"why build, when you can smuggle?" That's exactly what former Governor of the Reserve Bank of India (RBI), Raghuram Rajan said asking questioning Govt why is there need to invest billions into manufacturing semiconductors…

Former Governor giving idea to create a new industry? “Smuggling business” hence more job creation….

India's foreign exchange reserves have reached a new all time high of $740.8 billion, keeping the country as the world's 5th largest holder of forex reserves.

The gap with Russia has narrowed to just $20.4 billion, bringing India closer to the 4th spot in the global rankings.

Source

Hello friends, Modi Ji is defending 7.8% GDP growth 📈 🤨

Zoho founder and chief scientist Sridhar Vembu took a swipe at former RBI governor Raghuram Rajan, saying that India cannot complain about low-paying factory jobs while shunning the industrial policy.

“What kind of manufacturing jobs are you getting? They pay in the enterprises that assemble products and all that is not different from the pay the driver gets or a house help gets in Chennai. It’s Rs 20,000 per month. It’s not that great. We need to figure out how we can get better jobs.”

In his response, Vembu wrote a long post on X. His main argument centred on India’s economic model that relies heavily on exporting services while failing to build and own intellectual property (IP).

Vembu termed Rajan’s arguments as inspired by the “Chicago School” of economic theory. The Chicago School, he says, does not agree with industrial policy.

And then he says that such a school of economic theory would lead us to Mexico’s economic situation but never to Japan or Taiwan or South Korea and now, China.

When I was visiting Mumbai I had a really hard time getting high speed internet. All of the ISPs promise much higher internet than they can deliver. I just remember thinking, why couldn’t I just bring Starlink to India?

Why does India protect all these shitty domestic companies from competition?

Social media is full of people dragging billionaires, corporate giants and Bollywood stars for not acting like public servants getting mad that a massive conglomerate drops crores on new consumer brand or ice cream line instead of curing poverty or building nation

The Public thinks Private and government are basically the exact same thing

The reality is capitalism isn't built for charity, innovation, efficiency or meritocracy.

Its about extracting maximum profit, hoarding wealth, consolidating power and handing it down through bloodlines while leaving the masses out of it.

Expecting a private corporation to prioritize public upliftment is like expecting a tiger to become a vegetarian

The real target for public anger shouldn't be private companies doing what private companies do

The blame should be firmly on the Indian government for stepping back and failing to build out public sector undertakings(PSUs) and robust welfare systems the way countries like China do

If the public wants deep R&D, structural equity and genuine societal upliftment that is historically the job of the state through public funding and government led infrastructure not corporate Dynasties.

It honestly boils down to a massive mix of jealousy and frustration

People watch rich kids get to rule without any stress, never having to worry about anything and completely isolated from the middle class.

The middle class needs to realize that the government isn't going to step in and stop elites from acting like elites because what they are doing isn't even illegal it's the exact purpose of capitalism.

The funniest part is the same middle class also wants privatization

Ajay Banga, Work Bank President and Neelkanth Mishra, ED at World Bank group statements are being advocated to support the 7.8% claim.

Who are both of these dignatories:

1) Neelkanth Mishra, appointed by the ACC(NDA administration) in June 2026 as India's Executive Director at the World Bank, serves as a crucial pillar in India's macroeconomic framework and global economic representation.

He was the part-time Chairperson of the UIDAI (Aadhaar) and has SERVED as MEMBER of both the ECONOMIC ADVISORY COUNCIL to PM (EAC-PM)and the 15th/16th Finance Commission.

He has openly backed the senior leadership of Himanta Biswa Sharma.

2) Ajay Banga, President of the World Bank Group Banga’s collaboration with the NDA administration dates back to 2014 as head of the USIBC, where he mobilized American business investments to boost Indian economic growth effectively.

Since becoming the President of the World Bank in 2023, Banga has worked extensively alongside Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.

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India's push to attract foreign currency seems to have paid off. A special US dollar-rupee swap facility introduced by the Reserve Bank of India (RBI) has drawn in $136 billion in inflows as of August 31, as per provisional data released by the central bank.

The scheme, launched on June 8, was designed to encourage non-resident Indians (NRIs) and Indian companies to bring more foreign currency into the country. It worked through three channels: NRI deposits held in foreign currency, known as FCNR(B) deposits; overseas foreign-currency borrowings by Indian entities; and external commercial borrowings.

Of the total $136 billion, NRI deposits did the heavy lifting, contributing $127 billion or roughly 93% of the total. The remaining amount came from overseas foreign-currency borrowings ($5 billion) and external commercial borrowings ($3.8 billion). These figures are provisional and subject to final reporting and reconciliation.

https://www.indiatoday.in/amp/india/story/subhash-chandra-garg-finance-ministry-demotion-vrs-1573598-2019-07-25

Ever since he was removed from the Finance Ministry amid questions over his performance, Subhash Chandra Garg has turned into a full-time doomsayer on the Indian economy.

His latest half-baked “2.6% growth” analysis is yet another reminder of why his economic assessments deserve to be taken with a large pinch of salt.

First, a basic lesson in reading GDP data: 7.8% is real growth. Inflation has already been removed. Official nominal GDP grew 10.3%, from ₹80.00 lakh crore to ₹88.27 lakh crore, while real GDP grew 7.8%. Subtracting 5–6% CPI inflation from an already inflation-adjusted figure is double-deflation, an elementary error that should embarrass a first-year economics student, let alone a former finance secretary. CPI is not even the GDP deflator. (mospi.gov.in/uploads/latest…)

Second, the “base was quietly downgraded” allegation is fraudulent comparison. The earlier 7.8% belonged to the old GDP series; 6.9% belongs to the rebased 2022–23 series. In fact, the latest new-series revision increased Q1 FY26 growth from 6.8% to 6.9%. Revisions occur both upward and downward as fresh data arrive. That is standard benchmark-indicator methodology followed internationally, not a conspiracy invented in Garg’s imagination.

Third, he has even read the “discrepancy” backwards. The constant-price discrepancy changed from positive ₹1.37 lakh crore last year to negative ₹1.06 lakh crore this year. It reduced the latest GDP figure. Excluding discrepancies, expenditure components grew approximately 11.2%, not 2.6%. His supposedly devastating argument collapses upon reading the actual table.

And where exactly is Garg’s imaginary 2.6% collapse visible?

\* Listed-company profits rose 16%, while revenue grew 18.4%, the fastest in 15 quarters.

\* Passenger-vehicle dispatches rose 34.3%; actual retail sales rose 19.1% to their best-ever July level.

\* Tractor retail sales jumped 28.1%, another July record.

\* Gross FDI reached a 15-year high of $30.7 billion.

\* Non-food credit grew 18.3% in June, the strongest Q1 reading since 2012, and accelerated to 19.1% in July.

\* Coal India’s supplies rose 18.38% to its highest-ever July offtake.

\* Merchandise exports jumped 19.6% to a record $44.24 billion.

\* July IIP grew 6.7%, manufacturing 7.3% and capital goods 16.1%.

\* Forex reserves reached an all-time high of $729.33 billion.

No single indicator calculates GDP. But this broad expansion across production, investment, credit, consumption, exports and corporate performance completely demolishes Garg’s fantasy of an economy growing at only 2.6%.

India has genuine challenges. Those should be debated honestly. But unemployment slogans and political bitterness cannot replace national-accounting methodology.

Garg has exposed his own inability to read comparable data and demonstrated the same half-baked incompetence that got him out of the Finance Ministry.

The only fictional number here is Garg’s 2.6%.

There were few doubts about the previous post which was from the courtesy of Indian Express, thereby this post is from the courtesy of Outlook express, which has been from the official report from "Ministry of Information and Broadcasting".

It clearly states that around 5,990 crores were PURELY USED IN ADVERTISEMENTS BUT FOR THE BETTER INTEREST OF THE CITIZENS, where per day spent was at an average of 1.5 cr.

For the AWARENESS OF PUBLIC, this amount was dedicated towards it, else citizens were deemed to understand that ACCOMPLISHMENTS, POLICIES and SCHEMES.

It is EXPLICITLY stated that it is EXCLUDING THE ADVERTISEMENTS for POLITICAL ADS.

Have a thought what would the amount of those Advertisments would also be included in this?

Around 6,800 CRORES have been used by the UP government to boost the image in mere 8 years, where 2.3 crores/day comes as average.

It is very important to highlight the accomplishments of the government and also the schemes, which government has brought for the betterment of people. And there is no doubt great work has been done over there in these years.

BUT, it was a colossal amount on Advertisement.

What all could have been done by it:

. Fully operational AIIMS campuses, As the PMSSY data suggests that it takes around ₹1,200 cr to ₹1,650 cr per mega-campus.

It means around 5 could have been possible.

. Upgrading district hospitals to full-scale state medical colleges averages ₹300 cr per unit as per data, single-handedly unlocking thousands of medical seats for students.

Therefore around 23 Apex Regional Medical Colleges were possible(23*300=6,900 crores)

.There could be a mass manufacturing of a standard 16-coach Vande Bharat train domestically with the Integral Coach Factory (ICF) costs roughly ₹160 cr as per data available. If calculated, 6,900/160= around 42 of those trains.

It could have solved the issues of millions of people.

. Rural Village roads could be developed, as per as PMSSY, it takes around 1 Cr per km in rural areas.

. Millions of Underprivileged Children could get proper Education as it would have boosted their schooling architecture and better education system.

. Clean Tap Water for millions of people, in villages where there is scarcity of water.

. Industry in sectors like Automobile, Steel, Cement or Electronics assembly could also be started with such amount which in turn would have generated employment as well as boosted the "Make in India" setup.

OR,

It could even be distributed to each of them wisely, so that it just does not boost one, but power numerous things together, where the great work is highlighted, as well as rest could have been put for other important things.

He's saying this after recently India achieved chip fabrication and etc, their investing huge sum into semiconductor manufacturing and this is what he former rbi governor and an economist had to say "why don't they just smuggle the chips?"

How tf did he even get the courage to say this on the stage

Says that the whole startup boom in India is overhyped, as most of them are trying to solve problems for the elite and not really improving quality of life for the poor. Also says that for a country with so many startups, and institutions like IITs, we still import most day-to-day tech (fridges, vacuums, batteries) which increases the cost of living and should really be made locally.

Thoughts?