[hothatchaway]

^^^india has been a major hub for manufacture of small cars and their exports, the safety debate is for the indian market, as the exported cars obviously meet all mandated norms for the destination market. I have banked in Canada and i can tell you that with regard to quality of service, our top banks are anyday better. I am not aware of insurance companies in India being any better or worse than their global counterparts. Insurance as a business model is predicated on paying out claims which are cumulatively less in value than the premia collected, otherwise they go bust, whether in India or abroad. Regulatory watchdogs like irda exist in India and we will have to talk about it's relative efficiency or otherwise before we put the sector down.
FMCG companies like HUL, nestle et al which are global majors have been operating in India for donkeys years and it's not like they are monopolizing the market any more like they used to, losing ground to nimble local players, so what gives?

While there is much room for improvement, let's also not give in to the Western propaganda of how everything sucks in India. They have no altruistic goals in mind and only want us to open our wallets to their stuttering economies.

By the way, service standards suck in the Western world, whether they are banks or hotels and restaurants.

[V.Narayan]

Gentlemen, permit this middle aged codger to say a few things. I simply don't share the gloom and doom some espouse. The INR has not weakened. It is the USD that has dramatically strengthened against all currencies and in the face of fundamentals. In fact USD's strengthening against the INR has been one of the least of major currencies - ignoring the Rouble here as it is in a unique situation by itself.

The US is facing several tugging forces that could cause some currency upsets over the next 12 months especially after their mid-term elections, in November I think. On one hand inflation is at an all time high since 1945 & 1974. Second the economy is at risk of a recession. If not a recession then a stagflation. $ note printing has been at an all time high these last 3 to 4 years. The only reason the $ is strong is because it is being treated as a safe haven in uncertain times. If the Fed drops interest rates to cool inflation and promote growth then capital will flow out of the US economy as fast as it has just flowed in.

Frankly it is the $ that I would consider as over priced right now. In the Board rooms of the IT companies so many of our members work for the discussion is how do we stay competitive if the over priced USD moves to 75 or worse 72!

In India we are so transfixed with the USD exchange rate that we forget what's happening with other currencies. In July 2021 INR to EUR was 87. Today it is 81 an appreciation of ~7% in one year. Similarly against the Yen the INR has appreciated in the same one year by ~ 15%. The JPY and EUR are both very important currencies and markets for both our exports and our imports. In case of the UK Pound {GBP} in July 21 it was around 103 and now it is around 99 having sunk to ~95 a movement in favour of the INR of ~4%.

As I wrote in post number 183 above our regular journalists don't take the trouble to learn the subject they report on, on complex matters like currencies they often don't even understand what's happening and they enjoy eye catching headlines.

For all readers who work in export industries pray the INR stays at 80 and doesn't start a climb back to 75 or 72. Which as I explained can well happen.

Originally Posted by Samarth 619

Yes, indeed. I hope what you said actually happens. Central bank has already shared its dollars multiple times to increase dollar supply and stabilize the exchange rate, but how much can it go on?

The RBI follows a conservative prudent policy of letting the currency go where it must. All they do is to smoothen the movement. They do not try to manipulate the rates or stem the depreciation. The RBI is one of the most sensibly managed Central Banks in the world.

Originally Posted by hothatchaway

^^^india has been a major hub for manufacture of small cars and their exports...I have banked in Canada and i can tell you that with regard to quality of service, our top banks are anyday better.....By the way, service standards suck in the Western world, whether they are banks or hotels and restaurants.

+1 and +1 to that.

[Durango Dude]

Originally Posted by V.Narayan

The only reason the $ is strong is because it is being treated as a safe haven in uncertain times. If the Fed drops interest rates to cool inflation and promote growth then capital will flow out of the US economy as fast as it has just flowed in. Frankly it is the $ that I would consider as over priced right now. In the Board rooms of the IT companies so many of our members work for the discussion is how do we stay competitive if the over priced USD moves to 75 or worse 72! .

I think the $ has had it's honey moon and it must just rest, with whole world looking up to the $ as some holy grail gives it some unfair advantage while it's still not worth what it's trading at. Except for a few guys who export every one else is at a disadvantage when it comes to the $ value. These few exporters would like to see INR sink into "toilet roll" value as it would make them more "competitive". This pegging all currencies to the dollar makes all other currencies absolutely worthless and it's a never ending rat race and no other currencies will ever be able to challenge the hegemony of the dollar and the $ would reign supreme till kingdom come. US is at an unfair advantage for too long this sort of 'licking' up to the $ should end. Basically looking up at one currency for it's perceived value and whole world is nothing but trying to support the dollar indirectly so as not to 'topple the apple cart' and suck up to the US market and the dollar. $ is in the palanquin and the whole world is nothing but pall bearers to his highness the $!

[Samarth 619]

Originally Posted by hothatchaway

^^^india has been a major hub for manufacture of small cars and their exports, the safety debate is for the indian market, as the exported cars obviously meet all mandated norms for the destination market. I have banked in Canada and i can tell you that with regard to quality of service, our top banks are anyday better. I am not aware of insurance companies in India being any better or worse than their global counterparts. Insurance as a business model is predicated on paying out claims which are cumulatively less in value than the premia collected, otherwise they go bust, whether in India or abroad. Regulatory watchdogs like irda exist in India and we will have to talk about it's relative efficiency or otherwise before we put the sector down.
FMCG companies like HUL, nestle et al which are global majors have been operating in India for donkeys years and it's not like they are monopolizing the market any more like they used to, losing ground to nimble local players, so what gives?
While there is much room for improvement, let's also not give in to the Western propaganda of how everything sucks in India. They have no altruistic goals in mind and only want us to open our wallets to their stuttering economies.
By the way, service standards suck in the Western world, whether they are banks or hotels and restaurants.

We can go either one direction here:- either I can do an objective review, or we can go subjective. We love our nation, but I can't overglorify things.

Banks? Well, I've not been able to peacefully do banking after I opened an account in HDF* Bank. All the time they call me to get credit cards, loans, non HDF* products (mobile phones), etc. SMS is long gone, these guys CALL you during the work time! I'm scared installing their banking app, this bad the situation is.
Before that I had Pun*** National Bank with no such SPAM issues, but their customer care is death. If you lose money during an online transaction, its not your money anymore. It happened twice with me. I booked 3 tickets on BookmyShow and the order didn't complete, and something like this happened again years later...
SBI? Well, my dad has an account. To know more about it, come after I have my lunch. Jokes apart but their employees don't understand that politeness wouldn't hurt anyone.
Not to mention, entire India is a volatile environment, good for investments in general but not banking. Unstable, no doubt. Remember Bank of Maharas****?

A bank in switzerland or germany wouldn't do these things to you, would they spam you or trade your privacy? I don't know actually, that's why I ask, please let me know.

Insurance is a scene much better than banking overall, though. And Life insurance is still better than general.
Still, who approaches IRDA, if at all? Do you know one person who did?
Bro, you've been on teambhp longer than me, so you're probably aware of the vehicle insurance cases shared here, and I've heard only one thing in consensus from you guys only:- Foreign companies have higher premiums, but they'll not trouble you much during claims. Indian companies with lower premiums... and the accident was your fault.
IRDA has done a great job privatising the sector since 2002, I thank them, but that doesn't make us the preferred insurer of the world. Correct me if I'm wrong.

To be honest, this is not propaganda. I worked in the life insurance field(long before I went the academics way) so I know how many frauds happen, 99% of them on an 'insurance agent-customer' level.

FMCG is actually good, but I have to ask: Can India make itself the FMCG world guru? The world export hub? Will people actually import FMCG's from India or choose Indian brands? Do we back this with highest quality with no banned substances or harmful ones?
The answer might as well be yes in the long run, but they need that USP I mentioned. Can herbal products be a way ahead? It could very well be, as long as it is non chemical. Let's see though. I'm optimistic about this sector in general.

Ahh God... why do most of my posts end up so long? Dear mods, please PM me if you wish to discuss anything about my posting behaviour, I hope all is ok. Last post from my side here.

[dragracer567]

Originally Posted by Samarth 619

Banks? Well, I've not been able to peacefully do banking after I opened an account in HDF* Bank. All the time they call me to get credit cards, loans, non HDF* products (mobile phones), etc. SMS is long gone, these guys CALL you during the work time! I'm scared installing their banking app, this bad the situation is.
Before that I had Pun*** National Bank with no such SPAM issues, but their customer care is death. If you lose money during an online transaction, its not your money anymore. It happened twice with me. I booked 3 tickets on BookmyShow and the order didn't complete, and something like this happened again years later...
SBI? Well, my dad has an account. To know more about it, come after I have my lunch. Jokes apart but their employees don't understand that politeness wouldn't hurt anyone.
Not to mention, entire India is a volatile environment, good for investments in general but not banking. Unstable, no doubt. Remember Bank of Maharas****?

A bank in switzerland or germany wouldn't do these things to you, would they spam you or trade your privacy? I don't know actually, that's why I ask, please let me know.

Just want to back you up here, I have experience with banking in two different European countries - Spain and Belgium, so I can confidently say that banking in these countries are ages better than what I have experienced either in India or the Gulf.

Recently, I visited the SBI branch in Bahrain to update my KYC and there was only a single counter for NRI services (SBI functions as a local bank in Bahrain as well). I waited for about 2 hours (I was 20 places behind on the token when I entered) and I kid you not, we were told to leave the bank at 1 PM because it was time for the lunch break SBI maintains their work culture no matter the country! I came back at 2 PM and had to wait for another 45 minutes before I had my turn though I must say that the lady behind the counter was very courteous and helpful.

I will say this though, banks in India are certainly better than ones in the Gulf (have experienced every country except Qatar since my family kept moving) and smaller private banks in India like Kotak Mahindra are really good.

Sorry about this entire post being OT!

[dailydriver]

The gospel has now been spoken.

In a reply given in the Parliament, the government has categorically stated that the falling Indian rupee is a result of completely external happenings; thus devolving itself of all the responsibilities for the massive devaluing of currency.

Exchange rate of the Indian Rupee is market determined. Various global factors have contributed to depreciation of the Indian Rupee over the years which incl, US-China trade war in 2018, rate hike by the US Federal Reserve in 2018 & Covid related disruptions in 2020

ANI has posted a copy of the government's answer on Twitter



Disclaimer: No insinuations or aspersions meant or intended: just posting a relevant piece of information available in the public domain.

PS: The ₹ has further deteriorated and at the time of posting, stands at 79.8/$. On the brighter aide, there has been recovery after reaching historical lows.

[volkman10]

The Indian Rupee’s most appealing trait for traders is vanishing.

Rupee’s one-year implied yields fell to lowest since 2009
Lower premia may become “self-perpetuating” for rupee

Rupee, worst emerging Asia currency of 2022, may fall further.





Link

[Nithesh_M]

And in more news pertaining to this thread and unsurprisingly If I may add,

During FY 2022-23, no crude oil imports by oil PSUs was settled in Indian rupee. Crude oil suppliers (including UAE’s ADNOC) continue to express their concern on the repatriation of funds in the preferred currency and also highlighted high transactional costs associated with conversion of funds along with exchange fluctuation risks,

https://indianexpress.com/article/bu...oogle_vignette

[sgiitk]

I am also surprised as Fitch has made the outlook on the $ negative. India is working at a BRICS currency. As soon something like that happens expect the $ to plunge. I expect something like that after our elections. We are the fastest growing economy, then these things are very surprising. We also have inflation under control. I am told that you may get a $ INR 20. Raghuram Rajan has been warning of the Indian debt going high, but what about Uncle Sam.

So watch and wait.