Weekly Updates on Indian Economy

(11^th April 2020 to 17^th April 2020)

National Accounts and state of the economy

1.  ADB assures $2.2 billion support for India, pledges more if needed
   https://economictimes.indiatimes.com/news/economy/finance/adb-assures-2-2-billion-support-package-to-india-for-covid-19-response/articleshow/75077728.cms?from=mdr
2. FIEO warns of 15m job losses, seek relief
   https://www.financialexpress.com/economy/fieo-warns-of-15-million-job-losses-seeks-relief/1925149/
3. Jump-starting the economy
   https://www.financialexpress.com/opinion/post-covid-recovery-jump-starting-the-economy/1925240/
4. scarcity of drugs, devices imminent, govt. warned
   https://www.thehindu.com/news/national/coronavirus-lockdown-scarcity-of-drugs-devices-imminent-government-warned/article31313501.ece
5. Team India and winning the pandemic battle
   https://www.thehindu.com/opinion/op-ed/team-india-and-winning-the-pandemic-battle/article31312597.ece
6. The story of India’s largest covid-19 cluster
   https://www.thehindu.com/news/national/coronavirus-nizamuddin-tablighi-jamaat-markaz-the-story-of-indias-largest-covid-19-cluster/article31313698.ece
7. India to grow at 1.5 to 2.8 in FY21: World Bank
   https://economictimes.indiatimes.com/news/economy/finance/covid-19-causes-severe-disruption-to-indian-economy-says-world-bank/articleshow/75104474.cms?from=mdr
8. Restarting India’s economy
   https://www.financialexpress.com/opinion/restarting-indias-economy-efficiently-after-coronavirus-outbreak/1927446/
9. Re-imagining our economic choices
   https://www.thehindu.com/opinion/op-ed/re-imagining-our-economic-choices/article31334019.ece
10. Retail inflation eases to 5.91 percent
    https://www.thehindu.com/business/Economy/retail-inflation-eases-to-591-in-march/article31331728.ece
11. About 250 billion lost so far, post economic shut-down
    https://www.thehindu.com/business/about-250-billion-lost-so-far-post-economic-shutdown/article31333829.ece
12. IMF slashes India’s growth forecast for FY21 TGO 1.9 %
    https://www.financialexpress.com/economy/covid-19-impact-imf-slashes-indias-growth-forecast-for-fy21-to-1-9/1928550/
13. More economic pain ahead
    https://www.financialexpress.com/opinion/coronavirus-crisis-more-economic-pain-ahead/1928507/
14. S&P slashes India growth forecast to 1.8% for FY21
    https://www.livemint.com/news/india/covid-19-impact-s-p-slashes-india-growth-forecast-to-1-8-for-fy21-11587097365470.html
15. Opinion | Triple trouble: coronavirus, hunger, and the economy
    https://www.livemint.com/opinion/online-views/triple-trouble-coronavirus-hunger-and-the-economy-11587053487273.html
16. The prospect of zero economic growth and the role of confidence
    https://www.livemint.com/opinion/quick-edit/the-prospect-of-zero-economic-growth-and-the-role-of-confidence-11587040911385.html
17. Rupee hits record low tracking global markets
    https://www.livemint.com/news/india/rupee-hits-record-low-tracking-global-markets-11587012869228.html
18. India GDP projections by World Bank, IMF too optimistic: Arvind Subramanian
    https://www.livemint.com/news/india/india-gdp-projections-by-world-bank-imf-too-optimistic-arvind-subramanian-11586974472691.html
19. Opinion | Reopen the economy in a way that works best
    https://www.livemint.com/opinion/quick-edit/opinion-reopen-the-economy-in-a-way-that-works-best-11586934771720.html
20. IMF projects India to be fastest growing major economy
    https://www.livemint.com/news/india/imf-projects-india-to-be-fastest-growing-major-economy-11586870380725.html
21. India, other SAARC countries to record worst growth in 40 yrs: World Bank
    https://www.livemint.com/news/india/india-other-saarc-countries-to-record-worst-growth-in-40-yrs-world-bank-11586668647750.html
22. We cannot save economy without saving lives: Rajiv Kumar, NITI Aayog
    https://www.livemint.com/opinion/online-views/coronavirus-covid-19-we-cannot-save-economy-without-saving-lives-rajiv-kumar-niti-aayog-11586664373075.html

Public Finance

1.  April GST could fall by 40%
   https://www.financialexpress.com/economy/corona-blues-april-gst-could-fall-by-40/1925266/
2. Feb fiscal deficit at 5.07%, Revised target too stiff
   https://economictimes.indiatimes.com/news/economy/indicators/february-fiscal-deficit-at-5-07-of-gdp-likely-to-be-more-in-march/articleshow/75078078.cms
3. Coronavirus Outbreak: Businesses can claim GST refund for cancellation of services, goods contract
   https://www.firstpost.com/health/coronavirus-outbreak-businesses-can-claim-gst-refund-for-cancellation-of-services-goods-contract-8259511.html
4. Opinion | Fiscal and monetary policy: It takes two to tango
   https://www.livemint.com/opinion/columns/opinion-fiscal-and-monetary-policy-why-it-will-take-two-to-tango-11586971551707.html
5. Opinion | A fiscal package that will offer us all relief
   https://www.livemint.com/opinion/online-views/a-fiscal-package-that-will-offer-us-all-relief-11587054573130.html
    

Industry, Manufacturing, Services and Technology

1. Corona pushes discoms to the brink
   https://www.financialexpress.com/opinion/corona-pushes-discoms-to-the-brink/1925283/
2. Industry rises to covid-19 challenge
   https://economictimes.indiatimes.com/blogs/et-editorials/industry-rises-to-covid-19-challenge/
3. Start big units at 25% capacity, Industry departments tells Home Ministry
   https://www.msn.com/en-in/money/news/start-big-units-at-25percent-capacity-industry-dept-tells-home-ministry/ar-BB12wHcZ?li=AAggbRN
4. A march of doom for the auto industry
   https://www.thehindu.com/business/a-march-of-doom-for-the-auto-industry/article31334716.ece
5. Provide handholding to MSMEs, AIMO tells govt
   https://www.thehindu.com/business/provide-handholding-to-msmes-aimo-tells-govt/article31333765.ece
6. Antitrust laws in time of covid-19
   https://www.financialexpress.com/opinion/antitrust-laws-in-the-time-of-covid-19/1928533/
7. India's Exports Slump by 34.6% in March on Back of Global Slowdown
   https://thewire.in/economy/india-exports-slump-march-global-slowdown-pandemic
8. Lifting the Lockdown: How Many Manufacturing-Centric Sectors Can Work at 25% Capacity?
   https://thewire.in/business/lifting-the-lockdown-how-many-manufacturing-centric-sectors-can-work-at-25-capacity
9. India to Resume Some Manufacturing Amid Lockdown: Report
   https://thewire.in/economy/india-to-resume-some-manufacturing-amid-lockdown-report
10. India’s Covid-19 lockdown may cause 38 million job losses in the travel and tourism industry
    https://scroll.in/article/959045/indias-covid-19-lockdown-may-cause-38-million-job-losses-in-the-travel-and-tourism-industry
11. Opinion | Why gold is the best bet amid economic uncertainty, market turmoil
    https://www.livemint.com/money/personal-finance/why-gold-is-the-best-bet-amid-economic-uncertainty-and-market-turmoil-11586972908654.html
12. Auto industry needs low-cost products, localisation to stabilise: Report
    https://www.livemint.com/companies/news/auto-industry-needs-low-cost-products-localisation-to-stabilise-report-11586775279140.html
13. MSME exporters have no liquidity to pay wages for April: Exporters body
    https://www.livemint.com/industry/manufacturing/msme-exporters-have-no-liquidity-to-pay-wages-for-april-exporters-body-11586851942805.html
14. Auto firms face delayed launches, labour shortage, productivity losses: Report
    https://www.livemint.com/industry/manufacturing/auto-firms-face-delayed-launches-labour-shortage-productivity-losses-report-11586676751507.html

External Sector

1. Covid-19 and Foreign Trade
   https://timesofindia.indiatimes.com/blogs/toi-edit-page/covid-19-and-foreign-trade-how-to-ensure-indian-exports-survive-the-churning-and-pick-up-steam/
2. Oil prices mixed as China economy gloom overshadows plans to ease US coronavirus lockdown
   https://www.firstpost.com/blogs/business-blogs/oil-mixed-as-china-economy-gloom-overshadows-plans-to-ease-us-coronavirus-lockdown-8270541.html
3. India to boost drug ingredient output to pare China reliance
   https://www.livemint.com/industry/manufacturing/india-to-boost-drug-ingredient-output-to-pare-china-reliance-11586787116741.html

Banking and Monetary Policy

1.  Bank credit shot up just before lockdown
   https://www.thehindu.com/business/bank-credit-shot-up-just-before-lockdown/article31312289.ece
2. Banks seek govt guarantee for lending to some sectors
   https://www.financialexpress.com/industry/banking-finance/banks-seek-govt-guarantee-for-lending-to-some-sectors/1925821/
3. Top NBFCs may not get RBI reprieve
   https://timesofindia.indiatimes.com/business/india-business/top-nbfcs-may-not-get-rbi-reprieve/articleshow/75113277.cms
4. A policy tools at disposal to fight virus impact: RBI
   https://www.thehindu.com/business/all-policy-tools-at-disposal-to-fight-virus-impact-rbi/article31333787.ece
5. Coronavirus Pandemic: RBI Cuts Reverse Repo Rate by 25 bps, Says Will Ensure Liquidity
   https://thewire.in/economy/coronavirus-pandemic-rbi-cuts-reverse-repo-rate-by-25-bps-says-will-ensure-liquidity
6. Coronavirus Outbreak: Reserve Bank of India reduces reverse repo rate by 25 bps to 3.75% from 4%
   https://www.firstpost.com/business/coronavirus-outbreak-reserve-bank-of-india-reduces-reverse-repo-rate-by-25-bps-to-3-75-from-4-8269741.html
7. Rupee rises 45 paise to 76.42 post-RBI Governor Shaktikanta Das announces measures
   https://www.firstpost.com/business/rupee-rises-45-paise-to-76-42-post-rbi-governor-shaktikanta-das-announces-measures-8270231.html
8. RBI Governor Press Conference: Shaktikanta Das announces relief measures for liquidity in system, to ease financial stress
   https://www.firstpost.com/business/rbi-governor-press-conference-shaktikanta-das-announces-relief-measures-for-liquidity-in-system-to-ease-financial-stress-8269871.html
9. RBI sees retail inflation falling below 4% by mid-FY21 as coronavirus outbreak threatens demand
   https://www.firstpost.com/health/rbi-sees-retail-inflation-falling-below-4-by-mid-fy21-as-coronavirus-outbreak-threatens-demand-8270221.html
10. Rupee rises 29 paise to 76.58 in early trade; investors awaits cues from Reserve Bank of India
    https://www.firstpost.com/business/rupee-rises-29-paise-to-76-58-in-early-trade-investors-awaits-cues-from-reserve-bank-of-india-8269771.html
11. Rupee rises 45 paise to 76.42 post-RBI Governor Shaktikanta Das announces measures
    https://www.firstpost.com/business/rupee-rises-45-paise-to-76-42-post-rbi-governor-shaktikanta-das-announces-measures-8270231.html
12. RBI sees retail inflation falling below 4% by mid-FY21 as coronavirus outbreak threatens demand
    https://www.firstpost.com/business/rbi-sees-retail-inflation-falling-below-4-by-mid-fy21-as-coronavirus-outbreak-threatens-demand-8270221.html
13. Coronavirus Outbreak: RBI cuts reverse repo rate by 25 bps; full text of Shaktikanta Das' statement
    https://www.firstpost.com/business/coronavirus-outbreak-rbi-cuts-reverse-repo-rate-by-25-bps-full-text-of-shaktikanta-das-statement-8269791.html
14. Reserve Bank announces fourth tranche of Rs 25,000-cr long-term repo operation on 17 April
    https://www.firstpost.com/business/reserve-bank-announces-fourth-tranche-of-rs-25000-cr-long-term-repo-operation-on-17-april-8263661.html
15. Coronavirus Outbreak: Banking, insurance operations to continue during extended lockdown, says govt
    https://www.firstpost.com/business/coronavirus-outbreak-banking-insurance-operations-to-continue-during-extended-lockdown-says-govt-8261901.html
16. Coronavirus Outbreak: RBI to use any means necessary to revive growth, preserve financial stability, says Shaktikanta Das
    https://www.firstpost.com/business/coronavirus-outbreak-rbi-to-use-any-means-necessary-to-revive-growth-preserve-financial-stability-says-shaktikanta-das-8254771.html
17. Coronavirus Outbreak: RBI allows NBFCs to extend loans to delayed commercial realty by one year
    https://www.firstpost.com/health/coronavirus-outbreak-rbi-allows-nbfcs-to-extend-loans-to-delayed-commercial-realty-by-one-year-8270741.html
18. Covid-19: RBI governor says central bank will use ‘any instrument’ to revive India’s economic growth
    https://scroll.in/latest/959065/covid-19-rbi-governor-says-central-bank-will-use-any-instrument-to-revive-indias-economic-growth
19. RBI must take bolder steps to boost growth: Mint Survey
    https://www.livemint.com/news/india/rbi-should-look-at-more-bolder-steps-mint-survey-11586955797923.html
20. An avant garde RBI willing to go all out to fight covid-19, minutes show
    https://www.livemint.com/market/mark-to-market/an-avant-garde-rbi-willing-to-go-all-out-to-fight-covid-19-minutes-show-11586763457640.html
21. RBI Governor Shaktikanta Das: ₹50,000 crore LTRO announced, banks can't pay dividends
    https://www.livemint.com/industry/banking/rbi-governor-shaktikanta-das-press-conference-live-updates-rate-cut-coronavirus-latest-news-11587096658209.html
22. Banks seek govt guarantees on small business loans of at least ₹50,000 crore
    https://www.livemint.com/industry/banking/banks-seek-govt-guarantees-on-small-business-loans-of-at-least-50-000-crore-11586891231040.html

Agriculture

1. We are at crucial point in agriculture, demand for inputs may see pick-up
   https://www.thehindu.com/business/we-are-at-crucial-point-in-agriculture-demand-for-inputs-may-see-pick-up/article31319392.ece
2. Trade in tatters
   https://www.thehindu.com/opinion/editorial/trade-in-tatters-the-hindu-editorial-on-the-global-coronavirus-slump/article31324842.ece
3. Retail prices of pulses inch-up: poor largely unaffected on PDS boost
   https://www.financialexpress.com/economy/retail-prices-of-pulses-inch-up-poor-largely-unaffected-on-pds-boost/1928805/
4. A Green New Deal for Rural India Is the Ethical Imperative of Our Times
   https://thewire.in/economy/rural-india-economic-crisis
5. As Farmers Wait For Rabi Procurement, Numbers Do Little to Dispel Worries
   https://thewire.in/agriculture/wheat-procurement-centres-bihar
6. Lockdown: Cash transfers on the rise but experts say rural areas need more help
   https://www.livemint.com/news/india/lockdown-cash-transfers-on-the-rise-but-experts-say-rural-areas-need-more-help-11586771551971.html

Columns by Joseph Stiglitz and Paul Krugman

1. Starve the Beast, Feed the Depression: Anti-government ideology is crippling pandemic policy.
   https://www.nytimes.com/2020/04/16/opinion/trump-coronavirus-economy.html
2. Economists Aren’t the Ones Pushing to Reopen the Economy: On cronies, cranks and the coronavirus.
   https://www.nytimes.com/2020/04/14/opinion/coronavirus-reopen-economy.html
3. Republicans Don’t Want to Save Jobs: Billions for oil, nothing for nurses and teachers.
   https://www.nytimes.com/2020/04/13/opinion/jobs-republicans-covid.html