Defanging #APMCs mean👇

Farmers can sell directly to processors,at price they wish to,with no middlemen

Farmers can sell beyond Notified Mandi

#MSP to continue

#TradeCartelisation to end

@narendramodi gov creating single #AgriMarket
My Oped @firstpost
firstpost.com/india/defangin…
While @HarsimratBadal_ has politicised the issue,#Punjab,an @INCIndia ruled State,is one of the few States that already allows #ContractFarming,in select commodities,to farmers,via separate State legislation..So opposition to #FarmBills by Congressis&Akalis,is not about Farmers!
Are #Akalis opposed to #FarmBills of @narendramodi govt,as these Bills once they become Acts,will strip Mandi Traders,wily Commission Agents,Food Processors,Exporters&Marketing Committees of #APMCs,of the brazen power they wield,forcing farmers to sell their produce,dirt cheap?😑
Farm legislations will allow @narendramodi govt to invoke #EssentialCommoditiesAct only if retail prices rise 50% for non-perishables&100% for perishables, over average retail prices in preceding 12months or last five years--diluting EC Act of 1955,is last nail for Nehruvianism!
Earlier,due to EC Act,there were Stock limits&restrictions on quantity that #FoodTraders could buy from #Farmers;Due to lack of storage,farmers would get rid of surplus at distress prices--Now,with no stock limits,both traders& farmers,will gain,without fear of hoarding surplus💪
Why are "Farmers" protesting?

Let us get this clear--it is not farmers but wealthy owners of existing Mandis,with political connect,who are protesting,as #Mandis set up under #APMC Acts,have been excluded from definition of #TradeArea,under new legislation by @narendramodi govt
Why did @narendramodi gov exclude existing Mandis from definition of trade area?

It was done to give #Farmers a choice-they can sell either in Mandi or new #TradeArea,outside current #Mandi

Mandi owners don't want competition--@narendramodi has broken their monopoly;that simple
Why are protests largely in Punjab?

Bills by @narendramodi gov say,no fees will be levied on farmers/ traders,in #TradeArea

Charges in Punjab are 8.5%-Market fee of 3%,Rural development charge of 3%&Middleman commission of 2.5%

No wonder,vested interests from #Punjab are vexed
Also,under new system by @narendramodi gov,any trader with PAN card can get license&buy farm produce from trade area or Mandi

It means more competition for Middlemen or #Arhatiyas,who till now,had monopoly in Mandis

More players in Mandi,will reduce transaction cost for farmers
Protests about #DisputeResolution are misguided

Any dispute between #Farmer& counter-party will be settled by #ConciliationBoard,appointed by Sub Divisional Magistrate

Why go to #CivilCourts,which are already burdened,is the logic by @narendramodi govt&it is absolutely right!

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More from @Sanju_Verma_

28 Apr
Spate of Q4FY21 results showcase #Economy is on track

#ICICIBank reported Profit of Rs4402Cr,a 260% jump YoY,with NII up a solid 16.8% at 10431Cr

Tech companies have done well,with #TechMahindra reporting Dollar Revenue growth of 1.6% QoQ &Margins up 10bps at 16%
#Modinomics💪
#HCLTech also reported good numbers with Dollar Revenue up 3% QoQ

IT&Business Services segment grew 4.4% QoQ

Even for #MarutiSuzuki,while Profit fell,it managed to have Gross Margins at 26%,Vs 27.5% QoQ

Margin above 25% despite challenges thrown by Pandemic,is good
#Modinomics
In Banking space,besides great results by #HDFCBank& #ICICIBank, #AxisBank too reported good results, with Profit at Rs2677Cr,Vs loss of 1388Cr,YoY

While Gross&Net NPAs of Axis rose 15%&52% YoY,with Provisions down 28%,good news is NII is up 11% at Rs7555Cr

#Economy #Modinomics
Read 5 tweets
18 Apr
Big news this week on economic front has been,inclusion of Healthcare sector under @narendramodi govt's ECLGS scheme,which gives collateral free loans to MSMEs

India reporting $20bn Trade surplus with USA,in goods&$8bn in Services,bodes well too

RBI had 25000Cr auction of GSAP
Excellent move by RBI to refuse to sell securities to PDs or even allow devolution--result was,10yr bond yield that shot up to 6.13% on Thursday,on day of GSAP auction,quickly cooled off to 6.07%,by Friday

Short sellers were trapped by RBI,preventing any hardening of yield curve
Fact that economy is on track, endorsed by solid Q4 results from #HDFCBank,with Profit up 18% at Rs 8186Cr&NII up 12% YoY,at 17120Cr

Deposits up 16%
Advances up 14%;Wholesale Loans up 22%

NIM came at a good 4.2%

GrossNPA down to 1.32% from 1.38% QoQ,while NetNPA steady at 0.4%
Read 6 tweets
16 Mar
India's Exports (Merchandise &Services) in April-Feb FY21,are $439.64bn,down 10.14%,YoY

Imports in April-Feb FY21 are $447.44bn,down 20.83%

But in Dec'20,Jan&Feb'21,#Exports started picking up,with Feb growth at 0.67%&2.46% in Dollar &Rupee terms

Export growth in Dec was 5.37%
Exports in Feb'21 were $27.93bn,Vs $27.74bn in Feb20,up 0.67%

In Rupee terms,Exports were Rs 2.03 lakh Cr in Feb'21,up 2.46%

Imports in Feb were $40.54bn/Rs 2.95 lakh Cr,up 6.96% in Dollar terms &8.86% in Rupee terms,YoY

Trade Deficit in Feb21 was $12.88bn,Vs $10.16bn in Feb20
Interestingly,in April-Feb 2020-21,TradeDeficit is only $7.80bn,Vs deficit of $75.90bn in April-Febr 2019-20

Merchandise #TradeDeficit of $12.62bn in Feb21 is much lower Vs $14.54bn in Jan21

Lower Trade deficit in FY21,not due to slowdown alone,but due to better terms of trade
Read 6 tweets
5 Feb
RBI Governor leaving Repo unchanged at 4%,ReverseRepo@ 3.35%&Marginal StandingFacility@ 4.25%,on expected lines

Interestingly,MPC voted for status quo unanimously,which is good news

GDP growth projected at 10.5% in FY22,Vs Modi Govt's projection of 11%&IMF's 11.5%
#CreditPolicy
Despite a massive Rs 12 lakh Cr of govt borrowings estimated in FY22,the good thing is,weighted average cost of funds has been 5.78%,so @narendramodi govt will be able to borrow at competitive rates

Accommodative Stance by RBI Governor,bodes well

Reserve money rose by 14.5% YoY
Enough #Liquidity there in system,in LAF window,with banks provided addnl liquidity of Rs 1.53 lakh Cr

Hence,#CRR will be hiked back to 3.5% from 27th March 2021&to 4% from 22nd May,2021

For 1HFY22,#Inflation projected at 5-5.2%,from earlier range of 4.6-5.2%

#RBICreditPolicy
Read 6 tweets
4 Feb
Critics have asked,wrt #Budget2021, how will @narendramodi govt manage finances

Well,for every rupee in govt coffers, 53paise will come from direct& indirect taxes,36p from borrowings &other liabilities,6p from non-tax revenue like disinvestment&5p from non-debt capital receipts
GST will contribute 15paise in every rupee revenue,corporate tax will contribute 13paise to each rupee earned;8paise for every rupee,will come from union excise duty,3paise from customs duty&income tax will yield 14paise to every rupee collected

Fiscal math has been worked out💪
On #Expenditure side,biggest outlay is for interest payments at 20paise for every rupee,followed by States' share of taxes&duties@16paise

Allocation for #Defence is 8paise &Expense on Central schemes is 14p, while allocation for Central schemes is 9paise

#Budget2021 #Modinomics
Read 6 tweets
1 Feb
Excellent #Budget2021 by @narendramodi govt

16.5 lakh Cr Agri Credit allocation&Rs 1.18 lakh Cr for roads

Massive 34.5% rise Capital Spending at 5.54 lakh Cr

137% rise in Health budget

Income Tax scrutiny reduced from 6 to 3 yrs;No Double taxation of NRIs

#Growth,the focus
Hike in Insurance #FDI from 49% to 74%,pro #Reforms💪

#Dividend income invested In InvITs &REITs,tax free

No advance tax liability on Dividend income

#LIC IPO--BIG

#Disinvestment of BPCL,Pawan Hans,Air India,Concor,IDBI,Beml, Shipping Corp--BIG

64180Cr #Healthcare budget-BIG
5 Mega #Fishing harbours

7 Mega #Textile Parks

Agri Infra Fund to be available to #APMCs

Voluntary #VehicleScrapping policy

20000Cr #Recapitalisation of PSBs

#ARC to take over stressed assets

7 Port projects to be developed via PPP

18000Cr for Bus Transport
#Modinomics💪
Read 9 tweets

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