Weekly Updates on Indian Economy
(21st March 2020 to 27thMarch 2020)
National Accounts and state of the economy
- 1.7 lakh crore package with doubled food rations and cash transfers for poor
https://www.thehindu.com/business/Economy/17-lakh-cr-package-with-doubled-food-rations-cash-transfers-for-poor/article31172100.ece
https://economictimes.indiatimes.com/news/economy/policy/fm-nirmala-sitharaman-announces-rs-1-7-lakh-crore-relief-package-for-poor/articleshow/74825054.cms
- Corona virus pandemic fallout revives talk of universal basic income
https://www.thehindu.com/business/Economy/coronavirus-pandemic-fallout-revives-talk-of-universal-basic-income/article31166728.ece
- Why has the rupee fallen against US Dollar
https://www.thehindu.com/business/Economy/why-has-the-rupee-fallen-against-the-dollar/article31131349.ece
- It may take 6 months for normalcy: CII
https://www.thehindu.com/business/it-may-take-6-months-for-normalcy-cii/article31111352.ece
- A pandemic: an economic blow and a big fix
https://www.thehindu.com/opinion/lead/a-pandemic-an-economic-blow-and-the-big-fix/article31145451.ece
- GDP forecast for fiscal 2021 is cut to 3.5 percent
https://www.thehindubusinessline.com/economy/crisil-cuts-gdp-growth-forecast-for-fiscal-2021-to-35-per-cent/article31173649.ece
- Corona virus to impact India’s economic growth severely
https://economictimes.indiatimes.com/news/economy/indicators/coronavirus-to-impact-indias-economic-growth-severely-db/articleshow/74825429.cms
- Covid 19 gives global economy the shivers
https://www.thehindubusinessline.com/opinion/columns/covid-19-gives-global-economy-the-shivers/article31092774.ece
- A war to rescue daily wage earners
https://economictimes.indiatimes.com/blogs/et-commentary/a-war-to-rescue-daily-wagers/
- The World Can't Beat the COVID-19 Pandemic Unless the G20 Gets Its Economics Right
https://thewire.in/political-economy/the-world-cant-beat-the-covid-19-pandemic-unless-the-g20-gets-its-economics-right
- COVID-19: The World needs to Prepare for an Economic Depression
https://thewire.in/economy/covid-19-world-economic-depression
- COVID-19's Economic Blow will be Unprecedented. India Must Rise to the Challenge.
https://thewire.in/economy/covid-19-coronavirus-india-economy
- Indian markets make strong recovery amid lockdown, surge 7%
https://www.livemint.com/market/stock-market-news/indian-markets-make-strong-recovery-amid-lockdown-surge-7-11585165143592.html
- Opinion | The promotion of competition is vital to the Indian economy
https://www.livemint.com/opinion/online-views/opinion-the-promotion-of-competition-is-vital-to-the-indian-economy-11584978115138.html
- S&P cuts India GDP growth forecast for FY21 to 5.2%
https://www.livemint.com/news/india/s-p-cuts-india-gdp-growth-forecast-for-fy21-to-5-2-11584951548824.html
- How India can reboot its virus-hit economy
https://www.livemint.com/news/india/how-india-can-reboot-its-virus-hit-economy-11585068400807.html
- Coronavirus impact: Rupee touches record low, cracks below 76 per dollar
https://www.livemint.com/news/india/coronavirus-impact-rupee-touches-record-low-cracks-below-76-per-dollar-11584935711210.html
- Coronavirus impact: Fitch lowers India GDP growth to 5.1% in FY21
https://www.livemint.com/news/india/coronavirus-impact-fitch-lowers-india-gdp-growth-to-5-1-in-fy21-11584679502173.html
Public Finance
- Government extends tax deadlines to June 30 2020
https://www.thehindu.com/todays-paper/government-extends-tax-deadlines-to-june-30/article31158332.ece
- FAITH writes PM for complete GST tax holiday for tourism
https://www.thehindubusinessline.com/economy/macro-economy/covid-19-faith-writes-to-pm-for-complete-gst-tax-holiday-for-tourism/article31108377.ece
- Needed, GST, not another alphabet soup
https://economictimes.indiatimes.com/blogs/et-editorials/needed-gst-not-another-alphabet-soup/
- Lower income tax, GST and interest rates to limit economic impacts
https://economictimes.indiatimes.com/markets/expert-view/lower-income-tax-gst-and-interest-rates-to-limit-economic-impact-harsha-razdan/articleshow/74814579.cms
- GST’s routine tweaks
https://www.thehindubusinessline.com/opinion/columns/mohan-lavi/gst-on-the-mend/article31110763.ece
- The other causality of union budget, union budget for 2020-21
https://www.business-standard.com/article/opinion/the-other-casualty-of-covid-19-union-budget-for-2020-21-120032401181_1.html
- Direct, Conditional Cash Transfers Will Help Blunt COVID-19’s Economic Blows
https://thewire.in/economy/direct-conditional-cash-transfers-cohttps://scroll.in/latest/956754/covid-19-labour-rights-group-seeks-rs-50000-crore-emergency-fund-for-informal-sector-workersronavirus-economy-india
- India will need a fresh round of fiscal stimulus
https://www.livemint.com/news/india/india-will-need-a-fresh-round-of-fiscal-stimulus-11585243007531.html
- Coronavirus Outbreak: Tax reliefs announced by govt to cost 2-3% of GDP, say experts
https://www.firstpost.com/business/coronavirus-outbreak-tax-reliefs-announced-by-govt-to-cost-2-3-of-gdp-say-experts-8192281.html
- CAIT urges govt to restrict e-commerce companies to sell only essential goods; seeks fiscal stimulus to tide over crisis
https://www.firstpost.com/business/cait-urges-govt-to-restrict-e-commerce-companies-to-sell-only-essential-goods-seeks-fiscal-stimulus-to-tide-over-crisis-8179701.html
- Covid-19: Deadline for income tax returns for 2018-’19 extended to June 30, says Nirmala Sitharaman
https://scroll.in/latest/957097/covid-19-deadline-for-income-tax-returns-for-2018-19-extended-to-june-30-says-nirmala-sitharaman
Industry, Manufacturing, Services and Technology
- Real estate sector likely to suffer big jolt
https://www.thehindu.com/business/real-estate-sector-likely-to-suffer-big-jolt/article31111338.ece
- About 25 million jobs could be lost worldwide due to corona virus: UN
https://www.thehindu.com/business/Economy/about-25-million-jobs-could-be-lost-worldwide-due-to-coronavirus-un/article31106548.ece
- MSMEs on the brink of a disaster
https://www.thehindu.com/news/national/kerala/msmes-on-the-brink-of-a-disaster/article31155332.ece
- Pandemic’s impact on Indian IT can be different from previous crisis
https://www.livemint.com/market/mark-to-market/pandemic-s-impact-on-indian-it-can-be-different-from-previous-crisis-11585244254323.html
- Opinion | India’s most vulnerable enterprises need the most help
https://www.livemint.com/opinion/online-views/india-s-most-vulnerable-enterprises-need-the-most-help-11584980152137.html
- COVID-19: Labour rights group seeks Rs 50,000-crore emergency fund for informal sector workers
https://scroll.in/latest/956754/covid-19-labour-rights-group-seeks-rs-50000-crore-emergency-fund-for-informal-sector-workers
External Sector
- Corona virus impact: hoarding of food in countries threatens global trade
https://www.business-standard.com/article/international/coronavirus-impact-hoarding-of-food-in-countries-threatens-global-trade-120032600042_1.html
Banking and Monetary Policy
- RBI sets contingency plan in motion, identifies property to host personnel
https://www.thehindu.com/business/rbi-sets-contingency-plan-in-motion-identitifies-property-to-host-personnel/article31122288.ece
- SEBI steps into tackle volatility
https://www.thehindu.com/business/sebi-steps-in-to-tackle-volatility/article31122261.ece
- Restrictions on PMC Bank extended
https://www.thehindu.com/business/Economy/restrictions-on-pmc-bank-extended/article31131215.ece
- RBI advances variable rate term repo auction
https://www.thehindu.com/business/Economy/rbi-advances-variable-rate-term-repo-auction/article31156216.ece
- COVID-19: Lenders Seek Deferment in Loan Repayment, Reclassification of NPA
https://thewire.in/business/covid-19-lenders-seek-deferment-in-loan-repayment-reclassification-of-npa
- Coronavirus impact to bring more worries for Indian banks, says Fitch; revises down operating environment score for critical sector by notch
https://www.firstpost.com/business/coronavirus-impact-to-bring-more-worries-for-indian-banks-says-fitch-revises-down-operating-environment-score-for-critical-sector-by-notch-8193771.html
- Officers' union requests Narendra Modi to defer mega bank merger amidst coronavirus pandemic
https://www.firstpost.com/business/officers-union-requests-narendra-modi-to-defer-mega-bank-merger-amidst-coronavirus-pandemic-8192501.html
- Reserve Bank's US treasury holdings touch an all-time high at $164.3 bn in January
https://www.firstpost.com/business/reserve-banks-us-treasury-holdings-touch-an-all-time-high-at-164-3-bn-in-january-8188091.html
- On-lending by banks to NBFC, HFCs to be part of priority sector in FY21, says RBI
https://www.firstpost.com/business/on-lending-by-banks-to-nbfc-hfcs-to-be-part-of-priority-sector-in-fy21-says-rbi-8180581.html
- Coronavirus Outbreak: RBI to infuse Rs 1 lakh cr through term repo auction; move to provide additional liquidity to system
https://www.firstpost.com/business/coronavirus-outbreak-rbi-to-infuse-rs-1-lakh-cr-through-term-repo-auction-move-to-provide-additional-liquidity-to-system-8179821.html
- Indian Bank NPA to rise, no change in board post-merger, says MD & CEO PadmajaChunduru
https://www.firstpost.com/business/indian-bank-npa-to-rise-no-change-in-board-post-merger-says-md-ceo-padmaja-chunduru-8172631.html
Columns by Joseph Stiglitz and Paul Krugman
- On Coronavirus, We’re #1: But we’re doing some things right despite Trump
https://www.nytimes.com/2020/03/26/opinion/trump-coronavirus.html
- 3 Rules for the Trump Pandemic: One: Don’t trust the president.
https://www.nytimes.com/2020/03/19/opinion/trump-coronavirus.html
- Republicans Add Insult to Illness: Greed, germs and the art of no deal.
https://www.nytimes.com/2020/03/23/opinion/republicans-coronavirus.html