UK slips behind India to become the world's sixth biggest economy

[Black Tornado]

I mean that is nothing compared to India, 1 price hike after several years vs. over 70 price hikes in one year. Furthermore, current petrol price in Indonesia is still much less than India. Petrol price in Indonesia after the hike costs around INR 53, meanwhile Indians with much lower per capita and income than Indonesians have to pay almost double that price. The irony of bringing this point is high.

Petrol, diesel prices in India were hiked over 70 times in last one year

The Ministry of Petroleum and Natural Gas informed the Lok Sabha that petrol price was hiked 78 times, while the Centre reduced the price only seven times within last 12 months..Diesel price was hiked 76 times in last one year with only 10 price reductions.

auto.hindustantimes.com

Cost of 1 litre Petrol in Saudi Arabia (that literally priduces oil) ≈ ₹50

Atleast our government earns sh!t tonnes of tax revenue from sale of petrol and diesel, while ya’ll are still giving out cheap petrol at subsidised rates. We all know how it ends up.

 

[Abid123]

Congrats

 

[Indos]

Cost of 1 litre Petrol in Saudi Arabia (that literally priduces oil) ≈ ₹50
View attachment 876934
View attachment 876935


Atleast our government earns sh!t tonnes of tax revenue from sale of petrol and diesel, while ya’ll are still giving out cheap petrol at subsidised rates. We all know how it ends up.

Your inflation is high and now get 90 % debt to GDP ratio and with Q2 2022 growth that only grows about 3 percent from the same period in 2019 while the growth is basically decreasing from your Q1 2022 growth at 4.1 percent .

Compare it with Indonesia debt to GDP ratio which is around 37 % now that can still grow better than your economy despite our gov that still give subsidized fuel price. Our state budget is still relatively quite healthy and we produce half of our oil demand where our SOE, Pertamina, dominates the industry from drilling, refining, shipping, until selling the retail fuel to the people.

We can make our fuel price competitive and if the oil price will be around 70-80 USD per barrel, with our current fuel price, that will not create too much burden to our state budget. There is strong indication that oil price will likely between 70-80 USD per barrel in 2023 due to expected lower economic growth in developed countries and China and possible Iran-US reaches deal to release Iran oil to the international market with much ease.

70 % of our subsidized fuel is consumed by cars (upper middle class group), there will be law soon being released to ban people with private cars with more than 1400 cc engine uses subsidized fuel, there is enough chance as well that soon all private cars cannot buy subsidized fuel which is a very good policy that our gov needs to take.

 

[Indos]

@Black Tornado Read this

India's double-digit GDP growth is less than it appears

Economic output has actually grown little from pre-COVID period

asia.nikkei.com

 

[nufix]

Cost of 1 litre Petrol in Saudi Arabia (that literally priduces oil) ≈ ₹50
View attachment 876934
View attachment 876935


Atleast our government earns sh!t tonnes of tax revenue from sale of petrol and diesel, while ya’ll are still giving out cheap petrol at subsidised rates. We all know how it ends up.

Man, trying to defend a higher cost of living at a much lower budget because "aT Le4st tHe GovErnMenT eArNs" is downright pathetic. Saudi oil is also subsidised you know. So, to me it sounds more like Indian government could not afford to help its people while Saudi and Indonesian government could.

Furthermore, Saudi Arabia does not rely on imports to meet its oil need while Indonesia produces oil more than India on per capita basis (3150+ barrels vs 550+ barrels) which makes it less reliant on import than India is. India's per capita production is comparable to EU countries, but people in the EU could actually still afford such prices while people in India on average..... well, we all know.

 

[Black Tornado]

Man, trying to defend a higher cost of living at a much lower budget because "aT Le4st tHe GovErnMenT eArNs" is downright pathetic. Saudi oil is also subsidised you know. So, to me it sounds more like Indian government could not afford to help its people while Saudi and Indonesian government could.

Furthermore, Saudi Arabia does not rely on imports to meet its oil need while Indonesia produces oil more than India on per capita basis (3150+ barrels vs 550+ barrels) which makes it less reliant on import than India is. India's per capita production is comparable to EU countries, but people in the EU could actually still afford such prices while people in India on average..... well, we all know.

Atleast higher tax revenue makes sure we don’t end up being the next Sri Lanka or face current hardships as Pakistan which subsidised fuels for long.

@Black Tornado Read this

India's double-digit GDP growth is less than it appears

Economic output has actually grown little from pre-COVID period

asia.nikkei.com

Constant prices

 

[Farhan Bohra]

Your inflation is high and now get 90 % debt to GDP ratio and with Q2 2022 growth that only grows about 3 percent from the same period in 2019 while the growth is basically decreasing from your Q1 2022 growth at 4.1 percent .

Compare it with Indonesia debt to GDP ratio which is around 37 % now that can still grow better than your economy despite our gov that still give subsidized fuel price. Our state budget is still relatively quite healthy and we produce half of our oil demand where our SOE, Pertamina, dominates the industry from drilling, refining, shipping, until selling the retail fuel to the people.

We can make our fuel price competitive and if the oil price will be around 70-80 USD per barrel, with our current fuel price, that will not create too much burden to our state budget. There is strong indication that oil price will likely between 70-80 USD per barrel in 2023 due to expected lower economic growth in developed countries and China and possible Iran-US reaches deal to release Iran oil to the international market with much ease.

70 % of our subsidized fuel is consumed by cars (upper middle class group), there will be law soon being released to ban people with private cars with more than 1400 cc engine uses subsidized fuel, there is enough chance as well that soon all private cars cannot buy subsidized fuel which is a very good policy that our gov needs to take.

• At end-March 2022, India’s external debt was placed at US$ 620.7 billion, recording an increase of US$ 47.1 billion over its level at end-March 2021 (Table 1).
• The external debt to GDP ratio declined to 19.9 per cent at end-March 2022 from 21.2 per cent at end-March 2021.

https://m.rbi.org.in//Scripts/BS_PressReleaseDisplay.aspx?prid=53948

Indonesia continued recording a lower external debt position in May 2022. At the end of May 2022, the position of external debt in Indonesia stood at USD406.3 billion, down from USD410.1 billion one month earlier.

Indonesia’s External Debt Decreased in May 2022

www.bi.go.id

And Indian GDP is almost triple, that’s why countries fail, overconfidence. Half baked knowledge is always dangerous.

 

[Indos]

• At end-March 2022, India’s external debt was placed at US$ 620.7 billion, recording an increase of US$ 47.1 billion over its level at end-March 2021 (Table 1).
• The external debt to GDP ratio declined to 19.9 per cent at end-March 2022 from 21.2 per cent at end-March 2021.

https://m.rbi.org.in//Scripts/BS_PressReleaseDisplay.aspx?prid=53948

Indonesia continued recording a lower external debt position in May 2022. At the end of May 2022, the position of external debt in Indonesia stood at USD406.3 billion, down from USD410.1 billion one month earlier.

Indonesia’s External Debt Decreased in May 2022

www.bi.go.id

And Indian GDP is almost triple, that’s why countries fail, overconfidence. Half baked knowledge is always dangerous.

External debt is government debt + private sector debt. We have thriving private sector that issue bond in USD as well. By getting the loan from foreign money, it means there is inflow of money from outside to spur our growth. Rupiah is still one of the best performing currency in Asia so far, AlhamduliLLAH, and our private sector is still performing good, this is why our stock market is known as the best performing in Asia for this year, amid current pressing economic situation.

And Indian GDP is almost triple, that’s why countries fail, overconfidence. Half baked knowledge is always dangerous.

Indian economists that are well known in boasting and predicting way beyond the real figure that come out later

 

[Farhan Bohra]

External debt is government debt + private sector debt. We have thriving private sector that issue bond in USD as well. By getting the loan from foreign money, it means there is inflow of money from outside to spur our growth. Rupiah is still one of the best performing currency in Asia so far, AlhamduliLLAH, and our private sector is still performing good, this is why our stock market is known as the best performing in Asia for this year, amid current pressing economic situation.

Indian external sovereign debt is just 110 billion USD.

And then justifying foreign debt, countries default on foreign debt, nobody default on local currency.
And you are comparing health of economy by stock market rallies?

 

[Farhan Bohra]

External debt is government debt + private sector debt. We have thriving private sector that issue bond in USD as well. By getting the loan from foreign money, it means there is inflow of money from outside to spur our growth. Rupiah is still one of the best performing currency in Asia so far, AlhamduliLLAH, and our private sector is still performing good, this is why our stock market is known as the best performing in Asia for this year, amid current pressing economic situation.



Indian economists that are well known in boasting and predicting way beyond the real figure that come out later

Yeah and Indonesians are fallen from heaven. All your posts are proof that how we are so much better off.

 

[MH.Yang]

India's GDP in 2018/19 was US $2.85 trillion.
India's GDP in 2021/22 was US $3.09 trillion.

An increase of 240 billion US dollars over the past three years.

Compared with the beginning of the COVID pandemic, India has actually seen little growth. If the rate of inflation is taken into account, the life of the Indian people is more likely to deteriorate than increase.

 

[newb3e]

gg India good thing you dont have Lumber 1 financial institution owning the whole country!

 

[Black Tornado]

India's GDP in 2018/19 was US $2.85 trillion.
India's GDP in 2021/22 was US $3.09 trillion.

An increase of 240 billion US dollars over the past three years.

Compared with the beginning of the COVID pandemic, India has actually seen little growth. If the rate of inflation is taken into account, the life of the Indian people is more likely to deteriorate than increase.

India’s GDP in 2019-20 fiscal was $2.87 trillion
India’s GDP in 2021-22 fiscal was $3.17 trillion

Increase of $300 bn in 2 years of which one was wasted with recession and the other in recovery due to wuhan virus pandemic. A brilliant feat nonetheless.

 

[Black Tornado]

External debt is government debt + private sector debt. We have thriving private sector that issue bond in USD as well.

It’s the same for India but…
External Debt of Indonesia = $403 bn (35.1% of Indonesia’s GDP)
External debt of India = $620 bn (19.9% of India’s GDP)

Rupiah is still one of the best performing currency in Asia so far, AlhamduliLLAH, and our private sector is still performing good, this is why our stock market is known as the best performing in Asia for this year, amid current pressing economic situation.

We have thriving private sector that issue bond in USD as well.

A stock market that has a market capitalisation of just $655 billion compared to $3.5 trillion of Indian stock market? Shows how “thriving” your private sector is.

Indian economists that are well known in boasting and predicting way beyond the real figure that come out later

Only for you, others disagree.

 

[nufix]

Atleast higher tax revenue makes sure we don’t end up being the next Sri Lanka or face current hardships as Pakistan which subsidised fuels for long.

Constant prices

Lol Indian government ran a budget deficit of a staggering 21.2% in Q1 2022.

India's fiscal deficit touches 21.2% of annual target in Q1: Govt data

In actual terms, the fiscal deficit was at Rs 3.51 trn at the end of the first quarter of 2022-23, data from the Controller General of Accounts showed

www.business-standard.com

meanwhile Indonesian government ran a budget surplus in Q1 2022. https://www.thejakartapost.com/busi...a-posts-718-million-budget-surplus-in-q1.html

Oh the irony again