Weekly Updates on the Indian Economy
(27/06/2020 to 03/07/2020)
- National Accounts and State of the Economy
- Indian economy in deep trouble; growth may contract 5% this year: S&P
https://www.business-standard.com/article/economy-policy/indian-economy-in-deep-trouble-s-p-120062600938_1.html
- NCAER sees GDP growth at 1.3% this fiscal if stimulus is fully implemented
https://www.thehindubusinessline.com/economy/ncaer-sees-gdp-growth-at-13-this-fiscal-if-stimulus-is-fully-implemented/article31926225.ece
- States GSDP may contract by up to 14.3% in FY21 on Covid-19: Ind-Ra report
https://www.business-standard.com/article/economy-policy/gross-state-domestic-product-to-contract-1-4-14-3-in-fy21-report-120062900777_1.html
- India's hiring activities holding up better than many economies: Report
https://www.business-standard.com/article/economy-policy/india-s-hiring-activities-holding-up-better-than-many-economies-report-120062901312_1.html
- MoSPI should end controversies related to GDP computation: Rangarajan
https://www.business-standard.com/article/economy-policy/mospi-should-end-controversies-related-to-gdp-computation-rangarajan-120062901497_1.html
- Fitch slashes India's growth projection from 9.5% to 8% for FY22
https://www.business-standard.com/article/economy-policy/fitch-slashes-india-s-growth-projection-from-9-5-to-8-for-fy22-120063001577_1.html
- Continued spread of Covid-19 poses risk to Indian economy: IMF official
https://www.business-standard.com/article/economy-policy/continued-spread-of-covid-19-poses-risk-to-indian-economy-imf-official-120063001832_1.html
- India's unemployment rate fell to 11% in June from 23.5% in May: CMIE
https://www.business-standard.com/article/economic-revival/india-s-unemployment-rate-fell-to-11-in-june-from-23-5-in-may-cmie-120070100719_1.html
- The end of food inflation?
https://www.business-standard.com/article/opinion/the-end-of-food-inflation-120070100011_1.html
- Reviving demand tops CEOs’ agenda
https://www.thehindubusinessline.com/news/reviving-demand-tops-ceos-agenda/article31957010.ece
- Can the Fed propel the wheels of global finance?
https://www.thehindubusinessline.com/opinion/columns/c-p-chandrasekhar/can-the-fed-propel-the-wheels-of-global-finance/article31947161.ece
- Indian workforce needs better employers
https://www.thehindubusinessline.com/opinion/indian-workforce-needs-better-employers/article31926099.ece
- Getting out of the ‘guns, germs and steel’ crisis
https://www.thehindu.com/opinion/lead/getting-out-of-the-guns-germs-and-steel-crisis/article31927542.ece
- Blue-collar workers likely to see 10-20% wage hike
https://economictimes.indiatimes.com/jobs/blue-collar-workers-likely-to-see-10-20-wage-hike/primeshow/76652096.cms
- India's GDP likely to contract by 6.4% in FY21, says Care Ratings
https://www.business-standard.com/article/economy-policy/india-s-gdp-likely-to-contract-by-6-4-in-fy21-says-care-ratings-120070201918_1.html
- Garib Kalyan Yojana to clear FCI's bulging stocks, but may hurt finances
https://www.business-standard.com/article/economy-policy/garib-kalyan-yojana-to-clear-fci-s-bulging-stocks-but-may-hurt-finances-120070201617_1.html
- Beyond the gloom and doom of Covid-19
https://www.business-standard.com/article/opinion/beyond-the-gloom-and-doom-of-covid-19-120070201859_1.html
- The missing policy
https://www.business-standard.com/article/opinion/the-missing-policy-120070201954_1.html
- A tentative recovery
https://www.business-standard.com/article/opinion/a-tentative-recovery-120070102051_1.html
- Just how big is India’s creative economy?
https://www.livemint.com/opinion/online-views/just-how-big-is-india-s-creative-economy-11593446149540.html
- We're optimistic about a V-shaped recovery in India: Expenditure Secretary TV Somanathan
https://economictimes.indiatimes.com/news/economy/policy/were-optimistic-about-a-v-shaped-recovery-in-india-expenditure-secretary-tv-somanathan/articleshow/76755476.cms
- Data | Despite relaxations in coronavirus lockdown, urban unemployment increases amid draining consumer confidence
https://www.thehindu.com/data/data-despite-relaxations-in-coronavirus-lockdown-urban-unemployment-increases-amid-draining-consumer-confidence/article31970419.ece
- India’s Economic Response to the Pandemic – Has it Been Enough?
https://thewire.in/economy/indias-economic-response-to-the-pandemic-has-it-been-enough
- IMF sees Asia’s economic pain persisting as coronavirus curbs limit recovery
https://theprint.in/economy/imf-sees-asias-economic-pain-persisting-as-coronavirus-curbs-limit-recovery/452123/
- E-mobility is the best solution for both climate and economic crises
https://theprint.in/economy/e-mobility-is-the-best-solution-for-both-climate-and-economic-crises/449891/
- Opinion | The challenge of overcoming an extended crisis in our economy
https://www.livemint.com/opinion/online-views/opinion-the-challenge-of-overcoming-an-extended-crisis-in-our-economy-11593704561035.html
- Public services like anganwadis should not have been shut during lockdown: Jean Drèze
https://scroll.in/article/966207/public-services-like-anganwadis-should-not-have-been-shut-during-lockdown-jean-dreze
- Public Finance
- April-May fiscal deficit at 58.6% of fiscal year target as revenue slumps
https://www.business-standard.com/article/economy-policy/april-may-fiscal-deficit-at-58-6-of-fiscal-year-target-as-revenue-slumps-120063001817_1.html
- India needs to increase fiscal stimulus to revive economy: Pronab Sen
https://www.business-standard.com/article/economy-policy/india-needs-to-increase-fiscal-stimulus-to-revive-economy-pronab-sen-120063002105_1.html
- Public debt accounts for 91% of Centre's Rs 94-trillion liabilities
https://www.business-standard.com/article/economy-policy/public-debt-accounts-for-91-of-centre-s-rs-94-trillion-liabilities-120070100056_1.html
- External debt rises $15.4 billion to $558.5 billion in March
https://www.thehindu.com/business/Economy/external-debt-touches-5585-bn-in-march/article31958205.ece
- How can India tame its growing debt load? Experts have some advice
https://scroll.in/article/965761/how-can-india-tame-its-growing-debt-load-experts-have-some-advice
Taxation
- Decline in tax revenue collection narrows to 37% in May as economy picks up
https://www.business-standard.com/article/economic-revival/decline-in-tax-revenue-collection-narrows-to-37-in-may-as-economy-picks-up-120063002211_1.html
- Honest, thorough reappraisal of GST long overdue
https://www.business-standard.com/article/opinion/more-efforts-needed-to-make-gst-regime-fully-functional-120062800862_1.html
- GST: An unappreciated reform
https://www.business-standard.com/article/opinion/gst-an-unappreciated-reform-120062800911_1.html
- Three years of GST: Still a long way to go for 'Good and Simple Tax'
https://www.business-standard.com/article/economy-policy/three-years-of-gst-still-a-long-way-to-go-for-good-and-simple-tax-120062800914_1.html
- GST effect: How retail inflation rate changed over the last 3 years
https://www.business-standard.com/article/economy-policy/gst-effect-how-retail-inflation-rate-changed-over-the-last-3-years-120062800920_1.html
- Tranformational tax reform
https://www.business-standard.com/article/opinion/tranformational-tax-reform-120063002277_1.html
- Making GST work
https://www.business-standard.com/article/opinion/making-gst-work-120070100003_1.html
- Traders' body CAIT suggests measures to broaden GST to simplify taxation
https://www.business-standard.com/article/economy-policy/traders-body-cait-suggests-measures-to-broaden-gst-to-simplify-taxation-120070100806_1.html
- GST 3.0 can prove to be a harbinger of growth and revival
https://www.thehindubusinessline.com/opinion/gst-30-can-prove-to-be-a-harbinger-of-growth-and-revival/article31951604.ece
- CBIC prepares common response to writs on transitional credit
https://www.thehindubusinessline.com/economy/cbic-prepares-common-response-to-writs-on-transitional-credit/article31947032.ece
- The GST journey has been transformative
https://www.thehindubusinessline.com/opinion/the-gst-journey-has-been-transformative/article31956450.ece
- Three years on, GST is still a real head-scratcher
https://www.thehindubusinessline.com/opinion/columns/mohan-lavi/three-years-on-gst-is-still-a-real-head-scratcher/article31952694.ece
- Despite glitches, ‘One nation, one tax’ chugs along
https://www.thehindubusinessline.com/economy/despite-glitches-one-nation-one-tax-chugs-along/article31964365.ece
- Opinion | The unfulfilled promise of the goods and services tax
https://www.livemint.com/opinion/columns/the-unfulfilled-promise-of-the-goods-and-services-tax-11593440385650.html
- Opinion | This may be a good time to overhaul India’s GST
https://www.livemint.com/opinion/online-views/this-may-be-a-good-time-to-overhaul-india-s-gst-11593440891910.html
- GST revenues fall 41% in first quarter
https://www.thehindu.com/business/Economy/gst-revenue-collections-in-june-at-90917-crore/article31960842.ece
- Exemptions and deductions allowed under new tax regime
https://www.thehindubusinessline.com/portfolio/personal-finance/exemptions-and-deductions-allowed-under-new-tax-regime/article31961049.ece
- GST Council may look at rationalising rates
https://economictimes.indiatimes.com/news/economy/finance/gst-council-may-look-at-rationalising-rates/primeshow/76740398.cms
- Missing old data makes online tax payment tough
https://economictimes.indiatimes.com/news/economy/finance/missing-old-data-makes-online-tax-payment-tough/articleshow/76670160.cms
- Covid-19 crisis: States divided on alternative GST compensation mechanism
https://www.business-standard.com/article/economy-policy/covid-19-crisis-states-divided-on-alternative-gst-compensation-mechanism-120070300058_1.html
- I-T department refunds Rs 62,361 crore during lockdown: CBDT
https://economictimes.indiatimes.com/news/economy/finance/i-t-department-refunds-rs-62361-crore-during-covid-19-lockdown-days-cbdt/articleshow/76766451.cms
- Big relief to GST taxpayers: Late fee on GST returns capped till July to Rs 500
https://economictimes.indiatimes.com/news/economy/policy/relief-to-gst-taxpayers-late-fee-on-gst-returns-capped-till-july-to-rs-500/articleshow/76766430.cms
- Banking and Monetary policy
- Indian banks will need $15 billion capital to meet Tier I norms: Fitch
https://www.business-standard.com/article/economy-policy/indian-banks-will-need-15-billion-capital-to-meet-tier-i-norms-fitch-120070100543_1.html
- Govt may get RBI to monetise fiscal deficit in second half of FY21
https://www.business-standard.com/article/finance/govt-may-get-rbi-to-monetise-fiscal-deficit-in-second-half-of-fy21-120062800727_1.html
- Govt eyes higher RBI surplus this year as Covid-19 decimates tax revenues
https://www.business-standard.com/article/current-affairs/govt-eyes-higher-rbi-surplus-this-year-as-covid-19-decimates-tax-revenues-120062901538_1.html
- Covid-19 crisis: Banking credit shrinks 1.7% in May as lockdown bites
https://www.business-standard.com/article/finance/covid-19-crisis-banking-credit-shrinks-1-7-in-may-as-lockdown-bites-120070100053_1.html
- Loan recasts may push NPAs up to 14% in FY21 due to Covid-19: S&P
https://www.business-standard.com/article/economy-policy/loan-recasts-may-push-npas-up-to-14-in-fy21-due-to-covid-19-s-p-120063001542_1.html
- RBI to gain regulatory control over co-operative banks in a phased manner
https://www.business-standard.com/article/finance/rbi-to-gain-regulatory-control-over-co-operative-banks-in-a-phased-manner-120063001616_1.html
- Bank credit grows 6.18% to Rs 102.5 trn, deposits up 11%: RBI data
https://www.business-standard.com/article/finance/bank-credit-grows-6-18-to-rs-102-5-trn-deposits-up-11-rbi-data-120070201451_1.html
- RBI's draft code on governance: Another attempt at passing the buck?
https://www.business-standard.com/article/finance/rbi-s-draft-code-on-governance-another-attempt-at-passing-the-buck-120070200018_1.html
- External Sector
- India's forex reserves decline by over $2 bn; SDR value dips by $6 mn
https://www.business-standard.com/article/finance/india-s-forex-reserves-decline-by-over-2-bn-sdr-value-dip-by-6-mn-120062700104_1.html
- Covid-19 crisis: Govt allows PPE exports after prices crash over 65%
https://www.business-standard.com/article/economy-policy/covid-19-crisis-govt-allows-ppe-exports-after-prices-crash-over-65-120063000075_1.html
- FinMin told to levy tax on imported goods to boost local products: Pradhan
https://www.business-standard.com/article/economy-policy/finmin-told-to-levy-tax-on-imported-goods-to-boost-local-products-pradhan-120063001913_1.html
- Markets log best quarterly gain in 11 years due to surge in foreign flows
https://www.business-standard.com/article/markets/markets-log-best-quarterly-gain-in-11-years-due-to-surge-in-foreign-flows-120070100072_1.html
- FDI up by $19 bn in FY20; portfolio investment down by $13.7 bn: RBI
https://www.business-standard.com/article/economy-policy/fdi-up-by-19-bn-in-fy20-portfolio-investment-down-by-13-7-bn-rbi-120063002057_1.html
- Rupee depreciation to help boost Indian farm, textile and jewellery exports
https://www.business-standard.com/article/finance/rupee-depreciation-to-help-boost-indian-farm-textile-and-jewellery-exports-120063001656_1.html
- India among Switzerland’s top-3 partners for info exchange on tax matters: Global Forum
https://www.thehindubusinessline.com/economy/india-among-switzerlands-top-3-partners-for-info-exchange-on-tax-matters-global-forum/article31937949.ece
- What ails India’s Model BIT?
https://www.thehindubusinessline.com/opinion/what-ails-indias-model-bit/article31939413.ece
- India registers surplus $0.6 billion in current account in Q4
https://www.thehindubusinessline.com/economy/india-registers-surplus-06-billion-in-current-account-in-q4/article31956310.ece
- India needs FDI worth Rs 50-60 trn to boost Covid-19 hit economy: Gadkari
https://www.business-standard.com/article/economy-policy/india-needs-fdi-worth-rs-50-60-trn-to-boost-covid-19-hit-economy-gadkari-120070200799_1.html
- Little FDI from China since last year
https://economictimes.indiatimes.com/news/economy/finance/little-fdi-from-china-since-last-year/articleshow/76742700.cms
- India's trade deficit with China reduces to USD 48.66 bn in FY20
https://economictimes.indiatimes.com/news/economy/foreign-trade/indias-trade-deficit-with-china-reduces-to-usd-48-66-bn-in-fy20/articleshow/76750117.cms
- Long road ahead for export recovery: Report
https://economictimes.indiatimes.com/news/economy/foreign-trade/long-road-ahead-for-export-recovery-report/articleshow/76730426.cms
- Opinion | Free trade with China is neither free nor trade
https://www.livemint.com/opinion/online-views/opinion-free-trade-with-china-is-neither-free-nor-trade-11593498977957.html
- India can be the next China, but only if it is more open to foreign investment
https://theprint.in/economy/india-can-be-the-next-china-but-only-if-it-is-more-open-to-foreign-investment/450164/
- Agriculture and Rural Economy
- Crop sowing doubles from last year
https://economictimes.indiatimes.com/news/economy/agriculture/crop-sowing-doubles-from-last-year/articleshow/76652443.cms
- Agri-infrastructure needs a push
https://www.business-standard.com/article/opinion/agri-infrastructure-needs-a-push-120062701237_1.html
- What’s behind the increased acreage under kharif cultivation
https://www.thehindubusinessline.com/economy/agri-business/whats-behind-the-increased-acreage-under-kharif-cultivation/article31942836.ece
- Rural to the fore, as cities continue to grapple with Covid-19
https://www.thehindubusinessline.com/companies/rural-to-the-fore-as-cities-continue-to-grapple-with-covid-19/article31938646.ece
- How using technology across agriculture value chain will benefit farmers
https://www.thehindubusinessline.com/economy/agri-business/how-using-technology-across-agriculture-value-chain-will-benefit-farmers/article31938395.ece
- Mixed trend in rubber
https://www.thehindubusinessline.com/markets/commodities/mixed-trend-in-rubber/article31945706.ece
- Call for universalisation of PDS gets louder
https://www.thehindubusinessline.com/economy/agri-business/call-for-universalisation-of-pds-gets-louder/article31961096.ece
- Agricultural commodities' prices rise on logistic and supply disruptions
https://www.business-standard.com/article/markets/agricultural-commodities-prices-rise-on-logistic-and-supply-disruptions-120070201426_1.html
- Indian marine fish landings rise marginally in 2019
https://economictimes.indiatimes.com/news/economy/agriculture/indian-marine-fish-landings-rise-marginally-in-2019/articleshow/76709135.cms
- Utilise MGNREGA to the fullest capacity
https://www.thehindu.com/opinion/op-ed/utilise-mgnrega-to-the-fullest-capacity/article31957319.ece
- Data | Surge in MGNREGS work demand, sowing of kharif crops lead to pre-COVID rural employment levels
https://www.thehindu.com/data/data-surge-in-mgnregs-work-demand-sowing-of-kharif-crops-lead-to-pre-covid-rural-employment-levels/article31962106.ece
- FCI’s burden to reduce with additional grains given out through PMGKAY
https://www.thehindubusinessline.com/portfolio/news-analysis/fcis-burden-to-reduce-with-additional-grains-given-out-through-pmgky/article31968707.ece
- COVID Lockdown: How India's Food Supply Chain First Tightened and then Recovered
https://thewire.in/economy/lockdown-food-supply-chain
- Farmers unhappy as govt decides to lower maize & milk import duty amid falling local prices
https://theprint.in/economy/farmers-unhappy-as-govt-decides-to-lower-maize-milk-import-duty-amid-falling-local-prices/450196/
- Why India’s agricultural reforms will do little to boost farmer incomes
https://scroll.in/article/966112/why-indias-agricultural-reforms-will-do-little-to-boost-farmer-incomes
- 70.32 lakh Kisan Credit Cards sanctioned with credit limit of ₹62,870 cr: Govt
https://www.livemint.com/industry/agriculture/70-32-lakh-kisan-credit-cards-sanctioned-with-credit-limit-of-rs-62-870-cr-govt-11593623748884.html
- Farm exports dip 13 per cent on weak demand in FY20
https://www.thehindubusinessline.com/economy/agri-business/farm-exports-dip-13-per-cent-on-weak-demand-in-fy20/article31978038.ece
- Industry, Manufacturing, Services and Technology
- New projects fall over 50% in June as coronavirus lockdown takes hold
https://www.business-standard.com/article/economy-policy/new-projects-fall-over-50-in-june-as-coronavirus-lockdown-takes-hold-120070100373_1.html
- US firms look for stable policy to make India hub: USISPF's Mukesh Aghi
https://www.business-standard.com/article/economic-revival/us-firms-look-for-stable-policy-to-make-india-hub-usispf-s-mukesh-aghi-120062700003_1.html
- Covid-19 disruption an opportunity for firms to re-strategise: UBI chief
https://www.business-standard.com/article/finance/covid-19-disruption-an-opportunity-for-firms-to-re-strategise-ubi-chief-120062700436_1.html
- FMCG firms bring jobs to small towns as markets show signs of revival
https://www.business-standard.com/article/companies/fmcg-firms-start-hiring-in-small-towns-as-markets-show-signs-of-revival-120062900044_1.html
- Self-reliance and supply chains
https://www.business-standard.com/article/opinion/self-reliance-and-supply-chains-120062901776_1.html
- India's factory activity contracts for third straight month in June
https://www.business-standard.com/article/economy-policy/india-s-factory-activity-contracts-for-third-straight-month-in-june-120070100328_1.html
- A push for labour-intensive manufacturing
https://www.business-standard.com/article/opinion/a-push-for-labour-intensive-manufacturing-120062901785_1.html
- Core sector output shrinks for third straight month in May, shrinks 23.4%
https://www.business-standard.com/article/economy-policy/core-sector-output-shrinks-for-third-straight-month-in-may-shrinks-23-4-120063001780_1.html
- Advantage MSMEs, in new loan dispensation
https://www.thehindubusinessline.com/opinion/advantage-msmes-in-new-loan-dispensation/article31961782.ece
- One step forward, two steps back
https://www.thehindubusinessline.com/specials/india-file/one-step-forward-two-steps-back/article31948620.ece
- Will the commodity price rise sustain?
https://www.thehindubusinessline.com/markets/commodities/will-the-commodity-price-rise-sustain/article31960806.ece
- Should regulations hinge on business size?
https://www.thehindubusinessline.com/opinion/should-regulations-hinge-on-business-size/article31956081.ece
- Manufacturing PMI improved to 47.2 in June, butbusiness conditions continue to deteriorate
https://www.thehindubusinessline.com/economy/manufacturing-pmi-improved-to-472-in-june/article31960185.ece
- Advantage MSMEs, in new loan dispensation
https://www.thehindubusinessline.com/opinion/advantage-msmes-in-new-loan-dispensation/article31961782.ece
- For last 70 yrs, our ecosystem has been adverse to competitive manufacturing: RC Bhagava
https://economictimes.indiatimes.com/markets/expert-view/for-last-70-yrs-our-ecosystem-has-been-adverse-to-competitive-manufacturing-rc-bhagava/articleshow/76689753.cms
- RBI asks banks, NBFCs to reclassify MSMEs as per revised criteria
https://www.business-standard.com/article/economy-policy/rbi-asks-banks-nbfcs-to-reclassify-msmes-as-per-revised-criteria-120070201549_1.html
- Public works: Lessons from history
https://www.business-standard.com/article/opinion/public-works-lessons-from-history-120070201851_1.html
- Indian IT firms may report 5-9% contraction in revenues for June quarter
https://www.business-standard.com/article/companies/indian-it-firms-may-report-5-9-contraction-in-revenues-for-june-quarter-120070201768_1.html
- World Bank grants India $750 mn emergency funding to help small businesses
https://www.business-standard.com/article/economy-policy/world-bank-grants-india-750-mn-emergency-funding-to-help-small-businesses-120070100569_1.html
- Indian IT firms may report 5-9% contraction in revenues for June quarter
https://www.business-standard.com/article/companies/indian-it-firms-may-report-5-9-contraction-in-revenues-for-june-quarter-120070201768_1.html
- Auto sales likely to see sequential growth in next 2 months: Report
https://www.business-standard.com/article/companies/auto-sales-likely-to-see-sequential-growth-in-next-2-months-report-120070201506_1.html
- Core’s contraction: On slowing economy
https://www.thehindu.com/opinion/editorial/cores-contraction-the-hindu-editorial-on-slowing-economy/article31973640.ece
- Domestic steel prices likely to fall in Q2 due to oversupply: India Ratings
https://www.livemint.com/industry/manufacturing/domestic-steel-prices-likely-to-fall-in-q2-due-to-oversupply-india-ratings-11593696672929.html
- June services activity shrinks for third month in a row; PMI at 33.7
https://www.business-standard.com/article/economy-policy/june-services-activity-shrinks-for-third-month-in-a-row-pmi-at-33-7-120070300430_1.html
- Columns by Paul Krugman & Joseph E Stiglitz
- Priorities for the Covid-19 economy – Stiglitz
https://www.business-standard.com/article/opinion/priorities-for-the-covid-19-economy-120070201970_1.html
- Why Do the Rich Have So Much Power? – Krugman
https://www.nytimes.com/2020/07/01/opinion/inequality-america-paul-krugman.html
- World war C – Krugman
https://www.nytimes.com/2020/06/30/opinion/world-war-c.html
- Obamacare Versus the G.O.P. Zombies – Krugman
https://www.nytimes.com/2020/06/29/opinion/obamacare-coronavirus-republicans.html
- Other Articles/ Columns
- Why Facebook is well placed to weather an advertising boycott
https://www.economist.com/business/2020/07/02/why-facebook-is-well-placed-to-weather-an-advertising-boycott
- Is investors’ love affair with commercial property ending?
https://www.economist.com/finance-and-economics/2020/06/25/is-investors-love-affair-with-commercial-property-ending
Print Sources: The Hindu, Business Line, Business Standard, Economic Times, Times of India
Online Sources: Livemint, Scroll.in, First Post, The Wire, The Print, The India Forum, Newyork Times, The Guardian
Journals: Economic and Political Weekly, The Economist