On this episode of Shunya One, Shiladitya and Amit are joined by Giridhar Yasa, Chief Technology Officer of Lendingkart. Giridhar talks to us about why access to financial products for MSMEs is a challenge, what Lendingkart does, who they finance and how it was started. They further talk about how is the loan given to small businesses, what is the process like and how is data being collected. Shiladitya and Amit ask Giridhar about the advancement of API and GST and how they aid his model, and the ability to pull information today. Further they talk about what are the tech innovations been done by Lendingkart to keep that edge in the industry and what do the next 3-5 years look like for the company. Tune in for this and much more.Follow Lendingkart Linkedin & Twitter:https://www.linkedin.com/company/lendingkart/https://twitter.com/LendingkartFollow Giridhar Yasa on Linkedin & Twitter:https://www.linkedin.com/in/appaji/https://twitter.com/appajiTweet to hosts @shiladitya & @doshiamit for your questions or reactions to this episode.http://ivmpodcasts.com/shunyaoneYou can listen to this show and other awesome shows on the IVM Podcasts app on Android: https://ivm.today/android or iOS: https://ivm.today/ios, or any other podcast app.You can check out our website at https://www.ivmpodcasts.com/
The OECD says the GST rate should rise, unemployment benefits increased, and the RBA reviewed as the economy adjusts to life after COVID, so SBS Finance Editor Ricardo Gonçalves speaks with OECD Head of Australia and United States Desk Ben Westmore.
Rahul visits Mata Vaishno Devi, calls the pindis or murtis as symbols, and then goes on to tell us how human beings empower or disempower the Devis. Saraswati Mata disempowered by RSS/BJP appointees, Lakshmi Mata by demonetisation and GST, and Durga Mata by farm laws. Rahul of course has the power to give them back the power. Sanjay Dixit explores the profound thinking of baba log.
The latest episode of 603DG is live now wherever you get your podcasts!!!It's been awhile, but we are back with a JAM PACKED episode full of good 603DGness!We talk to the FPO Champion from this summer's GST event The Tri State Challenge, Julie "JUJ" Fredella! Juj talks with us about her impressive victory, the current state of disc golf as a whole, and her thoughts on helping to grow the game in general as well as specifically to new women. You can follow Juj on Instagram at discgolf_juj and support her sponsors Ladies First Disc Golf & Green Light Disc Golf!From there, we talk to Dan Walsh of the Upper Valley Disc Golf Association ahead of this month's Storrs Pond Classic! After a rough 2020, The Classic is back! Dan fills us in on the goings on with this year's tourney as well as pro tips on how you should get ready! Hint, get a costume for the Friday Night Glow Round!!!!Finally, as if that isn't enough, we talk to 2018 WORLD CHAMPION, The People's Champ, and all around nice guy Gregg Barsby! Fresh off the MVP Open at Maple, Gregg and his buddy George from Dark Ace Apparel headed up to Matt Albeee's White Mountain Disc Golf Course in Campton to host a random doubles round on Labor Day! We chat with Gregg about The MVP and what else he's got going on in his life currently both on tour and back in Texas.Please subscribe to our podcast wherever you get yours so you never miss an episode and make sure to tell some friends about it!Contact the show! Like our Facebook page, follow us on Twitter or send us an email!Facebook: @603DGInstagram: @603DGpodcastTwitter: @603DGpodcastEmail: 603DGpodcast@gmail.com603DG was created and produced by Black Shepherd ProductionsGranite State DGA/Granite State Tour:granitestatedga.com, also on Facebook and Instagram @granitestatetourSupport the show (http://603dgpodcast.buzzsprout.com)
Property taxes Most jurisdictions below the state level in the United States impose a tax on interests in real property (land, buildings, and permanent improvements). Some jurisdictions also tax some types of business personal property. Rules vary widely by jurisdiction. Many overlapping jurisdictions (counties, cities, school districts) may have authority to tax the same property. Few states impose a tax on the value of property. Property tax is based on the fair market value of the subject property. The amount of tax is determined annually based on the market value of each property on a particular date, and most jurisdictions require redeterminations of value periodically. The tax is computed as the determined market value times an assessment ratio times the tax rate. Assessment ratios and tax rates vary widely among jurisdictions, and may vary by type of property within a jurisdiction. Where a property has recently been sold between unrelated sellers, such sale establishes fair market value. In other (i.e., most) cases, the value must be estimated. Common estimation techniques include comparable sales, depreciated cost, and an income approach. Property owners may also declare a value, which is subject to change by the tax assessor. Customs duties. The United States imposes tariffs or customs duties on imports of goods. The duty is levied at the time of import and is paid by the importer of record. Customs duties vary by country of origin and product. Goods from many countries are exempt from duty under various trade agreements. Certain types of goods are exempt from duty regardless of source. Customs rules differ from other import restrictions. Failure to properly comply with customs rules can result in seizure of goods and criminal penalties against involved parties. United States Customs and Border Protection ("CBP") enforces customs rules. Estate and gift taxes. Estate and gift taxes in the United States are imposed by the federal and some state governments. The estate tax is an excise tax levied on the right to pass property at death. It is imposed on the estate, not the beneficiary. Some states impose an inheritance tax on recipients of bequests. Gift taxes are levied on the giver (donor) of property where the property is transferred for less than adequate consideration. An additional generation-skipping transfer (GST) tax is imposed by the federal and some state governments on transfers to grandchildren (or their descendants). The federal gift tax is applicable to the donor, not the recipient, and is computed based on cumulative taxable gifts, and is reduced by prior gift taxes paid. The federal estate tax is computed on the sum of taxable estate and taxable gifts and is reduced by prior gift taxes paid. These taxes are computed as the taxable amount times a graduated tax rate (up to 35% in 2011). The estate and gift taxes are also reduced by a "unified credit" equivalent to an exclusion ($5 million in 2011). Rates and exclusions have varied, and the benefits of lower rates and the credit have been phased out during some years. Taxable gifts are certain gifts of U.S. property by nonresident aliens, most gifts of any property by citizens or residents, in excess of an annual exclusion ($13,000 for gifts made in 2011) per donor per doenee. Taxable estates are certain U.S. property of non-resident alien decedents, and most property of citizens or residents. For aliens, residence for estate tax purposes is primarily based on domicile, but U.S. citizens are taxed regardless of their country of residence. U.S. real estate and most tangible property in the U.S. are subject to estate and gift tax whether the decedent or donor is resident or nonresident, citizen, or alien. --- Send in a voice message: https://anchor.fm/law-school/message Support this podcast: https://anchor.fm/law-school/support
Meet Laura Naylor, one of Alex's friends and yoga students based in Abu Dhabi! If you've attended any MLPC class over the course of the last year and a half you've met her - she's one of our original members and hasn't missed a day of yoga with us in over 18 months. Laura is a TV & radio presenter & events host MC from Preston in the UK. She is currently based in Abu Dhabi. She hosts the Radio 2 Breakfast show every weekday morning in Abu Dhabi, Dubai & across the UAE. In this episode, Alex and Laura talk about her story - her journey overcoming brain tumors, travelling around the world on cruise ships and settling in Abu Dhabi, finding yoga and also exploring sober curiousity. Learn more about Laura at https://www.lauranaylorofficial.com. You can also follow her on Instagram @lauranaylorofficial and catch her in most 4pm GST/8am EST/1pm BST yoga classes at www.themindfullifepractice.com Are you a fan of Sober Yoga Girl Podcast? The podcast remains completely free, and free from advertisements, however, it has monthly production costs. If you are able to, please subscribe to become a monthly podcast member to support our show. As a member you get invited to a once a month mocktails night and hangout with Alex on Zoom (rotating times to accommodate our many timezones!) Please subscribe here to support us! www.themindfullifepractice.com/podcast.
Trả lời các câu hỏi của thính giả liên quan đến quỹ trợ giúp khó khăn cho doanh nghiệp tại Victoria. 1. Tôi ở Victoria, xin cho biết trong thời gian bị phong tỏa nầy, tôi có được giảm tiền thuê shop giống như những năm trước không?2. Một trong những điều kiện để xin tiền hardship grant là phải đăng ký GST từ trước ngày 28/7/2021, nhưng vì thu nhập thấp trước đó nên không có đăng ký, bây giờ lại đăng ký thì có đủ tiêu chuẩn không?
Bernadette discusses the importance of having a property tax accountant with Brian Goodridge, the accountant for The School of Renovating. EPISODE HIGHLIGHTS: [01:08] Brian Goodridge: not your average number cruncher [02:24] The value of having a property tax accountant [03:23] Law changes in business and property [04:54] When to take action with GST [09:39] Renovations that you can't claim [11:31] Identifying the risks involved [14:38] Do renovators can still claim plant equipment? [15:51] How the claim plant equipment is being calculated [17:32] Make sure to do your own research [20:09] Do the right thing and manage what you do [22:36] Learning from the past experiences [23:56] Things to consider in asset protection and tax minimisation [26:35] Scariest thing encountered in tax and asset protection
Justin Trudeau says Canada has no plans to recognize the Taliban as Afghanistan's legitimate government; The Conservatives propose a "GST holiday"; And the Progressive Conservatives win a majority in Nova Scotia's provincial election.
Dr Wendy Craik AM is often described as a woman of many firsts - the first female head of the Great Barrier Reef Marine Park Authority, the first woman to lead the National Farmers' Federation and the first woman Chief Executive of the Murray Darling Basin Commission. So how does someone who started out with a science degree and PhD in zoology wind up on the board of the Reserve Bank of Australia? An independent public policy advisor, particularly on issues related to natural resource management, Wendy has over 25 years' experience in public policy. In this podcast Wendy talks to Claire about her long and interesting career, which has spanned much of our continent and concentrated around natural resource management. It's a career which has seen Wendy move from documenting fish and coral off Far North Queensland in the 70s and 80s to more recently counting fire ants across the country and crunching numbers in corporate boardrooms. It was while working at the Great Barrier Reef Marine Park Authority that Wendy made the switch from research to organisational management, before moving to the National Farmers Federation. It was, she says, a big switch moving from fish to farming and despite having no farming experience describes the jump as the best career move she ever made and one which allowed her to travel around Australia speaking to farmers. This exciting time, not without its challenges, saw environmental issues and climate change coming on to the agenda, as well as issues around native title, the sale of Telstra, the introduction of GST and water politics. Now Wendy is chairing a national Steering Committee overseeing a 10-year program to eradicate imported fire ants. And never one to turn down a meaty challenge, in 2018 she embraced the opportunity to join the RBA board. While she admits it has been a steep learning curve, Wendy tells Claire it has been a fascinating journey. Further Information about Women on Boards (WOB) WOB membership, events & services - visit our website. To receive our weekly newsletter, subscribe to WOB as a Basic Member (free). Join as a Full Member for full access to our Board Vacancies, WOBShare (our online member platform) and more.
Shuttler PV Sindhu had won her second Olympic medal, GST collection surged to Rs 1.16 lakh crore in July, Myanmar's junta chief said elections would be held and state of emergency lifted by August 2023 and other top news in the bulletin.
This week on #KnowYourKanoon, Lawyer and Host Amber Rana is in conversation with Karan Ambardar, Sports Anchor and Social Commentator. He is the only Indian who has hosted Fifa World Cup 2018. In this episode, they discuss their personal incident about housing law, how important it is to have basic legal knowledge on our common bylaws and rights. Further, they talk about the various bizarre experiences around the country. Do tune in to this informative episode and get to know more about our common laws. You can follow Karan on social media: Twitter: ( https://twitter.com/karanambardar )Instagram: ( https://www.instagram.com/karanambardar )Linkedin: ( https://www.linkedin.com/in/karan-ambardar-59369150/ )Send in your questions about law and immigration to Amber at email@example.com with 'AMA' in the Subject line Or tag us on Twitter using #KnowYourKanoon and #IVMPodcasts and mention AMA.Follow our host Amber on social media: Linkedin: ( https://www.linkedin.com/in/amberrana123456789 )Instagram: ( https://www.instagram.com/amber_rana_/ )You can listen to this show and other awesome shows on the IVM Podcasts App on Android: https://goo.gl/tGYdU1 or iOS: https://goo.gl/sZSTU5You can check out our website at http://www.ivmpodcasts.com/
Herzlich Willkommen zur 45. Ausgabe des BiketourGlobal Podcast Season 2! Es ist Sommer und ihr seid bestimmt auf euren Rädern unterwegs. Und wenn ihr euch abends ins Zelt, unter den Baum, in die Hängematte oder das Bett legt, dann macht diese Podcast-Folge an und erfahrt mehr über Michi und Chris, die beide die Bikepacking-Freun.de gegründet haben, um hier ihre Erfahrungen rund um das Reisen mit dem Fahrrad auch für Einsteiger:innen verständlich zu erklären und zu beschreiben. Vor allem aber sprechen wir über die Grenzsteintrophy 2021 (ab Min 36): Chris hatte im Jahr davor sich schon einmal an das Abenteuer GST gewagt, musste aber abbrechen. Mit den gemachten Erfahrungen ging es dann in diesem Jahr wieder auf die Lochplatte und das erfolgreich. Wir unterhalten uns über die Herausforderungen und Erlebnisse und was die GST mit einem macht. Dann geht es um den neuen Bikepacking Verein (bei 1h27min): ihr habt bestimmt schon darüber gelesen, dass 40 Bikepacker:innen den Bikepacking Deutschland e.V. gegründet haben und einige Events nun unter dem Vereinsdach firmieren. Wir sprechen über die Beweggründe zur Vereinsgründung, was das konkret bedeutet und ob ein Verein nicht dem "Geist des Bikepackings" widerspricht. Am Ende geht es dann noch mal ums Gewicht: ich habe mein Gepäck für das Silk Road Mountain Race gewogen und Chris sagt, was er bei der GST dabei hatte. Hinweis: Ab und zu knackt es in der Leitung und es gibt Störungen. Das liegt zum einen an dem Starkregen, den ich bei der Aufnahme hatte und zu anderen am Micro bei Michi und Chris. Aber ich finde es geht schon und stört die Erzählungen nicht besonders. Viel Spaß! Shownotes Bikepacking Freun.de in Web https://bikepacking-freun.de/ Bikepacking Freun.de auf Instagram https://www.instagram.com/bikepackingfreun.de/ Bericht von Chris über die GST 2021 https://bikepacking-freun.de/reiseberichte/grenzsteintrophy-2021/ Der Bikepacking Deutschland e.V. https://bikepacking-deutschland.de/ Tracker von Bikepacking.com https://bikepacking.com/news/bikepacking-event-tracker/ Quelle Musik Southern California von Riot aus dem YT Creator Studio Quelle Bilder Chris & Michi von Bikepacking-Freun.de / Verein Bikepacking Deutschland e.V.
Over 30 years ago Jenny Scott was farming in Southland when an independent livestock agent friend shared how much time it was taking to keep up with the book-keeping side of the businesses. GST had just been introduced, and Jenny had bought her first computer for the family farm - to keep up with their GST obligations. She set out to help that friend by writing a software package specifically for livestock brokers to create all the invoices and sale notices necessary for each sale, with one simple data entry. Another software package followed aimed at Shearing Contractors, and the boutique tech firm Shebiz was born. Jenny retired a few years ago but her three daughters run the business from Cromwell in Central Otago, servicing the rural sector around New Zealand and with many clients in Australia. Kathryn talks with Jenny and one of her daughters, programmer Lisa Wardill.
Over 30 years ago Jenny Scott was farming in Southland when an independent livestock agent friend shared how much time it was taking to keep up with the book-keeping side of the businesses. GST had just been introduced, and Jenny had bought her first computer for the family farm - to keep up with their GST obligations. She set out to help that friend by writing a software package specifically for livestock brokers to create all the invoices and sale notices necessary for each sale, with one simple data entry. Another software package followed aimed at Shearing Contractors, and the boutique tech firm Shebiz was born. Jenny retired a few years ago but her three daughters run the business from Cromwell in Central Otago, servicing the rural sector around New Zealand and with many clients in Australia. Kathryn talks with Jenny and one of her daughters, programmer Lisa Wardill.
Welcome to the 100th and final episode, at least for a while, of Mostly Money. I wanted to have a special guest for this send off show, and I don't think I can top who offered to help me out. You know when people say, our next guest needs no introduction? That is actually true in this case. He is a Canadian icon. A broadcasting legend. This guy walks into a room and time stops. And let me tell you, it really is an honour that the one and only Peter Mansbridge is my special guest today.With 50 years at the CBC, culminating in the top job, anchor of The National for many of those years, he's seen a lot. I wanted to ask him a bit about what life is like inside a major network news department, but I also wanted to tap into the stories behind the stories of some of the big financial events in Canada - past elections, and budgets, the story behind how the GST was introduced, and more.This ties in nicely as he has a new book available for pre-sales, releasing October 5th, 2021 titled "Off the Record", in which Peter tells you the stories behind the biggest stories of our lives. I've already ordered my copy, and I just know I'll be hearing Peter's distinctive voice in my head as I read it, and I can't wait.LINKS:New book - "Off the Record"Peter's website - ThePeterMansbridge.comTwitter account - @petermansbridgeInstagram - @thepetermansbridge
Ajay Tyagi who is an Executive Vice President & Fund Manager – Equity at UTI AMC Ltd manages about $4 bn in AUM is of the view that midcaps as a category are now trading at a slight premium to large caps, whereas their relationship with large caps over the last 15, 20 years is that of a slight discount. Tyagi has spent more than two decades with UTI, and prior to being designated as a Fund Manager, he has worked as an Assistant Fund Manager in the Offshore Funds division. Commenting on reforms, Tyagi highlighted that what Dr. Manmohan Singh did almost 30 years back was really seminal, really courageous, it unleashed the potential of entrepreneurship here in India, he said in a D-Street Talk podcast with Moneycontrol. Edited Excerpts – Q) What is your call on markets? We are trading near record highs but seem to be facing stiff resistance around 15900-16000 levels. A) One thing should be very clear – markets have a mind of their own. Since we are in this business of forecasting, I would say a couple of things that are very clearly visible right now. One is that the broader markets have continued to march ahead, while you can say that the top 30 or the top 50, or the top 100 names are facing some kind of resistance, as you very rightly mentioned. Secondly, I think, if you look at the valuations, the markets do appear to be trading at least at about 20%-25% premium to their average valuations seen over the last 10 or 15 years. The market is looking ahead right now after about 3-4 years of a lull in the economic activity, and we know that this lull has happened for a variety of reasons -- demonetization, GST implementation, a bit of contribution from the IL&FS prices, and of course, a whole lot on account of basically the pandemic. If the economy goes back to a 6% to 7% kind of GDP growth, and therefore earnings also coming in the mid-teens, the market may continue on its journey ahead. I guess most of us do remember the most fascinating bull market that we've ever had, which was between 2003 to 2008. Most bull markets do see what is known as bull market corrections along the way, so I don't rule that out. Q) Manmohan Singh's July 24, 1991, budget speech is considered as the harbinger of economic reforms in India. What is your take on that? Do you think the best of the reform years are already behind us and what this means for investors? A) Perfect, I think that is a great question. Let me dial back a bit. Let me just introduce some bit of economics into the discussion. GDP growth is the factor of three things -- growth in labor, growth in capital, and growth in productivity. Now, we all understand growth in labor and growth in capital. Therefore, let's just talk about growth in productivity. We've seen countries in Europe, Japan, and the U.S. continuing to march ahead because of growth and productivity. Now, this growth in productivity, in turn, is linked to what we call as reforms here in India. We need a huge amount of fillip for this productivity to continue increasing and reforms are nothing but essentially providing that framework of productivity improvement. To that extent, I would say that Dr. Manmohan Singh did almost 30 years back was really seminal, really courageous, it unleashed the potential of entrepreneurship here in India. While I don't remember the fine print, but I do remember the amount of excitement that was there all around. That excitement was basically a very wet, warm excitement because we've seen a huge amount of productivity improvement, a huge amount of entrepreneurial spirit, which has come in into the country, and which has led to great businesses having been created. Some of them are really of international repute. To my mind, we still have not traveled a long distance, but we are still far, far away from the amount of productivity at the level at which the Western world operates. Q) What is your call on June quarter earnings? A) I think the June quarter, of course, as we are all aware, would be tended, in the context of what we saw in the December quarter of last year, and the March quarter of the last financial year. The June quarter would obviously look anemic compared to these two quarters for the simple reason that, I would say, for pretty much half of the duration of the June quarter, the economy was in a lockdown. It will lead to a softer quarter. I actually want to look beyond the earnings sprint or just the quantitative number. And look at the qualitative commentary provided by management. Q) Small & midcap stocks have been resilient but most experts advise caution after a stellar rally in the last 12-18 months. What is your take? A) Yeah, it's been a fantastic journey for these small and mid-caps from the absolute bottom that they saw in April, May of the last year. I would say that a big part of this rally that we are seeing has happened because they were beaten down significantly. In fact, if you remember, let me just say that the correction in mid and small caps started way back in January of 2018. That was pretty much the high point of their previous cycle. And from Jan 2018, we saw mid and small caps correcting. Even if the pandemic wouldn't have happened, I can just tell you that mid and small caps were down 15% 20% from their previous high. And the pandemic basically just added fuel to fire and the correction basically became even more pronounced for mid and small caps. And from there, of course, coming back to average valuation itself led to a big rally. But of course, the party has extended beyond that. Mid-caps as a category are now trading at a slight premium to large caps, whereas their relationship with large caps over the last 15, 20 years is that of a slight discount. To some extent, you can say that the party has slightly got overextended. Nothing to be overly worried about right now, for all I can say is that the easy money in mid and small caps is clearly behind us. Q) Your majority of the portfolio is allocated towards banks, financials, and IT stocks. Do you see the financial sector taking lead as the economy turns? A) The key holdings in our portfolio are from the financial services space, IT, but equally are from the consumer and healthcare space as well. So, these are the four, I would say broad sectors where we are really bullish. I strongly believe that if India comes back to a more normative 6% to 7% real GDP growth, it would certainly lead to better outcomes for the banking sector in India. The credit growth in the economy is a multiplier of overall GDP growth. If GDP growth sustained at 6%-7%, we would need mid-teen kind of credit growth in the economy – that's good news for banks. Q) There's an interesting theme that has come up, especially in the COVID-19. One is definitely the influx of retail investor that we have seen towards the equity markets. And the other thing, which really is picked up was the international business or international diversification. So, what are your views on that? Is it here to stay or it is just a passing phase? A) There's a new phrase this time, people are calling them as Robinhood investors, taking cues from what is happening in the U.S. Whenever markets do well, it does attract a lot of retail participation. This is not something new that we're seeing right now, of course, we've seen it at a different magnitude and scale this time While the markets have been going up, this is something like a self-fulfilling prophecy because you invest, you get returns, you get emboldened, you get a little more confidence, then you invest some more. And then till now, it's been a virtuous cycle. But, we all know our experience that this virtuous cycle definitely gets punctured someday. That's the time when a lot of these retail investors would be left holding businesses, which possibly weren't as good as they were anticipating. The fact remains that bull markets do attract every time in every cycle, a lot of retail participation. Usually, when the music stops, retail investors to actually get burned. Will this trend last till the time as I said, the music is playing on? This trend will continue. In terms of international diversification as well, I see that trend continuing. I think a lot of mutual funds have really, very successfully introduced schemes, which basically allow the Indian investors to participate in opportunities outside of India. I would say that this is true diversification like we've been taught in our textbooks. Investors do diversification outside of their local market. This is just the perfect kind of diversification that most investors can have in their portfolios. And there's another element to it. There is always an innovation-led investment opportunity, which perhaps India doesn't offer, at least not to the level of what the U.S. companies or corporate America have to offer. A lot of innovation, as we all know, in terms of the Amazons or Microsoft or for that matter, Facebook or for that matter, a lot of innovation happening in the pharmaceutical or biotech side has been happening in the U.S. By investing in such kinds of funds, we are providing ourselves with an opportunity to participate into such kind of names, which can scale up into really big business opportunities or trillion-dollar opportunities over time. I think this is a trend, which will only continue and only deepen. And I would encourage retail investors who actually bought some amount of their savings into such funds. Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
The lads go from drunk cattle to poor driving to a fascinating story on GST. That's right GST can be fascinating. Catch them as they cover the story of inebriated bovine in the land of the Mahatma. Wonder how they got their hands on it? Don't, they don't have hands. Tight story this, no pun. And lastly, the piece about Swiggy charging more than MRP on Coke. But first, the story about Delhi deciding to do away with driving tests completely. Refer to episode artwork, the lads are very concerned. + Music credit – Simon D'Souza + Write to us – firstname.lastname@example.org + Follow us https://www.instagram.com/farfromfact/ Instamojo https://www.instamojo.com/@thelads_farfromfact Paypal paypal.me/farfromfact
Public policy may seem like a dull subject fit only for wonks, but it matters: our lives are deeply affected by what our governments do. Pranay Kotasthane joins Amit Varma in episode 233 of The Seen and the Unseen to chat about his intellectual journey, his private beach and why public policy can be so stimulating. He also answers racy questions from the Twitterverse. If you share Pranay's interest in public policy, you should check out Takshashila's Graduate Certificate in Public Policy (GCPP). Also check out: 1. Anticipating the Unintended -- Pranay Kotasthane's newsletter (with RSJ). 2. Puliyabaazi -- Pranay Kotasthane's podcast (with Saurabh Chandra). 3. Foreign Policy is a Big Deal -- Episode 170 of The Seen and the Unseen (w Pranay Kotasthane & Manoj Kewalramani). 4. Radically Networked Societies -- Episode 158 of The Seen and the Unseen (w Pranay Kotasthane). 5. Older episodes of The Seen and the Unseen w Pranay Kotasthane: 1, 2, 3, 4, 5, 6. 6. Raghu Sanjaylal Jaitley's Father's Scooter -- Episode 214 of The Seen and the Unseen (w Raghu Sanjaylal Jaitley). 7. ये लिबरल आख़िर है कौन? -- Episode 37 of Puliyabaazi (w Amit Varma). 8. Amit Varma's tweet thread soliciting questions for this episode. 9. Examples of Pranay Kotasthane's Mind Maps of books: 1, 2, 3. 10. Coggle. 11. The Lessons of History -- Will Durant. 12. Raj Comics. 13. The China Dude Is in the House -- Episode 231 of The Seen and the Unseen (w Manoj Kewalramani). 14. A Case For Societism -- Pranay Kotasthane. 15. Pranay Kotasthane's Manthan talk on societism. 16. The Indian Dream Podcast episode with Amit Varma. 17. 8 things to unlearn before learning public policy -- Pranay Kotasthane. 18. The Double 'Thank-You' Moment -- John Stossel. 19. Opportunity Cost Neglect in Public Policy -- Emil Persson and Gustav Tinghög. 20. Whose Money is it Anyway? -- Amit Varma. 21. The 4 Ways to Spend Money -- Milton Friedman. 22. Discover Your Inner Economist -- Tyler Cowen. 23. In Service of the Republic — Vijay Kelkar & Ajay Shah. 24. The Art and Science of Economic Policy -- Episode 154 of The Seen and the Unseen (w Vijay Kelkar and Ajay Shah). 25. Amit Varma's prescient 2017 tweet on the price caps on stents. 26. Episodes of the Seen and the Unseen on GST with Devangshu Datta, Vivek Kaul and Shruti Rajagopalan. 26. Most of Amit Varma's writing on DeMon, collected in one Twitter thread. 27. Narendra Modi Takes a Great Leap Backwards — Amit Varma 28. Episodes of The Seen and the Unseen on Demonetisation with Suyash Rai and Shruti Rajagopalan. 29. The Delhi Smog -- Episode 44 of The Seen and the Unseen (w Vivek Kaul). 30. Bootleggers and Baptists-The Education of a Regulatory Economist -- Bruce Yandle. 31. Pigs Don't Fly: The Economic Way of Thinking about Politics -- Russell Roberts. 32. Raees: An Empty Shell of a Gangster Film -- Amit Varma. 33. Shubhra Gupta's review about which Tapsee Pannu kicked up such a fuss. 34. The Tragedy of Our Farm Bills -- Episode 211 of The Seen and the Unseen (w Ajay Shah). 35. Wilson's Interest Group Matrix -- Charles Cameron from The Political Analyst's Toolkit. 36. Government's End: Why Washington Stopped Working -- Jonathan Rauch. 37. The Great Redistribution -- Amit Varma. 38. Behave -- Robert Sapolsky. 39. Robert Sapolsky's lectures on YouTube. 40. Elite Imitation in Public Policy -- Episode 180 of The Seen and the Unseen (w Shruti Rajagopalan & Alex Tabarrok). 41. Taxes Should Be Used for Governance, Not Politics -- Amit Varma. 42. Every Act of Government Is an Act of Violence -- Amit Varma. 43. The First Assault on Our Constitution -- Episode 194 of The Seen and the Unseen (w Tripurdaman Singh). 44. The Emergency -- Episode 103 of The Seen and the Unseen (w Gyan Prakash). 45. How the BJP Wins -- Prashant Jha. 46. The BJP's Magic Formula -- Episode 45 of The Seen and the Unseen (w Prashant Jha). 47. Participatory Democracy — Episode 160 of The Seen and the Unseen (w Ashwin Mahesh). 48. Other episodes of The Seen and the Unseen with Ashwin Mahesh: 1, 2. 49. Understanding India Through Its Languages -- Episode 232 of The Seen and the Unseen (w Peggy Mohan). 50. The Indianness of Indian Food — Episode 95 of The Seen and the Unseen (w Vikram Doctor). 51. Governing the Commons -- Elinor Ostrom. 52. Public Choice Theory -- Episode 121 of The Seen and the Unseen. 53. Fixing Indian Education -- Episode 185 of The Seen and the Unseen (w Karthik Muralidharan). 54. Education in India -- Episode 77 of The Seen and the Unseen (w Amit Chandra). 55. The Economics and Politics of Vaccines -- Episode 223 of The Seen and the Unseen (w Ajay Shah). 56. The Indian Conservative -- Episode 145 of The Seen and the Unseen (w Jaithirth Rao). 57. How to Build an Economic Model in Your Spare Time -- Hal Varian. 58. A Scientist in the Kitchen -- Episode 204 of The Seen and the Unseen (w Krish Ashok). 59. Modeling Covid-19 -- Episode 224 of The Seen and the Unseen (w Gautam Menon). 60. Narratives on Exchange Rates in India -- Pranay Kotasthane. 61. Taking Stock of Our Economy -- Episode 227 of The Seen and the Unseen (w Ila Patnaik). 62. The Power Broker -- Robert Caro. 63. The Death and Life of Great American Cities -- Jane Jacobs. 64. Lessons from an Ankhon Dekhi Prime Minister -- Amit Varma (on the importance of reading). 65. Selling Solutions vs Solving Problems -- Lant Pritchett. 66. Policy Paradox -- Deborah Stone. 67. The Mahatma and the Poet -- The Tagore-Gandhi debates. 68. Factfulness -- Hans Rosling. 69. Humankind: A Hopeful History -- Rutger Bregman. 70. A Practical Guide for Policy Analysis -- Eugene Bardach. 71. Essence of Decision -- Graham Allison and Philip Zelikow. 72. Banishing Bureaucracy -- David Osborne. This episode is sponsored by CTQ Compounds. Check out The Daily Reader, FutureStack and The Social Capital Compound. Use the code UNSEEN for Rs 2500 off. Please subscribe to The India Uncut Newsletter. It's free! And check out Amit's online course, The Art of Clear Writing.
The best decade for Indian equities ironically was the 1980s, and if we look back at the 1980s the Sensex compounded by around 30%-35% -- that's the best decadal return the Sensex has ever given and that predates the 1991 reforms, Saurabh Mukherjea is the Founder and Chief Investment Officer of Marcellus Investment Managers said in a D-Street Talk podcast with Moneycontrol. Mukherjea, author of Coffee Can Investing as well as Unusual Billionaires with decades of experience in the capital market says that the real hallmark of great wealth generators is not stock not the bottom line, but a derivative of bottom line which incorporates working capital cycle and asset turns which is called free cash flow. Edited Excerpts - Q) As we step into the second half of 2021 what are your views on markets? The Nifty50 rallied 13% in the first half, do you think the momentum will continue? A) Much as we enjoy the bull market I have to be honest, we don't really look at the broader market. Our approach in Marcellus is pretty oblivious to broader market circumstances, whether it's a panic like January, February, March last year, or this healthier market circumstance you're pointing to. We have seen over the last seven-eight months, superb fundamentals across our PMS schemes which are seeing earnings growth. In some cases, earnings growth is pushing towards 40% mark in the companies in which we have invested. Remember, these are not small companies, and almost all our investee companies are dominant market leaders. Earnings growth is very healthy over the last seven, eight, nine months. In the period starting January to March this year, many of our portfolio companies have delivered 40%-50% kind of earnings growth. But, even more impressively, were the free cash flow generation come through. Free cash flow is calculated after taking CapEx into account, and after taking your working capital load into account. Even in our smaller cap portfolios, we are seeing almost 80%-90% jumps in the free cash flow. So what does it mean? Well, it points to the fact that well-run companies in India Inc. are in very good health, and they're in the pink of their health. And, as COVID destroys the informal sector, well run India Inc. companies are in a superb position to grab the market share and consolidate position which will lead to the creation of shareholder wealth in the coming years. My reckoning is generally strong well run companies are in an outstanding position today, compared to say where they were two, three, four years ago. Q) The year 2021 also marks 30 years of reforms for India. What is your take on that? For the market, it never looked back – do you feel that the current reform process are equally strong and will take the economy to new highs? A) I am not sure if listeners will make that much money by agonizing about reforms because the best decade for Indian equities ironically was the 1980s. If you look back at the 1980s the Sensex compounded by around 30%-35%. That's the best decadal return the Sensex has ever given and that predates the 1991 reforms. So, there isn't that much of a relationship contrary to the popular perception that somehow economic reform creates shareholder wealth -- or there isn't that much relationship either in India or indeed in the Western world, between economic reform and broader markets. The notion that the broader bull market conditions is what you need to create wealth is also something that people need to challenge and question. If we look at the last decade there were been plenty of issues around say DeMon, GST, COVID, Yes Bank, DHFL, as well as ILFS. In spite of that, in the last decade, $1 trillion of wealth has been created in the Indian stock market, but 80% of that has been created by 16 companies. So, just 16 companies accounted for 80% of the wealth in the Indian market. The last decade for the average investor in the NIFTY or typical sort of investor who invests in an assortment of stocks would have been an unspectacular decade 10%-11% compounding. But if you're a discerning investor and you locked yourself into a dozen or so of these 15 giant wealth creators, you would have compounded your wealth close to 25% over the last decade. So broader aggregates, economic reform, broader macro aggregates were not very useful for making money. One needs to go stock specific, and one needs to understand the changes in the structure of the economy and benefit from that. Q) Well, there's a lot of craze on tech focused startup. So are you also planning to start something around it? A) No, as I said, we are fairly oblivious to whatever is the flavor of the day, or what is the current market sentiment. I have never quite understood why people get so excited about IPOs and the latest theme (Tech based IPO). I'm sure, if you remember, 10 years ago, everybody wanted to invest in infrastructure stocks and you know how that ended. I remember the turn of the century 1999-2000, I wasn't living in India, but I used to keep reading that Indians are going berserk investing in IT services stocks, we also know how that ended. Our job remains to consistently identify clean companies, selling essential products and services to India's 140 crore people, and doing so through dominant franchises which have little or no competition. And, if they happen to be in the tech sector, brilliant, we love it. But, we have no great reason to believe that they are in the tech sector disproportionately. There's a couple of tech companies that meet that criteria, clean, essential, dominant. But, there's only a couple of tech companies that meet that criteria. There are plenty of companies outside the tech sector, some in the specialty chemical sector, some in the pharma sector, some in FMCG, some in financial services, who meet our criteria and we invest in them and compound our balances well that around historically fighting the last four years it around 25% per annum. Q) You have highlighted the emphasis of Free Cash Flows in one of your blogs. Help our listeners understand the relationship between Free Cash flows and earnings growth? A) I think this is an important subject that you raised one that is close to our hearts. When most people read newspaper headlines, or they read the media coverage, they see a certain company that has grabbed so much market share, its volumes are growing much – the focus here is on the top-line growth. But, top-line creation doesn't necessarily create wealth, whether you look at the airline sector, or you look at the telecom sector or at the metals and mining sector. In all of these sectors, we have companies whose top lines or volumes have grown at a solid rate in the last 20 years, but they have not been able to create a great deal of wealth. Why? Because they haven't had the pricing power to protect their margins. So, investors should look at one level more, and scan through profit margin. If the top-line is vanity, the bottom line is sanity. The ability to grow your profits, over a five, 10, 15 year periods is the sign of a good company. But there's one more layer to it. Often what happens is that as companies grow bigger, they lose their discipline in terms of controlling efficiency in the shop floor in terms of assets, inspecting their machines harder and harder. They lose their efficiency in terms of managing the working capital cycle, which is paying your suppliers later, collecting monies from customers quickly, and keeping your inventories at a minimum. So what we find as the real hallmark, the real hallmark of great wealth generators is not stock not bottom line, but a derivative of bottom line which incorporates working capital cycle and asset turns which is called free cash flow. Free cash flow is nothing but the operating profit, less whatever you had to set aside for working capital, less whatever you've spent on CapEx. So, if your CapEx load is low, your working capital incremental working capitals requirements are low, then your free cash flows tend to be very healthy. Typically in India champion franchises example, Titan, Pidilite, Asian Paints, Page Industries, Relaxo all these champion franchises over the last five years, 10 years, 20 years have grown free cash flows at around 25% per annum. These are all investee companies of us, which is why I know the numbers so well. To summarize, the top line is vanity, the bottom line is sanity, and cash flow is reality. And, that's why I keep telling people to focus on cash flow, not the newspapers headlines and not even profitability. Q) You have talked extensively about polarization in the Indian stock market where wealth creation by Nifty companies is being driven by fewer and fewer companies that account for 80% of the wealth creation in the stock market. What is leading to polarization and how should investors approach it? A) So, what's happening in India is very similar to what happened in America in their corresponding state of development. As the country got networked which includes sea, railways, the telegraph, a modern road network. In India, the same is happening over the last 10-15 years and I suspect we've got 10-15 years more to go of networking the country using broadband, low-cost airlines, a more extensive highway network, and so on. But, you can see very visibly how the consolidation of the country is creating one or two giant companies in every sector, and those giants are scooping up the entire sector's profits. If the sector is large, say banking, or IT services and the sector dominator is becoming a national leviathan, I call it a giant monster who accounts for the bulk of the country's profits. Now, let's start with market cap and then we go to fundamentals. In the decade ending December 2010, around 27 companies accounted for 80% of the wealth creation in the stock market. In the decade ending December 2020, barely 16 companies, 16 accounted for 80% of the wealth creation in the country. So as you've nicely put it, wealth creation has got polarized into the hands of very few companies. Now, why has that happened? 10 years ago around 2010, the top 20 profit generators in India account was around a third of India's profits. Today at the end of FY21 the top 20 profit generators in India accounts for 90%, 95% of India's profits. So the profit share of the elite top 20 firms quadrupled in the last decade. The top 20 have pulled further and further away from the less of the market, which is why it explains why they're driving the bulk of the stock market wealth. 10 years or so ago, the top 20 franchises would have accounted for 30%, 35% of the country's free cash flow. In the year ending March ‘21, the top 20 franchises accounted for around 60% of India's free cash flow. So free cash flows are getting concentrated into the hands of 20 companies, profits are getting concentrated into the hands of 20 companies. Wealth creation, therefore, is getting concentrated into the hands of 20 companies. And what that means for your listeners today is -- if they are building portfolios, where they're buying several PMS, several mutual funds, severally AIS doing some direct punting on the market might not be that effective. Unfortunately, that's not going to be a very effective way to create wealth, because wealth in India in the next decade will be created by at most a dozen and a half companies more likely a dozen or so companies. And, that concentrated nature of wealth creation will actually make wealth creation a very different prospect from investing in the broader indices in the stock market. Q) Do you plan to introduce new products in the forthcoming future? You launched a new SIP program recently, please take us through that and what are the benefits? A) So we've watched and admired from a distance the outstanding work done by the mutual fund industry in making investment buying friendly and making investment investor-friendly. I think the SIP program that the mutual fund industry launched has been a great success. I wish them continued success to the SIP program. What we felt that just like a SIP in the mutual fund context is useful for investors, why shouldn't we do a SIP in the PMS industry, because after all, the benefits are very similar. Namely, if you are a salaried person like I am and your income comes in every month at a relatively regular rate, and you're able to set aside say 10% 20% of your income, you can then keep investing in the PMS at an ongoing rate, provided of course you can need the minimum requirement of Rs 50 lakhs. Secondly, by doing so, by consistently investing by what's called dollar-cost averaging, you're consistently dripping money into your SIP, you're being able to neutralize the highs and lows of the stock market. The third benefit you get is that you're able to turn savings into investment. You're able to turn investing into the stock market into a habit rather than something which you have to do after deep contemplation at the end of every financial year. So the benefits of SIP for people who are earning regular income is great, because they don't really suddenly come upon a certain large sum of money, they're constantly getting fresh funds and they can put that in a PMS SIP just like they do with the mutual fund SIP. (Tune into the podcast for more) Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Here are the top cryptocurrency news headlines from India this week:15 million Indians now investing in crypto: https://www.coindesk.com/india-bitcoin-crypto-investments-young-generation ;Foreign crypto exchanges in India may have to pay 18% GST: https://www.businessinsider.in/cryptocurrency/news/foreign-crypto-exchanges-in-india-may-have-to-pay-18-gst-as-the-government-mulls-over-taxation/articleshow/84066450.cms ;Indian cryptocurrency exchanges scrambling to secure permanent payment solutions: https://economictimes.indiatimes.com/markets/cryptocurrency/indian-crypto-exchanges-scramble-to-secure-viable-payment-solutions-as-banks-cut-ties-after-rbi-frown/articleshow/84013645.cms ;Coinbase lays out roadmap for India: https://blog.coinbase.com/building-crypto-out-of-india-5cd5afa6d884 ;Zebpay launches Zebpay Earn program;WazirX teams up with TRM Labs to enhance its anti-fraud management: https://www.coindesk.com/binance-owned-indian-exchange-taps-trm-labs-for-anti-fraud-management ;CoinDCX becomes title sponsor of the T20I Series between India and Sri Lanka: https://economictimes.indiatimes.com/magazines/panache/cryptocurrency-brand-coindcx-becomes-title-sponsor-of-the-t20i-series-between-india-and-sri-lanka/articleshow/84014247.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Bitbns becomes the official title associate sponsor for Wimbledon 2021 streaming on Hotstar;CoinSwitch Kuber lists Ankr;Watching Recommendation:Crypto Dost on Founder India YouTube channel discussing Bitcoin & Gold, crypto investment trends in India and the growing field of on-chain analysis: https://www.youtube.com/watch?v=aCv3uElRrAg
A lot of people talk about investing in trusts, but not a lot know about what it actually is and how it works. In this episode, we cover the 4 key benefits of investing in trusts with Archana Manapakkam, Owner & Principal of Archway Legal. If you're someone who's ever thought about how to get more tax benefits out of your portfolio, how to pass your property portfolio onto your kids, or you're simply someone who just thought about investing in trust and need more information, there's so much gold for you in this episode. We also cover what a trust actually is… Estate planning as a trust benefit (and what comes with it)... Why you would want to invest in a trust… And heaps more! If you enjoy this episode, don't forget to like, rate, comment, share, subscribe and tune in weekly for more talks on property, business, and life. See you on the inside! In this episode, we cover: Archana's background story [03:46] Are trusts only relevant if you're a high-networth individual? [05:48] What is a trust? [06:56] The difference between a trustee and a beneficiary [09:43] Family trusts, Discretionary trusts and Unit trusts [13:11] Why would someone invest in a trust? [16:23] Income splitting [16:49] Can a trust retain funds or profits in a year? [19:41] The 50% Capital Gains Tax (CGT) discount [23:19] Distributing profits from one trust into the losses of another [26:38] What about estate planning as a trust benefit? [28:36] Passing control of the trust to your children [30:08] When to assign an Appointor [31:03] A sample scenario on passing a trust & its ins and outs [33:44] Why would the ATO sue you? [38:24] Habits & beliefs that have shaped Archana in the last 12 months [41:06] Link/s from the episode: Visit Archway Legal: https://archwaylegal.com.au About our Guest: Archana Manapakkam is a skilled tax lawyer with over a decade of experience as a tax professional. Prior to establishing Archway Legal, Archana worked as a Senior Associate in the tax team at Macpherson Kelley Lawyers. She has previously worked as a tax consultant for PwC (where she kicked off her career in their international tax and GST teams) and as a solicitor at Rigby Cooke Lawyers. Connect With Us: The Investor Lab Membership (https://theinvestorlab.com.au/jointhecommunity) Dashdot Buyers Agents Website (https://www.dashdot.com/au/) Limitless: The Renegade's Guide to Building Wealth Through Property - Goose McGrath (https://www.renegadespropertybook.com) Ready to work with us directly? (https://dashdot.as.me/discoverycall) If you liked this episode, please don't forget to subscribe, tune in, and share this podcast. Thanks for tuning in! See omnystudio.com/listener for privacy information.
In this #By2 episode, Saurabh and Pranay discuss three questions:What explains the rising petrol and diesel prices?Why is the Chinese government reversing its one-child policy?What are the implications of the economic and social disparities between India's southern and northern states?अगली #By2 पुलियाबाज़ी में सौरभ और प्रणय तीन मुद्दों पर चर्चा कर रहे हैं:पेट्रोल और डीज़ल १०० का आंकड़ा क्यों छू रहे हैं?चीन की सरकार अपनी “हम दो, हमारी एक” जनसंख्या नियंत्रण नीति क्यों हटाना चाहती है?भारत के उत्तर और दक्षिण राज्यों के आर्थिक व सामाजिक अंतर के क्या राजनीतिक परिणाम हो सकते है?For more:Why Indians Pay Such a High Price for Petrol and Diesel, by Vivek KaulBring Petrol under GST, All Things Policy Podcast episode 598China, the Middle-Aged Kingdom, All Things Policy Podcast episode 223The Paradox of India's North–South Divide: Lessons from the States and Regions, Samuel Paul and Kala SreedharPuliyabaazi is on these platforms:Twitter: https://twitter.com/puliyabaaziFacebook: https://www.facebook.com/puliyabaaziInstagram: https://www.instagram.com/puliyabaazi/Subscribe & listen to the podcast on iTunes, Google Podcasts, Castbox, AudioBoom, YouTube, Spotify or any other podcast app.
***Complete the 2021 How I Work Listener survey to go into the draw for a $100 Visa gift card and a spot in Inventium's Workday Reinvention program, valued at over $500: https://bit.ly/3fEMiAG. *** Do you struggle to speak up in a meeting and share your ideas? Developing your authority as a leader while still remaining approachable can be super tricky. Ebay Australia's Managing Director Tim MacKinnon says when you're trying to strike that perfect balance, traits like vulnerability, authenticity and increasing self-awareness can really help you develop your voice and lead with impact. You can connect with Tim on Linkedin You can find the full interview here: https://www.amantha.com/podcasts/ebay-australias-managing-director-tim-mcckinnon-on-how-to-actually-be-an-authentic-leader/ Connect with me on the socials:Linkedin: https://www.linkedin.com/in/amanthaimberTwitter: https://twitter.com/amanthaInstagram: https://www.instagram.com/amanthai/ If you're looking for more tips to improve the way you work, I write a short monthly newsletter that contains three cool things I have discovered that help me work better, which range from interesting research findings through to gadgets I am loving. You can sign up for that at http://howiwork.co Visit https://www.amanthaimber.com/podcast for full show notes from all episodes. Get in touch at email@example.com CREDITSProduced by InventiumHost: Amantha ImberSound Engineer: Martin Imber Listener Survey Competition Terms and Conditions By entering the ‘Acast & How I Work Listener Survey Competition' you are agreeing to the following terms and conditions. Who can enterEntry is open to all participants who complete the Acast & How I Work Listener Survey in full, inclusive of the outlined competition question. How to enterThe competition opens June 1, 2021 at 6am, and concludes on June 30, 2021, midnight. In order to enter, eligible entrants must complete the Acast & How I Work Listener Survey in full and answer the final question: ‘What is the most memorable podcast ad you have heard and why?' PrizesThere will be one (1) prize draw and one (1) winner per Acast Listener Survey. The winner will receive one (1) Visa Gift Card to the value of $100. Total prize value is $100. They will also receive a pass to Inventium's Workday Reinvention program valued at $495+GST. How to winThere will be one (1) winner chosen from the total number of entries received.This is a game of skill whereby the most creative entry to the competition question will be deemed the winner. Completed entries will be reviewed by an Acast judging panel where a top three entries will be selected. The top three entries will then be given to the Acast judge who will choose the final winner. The promoter's decision is final and the promoter will not enter into correspondence regarding... See acast.com/privacy for privacy and opt-out information.
While excellent newsletters on specific themes within public policy already exist, this thought letter is about frameworks, mental models, and key ideas that will hopefully help you think about any public policy problem in imaginative ways.Audio narration by Ad-Auris. Global Policy Watch: G7@Cornwall: Return Of A Rules-Based International Order? Bringing an Indian perspective to burning global issues- RSJA key geopolitical question to ask as most of the world gets back to normalcy following the pandemic is - what kind of a world will we be living in?I was expecting the G7 meeting held in Cornwall last week to help with an answer. It didn’t entirely. But it did help in framing the key questions that will engage commentators discussing about the world order this decade. The rhetoric at the end of the summit was summed by Boris Johnson: “the West is back”. Johnson and Biden repeatedly made the point about the summit representing the coming together of the great democracies of the world. Others parroted the same line. Even PM Modi speaking on the final day as part of the outreach programme positioned India as a natural ally of G7 in its resolve to fight the challenges arising out of authoritarianism, terrorism and disinformation. Democracies V Autocracies Now?The need to counter the ideological and economic challenge of China has bipartisan support now in Washington. Naturally, Canada, UK and Japan are in the same boat. The summit succeeded in making the somewhat reluctant Germany, France and Italy come around to the same view. This looks like an attempt to roll back the Cold War years. But like we have written in the past, China is a very different threat from the erstwhile USSR. In fact, it is USSR on steroids. So making the threat of China into the familiar construct of Cold War that you are comfortable dealing with is like searching for your lost keys under a lamppost because there’s light under it. It will be easy to search but you won’t necessarily find the keys. The other problem for G7 is how to treat Russia. With China the two strands of a superpower contest and the mortal combat with an illiberal regime that won’t reform as was expected, come together. So it offers ideological clarity. Russia isn’t an economic superpower and its political strength is restricted to its backyard. But it ticks all the boxes of a rogue, authoritarian regime - stifling dissent, encouraging crony capitalism, launching cyber attacks against other nations and meddling in their elections. Does the G7 slot Russia into the same ideological enemy category as China and push it further into its arms? Then we have a very different Cold War on our hands. Or, does it give Russian illiberal tendencies a free pass to keep it neutral and counter the threat of China? The Putin-Biden summit that followed the G7 meet seems to suggest that’s the likely course of action. But if you do that, where is the ideological glue of ‘great liberal democracies’ coming together? What stops other democracies (Brazil, Turkey, India and many more) to go down authoritarian route knowing the ideology is a sham? Marshalling A New Plan?The other question is how committed are the G7 to back their return to relevance with financial support, commitment to free trade and moral leadership during the next crisis? The evidence during the pandemic wasn’t flattering. It was everyone to themselves. The easy thing is to blame it on Trump but the hesitancy of Biden administration during early days to share its vaccine stockpile suggests ‘America First’ won’t just disappear after Trump. The summit threw up two responses to allay concerns on this. One, the promise by G7 to provide for more than one billion vaccine doses to the developing world. This was a late but welcome step to regain a semblance of moral authority. But one billion isn’t enough to inoculate the poorest in the world. It didn’t go far enough. Two, the G7 decided to counter China’s Belt-and-Road initiative (BRI) with its own plan to lend billions of dollars in financing infrastructure in developing nations. As the New York Times reported:The plan described by the White House appeared to stitch together existing projects in the United States, Europe and Japan, along with an encouragement of private financing. A fact sheet distributed to reporters gave it a name, “Build Back Better for the World,” with roots in Mr. Biden’s campaign theme — shortened to B3W, a play on China’s BRI.It emphasizes the environment, anti-corruption efforts, the free flow of information and financing terms that would allow developing countries to avoid taking on excessive debt. One of the criticisms of Belt and Road is that it leaves the nations that sign on dependent on China, giving Beijing too much leverage over them.There are a few problems with this plan. One, it is not clear how much of a success BRI has been for China. The programme has been beset with inflated costs and accusations of debt trap by countries borrowing from it. China seems to have gone tepid on it too. So, why copy a plan that failed for China? Two, Italy is already a member of the BRI and France and Germany don’t share the Biden’s administration conviction in taking on China economically. There are huge investments and trade deals hanging in balance there. This isn’t as tight a house as it appeared from the outside during the summit. Three, the G7 equivalent of BRI will need capital contributions from all the members who aren’t themselves in the best fiscal state at this moment. And we aren’t even counting the unresolved Brexit issues (including the Northern Ireland protocol) between UK and EU which threatened to sour the summit. The US treasury seems ready to sign ever increasing checks for domestic stimulus, infrastructure and green deal. Now they will have to fund this too. The icecreams cannot keep coming out of the truck indefinitely. Also, the G7’s insistence of democracy and human rights record will make many developing countries continue to look at the guilt-free Chinese loans. And let’s admit it, there are more of those regimes than others. Four, the G7 will have to respond to the popular opinion in their own backyards and it is difficult to see how over the next decade free trade, multilateral funding and supporting infrastructure around the world will be politically rewarding. A few regime changes among the G7 nations and this plan will come unstuck. China meanwhile has no such problems. Xi isn’t going anywhere soon. Nor is Putin.Saving Humanity?The final question is how will the G7 respond to future global crises after learning the lessons from this pandemic? The list of existential threats to the world isn’t short today with climate change at the van. The summit picked up climate change with a renewed pledge to raise $100bn a year through till 2025 to help developing countries cut emissions and move away from coal. There are two problems here. First, this isn’t enough for poorer nations to stick to their climate goal commitments. It will be interesting to see how this pans out with the UN climate summit that’s coming up in Glasgow this November (also known as COP 26). The lack of details in the climate change plan - “green revolution” - that would limit the rise in global temperatures to 1.5Cand reach net-zero Carbon emissions by 2050 makes the whole thing sound like the many empty pronouncements of the past. Second, it is difficult to address climate change without bringing China, Russia and other large populous developing nations (Brazil, India, Indonesia) into the mix. Solving global existential threats require what Richard Haas and Charles Kupchan call the ‘concert of powers’ approach. But how do you do that if you want to frame China and Russia as ideological foes in the new Cold War?About IndiaOn the balance, the two positives from the G7 summit were quite clear. America led by Biden will not go back to lurking in the backstage of global geopolitics. And, China won’t get an easy pass from here on. Its days of running with the hare and hunting with the hound are over. But beyond that it is all fuzzy.So, what about India in all of these? India cannot be in the China camp given all the history between them. Russia is a time-tested friend that it cannot dump. India also knows its value to the liberal, democratic front as an ally. If you look closely, it has been dealt a good hand. It can use this confluence of factors to its advantage. Unless, of course, it scores self-goals on liberty and democracy at home and queers the pitch. That can be a real scenario. Maybe PM Modi’s address where he called India a natural ally in defending shared values of liberty, freedom of expression and democracy was meant more for his domestic audience. Not(PolicyWTF): When Two Taxes MeetThis section looks at egregious public policies. Policies that make you go: WTF, Did that really happen?— Pranay KotasthaneReaders of this newsletter will know that I seldom have good things to say about India’s taxation policies. But today is an exception.Once in a while, even taxes can pleasantly surprise. Even as people are wrestling with the new income tax filing portal, net direct tax collections have doubled over the last year’s numbers. Of which, advance taxes alone have grown by 146 percent. Advance taxes are taxes spread over four quarters in place of the fiscal year-end. This measure is indicative of economic sentiment as higher advance tax collection implies that business activity and payment settlements are happening smoothly. What caught my attention was this statement in Business Standard:“Tax officials have attributed it partly to payments from the Vivad se Vishwas Direct Tax Dispute Resolution Scheme and lower issuance of refunds, while others have said it is owing to increased compliance and enforcement due to the sharing of the goods and services tax data with the Central Board of Direct Taxes.”In essence, one of the explanations is that even though GST collections by themselves aren’t spectacular, the trail that the system leaves can be used to identify direct tax evasions as well. There’s precedence to better data resulting in increased direct tax collections. Until the turn of the century, many companies were deducting tax at source (TDS) before paying incomes to their employees but this money wasn’t reaching the government. There was no data to compare the TDS collected by a company with the TDS reported by all its employees. The result: tax evasion. Less than 25 percent of those supposed to deduct tax at source were submitting returns. That changed in 2003-04 with the introduction of the Tax Information Network. Dr Govinda Rao explains this breakthrough here:“Responding to the comment by the Comptroller and Auditor General of India that a large proportion of entities which were required to deduct the tax at source (TDS), simply did not remit the money to the income tax department, Vijay Kelkar who was the then adviser to the finance minister entrusted the task of TIN to NSDL which put together the system of monitoring the TDS payments.The result was the sharp increase in the ratio of Centre’s direct tax revenue to GDP from 3.9% in 2003-04 to 6.4% in 2007-08, registering an average growth of 31% per year.” GST offered a similar hope. The logic is as follows. A substantial portion of income tax returns (nearly 40 percent in 2017-18) report business income. Comparing this reported business income with the GST trail of the business can expose tax evasion. The input tax credit mechanism of the GST aligns the incentives of sellers and customers to report their revenues accurately. In July last year, the indirect tax board (which administers GST collection) and the direct tax board (which administers income and corporate tax collections) signed an MoU to exchange data with each other. The increase in direct tax collections this year is perhaps, in part, due to better triangulation of tax information. The exact impact is tough to gauge but if the trend in direct tax collection remains upbeat for consecutive years, we can isolate the effect to this beautiful meeting of the taxes. Can’t believe I wrote that! Matsyanyaaya: Everyone Wants to DARPABig fish eating small fish = Foreign Policy in action— Pranay Kotasthane I posted this writeup first on Technopolitik, a new fortnightly newsletter launched by my colleagues at the High Tech Geopolitics programme. If you are interested in themes at the intersection of technology and international relations from an Indian national interest perspective, do subscribe. Back to the story after that subtle plug. Japan. The UK. Germany. Even the US. These countries are now attempting their own versions of the original Defence Advanced Research Projects Agency (DARPA). The success of DARPA’s 2013 grant to Moderna for using m-RNA to develop vaccines seems to have further fuelled the FOMO. Will they succeed? Answering that question requires a reimagination of what ‘success’ implies in this context. Most of DARPA’s initiatives fail, by design. Had most initiatives been marketable, it would’ve only meant one thing: the agency wasn’t betting on the groundbreaking ones. Secondly, even the successful ones such as the ARPANET require long gestation periods. In essence, DARPA replicas need to be set up with the apriori acknowledgement — and requirement — that it should fail most of the time and prepare for long periods with zero successes. That seems to be a difficult act to accomplish. The Economist (June 5, 2021) edition describes a few principles that made DARPA tick:An anti-bureaucracy setup. From The Economist:“Whereas most (R&D agencies) focus on basic research, DARPA builds things. Whereas most use peer review and carefully selected measurements of progress, DARPA strips bureaucracy to the bones (the conversation in 1965 which led the agency to give out $1m for the first cross-country computer network, a forerunner to the internet, took just 15 minutes). All work is contracted out. DARPA has a boss, a small number of office directors and fewer than 100 programme managers, hired on fixed short-term contracts, who act in a manner akin to venture capitalists, albeit with the aim of generating specific outcomes rather than private returns.”Freedom to try and fail. This often means no ministerial oversight and more crucially, a common consensus amongst political actors that such agencies will be given a long rope.An assured customer from within the government. Some of US’ own DARPA copies haven’t met similar successes partly because they don’t have an assured customer like the US Department of Defence ready to deploy products of grantees.Apart from these three elements, there’s another underappreciated factor in my view: a powerful national adversary. DARPA was given the freedoms it got because of the threat the USSR posed. The narrative aspect (democracy vs communism) was no less important in getting scientists onboard on dual-use inventions. What about India’s chances at replicating DARPA? I would wager that factors #2 and #3 are not difficult for India to manage. There is precedence for India’s national security agencies being left out of parliamentary oversight and financial audits. What’s more difficult is #1. For a government to create an anti-bureaucratic setup that pursues excellence requires immense state capacity of the kind that Indian governments lack. Of course, Indian governments will have much less money to spare than their western counterparts. But that shouldn’t directly mean fewer risks. It only means that the areas that India chooses to focus on should be different from the ones that the US does. As economists would say, focus on the comparative advantages.More importantly, India’s revealed preferences show that in its collective imagination, Pakistan was, until now, the most significant adversary. Managing such an adversary didn’t require cutting-edge technology. It just required us to be marginally better than Pakistan. But a much stronger and advanced PRC poses a challenge that requires India to come out strong on all fronts, including technology. Herein lies the impetus for India to be audacious.HomeWorkReading and listening recommendations on public policy matters[Article] “Don’t Start Another War With China” warns Bernie Sanders writing in the Foreign Affairs[Article] “As G7 takes on China at five fronts, India engages with B3W” write Gautam Chikermane for the Observer Research Foundation (ORF). [Podcast] Anupam and Pranay discuss how and why to bring petrol under GST. If petrol prices are making you sweat, you might as well listen to this episode during your next commute. [Essay] A beautiful Lapham’s Quarterly essay on the history of technology. Get on the email list at publicpolicy.substack.com
While excellent newsletters on specific themes within public policy already exist, this thought letter is about frameworks, mental models, and key ideas that will hopefully help you think about any public policy problem in imaginative ways.Audio narration by Ad-Auris. India Policy Watch: Road Ahead Insights on burning policy issues in India- RSJWhat’s next for the Indian economy? Here’s a quick 8-point view on where things are at today.Clearly, the speed of vaccination will be the single biggest driver of how quickly the economy recovers this year. The daily vaccine rate has inched up to over 3 million a day after a poor May. While this isn’t adequate, there’s greater intent in procuring and debottlenecking the vaccine delivery process that’s evident. India has only vaccinated about 50 million with both the doses as we write this. It will need tremendous effort to get this number to over 600 million before December but it looks in the realm of possibility. That number will get us close to herd immunity. There’s a skew in vaccinations rates with the top 20 cities getting disproportionate supply of them. Considering these are economic hubs and drivers of consumption, this is acceptable for some time. But this skew has to reduce and the vaccines must reach the rest of India soon to reduce the probability of a third wave. There’s a danger of lapsing into complacency on speed of vaccination seeing the reduction in cases and resumption of economic activities in the big cities. We cannot afford it. The rural economy has taken a hit in the second wave going by the case count and deaths. The rural demand had held up during Wave 1 last year but it was already tapering before the start of Wave 2. The high auto-debit bounce rate data emerging from NPCI suggest greater stress in the SME sector in this wave than the previous one. The consumer sentiment surveys show the perception about current state of the economy and about the future are worse today than during the first wave. Considering the sentiment will remain muted till September when most of urban consumers would be vaccinated, this suggests we will need a magical H2 for the overall consumption to be better than FY 21. That’s unlikely to happen. IMD has predicted a normal monsoon in 2021 which is a positive though the correlation between monsoon, agriculture production and inflation has grown weaker over the years. On the balance, the real GDP for FY 22 will struggle to be at the pre-pandemic levels of FY 20. I think we will come below it. That’s two years lost because of the virus. The human impact of this loss is not widely understood or appreciated yet. On the other hand, the headline inflation might grow (CAGR) at about 6 per cent during the same two year period. This is stagflation territory. The usual problems that have plagued the economy over the last “lost decade” will continue if there isn’t serious problem solving skills brought to the table by the economic team of this government. The banking (esp PSU banks) and the financial services ecosystem will remain in stress following the pandemic. The unwillingness to lend despite huge liquidity in the system will persist. And the sectors that have been under chronic stress like infrastructure, power, telecom and SMEs will continue the same way. Barring few announcements and repackaging of old ideas, there’s no real plan that’s emerged for these issues. Instead there’s hope and optimism of some kind of magical robust recovery of the economy that’s served as a solution. Hope cannot be the strategy. The big difference in FY 22 will be the robust recovery and growth that will be seen in OECD economies. This bodes well for Indian exports. The Wuhan Lab virus origination theory and the more direct approach of Biden administration in competing with China on technology and science (US Innovation and Competition Act that was brought in this week) will make the ‘China plus 1’ model more mainstream for many companies who use it as their manufacturing base. India will have to double down on PLI schemes, ease of doing investment initiatives and woo these companies with intent. This will require bringing policy reforms, reducing state control, deft diplomacy and avoiding dysfunctional political moves that seems to have become the calling card of this government in its second term. The biggest issue that should worry the government on both economic and political fronts is jobs. Youth (15-24 age group) unemployment has gone from about 17 per cent in FY17 to over 40 per cent in FY 21 according to CMIE. The trolls can shoot the messenger (CMIE) calling it a private company. But CMIE has a track record for providing unbiased data over the years. It is easy to call it names now when the data looks inconvenient. But it won’t help India. It is important to look at the trends and think of policy actions rather than burying our collective heads in sand and listening only to the vacuous paeans of friendly trolls. The real picture isn’t pretty. The service sector jobs have been impacted because of the multiple lockdowns. About 80 per cent of service sector jobs that were lost in Wave 1 were regained by Feb 2021. That meant a 20 per cent permanent loss of jobs in the sector. But, more importantly, the corresponding percentage of jobs regained in manufacturing (excluding construction) was only 45 per cent. The cost cutting initiatives the industry did during Wave 1 have become permanent. This was evident in the FY 21 earnings growth of the listed companies that came in around 25 per cent (y-o-y). So, while the service sector has struggled to create jobs, the manufacturing has shed flab and is in no mood to bring it back. This has meant a reverse migration of labour to agriculture from industry. This is upending the gains made over the last two decades in moving labour out of farming. The K-shaped recovery was clear after Wave 1. It will turn more pronounced after this wave. This is clear from multiple data points - earnings growth of BSE 100 or NSE 50 companies that’s driving the stock markets to record highs, the GST monthly collections data that suggests more formalisation of the economy but, possibly, hides the decimation of the informal sector. The wage bill for large companies grew by over 5 per cent in FY 21 in contrast to the almost 10 per cent contraction seen among MSMEs. The high liquidity in the system has allowed the large companies to deleverage over the past five years without any growth in capital investment despite the hollow public commitments made by industry captains. The economy has taken a sharp oligopolistic turn over the last two years across the sectors. Considering the higher health and economic impact in rural areas in this Wave, there will only be exacerbation of the K-shaped recovery this time. This will have political and social repercussions too in future. The current account balance is at a surplus of over USD 25 bn driven by weak domestic consumption last year and FDI and FPI inflows into Indian equity markets and a select set of companies. Contrary to the celebratory tweets of the partisans, a surplus current account isn’t necessarily good news for this stage of Indian economy. The Indian forex reserves are also at their record high at over USD 600 bn (add another USD 75-80 bn of outstanding forward dollar purchases). FY 22 will not see any significant change in these. The current account balance will see net inflows given the outlook on domestic consumption. This gives RBI significant opportunity to keep interest rates low (real interest rates are in negative zone already), take measures to spur growth and monetise deficit without the risk of currency instability. This window must be used by the government.In summary, there are three policy moves to make - a) address the old, chronic twin balance sheet issue (multiple recommendations already in the policy sphere). Else it will get worse after Wave 2 and continue to be a drag; b) continued focus on exports and Make in India measures to take advantage of the recovery in OECD and possible isolation of China; c) Start the capex cycle, spend on healthcare and spur consumption through direct transfers in H2 FY 22 when sentiments will be better. The current account surplus and record forex reserves give us a window to do targeted spending to revive demand. This isn’t the time for austerity and tightening of the belts. Spend. Then spend some more. Else, stagflation will be a reality. Matsyanyaaya: Aussie Rules DiplomacyBig fish eating small fish = Foreign Policy in action— Pranay KotasthaneDiscussions on India’s diplomacy often hit a wall called ‘lack of capacity’. The conversation-ender is often the small size of India’s diplomatic corps. To take this conversation over the wall, I’ve been on the lookout for diplomatic institutions that can serve as reference points for India in terms of getting more done with less resources. And Australia fits the bill. Despite a small corps — just 833 Australian staff serving overseas — Australia’s diplomatic outreach has several innovations to its name. I will discuss three recent ones here.Paradiplomacy. Australia gets around its low diplomatic corps strength (to some extent) by allowing its states to have their own trade and investment offices in other countries. In Bengaluru alone for example, at least two states — Victoria and Queensland — have trade offices while the Australian consulate for southern India is located in Chennai. Victoria has a total of 23 such offices in important cities across the globe, New South Wales has 11, and Queensland has 16.I couldn’t locate any recent papers that evaluate the successes and failures of the Australian Paradiplomacy model but this is one area where Australian experiences can be of help to India. Instead of waiting for the Union government’s diplomatic intake to rise, let states take a lead on the trade and investment fronts.An India Economic Strategy to 2035. It’s somewhat amusing that the Australian government has an India Economic Strategy to 2035 document even though India itself doesn’t have an official economic strategy that looks 15 years ahead. Be that as it may, this document is far-sighted. It begins by saying that ‘There's no single major market out to 2035 with more growth opportunities for Australian business than India.’ Apart from identifying key sectors, it also identifies ten priority states in India where Australia should focus leading up to 2035. Under resource constraints, prioritise. This is another lesson worth emulating.Focusing on forward-looking global themes. I found out only a couple of weeks ago that Australia has ambassadorships and strategies for Cyber Affairs and Critical Technology, and Gender Equality. Its International Cyber and Critical Technology Engagement Strategy is an interesting document listing out Australia’s vision, goals, and values in the realm of high tech geopolitics. Having ambassadors focusing on horizontal global themes along with the traditional geographic verticals is another innovation that’s worth thinking about.In short, a small diplomatic corps cannot be used as an evergreen excuse for India’s underdeveloped global outreach. As Australia’s example shows, there is scope to do more with less.PolicyWTF (revisited): China’s demographic flip-flopsThis section looks at egregious public policies. Policies that make you go: WTF, Did that really happen? — Pranay KotasthaneOn May 31st, the Politburo of the Communist Party of China decreed that parents can now have three kids. Too little, too late.In edition #4, I had discussed how China’s one-child policy had accelerated the decline in fertility rates. Changing the upper limit to two in 2016 and to three in 2021 is the closest that an authoritarian regime can come to accepting failure. This is of course quite relevant for India since population, for many, is the root cause of all that’s wrong here. Even if it were a problem, the society has solved it on its own. From a fertility rate of 5.9 in 1960, it has come down to near replacement level — 2.2 in 2018. In any case, India’s problem is undergovernance and not overpopulation, as my colleague Nitin Pai has written before. We have written about this in our edition #49 here. To all those who still curse India’s population, learn from China’s policyWTF.To know more about China’s one-child policy, tune in to our Dec 2019 All Things Policy episode.India Policy Watch: The Fable of the Monkey and the two Cats Insights on burning policy issues in India- Pranay KotasthaneLast week saw an ugly spat between the finance ministers of Tamil Nadu and Goa on the sidelines of a GST meeting. Partisans from both sides predictably quarrelled and moved on. Nevertheless, this kerfuffle is useful for making an important point that often gets missed. The central issue is that the states’ focus on horizontal devolution is misplaced. Horizontal devolution refers to the formula used for sharing resources between states. All federalism debates almost exclusively focus on just this one issue. It also gets inaccurately framed as a ‘north vs south’ debate — how the taxes collected from the south are frittered away in the northern wastelands. But the problem really lies in vertical devolution i.e. how the tax resources are split between the Union government and all states as a whole. If the Union government keeps less money to itself, all states stand to gain together. People do not raise this issue because they falsely believe that the Union government increased the devolution substantially from 32 percent to 42 percent following the 14th Finance Commission recommendations. As the 14th FC covered the requirements of both plan and non-plan expenditure, in reality, the increase was from 39 per cent to 42 per cent. Even this modest 3 per cent increase was sabotaged by the Union government by increasing cess and surcharges, which are not shared with states. That’s why I say that India’s fiscal federalism resembles the monkey and the two cats fable. While states fight amongst each other, the Union government is happy appropriating 59 percent of the divisible pool resources, raising new cesses, and using a part of these funds to run centrally sponsored schemes that fall squarely in the states’ constitutional domain. I will raise a toast to federalism when I see at least a few states cooperating to addressing this imbalance in the vertical devolution. Until then, Union governments will be happy to play one state against the other.HomeWorkReading and listening recommendations on public policy matters[Article] Sajjid Chinoy’s two-part series in Business Standard on the economic impact of the second wave [Video] Prof Ananth Narayan in conversation with Mitali Mukherjee for The Wire on the way ahead for the economy.[Article] A cruel reminder of Goodhart’s law. To meet the 50,000 per day COVID-19 testing target for the Kumbh Mela, private labs forged the results. Get on the email list at publicpolicy.substack.com
In your evening news brief, GST council cuts rates on Covid-19 essentials to 5%; Diesel at Rs 100 mark in Rajasthan, Karnataka sees petrol at Rs 100/litre and Priyanka Gandhi slams govt's Covid response Download the Deccan Herald app for iOS devices here: https://apple.co/30eOFD6 For latest news and updates, log on to www.deccanherald.com Check out our e-paper www.deccanheraldepaper.com
A few days ago, the union minister for petroleum and natural gas said that he would like to see petrol and diesel included under the ambit of the GST. The reason being that it would probably bring down fuel prices. And while the suggestion does deserve merit, we have to ask - What's really stopping us from actually implementing this? So in today's episode we discuss this and more
***Complete the 2021 How I Work Listener survey to go into the draw for a $100 Visa gift card and a spot in Inventium's Workday Reinvention program, valued at over $500: https://bit.ly/3fEMiAG. ***If you get interviewed by Kevin Kelly, sensible footwear is a must. No seriously - the Wired co-founder says taking a walk with a potential employee or teammate is essential for any recruitment process. So what does Kevin ask about on the walk? Why is going for a walk so important? And what are the key things that Kevin is listening out for? Connect with Kevin on Twitter or Linkedin You can find the full interview here: https://www.amantha.com/podcasts/wired-co-founder-kevin-kelly-on-embracing-interruptions-getting-into-flow-and-what-makes-a-great-question/ If you're looking for more tips to improve the way you work, I write a short monthly newsletter that contains three cool things I have discovered that help me work better, which range from interesting research findings through to gadgets I am loving. You can sign up for that at http://howiwork.co Visit https://www.amanthaimber.com/podcast for full show notes from all episodes. Get in touch at firstname.lastname@example.org CREDITSProduced by InventiumHost: Amantha ImberSound Engineer: Martin ImberListener Survey Competition Terms and Conditions By entering the ‘Acast & How I Work Listener Survey Competition' you are agreeing to the following terms and conditions. Who can enterEntry is open to all participants who complete the Acast & How I Work Listener Survey in full, inclusive of the outlined competition question. How to enterThe competition opens June 1, 2021 at 6am, and concludes on June 30, 2021, midnight. In order to enter, eligible entrants must complete the Acast & How I Work Listener Survey in full and answer the final question: ‘What is the most memorable podcast ad you have heard and why?' PrizesThere will be one (1) prize draw and one (1) winner per Acast Listener Survey. The winner will receive one (1) Visa Gift Card to the value of $100. Total prize value is $100. They will also receive a pass to Inventium's Workday Reinvention program valued at $495+GST. How to winThere will be one (1) winner chosen from the total number of entries received.This is a game of skill whereby the most creative entry to the competition question will be deemed the winner. Completed entries will be reviewed by an Acast judging panel where a top three entries will be selected. The top three entries will then be given to the Acast judge who will choose the final winner. The promoter's decision is final and the promoter will not enter into correspondence regarding the result. The winner will be selected on July 2, 2021, at 9am.Acast will contact the winner via email on July 6, 2021... See acast.com/privacy for privacy and opt-out information.
In your evening news brief, G7 nations sign key pact to make tech giants pay fair taxes; Centre issues final notice to Twitter over IT rules compliance and GST revenues up 65% in May at Rs 1.02 lakh crore Download the Deccan Herald app for iOS devices here: https://apple.co/30eOFD6 For latest news and updates, log on to www.deccanherald.com Check out our e-paper www.deccanheraldepaper.com
***Complete the 2021 How I Work Listener survey to go into the draw for a $100 Visa gift card and a spot in Inventium's Workday Reinvention program, valued at over $500: https://bit.ly/3fEMiAG. ***Have you ever thought about breaking down your day into what are the most valuable tasks that you do and the least valuable? If you're like most people, you've probably broken down your annual salary into an hourly rate. Or if you're a business owner or freelancer, perhaps you've divided annual revenue into the number of hours that you work to get to a similar calculation.Perry Marshall, one of the most expensive business strategists in the world, has spent a lot of time thinking about this. Because for him, there is a completely different way of looking at this equation.If you’re looking for more tips to improve the way you work, I write a short monthly newsletter that contains three cool things I have discovered that help me work better, which range from interesting research findings through to gadgets I am loving. You can sign up for that at http://howiwork.co Visit https://www.amanthaimber.com/podcast for full show notes from all episodes. Get in touch at email@example.com CREDITSProduced by InventiumHost: Amantha ImberSound Engineer: Martin ImberListener Survey Competition Terms and Conditions By entering the ‘Acast & How I Work Listener Survey Competition’ you are agreeing to the following terms and conditions. Who can enter Entry is open to all participants who complete the Acast & How I Work Listener Survey in full, inclusive of the outlined competition question. How to enter The competition opens June 1, 2021 at 6am, and concludes on June 30, 2021, midnight. In order to enter, eligible entrants must complete the Acast & How I Work Listener Survey in full and answer the final question: ‘What is the most memorable podcast ad you have heard and why?’ PrizesThere will be one (1) prize draw and one (1) winner per Acast Listener Survey. The winner will receive one (1) Visa Gift Card to the value of $100. Total prize value is $100. They will also receive a pass to Inventium’s Workday Reinvention program valued at $495+GST. How to winThere will be one (1) winner chosen from the total number of entries received.This is a game of skill whereby the most creative entry to the competition question will be deemed the winner. Completed entries will be reviewed by an Acast judging panel where a top three entries will be selected. The top three entries will then be given to the Acast judge who will choose the final winner. The promoter’s decision is final and the promoter will not enter into correspondence regarding the result. The winner will be selected on July 2, 2021, at 9am.Acast will contact the winner via email on July 6, 2021, 9am.The winner has until July 9, 2021, 5pm to claim their prize.If the winner does not claim their prize within this time, the winner will forfeit their prize and the runner up will be deemed the winner, at which point they will be contacted via email. Prize will be fulfilled via email and sent to the details provided by the winner at the time of entry. Promoter Details The promoter is Acast... See acast.com/privacy for privacy and opt-out information.
The Indian economy has been going downhill for a decade now. How has Covid-19 affected it? Ila Patnaik joins Amit Varma in episode 227 of The Seen and the Unseen to take stock of where we are today, and where we go from here. Also check out: 1. Ila Patnaik at NIPFP, The Print, YouTube, Indian Express & Business Standard. 2. Asia Confronts the Impossible Trinity -- Ila Patnaik & Ajay Shah. 3. The Economics and Politics of Vaccines -- Episode 223 of The Seen and the Unseen (w Ajay Shah). 4. The Tragedy of Our Farm Bills -- Episode 211 of The Seen and the Unseen (w Ajay Shah). 5. The Art and Science of Economic Policy -- Episode 154 of The Seen and the Unseen (w Vijay Kelkar & Ajay Shah). 6. In Service of the Republic -- Vijay Kelkar and Ajay Shah. 7. India’s Lost Decade -- Episode 116 of The Seen and the Unseen (w Puja Mehra). 8. The Lost Decade -- Puja Mehra. 9. What a Long Strange Trip It’s Been -- Episode 188 of The Seen and the Unseen (w Arvind Subramanian). 10. The Fight of the Central Banker -- Episode 193 of The Seen and the Unseen (w Viral Acharya). 11. Pandemonium in India’s Banks -- Episode 212 of The Seen and the Unseen (w Tamal Bandyopadhyay.) 12. Demystifying GDP -- Episode 130 of The Seen and the Unseen (w Rajeswari Sengupta). 13. The Indian Economy in 2019 -- Episode 153 of The Seen and the Unseen (w Vivek Kaul). 14. Two Economic Crises (2008 & 2019) -- Episode 135 of The Seen and the Unseen (w Mohit Satyanand). 15. Twelve Dream Reforms -- Episode 138 of The Seen and the Unseen (w Shruti Rajagopalan, Rajeswari Sengupta and Vivek Kaul.) 16. The Seen and the Unseen episodes on Demonetisation and GST. 17. Most of Amit Varma’s writing on DeMon, collected in one Twitter thread. 18. Understanding Indian Healthcare -- Episode 225 of The Seen and the Unseen (w Karthik Muralidharan). 19. Women at Work -- Episode 132 of The Seen and the Unseen (w Namita Bhandare). 20. Past episodes of The Seen and the Unseen on Covid-19, featuring (in reverse chronological order) Ashwin Mahesh, Gautam Menon, Ajay Shah, Anirban Mahapatra, Ruben Mascarenhas, Chinmay Tumbe, Rukmini S, Vaidehi Tandel, Vivek Kaul, Anup Malani and Shruti Rajagopalan. 21. India’s Problem is Poverty, Not Inequality -- Amit Varma. 22. Anup Malani on India’s COVID Second Wave — Episode 13 of Season 5 of Grand Tamasha, hosted by Milan Vaishnav. 23. Seeing Like a State -- James C Scott. 24. Milton Friedman and PJ O'Rourke on Amazon. Please subscribe to The India Uncut Newsletter. It’s free! And check out Amit’s online course, The Art of Clear Writing.
In your evening news brief, Fuel prices were hiked again; Karnataka asks the GST council to release compensation of Rs 11,000 crore to the state that is pending for the 2020-21 financial year and remaining matches of IPL to be held in the UAE. Download the Deccan Herald app for iOS devices here: https://apple.co/30eOFD6 For latest news and updates, log on to www.deccanherald.com Check out our e-paper www.deccanheraldepaper.com
on Tuesday, Yaas intensified into a “very severe cyclonic storm”, Centre may exempt GST on items essential for Covid-19, IPS officer Subodh Kumar Jaiswal appointed as the new CBI Director & other top stories in your news bulletin
On this episode of the Long India Series, listen to Economist, Author, and Investor, Harsh Gupta, speak about why he is bullish about India's growth. Harsh's much acclaimed book, A New Idea of India, which he co-authored with friend and investor, Rajeev Mantri, is a compelling analysis of India's social, economic, and political conditions and a prognosis for its imminent rise to power. In 2017, Harsh introduced ‘Modinomics' as an overarching term to describe Prime Minister Modi's policies and in this conversation we revisit its various elements, including fiscal policy consolidation while increasing infra spend, monetary policy hawkishness and low inflation, structural reforms like GST, RERA, and bankruptcy law, formalisation of the economy through digitalisation, and state capacity creation and smart welfare. Along the way, we discuss how India can move on from the pandemic and also make good on our immense potential for growth owing to the convergence of macroeconomic, technological, and geopolitical trends. This is a fascinating conversation for anyone interested in understanding India's prospects for growth this decade. You can follow Harsh's views on Twitter (@harshmadhusudan) and Substack (Long India). This podcast is available on YouTube, Apple, Google, Spotify, Breaker, Stitcher, and other popular platforms. If you like this episode, then please rate, subscribe and share! For more information, do check out www.bharatvaarta.in. Join this channel to get access to perks: https://www.youtube.com/channel/UCfBfBd-1kvCOPxVll8tBJ9Q/join
CD is a transformational coach with 34 Coaching. He was a "revamp specialist" for many Hospitality organisations. Being part of many pre-openings, building organisational culture is innate to him. We speak with him about how organisational culture is important and how we diagnose your culture's health. There are some insightful and refreshing ideas and strategies we can improve in our actions towards our vision and some techniques and ideas we can take a leaf from coaching. We also explored how coaching can help an organisation grow and strengthen from the inside so that we can flourish. Look out for cute Doggo and heartwarming Dad of the year moments in this call. I sincerely enjoyed it :)If you would like to learn more about coaching and maybe add coaching as a skill into your repertoire, or just would like to get in touch with CDLINKEDIN: https://www.linkedin.com/in/cd-kotze-34-coaching/We would love to have you join us on Clubhouse:Every Monday 08:00 PST | 17:00 CAT | 19:00 GST on Hospitality Coaches RoomKylie's drink of the day: Clonakilla O'Riada Shiraz 2017Join us in our mission of regenerative hospitality.https://linktr.ee/wearepreshift#hospitality #regenerativehospitality #wearepreshift
✅ Facciamo chiarezza sulla LEGALE RAPPRESENTANZA, l'autodeterminazione, il trust individuale ✅ com'è nata la LR e perchè LE TRUFFE: ❌ oppt ❌ sovranità individuale ❌ altri trust ibridi ❌ GST virtual bank, ecc. INVECE DI CADERE NELLE TRAPPOLE DEI TRUFFATORI CHE GIRANO, ALLA RICERCA DI POLLI DA SPENNARE E DA INGUAIARE, CON VARI TIPI DI ESCHE VELENOSE ANDATE QUA E STUDIATE A FONDO! www.popolounicoevoluzione.org FOLLOW PHI | Q WE THE PEOPLE PODCAST: - Anchor: https://anchor.fm/phi-q-we-the-people - Overcast: https://overcast.fm/p2613683-weXVIN - Breaker Audio: https://www.breaker.audio/u/phi_q_we_the_people - Castbox.fm: https://castbox.fm/channel/id3675804?country=itù - Google: https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy80NTBhZWU2Yy9wb2RjYXN0L3Jzcw?sa=X&ved=0CAMQ4aUDahcKEwjIuLP7g4vuAhUAAAAAHQAAAAAQAQ - Apple/ITunes: https://podcasts.apple.com/it/podcast/phi-q-we-the-people/id1548247706 ——— VIDEO: - Rumble: https://rumble.com/c/c-451244 - Bitchute: https://www.bitchute.com/channel/EmYtors91agW/ ——— Telegram Channel: - https://t.me/WAQItaly --- Send in a voice message: https://anchor.fm/phi-q-we-the-people/message
In this week’s episode of Too Much Tully, the girls chat all things money with their (very patient) accountant and mortgage broker Julian Mauro. Julian and his team decided to ditch the jargon and old fashioned ways and instead deliver advice that compliments the progressive nature of our culture. He takes complicated concepts and breaks them down into digestible, bite-size pieces. Tully has never been very good with money, or taxes… or GST or superannuation or any of that important adult stuff. She and Kate chat about everything from their first jobs as teenagers to their history with credit cards and long-term savings goals before grilling Julian with all their burning 2021 money questions. On today’s episode: Tully & Kate’s first jobs Tully’s relationship with money The smoke and mirrors of “influencer life” Money Q & A with Julian To find out more about Julian you can follow him and his business on Instagram here: @mauro.au or head to his website here. As always, we'd love to hear from you, slide on into our DMs - nothing's off-limits. Instagram - @TooMuchTully Facebook - @TooMuchTully Twitter - @TooMuchTully This podcast was hosted by Tully Smyth & Kate Lancaster, produced by Matt Sofo for NOVA Entertainment’s Podcast Network. See omnystudio.com/listener for privacy information.
The trans-Tasman travel bubble between Australia and New Zealand is now well and truly open, and thousands of Aussies have already flocked to New Zealand to take advantage of it. In this episode, Matt chats to Alan Lam from Netwave Travel (a.k.a. madrooster on the Australian Frequent Flyer forum) about the bubble and what you need to know before travelling to New Zealand right now. You can contact Alan by emailing alan[at]netwavetravel[dot]com. Also in this episode, how you can claim back the GST on items you’ve bought in Australia before leaving the country through the Tourist Refund Scheme. And what happens to your frequent flyer points after you die? Plus, as always, get a round-up of the most important Australian airline & loyalty program news from the past fortnight. Episode contents: 1:10 - Fortnightly news round-up 11:55 - Interview with Alan Lam - New Zealand travel bubble 21:38 - Interview with Alan Lam - Australia's Tourist Refund Scheme (TRS) 27:46 - Interview with Alan Lam - Australia bans flights from India 32:10 - What happens to frequent flyer points after you pass away? Links: AFF on Air Discussion thread - a dedicated AFF thread to discuss the podcast and ask questions Information about CoverMore's COVID-19 travel insurance coverage Information on the Tourist Refund Scheme from Australian Border Force What Happens to Frequent Flyer Points After You Die? Frequent Flyer Gazette articles referenced in the fortnightly news round-up: Qantas Customers Short-Changed on Refunds Overview of Australian State Border Restrictions Qantas Reports Strong Forward Bookings to UK, USA Qantas Centenary Celebrations Continue with New Museum Exhibit, Gin Singapore KrisFlyer Miles Will Not Expire Until April 2022 How to Book a Jetstar Business Class Seat for $62
Trong tuần qua, Sở Thuế vừa đưa ra một số chỉ dẫn liên quan đến quyết định của tòa án liên bang, có liên quan đến JobKeeper. Một số doanh nghiệp do thiếu sót trong thủ tục khai báo về số doanh nghiệp ABN, hoặc chưa nạp thuế, hay trường hợp có sự thay đổi về việc khai thuế GST nên Sở Thuế không cho phép được hưởng chế độ JobKeeper, cùng với lượng tiền mặt trong kế hoạch nầy.
Welcome to Finance and Fury. A few weeks ago we went through the NZ government tasking the RBNZ with looking at property prices with monetary policy. in that episode, we went through why it probably isn’t going to really work well – politically the perception is that the Government is trying – but for the CB to make housing affordable through monetary policy, their only real recourse is to increase interest rates which would potentially put many households into default – leaving to an oversupply in property and property prices dropping – but this may not actually create ‘affordability’ – it would create people who have declared bankruptcy, who then have a hard time getting another loan, plus it may lower the household incomes – affordability of property is the price of property measured against the average household income what was mentioned in this episode is that the central bank has basically said as much – and would refer back policy tips for governments to try and implement – this is the other end of the spectrum on the fiscal policy side – such as changes to the taxation system – this brings us back to today’s topic – and this is one of the proposals that the NSW government has when looking at property affordability – Major changes may be coming down the pike in NSW for stamp duty reforms – may set the example for other states to follow This episode – we will look at the proposal to remove stamp duty and replace this with a form of property tax – in other words, pay less upfront tax and replace this with an ongoing tax We will also look at some examples of how this would work Most of the information from this episode is from the consultation papers, bot with NSW treasury and a few private To start with - this proposal is nothing new – one paper I was looking at went back to 1996, another to 2016 – Because if anyone was politically/policy aware back in around the 2000s – the proposal was that with the introduction of GST at the federal level, it was meant to be the replacement of stamp duty charged by the states – so the GST gets introduced, then the states remove stamp duty As is with governments – don’t like to forego revenues – so GST was a double win for the states – keep collecting stamp duty and then get a distribution from the federal level through GST – which is distributed between the states Before we get into the details of this proposal – let’s start at the beginning - What is stamp duty – Tax you pay on the transfer of an asset – stamp duty is triggered by a property transaction and levied on the sale price Stamp duty is also referred as a transfer duty, as it is a transaction-based tax paid on the transfer of property, both residential and commercial. The tax is paid by the purchaser of the property, based on the sale price – includes the price of the land and the building on it – essentially the market value Stamp duty has a progressive tax structure - the tax rate increases as the purchase price increases. first introduced in England back in 1694 under an act to help raise revenue to fight against the French towards the end of the Nine years’ war As an English colony this tradition carried – NSW introduced Stamp Duty 1865 Stamp duty makes up a large chunk of every states revenues – NSW has a revenue of just under $32b Transfer duty - $8bn or 25% of the total revenue, land tax was about $4.6bn or 14.4% - but in total the NSW government makes around 40% of their revenues from property, in the form of transfers or ongoing land tax – note that this land tax is not rates – which are levied and collected by the local councils Interesting – one paper I looked at called Fundamental principles of stamp duty – had the revenues of NSW back in 1995 - $2.6bn was the stamp duty collection – but this made up around 43% of the state’s revenue back then – today this tax, whilst it has increased by $5.4bn, makes up about 18% less as a share of the total revenue - additional taxes have been introduced since, such as on gambling, other state levies, which have helped to reduce the portion NSW has some history in reforming Stamp Duty - From 1 July 2016, the NSW government abolished transfer duty on the sale of business assets, including intellectual property, goodwill and statutory licences. Why is NSW looking at this proposal – The major reason is that over the past 156 years, stamp duty on property has become a large upfront barrier to entry to getting into the property market – not only getting into the property market, but moving from a current property into a new one - Since the 1990s - Property prices have grown, especially around the greater Sydney area – but on top of this, the tax rate of stamp duty has also grown – creating a compounding effect of the barrier to entry for property Initially the stamp duty rate was 0.5% - but on average now it is around 4% in NSW based on the average property price – it is a tried system – but on average it is about 4% - increase of about 8 times In the past 30 years, the average earnings over households in NSW have trebled, but the average house prices have increased around five times, and average stamp duty on dwellings has increased more than seven times – there is a problem here – With the compounding factors of higher prices, requiring more of a deposit savings, as well as costs to stamp duty, homeownership has declined, from around 70% in the 1990s to around 64% today To get into the property market – you have to personally cover the stamp duty – save for your 20% plus the stamp duty costs One of the studies done has estimated that stamp duty can add 2.5 years for an average worker to save enough to get into the property market – this is based on the average household saving 15% of their income on a deposit Goes without say that stamp duty has massively increases the transaction costs for getting into property – In 2009 NSW stamp duty revenue was 137% of the ABS measure of ownership transfer costs. By 2018, stamp duty was 384% of ownership transfer costs Economists also suggest that stamp duty can also hurt economic spending for the population - A review of nine recent studies of the Australian tax system indicates that each additional dollar of residential stamp duty revenue lowers living standards by about 90 cents. For stamp duty on commercial property, the impact is even higher, with an economic cost of $1.00 for every dollar of revenue raised. So, on average, almost every dollar raised in stamp duty has 100% economic cost – reducing consumer spending and GDP But let’s be clear – the Government are not acting purely out of the goodness of their hearts for this change – they are looking to replace an upfront tax with an ongoing tax – in the form of a property tax We already have a Land tax - which is an annual tax paid on the ‘unimproved’ value of land We also already have rates – which is also based upon the unimproved value of land – however at the moment – land tax isn’t paid by many people in NSW – the numbers: For stamp duty – figure of about $8bn at the state level, with an average rates bill of $1,050 in NSW and 3m households, revenues by the councils of about $3.2bn, but for land tax there is a $4.7 billion revenue that is generated from about 180,000 land tax payers – this is an average annual land tax bill of about $26,000 per tax payer Focusing on properties, rather than the people who pay land tax, about 260,000 out of 3 million residential properties in NSW (about 8.5 per cent) are subject to land tax - then among commercial properties only about a quarter are subject to land tax a smaller number of people pay land tax – why? It has a high tax-free threshold, and there are many large exemptions, including the principal place of residence and farms. This new property tax will not be land tax, or replace land tax or rates – it will be on top of these There will be some changes compared to land tax as it currently stands - The property tax would apply to each individual property, unlike land tax which is based on an owner’s aggregate value of landholdings But here is where the proposal is looking at two options – Tax based on the unimproved land values – which is how council rates are determined Property tax based on the market value of property – including the value of the land, buildings and improvements Is similar to rates vs stamp duty – rates are based upon the current unimproved land value – stamp duty is based on the market value of sale – I think it will likely be based on the unimproved land value – the council already does this each year – takes more work to try and calculate the market value – plus, it may cost too much on an ongoing basis It is estimated that the economic benefit of the reform would be approximately halved if the property tax were based on market values instead of unimproved land values. The reform framework – Buyers will be given a choice of which tax to pay – anyone buying a new property will be able to do the sums themselves Pay upfront or pay on an ongoing basis Pros and cons for each situation – if you plan to move homes regularly, or live somewhere for a few years before upscaling, it may make more sense to take the annual tax rather than paying for stamp duty -or if you plan to buy your forever home where you will live in it for decades, it may be actually cheaper Property tax will be an annual tax on land value – the tax structure will likely be similar to rates, where it is based on the land value There will be a fixed amount plus a rate applied to the unimproved land value of an individual property The rates – depends on the type of property – four types, owner-occupied residential property, investment property, primary production (farmland) and commercial – All of these properties need to currently pay stamp duty if they are purchases – but only investment properties or commercial properties are liable to pay land tax, if they are above the minimum threshold – what are the rates: Owner occupied: $500 + 0.3% of the unimproved land value Investment property: $1,500 + 1% of the unimproved land value Farmland: $0 + 0.3% of the unimproved land value Commercial property: $0 + 2.6% of the unimproved land value If you are not buying a new property, there is no change to your current situation If you already own a property and have paid stamp duty, then you will not have to pay the potential property tax There will be window in which new purchases of property can make a choice, to receive a rebate of their stamp duty and to pay the ongoing property tax First time home buyers – the existing stamp duty concessions for FHB could be replaced with a grant of up to $25k Looking at some examples – In 2020, the average unimproved land value for residential property across all of NSW is around $437,500 Using the indicative property tax rates, the average residential property in NSW would be subject to an owner-occupied property tax of $1,812 per annum For metropolitan NSW the average residential land value is around $630,400 - corresponding owner-occupied property tax would be $2,391 per annum In comparison – let’s say there is 40% premium for the total values – taking the market values to $612,500 and $882,560 respectively – Stamp duty on these properties would be $22,897 and $35,052 – this represents paying for 12.6 years and 14.6 years upfront in stamp duty when compared to the ongoing tax for that is estimated The other thing to consider is that over the years, the unimproved land value of the property is likely to rise – hence the present value of stamp duty may not seem as bad Assuming that the average land value grows by 3% p.a. – takes the break evens down to 11 years and 13 years – so shaves about 1 and a bit years off – but they key consideration is the long term holding of a property If you plan to own the property for 20+ years, or retire into it – it may actually be better to still pay for the stamp duty Investment property – Say you buy a residential investment property in metropolitan NSW – the fixed fee plus 1% is about $7,804 p.a. – the stamp duty payable on property at the market rate = $35,052 – about 4.5 years of the annual ongoing tax Effects on investment property – make it less viable form a cashflow perspective – additional costs – rates, land tax, annual tax – rents would need to go up to cover this Will this do any good? The government has forecasts that in the medium term, the property tax would create a revenue neutral situation – Currently, there are about 200,000 property transactions each year paying stamp duty. A long-run transition to a system where around 3.5 million properties pay an annual property tax would allow the Government to recover the revenue lost in the early years. From an economic perspective - Based on the current model, the proposed reforms could inject $11 billion back into the economy over the first four years, putting money back into the pockets of the people of NSW However – this may actually have a long term negative effect on consumer spending – when accounting for the increasd ongoing costs for households for holding property, this may initially inject $11bn in the economy over 4 years, but what about the annual opportunity cost for the money going into this ongoing property tax? Issue with models, impossible to accurately predict anything – especially when considering that it is all assumptions based and assuming that the money saved on stamp duty will be spent in the economy – as opposed to going towards a deposit or helping to cover the debt One big assumption is that the removal of stamp duty is that it has the capacity to increase household turnover – reducing the upfront transaction costs The Reserve Bank has noted housing turnover is positively related with household retail spending, particularly on durable goods such as furniture, home appliances and electrical or electronic devices, and renovation activity as new owners might choose to modify homes to suit their needs or existing owners add value before listing From an affordability point of view – trading the here and now for ongoing costs Residential – need to consider the pros and cons For investments – it may be better in some cases if the property is going to be long term hold – to pay stamp duty In summary – the NSW Government views - Stamp duty is an inefficient and volatile tax that puts a barrier to entry for people getting into the property market Thank you for listening to today's episode. If you want to get in contact you can do so here: http://financeandfury.com.au/contact/
Darren Brady Nelson is the chief economist at LibertyWorks, writes for Townhall, and is a policy advisor at the Heartland Institute. He is also a regular commentator in traditional and online Australian and American media. His main influences include the Austrian school of economics, common law, and Christian apologetics. In this episode we discuss: Big Tech Censorship The GST was a bad idea Woke business Austrian vs Keynesian economics Christianity and economics China's success Watch this episode on Youtube: https://youtu.be/UcWv-9H_eW8 Matt's Animated Promo Video Course Discount Link: https://www.udemy.com/course/animated-promo-videos/?couponCode=DISCERN Matt's Speed Reading Course Discount Link: https://www.udemy.com/course/learn-super-reading-hack-your-productivity-10x-guaranteed/?couponCode=PPLSPROJ Subscribe to Discernable on Youtube: https://www.youtube.com/discernable?sub_confirmation=1 Join the Discernable Crew (email list) to never lose access to our content: https://www.discernable.io/crew -------------------------------- Resources we mentioned in the episode: Human Action by Mises (free): https://mises.org/library/human-action-0 Economics in One Lesson: https://mises.org/library/economics-one-lesson Millennials and the Progressive Movement: https://cdn.mises.org/12_1_6_0.pdf?token=K_ZxSrXg ------------------------------------- 2:12 Banned from LinkedIn! 4:08 Conservative ideology silenced 6:47 Big Tech censorship is a cartel 8:58 Section 230 of the Communications Decency Act 1996 that protects Big Tech 12:50 US Supreme Court Justice Clarence Thomas speaks out against Big Tech 14:45 The Democrats are about to ‘pack the Supreme Court' by adding more left wing judges 19:54 Forget left vs right, it's authoritarian vs freedom 24:12 Australian states go to Canberra to beg for money 27:00 GST was a bad thing 28:20 A consumption tax to replace all taxes 29:57 A flat tax 36:25 The Left win the policy wars regardless of who is in charge 38:58 Big business loves tax hikes! 41:00 Wokeism always comes from businesses that have mega profits 42:13 The founder of BLM cashes in 44:40 Competitive federalism – why we need our states to compete 51:23 Increasing power in local governments 55:31 Austrian Economics 1:04:29 What is Keynesian Economics? 1:13:55 Australia loves Big Government 1:17:07 Australia's housing market – a real boom or just fake inflation? 1:20:00 Income is going down as inflation rises 1:21:15 What should Australians do in this economic climate? 1:23:07 What is good about Keynesian Economics? 1:27:05 What's the alternative to measuring GDP? 1:30:55 The overlap between Christianity and Economics 1:37:50 Will China's economic success continue? 1:49:19 Darren doesn't want a Magic Wand
I took some time last weekend to look at some articles and commentary that came out about a year ago when the GVC (Great Virus Crisis) was just beginning. The media was full of negative commentary but in my regular podcasts my guests and I gave a much more measured commentary using our perspective gained from many years in the market, and as a result we were circled by a pack of “hangry” housing bears. They were all confidently growling that local house prices would slump by the largest margin on record. Of course, they were fuelled at that time by some crazy forecast from the banks and the perennial negative Perma Bears who were praying for the mother of all housing depressions. Now the media is full of positive news and most of the bears have gone back hibernating in their caves, but some are still out there telling us the upturn in our property markets is just temporary. We have an embarrassment of riches, with our economy and our property markets surging ahead. While much of the commentary is about the micro factors – what's happening on the ground in our property markets, I like to regularly get together with property commentator Pete Wargent in these “Big Picture” podcasts to look at the macroeconomic factors affecting our economy and the property markets to help give you some more clarity about what the future holds so you can make better investment and business decisions. No fiscal cliff at the end of March Remember how the property pessimists were worried that we would fall off the cliff due to the many deferred home loans? Many banks gave temporary relief to borrowers impacted by COVID-19, allowing them to defer payments for a period of time. However, APRA reports that as of 28 February, a total of $14 billion worth of loans are on temporary repayment deferrals, which is around 0.5 percent of total loans outstanding, down from $37 billion (1.4 percent of total loans outstanding) in January. Sure, lots of homeowners and property investors took advantage of the mortgage safety net, but they didn't need to use it and are now repaying their debts. We're not falling off of a fiscal cliff and our banking system is sound and stable – so it's a pity the Negative Nellys created so much stress amongst those who listened to them last year. Property prices and GST boost state budgets by $7billion The fastest house price growth in 32 years nationally has fuelled stronger than expected stamp duty revenues while also adding a feeling of wealth for existing homeowners. We know when we feel wealthy and secure, we will tend to spend more. This all good news to help continue boosting the post-COVID-19 economy. And this has a flow-on effect on government budgets. We know our governments have taken on more debt to help us get through the coronavirus crisis, but now it seems that State government budgets are a collective $7 billion better than expected as rapidly recovering housing markets and consumer spending lift goods and services tax and stamp duty collections run ahead of forecasts. Federal estimates of GST collections are already $5.9 billion ahead of where they were forecast to be just three months ago, while stamp duty estimates have improved in every state by more than a combined $1.5 billion compared to past figures. The latest home loan figures show that investors are back in the market The latest ABS figures show the value of new loan commitments for housing fell by 0.4 percent from a record-high $28.75 billion in January to $28.64 billion. On the other hand, investors are back in the market with lending to investors rising by 4.5 percent in February to 3-year highs of $6.94 billion, while lending to owner-occupiers fell by 1.8 percent to $21.70 billion. For owner-occupiers, the value of loans for construction rose 4.4 percent in February to a record-high $4.25 billion. Renovation loans rose 8.3 percent to 11-year highs of $322.4 million. Building approvals surging February saw another big upside surprise for dwelling approvals which leapt 21.6% in the month to be up 20.1%yr. The record house building approvals were driven by the government's HomeBuilder program which has now have sparked shortages of key tradespeople and helped push the price of materials up by as much as 50 percent. Rampant demand in the renovation and home building sector is hitting customers with significant delays and pushing up the price of materials. And disruptions to international supply chains are only making matters worse. With dwelling approvals for houses at record highs, it's likely we will see additional pressure growing on construction costs as demand continues to build for residential construction materials and resources. The lift in residential construction costs is also placing upwards pressure on inflation where housing costs receive the heaviest weighting within the CPI ‘basket' of goods. Although HomeBuilder has now been phased out at the end of March 2021, it's highly likely we will see a continuation in this trend towards higher residential construction costs as it will take some time for builders to work through the surging pipeline of house approvals. Job vacancies Despite the concerns of double-digit unemployment, 90% of the jobs lost over Covid have been recovered. In seasonally adjusted terms, job vacancies rose by 13.7 percent or 34,800 to a record 288,700 available positions in the three months to February. Vacancies are up 26.8 percent or 61,000 available positions in February compared with a year ago. Of course, JobKeeper has now ended and while there is some concern that more people become unemployed, the residential property boom if you're in strong demand for construction workers. ANZ Bank Forecasts A new report released from ANZ Bank predicts house prices at the national level will rise to a strong 17% through 2021, before slowing to 6% in 2022. What a turnaround from all the pessimistic forecasts all the banks made in the middle of last year. ANZ senior economist Felicity Emmett said she expected the Australian Prudential Regulation Authority (APRA) would then introduce macroprudential measures to slow house price growth into 2022. Also… it is unlikely that APRA will intervene with macroprudential controls any time soon, in light of APRA chairman Wayne Byres' comment this week when he reminded Parliament that its primary responsibility is financial stability, not soaring house prices, and it is not seeing activity right now that would compel it to intervene. Links and Resources: Michael Yardney Metropole's Strategic Property Plan – to help both beginning and experienced investors Join us at Wealth Retreat 2021 on the Gold Coast June 12th – 16th – get more details here Pete Wargent – Next Level Wealth Pete Wargent's new book Low Rates High Returns Shownotes plus more here: The Big Picture Economic and Property Trends You Must Understand, with Pete Wargent Some of our favorite quotes from the show: “March has come and gone, and there was no fiscal cliff.” – Michael Yardney “I believe that good debt, debt against appreciating assets, is really an asset.” – Michael Yardney “Once you realize that no amount of money is going to make you happy unless you shift your mindset into gratitude and abundance mode, you'll never be happy.” – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how
On this week's episode of 'Paisa Vaisa', host Anupam Gupta talks to Maneesh Dangi, CO – Chief Investment Officer at Aditya Birla Sun Life Mutual Fund about the India Growth Story and what has changed in the past decade. Maneesh further shares his view on Government finances and summarizes an interest rate perspective forecast for the next decade before they drop some great tips on investing.You can know more about Aditya Birla Sun Life Mutual Fund: (https://mutualfund.adityabirlacapital.com/)Twitter - (abslmf)Linkedin - (https://in.linkedin.com/company/abslmf)Get in touch with our host Anupam Gupta on Twitter: @b_50 (b50)You can listen to this show and other awesome shows on the IVM Podcasts app on Android: https://ivm.today/android or iOS: https://ivm.today/ios, or any other podcast app.You can check out our website at http://www.ivmpodcasts.com/
Our agriculture needs reform -- but we should be wary that our attempt to get there is not at the cost of our democracy. Ajay Shah joins Amit Varma in episode 211 of The Seen and the Unseen to share his insights on the process, content and implication of the farm bills. Also discussed: knowledge assimilation, public health, how we tackled the pandemic and what we can do going forward. Also check out: 1. Ajay Shah's homepage. 2. The Art and Science of Economic Policy -- Episode 154 of The Seen and the Unseen. 3. In Service of the Republic — Vijay Kelkar & Ajay Shah. 4. Other episodes of The Seen and the Unseen with Ajay Shah: 1, 2, 3. 5. The State of Our Farmers — Ep 86 of The Seen and the Unseen (w Gunvant Patil, in Hindi). 6. India's Agriculture Crisis -- Episode 140 of The Seen and the Unseen (w Barun Mitra & Kumar Anand). 7. Other episodes of The Seen and the Unseen on Agricultire: 1, 2, 3, 4, 5. 8. We Must Save Our Farmers — Amit Varma. 9. The Indian State is the Greatest Enemy of the Indian Farmer — Amit Varma. 10. A Tale of Two Satyagrahas — Amit Varma. 11. Economic Freedom in Agriculture -- Ajay Shah. 12. India: An Agricultural Trade Powerhouse -- Ajay Shah. 13. Enabling a National Market for Food -- Anirudh Burman, Ila Patnaik, Shubho Roy & Ajay Shah. 14. Feeding the Hungry in the Pandemic -- Episode 210 of The Seen and the Unseen (w Ruben Mascarenhas). 15. Previous episodes of The Seen and the Unseen on the pandemic: 1, 2, 3, 4, 5, 6. 16. We Are Fighting Two Disasters: Covid-19 and the Indian State — Amit Varma. 17. Public Choice Theory -- Episode 121 of The Seen and the Unseen. 18. Analysing the 2021 budget -- Ajay Shah. 19. The Theatre of the Budget (2020) -- Episode 159 of The Seen and the Unseen (w Ajay Shah and Vivek Kaul). 20. DeMon, Morality and the Predatory Indian State -- Episode 85 of The Seen and the Unseen (w Shruti Rajagopalan). 21. Most of Amit Varma’s writing on DeMon, collected in one Twitter thread. 22. India's Water Crisis -- Episode 60 of The Seen and the Unseen (w Vishwanath S aka Zenrainman). 23. The Delhi Smog -- Episode 44 of The Seen and the Unseen (w Vivek Kaul). 24. Episode of The Seen and the Unseen on GST: 1, 2, 3. 25. Pratap Bhanu Mehta on the farm bills & what followed: 1, 2, 3, 4, 5. You can now buy Seen/Unseen swag. And do check out Amit’s online courses, The Art of Clear Writing and The Art of Podcasting.
Hosts Surya Prakash and Pavan Srinath dissect the Government of India's 2021 Budget, the first annual exercise since the COVID-19 pandemic started ravaging the world.India and the world is going through unprecedented times, to say the least. India's GDP contracted by 7-8% in 2020-21, and we hope to get the Indian economy back to where we were before the pandemic. While the GDP may recover in another year, the pandemic has been deeply unequal about how it has affected people. Millions of salaried jobs and daily wage jobs have been lost, and are only recovering slowly. Government taxes and incomes have taken a big hit. Setbacks in our health, education, and social systems may set us back by many years.Against all this, what choices has the Government of India made in its biggest announcement of policy and priorities for the upcoming year? Surya and Pavan put the budget's mind-bending numbers in context, and offer their analysis of the budget announcements, on Episode 86 of the Thale-Harate Kannada Podcast.To get links to our previous episodes on the budget, and related issues, please visit tiny.cc/harate86 .ಫಾಲೋ ಮಾಡಿ. Follow the Thalé-Haraté Kannada Podcast @haratepod. Facebook: facebook.com/HaratePod/ , Twitter: twitter.com/HaratePod/ and Instagram: instagram.com/haratepod/ಈಮೇಲ್ ಕಳಿಸಿ, send us an email at firstname.lastname@example.org and tell us what you think of the show. The Thale-Harate Kannada Podcast is made possible thanks to the support of The Takshashila Institution and IPSMF, the Independent Public-Spirited Media Foundation.
In this week's episode, Karly sits down to talk about TAXES! She is joined by her accountant Joanna Sheth of Accountwell Co. and the two dive into GST vs income tax, employee vs independent contractor, and so much more. They also get clear on when you need to make the transition from a sole proprietorship to a corporation. Make sure to tune into Hey Bitches every single Tuesday & Thursday and subscribe on iTunes, Google Play, & Spotify! If you're feeling extra frisky, screenshot this episode and tag @heybitchespodcast on Instagram to be shared on the story. Bye bye bitch!