Many Indian parents are in a fix when their children migrate to the US. Real estate in India is expensive. They would want to transfer dollars/ savings/ investments/ insurances and also terminal benefits to their kids in the US. But they face double taxation that will drain their finances. 35% of capital gains taxes in India, followed by equal taxes by the US may not leave much for the kids, in case the parents want to dispose of their real estate in India and want to transfer funds to the US to their children. Its hopeless trying to get the Indian govt to lower the taxes. But the investments are going to go the US permanently. The US can consider waiver of taxes on investment capital from Indian parents to their kids in the US. We have this scenario prevalent in the case of most of the parents based in India with their children working/living in the US. Presently, the Indian govt allows tuition fees in dollars with nominal charges, to be paid by Indian parents to the US universities when the kids enrol in varsities abroad, but even this has a ceiling.
What shall happen if the taxes are waived off by the US for investment transfers from Indian parents to their grandchildren either for education fund or for assisting in housing for their children? There can be much more inflows than happening now. The US can also allow transfer in kind such as gold and diamond jewelry that are left back in India by migrating children as they are highly taxable in the US. A ceiling can be fixed for the quantum of transfer. Many Indian immigrants opt for OCI card in India (equivalent of the green card) on acquiring US citizenship that can help retain their inheritances in India. (India does not permit dual citizenship for security reasons). But after a generation or two, they may lose touch with the base. They can benefit from repatriation of funds. Just a thought!
The Golden Mahalakshmi Temple, Vellore, Tamil Nadu, India: No I haven’t been here. So close to home. A temple made of solid gold.
We are aware Modi govt got back part of our gold with UK sometime back in 2 installments for security reasons. That’s only a portion. To quote from Google,
Other than the Bank of England, which is known for its stringent security provisions, India also stores its gold reserves at the Bank for International Settlements (BIS) in Basel, Switzerland, as well as the Federal Reserve Bank of New York in the United States.
Now I am shocked to watch this video:
Indian women unofficially own and hold in their possession maximum gold in the world to the tune of approximately 25,000 tonnes exceeding gold reserves of all world nations put together.
Hindu temples may hold many more times that kind of gold and precious antique and diamond and other jewelry. Golden vimanas or golden towers thousands of temples raise to the sky. Most old golden chariots for deities. These are just the popular two:
Its high time India got back her gold from the US. Its our gold and I can’t understand how they can refuse to give us back our gold if that is true. That is why I don”t trust investments made by India in foreign countries.
After the losses India had to bear at Lehman bros, this comes as a big shock.
British looted most of our wealth after the Islamic invaders. Yet after 1500 years of onslaught we are here. Our top scientists starting from Homi Bhabha, father of our nuke programme, got assassinated (died under mysterious circumstances) – this nation of mine reportedly has lost over 5000 scientists in last 5 decades to mysterious deaths/assassinations. Otherwise we would have been in space and in nuke front and in research must earlier and as much advanced. India continues to pay a heavy price for minding her own business which is sad.
The golden temple, Amritsar, Punjab is the first golden temple of India. About 100,000 guests are fed FREE wholesome satwik nutritious yummy food in the temple every single day. Temples of India feed millions free everyday. This is why we can never be as ruthless or single minded like China or the US. Some cultures have lived well for MILLENNIA. Been prosperous for thousands of years straight. In Tamil we say, Nirai Kudam Thalumbaadhu.
Tesla anyday because its EV and it can give good competition to Mahindra and Tata in the same segment that are local manufactures. India does need foreign investment and participation to optimal level. Whether Tesla is necessary I am not sure. But we do have some foreign brands, that adding Tesla to the list cannot hurt. In fact it can give good value for money for the Indian consumers by forcing others to update themselves. Yesterday there was news that Tesla was looking for plant locations in Maharashtra. Its better than selling 100% imported cars in India. No worries about tariffs. High end customers in India do not bother. Voting for Tesla only because it is environment friendly. It may not fit the middle class budget but there is a huge market in India for this kind of premium automobiles. If they have long term plans, they must come to India, not otherwise. As someone put it, India is not a car country – rather motorbike country. But I have relatives and friends who will lap up Tesla from Chennai whatever the price. Business community people. We the regular salaried class just can’t afford the luxury.
Presently carless, we are looking for a hybrid though for our next. Prefer Tata or Mahindra because they are easily serviceable in the country. For highways in India, Mahindra and Tata are the best with proven track record. Use local steel. Honda, Hyundai, MG etc., have carved their own space in Indian car market. I am sure, Tesla too will. I don’t have the car fetish. Just something comfy and parkable in our street will do for me! We of all things look at the turning radial! Just watched a Tesla in Doha for the first time on our way to airport. Did not even imagine in my dreams even then that Tesla would make a foray into India. It looked huge on Doha roads like a boat! Its just 2 weeks back! Never in Indian history foreign investments happened so fast, to my knowledge! Tesla is win-win for both America and India, in case they are to enter India.
Pollution in India is mainly due to stubble burning. Stubble burning by farmers in neighbouring states of Haryana and Punjab is the reason for Delhi air pollution. 2030 is our deadline to go electric or hybrid totally I guess. So its a wise move to have Tesla EV in India. Water pollution is a different thing already.
Hyundai made in India have an export market. In the long run, this is a distinct possibility for Tesla. May be they will be in India forever like Suzuki and Honda. While at it, is it even possible for Mahindra or Tata or Tesla to make an EV within 15 lac rupees budget? I know its asking for too much! Hopefully Tata can make it for us. I am saying this because this is our maximum budget ceiling for our next car! If they can, they will be runaway success even with the burgeoning middle class. Even in Chennai, we have the 2 or 3 car owning middle class families mostly.
I got this from Google:
* In 2022, India exported $6.68B in Cars. The main destinations of India exports on Cars were South Africa ($1.24B), Mexico ($941M), Saudi Arabia ($579M), United Arab Emirates ($400M), and Chile ($355M).
*Leading the Made-in-India export vehicle charge is the PV market leader Maruti Suzuki India. Between April and December 2024, the company has shipped 245,642 vehicles, up 21% YoY (April-December 2023: 202,786).
*Indian car export to the US: Mahindra, the only brand.
They say India is not a car country. Our highway network is good but in-city roads are pretty bad. Luxury cars have scope only outside city limits. Yet look at what stats reveal: This stat is from the link from below. This is November 2024 figure alone which is festival season in India. A total of 351,592 cars got sold last November in India. Festival season in India peaks with Ganesh Chaturti, Navratri and Diwali – the three grandest Hindu festivals. Car sales are maximum at this time.
F35 not advisable. Or India must take her time to study the pros and cons. The next US govt if it is to be Democratic, won’t cooperate with intelligence. Won’t even deliver on time and would go back on the agreement. I don’t know specifics but is it true that you need a daily password for F35. I am also aware that never will a Democratic govt offer F series to India. This is rarest of rare chance. Its also expensive and may burn a hole in India’s pocket. May India take her time to decide on that.
I welcome anything that is green energy into India. We want less pollution, less damage to environment and least usage of fossil fuels.
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