Weekly Updates on the Indian Economy

(18/07/2020 to 24/07/2020)

1. National Accounts and State of the Economy

 

1. Over a quarter of homes in UP, Odisha had zero income under lockdown: NCAER

https://www.business-standard.com/article/current-affairs/over-a-quarter-of-homes-in-up-odisha-had-zero-income-under-lockdown-ncaer-120072101373_1.html

 

2. Formalisation of economy gradually picked up in May, EPF data shows

https://www.business-standard.com/article/economy-policy/formalisation-of-economy-gradually-picked-up-in-may-epf-data-shows-120072101275_1.html

 

3. No plan to monetise debt for now, GDP may not shrink too severely: DEA Secy

https://www.business-standard.com/article/economy-policy/no-plan-to-monetise-debt-for-now-gdp-may-not-shrink-too-severely-dea-secy-120072300900_1.html

 

4. Covid-19 crisis to bite India deeply, GDP to shrink 6% in FY21: DBS report

https://www.business-standard.com/article/economy-policy/covid-19-crisis-to-bite-india-deeply-gdp-to-shrink-6-in-fy21-dbs-report-120072200971_1.html

 

5. Economy to rebound in second half of 2020 as Covid-19 recedes: IHS Markit

https://www.business-standard.com/article/economy-policy/economy-may-rebound-in-2020-second-half-as-covid-19-recedes-ihs-markit-120072301175_1.html

 

6. Statistalk | Employment on a downhill slope

https://www.thehindubusinessline.com/opinion/columns/statistalk/statistalk/article32152101.ece

 

7. Essential item demand surges with Unlock 1.0 as shipments increase: Report

https://www.business-standard.com/article/economy-policy/essential-item-demand-surges-with-unlock-1-0-as-shipments-increase-report-120072301211_1.html

 

8. The pandemic is shifting to rural areas where health facilities are abysmal

https://www.thehindubusinessline.com/opinion/editorial/the-pandemic-is-shifting-to-rural-areas-where-health-facilities-are-abysmal/article32116875.ece

 

9. India's economy is set to get a lot worse

https://www.thehindubusinessline.com/opinion/columns/the-economic-scenario-is-set-to-get-worse/article32164365.ece

 

10. Fears in India as Kuwait Looks to Cap Migrant Worker Numbers

https://thewire.in/labour/kuwait-looks-to-cap-migrant-worker

 

11. India’s GDP to contract 6.1% in FY21: Nomura

https://www.thehindu.com/business/Economy/indias-gdp-to-contract-61-in-fy21-nomura/article32149819.ece

 

12. Data | Inflation spiked in June: cost of pulses, meat and fish swell

https://www.thehindu.com/data/data-inflation-spiked-in-june-cost-of-pulses-meat-and-fish-swell/article32158140.ece

 

13. Govt could wait for Covid vaccine before declaring steps to revive demand, says CEA Subramanian

https://theprint.in/economy/govt-could-wait-for-covid-vaccine-before-declaring-steps-to-revive-demand-says-cea-subramanian/466020/

 

14. India expects V-shaped recovery, growth likely next year, Economic Affairs Secretary says

https://theprint.in/economy/india-expects-v-shaped-recovery-growth-likely-next-year-economic-affairs-secretary-says/466592/

 

15. Opinion | The covid-induced risks to Indian economic outlook

https://www.livemint.com/opinion/online-views/covid-19-risks-to-short-term-and-long-term-indian-economic-outlook-11595043720617.html

 

16. Opinion | A new tryst with destiny: Birth of a data democracy

https://www.livemint.com/opinion/columns/a-new-tryst-with-destiny-birth-of-a-data-democracy-11595206223242.html

 

17. Opinion | Data nationalism could hobble the world’s progress

https://www.livemint.com/opinion/columns/data-nationalism-could-hobble-the-world-s-progress-11595259439395.html

 

18. Opinion | India needs an urban replica of MGNREGA

https://www.livemint.com/industry/infotech/opinion-india-needs-an-urban-replica-of-mgnrega-11595220457206.html

 

19. Opinion | Are we ready for depression economics?

https://www.livemint.com/opinion/online-views/opinion-are-we-ready-for-depression-economics-11595266609969.html

 

20. Opinion | Gold and forex reserves cannot finance India’s stimulus

https://www.livemint.com/opinion/online-views/gold-and-forex-reserves-cannot-finance-india-s-stimulus-11595427670410.html

 

21. Opinion | The way to fix India’s biggest market failure

https://www.livemint.com/opinion/online-views/the-way-to-fix-india-s-biggest-market-failure-11595516831971.html

 

22. The Unequal Effects of the Covid-19 Crisis on the Labour Market

https://www.theindiaforum.in/article/unequal-effects-covid-19-crisis-labour-market

 

23. India's growth rate may dip to -6 to -9% in current fiscal, says Swamy

https://www.business-standard.com/article/economy-policy/india-s-growth-rate-may-dip-to-6-to-9-in-current-fiscal-says-swamy-120072301777_1.html

 

24. Economy bouncing back sooner than expected: Finance Secretary Pandey

https://www.thehindubusinessline.com/economy/finance-ministry-sees-a-v-shaped-recovery-for-indian-economy-next-year/article32169738.ece

 

2. Public Finance

 

25. Puri seeks higher devolution to urban bodies from 15th Finance Commission

https://www.business-standard.com/article/economy-policy/puri-seeks-higher-devolution-to-urban-bodies-from-15th-finance-commission-120071701357_1.html

 

26. Fiscal deficit to shoot up to 7.6% in FY21; twice budget estimate: Ind-Ra

https://www.business-standard.com/article/economy-policy/fiscal-deficit-to-shoot-up-to-7-6-in-fy21-twice-budget-target-ind-ra-120071701414_1.html

 

27. India's debt to hit 87.6% of GDP in FY21; FRBM target only by FY30: Report

https://www.business-standard.com/article/economy-policy/india-s-debt-to-hit-87-6-of-gdp-in-fy21-frbm-target-only-by-fy30-report-120072000316_1.html

 

28. Sitharaman reviews capex of seven CPSEs under three key ministries

https://www.business-standard.com/article/economy-policy/sitharaman-reviews-capex-of-seven-cpses-under-three-key-ministries-120072301379_1.html

 

29. Opinion | India should give up the fear of inflation and monetize its deficit

https://www.livemint.com/opinion/columns/india-should-give-up-the-fear-of-inflation-and-monetize-its-deficit-11595259990569.html

 

30. Opinion | Indian inflation and what the tea leaves have to say in a pandemic

https://www.livemint.com/opinion/columns/indian-inflation-and-what-the-tea-leaves-have-to-say-in-a-pandemic-11595340675545.html

 

31. Managing public debt

https://www.business-standard.com/article/opinion/managing-public-debt-120072100022_1.html

 

Taxation

32. FM Sitharaman calls for addressing challenges in digital taxation

https://www.thehindubusinessline.com/economy/fm-sitharaman-calls-for-addressing-challenges-in-digital-taxation/article32128526.ece

 

33. Form GSTR-4 now available on GSTN portal

https://www.thehindubusinessline.com/economy/form-gstr-4-now-available-on-gstn-portal/article32152321.ece

 

34. New Form 26AS is faceless hand-holding of taxpayers to e-file returns: CBDT

https://www.business-standard.com/article/economy-policy/new-form-26as-is-faceless-hand-holding-of-taxpayers-to-e-file-returns-cbdt-120071800505_1.html

 

35. CBDT, CBIC sign MoU to facilitate exchange of information on regular basis

https://www.business-standard.com/article/economy-policy/cbdt-cbic-sign-mou-to-facilitate-exchange-of-information-on-regular-basis-120072100695_1.html

 

36. Under GST, are BPO units to be classified as ‘intermediary’ or ‘exporter’?

https://www.thehindubusinessline.com/economy/under-gst-are-bpo-units-to-be-classified-as-intermediary-or-exporter/article32161589.ece

 

37. CBDT to share MSME data with Ministry

https://www.thehindubusinessline.com/economy/policy/cbdt-to-share-msme-data-with-ministry/article32148631.ece

 

38. GST Network makes annual returns available online for composition dealers

https://www.business-standard.com/article/economy-policy/gst-network-makes-annual-returns-available-online-for-composition-dealers-120072101693_1.html

 

39. Direct tax refunds down 10% amid Covid-19 pandemic, says CBDT

https://www.business-standard.com/article/economy-policy/direct-tax-refunds-down-10-amid-covid-19-pandemic-says-cbdt-120072300052_1.html

 

40. Use of GST data in national accounts in limbo 3 years after tax roll-out

https://www.business-standard.com/article/economy-policy/use-of-gst-data-in-national-accounts-in-limbo-3-years-after-tax-roll-out-120072201077_1.html

 

41. Tax mop up in Q1 'very encouraging', shows economic recovery: Finance Secy

https://www.business-standard.com/article/economy-policy/tax-mop-up-in-q1-very-encouraging-shows-economic-recovery-finance-secy-120072301280_1.html

 

42. GSTN plans to send statement of liability shown in sales return via email

https://www.business-standard.com/article/economy-policy/gstn-plans-to-send-statement-of-liability-shown-in-sales-return-via-email-120072301435_1.html

 

43. Google tax 'very clear', no need for FAQs: Finance secretary A B Pandey

https://www.business-standard.com/article/economy-policy/finance-secretary-rules-out-any-clarifications-on-equalisation-levy-120072301292_1.html

 

44. A multilateral solution

https://www.business-standard.com/article/opinion/a-multilateral-solution-120072200029_1.html

 

45. GST rates can be reduced further once tax base increases: Finance Secretary

https://www.business-standard.com/article/economy-policy/gst-rates-can-be-reduced-further-as-tax-base-increases-finance-secretary-120072400120_1.html

 

3. Banking and Monetary policy

 

46. Growing confidence in Indian companies, US FDI crosses $40 bn: Report

https://www.business-standard.com/article/economy-policy/growing-confidence-in-indian-companies-us-fdi-crosses-40-bn-report-120071800125_1.html

 

47. Banks, trade unions agree on 15% hike in existing wage bill of 35 lenders

https://www.business-standard.com/article/economy-policy/banks-trade-unions-agree-to-15-hike-in-existing-wage-bill-of-35-lenders-120072201757_1.html

 

48. Digital transactions could reach Rs 15 trillion a day by 2025: RBI

https://www.business-standard.com/article/finance/digital-transactions-could-reach-rs-15-trillion-a-day-by-2025-rbi-120072201431_1.html

 

49. No free lunches: Rajan says monetisation by RBI has a cost, not everlasting

https://www.business-standard.com/article/economy-policy/no-free-lunches-rajan-says-monetisation-by-rbi-has-a-cost-not-everlasting-120072301182_1.html

 

50. Bank recapitalisation is a must

https://www.business-standard.com/article/opinion/bank-recapitalisation-is-a-must-120072400001_1.html

 

51. Centre’s Quest to Expand Regulatory Hammer Over Co-Op Banks Faces Legal Challenge

https://thewire.in/law/centres-quest-to-expand-regulatory-hammer-over-co-op-banks-faces-chennai-legal-challenge

 

52. ‘Only policy of this government is narrative’: Vivek Kaul on India’s banks and the economy

https://scroll.in/article/967756/only-policy-of-this-government-is-narrative-vivek-kaul-on-indias-banks-and-the-economy

 

53. Blame it on RBI – Indian banks have Rs 8 lakh crore sitting idle in their systems

https://theprint.in/economy/blame-it-on-rbi-indian-banks-have-rs-8-lakh-crore-sitting-idle-in-their-systems/466477/

 

54. Govt requests NITI Aayog to work out five-year asset monetisation plan

https://www.business-standard.com/article/economy-policy/govt-requests-niti-aayog-to-work-out-five-year-asset-monetisation-plan-120072301771_1.html

 

55. Rural demand push may offset limping growth in metro cities

https://www.livemint.com/industry/banking/rural-demand-push-may-offset-limping-growth-in-metro-cities-11595335635333.html

 

56. .Govt plans to reduce number of PSU banks to just five: Report

https://www.livemint.com/industry/banking/govt-plans-to-reduce-number-of-psu-banks-to-just-five-report-11595243683640.html

 

57. Banks sanction ₹1.27 tn worth loans to MSMEs under credit guarantee scheme

https://www.livemint.com/industry/banking/banks-sanction-rs-1-27-tn-worth-loans-to-msmes-under-credit-guarantee-scheme-11595339980003.html

 

58. Excess India cash won’t go away in a hurry, strategists say

https://www.livemint.com/industry/banking/excess-india-cash-won-t-go-away-in-a-hurry-strategists-say-11595461375315.html

 

59. Loan moratorium may be extended for some stressed sectors

https://www.livemint.com/industry/banking/loan-moratorium-may-be-extended-for-some-stressed-sectors-11595462185147.html

 

60. Indian banks play a risky game as loan moratorium ends

https://www.livemint.com/industry/banking/indian-banks-play-a-risky-game-as-loan-moratorium-ends-11595549008042.html

 

61. Urjit Patel says insolvency rules caused rift between RBI and government

https://www.livemint.com/industry/banking/urjit-patel-says-insolvency-rules-caused-rift-between-rbi-and-government-11595574220930.html

 

4. External Sector

 

62. US FDI to India crosses $40 billion: Business advocacy group

https://www.thehindubusinessline.com/economy/us-fdi-to-india-crosses-40-billion-business-advocacy-group/article32120637.ece

 

63. India supports early conclusion of fisheries pact at WTO with necessary exemptions

https://www.thehindubusinessline.com/economy/india-supports-early-conclusion-of-fisheries-pact-at-wto-with-necessary-exemptions/article32148879.ece

 

64. Despite slowdown due to Covid-19, India's food exports up 27% since March

https://www.business-standard.com/article/economy-policy/despite-slowdown-due-to-covid-19-india-s-food-exports-up-27-since-march-120071800829_1.html

 

65. Spices exports jumps 23% to $359 mn in June on rising demand: Assocham

https://www.business-standard.com/article/economy-policy/spices-exports-jumps-23-to-359-mn-in-june-on-rising-demand-assocham-120071900808_1.html

 

66. FPIs pull out Rs 9,015 cr in July so far, remain net sellers in Indian mkts

https://www.business-standard.com/article/economy-policy/fpis-pull-out-rs-9-015-cr-in-july-so-far-remain-net-sellers-in-indian-mkts-120071900438_1.html

 

67. Remittances: Pain for India, China with Covid-19 striking across the world

https://www.business-standard.com/article/economy-policy/remittances-pain-for-india-china-with-covid-19-striking-across-the-world-120071900608_1.html

 

68. UK, India to discuss possible free trade pact at trade committee meeting

https://www.thehindubusinessline.com/economy/macro-economy/uk-india-to-discuss-possible-free-trade-pact-at-trade-committee-meeting/article32170957.ece

 

69. Data | Why India's trade surplus in June is not a good sign

https://www.thehindu.com/data/why-indias-trade-surplus-in-june-is-not-a-good-sign/article32156785.ece

 

70. Avoid old wine in new bottle

https://www.business-standard.com/article/opinion/avoid-old-wine-in-new-bottle-120072301903_1.html

 

71. FTAs have not served Indian economy well in capacity building: Jaishankar

https://www.business-standard.com/article/economy-policy/ftas-have-not-served-indian-economy-well-in-capacity-building-jaishankar-120072001745_1.html

 

72. India’s ‘erratic’ foreign policy is likely to drive away global investors

https://scroll.in/article/967943/indias-erratic-foreign-policy-is-likely-to-drive-away-global-investors

 

73. Modi government boasts of a trade surplus – even though it is actually terrible news for the economy

https://scroll.in/article/967800/modi-government-boasts-of-a-trade-surplus-even-though-it-is-actually-terrible-news-for-the-economy

 

74. Eye on China, India Makes it Tougher for Foreign Firms to Bid on Govt Projects and Tenders

https://thewire.in/business/india-china-foreign-bid-tenders-public-finance-rules

 

75. Govt imposes restrictions on public procurement from China, neighbours

https://www.business-standard.com/article/economy-policy/govt-imposes-restrictions-on-public-procurement-from-china-neighbours-120072301939_1.html

 

76. India needs more economic reforms to ensure growth, attract investment: IMF

https://www.business-standard.com/article/economy-policy/india-needs-more-economic-reforms-to-ensure-growth-attract-investment-imf-120072301924_1.html

 

5. Agriculture and Rural Economy

 

77. Inflation for Agricultural and Rural labourers remains high

https://www.thehindubusinessline.com/economy/inflation-for-agricultural-and-rural-labourers-remains-high/article32140807.ece

 

78. Centre issues norms for ₹1-lakh crore Agri Infra Fund scheme

https://www.thehindubusinessline.com/economy/agri-business/centre-issues-norms-for-1-lakh-crore-agri-infra-fund-scheme/article32135910.ece

 

79. Lockdown impact: Farmers turn back on vegetable cultivation

https://www.thehindubusinessline.com/economy/agri-business/lockdown-impact-farmers-turn-back-on-vegetable-cultivation/article32158341.ece

 

80. It is important to give farmers the power of scale: MS Swaminathan

https://www.thehindubusinessline.com/economy/agri-business/it-is-important-to-give-farmers-the-power-of-scale-ms-swaminathan/article32159687.ece

 

81. Outlook for kharif season favourable as sowing is 44% more than 2019: ICRA

https://www.business-standard.com/article/economy-policy/outlook-for-kharif-season-favourable-as-sowing-is-44-more-than-2019-icra-120071800553_1.html

 

82. Agriculture driving growth; open to more measures: FM Nirmala Sitharaman

https://www.business-standard.com/article/economic-revival/seeing-signs-of-revival-all-options-open-on-future-interventions-fm-120072101715_1.html

 

83. As Covid-19 reaches hinterland, is India's rural growth story getting over?

https://www.business-standard.com/article/economy-policy/as-covid-19-reaches-hinterland-is-india-s-rural-growth-story-getting-over-120072200981_1.html

 

84. A dog in the manger: Mini lockdowns hurt farmers, push up vegetable prices

https://www.business-standard.com/article/economy-policy/a-dog-in-the-manger-mini-lockdowns-hurt-farmers-push-up-vegetable-prices-120072301511_1.html

 

85. Signs of farm 'revolution' in India as coronavirus prompts change

https://www.livemint.com/industry/agriculture/signs-of-farm-revolution-in-india-as-coronavirus-prompts-change-11595487462677.html

 

86. Why Have Some States Lost Interest in the Centre's Flagship Crop Insurance Scheme?

https://thewire.in/economy/pradhan-mantri-fasal-bima-yojana-pmfby-kharif-rabi

 

6. Industry, Manufacturing, Services and Technology

 

87. Intermittent lockdowns in states disrupt FMCG firms' momentum, July output

https://www.business-standard.com/article/economy-policy/intermittent-lockdowns-in-states-disrupt-fmcg-firms-momentum-july-output-120071900272_1.html

 

88. All-India electricity demand likely to contract by 5-6% in FY2021: ICRA

https://www.thehindubusinessline.com/economy/all-india-electricity-demand-likely-to-contract-by-5-6-in-fy2021-icra/article32145318.ece

 

89. Firms cutting capital spending set to prolong India’s slump

https://www.thehindubusinessline.com/economy/firms-cutting-capital-spending-set-to-prolong-indias-slump/article32156579.ece

 

90. Manufacturers need to focus on affordable offerings for electric vehicles: Study

https://www.thehindubusinessline.com/economy/manufacturers-need-to-focus-on-affordable-offerings-for-electric-vehicles-study/article32158010.ece

 

91. Finance Ministry working on incentives to boost manufacturing

https://www.thehindubusinessline.com/economy/finance-ministry-working-on-incentives-to-boost-manufacturing/article32169267.ece

 

92. Next 10 yrs to be India's golden moment: Silicon Valley venture capitalist

https://www.business-standard.com/article/economy-policy/next-10-yrs-to-be-india-s-golden-moment-silicon-valley-venture-capitalist-120071900605_1.html

 

93. Information gaps in MSME lending

https://www.thehindubusinessline.com/opinion/columns/information-gaps-in-msme-lending/article32152714.ece

 

94. Only 10% manufacturing units report higher output in Apr-Jun: Ficci Survey

https://www.business-standard.com/article/pti-stories/only-10-pc-manufacturing-units-report-higher-output-in-apr-jun-ficci-survey-120071900524_1.html

 

95. Make in India: Govt to offer production linked incentives in more sectors

https://www.business-standard.com/article/economy-policy/make-in-india-govt-to-offer-production-linked-incentives-in-more-sectors-120072301005_1.html

 

96. PSU stake-sale needs a rethink

https://www.thehindubusinessline.com/opinion/psu-stake-sale-needs-a-rethink/article32174812.ece

 

97. Podcast: How India’s healthcare and education systems must adapt to a post-coronavirus world

https://scroll.in/article/967940/podcast-how-indias-healthcare-and-education-systems-must-adapt-to-a-post-coronavirus-world

 

98. 20 sectors identified for boosting manufacturing and export: Piyush Goyal

https://www.business-standard.com/article/economy-policy/20-sectors-identified-for-boosting-manufacturing-and-export-piyush-goyal-120072301242_1.html

 

99. Why it makes good business sense for investors to trust countries with a free press

https://theprint.in/economy/why-it-makes-good-business-sense-for-investors-to-trust-countries-with-a-free-press/465907/

 

100. Profit jumps for Indian consumer goods giant despite lockdown as people stocked essentials

https://theprint.in/economy/profit-jumps-for-indian-consumer-goods-giant-despite-lockdown-as-people-stocked-essentials/465682/

 

101. How Indian companies cutting capital spending is set to prolong economic slump

https://theprint.in/economy/how-indian-companies-cutting-capital-spending-is-set-to-prolong-economic-slump/465764/

 

102. Opinion | Real estate will cost up to 50% less, minus bribes

https://www.livemint.com/opinion/columns/real-estate-will-cost-up-to-50-less-minus-bribes-11595355156328.html

 

103. Retailers expect 64% decline in business in July 1st half

https://www.livemint.com/industry/retail/retailers-expect-64-decline-in-business-in-july-1st-half-11595419660909.html

 

104. Opinion | FMCG firms await recovery in the hospitality sector

https://www.livemint.com/opinion/columns/fmcg-firms-await-recovery-in-the-hospitality-sector-11595435388122.html

 

105. Migrant workers slowly returning to cities; locals being trained to fill immediate gap

https://www.livemint.com/industry/infrastructure/migrant-workers-slowly-returning-to-cities-locals-being-trained-to-fill-immedia-11595141324612.html

 

106. 81 stressed housing projects approved under Special Window fund

https://www.livemint.com/industry/infrastructure/81-stressed-housing-projects-approved-under-special-window-fund-11595519262729.html

 

107. Production-linked sops for five sectors on anvil

https://www.thehindu.com/business/Industry/production-linked-sops-for-five-sectors-on-anvil/article32175966.ece

 

108. Missed call to free call: The 25-year journey of India's telecom industry

https://www.business-standard.com/article/economy-policy/missed-call-to-free-call-a-25-year-journey-of-india-s-telecom-industry-120072400062_1.html

 

109. With growth in mind, finance ministry asks infrastructure ministries to ramp up spending

https://theprint.in/economy/with-growth-in-mind-finance-ministry-asks-infrastructure-ministries-to-ramp-up-spending/467030/

 

7. Columns by Paul Krugman

 

110. The End of Expanded Unemployment Benefits Is the Next Disaster

https://www.nytimes.com/2020/07/16/opinion/coronavirus-economy-unemployment.html

 

111. Opinion | Republicans Keep Flunking Microbe Economics

https://www.nytimes.com/2020/07/18/opinion/republicans-keep-flunking-microbe-economics.html

 

112. What You Don’t Know About the Coronavirus Can’t Hurt Trump https://www.nytimes.com/2020/07/20/opinion/trump-coronavirus-testing.html

 

 

8. Other Articles/ Columns

 

• The Economist

 

113. Why companies struggle with recalcitrant IT

https://www.economist.com/business/2020/07/18/why-companies-struggle-with-recalcitrant-it

 

114. How small businesses have dealt with the crisis

https://www.economist.com/business/2020/07/23/how-small-businesses-have-dealt-with-the-crisis

 

115. Corporate dealmakers emerge from pandemic hibernation

https://www.economist.com/business/2020/07/23/corporate-dealmakers-emerge-from-pandemic-hibernation

 

116. Indian IT consultancies struggle against technological obsolescence

https://www.economist.com/business/2020/07/23/indian-it-consultancies-struggle-against-technological-obsolescence

 

Print Sources:               The Hindu, The Hindu Business Line, Business Standard

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