Where did the rest of the $28-and-odd billion come from? Converted at the rate of $ 1= Rs 44, this is just $1.38 billion. The figures for the BSE 500 showed a jump of just Rs 61 billion (rupees, not dollars). The engineering export jump accounted for $30 billionn (up from $38 billion to $68 billion). Exports by engineering companies in the BSE 500 (the biggest companies in India) showed just 11 percent growth. In fact, the gap is quite substantial," the report said.Īs Firstpost reported in October, the official export data showed a 79 percent year-on-year export growth in 2010-11. "Our study of exports data of major engineering companies (including automobiles and metals) shows that the increase in their exports does not reconcile with the steep increase in official exports data. They raised the suspicion that some of the high-growth areas in exports could simply be the result of overinvoicing - an effort to bring back black money parked abroad to India as tax havens lose their charm. ReutersĪmong other things, the Kotak analysts - Sanjeev Prasad, Sunita Baldawa and Amit Kumar - said that export figures in several engineering goods were simply too fantasic to be believed. gets "a deficit-financed tax cut that is dressed up as supply side, and given a fig leaf that it will be funded by economic growth.Firstpost called it Scam 2.0 in October, and the evidence so far - despite the commerce ministry efforts to put a blanket over it - indicates that it remains a scam. economist at Capital Economics, said it could end up in the situation where the U.S. Stimulus from a tax cut could spark inflation, forcing the Fed to raise rates higher than it might have to keep ahead of the curve. Goldman Sachs economists say unemployment could dip to 3.8 percent, which could put the Fed on track to raise rates once a quarter starting next year even if inflation remains below its 2 percent target. The Federal Reserve is raising rates cautiously and probably won't hike them again until the end of the year. Unemployment of 4.3 percent has not been lower in 16 years. Gross domestic product rose at an annualized 2.6 percent rate in the second quarter. The economy added 209,000 jobs in July, according to the monthly report on Friday. "Tax reform's absolutely essential for getting faster economic growth that's durable, long-lasting," he said. Tax reform is crucial to get to that 3 percent number, as House Speaker Paul Ryan told CNBC in June. His plan also envisions 3 percent economic growth - which would be higher than the 1.9 percent growth in the economy through the first half of this year. #Forbes technology council figleaf codeTrump wants to roll back taxes for corporations and individuals, simplify the tax code and spur growth through investment. A tweet by President Donald Trump last week appeared to claim some credit for the gains, though many analysts and economists point to growth in China and Europe lifting markets, as well as stimulus programs by central banks. Strong second-quarter company earnings have pushed the Dow Jones industrial average into record territory above 22,000 and the broader up 10.6 percent for the year. stock market higher in the months after the November election, and strong corporate profits have continued to lift it to dizzying heights. The promise of tax reform propelled the U.S.
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