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.

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[1715095284]

1715095284

[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.