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A sight to behold! For the first time ever #EconomicSurvey sources Wikipedia - page 150 Image
#EconomicSurvey surprisingly uses rhetoric. Sounding a tad defensive, chapter 10 is entitled "Is India’s GDP Growth Overstated? No!"
#EconomicSurvey Taxpayer’s investment in public-sector banks (PSBs) must rank as one of the largest subsidies as the foregone amount of over Rs 1.4 lakh crore compares to amount provided for food subsidy Image
public-sector banks (PSBs) gross nonperforming assets (NPAs) = Rs 7.4 lakh crore; which is more than 150% of
total infrastructure spend in 2019.
In 2019, public-sector banks (PSBs) collective loss—
largely due to bad loans—amounted to over Rs 66,000 crores, an amount that could nearly double the nation’s budgetary allocation for education #EconomicSurvey #EconomicSurvey2020
#EconomicSurvey As of Jan 20, 2020, every Re 1 of taxpayer money invested in public sector banks (PSBs) fetches a market value of 71 paise. In stark contrast, every Re 1 invested in new private banks (NPBs) fetches a market value of Rs 3.70 i.e., 5X of PSB investment.
Juxtaposed to PSB's & large corporate defaults, #EconomicSurvey talks of MFIs acheiving both social & financial returns. Entities -- who lend 97% to women SC/ST borrowers; of which 29-30% are minorities.
#EconomicSurvey suggests to prevent defaults SBI, other banks ought to have been stalking Vijay Mallya's helicopters. Recommends geo-tagging assets of loan borrowers. #VijayMallya #Kingfisher #loandefaults #NPAs Image
#EconomicSurvey also admits that there is the risk that "said borrowers" (imagine Vijay Mallya) aren't at all going to be happy at this infringement on their privacy/movements. ROFL!!!! Image
(Imagine Vijay Mallya or Nirav Modi) #EconomicSurvey says it would be costly to track the movements/actions of borrowers after loans have been sanctioned. Image
#EconomicSurvey then talks about how banks will collect data to make better loan decisions. Combined with the new #DataPrivacyBill which says government/entities can collect such information without user consent -- would give rise to concerns. @anivar @vinaysreeni Image
@anivar @vinaysreeni Among data pools of information for loan issuance will be Aadhaar (UIDAI), Income Tax dept, GST filings, fintech players, account aggregators #EconomicSurvey @anivar @vinay Image
@anivar @vinaysreeni @vinay PSBN (PSB Network)-- for assessing credit-worthiness of loan borrowers (corporate/individuals) -- will have access to data, spanning 50 years @MeghaMandaviaET Image
@anivar @vinaysreeni @vinay @MeghaMandaviaET #EconomicSurvey recommends bank employees be given a stake in public-sector banks (PSBs) so that their skin is in the game w.t.r to bank performance Image
@anivar @vinaysreeni @vinay @MeghaMandaviaET #EconomicSurvey also bent on giving us history lessons. Talks of trade with the Persians and highways like Uttarapatha, Dakshinapatha
@anivar @vinaysreeni @vinay @MeghaMandaviaET And while giving said history lessons, AD is not Anno Domini, but "After Death" according to #EconomicSurvey
🤣🤣🤣 thanks @ParthaSTOI Image
@anivar @vinaysreeni @vinay @MeghaMandaviaET @ParthaSTOI Screw IMF's 4.8% GDP forecast or state-owned SBI's research expecting 4.6% - #EconomicSurvey predicts 6-6.5% growth. That's our story & we're sticking by it!! #GDP #GDPforecast #IMF #SBI #EcoSurvey Image
@anivar @vinaysreeni @vinay @MeghaMandaviaET @ParthaSTOI Strangely, #EconomicSurvey has a chapter on the great Indian #thali. And says non-vegetarians have an upper edge! Because of decline in prices of vegetables, cereals, pulses, fuel etc over last 5 years, survey says a family of 5 eating 2 veg thalis a day saved Rs 10,887 a year...
@anivar @vinaysreeni @vinay @MeghaMandaviaET @ParthaSTOI , while non-veg household saved Rs 11,787 a year.
@anivar @vinaysreeni @vinay @MeghaMandaviaET @ParthaSTOI But when it came to affordability vs salary of average worker, affordability of veg thali improved 29% compared to non-veg thali's 18%.
@anivar @vinaysreeni @vinay @MeghaMandaviaET @ParthaSTOI No such thing as inflation. Everything getting more affordable in India - according to #EconomicSurvey ...now I'm left wondering if the veg thalis surveyed like the FM's also didn't have onions #Onions #onionprices #foodinflation Image
@anivar @vinaysreeni @vinay @MeghaMandaviaET @ParthaSTOI In a chapter on "When Government Intervention Hurts More Than It Helps," #EconomicSurvey says govt shouldn't have meddled with onions or onion prices Image
@anivar @vinaysreeni @vinay @MeghaMandaviaET @ParthaSTOI "Absent government intervention through ECA, traders would store a part of their produce to ensure smooth availability of a product at stable prices throughout the year" -- #EconomicSurvey on #onions
@anivar @vinaysreeni @vinay @MeghaMandaviaET @ParthaSTOI #EconomicSurvey recommends food grain markets be opened up for private players ImageImage
@anivar @vinaysreeni @vinay @MeghaMandaviaET @ParthaSTOI India always has the problem of surplus vs deficits from farmers trying to cash in on a trend.#EconomicSurvey recommends, "farmers need 2 b empowered through direct investment subsidies & cash transfers, which are crop neutral & do not interefere with farmers' cropping decisions"
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