De Dollarization is happening at a Stunning Pace. India's move so far !!!!!

The exercise of de-dollarisation, which was primarily on the drawing board for decades, is now taking wings. The process  has  accelerated following the  onset of the Russo-Ukrainian war and the subsequent, unprecedented sanctions against Russia. Almost surely the principal factor driving countries to move away from the current global financial system is, the U.S. government’s ability and ever-increasing willingness to weaponize the dollar against its political adversaries and those who refuse to go along with its political program.

The establishment of an alternative global banking system by other countries like  China, India, Brazil are slowly taking steps.  Several days ago China & Brazil  has decided to  dump the U.S. dollar as an intermediary currency &  will now conduct bilateral trade in their own currencies, exchanging yuan for reais.

Beijing has similar currency deals with Russia, Turkey, Pakistan, and several other countries—and it continues to expand that list of countries. Members of the China-led Shanghai Cooperation Organization (SCO)—a bloc that consists of China, Russia, India, Pakistan, Uzbekistan, Kazakhstan, Tajikistan, and Kyrgyzstan—agreed to increase the use of their national currencies in trade between the countries.

India, also considered an ally of the United States, like China, has stepped up its efforts to internationalize its own currency, the rupee, and in doing so is helping to further the de-dollarization trend.

The Reserve Bank of India (RBI) has already given its nod to various banks from 19 countries to open Special Vostro Rupee Accounts (SVRAs) to facilitate transactions in rupees(INR ₹). Latest country joining  is  Bangladesh in addition to Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka,Tanzania, Uganda, and the United Kingdom

Many more countries have also expressed their interest in transacting in the Indian currency ₹. The global acceptance of India’s digital payment systems like the Unified Payments Interface (UPI) has been steadily increasing in the last few months.

 

The BRICS (Brazil-Russia-India-China-South Africa) block is also looking at developing a new reserve currency based on a basket of currencies of the member nations.

Many pundits have opined that the exercise to make the Indian rupee global is still just a dream at this time. There is no doubt that there are several challenges to this exercise but let us take one step at a time. The process has begun, we need to see if this can be a success.

Lithium finding in India , EV industry Charged Up..

As India gears up to boost electric vehicle (EV) adoption, the massive find of lithium reserves in the country has built up  excitement , hope of self-Reliance & brightened up the prospects for the country in the field of EV battery cell manufacturing. 

According to the Council on Energy, Environment and Water (CEEW), the country will require USD 4.5Billion of investment to meet its domestic lithium-ion battery manufacturing target of setting up 50 GWh of lithium-ion cell and battery manufacturing plants. India's lithium cell production is projected to be 900 GWh by 2030.  

 "The 5.9 million tonnes of lithium reserves found in J&K, If completely extracted and converted into battery-grade Lithium  salts can support up to  great extent   though  the   details about quality, nature etc are yet to be fully established.

Lithium is  the lightest  metal & lightest  solid element . Being highly reactive   not found in its elemental form.  Mostly found in concentration with other materials in the form of oxides and carbonates. Extracting & converting the raw lithium to battery-grade lithium calls for a series of refining processes some of  technology are not available  in India. Very few Global companies  have  such expertise  and being doing this for decades.  

Though the EV penetration in India  till 2020  was very small , the EV penetration in India is slowly but steadily increasing, especially in the e-scooter segment. Now, the four-wheeler manufacturers have also joined the bandwagon,  specially Tata Motors  , M&M pushing India's aim to significantly cut the dependency on traditional fuels and internal combustion engine-driven vehicles by 2030.  

The slogan EV30@30  which means ,  the government expects the EV sales penetration to be 30 per cent by 2030. for private automobiles. 70 per cent for commercial vehicles, and 80 per cent for two and three-wheelers, which would not only reduce the country's oil import bills in the longer term, but also ensure a cleaner environment.  

The discovery of Lithium is vital as it comes at a time when India is going all out for a green transition in transportation,, where electric vehicle adoption has become a national priority..

India's Namaste Greeting Go Global Amid Coronavirus Outbreak

India prides itself on popularizing yoga and meditation in many parts of the world. Its looks like another practice   the traditional greeting, the "namaste", described as “virus-proof,” goes global as some world leaders adopt it amid the coronavirus pandemic.

Hand hygiene has emerged as the foremost preventive measure against the spread of coronavirus and this has sidelined the handshake, the 'namaste' is increasingly becoming popular.

"Namaste,” a combination of two Sanskrit words Namas & Te, translates into “bowing to you” and does not involve skin contact and allows people to maintain a distance.  

Here is embed video   from BBC

Mumbai Police sets up Punishing Signal to stop unnecessary honking. (watch the video)

There is a truth universally acknowledged by drivers in India: Honk your horn loud enough and the traffic lights will surely change to green. 

How many times has it happened that you are standing at a traffic signal and people waiting behind you kept honking repeatedly, even when the light was red? 

Fed up of impatient drivers, police in Mumbai have come up with a new system to punish those who cannot wait at traffic lights in silence.

The new system, said the police, was quite simple: “Honk more, wait more.”

Known as “the punishing signal”, Mumbai police installed a rigged traffic light system to tackle the problem of “reckless honkers”, which resets  the red traffic signal to a longer duration,  every time the sound of horns goes above 85 decibels and  one need  to wait more.

Great Idea!!!!! This will surely  bring discipline  and responsibility among the drivers in Mumbai.

Please  see the video  which was released by Mumbai Police.

Number of crorepati taxpayers up 20% to 97,689 in AY 2018-19: CBDT data

The Central Board of Direct Taxes  of India (CBDT) has now come out with a detailed break-up of data collected from income tax returns (ITR). 

According to the report, the number of crorepati taxpayers in India shot up 20% to 97,689 during assessment year I,e AY  2018-19 or FY 2017-18. 

The number of such individuals having taxable income of over ₹1 crore stood at 81,344 during AY 2017-18.

Here are few   important  statistics:

  India's super-rich club of those earning taxable income of above ₹500 crore has only 3 individuals.  

over 1.7 lakh people filed income tax returns with zero income.

There were at least 89,793 people in India who earned in between ₹1 crore and 5 crore. In the ₹5-10 crore income bracket, India had 5,132 taxpayers while the ₹10-25 crore range had a little more than 2,000 individuals

If the salary break-up is considered, most of the taxpayers (over 81 lakh) seem to be earning a salary in between ₹5.5 lakh and ₹9.5 lakh. The average salary income in this category is ₹7.12 lakh.

If taxpayers across categories like individuals, HUFs, companies, firms, etc are included, the number of those with taxable income of more than ₹1 crore per annum rises to about 1.67 lakh, a 19% jump from the previous year.





Over all, more than 5.87 crore income tax returns were filled, as per the statistics generated from e-filed returns (digitally signed, e-verified or where ITRV has been received) submitted up to August 15, 2019.

The data revealed that over 5.52 crore individuals, 11.3 lakh HUFs, 12.69 lakh firms and 8.41 lakh companies were among those who filed returns. 

Here is the link to the report.