#indian economics

[liberalfinanceguy]

Is India Heading towards economic slowdown ?

The Question everybody is asking in hush -hush manner.Markets are down 10% ,Auto Sales are down 20%,Nifty FIfty Companies Agregate Results are down by 6%.But ,Hey India is till the fastest Growing Major Economy .We still have the Govenrment Blowing the trumphets !! Well, thats Bane of Weaker Opposition and Boon of Noisy Democracy where the structural debates are lost in cacophany.

The World's Global GDP has Grown by only 2% on an average in 3rd Decade of 21st Century.World has just moved on from Pandemic into 2 Regional Wars.Protectionism and Rise of of demagogic leaders is getting normal.Maybe it has to do with Other Side of Capitalism which has led to number of issues such as growing divide of rich and poor,Abuse of Resources by handful of people and countries and lack of any specific Idealogy on which capitalism germinates on .

China's remarkable growth from the 1980s to 2000s was fueled by Deng Xiaoping's visionary structural reforms, which laid the groundwork for the country's rapid expansion in the 21st century, driven by globalization.China is not democracy ,reforms can be propelled from Up to bottom whereas India is Democratic Elephant where generations pass on between reforms are thought and put to practise.

India did the very first economic reforms in 1992-93 which paved the growth prospects for next 20 years.The next set of Reforms were done between 2016-2018 which has kept the Indian economy in steady state.However this reforms came late and were far and few.As Freeman Dyson suggested that World will change faster at an accerlerating Spead in 21st Century which means governance model and economic structures will have to be evaluted and rejiged at regular intervals .

Indian Economy in 2nd Quarter has slowed down due to number of reasons .However one the major structural long term reason which needs to form part of public discourse is Lack of Capital Formation and Lack of Private Investments.Govenement in last decade has carried the burden of Investments through Public spending on Infrastructure .Short Term reaons for current phase are as follows .

1.Government Spending has been low this year on account of Elections.

2.Election handouts such as populist programmes of Direct transfer of Money has made a dent on Govenement spending of various states.

3. The GECL loans, which were interest-free for the first year during the COVID-19 pandemic, have now completed their tenure, and this has significantly impacted MSMEs, eating away at their working capital.

4.Increased Rate of Interest for new loans and Increase in Taxes and compliances were major factors that has starting shown impact on demand side .

A decent Monsoon has not "rocked the boat" which means that there has been not a major lull in Rural demand which can be seen from Volume Growth in FMCG Results.

Short Term, We need Rate cuts and make sure demand is not stiflled .Monetary as well as Fiscal Intervention at this time is very apt to avoid playing catching up game later and falling into middle income group country.Govenment should look at non-revenue sources such as disvestment ,leasing land parcels to ease fiscal burden on citizens .

Long Term We need like Niti Aayog to have Accountability Aayog which every year along with Budget provides public documents on Major Spending of the Govenement .CAG works like Internal Auditor of the Governement .We need Statutory Auditor for the Govenement in True Sense whose details are Publicly Available .

Also,Long Term We need to establish new Institutions and strenthen existing ones.We are Creating lot of Public Infrastructure ,we need seperate Institutions to overlook its maintenance,making sure they remain economically viable and avoid white elephants like Jaipur Metro.

To Conclude ,Growth after World War II were far easier for Countries who adopted the countours of capitalism like Free economy ,international Trade,Law and order and Political Stability .Growth in 21st Century will be less easier due to Faster Technological Advancements,Increased Compeition among countries for Capital and Role of Social Media for Populist Propagandas.

India has Vision however it needs to make effective use of demographic dividend and avoid wasteful expenditures.

[shotsyfeather]

Economics & Mathematics ✍️

[blackbrownfamily]

Chele Yeboah - Instagram

[dailyanarchistposts]

We have been debating tirelessly on different ways to abolish caste and other social evils which permeate the society that we have today. Raising voices against oppression, forming political parties and contesting in elections and also trying to force the government to form and implement policies which will give the Bahujans their fundamental rights. We have come a long way through decades of struggle in gaining rights, but the present political scenario of the country is not looking hopeful to the Bahujan aspirations for breaking away the shackles of caste.

With the diluting of labour laws and enabling state sanctioned exploitation of Bahujan labour, implementation of NEP which further marginalize the Bahujan children and extinguish their hopes of upward social and economic mobility, a proposed EIA which will rob the Bahujans and Adivasis of their land and livelihood, implementation of CAA and NRC to deprive the status of citizenship, privatization of key public utilities and destroying the already weakened public healthcare system, the government is openly showing its motives as a corporate stooge which dances to the whims of Adani, Ambani and other Brahmin Bania masters.

Armed with a grass roots organization like RSS and corporate funded media outlets, they have complete dominance in creating narratives they want the public to believe and they also have a well-oiled IT cell to spread fake news against any dissenters who dare to raise voice against them. Even though there are voices in the society which are raising against these government policies, there is a lack of grass root organization and common vision is sometimes lacking. This doesn’t mean that all the opposing forces against the fascist regime, which is murdering our democracy, should be centralized under one political entity. Instead it is time to think about exactly the opposite, the expansion of the idea of democracy from merely being a political tool used while casting vote once every 5 years to inculcating an idea of democracy in all aspects of life — political, social and economical and decentralization of all aspects of society.

Anarchism is a political philosophy which rejects all coercive and oppressive forms of hierarchy, be it caste, class, color, creed, clan, gender, age, orientation or country. It says that every system of power hierarchy should be scrutinized and made to justify its existence, and any system which fails to justify itself and is trampling the freedom of the individual will have to be abolished. The idea of questioning oppressive power structures is inherent to the idea of anarchism. It prohibits a system where even a party or a few leaders decide on how the society will function. Instead it focuses on decentralizing power to local bodies and communities so that decisions are made at the lowest level possible, thus eliminating the concentration of power into a few hands. It also shares the view that people who are most impacted by policies and decisions are the ones who are most capable of making them.

Historically, humans have developed to live in societies which didn’t have the kind of huge inequalities as it exists today. There is an intrinsic instinct to cooperate and help each other which is visible when a disaster strikes or the self-organization that appears out of nowhere in organic movements against oppression. Solidarity and mutual aid are the foundations of an anarchist society. The “right to well-being” of all human beings, meaning “the possibility of living like human beings, and of bringing up children to be members of a society better than ours” (Kropotkin, 1892). Two of the examples of societies which function close to anarchist principles today are Zapatistas of Mexico (Nacional, 2002) and Rojava in Syria (Democracy, 2018). Extreme corruption, colonization and environmental exploitation forced the indigenous people of Mexico to form an autonomous region where people directly form communities and decide the policies. Similarly, the people of Rojava, battered by the civil war, have formed an autonomous region with direct democratic ambitions based on an anarchist and libertarian socialist ideology promoting decentralization, gender equality, environmental sustainability and pluralistic tolerance for religious, cultural and political diversity based on democratic confederalism. One of the principles of direct democracy is that there are no elected representatives for a fixed term, any member who is elected will just be a spokesperson of the community and can be withdrawn immediately if he goes against the decision taken by discussion and deliberations. The means of production will be owned by workers and run by worker councils. Conflict resolution mechanism and alternative systems of judiciary exists within the community run by the members. There won’t be police or other systems which grant power to one person or group to take away the life and liberty of an individual, rather power will be distributed equally or rotationally which is controlled by the community. During the current times of BLM protests all over the world, it is clear that the police institution is just a tool employed by the ruling and propertied class to control the lower class and there is mass class for defunding the police and transferring the resources to community welfare projects.

We need to look at how these communities organize themselves in the face of an oppressive regime and come up with innovative ways to decentralize and create institutions which we are brainwashed to assume will work only if they are centralized. Decentralized community gardens provide food for the community which is maintained by them. Systems of education, community defense, criminal justice systems, industry and healthcare can be decentralized and we need to focus our efforts in building such grassroot level communities which function along the principles solidarity and mutual aid. We already have systems of mutual aid in our communities, all we need to do is to transfer these tendencies to all the systems we live by.

The Indian social mentality of following a leader or waiting for a savior needs to change. Any system which can consolidate power in the hands of the few can change into authoritarianism. Even if the leaders are benevolent and have the will to serve the people, there are systems of coercion which exist in our society, where economic, political and social power resides in the hands of the few, that they will bind the leaders from doing their duty to the Bahujans. The leaders and parties we look up to keep failing and disappointing us time and again. Now, action needs to be taken directly at grass root level by the Bahujans by creating communities and networks of solidarity and mutual aid and practicing decision making and direct participatory democracy. The culture of outsourcing decision making to politicians or other ruling class needs to stop. This has to start at all sectors of industry, agriculture and services too, and also within family.

We can’t turn to the state for protection anymore as it the state apparatus which is being systematically abused by the ruling castes to exploit Bahujan labour to create their wealth. Along with the efforts to educate Bahujans through social media and other means to sensitize them of their exploitation, effort needs to be focused at the bottom most level to inculcate the habit of participatory democracy at individual, family and community levels, respecting the liberty of the individual. The fight for annihilation of caste cannot be won, unless all unjust power structures in the society cease to exist and power is decentralized and distributed to the people directly, where individuals themselves can organize and make decisions about their life without being coerced or exploited to create wealth for others.

References

Democracy, N. (2018, July 6 ). The Communes of Rojava: A Model In Societal Self Direction. Retrieved from YouTube: https://www.youtube.com/watch?v=cDnenjIdnnE

Kropotkin, P. (1892). The Conquest of Bread. Paris.

Nacional, E. Z. ( 2002). A Zapatista Response to “The EZLN Is NOT Anarchist”. Retrieved from The Anarchist Library: https://theanarchistlibrary.org/library/ejercito-zapatista-de-liberacion-nacional-a-zapatista-response-to-the-ezln-is-not-anarchist

[socialstockmarket]

Metal Stock to focus

[nando161mando]

It's a trickle-down nightmare

[slythdiaries]

24.03.23

On and off days ugh.

[jedarar]

CHINA Clap back! #donaldtrump

[bijoumikhawal]

RE: cultural appropriation primarily being about an economic state of affairs where white people make money off of other people, a related idea I've been contemplating but haven't been able to like. Finish writing about is the idea of cultural decontextualization, which is when a cultural majority (often but not always white people) engage with another culture in a manner that erases- and may simultaneously replicate- racist histories, and is more about creating false narratives than economics.

A personal example would be white people making clothes based off of Coptic Egyptian artifacts, especially while generically referring to them as "Roman" or arguing Coptic art does not exist, which denies Copts part of Coptic history while resurrecting the French Coptomania of the 1920s, and specifically Albert Gayet's actions of taking items from Coptic graves to the point where a model was dressed in a tunic and shown off (which is also terrible from an artifact preservation perspective- this tunic would've been at minimum, 1300 years old at the time).

[insightfultake]

India and China: The Economic Tug of War

China and India are two titans poised on the great field of the world economy. Being the two most populated countries in the world, they both have a different story of development, invention, and promise. Many of us are wondering with an eye toward the future: how long until India catches up to its neighbour if it continues on its current trajectory of economy?

China's GDP, estimated to be valued at $17 trillion as of 2023, is far larger than India's remarkable $3.5 trillion. China, with its enormous labor force and infrastructure, has been the unchallenged leader in manufacturing, establishing itself as the "world's factory." Contrarily, India has made a name for itself in the services industry by demonstrating its expertise in software and IT services at the forefront of the development and growth. Nevertheless, things are improving. India has been increasing its GDP faster than China, often by a significant margin. While China is experiencing a slowdown in its economy due to an aging population and an imminent debt crisis, India is benefiting from a demographic dividend. Its youthful population has a unique opportunity for economic growth, accounting for over 65% of the total....expand more to read.

[divinewarp]

Desk is a mess. Too tired these days. Learned what government securities is. Finally starting to understand that economist who said he wanted to be an anti-economist lol

[chaoticacademicrubberduck]

It is 5:45 A.M and you will already not believe the morning I've been having

[tropiyas]

DO NOT REDEEM!

[blackbrownfamily]

[dailyanarchistposts]

YOUNG COMRADES,

Our country is passing through a chaos. There is mutual distrust and despair prevailing everywhere. The great leaders have lost faith in the cause and most of them no more enjoy the confidence of the masses. There is no programme and no enthusiasm among the ‘champions’ of Indian independence. There is chaos everywhere. But chaos is inevitable and a necessary phase in the course of making of a nation. It is during such critical periods that the sincerity of the workers is tested, their character built, real programme formed, and then, with a new spirit, new, hopes, new faith and enthusiasm, the work is started. Hence there is nothing to be disgusted of.

We are, however, very fortunate to find ourselves on the threshold of a new era. We no more hear the news of reaching chaos that used to be sung vastly in praise of the British bureaucracy. The historic question “Would you be governed by sword or pen”, no more lies unanswered. Those who put that question to us have themselves answered it. In the words of Lord Birkenhead, “With the sword we won India and with the sword we shall retain it.” Thanks to this candour everything is clear now. After remembering Jallianwala and Manawala outrages it looks absurd to quote that “A good government cannot be a substitute for self-government.” It is self-evident.

A word about the blessings of the British rule in India. Is it necessary to quote the whole volumes of Romesh Chandra Dutt, William Digby and Dadabhai Naoroji in evidence to prove the decline and ruin of Indian industries? Does if require any authorities to prove that India, with the richest soil and mine, is today one of the poorest, that India which could be proud of so glorious a civilisations, is today the most backward country with only 5% literacy? Do not the people know that India has to pay the largest toll of human life with the highest child death rate in the world? The epidemics like plague, cholera, influenza and such other diseases are becoming common day by day. Is it not disgraceful for us to hear again and again that we are not fit for self-government? Is it not really degrading for us, with Guru Govind Singh, Shivaji and Hari Singh as our heroes; to be told that we are incapable of defending ourselves? Alas, we have done little to prove the contrary. Did we not see our trade and commerce being crushed in its very infancy in the first effort of Guru Nanak steamship co-started by Baba Gurdit Singh in 1914; the inhuman treatment meted out to them, far away in Canada, on the way and finally, the bloody reception of those despairing, broken-hearted passengers with valleys of shots at Bajbaj, and what not? Did we not see all this? In India, where for the honour of one Dropadi, the great Mahabharat was fought, dozens of them were ravaged in 1919. They were spit at, in their naked faces. Did we not see all this? Yet, we are content with the existing order of affairs. Is this life worth living?

Does it require any revelation any revelation now to make us realise that we are enslaved and must be free? Shall we wait for an uncertain sage to make us feel that we are an oppressed people? Shall we expectantly wait for divine help or some miracle to deliver us from bondage? Do we not know the fundamental principles of liberty? “Those who want to be free, must themselves strike the blow.” Young men, awake, arise; we have slept too long!

We have appealed to the young only. Because the young bear the most inhuman tortures smilingly and face death without hesitation. Because the young bear the most inhuman tortures smilingly and face death without hesitation. Because the whole history of human progress is written with the blood of young men and young women. And because the reforms are ever made by the vigour, courage, self-sacrifice and emotional conviction of the young men who do not know enough to be afraid and who feel much more than they think.

Were it not the young men of Japan who come forth in hundreds to throw themselves in the ditches to make a dry path to Port Arthur? And Japan is today one of the foremost nations in the world. Were it not the young Polish people who fought again and again and failed, but fought again heroically throughout the last century? And today we see a free Poland. Who freed Italy from the Austrian yoke? Young Italy.

Do you know the wonders worked by the Young Turks? Do you not daily read what the young Chinese are doing? Were it not the young Russians who scarified their lives for Russians emancipation? Throughout the last century hundreds and thousands of them were exiled to Siberia for the mere distribution of socialist pamphlets or, like Dostoyevsky, for merely belonging to socialist debating society. Again and again they faced the storm of oppression. But they did not lose the courage. It were they, the young only, who fought. And everywhere the young can fight without hope, without fear and without hesitation. And we find today in the great Russia, the emancipation of the world.

While, we Indians, what are we doing? A branch of peepal tree is cut and religious feelings of the Hindus are injured. A corner of a paper idol, tazia, of the idol-breaker Mohammedans is broken, and ‘Allah’ gets enraged, who cannot be satisfied with anything less than the blood of the infidel Hindus. Man ought to be attached more importance that the animals and, yet, here in India, they break each other’s heads in the name of ‘sacred animals’. Our vision is circumscribed by…. * thinks in terms of internationalism.

There are many others among us who hide their lethargy under the garb of internationalism. Asked to serve their country they reply: “Oh Sirs, we are cosmopolitans and believe in universal brotherhood. Let us not quarrel with the British. They are our brothers.” A good idea, a beautiful phrase. But they miss its implication. The doctrine of universal brotherhood demands that the exploitation of man by man and nation be nation must be rendered impossible. Equal opportunity to all without any sort of distinction. But British rule in India is a direct negation of all these, and we shall have nothing to do with it.

A world about social servicre here. Many good men think that social service (in the narrow sense, as it is used and under stood in our country) is the panacea to all our ills and the best method of serving the country. Thus we find many ardent youth contending themselves with distributing grain among the poor and nursing the sicks all their life. These men are noble and self-denying but they cannot understand that charity cannot solve the problem of hunger and disease in India and, for that matter, in any other country.

Religious superstitions and bigotry are a great hinderance in our progress. They have proved an obstacle in our way and we must do away with them. “The thing that cannot bear free thought must perish.” There are many other such weakness which we are to overcome. The conservativeness and orthodoxy of the Hindus, extra-territorialism and fanaticism of the Mohammedans and narrow-mindedness of all the communities in general are always exploited by the foreign enemy. Young men with revolutionary zeal from all communities are required for the task.

Having achieved nothing, we are not prepared to sacrifice anything for any achievement; our leaders are fighting amongst themselves to decide what will be the share of each community in the hoped achievement. Simply to conceal their cowardice and lack of spirit of self-sacrifice, they are creating a false issue and screening the real one. These arm-chair politicians have their eyes set on the handful of bones that may be thrown to them, as they hope, by the mighty rulers. That is extremely humiliating. Those who come forth to fight the battle of liberty cannot sit and decide first that after so much sacrifices, so much achievement must be sure and so much share to be divided. Such people never make any sort of sacrifice. We want people who may be prepared to fight without hope, without fear and without hesitation, and who may be willing to die unhonoured, unwept and unsung. Without that spirit we will not be able to fight the great two-fold battle that lies before us – two-fold because of the internal foe, on the one hand, and a foreign enemy, on the other. Our real battle is against our own disabilities which are exploited by the enemy and some of our own people for their selfish motives.

Young Punjabis, the youth of other provinces are working tremendously in their respective spheres. The organisation and awakening displayed by young Bengal on February 3, should serve as an example to us. Our Punjab, despite the greatest amount of sacrifice and suffering to its credit, is discribed as a politically backward province. Why? Because, although it belong to the martial race, we are lacking in organisation and discipline; we who are proud of the ancient University of Texila, today stand badly in need of culture. And a culture requires fine literature which cannot be prepared without a common and well developed language. Alas, we have got none.

While trying to solve the above problem that faces our country, we will also have to prepare the masses to fight the greater battle that lies before us. Our political struggle ‘began just after the great War of Independence of 1857. It has passed through different phases. Along with the advent of the 20th century the British bureaucracy has adopted quite a new policy towards India. They are drawing our bourgeoisie and petty bourgeoisie into their fold by adopting the policy of concessions. Their cause is being made common. The progressive investment of British capital in India will inevitably lead to that end. In the very near future we will find that class and their great leaders having thrown their lot with the foreign rulers. Some round-table conference or any such body will end in a compromise between the two. They will no more be lions and cubs. Even without any conciliation the expected Great War of the entire people will surely thin the ranks of the so-called champions of India independence.

The future programme of preparing the country will begin with the motto: “Revolution by the masses and for the masses.” In other words, Swaraj for the 90%; Swaraj not only attained by the masses but also for the masses. This is a very difficult task. Thought our leaders have offered many suggestion, none had the courage to put forward and carry out successfully and concrete scheme of awakening the masses. Without going into details, we can safely assert that to achieve our object, thousands of our most brilliant young men, like Russian youth, will have to pass their precious lives in village and make the people understand what the Indian revolution would really mean. They must be made to realise that the revolution which is to come will mean more than a change of masters. It will, above all, mean the birth of new order of things, a new state. This is not the work of a day or a year. Decades of matchless self-sacrifice will prepare the masses for the accomplishment of that great work and only the revolutionary young men will be able to do that. A revolutionary does not necessarily mean a man of bombs and revolvers.

The task before the young is hard and their resources are scanty. A great many obstacles are likely to block their way. But the earnestness of the few but sincere can overcome them all. The young must come forth. They must see the hard and difficult path that lies before them, the great tasks they have to perform. They must remember in the heart of hearts that “success is but a chance; sacrifice a law”. Their lives might be the lives of constant failures, even more wretched than those which Guru Govind Singh had to face throughout his life. Even then they must not repent and say, “Oh, it was all an illusion.”

Young men, do not get disheartened when you find such a great battle to fight single-handed, with none to help you. You must realise your own latent strength. Rely on yourselves and success is yours. Remember the words of the great mother of James Garfield which she spoke to her son while sending him away, penniless, helpless and resourceless, to seek his fortune: “Nine times out of ten the best thing that can happen to a young man is to be thrown overboard to swim or sink for himself.” Glory to the mother who said these words and glory to those who will rely on them.

Mazzini, that oracle of Italian regeneration, once said: “All great national movements begin with unknown men of the people without influence, except for the faith and the will that counts neither time nor difficulties.” Let the boat of life weigh another time. Let it set sail in the Great Ocean, and then:

Anchor is in no stagnant shallow. Trust the wide and wonderous sea, Where the tides are fresh for ever, And the mighty currents free. There perchance, O young Columbus, Your new world of truth may be.

Do not hesitate, let not the theory of incarnation haunt your mind and break your courage. Everybody can become great if he strives. Do not forget your own martyrs. Kartar Singh was a young man. Yet, in this teens, when he came forth to serve his country, he ascended the scaffold smiling and echoing “Bande Mataram”. Bhai Balmukund and Awadh Bihari were both quite young when they gave their lives for the cause. They were from amongst you. You must try to become as sincere patriots and as ardent lovers of liberty as they were. Do not lose patience and sense at one time, and hope at another. Try to make stability and determination a second nature to yourselves.

Let then young men think independently, calmly, serenely and patiently. Let them adopt the cause of Indian independence as the sole aim of their lives. Let them stand on their own feet. They must organise themselves free from any influence and refuse to be exploited any more by the hypocrites and insincere people who have nothing in common with them and who always desert the cause at the critical juncture. In all seriousness and sincerity, let them make the triple motto of “service, suffering, sacrifice” their sole guide. Let them remember that “the making of a nation requires self-sacrifice of thousands of obscure men and women who care more for the idea of their country than for their own comfort and interest, than own lives and the lives of those who they love”.

[heisen-heimer]

For some reason, Anant Ambani's wedding and the current situation in India is giving late 1780s France.