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Capital outflows from China by legal and other methods tolerated by the authorites comes to $225 billion or 3% of GDP in the year ending Sept. 2012, according to research by the the Wall Street Journal. The research looked at foreign exchange reserves and factors that affect reserves such as foreign direct investment, trade surplus, interest on foreign assets and exchange rate fluctuations. Estimates by Lombard Street Research are higher- at $300 billion for this period. By comparison Journal research shows the capital outflows for 12 months to March 2009 during the global financial crisis was $110 billion. An extreme situation is the 23% of GDP in capital outflows from Indonesia during the global financial crisis. Money transfer agents are widely used by wealthy Chinese to move money overseas and are tolerated by the authorites- everything from financing tution for children to buying condos in Cyprus can be done this way. Cyprus gives EU citizenship to any person investing 300,000 euros in a property. Increased foreign investment by Chinese companies and earnings by exporters that are kept overseas are also part of this outflow....

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The bottom line is that China is so advanced in the deindustrialization of the US with US companies cooperating that the only way to get American companies to change course is by creating precisely this kind of situation where China responds with its about 100% tariff to the US 100% tariff. That sends a clear message to American companies and changes the culture of America's deindustrialization American companies are wedded to. Treasury secretary Scott Bessent said DJT raising the tariffs from 34% on April 2 , 2025, Liberation Day by 50% to reach 104%  as a well thought out US tariffs policy was Trump’s “strategy all along.”  Bessent  said: “This was his strategy all along, and that you might even say that he goaded China into a bad position, they responded.” China responded to the 34% DJT tariff by going with it's own 34%. When this retaliatory move suggested China was not willing to consider US arguments that it only wanted a level playing field from China with it's complex system of non-tariff barriers against US imports, DJT added another 50% tariff saying that if China did not withdraw its retaliatory tariff on April 8, US would go with another 50% tariff on April 9. This is what Scott Bessent means by US having put China in a position where it would have to put its own 50% tariff on US products to get to US tariffs at 104% vs. China's at 84%.  The bottom line is that China is so advanced in the deindustrialization of the US with US companies cooperating that the only way to get American companies to change course is by creating precisely this kind of situation where China responds with its about 100% tariff to the US 100% tariff. That sends a clear message to American companies and changes the culture of Aamerica's deindustrialization American companies are wedded to. ...

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Talks at the White House between Macron of France and DJT on Feb 24, 2025. DJT says Russian president Putin will accept European and American troops in Ukraine to monitor a peace settlement as a peace keeping force. French troops were offered for such aforce by Macron. DJT says he asked Putin directly this question and the answer was yes for a peacekeeping force to end the war. Analysis by The Times shows Britain and the EU are coming to terms with DJT policy to end the war and Europe shouldering its defense  responsibilities and costs because America has challenges in the Asia Pacific with the rise of China. 

To get an idea of China's resources and capacity it now has over 50% of ship building capacity in the world. The US is only now ramping up its efforts to build ships and increase the effectiveness and size of the US Navy, and a major defense effort is underway.

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Steel prices drop by 40% in 2015 for steel supplied to the automobile industry. Chinese producers reduce prices on world markets as China increases exports. ArcelorMittal suffers a loss of $7.9 billion in the fourth quarter of 2015 on its steel business and mining. The mining unit had a$3.5 billion operating loss and the company took a writeoff of $3.4 billion on mines as a result of the collapse in the mining industry prices. For the full year the company expects $4.5 billion in earnings for 2015 before interest, taxes, depreciation and amortization, compared to $5.2 billion in 2014. Its capitalization has declined to about $6.8 billion.

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In August 2023 the Ukraine war is reduced to small unit tactics after a stalled Ukraine offensive. The results of the war over the last 2 years is a broadened NATO with Sweden and Finland inside NATO increasing the borders of NATO with Russia. On the Russian side some of eastern Ukraine on the Black Sea and the Dnieper river are now part of Russia in addition to the Crimea. The Ukraine offensive is stalled. Russia's economy has shifted from its western European orientation for energy exports and auto other imports to a Chinese orientation.  These changes are likely to remain with a shift of supply chains back from China and its suppliers to the US and the EU. This acts to restore the factory bases in the US and EU and revive communities built around factories in small towns across the region. This will bring back regions in the EU and the US that suffered from the loss of factory jobs and public services they supported. Overall this is a healthier situation for the people of Europe and the US. For China also the situation reverses to better quality yet slower growth, and a pause to take stock of the immense changes that happened with explosive growth in trade- the damage to the environment, floods and heat waves from climate change, the explosion in debt to three time its GDP, higher unemployment, rural poverty, and devise solutions to these problems. The war has accelerated the unraveling of the existing economic, social and trade arrangements that had stopped working for many years. ...

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Corruption is not a necessary factor for a market economy, it is one of its ills that if left uncontrolled or unregulated risks the downfall of the entire market system with loss of confidence among the people in a market system. This BBC report shows the staggering sum of $44 billion taken out of Saigon Commercial Bank. The report says 93% of loans  given by the bank went to Truong My Lan who set up the bank by merging 3 smaller banks, and shows the brazenness and the scale of the corruption. My Lan started with a market stall during Vietnam's shift to a state driven market economy in 1986 like China, and gradually acquired hotels and other property. Nguyen Phu Trong is the General Secretary of the Communist Party since 2011 and president 2018-2021. The risks to the Communist Party of such corruption have become evident and Nguyen Phu Trong as leader of the Communist Party in Vietnam started his campaign against corruption in 2016 after pro business prime ministers of the past had led to Saigon's economy being left unregulated after 1986 in then Doi Moi reforms. It is Vietnam- and China's- lack of familiarity or experience with the market system that has led to tolerance of outright corruption in the past. In no way does a market system need any corruption of any sort to function that damages the credibility of the system with the people. As it is insidious and can affect the whole economy it requires vigilance, oversight and regulatory checks. ...

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US antiship missiles Nmesis are placed in the Philippines islands to protect parts of the Pacific region in 2025. During the period of US engaged in wars in the Middle East under Bush and then Obama, the US Navy lost time and China built up its Navy. The lack of foresight of US business and focus on profits of firms like Apple shipping manufacturing to China meant loss of the manufacturing knowhow as other companies followed Apple for 2 decades. The result is that it takes long lead times for the US to build the ships the US Navy needs, a repeat of the situation the US faced with Japan by 1935 when the US was focused on tackling the Great Depression under FDR. At that time at a Naval Conference in London in 1934 the Japanese walked out rejecting the Washington Naval Agreement of 1924-25 that limited Japan to 60% of the US and British Navies ships tonnage. By 1941 the Japanese Navy was its main reason for its efforts to control Asia. FDR who had been Secretary of the Navy was not far behind so that America launched its own efforts in 1937- in an 18 month period 1942-1943 the US destroyed the Japanese Navy and protected China, India, from the worst Japanese Kwantung army elements that ran the government leading to 14 million lives lost in China. ...

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Prime minister Abe of Japan and President Jinping of China meet for 25 minutes on the sidelines of the Asia Africa Summit in Indonesia, on April 21, 2015. In a sign of thawing in relations both sides take an active interest in improving relations. This is the 60th anniversary of the Bandung conference in Indonesia, and Japan restated its pledge during the 1955 meeting of Asian and African leaders to not use force in territorial disputes. Abe said he had "deep remorse" for Japan's role in World War II. Xi Jinping's speech covered China's effort to build the "Silk Road" infrastructure projects in Asia and Africa, and said the AIIB bank was seen positively by the international community. Jinping emphasized the joint responsibility of both countries for peaceful development and regional stability. Abe suggested that a communications system for emergencies be established between the two countries and a defense dialogue be setup.

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A new report, "China: 2030," by the World Bank and the Development Research Center (DRC), has major implications for the course of action taken by new Chinese leaders. The limits to China's economic model with the dominant role of state owned companies has been pointed out in the past. It has now reached a point where China must choose to move to a modified model or face the "middle income trap" of countries like Brazil and Mexico, where income levels and growth reaches a certain level and then decelerates suddenly with little warning. The report makes some major recommendations that would modify the current system. It says the state owned companies should be supervised by asset management firms focussed on commercializing these companies, and not supervised by the State-owned Assets Supervision and Administration Commission (SASAC). The asset management firms would restrict the state owned companies on what areas they participate and sell off businesses to make it possible for private companies to compete. Zoellick says- "China needs to restrict the role of the state-owned companies, break up monopolies, diversify ownership and lower entry barriers to private firms." The state owned companies would be required to pay sharply higher dividends to the government which could then be used for social programs. Currently state owned companies invest in land which is sold by local governments for revenue helping fuel the real estate bubble. Significantly, the report had its origins when it was proposed by Mr. Zoellick, head of the World Bank, during a visit to Beijing in Sept 2010. It was supported by Li Keqiang, then vice premier, and now expected to be the new prime minister of China. The World Bank is widely respected by Chinese leaders because of its assistance during the early stages of reform in the 1980's. The DRC reports to China's State Council, a top governmental institution, and the No. 2 person at DRC, Liu He, is a senior advisor to the Politburo Standing Committee. He helped draft the current five year plan and is close to Li and Xi Jinping, the next president of China. The SASAC has opposed these ideas, especially any shift in its personnel selection of management at the state owned companies, which it shares with the Communist party's personnel department. Respected China economists say China faces large risks of a sudden sharp slowdown because the the state owned companies have largely copied foreign technology and have not generated enough technological advances, which will be needed for the next stage of growth. Lower growth rates could worsen problems in China's banking system leading to a crisis. The Conference Board, estimates China's growth at 8% for 2012, slowing to an average annual growth rate of 6.6% from 2013 to 2016. Barry Eichengreen of UC Berkeley, Donghyun Park of the Asian Development Bank, and Kwanho Shin of Korea University, say the annual growth rate will drop by at least 2 percentage points by 2015....

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Seen as a rural urban divide, less educated and well educated and tech workers the situation in France looks similar to that in the US in the elections of 2016 and 2020. With business in the US and European Union shifting manufacturing to China and the governments neglecting rural areas, decline in standard of living for people on pensions that have not kept up with the cost of living, the situation in France as in the US is decades in the making. Bernie Sanders and Melenchon were appealing in different ways to younger people yearning for change and a system that would correct these changes.   Melenchon coming this close to less than one percentage point of Le Pen in the first round of French elections shows that a straight Macron Le Pen version of what has happened is an oversimplification, just as seeing the changes in America under president Biden vs Trump would be a simplification, as voters for Sanders who voted for Biden are changing the Biden agenda and setting America on a new path. A path to reshoring jobs that were sent to China, rebuilding American manufacturing, increasing workers wages and restoring workers leverage for higher wages, investing $2 trillion in child care, housing, supporting worker incomes and families, supporting older Americans on pensions. In the same way beneath the idea that nothing has happened after the yellow vest protests for cost of living, that has not only not gone away- but increased in the concern for cost of living in this election with the surging inflation - new developments are happening.  Even as Germany under Merkel appeared not be changing in 2020- 1 year after Merkel the situation will have changed completely to address social concerns that were ignored earlier and to invest in infrastructure in a big way. Behind this is a fundamental change that is taking place. Facing a challenge from totalitarian states the fabric of society in the free world, the US, Germany, France, other EU states, India, and nations in the free world will have to respond with changes that restore the fabric of society to what it was before this kind of fracturing, bringing all parts of society together to bring all the energies in place for rebuilding, investing in infrastructure, restoring local manufacturing and renewal. It requires a unified effort to be put in place to respond in the right way.     ...

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Liverpool has lost its World Heritage Site status but this may not be a bad thing, says Christoph Brumann, research leader at the Max Planck Research Institute for Ethnological Research in Halle, Germany. Fewer tourists, he says in this report in DW.com, but now the city can do what it wants to modernize the docks area, and not have to worry about the World Heritage Committee or the British government interfering in its plans. The World Heritage Committee is now subject to diplomatic lobbying of many countries, and the label has lost some of its value as more countries push sites in their country. Liverpool was asked by the World Heritage Committee to stop construction on the waterfront that was helping to bring new life to the city and revitalize the docks area to keep its World Heritage status. In the end the committee that met in China with China as the chair and lobbying by other countries, deteriorating China-UK relations, and and the UK sending only a representative from the Culture Ministry not the Foreign Ministry, played a part in the vote at the World Heritage Committee, says this report. Since 1972 Europe has gained a larger share of the World Heritage Sites. After 2010 meeting in Brazil this has shifted to other countries. There is no clear idea of what a World Heritage site is- cultural, or natural. Cultural is at this point 80% of the sites. This DW report shows some of the contenders in 2021, and only a few of them can be considered to be worthy of visiting. The committee that decides this has removed Dresden for building a new bridge across the Elbe river site, a decision made in 2007, so that it is becoming more controversial. ...

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Brazil's economy is forecast to contract by 2% in 2015, the currency has lost about one third its value and the stock market is down 22% in the last year. This follows the decline in demand for Brazil's commodities exports as China growth slows down. Experts say Brazil is now seeing another boom bust cycle similiar to boom-bust cycles in the past, such as the 1966-73 boom followed by years of hyperinflation and stagnation. Brazil's exports to China declined 17% in the first 7 months of 2015. The crisis is in many ways similiar to crises in other emerging markets dependent on commodities exports. The resources boom leads to overvaluation of the currency, and decline in development of manufacturing away from dependence on commodities exports. Other errors rise from complacency and politics prevalent in such periods. These errors include mismanagement of resources with poor resource allocation decisions such as spending on soccer stadiums in cities in the northeast while basic bus services remained underfinanced in large urban areas, large overspending by the government using state owned bank BNDES to offer rates at below market rates, a credit fueled boom and credit card binge for households, and a reversal of capital flows from the U.S. and Europe with the sharp decline in investment climate. There is a severe loss of confidence in the government of Dilma Rousseff with her approval rating as low as 8%. Corruption scandals at Petrobras show close links between the Workers Party of Rousseff and executives, with about $2 billion in misused funds. Brazil, like other emerging markets such as Russia and India, have taken some lessons from the 1997 financial crisis by setting aside large foreign exchange reserves for a crisis. Brazil's reserves of $397 billion help it cushion the effects with funding of the safety net and support to industries to avoid large layoffs. Other problems not tackled as in Mexico, India, and other emerging markets, are the weak educational system, and poor infrastructure, that create bottlenecks for growth. Brazil could face a lost decade after the debt overhang, decline in foreign investment and commodity export generated revenues. ...

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The US ports of Los Angeles and Long Beach after Liberation Day- soon to be relics from the China Trade of yesterday. On April 9 US responded to China's 34% tariff with another 50% tariff of its own on China. The US tariff now stands at 104% to China's 84%. China says it won't back down and "will fight to the end." The US president DJT is now certain to restore world trade to the days before China entered the World Trade Organization and upended the world trade order leading to the deindustrialization of the US when US corporations followed Apple in 1998. With Tim  Cook in charge of Apple manufacturing in 1998 doing the first major act of outshoring the whole manufacturing base of a company to China. It was a strategy- to use the huge profits of a three punch approach- brand the product at the high end to command high price in the US through innovation and design (punch 1), followed by making using Chinese labor at low cost in China (punch 2), to generate the huge profits to create a virtuous cycle of investment from these profits to generate new cycle of growth (punch 3). What Apple gained, America's workers lost. This was sold by economists at the service of corporate narrative that it was good for America in the face of the facts showing just the reverse for 25 years 2000-2025. Soon almost the entire manufacturing base of the US was shipped out to China, or Chinese supply bases Vietnam. Japan fell in line and became a supplier to this China Manufacturing for the World. What started out as Microsoft demolishing Apple by 1998 and Apple using this 1-2-3 punch strategy turned into first a disaster for American workers, a loss of the working class leading to the loss of the middle class backbone of America, replaced by Silicon Valley and financial interests in New York City and disproportionate rewards to capital, the rural and small towns, cities across America's heartland thrown into decay and neglect.   ...

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Daniel Yergin of consultancy firm IHS describes the geopolitical disputes in the Middle East between Russia, Saudi Arabia, and Iran that are leading to likely continued oversupply of oil in 2016, keeping prices in the $30-$40 range. Saudi Arabia is not likely to change its policy of going after market share, Venezuela is affected but lacks a voice in OPEC decisions, Russia continues its policies in Syria and Iraq under the Putin government affecting other Sunni states, and Iran following the lifting of sanctions is likely to ramp up supply to make up for its lost market share- all leading to an extended period of low prices. This situation benefits China, the European Union countries, India, Turkey and the U.S. in a period of slow economic growth in 2015-2016. Russia looks to use this period of low oil prices to shift to domestic industry after a period of rising imports when oil prices were high. The Saudis seeing their interests in the region threatened by Iran and Russia, and dissatisfied with the foreign policy of president Obama, see a policy of pushing for market share as appropriate in the current geopolitics of the region....

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NYT Shanghai bureau chief Alexandra Stevenson sends this report on the magnitude of the problems facing Country Garden, China's largest housing developer, Country Garden has $200 billion in unpaid bills, has missed interest payments on debt. It lost $7.6 billion in the last 6 months. A million apartments remain unfinished. The government's first concern is that buyers are made whole, it is less committed to housing as a driver of economic growth. And the numbers are just way too large for the government to tackle. By one estimate the unpaid bills goes as high as $370 billion in unpaid bills. What happens to all those construction workers, carpenters and other workers who remain unpaid. Country Garden follows failure of Evergrande another huge Chinese real estate developer in 2021. Experts say even if people buy Country Garden's apartments the losses are too large to make up.

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China plans to merge te Baosteel Group Corp. with Wuhan Iron and Steel Group Co. or Wisco. The new company will be close to the size of ArcelorMittal SA. The head of Wisco, Ma Guoqiang, says megamergers are not the best way to achieve true restructuring. He says cutting capacity is needed. In the past this was planned but not implemented as steel prices rose. New plans call for cutting capacity by 45 million metric tons in 2016 and 150 million metric tons in next 5 years. Problems are that U.S., Japan and South Korea's steel mills are increasing return on assets and productivity. Nucor in the U.S. for instance has 4.7% return on assets, by comparison at a Wisco subsidiary this was -3.5% in 2015. One of the problems is that local governments continue to keep even highly polluting steel mills in operation to preserve jobs after shutting them down for a while.

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China is gradually getting back to normal. With few new infections from coronavirus, factories are starting production again, and stores are reopening, people gradually coming outdoors.

For factories there is one problem- as Europe and the U.S. battle the coronavirus and impose their own lockdowns demand has evaporated. Factories are seeing canceled orders and having to operate with smaller number of workers.

All the graphs shown in this report for Beijing traffic congestion, Guangzhou subway rides and property transactions show the curves for 2020 way, way below the curves for 2019.

This also gives some idea of what the road ahead will look like in the U.S. and Europe. That the recovery will take time and patience after a difficult period ahead tackling the coronavirus state by state. Lost jobs, diminished confidence and fallen income will take time to recover.

 

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iCET Initiative for Critical and Emerging Technologies is a new program that was agreed to between president Biden and prime minister Modi at the Quad Summit in May 2022. It has the focus of building the US relationship with India for advanced and emerging technologies in the competition with China, and also as a way to expand India's role in the US and EU supply chain arrangement. Its first inaugural dialogue happened this week between Jake Sullivan NSA for the US and Ajit Doval NSA for India. The goals of iCET are To seek to build supply chains which increase co-production and co-development between the countries  To increase linkages between the countries startup ecosystems To broaden defense innovation and technology cooperation To build resilient semiconductor supply chains  Space cooperation STEM talent Next generation 5G and 6G telecommunications cooperation The US will speed up approval of GE Engines making of engines in India for light combat aircraft manufactured in India. ...

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This report in DW.com shows the coverage in German media of the election of Droupadi Murmu as the president of India. She is the second woman and the first person from a tribal community to be elected president. She worked as a school teacher and was elected to the state assembly in Odisha (Orissa) in eastern India twice. She served as the governor of Jharkhand a state with a large tribal community in eastern India from 2015. About 27% of Jharkhand population is tribal and much higher in rural areas because over 90% of tribal people live in the rural villages. Murmu is from the Santhal tribe that is spread over several northeastern states. Most of the tribal population of 106 million people in India is in the northeast, east, some in the west, in border states with China and Pakistan, and in these parts of India it makes up as much as a quarter of the population or higher. This is why a new India requires better educated, good governance dedicated tribal leaders who can contribute to development under sab ka vikas sab ka prayas, development for all through everyone's efforts. ...

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The Paris climate change agreement involved 195 countries. Agreed to on December 12, 2015 it was seen as a major step forward to limit global warming to 2 degrees celsius or 3.6 degrees Fahrenheit. Progress has been slow in taking action since then. Because of covid 19 the Glasgow conference was cancelled. Hope stems from the goals set for carbon neutral economy of Japan, the EU, UK, China, and the U.S. as it enters the agreement after withdrawing.  Much will depend on action taken as the pandemic has pushed economic goals of recovery to the forefront. As India has shown in renewable energy, particularly in solar energy targets and bold vision, there is a lot that can be done by each country acting on its own without the hype of the agreement. India now sees huge opportunities in solar energy because it is cheaper and pollutes less than coal. This is a game changer that comes from investing in new technologies and taking advantage of India's abundant access to sunny weather and the lower labor and other costs. ...

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Make no mistake president Biden is saying it is America's, and India's turn to reinvent the semiconductor industry with government capital support, and with the zeal and inventive capabilities of the US and India. This interview by Ben Cohen gives a glimpse of how Morris Chang now 92 years sees the founding of Taiwan Semiconductor in 1985 in retrospect in 2024. He talks about his early life in the US as an immigrant from China after 1949 and his work at Texas Instruments learning about the semiconductor industry. In the 1980's Japan was the rising industrial nation in semiconductors. By 1985 Intel which dominated memory chips faced challenges in quality and cost and cheap capital from Japanese capital markets encouraging exports. By 1988 Japan took over the market. What Morris Chang is not telling is that Chang already had the Japanese example in 1985. If Japan could do it on all three fronts quality, cheap capital with government assistance, and ten year effort Chang and Taiwan could do this and accomplished this which it has done. ...

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On the eve of 2024 elections on a scale never seen in the world from Rajasthan desert to Himalayan mountains to the sea, PM's site looks at the themes for development that have evolved into slogans and captured the imagination of India. Development For All, Development With All, is the "Sabka Vikas, Sabka Sath" slogan that has captured the imagination and vision of the young generation of Indians. For development at speed and scale to reach 2047 with the transformation of India into a modern nation with infrastructure and per capita incomes similar to the US, EU, China or Japan. 2047 is the centenary year marking 100 years of India as an independent nation. In the interview with ANI shown alongside PM Modi discusses the problems of modernization of a region of immense diversity, history, and cultures. 2047 providing a point of focus for achieving the transformation, a transformation that is being taken up with the cooperation and support of the US and the European Union that are building a new supply chain which integrates India as a major manufacturing nation . ...

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David Uberti looks back at a time when this part of Massachusetts between Rhode Island and Cape Cod witnessed a coal power boom with the Brayton Point Plant. How this helped build the local economy with coal. It used ten thousand tons of coal and one billion gallons of water from the Taunton river every day. It shows the kind of economic transformation that is happening in China and India with coal even as the switch to renewables is happening. In Massachsetts this was followed by the switch to wind power farms in Somerset started under Biden in 2022. This has stalled under DJT and facilities remain idle all along the New York and Massachusetts coast. What it says is that to switch to renewable one has to have some coal for economic transition to communities hit by deindustrialization. That bringing back America's industrial base, ending culture wars, and getting a bipartisan understanding of the transition from workers, communities all over the country are all part of the effort to put renewable energy on a sound basis. ...

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Apple to ship 25 million iphones made in India to the US for the June quarter 2025, meeting 50% of US demand. This will reduce iphone tariff from 20% for China to 10% for India. Apple will take $900 million in added costs for the tariffs for the June quarter and higher costs for future quarters. Apple made 24.8 billion on $95 billion in sales for the 1st quarter of 2025.  Apple will not get the $20 billion payment it gets from Google for making Google search the default search engine on Safari web browser. This is 25% of Apple profit. A federal judge declared this payment illegal on antitrust grounds. Another federal judge has referred Apple's App policies for criminal contempt investigation. Apple has been late to recognize the dangers of concentrating production in one country. Eight years after the 2016 election won by DJT Apple has not corrected this concentration in one country. Apple has focused on proift alone ignoring the potential for education for it's products such as the iPad. The public perception of Tech companies is that Tech is all about profit alone without regard for the Nation, education, investment in American communities and jobs, and other needs. ...

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India is storing as much oil as it can at today's low oil prices of about $20-$30 per barrel in May 2020. With India asking the U.S. to store oil from U.S. shale producers at its strategic petroleum reserve storage facilities in the U.S. Already its existing storage facilities of 5.3 million tonnes (39 million barrels) are full, and the storage capacity will be more than doubled with an additional 6.5 million tonnes (48 million barrels) to be built quickly. About 8.5 million tonnes (62 million barrrels)  are in ships on oceans around the world. Demand is only 20% during the lockdown but is expected to reach levels of 2019 by June 2020. Only about 20% of oil consumption comes from existing storage.   That Indian oil capacity is 39 million barrels of storage shows how little was done over succeeding administrations without national aspirations for a growing country with hundreds of million of young people, when the oil storage capacity today of 39 million barrels compares with over 500 million barrels for Japan and for China. A huge Indian government aid package of $280 billion for the economy can be offset by gains in other areas such as low oil price oil storage, and gains in supply chain manufacturing, increasing the size of the domestic market for local manufacturers with incentives and loans, and new rules for stressing local manufacturing for a self-reliant economy. ...