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Posts Tagged ‘Modi’

Riesige Steuerreform in Indien in Kraft getreten

Posted by hkarner - 2. Juli 2017

Die neue Mehrwertsteuer fördere „Ehrlichkeit und Menschen, die ehrliche Geschäfte machen“, sagt Indiens Premierminister Narendra Modi.

In Indien ist am Samstag die größte Steuerreform seit der Unabhängigkeit im Jahr 1947 in Kraft getreten. Die neue einheitliche Mehrwertsteuer GST ersetzt unterschiedliche Steuern und Steuersätze in den 29 indischen Unionsstaaten. Damit entsteht auf dem Subkontinent mit seinen 1,3 Milliarden Einwohnern ein riesiger Binnenmarkt.

Premierminister Narendra Modi will mit der Steuerreform zudem den Handel erleichtern und die Wirtschaft modernisieren. In einer Sondersitzung des Parlaments um Mitternacht versprach Modi den Indern „eine gute und einfache Steuer“. Mit der neuen einheitlichen Steuer für Waren und Dienstleistungen werde „der Traum von einem Indien wahr“. Das „einfache und transparente System“ bekämpfe auch Schwarzgeld und Korruption. Die neue Mehrwertsteuer fördere „Ehrlichkeit und Menschen, die ehrliche Geschäfte machen“, sagte Modi.

Mehr als zehn Jahre lang hatten die Regierung in Neu-Delhi und die Unionsstaaten über die Vereinheitlichung der Steuersätze verhandelt. Das bisherige System war undurchsichtig, teilweise bestanden von Unionsstaat zu Unionsstaat erhebliche Unterschiede. Lastwagen mussten oft stundenlang an den Grenzen warten und bei der Wareneinfuhr die regional geltenden Steuersätze nachbezahlen.

Modi räumte am Samstag jedoch auch Anlaufschwierigkeiten bei der Einführung der neuen Steuer ein: Der Unionsstaat Jammu und Kaschmir hat sich dem neuen System bisher verweigert. Viele Geschäftsleute kritisieren die Reform als zu kompliziert, Unternehmervereinigungen riefen schon im Vorfeld zu Streiks und Protesten auf. Aus Protest boykottierte auch die oppositionelle Kongresspartei die Feierstunde im Parlament. Den Rest des Beitrags lesen »

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Indien schafft Bargeld radikal ab, verkündet Banken-Feiertag

Posted by hkarner - 8. November 2016

Indien schafft Bargeld radikal ab, verkündet Banken-Feiertag

Indiens Premier Narendra Modi hat in einer spektakulären Rede (Englisch ab Minute 37:44) bekanntgegeben, dass Geldscheine für 500 und 1000 Rupien (7,50 Dollar und 15 Dollar) ab sofort abgeschafft werden. An Geldautomaten dürfen zahlreiche Bürger nur noch bis zu 3000 Rupien (30 Dollar) anheben. Die Geldscheine verlieren am Mittwoch ihre Gültigkeit, das heißt also mit sofortiger Wirkung.

Am 9. November wird es einen Bankenfeiertag geben, die Banken bleiben geschlossen. Die Verwendung von Kreditkarten soll durch die radikale Maßnahme nicht beeinträchtigt werden, sagte Modi. Die Möglichkeit, mit Karten an Tankstellen zu bezahlen, solle weiter gegeben sein, sagte Modi.

Danach soll es neue Geldscheine geben. Die Zentralbank werde neue Scheine über 2.000 und 500 Rupien drucken. Den Rest des Beitrags lesen »

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AEP: India’s rockstar central banker defeated as Modi revolution stalls 

Posted by hkarner - 22. Juni 2016

India’s financial prophet Raghuram Rajan has lost a power struggle over monetary policy, an ill omen for the country

India’s bid to become the ‘economic super-tiger’ of Asia is in serious doubt after an assault on the independence of the central bank and failure to deliver on promised reforms.

The country has been the darling of the emerging market universe since the Hindu nationalist Narendra Modi swept into power in May 2014 promising a blitz of Thatcherite reform and a bonfire of the diktats, but key changes have been blocked in the legislature. The government has turned increasingly populist.

Matters have come to a head with the de facto ouster of Raghuram Rajan, the superstar governor of the Reserve Bank of India (RBI), rebuked for keeping monetary policy too tight. It is part of a pattern of attacks on central banks by politicians across the world, and the latest sign that the glory days of the monetary overlords are waning.

Mr Rajan has been battling criticism for months but threw in the towel over the weekend, sending tremors through the Indian financial markets and provoking a flurry of warnings from global investors. “He has decided not to wait until he is refused a second term,” said Lord Desai from the London School of Economics. Den Rest des Beitrags lesen »

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Faulty Mission?

Posted by hkarner - 14. Januar 2016

Date: 13-01-2016
Source: Businessworld: Nayan Chanda

India’s Prime Minister Narendra Modi launched “Make in India” to create jobs and attract foreign investment, but the campaign “remains mired in political battles and cultural battles,” explains Nayan Chanda, founding editor of YaleGlobal Online who also consults for the publication. “India’s hope to take up the slack from China’s … increasingly expensive labour force may have come too late.” The median age in India is 27 and projected to rise to 29 by 2020. Even with economic reforms, India struggles to create enough jobs for millions of youth entering the labor market. In the meantime, China and the United States compensate for aging labor forces by embracing automation – 21st century workplaces and products require skilled labor. Such reliance on automation combined with slowing economic growth may “cloud the future of developing economies which aspire to rise,” by harnessing large youthful populations willing to work for low-wages before transitioning toward more education, skilled technology and service economies. Chanda concludes that India may have to focus on making for Indians rather than making products for the rest of the world. – YaleGlobal Den Rest des Beitrags lesen »

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Indian manufacturing peaked in the mid-1990s. Can its decline be reversed?

Posted by hkarner - 7. August 2015

Date: 06-08-2015
Source: The Economist: Schumpeter
Subject: Stuck on the runway

INDIA is not the place most people would expect to find precision engineering. Yet Guillaume Capato is on the shop floor of the Mahindra Aerospace factory, an hour’s drive from Bangalore, explaining the complexity of an aluminium halter, used to reinforce the fuselage on a jet aircraft. Formed from a single piece of metal into a U-shape using a press, each side is of a different size and shape and drilled with holes of varying dimensions so that the part will precisely match all the other bolt holes around it. The halter is accurate to an exacting degree: it only makes sense to add weight to an aircraft’s structure if it also adds strength. That principle is lost in India, where the weight of regulation has sapped the strength of manufacturing.

Mahindra Aerospace is the sort of modern, jobs-rich enterprise that Narendra Modi, India’s prime minister, probably had in mind when he launched his “Make in India” drive a year ago. Components produced here must meet the strict standards of the global aircraft industry. In June the firm, an offshoot of a family business better known for rugged SUVs, won a landmark order from Airbus. Mr Capato, who worked at the European planemaker for 14 years, helped set up the factory two years ago. It is full of spiffy kit—from giant ovens for heat-treating metals to fluorescent light chambers to help check for scratches (a tiny nick means a part is junked). Each bit of equipment requires a matching skill. Mr Modi wants more of this and has criss-crossed the world pitching the idea of manufacturing in India. It is a tough sell. The share of manufacturing in the economy peaked in the mid-1990s. It will take more than the glad-handing of world leaders to revive it. Den Rest des Beitrags lesen »

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Modi’s rule: India’s one-man band

Posted by hkarner - 22. Mai 2015

Date: 21-05-2015
Source: The Economist

The country has a golden opportunity to transform itself. Narendra Modi risks missing it

A YEAR ago Narendra Modi came to office promising to bring India “good times”, by which he meant jobs, prosperity and international renown. His progress has been frustratingly slow. The problem is hardly a lack of opportunity. Voters gave his Bharatiya Janata Party (BJP) the biggest parliamentary mandate for change in 30 years. Mr Modi has concentrated more power in his own hands than any prime minister in recent memory. The problem is that India needs a transformation—and the task is too much for a one-man band.

There is no doubting Mr Modi’s conviction that India is about to achieve greatness, and he may well be right. Within a generation, it will become the planet’s most populous nation. It could be one of the world’s three largest economies. And it could wield more influence in international relations than at any time in its history. But, in his heart, the prime minister believes that only one man is destined to lead India down this path: Narendra Damodardas Modi. Den Rest des Beitrags lesen »

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India’s New Government Messiah

Posted by hkarner - 5. August 2014

Author: Satyajit Das  ·  July 30th, 2014  ·  RGE EconoMonitordas


To the unrestrained delight of investors and financial markets, Narendra Modi has prevailed in the audition for India’s newest Messiah.

14036449217_ffa10f12b9_m The incumbent has been received rapturously, with commentators running out of superlatives and comparisons – Thatcher, Reagan and several Indian gods. Indian stocks, up over one-third since September 2013, and the rupee, up about 15 per cent over the same period, have a lot of good news built in to the price.

The conservative Bharatiya Janata Party’s (“BJP”) convincing victory saw it gain a rare majority in its own right, winning 282 out of 543 seats in the lower house (the Lok Shoba). In conjunction with its allies, the BJP will control around 333 seats (61% of the legislature), an unprecedentedly comfortable majority in India’s generally fractious coalition politics.

The win was based on appeals to Hindu chauvinism and the young, increasingly urban classes (India’s ‘selfies’). The electorate was tired of corruption, lack of progress, incompetent leadership and resistant to the perpetuation of the Nehru/ Gandhi “sexually transmitted democracy” (a phrase coined by writer William Dalrymple). A tired, ineffective and dysfunctional Congress led government had conceded defeat a long time ago, unwilling to waste political capital in what they saw as a lost battle.

But governing will prove more difficult than winning power. Meeting the weight of popular expectations may prove impossible. Den Rest des Beitrags lesen »

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