[V.Narayan]

Originally Posted by AltoLXI

Some of the "economists" and "intellectuals" are proposing citizen's resource to be treated as national resource.

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These self appointed "intelluctuals" are not worth any more sound bytes or posts. Delhi is full of these crabs who'll put out such statements to curry favour with whichever is the current administration. Come with me to Delhi Gymkhana and I'll show you where they sit and gas.

[MegaWhat]

In another news, I saw an old man wearing a mask approach the shop counter to pick up a few candies. He picked them up, and while paying by cash, he promptly pulled his mask down, licked the tip of his finger so that he can count the notes comfortably and accurately, and then hands those very notes over. No wonder people are becoming more comfortable with online payment.

The local hardware shop requested to be paid by Google pay. Same with a GP I consulted. All local kirana shops are trying to stay away from taking another person's cash. This is going to be a decent push to traceable transactions Hopefully. Well at least for some time.

[Romins]

How can India control Coronavirus, and at what cost?

A detailed documentary on the biggest public health issue that became a big law-and-order issue in India.

[srishiva]

Originally Posted by Romins

A detailed documentary on the biggest public health issue that became a big law-and-order issue in India.

Upto 90% of Indians work in informal economy and they earn 4 dollars a day? Nice to know, didn't watch after that.

But there is big issue which still lingers on though.

[sushantr5]

Originally Posted by srishiva

Upto 90% of Indians work in informal economy and they earn 4 dollars a day? Nice to know, didn't watch after that.

But there is big issue which still lingers on though.

Opening line in the video says that we pretend to not see the reality. I feel that is reality of India. We have income inequality at unimaginable level. 77% Wealth is held by 10% population and whopping 97% wealth is with 20% population of India. So rest of 80% population (more than 1 billion ( 100 crore ) ) survives only of 4% wealth in India. Compared to this number 90% Indian work in informal economy is conservative estimation I would say.
70% population work in farms as a farmer or laborer which is informal economy. Add Shops, Hawkers, daily wagers, skill workers like painters, carpenters even our FNGs and many more such cases fall under informal economy.

[ashokrajagopal]

Originally Posted by srishiva

Upto 90% of Indians work in informal economy and they earn 4 dollars a day? Nice to know, didn't watch after that.

But there is big issue which still lingers on though.

Originally Posted by sushantr5

Opening line in the video says that we pretend to not see the reality. I feel that is reality of India.
--SNIP--
Compared to this number 90% Indian work in informal economy is conservative estimation I would say.

Economic Survey 2018-19 pegged informal workforce at 93%, I distinctly remember this.
Economic Survey 2019-20 did not really put a number on it, amidst the thalinomics theme though.
Niti Ayog pegs it at about 85%, if I remember correctly from late 2019.
These are the official government numbers from Ministries.
IMF's growth report had pegged it at around 92% in 2019.

I may be off by a decimal or so, but it is safe to say that the informal labor force size is from 85% to 90%.

As to 4 dollars, that is Rs. 300, that's not a wrong estimate either.

[SoumenD]

Just in. If lockdown stays economy & livelihood suffers. If economy opens up virus claws back(hopefully deaths don't increase).



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[Dry Ice]

Originally Posted by srishiva

Upto 90% of Indians work in informal economy and they earn 4 dollars a day? Nice to know, didn't watch after that.

But there is big issue which still lingers on though.

Later on in the video, she specifically mentions "Australian" dollar for another transaction value. If you take it as that - it's less than 200 INR a day.

[am1m]

Was very surprised to see one of the South Indian restaurants open today. They have a lot of open space, so they had put a few tables there so people could stand and eat. Couldn't resist a masala dosa and a filter coffee! After two months!

But everything was served in plastic. What would have normally been served on metal plates and tumblers which were usually washed in hot water anyway was now all being served in disposable plastic wrap and cups.

Our plastic waste problem is going to get much worse thanks to this situation. Should give the 'nature is healing thanks to corona' chorus something to think about!

[Miyata]

COVID-19 may be the catalyst — not the cause — of a painful but useful economic transformation: Don Pittis

according to the theory of creative destruction derived by Austrian economist Joseph Schumpeter in 1942 from ideas proposed by Karl Marx, economic and technological progress demands that businesses must die and industries and paradigms must be swept away to make room for new ones.

while the creative destruction process is happening all the time, economic crises speed the process along

...

We already knew traditional retail was being challenged by tech giants Shopify and Amazon or by big-box discounters like Costco, but it was the downturn that pushed struggling companies like Pier 1 over the edge.

What is in little doubt is that the COVID-19 crisis, which has turned so many people's lives upside down, will eventually produce a wealth of new business opportunities

[AMG Power]

Originally Posted by AltoLXI

Some of the "economists" and "intellectuals" are proposing citizen's resource to be treated as national resource.

That would mean Mukesh Ambani would have the same wealth as all of us, some of us could get rooms in Antilia, and the lucky ones could get rides in his Aston Martins and Rolls Royces.

Bring it on!

[Romins]

Originally Posted by Dry Ice

Later on in the video, she specifically mentions "Australian" dollar for another transaction value. If you take it as that - it's less than 200 INR a day.

Daily wage in rural TN and rural KA is Rs 200-250 for women and approximately double for men 450-500. Maybe the highest will be in KL, 500 for women and 700 for men, as far as I know.

[Miyata]

Companies must pay share of rent for employees working from home

Switzerland’s top court has ruled that employers are required to contribute to employees’ rent payments if they are expected to work from home.

The company argued that they had not reached an agreement with the employee ahead of time and therefore was not obligated to cover part of his rent. The court rejected this argument and added that the employee could even request rent compensation retroactively after leaving the company.

Whether an employee did or did not rent an additional room or a larger apartment to work from home was also irrelevant according to the court’s ruling.

[V.Narayan]

GDP to contract 5% in FY21, warns Crisil; SBI report pegs growth rate at -6.8%

https://www.thehindubusinessline.com...le31680772.ece

Given that half or two-thirds of the economy by GDP has been shut for 60 days translates to loss of revenue at the business level of roughly 8% per month for two months and now the spool up itself will take at least 3 to 4 months. I would expect the economy to shrink by much more than 5% to 6%. I'd think in terms of a drop of little over 10% to 12% with its attendant impact on tax collections, Govt's ability to spend, harassment by the tax dept., etc.

[volkman10]

Nissan posts biggest loss in 20 Years.

Nissan reports annual net loss of $6.2 bn for FY20; closes two auto plants ( Nissan’s Barcelona plant in addition to one it is shuttering in Indonesia.)

The company's global vehicle production dropped 62 percent in April to 150,388 vehicles from a year ago. Global vehicle sales were down nearly 42 percent last month.

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