Economic Slowdown that India is facing

epraneeth77 wrote:

True, complicated GST rules have made it tough for businesses. But I hope that it will get simplified in coming days.

GST is not that complicated ...but here in India small traders who were earning big by skipping taxes and real estate dealers may find it difficult to handle because more than anything it hurts them and they may be looking for ways to reduce or evade it , having gotten used to not paying tax for decades..

usha manohar wrote:

epraneeth77 wrote:

True, complicated GST rules have made it tough for businesses. But I hope that it will get simplified in coming days.

GST is not that complicated ...but here in India small traders who were earning big by skipping taxes and real estate dealers may find it difficult to handle because more than anything it hurts them and they may be looking for ways to reduce or evade it , having gotten used to not paying tax for decades..

I have read in news that to file the annual Return of GST, ie GSTR 9 & 9C, it is becoming tough for businesses to understand and update themselves constantly. 

https://www.businesstoday.in/top-story/why-it-is-taking-forever-to-file-annual-gst-returns/story/375671.html

usha manohar wrote:

epraneeth77 wrote:

True, complicated GST rules have made it tough for businesses. But I hope that it will get simplified in coming days.

GST is not that complicated ...but here in India small traders who were earning big by skipping taxes and real estate dealers may find it difficult to handle because more than anything it hurts them and they may be looking for ways to reduce or evade it , having gotten used to not paying tax for decades..

True Usha, most retailers and traders who already were doing honest business, paying taxes etc. did not find GST any more complicated than filing tax returns. They just had to study and understand the GST a bit and that's it.

There is a general slow down which is because of a multiple reasons and there is no denying the fact ..how the Central government is going to tackle it and come out of it will show the capability of the leaders closely connected to the issue

This article shows the reality of our economy ..

https://www.google.com/amp/s/qz.com/india/1706815/indias-economic-slowdown-may-be-worse-than-it-appears/amp/

India is big country so implementation of any new rule may be have some problem in beginning. Perfectness at first stage is not possible, Indian also have many languages. It is also problem. Real state and gold are items in which peoples like to use black money. But after GST and linking of PAN card with bank account it is not easy to invest black money. It is also reason for slowdown. It will take time to change habit of peoples,

usha manohar wrote:

There is a general slow down which is because of a multiple reasons and there is no denying the fact ..how the Central government is going to tackle it and come out of it will show the capability of the leaders closely connected to the issue

This article shows the reality of our economy ..

https://www.google.com/amp/s/qz.com/india/1706815/indias-economic-slowdown-may-be-worse-than-it-appears/amp/

Good comment@Usha. The economy in due course will pick up but now the emphasis of the Modi government is to manufacture military hardware in India. Welcome, change of old Congress policy that put us back by 5 decades to China.

MG Singh wrote:

usha manohar wrote:

There is a general slow down which is because of a multiple reasons and there is no denying the fact ..how the Central government is going to tackle it and come out of it will show the capability of the leaders closely connected to the issue

This article shows the reality of our economy ..

https://www.google.com/amp/s/qz.com/india/1706815/indias-economic-slowdown-may-be-worse-than-it-appears/amp/

Good comment@Usha. The economy in due course will pick up but now the emphasis of the Modi government is to manufacture military hardware in India. Welcome, change of old Congress policy that put us back by 5 decades to China.

Yes , steps are being taken and the new opportunity of opening up industries I Kashmir is bound to spur the economy . The manner in which the UPA and opposition is going on and on about it shows their double standards because under the self proclaimed economic greats Manmohan Singh and Chidambaram we got to see the worst ever growth in 2012 when the GDP stood at 4.4%..

There are hundred and one reasons of GDP going down a bit in recent times. Don't you think that Uber and Ola have provided ride sharing which has reduced the needs of cars? Don't you think that the sales of cars have gone down globally or reached to the stage where sales and need of cars reduced? As far slow down in property, it's for the obvious reasons.

The use of black money is no more possible so the demand has reduced. People have finding it tough to invest by using black money so the transactions have gone down. I really found it funny when Chidambaram signaled 5 which was obviously meant that GDP stands at 5 now. He was not worried that he and family is facing charges of large scale corruption but he was trying to tell that Indian economy was better during his tenure. Manmohan Singh who never spoke even on his foreign visits is now overactive on economical issues in an accent which is best understood by himself.

I am sure the economy will come back on track once people understand that they have to live with the rules and do the business within stipulated law.

suni51 wrote:

There are hundred and one reasons of GDP going down a bit in recent times. Don't you think that Uber and Ola have provided ride sharing which has reduced the needs of cars? Don't you think that the sales of cars have gone down globally or reached to the stage where sales and need of cars reduced? As far slow down in property, it's for the obvious reasons.

The use of black money is no more possible so the demand has reduced. People have finding it tough to invest by using black money so the transactions have gone down. I really found it funny when Chidambaram signaled 5 which was obviously meant that GDP stands at 5 now. He was not worried that he and family is facing charges of large scale corruption but he was trying to tell that Indian economy was better during his tenure. Manmohan Singh who never spoke even on his foreign visits is now overactive on economical issues in an accent which is best understood by himself.

I am sure the economy will come back on track once people understand that they have to live with the rules and do the business within stipulated law.

While economic slowdown is a reality , it is not a worrisome situation. Somevif it is created by small businessmen. There is a very old and established bakery here run by 3 generation of a family. The other day the present owner was grumbling about how the govt has killed all business because of GST. I got talking to him and another shop keeper who happened to be there. Both of them have cut down staff and reduced production. The reason is not because the sales gave gone down but with increased production and profit they have to pay higher taxes. That really stumped me..

usha manohar wrote:

suni51 wrote:

There are hundred and one reasons of GDP going down a bit in recent times. Don't you think that Uber and Ola have provided ride sharing which has reduced the needs of cars? Don't you think that the sales of cars have gone down globally or reached to the stage where sales and need of cars reduced? As far slow down in property, it's for the obvious reasons.

The use of black money is no more possible so the demand has reduced. People have finding it tough to invest by using black money so the transactions have gone down. I really found it funny when Chidambaram signaled 5 which was obviously meant that GDP stands at 5 now. He was not worried that he and family is facing charges of large scale corruption but he was trying to tell that Indian economy was better during his tenure. Manmohan Singh who never spoke even on his foreign visits is now overactive on economical issues in an accent which is best understood by himself.

I am sure the economy will come back on track once people understand that they have to live with the rules and do the business within stipulated law.

While economic slowdown is a reality , it is not a worrisome situation. Somevif it is created by small businessmen. There is a very old and established bakery here run by 3 generation of a family. The other day the present owner was grumbling about how the govt has killed all business because of GST. I got talking to him and another shop keeper who happened to be there. Both of them have cut down staff and reduced production. The reason is not because the sales gave gone down but with increased production and profit they have to pay higher taxes. That really stumped me..

I think this slowdown will slowly go away. Recently in a discussion at the Singapore club, this was the general consensus. I also feel economic recession will take care of itself.

One good thing about the slow down in auto sector is reduced vehicles and pollution on our roads.

usha manohar wrote:

One good thing about the slow down in auto sector is reduced vehicles and pollution on our roads.

It may be change habit of peoples and they prefer to share vehicles.

anil wrote:

usha manohar wrote:

One good thing about the slow down in auto sector is reduced vehicles and pollution on our roads.

It may be change habit of peoples and they prefer to share vehicles.

There was a tendency in developing nations to over indulge in everything. We wanted to build more than necessary , own things in multiples and so on ...the difference between the haves and have nots had grown steadily which was not a healthy tendency for any society. Now is the time to be thrifty and realize that less is more and try to live in harmony with nature rather than run after money and luxury. In that respect the slow down in economy is going to affect everyone to some extent and a whole new structure would arise , hopefully a better managed and better thought out one . 

I think the demand in auto industry will go down further if the trend in oil industry continues for whatever the reasons. Hike in prices of petroleum products is on the cards. 

Down fall in auto industry may be bad for economy but it is good for environment. Indian road have too much vehicle. Even small cities is facing jam problem. if peoples have money they will spend it on other things.

Yesterday finance minister declare some rebates, it will help is improving economy.

anil wrote:

Yesterday finance minister declare some rebates, it will help is improving economy.

Cutting of corporate tax is a welcome step but many economists say that it is a desperate step . However, there is no doubt that the government is trying its level best to deal with the slump .

usha manohar wrote:

anil wrote:

Yesterday finance minister declare some rebates, it will help is improving economy.

Cutting of corporate tax is a welcome step but many economists say that it is a desperate step . However, there is no doubt that the government is trying its level best to deal with the slump .

Peoples who suggest it is also economists. Every one have their own views. Government wants to improve economy. In coming days public will face problem of money inflation. Price of petroliume products are increasing and in these prices of vegetable also increasing. In coming days onion may be touch to 100 Rs per Kg.

The changes in Corporate taxation regime has taken the stock market by it's horns. It's the 2nd successive day of market gain, but I am expecting some corrections(downfall) to take place in the coming days.

Hope more investments come into the economy by this move, if it doesn't happen, then the situation cannot change much. As of now, it looks bright & colorful.

If the government seriously pursues the policy of keeping away foreign goods esp Chinese make , it wd benefit a whole lot of small industries . I feel that small scale and cottage industries should be encouraged  .