A new financial term begins.
Day 809, 13:02
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Published in India 
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by
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by Indian Government Bank
Progress function, for those that want to know.
😛
Today, NavinCharles’ successful financial term has ended, and I would like to summarize our current status.
Gold
IGB Accounts – 507+100[Monetary Market] = 607.04
Country Accounts = 6.15
In government run organizations = 1.30
Total = 615 Gold [approx.]
Currency [INR]
IGB Accounts = 4145 INR + 1900[MM]
Country Accounts = 6804 INR
Other Govt. Organizations = 1470
I expect at least 7-800 INR to be in various govt. run company accounts in total, or more.
So, Total = 15000 INR [approx].
Procedure for govt. officials to request for funds-
Send a private message to Indian Government Bank, with the amount you require and where you will be using it. In order for your request to be processed quickly please follow the following format in your message-
Subject: Requesting Funds
Department: [Insert your department here. Example: Internal Affairs/Army battalion/Central Bank etc.]
Amount require
😛[How much you need. Example: 10 Gold/100 INR]
Money will be utilized in: [Where? Example: For producing gifts for newbie’s/Weapons for Army etc.]
Past records: [How much you got from IGB last time, when and how it was used. Example: I got 300 INR from IBG last time, I used it entirely in IAI. 170 INR in the gifts, and 110 INR for Q3 food. Rest was used for purchasing tickets at the election time.(Optional: It will be great for the records if you can give me exactly/approximately how many gifts/food/tickets you had sent)]
Do you have any ideas to help improve our economy?
Don’t be ashamed and never think its silly! It might have the potential to change our entire economic scene!
Send it to Indian Government Bank or Me now, and we will discuss it as soon as possible.
😃
Do you have complaints?
Go to the financial section of the national forums and file them there. I will give it a look, if I miss it somehow then please PM me the link.
I am actually having my board exams these days, so I can't be sure how much time I can give this. But I am writing this in fine print so that most of you don't read it.
😃
Be Active, Build India.
Akash Verma
Minister of Finance, February 2010
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Comments
First. 😛
Wow I am fast, I switched accounts, moved, fought 7 times and STILL got first. 😛
Lol I find that funny.
Anyway good luck Akash and we are looking forward to a wonderful term.
Second by the way 🙂
Third 😃
Voted 🙂 just what I needed to start working on budgets 😃
🙂voted !
Very well put.Hope this system is followed by the govt. co. managers. If so, it will help the MoF release the IGB reports in a very systematic way. All the very best, Akash.
All the best Akash.
All the best Akash...hope you have a successful term!
I always follow the procedure to send PM, though I'll send in the above mentioned format from now on. Good work Akash. First ball pe boundry 😉
VOTADO
voted 🙂
Hi,
I would like the administration o ponder over encouraging private sector role in development of Indian Economy... Export must be very liberalized...
Hi Saket,
Glad to hear from you. 😃
I agree that exporting is something thats highly beneficial for a country, as it brings in foreign exchange and at the same time solves the problem of overproduction to some extent.
However, the problem is not that we are not encouraging exports, its that others are not encouraging imports. 😛
There is no export tax in eRepublik, however, it serves its function in the form of Income tax thats applicable even if the money obtained was from some other country/is not the national currency.
Right now, USA is one of the extremely few[If not the only] country which has all its import taxes to minimum, thus a real good opportunity for entrepreneurs to exploit. But its not the best market for all the goods.
We can't get everything we want, now can we? 😃
If you can, then I would greatly appreciate you to elaborate your suggestion. We are trying all that we possibly can on this issue, but we certainly can use more ideas. 🙂
Anyone coming up with an idea that we find useful+genuine, and decide to implement it - will get at least 50 INR reward.
It is almost impossible to make money out of exports of manufacturing items. Mainly becoz most countries keep import taxes at very high levels.
The only real export opportunity for India is wood. At current prices,
wood is marginally lower than iron. So, what we need to do is gear up wood as our major product.
How to get this done:
1) Open up a few wood companies. Just Q1 or Q2 as training grounds for newbies. These would be loss making but worth it because our new population would come up to have more land workers.
2) These companies open jobs for Q0 workers at much higher rate than other industries. Say 2 INR or so.
3) Government or other prominent business houses buy or build Q4 wood companies and equip them with licences to export.
4) Target export markets: Hungary, Indonesia, Romania, Serbia, Croatia
These companies have good demand for wood due to no high wood resources. So, the license would pay for itself due to higher prices abroad. Usually, we get 5-10% premium by selling wood or iron abroad. This premium would mean a profit of 5-7 gold in a month just due to the license.
5) Proposal is govt pays for license and the business owner needs to pay it back in a month without any interest. A contract is drawn in this regard and would help everyone involved.
I guess through wood, we can easily target 6-7 fully working Q4 wood companies in 2 month's time.
That would mean a export revenue of around 700 - 1000 gold in a month.
Even if we reach around 3 companies, we can easily target 400+ gold.
Next problem is labor for these wood companies...
Close up the damn SCOI Iron companies. We would rather import iron and export wood. That is a far more beneficial use of resources. If anyone want data, I would give you the quantitative reasoning.
Final problem, Who pays for the companies:
Indian government starts 1st q4 wood company.
Cost: 230 gold
All top SCOI workers moved to wood company. This by itself would boost daily production to 200 units at least and daily profits of 1.5-2 gold. Also, since we have a daily gold revenue of 5.5 gold, we would be able to convert some of our INR into gold daily. So, within a month, we would be able to start another company from profits and converting some INR into gold.
>~~Your Points~~
My response. Bold = Crucial.
>~~1) Open up a few wood companies. Just Q1 or Q2 as training grounds for newbies. These would be loss making but worth it because our new population would come up to have more land workers.~~
We have CBI grain for that purpose, and we are redirecting most of our newbies there by making it the top offer on job market @ skill 0.
>~~2) These companies open jobs for Q0 workers at much higher rate than other industries. Say 2 INR or so.~~
No. Thats not necessary - they will join the company even if its paying 0.05 INR more than the others, no need to make a 1 INR margin. It will double our loss.
>~~Wood Company Q4~~
We are discussing it, thats a hot debate. We have insufficient funds as well. 🙁
>~~6-7 fully working Q4 wood companies in 2 month's time.~~
Not enough good land workers.
Too much investment required.
Too many companies to run - same export licenses+ Over production = Here comes trouble.
>~~Even if we reach around 3 companies, we can easily target 400+ gold.~~
Average profit/company Q4 in usual case = 2 gold/day.
Lets say we have 2.5, then it will not be 300+, but 225~ Gold at most.
I do agree that it will be good, but do we have enough workers? Enough start-up costs to pay for?
>~~Close up the damn SCOI Iron companies. We would rather import iron and export wood. That is a far more beneficial use of resources.~~
Seconded, but we can't do that. As most of them are not working anyway. 😛
[You can't kill a dead guy]
>~~Close up the damn SCOI Iron companies. We would rather import iron and export wood. That is a far more beneficial use of resources.~~
If EVERYTHING goes as planned. 😛
Lets see how It would work...
What u said about newbies and all makes sense.
Now, at gold amounts, 300-400 gold I mentioned is export amounts. Profits would be in the range of 30-50 gold per company.
Overproduction would not be a problem as all companies would have export licences to different BIG countries. I mentioned quite a few names earlier.
Investment problem: We need to just invest for 1st company. The profit from that company = around 40 gold in one month. Then, depending on number of available land workers, we can decide whether to invest or not.
I would like to re-emphasize that Wood is our only hope to earn some gold as exports.
If anyone has any different option, I am prepared to rest my case.
Good luck akash.. abt anupm view..well i aint much into it..but i wud like to get pritate sector more developed...