bulbul Posted June 19, 2012 Posted June 19, 2012 550 crore rupees May be a good move at current situation as Euro zone failing will be a big trouble to us also still hope our govt. stop simply blaming eurozone trouble for our own failures and put some effort into stabilizing our own economy as well India today announced a $10 billion contribution to the IMF's additional $430 billion financial firewall to help the debt-wracked 17-nation Eurozone so that the faltering world economy is protected against the spread of any financial contagion. The announcement of the contribution was made by Prime Minister Manmohan Singh in his address at the Plenary Session of the seventh summit of the Group of developed and developing countries (G20) in this Mexican resort town against the backdrop of growing calls to nations to increase contributions to the International Monetary Fund (IMF) for the bailout fund. http://timesofindia.indiatimes.com/business/india-business/India-announces-10-billion-for-debt-wracked-Eurozone/articleshow/14261070.cms
velu Posted June 19, 2012 Posted June 19, 2012 $1 billion = 5600 crores :winky: $10 billion = 56,000 crores
yoda Posted June 19, 2012 Posted June 19, 2012 Is India so rich? :dontknow: Well a collapsing Europe won't help India either.
bulbul Posted June 19, 2012 Author Posted June 19, 2012 $1 billion = 5600 crores :winky: $10 billion = 56,000 crores 1 billion = 1000 millions 1 million = 10 lakhs or .1 crores 1 billion = 100 crores :--D so it will be 5600 crores...
Crookbond Posted June 19, 2012 Posted June 19, 2012 Well a collapsing Europe won't help India either. What about a collapsing India?
velu Posted June 19, 2012 Posted June 19, 2012 1 billion = 1000 millions 1 million = 10 lakhs or .1 crores 1 billion = 100 crores :--D so it will be 5600 crores... 10 billion = 1000 crores.. but 1 S = 56 Rs so its 56,000 crores :sniffle: u missed the $ to rs conversion
bulbul Posted June 19, 2012 Author Posted June 19, 2012 10 billion = 1000 crores.. but 1 S = 56 Rs so its 56,000 crores :sniffle: u missed the $ to rs conversion :((
Lurker Posted June 19, 2012 Posted June 19, 2012 What about a collapsing India? India isn't collapsing. Sure we need to wait for a couple of decades before things get good all around but are we willing to wait 2 decades for making impact Internationally?? Think China.
yoda Posted June 19, 2012 Posted June 19, 2012 What about a collapsing India? Hmmm, we will collapse not because of these $10B, rather because we fail to seize the initiative to continue the progress we have made in the last decade. From what I have read, a collapsing Euro-Zone will have a major ripple effect on the entire world economy, so if India can help without breaking the bank, we should do so.
Crookbond Posted June 19, 2012 Posted June 19, 2012 India isn't collapsing. Sure we need to wait for a couple of decades before things get good all around but are we willing to wait 2 decades for making impact Internationally?? Think China. I am not an expert but we aren't doing that well too. I don't think we can do China. With China, I remember an old Chinese proverb (ironicallly) Bullshit can take you to the top but it can't let you stay there.
Crookbond Posted June 19, 2012 Posted June 19, 2012 Hmmm, we will collapse not because of these $10B, rather because we fail to seize the initiative to continue the progress we have made in the last decade. From what I have read, a collapsing Euro-Zone will have a major ripple effect on the entire world economy, so if India can help without breaking the bank, we should do so. So, Does this "gift" break the bank? I am no financial expert but I'm curious. We have states in debt in India, poverty and other things. We ourselves receive money from countries like UK. Does this gift make sense? Again - please don't pounce on me. Just trying to understand how this works.
punjabi_khota Posted June 19, 2012 Posted June 19, 2012 Well if you gotta have a standing in the world stage, you need to do these 'little' goodwill gestures. Compare this with big ass defense deals we regularly do (with Europeans and others), it is chump change. My guess is that things like these usually pay off in long term, monetarily or otherwise.
bulbul Posted June 19, 2012 Author Posted June 19, 2012 So' date=' Does this "gift" break the bank? I am no financial expert but I'm curious. We have states in debt in India, poverty and other things. We ourselves receive money from countries like UK. Does this gift make sense? Again - please don't pounce on me. Just trying to understand how this works.[/quote'] this may not be cash...Bonds/gold because we will never going to get complete break down in such bailouts also hope all $10 billions go to euro not into election fund :winky:
velu Posted June 19, 2012 Posted June 19, 2012 we got 290 bilion $s in forex reserves , so 10 b$ is not a big number :two_thumbs_up: also india and other countries got voting rights in IMF
Lurker Posted June 19, 2012 Posted June 19, 2012 I am not an expert but we aren't doing that well too. I don't think we can do China. With China, I remember an old Chinese proverb (ironicallly) Bullshit can take you to the top but it can't let you stay there. I see your point, and its not without merit. Matter of fact this philosphy of doing charity/assistance first at home and only then abroad, is picking even in the West. In US it is a pretty hot topic. That said, Europe needs external assistance to survive. India is one such external country. 10$ billion dollar is no huge amount for us, thankfully. And such gestures will only improve our standing in the world. There is a big difference between recommending economic suggestions, and recommending suggestions with a purse in hand.
Clarke Posted June 19, 2012 Posted June 19, 2012 we got 290 bilion in forex reserves , so 10 b$ is not a big number :two_thumbs_up: I wonder if some of that reserve can be used to prop up the Rupee, for instance the RBI selling a small fraction or using the gold reserves. 20% fall in value in a year sounds alarming but maybe isn't.
jairamesh Posted June 19, 2012 Posted June 19, 2012 India can donate to IMF yet it's rates to borrow in the international market (bond rates) are higher than Spain who are bankrupt. :hysterical: That's bent capitalism for you.
gaurav92 Posted June 19, 2012 Posted June 19, 2012 India can donate to IMF yet it's rates to borrow in the international market (bond rates) are higher than Spain who are bankrupt. :hysterical: That's bent capitalism for you. Yeah thats absolutely bizarre :giggle:
Precambrian Posted June 19, 2012 Posted June 19, 2012 Hahhahaha India trolling EU with this package...
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