Future of Indian Economy

[pakhitheboss]

According to a new report published by the World Bank, Indians top the list of remittance back to India. According to the reports $125 billion was remitted back to India by Indian expat in 2023. The second spot goes to Mexico with $67 billion and the third spot goes to China with $50 billion. Now, with so much money coming into India why won't Indian economy get ranked 5th in the world. A lot has to do with remittances and a major chunk of money is coming from Indian expats living in the Middle East.

Source

[TheUltraElite]

A lot has to do with remittances and a major chunk of money is coming from Indian expats living in the Middle East.

So when are you moving to Dubai mate? Heard the middle east has majority of crypto players living lavish lives there running operations from there and making loads of money everyday including cars and girls

Seriously speaking, I would go there just to make the money on a short term basis, send the money over to the family in India and come back to resume work here.

[pakhitheboss]

A lot has to do with remittances and a major chunk of money is coming from Indian expats living in the Middle East.

So when are you moving to Dubai mate? Heard the middle east has majority of crypto players living lavish lives there running operations from there and making loads of money everyday including cars and girls

Seriously speaking, I would go there just to make the money on a short term basis, send the money over to the family in India and come back to resume work here.

Some of my family members having living in Dubai for quiet sometime now. The standard of living is very good in that country. I would still be in my own country rather going abroad and work for some Sheikh.

I know a lot of Indians are working in Dubai only to make money and almost all big crypto entrepreneur and influencers have started living in Dubai as they were offered golden visa from that country to shift.

[Bitcoin Smith]

According to a new report published by the World Bank, Indians top the list of remittance back to India. According to the reports $125 billion was remitted back to India by Indian expat in 2023. The second spot goes to Mexico with $67 billion and the third spot goes to China with $50 billion. Now, with so much money coming into India why won't Indian economy get ranked 5th in the world. A lot has to do with remittances and a major chunk of money is coming from Indian expats living in the Middle East.

Source

The actual numbers will be at least tripled than this because we know Hawala is preferred by most of the Indians to send money to their family from abroad for tax evasion and its the pretty simple and cheap method than sending via money transfer but I think there is no deduction in the transferred money in some cases which I am not sure but in the past people who want to send bulk from or to India prefers Hawala.

[Bureau]

According to a new report published by the World Bank, Indians top the list of remittance back to India. According to the reports $125 billion was remitted back to India by Indian expat in 2023. The second spot goes to Mexico with $67 billion and the third spot goes to China with $50 billion. Now, with so much money coming into India why won't Indian economy get ranked 5th in the world. A lot has to do with remittances and a major chunk of money is coming from Indian expats living in the Middle East.

Source

The actual numbers will be at least tripled than this because we know Hawala is preferred by most of the Indians to send money to their family from abroad for tax evasion and its the pretty simple and cheap method than sending via money transfer but I think there is no deduction in the transferred money in some cases which I am not sure but in the past people who want to send bulk from or to India prefers Hawala.

Hawala is one of the oldest form of sending money in the World. The government made it illegal because it was used to finance terror activities in the past. In the middle East and in particularly in Dubai you can find a lot of Hawala traders. Although it is still used in transferring money but there has been an increase in opening of NRI account as money in that account is not taxable. The bank charges what is applicable in the form of fee but government cannot tax that money.

[Bitcoin Smith]

Reduced import tax regime for edible oils and agri products to stay till March 2025.

The deadline extended to March 2025 from March 2024 to keep the food inflation under control especially the refined Sunflower oil prices went crazy last year, and now it is under control and very affordable but dal prices are on the surge as far as I purchased, so these taxes are not helping to control them.

But why can't government keep the import taxes for food products low forever?

[Bureau]

Reduced import tax regime for edible oils and agri products to stay till March 2025.

The deadline extended to March 2025 from March 2024 to keep the food inflation under control especially the refined Sunflower oil prices went crazy last year, and now it is under control and very affordable but dal prices are on the surge as far as I purchased, so these taxes are not helping to control them.

But why can't government keep the import taxes for food products low forever?

It might be because there are certain food item that are considered luxury. Those food item that are not considered luxury but necessary they have reduced tax. They cannot minimise tax on all products because importing food increases the debt. Which why they increase the tax to reduce the import of food items. This my understanding, I am not an economic expert.

[amishmanish]

Slowly Indians are moving out from a socialist mentality to a capitalist mentality. With more and more people doing odd jobs to live a decent life in India. If it was 10 years back then no one could have imagined that such kind of odd jobs would be available for anyone. I mean you do not need to pass multiple layers of tests and interviews to get this kind of job. You only need a smartphone and a two-wheeler to become a delivery partner.

It is good that the gig workers are making ends meet but the government will have to be more proactive in establishing norms of their employment. As far as job creation is concerned, government had a huge role to play in it but for the last 5-6 years, they have been banking on startups and local production to boost jobs. This is yet to create an impact because there are no regulations as to how much should be paid as per the type of work being done.

Well-paying, regulated jobs are few and far between. SMEs do not pay well enough or even as per the needs and welfare of employees. We need real innovation and a continuation of exports. There are no easy answers but the push towards electronic manufacturing would be good.

Knowledge economy should also be continued to be promoted. Web3 and DLT technologies included. Yet, the powers that be are not convinced that this won't solve more problems than it creates.

[Bitcoin Smith]

New Year Bump!

[pakhitheboss]

The Indian economy is in shambles as the current FM does not have any understanding as to what her state is going through. Why will she have that understanding when she never contested from any state or district? She is killing the middle class and she will continue to do it unless she goes out in the markets of New Delhi and look into the problems that she never thought about.

Car sales have gone down and with the new news that the planning commission or whatever it is called is now being assigned to look into the salary of Government employees, it is evident that she has nothing to do it Finance as she is a clown under the hands of IAS officers. We the middle class who are part of big business houses or international organizations will never get the fair amount of appraisal that we need to survive and thrive.

We are only 2 percent of those who pay tax and we will be the ones who will be squeezed to satisfy the rich and the lower class for votes. Democracy is so flawed that I am reluctant to say we need a dictator to control the current crisis.

[Bitcoin Smith]

Political parties know how to play the people's mind at the election time, they will start blame game or redirect them into religion disputes but how people can forget their daily struggle which is the result of mismanagement of administration.

Democracy is no different from the dictatorship, only difference is there can be other leaders emerge from party not only the son of an existing ruler.

Well, let's talk about something today, when was the last time you realised the toll fees atleast doubled in last couple years and cost of toll fee is almost half as fuel consumption for a travel, they lay road with the tax money collected from people and then collect toll forever like blood suckers. I bet if they reduce the toll fee then the price of every good in India will decrease a bit that will do a lot of benefits to the one who are struggling financially than all these schemes proposed by government.

[Krishna1942]

Indian government has to reduce fees for some currency exchange platforms for example 18% fee is high for crypto is very high.Paypal fees also very high when compared with other countries. Rules and regulations for trading in Indian stocks are also very tough which ultimately reduce funds inflow.

[Bitcoin Smith]

Indian government has to reduce fees for some currency exchange platforms for example 18% fee is high for crypto is very high.Paypal fees also very high when compared with other countries. Rules and regulations for trading in Indian stocks are also very tough which ultimately reduce funds inflow.

Government doesn't fix the fees for exchanges, it's done by exchange itself or your talking about capital gains tax? But it's 30% on profits not 18%.

The trading fees for stock is not high like crypto so you might be confusing something here.

India has to reduce the tax rates on crypto, there's no doubt in that and they can actually generate more revenue by decreasing the tax cause it encourages more investors to enter the market as well as to report their tax annually.

[TheUltraElite]

Indian government has to reduce fees for some currency exchange platforms for example 18% fee is high for crypto is very high.Paypal fees also very high when compared with other countries. Rules and regulations for trading in Indian stocks are also very tough which ultimately reduce funds inflow.

Governments want to shut down crypto operations in India while US is trying to get as many meme coins out as they can.

You cant expect this government who is interested in wasting the taxpayers money to fund their freebie schemes to go forward in technology. I have no idea how the tables will turn but how politics work here, I dont see any short term changes.

[pakhitheboss]

Governments want to shut down crypto operations in India while US is trying to get as many meme coins out as they can.

The US President and the first wife both made a significant amount of profit from their memecoin. President Trump has invested in cryptocurrencies and has a diversified portfolio. Whereas in India the politicians only use cryptocurrencies to convert their black fiat to while and for money laundering purposes as it is far easier and less costly than setting up shell accounts. As long as they continue using crypto for illegal activities for themselves they will try to create laws that are not good for the industry and the community so that the focus is not on them because they know the loopholes of those laws.

[JSRAW]

Indian government has to reduce fees for some currency exchange platforms for example 18% fee is high for crypto is very high.Paypal fees also very high when compared with other countries. Rules and regulations for trading in Indian stocks are also very tough which ultimately reduce funds inflow.

Governments want to shut down crypto operations in India while US is trying to get as many meme coins out as they can.

You cant expect this government who is interested in wasting the taxpayers money to fund their freebie schemes to go forward in technology. I have no idea how the tables will turn but how politics work here, I dont see any short term changes.

I blame mostly Shivraj Chauhan for this fuckup. BJP was supposed to lose Madhyapradesh but Chauhan ji came up with Ladli Behan Yojan and won the election, it changed a lot of things in Indian politics and within 2 years, the situation seems to getting worse because it's open season for every political party due to regular elections happening in some part of the country.

It affected UP's and Maharastra's general election results where BJP took a heavy hit ( there were other reasons as well like infighting in BJP's UP cadre etc) and now they are upping the game with more freebies, recent example is Delhi and it's bizarre how 3 main parties of delhi only talking about free handovers and not other issues.

Traditionally, I am a BJP voter but in Delhi, I voted for AAP and this is the first time I made up my mind for NOTA.

[TheUltraElite]

@JSRAW

The situation is horrible in WB, here political leaders are giving away money in the names of anything that you can think of. They took inspiration from Jayalalithaa - such influence from certain people in this country and the lack of scientific long term thinking is the basis of why these things run.

The bad thing is that once you start such a scheme, you and your next party cannot dare to stop it because doing so is like taking a drug away from the addict.

[Bitcoin Smith]

@JSRAW

The situation is horrible in WB, here political leaders are giving away money in the names of anything that you can think of. They took inspiration from Jayalalithaa - such influence from certain people in this country and the lack of scientific long term thinking is the basis of why these things run.

The bad thing is that once you start such a scheme, you and your next party cannot dare to stop it because doing so is like taking a drug away from the addict.

When these people are going to realize the freebies given by the government is not free, it's coming from the money collected from us in the name of tax and no political party is paying for these from their money. These schemes are announced by the ruling party just before the elections or the opposition party promises while campaigning and yeah it's a drug given to the voters to forget all the bad things they did in the past.

Freebies should be banned in our country, because it just increases the tax burden on everyone further.

[JSRAW]

@JSRAW

The situation is horrible in WB, here political leaders are giving away money in the names of anything that you can think of. They took inspiration from Jayalalithaa - such influence from certain people in this country and the lack of scientific long term thinking is the basis of why these things run.

The bad thing is that once you start such a scheme, you and your next party cannot dare to stop it because doing so is like taking a drug away from the addict.

Bhadraloks in WB has different sorts of problems, I think lol. There must be a reason they keep backing Mamta; meanwhile, the cream layer is migrating to other places. I assume Congress and BJP can't be that bad in border state, willingly?

Freebies should be banned in our country, because it just increases the tax burden on everyone further.

Sabko gareebo ka neta banna hai aur agar garibi hati toh neta kaise banege. Isliye sab chatne mein lage huye hai.

Even, if the Supreme Court rules out against freebies, these lowlifes will do randirona in Parliament. Case in point "Reservation restriction for creamy layer"

[TheUltraElite]

Bhadraloks in WB has different sorts of problems, I think lol. There must be a reason they keep backing Mamta; meanwhile, the cream layer is migrating to other places. I assume Congress and BJP can't be that bad in border state, willingly?

They have all the same attitude. Current government has made systems that help gain votes and new parties if they come in will not want to stop them. Freebie schemes, support of immigrants is nothing new, parties throughout the world have done this over the years and this leads to downgrading of living conditions and increases taxes.