Indian economic growth slows to 5.3%

[Chinese-Dragon]

BBC News - Indian economic growth slows to 5.3%

India's economy grew by 5.3% in the July-to-September period from a year earlier, down from a rate of 5.7% in the previous quarter.

When Narendra Modi swept to power back in May he promised to revive the economy.

Since then leaders including David Cameron and Xi Jinping have led trade delegations to India.

Many international firms have announced investment plans and the Indian stock market has been soaring. All this excitement has been attributed to the 'Modi effect.'

But many had expected the government to unleash some big bang economic reforms by now, which hasn't happened.

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Can Modi be blamed for the continuing slowdown in the Indian growth rate?

 

[root]

And they thought their super hero Modi will dominate all the countries in the world.

 

[Chinese-Dragon]

And they thought their super hero Modi will dominate all the countries in the world.

Many of them treat Modi with the reverence one might give to a Deity.

@DRAY, @anonymus, @jha, etc.

I'm just wondering, how come it has been so hard for Modi to push through reforms?

Chinese economic reforms are being announced all the time, and will continue that way for the next 2-3 years.

 

[Dem!god]

lol... its a quarterly report and chinese and pakistani have started to celebrate.
have some faith in your enemy, dears.

 

[INDIC]

BBC News - Indian economic growth slows to 5.3%

India's economy grew by 5.3% in the July-to-September period from a year earlier, down from a rate of 5.7% in the previous quarter.

When Narendra Modi swept to power back in May he promised to revive the economy.

Since then leaders including David Cameron and Xi Jinping have led trade delegations to India.

Many international firms have announced investment plans and the Indian stock market has been soaring. All this excitement has been attributed to the 'Modi effect.'

But many had expected the government to unleash some big bang economic reforms by now, which hasn't happened.

-----------------------

Can Modi be blamed for the continuing slowdown in the Indian growth rate?

Look at the happiness inside you, this is just a quarterly report.

 

[Chinese-Dragon]

lol... its a quarterly report and chinese and pakistani have started to celebrate.
have some in your enemy, dears.

India is in the habit of reporting artificially high growth rates, and then "quietly" revising them downwards later.

Like this:

Indian Government revises down FY-13 GDP growth to 4.5% YoY - Economic Times

They originally said their growth that year was above 5%, but they revised it downwards later on. Quietly of course.

 

[INDIC]

India is in the habit of reporting artificially high growth rates, and then "quietly" revising them downwards later.

Like this:

Indian Government revises down FY-13 GDP growth to 4.5% YoY - Economic Times

They originally said their growth that year was above 5%, but they revised it downwards later on. Quietly of course.

I thought Chinese are not into future obsession, they only worry about present.

 

[Nova2]

GDP growth likely to be below 5% in Q2: ICRA - TOI Mobile | The Times of India Mobile Site
this is what many have predicted
India's GDP growth to be subdued at 5.2 per cent in Q2: Dun and Bradstreet - Financial Express
and said a figure of 5.3% was too optmistic...but that is what they got..
Q2 GDP growth at 5.3% versus 5.2% YoY; slower than Q1 growth of 5.7% - The Economic Times on Mobile
Results for Q2 2014 have better than expected.

 

[NKVD]

People earn according to their lifestyle. Indians does not need to earn more than what they think are enough for them.

For instance they dont need to spend more on latrine as they dont use it, they dont need to spend on clothes as they dont wear it etc. Its all about lifestyle. Modi can shout whatever he wants and there is nothing called reform but a buzz word.

here comes lungi post again

 

[Faizan12341234]

People earn according to their lifestyle. Indians does not need to earn more than what they think are enough for them.

For instance they dont need to spend more on latrine as they dont use it, they dont need to spend on clothes as they dont wear it etc. Its all about lifestyle. Modi can shout whatever he wants and there is nothing called reform but a buzz word.

Funny thing ...this all comming from a bangladeshi !

 

[Dem!god]

India is in the habit of reporting artificially high growth rates, and then "quietly" revising them downwards later.

Like this:

Indian Government revises down FY-13 GDP growth to 4.5% YoY - Economic Times

They originally said their growth that year was above 5%, but they revised it downwards later on. Quietly of course.

lol.. look who is talking..
if we have some mistake, its better to correct. then to have false info.

 

[Chinese-Dragon]

lol.. look who is talking..
if we have some mistake, its better to correct. then to have false info.

What you mean like this?

India's IT Exports to US Wildly Exaggerated

U.S. General Accounting Office looked at the 2003 data showing the United States reported $420 million in unaffiliated imports of BPT (business, professional, and technical) services from India, while India reported approximately $8.7 billion in exports of affiliated and unaffiliated BPT services to the United States.

India reported $8.7 billion in IT exports to America, but the US only reported $420 million in IT from India.

You shouldn't try to play with your trade numbers, since you know the other side can check if their numbers match, right?

America checked and found a wild discrepancy. That's how they figured out your trade data was fake.

 

[asquare]

Many of them treat Modi with the reverence one might give to a Deity.

@DRAY, @anonymus, @jha, etc.

I'm just wondering, how come it has been so hard for Modi to push through reforms?

Chinese economic reforms are being announced all the time, and will continue that way for the next 2-3 years.

Modi's government (by Indian standards) is actually working pretty fast. Here's what is very likely to come through by the next budget (March '15)

1. Goods and services tax (this is a huge reform since it will lead to the abolition of excise duty and revolutionise inter state trade)
2. FDI in Insurance
3. Clarity on the overhaul of the direct tax code
4. Extension of the list of exemptions (if the are no amendments to the act) to the land acquisition act.
5. Further expenditure reduction (this is one area where there has already been a lot of quiet work by this government) including limiting the scope of the employment guarantee act.
6. A minimum of 10% disinvestment of all fully state owned companies (this is not so much a government implemented reform but a consequence of new regulatory guidelines).
7. Cash transfers for central subsidies (this is why one of the first schemes of this government was the opening of bank accounts for all Indians). In some areas, such as cooking gas, this is beginning in December 2014.

As for why it's taking long, particularly in comparison to China, there are a number of reasons-

1. Modi wants to consolidate his political power before he takes any unpopular decisions (the main aim is to win enough state elections to guarantee a majority in the upper house of parliament by 2016- he can achieve this by the second half of 2015).
2. The culture of statist economics is so deeply ingrained, even amongst some of Modi's own party men, that each new step requires extensive persuasion and negotiation.

I work for a development finance organisation and the change in the way the administration is functioning is astounding. Before May, we had to literally beg the government to allow us to offer technical assistance and funding. Now, on average, my unit alone receives one request for assistance every week.

 

[+4vsgorillas-Apebane]

Already superpower since 2012, 5% growth is just gravy.

Plenty to achieve white slaves by 2030.

 

[HariPrasad]

GDP growth likely to be below 5% in Q2: ICRA - TOI Mobile | The Times of India Mobile Site
this is what many have predicted
India's GDP growth to be subdued at 5.2 per cent in Q2: Dun and Bradstreet - Financial Express
and said a figure of 5.3% was too optmistic...but that is what they got..
Q2 GDP growth at 5.3% versus 5.2% YoY; slower than Q1 growth of 5.7% - The Economic Times on Mobile
Results for Q2 2014 have better than expected.

You do not know. he has started this thread in retaliation of That thread just posted called India last BRIC Standing.