant was shut from May 27 to June 3 while the production unit of Honda Cars India was shut down from June 5-8. Renault Nissan and Skoda Auto also plan another round of shut down from 4-10 days during June 2019 for scheduled maintenance.

 

This shutdown will reduce industry output by 20-25 percent during the May-June period which will put less pressure on company stockyards and dealerships. The dealers have to contend with rising inventory as much as 50 percent over normal while they also have to pay GST on unsold stocks putting them under severe financial constraint.

 

Maruti Suzuki, the country’s largest automaker has the capacity to manufacture 15.5 lakh units at its two facilities in Gurgaon and Manesar. The company is dealing with inventory of around 50,000 vehicles as compared to an average of 25,000-30,000 cars.

 

Hyundai Motors on the other hand has managed to show off better results, buoyed by the recently launched Venue. Though the company’s domestic volumes dipped by 5.6 percent to 42,502 units in may 2019 as against 45,008 units sold in May 2018, the company made up in exports with volumes as high as 50.8 percent shipping 16,600 units in May 2019 as against 11,008 units in May 2019.

 

https://www.rushlane.com/new-mahindra-thar-automatic-roxor-12313074.html

Not good signs. Most of the companies are struggling having posted single digit profit margins across all sectors.

 

To add to woes of auto segment, the Bharat stage 6 (BS 6) implementation will have a temporary impact on the auto makers. Once the incorporation of BS 6 is fully implemented with technological and plant changes by 2021, the auto segment will stabilize. Hero group is the first group to get BS 6 certification recently for motor cycles. Car makers will take some time to get the certification once models are ready for review by the Authorizing agency.

 

The electric vehicles plan will also create some volatility. Now there are some power companies who have already started charging stations for electric vehicles.

 

 

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The basics of our economy is that we are a very rural centric country. The rural people are about 60+ percent. 60 percent of Indian population is dependent on agriculture. Monsoon will be crucial this year. If agriculture does well then consumption will improve due to increase in purchasing power. Otherwise the slowdown will be more on insufficient monsoon. Imo monsoon as always will be a key driver for the economy this year as well.

 

Niti Aayogs performance is also important. The policies and reforms have to be well decided and successfully implemented without corruption.

 

MSP policy was announced before elections this year. More favorable factors are required to drive the growth if the monsoon is good.

Edited by Straight Drive

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