All things Money Thread

Big Daddy

Super User
Anyone doing farming should take a cue from all of this. The government used to pardon farm loans earlier. This government asset sale is because of those pardons and non-performing assets. The cue is to get out of those non-profitable businesses because next time around there won't be any bailouts. India sucks. The whole idea of bailouts was to give time for people to transition into a better future. However, Indians never get any cues. They assume that those entitlements are going to continue to eternity.

Part of the frustrations shown in media is just a reminder of those eternal expectations. These shocks will be new normal. Modi is a socialist. He is turning into Capitalist because socialism has essentially bankrupted India.
 

adsatinder

explorer
Manmohan Singh calls $5 trillion economy target 'wishful thinking'

businesstoday.in

Feb 20, 2020 8:48 AM

Singh says like $5 trillion economy by 2024-25 is wishful thinking, there is also no reason to expect that farmers' income will be doubled in three years

BusinessToday.In New Delhi Last Updated: February 20, 2020 | 08:48 IST


Former prime minister Manmohan Singh has said Modi government doesn't acknowledge the word "slowdown" and warned of real dangers if corrective action will not be taken on time.

"...we have today a government that does not acknowledge that there is such a word as slowdown. I think this is not good for our country," Singh, while addressing a gathering at the launch of Montek Singh Ahluwalia's book 'Backstage: The Story behind India's High Growth Years', said. He also cited the former Planning Commission's observations to state that achieving the $5 trillion economy by 2024-25 was just "wishful thinking".

He said the current dispensation at the Centre didn't recognise the real dangers to the economy. "If you do not recognise the problems that you face, you are not likely to find credible answers to take corrective action. That is the real danger," Singh said.

Talking about Ahluwalia's book, Singh said just like achieving $5 trillion economies by 2024 was "wishful thinking", one could also not believe on the government's claim of doubling farmers' income. "Montek has also pointed out that contrary to what the ruling group may say, today the USD 5 trillion economy by 2024-25 is wishful thinking. Also, there is no reason to expect that farmers' income will be doubled in a three-year period," he said.

He said there's a need for bold and new reform measures. "I do believe that there is a need for re-thinking of the reform process fresh. The second generation of reforms requires new pathways and these new pathways can emerge only with a solid discussion of the alternatives," Singh said.

Singh, who has been a staunch critic of the Modi government, in November said the state of Indian economy was quite bad. He added that a sharp dip from 5 per cent in the first quarter to 4.5 per cent in the second is worrisome.

With agency inputs











 

adsatinder

explorer
The mental health cost of an economic slowdown in India: 'My hope is dying, I feel isolated and depressed'

firstpost.com

Feb 20, 2020 9:21 AM

Many across the country are worried about the depleting state of the Indian economy.

Despite being consoled by the Home Ministry, that it is temporary, the consequences of an unstable economy on psychosocial well-being cannot be overlooked.

The overall economic slowdown shows up into the perils of mental turmoil in ways it is associated with people's lives — be it about jobs, affordability or other financial matters such as debts.

“I don’t know what lies ahead in the future. I am still trying to find a job but my hope is dying. I feel isolated and depressed,” says Jyoti, a 24-year-old with a postgraduate degree in business studies. “Every time I read about the economy of India, it is barely happy news.” Like Jyoti, many are worried about the depleting state of the Indian economy. Despite being consoled by the Home Ministry, that it is temporary, the consequences of an unstable economy on psychosocial well-being cannot be overlooked.

From 6.6 to 4.5 percent in gross domestic product, the country’s economy propelled into an insidious slowdown. Reportedly it is carrying with itself a demonising inflation, a job crisis with the highest unemployment rate in 45 years, and a subtle possibility of a recession as recently warned by Nobel laureate, Abhijit Banerjee. What this means to the common individual is evident in the context of livelihood but in India, less attention has been given to the mental health outcomes of the poor economy.



Representational image. Photo via Reuters

The first step to exploring this connection stems from recognising the mental health of a person as a significant contributor to a nation’s economic capacity. Mental health is an amalgam of biological, psychological, social, interpersonal and occupational functioning which is eventually responsible for growth not just of the individual alone but also of the community they are a part of. Hence, in this context, mental health is equivalent to being addressed as mental capital.

The World Health Organization (WHO) recognises economic crisis having a major role in the development of mental health problems. In a report that studied this impact in the European continent highlighted a reciprocal relationship between poor mental health and economic depletion. Unemployment, poverty, job insecurity, inflation are all drivers of poor mental health outcomes but conversely mental health issues also affect economic growth.

The “signs and symptoms”

The overall economic slowdown shows up into the perils of mental turmoil in ways it is associated with people's lives — be it about jobs, affordability or other financial matters such as debts. Unemployment becomes one of the primary “symptoms” that lead to mood-based issues such as depression and anxiety or an increase in consumption of substances such as alcohol.

In the month of December, the unemployment rate in India escalated to 7.7 percent as per the data released by the Center for Monitoring Indian Economy (CMIE). Synchronising to this information, 14 percent of all the suicides recorded by the National Crime Records Bureau in 2018 were due to joblessness.

It is likely for companies and organisations to lay off employees in large numbers to survive economic slowdowns causing a surge in stress that may escalate quickly. Major firms such as OYO, Cognizant and OLA have reportedly let go of many employees as a result of this decline. “I don’t think I am suicidal but I am definitely on that path,” says Vaibhav*, an IT worker based in Delhi who was recently a part of a massive lay off in one of the companies. “I am applying to other places but this has affected what I think of myself and my abilities.”

Feelings of worthlessness, helplessness, insecurity, loss of autonomy become primary markers of distress caused by mass unemployment rates. Research on mental health impact of recessions in Spain has highlighted such feelings among people who were laid off following a negative labour demand shock — an abrupt downfall in demand of workers.

“What the slow economy does is that it really intensifies the already prevailing ideas of capitalism. It asks people to work harder than ever before. Competition is not only implied but normalised, promoted as the only way to be,” says Radhika Sharma, a Mumbai-based psychiatric social worker. “What workplaces tell people about themselves becomes a strong voice that guides their sense of self and their identity.”

Other than joblessness, job-burnout is also a critical consequence of economic slowdown. Now recognised as a diagnosable condition as per WHO, burnout is a prolonged response to workplace stress, characterised by emotional exhaustion, detachment from customers/clients and feelings of personal inefficacy. In the 2008 slowdown in India, employees belonging to manufacturing and healthcare sectors suffered moderate to high levels of burnout.

“One of the primary feelings that I work with in therapeutic conversations is that of ‘I am not good enough’. Where did this really come from? With dwindling jobs and economy, where is the space to even think about these links? As always with the economy taking a hit, we see mental health being pushed to the margins,” Radhika adds.

Who will suffer the most?

3,92,705 is the projected number of farmer suicides between 1995-2020 as predicted by PC Bodh, an Indian Economic Officer (1987 Batch) in his recent book, Farmer Suicides in India: A Policy Malignancy. There have been debates whether farmer suicides are mental health or an economic issue but this polarisation does not benefit anyone. Rather there is a push for a narrative which views mental health as both an economic and eventually a political issue.

Farmers remain one of the most adversely affected groups of a poor economy in India despite their ample contribution to the country's growth. Additionally, people from low socioeconomic backgrounds and those intersecting with other marginalisations are bound to experience more distress resulting from economic strains. As per the report by WHO, these groups include but are not limited to children, single-parent families, ethnic minorities, migrants and older people.

“There is a whole lot of data telling us that mental health and economic class are deeply interlinked. So are other factors such as caste and gender. It is indeed very likely for people belonging to such sections to be on the primary receiving end of such blows,” Radhika adds, reflecting on the populations likely to suffer the most from a bad economy.

A population usually left out of such discussions includes women working in informal sectors. In a paper, Indra Chakravarthi highlights the plight of women and how their working conditions affect physical and mental health. The paper quotes, “The impact on women’s health, of the double burden of poor working conditions as well as of taking care of families with such poor wages, its implications for access to essential goods and services, can only be understated.”

“Informal sector is a whole different gamut,” Radhika says. “Homemakers yet another. I also do know that many mothers I work with are finding it harder to get back to jobs after having children or having to work harder if they find a job to prove their relevance.”

It is not surprising to note that in a world dominated by capitalist thought more people seem to be worried about how a person’s deteriorating mental health will prove to be a “burden” on the country’s economy instead the other way around. The question remains: what solutions are suggestible to fight this deeply complex malady?

While psychotherapy and medications account for primary responses to issues, they only operate on the surface. Radhika advocates for changes on the larger scale to reach the roots of the problem. “We definitely need systemic level changes to support people’s personal journeys of healing. Else, sustainable well-being will always continue to remain a challenge. People who have access to modes of healing such as therapy struggle to meet challenges when they go outside because the outside world (for eg, economy) continues to fail them by pushing the finish line farther and farther away.”



 

Big Daddy

Super User
The Indian government is turning to NRIs to raise taxes. The problem is that NRIs are going to fight back too. Some Indian banks assumed that they can milk NRIs by raising the minimum required amount and then fine them. Guys like me closed the accounts. Enough of this stupidity. Money is one thing everyone is after and no one has free money sitting idle that India can just go and demand.

 

adsatinder

explorer
Gold mine found in UP's Sonbhadra
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•Feb 21, 2020


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Lucknow: UP govt is preparing to auction tonnes of gold reserve found in Sonbhadra district of the state. As per reports of Geological Survey of India and Uttar Pradesh Directorate of Geology and Mining, the estimated gold is said to be around 3,500 tonnes at Son Pahadi and Hardi village area.The UP government has started the process for allocation of blocks where gold is said to be found. A large reserve of gold has been confirmed in Hardi village in Kone region and Son Pahadi in Mahuli region. The government has also constituted a seven-member team for auctioning of these blocks through e-tendering process. The team will be geo-tagging the entire region and will submit its report to the Directorate of Geology and Mining, Lucknow by Feb 22.
 

adsatinder

explorer
3500-tonne gold mine estimated at Rs 12 lakh crore found in UP, five times bigger than India's reserve

As per the World Gold Council, India currently has 626 tonnes of gold reserves. The new reserves are almost five times that amount and estimated at Rs 12 lakh crore.

Published: 21st February 2020 08:21 PM | Last Updated: 21st February 2020 09:56 PM

Gold

For representational purposes

By Namita Bajpai

Express News Service
LUCKNOW: The UP government has stricken the gold, this time, in a literal sense. The authorities concerned have confirmed the presence of gold mines in Son Pahadi in Mahuli and Hardi village under Kon police station area of Padrakh village panchayat in the tribal district of Sonbhadra.
After the confirmation of the presence of over 3500 tons of gold reserves in the mountainous range, Uttar Pradesh government is preparing for the auction of the rocks containing gold through e-tendering and has also constituted a seven-member team for the purpose.
The team will be geo-tagging the entire region and will submit its report to the Directorate of Geology and Mining, Lucknow, by February 22.
As per reports of Geological Survey of India and Uttar Pradesh Directorate of Geology and Mining, the estimated gold is said to be around 3,589. 76 tonnes – 2943.6 tonnes in Son Pahadi and 646.16 tonnes in Hardi village area.
According to authorities, as per estimation of World Gold Council, India currently has 626 tonnes of gold reserves. The new reserves are almost five times that quantity and estimated to be worth Rs 12 lakh crore.
The work for finding gold reserves in Sonbhadra started in the year 1992-93 under the aegis of Geological Survey of India. It was reportedly the British who first initiated the process to find gold reserve in Sonbhadra region.
The 9-member team of officials, led by Mining officer-in-charge of the district, Vijay Kumar Maurya reached the block to hold discussions with the forest officials and revenue officials for the demarcation of the block where the gold mine has been spotted.
“Demarcation will be followed by e-tendering for awarding mining contracts and them mining will commence,” said an official who was part of the 7-member team.
The rock which is supposed to have the gold mines is spread over an area of 108 hectares. Besides, there is a possibility of the presence of many other minerals in the range.
The sources claimed that an aerial survey of the area through a chopper was being conducted for the last 15 days. The aerial survey is being conducted to look for the possible presence of uranium in the area.


3500-tonne gold mine estimated at Rs 12 lakh crore found in UP, five times bigger than India's reserve
 

Big Daddy

Super User
This is not a big deal. In fact, India should leave it alone. This is a gimmick. This is not a new finding either. There is a lot of gold to be found, but not enough gold can be found and mined economically. India does not need another loss-making gold mining company. There was a time when Kolar Gold Fields threw ore away because the grade for ore was low. Later they recovered that same ore so that they can leach gold out of it because gold prices were high and the government wanted to keep people employed. Kolar gold fields ran in losses for a very long time.

It is not like India found raw gold sitting in a temple. Gold inside rocks need heavy equipment, environmental remediation, mineral processing, and many other capital investments. When you consider it all, there is no proof that the venture is a profitable one. This is headed for another non-performing asset idea.
 

citymonk

Super User
When you consider it all, there is no proof that the venture is a profitable one. This is headed for another non-performing asset idea.
British knew about it and place was named Son Pahari in their times. They too decided not to mine ore from there.
It is election time in UP, no wonder Uranium too along with Gold has been found there.

 
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