India is legalizing cryptoassets. There’s significant fine print, especially around tax, but overall this is a win.
Speech (video): youtube.com/watch?v=ExYcfi
Speech (transcript): indiabudget.gov.in/doc/budget_spe
Summary: pib.gov.in/PressReleasePa
Full Bill: indiabudget.gov.in/doc/Finance_Bi
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The speech is bigger than crypto, however. If you read it, you get the unmistakable impression that India is more tech savvy than many realize.
Digital universities, drone farms, telemedicine, open source…embraced and understood at the highest levels.
indiabudget.gov.in/doc/budget_spe
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It's a bizarre experience to see a national politician who is conversant with technology and can calmly describe its benefits to the public as part of a dry budget speech.
It shouldn't be bizarre, but it is.
In other words, this was also my impression:
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APIs. Realtime information. Open source mobility stack. Digital currency using blockchain. Virtual digital assets.
At this rate the budget can be used to draft web 3.0
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Compare India's budget to the recent US infrastructure bill, where the one future-forward item was charging stations for electric vehicles.
As noted, America's federal government knows what they want to destroy, but not what they want to build.
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As I've said before, the extent to which India is trending up and America is trending down is insane. Even in 2010, I would not have believed these curves would ever be converging, let alone crossing in some places.
But I just can't argue with the trend.
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By the way, I'd rank this as among the most surprising developments in my life.
In 1990, 2000, or even 2010, if you'd told me an Indian city would flip an American city, I'd have been very dubious.
But now? It's obvious. Chennai > SF in a heartbeat.
twitter.com/balajis/status
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Then India's trends on technology.
- Internet connectivity
- Internet startups
- Vaccination status
- Mobile payments
Almost every graph you plot, it's up and to the right.
References:
[1] archive.is/wip/0qQJU
[2] archive.is/wip/fkPXY
[3] tigerfeathers.substack.com/p/the-internet
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It's not just graphs. It's very visible on the ground.
With that said, today's proof points are less important than the relative rates of growth. Growth determines what the world looks like in 2030.
India — and Indians — will be a big part of that world.
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What westerners think India is like vs. what it's actually like.
Contrast the Ascending vs. the Descending world – LA and random cities of India quietly switching places as the Westerner maintains his perpetual denial.
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Many of these graphs come from 's outstanding overview of the Economic Survey of India. Worth reading.
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The #EconomicSurvey2022 has just been presented in Parliament. It comes in 2 volumes- the first looks at overall macroeconomic and sectoral developments, and the second is a revamped statistical appendix #EconomicSurvey (1/16) @FinMinIndia @PIB_India @nsitharamanoffc
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Replying to
May be not.
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"income tax does not differentiate between legal or illegal, it just looks at income, irrespective of legality"
Note from a CA friend. #cryptotax #India #Budget2022
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