[humyum]

Originally Posted by Cessna182

Fake news consumers are perhaps rejoicing the fact that India is now setting world records with respect to the number of cases. Even ministers inagurating temples were spotted without masks recently. Ministers from the Ayurveda ministry tested positive and got treated through allopathic means.

I am pretty sure that the folks who believe that India has already become a superpower because it was one 5000 years ago will be ecstatic, but I just received the news that many states have stopped giving pensions to their ex employees who served for over 40 years. They cannot pay their medical bills even. And we see no mention of all this in the media. Teachers who were sent to households to collect covid samples have not received payments (of salaries, not other allowances) for months. I guess an actor's suicide matters more these days than the collective plight of the millions, even in govt jobs, who are struggling to feed themselves. Even Brazil has fared better despite not being a true democracy. The fake news mafia and its subscribers are accelerating India into a pitious state.

PS: someone I know who is more than 80 years old cannot buy medicines because of this, so this is a personal experience. Even insurance doesn't cover most 80 year olds. It's just tragic how the citizenry is being hollowed out, and some folks are celebrating the curtailment of govt. expenditure. I personally work in the private sector, and have no connection to the public sector except relatives who are struggling now. It is absolutely ironic that you have the money to buy a 8000 cr aircraft for the PM but not pay pensions to people who barely depend on that 10-15k a month to buy medicines and food.

SSR's death was tragic but thousands have perished since his death due to Covid, millions of jobs lost after that, Bihar floods, floods in Gujarat now, economy at its lowest but what are we on about? Rhea Chakraborty and following her when she travels, gets delivery of food, whom she got her high's from, old videos of SSR and how I justice for SSR is what the world wants.

Today is the last day of the moratorium, from tomorrow the ECS's will be presenting itself on which loan dates people have, 2 crore people have lost their jobs till now, when will the news channels talk about this? When will this be running all the time on the news and ways to curb this? When will someone from the government answer?

Media in this country is sold, why boycott china, first boycott these lot, they are the real culprits.

Whenever I go walking my area in the evening/night, I see people standing at bus stops(Mostly workers/maids/laborers etc) I see small shop owners opening their shops, I see rickshaw/kaali peeli taxi guys waiting for customers, hawkers who are now begging too (I know because I have grown up all my life in this area), I see their eyes and its only filled with sorrow. Yeah I am an emotional guy, I put myself in their shoes and think about their lives too. They might not be my relative or friend but they are people.

This is what I want to see in the news, this is what I want a solution for, how will their lives be improved? I want to know about all the workers who have gone back home and how they are fairing? I want to see how hospitals are treating Covid patients and what is the government doing about it? I want to see what the government is doing about job losses? What is done to revive the industries and economy? how my life is safe and there is someone who is going to take care of us no matter what? how depression and mental health is a main concern because of Covid and how that will be looked into?

I want to read and know about the reality, I want to listen to Mann ki Baat of real Indians living in real India, I want them to complain and I want people whom we elected to answer and give solutions not Alice in Wonderland to come here and there once in a while and talk nonsense. I don't want to see a feeding peacock or know about what breed of dogs Indian should buy, its like talking about buying a holiday home in Mahabaleshwar when you don't know how you are going to fund your next meal.

If I am not seeing this in the news, its not news and whoever is doing this dis-service to the people of India running nonsense 24/7 is an enemy of my country and its people, history will not be kind to them.

[ABHI_1512]

We as community here might have discussed more about the state of the economy than the people who are actually at the helm of affairs and that, for me is the saddest part of it all. The media which is supposed to be the fourth pillar of democracy has died. I have anyways stopped watching the media channels long long back since all they promote is hate and filth in the name of journalism.

There is no one to question those in power and the ones doing it are conveniently labelled. The economy was in the doldrums since long and no amount of gimmicks hold for long anyways. The figures released today paints a grim picture for the future and all we can do is just hope for the downtrodden and the ones who have lost their jobs and are in penury. All this while, two billionaires are on a shopping spree creating monopolistic industries !!

[hothatchaway]

Originally Posted by humyum

SSR's death was tragic but thousands have perished since his death due to Covid, millions of jobs lost after that, Bihar floods, floods in Gujarat now, economy at its lowest but what are we on about? Rhea Chakraborty and following her when she travels, gets delivery of food, whom she got her high's from, old videos of SSR and how I justice for SSR is what the world wants.
.

It's evident that you have been touched deeply by the current crises, as have been many who may be angry and frustrated but have been sidelined.

While I try and avoid, but every glance I take into the current affairs of the nation and the sound bytes put out, just boggles my mind. I am now convinced that the leaders of this country either live in a parallel universe or are so used to taking the citizens for granted that they know they will get away with this too.

I was made to believe when I was young that reading the newspaper is a habit worth cultivating, I now tell my child otherwise. I at least got to grow up with the likes of the Statesman, I regret that we now have rags which are not even fit to put on toilet rolls.

I know I shouldn't digress, but as a fellow citizen I feel that there won't be any good answers forthcoming on the economy and it would be left to the individual initiative and enterprise of the average Indian to weather this storm. Fortunately, the average Indian may be silenced but they are the majority. The Tales from wonderland are not worth his time as he knows he needs to get on with it. I feel this is what that inspires hope.

[Dry Ice]

Well, here is what the Chief Economic Advisor says.

[V.Narayan]

Originally Posted by Dry Ice

Well, here is what the Chief Economic Advisor says.

Clearly this chump inhabits a parallel universe. V-shaped recovery?? Need to check what he is smoking. The best part about economic reality is that you cannot talk your way out of it nor can you fool the housewife (aka voter) for they feel the sharp end long before the economic advisors of cuckooland. Pasting here a graph released today which I have also posted on another economics thread.

[Sutripta]

Originally Posted by V.Narayan

Clearly this chump inhabits a parallel universe. V-shaped recovery?? Need to check what he is smoking.

The green shoots sprouting all over?
I think that is survival instinct at work! You become persona non grata if you speak (unpleasant) truth to power! (Rathin Roy comes to mind).

I would like to know the figures for the manufacturing sector.

Sutripta

[Chetan_Rao]

Originally Posted by V.Narayan

... Pasting here a graph released today which I have also posted on another economics thread.

I'm evidently no economist, but should something be read into us doing worse than even an economy embroiled in tomfoolery for the last few years?

[v1p3r]

Originally Posted by V.Narayan

Clearly this chump inhabits a parallel universe. V-shaped recovery?? Need to check what he is smoking.

This is the same worthy who thought that demonetisation was a good move, and that the poor didn't really suffer. He was picked less for his actual economic acumen, and more for his kowtowing. Helps that he has a litany of the 'right' degrees.

Speaking of worthies, where are all those who supported the lockdown as it was implemented? Our caseload is the highest in the world, just like our recession. They really knew how to call it.

[Ram_BMWTravel]

I am based out of UK in a Tier-2 town not far from London where i can visibly see the after effects of lock down. The economy is in tatters and that is seen all across the town. Pubs are empty, restaurants are empty and the whole town centre presents a sad picture. But what is different from India is that the government is trying to do something. For the whole of August government was running a campaign to help people eat out by paying 50% bills. The furlough scheme has really saved a lot of jobs. I can see that senior roles in IT are still intact however lots of low-skilled IT openings are being off-shored again.

However in India i am unable to see anything meaningful by the central government. I somehow feel the state governments are doing a much better job with whatever means they have.

With no safety net and social support it is scary to be working in Informal sector. Today a young technician working in our apartment complex in Chennai died of medical complications leaving behind a 1 year old kid and home-maker wife. Unfortunately he was a contractor and so no benefits.
We are trying to help their family with whatever contribution we can, hope we can contribute something meaningful .However it pains to even imagine how many would have lost their jobs, lost their life without any of us knowing.

[Hayek]

Originally Posted by V.Narayan

This sounds like the numbers Hayek put out in May this year. A 24% contraction in a quarter is a 6% negative annualized. Am I correct?

Sorry, but I got this completely wrong. I thought we would report data on an annualised basis, the way most Western countries do. Which is if GDP in Q2-20 was 6% less than in Q1-20, we would assume the same rate of contraction would continue and report a 24% decline. That’s what the US did for example - the headline number was for a 32% annualised rate of decline because actual GDP for Q2 was 9.5% below Q1 (they also make seasonal adjustments in this).

What we have reported is a YOY decline - Q1 FY21 VS Q1 FY20. The fall in Q1 FY21 VS Q4 FY20 is even larger; viz 29%. This needs to be compared with the 9.5% decline in US GDP on a QonQ basis.

We have been hit nearly 5 times as hard as I had expected back in May.

[Sutripta]

Originally Posted by v1p3r

He was picked less for his actual economic acumen, and more for his kowtowing.

Kowtow is a Chinese origin word. Use with care!

Sutripta

[ABHI_1512]

Originally Posted by v1p3r

This is the same worthy who thought that demonetisation was a good move, and that the poor didn't really suffer. He was picked less for his actual economic acumen, and more for his kowtowing. Helps that he has a litany of the 'right' degrees.

Well, God acts in strangest ways you see, many such pick ups with ‘right’ degrees are at ‘wrong’ places and that is making things interesting! Of course it helps that pliable fourth pillar doesn’t question

[V.Narayan]

Originally Posted by Sutripta

I would like to know the figures for the manufacturing sector.

38% down. Enjoy the new era of Chumpistan.! I am nostalgic for the light headed days of Chaudhury Charan Singh, whom I consider a moron on matters financial. Even he could not dive so deep in 1979-80.

Originally Posted by v1p3r

This is the same worthy who thought that demonetisation was a good move, and that the poor didn't really suffer.

His initials are HMV

[Sutripta]

Originally Posted by V.Narayan

38% down.

And what percentage of total GDP is manufacturing?

His initials are HMV

His booted out predecessor was also Mr. S. Who was not so accomodating.
People not making the distinction would think that either Mr. S has a dual personality/ was schizophrenic or had a remarkable change of heart, seen the light a year or two back!

Sutripta

[Behemoth]

The other sectors like Agriculture and IT services are probably the saving grace for India's economy in the current situation. Unfortunately the Construction & GFCF sectors (which I have been part of and am also affected by layoffs) has been the worst hit with a 50% degrowth - the actual may even be worse than this and this is one sector which will not bounce back anytime over the next one year.
I still feel that the worst is yet to come for the economy - the stock markets are in their own seventh heaven and not connected with reality. I sense a massive correction coming for the stock markets, globally. Maybe experts in this area can comment on this. Either way, we need to prepare for a tough year ahead.
The powers that be are just not doing enough to stimulate the economy or alleviate the pain for the middle class and industries and their focus has just been towards more populist measures or for villages. The degree of accountability of even this money spent is extremely low and honestly no one knows how much of it is actually reaching the intended beneficiaries.