Weekly Updates on the Indian Economy

(25/07/2020 to 31/07/2020)

1. National Accounts and State of the Economy

 

1. Narasimha Rao can truly be called father of economic reforms in India: Manmohan Singh

https://www.thehindu.com/news/national/narasimha-rao-can-truly-be-called-father-of-economic-reforms-in-india-manmohan-singh/article32183365.ece

 

2. Innovations can help India's biotech economy hit $100 bn by 2025: Kant

https://www.business-standard.com/article/economy-policy/innovations-can-help-india-s-biotech-economy-to-hit-100-bn-by-2025-kant-120072401983_1.html

 

3. Indian economy to see sharp V-shaped recovery in Q3, Q4: N.K. Singh

https://www.thehindu.com/business/Economy/indian-economy-to-see-sharp-v-shaped-recovery-in-q3-q4-nk-singh/article32206285.ece

 

4. India’s gloomy outlook darkens, recovery path in doubt: Reuters poll

https://www.thehindu.com/business/Economy/indias-gloomy-outlook-darkens-recovery-path-in-doubt-reuters-poll/article32218501.ece

 

5. Centre focuses on BJP’s majoritarian objectives rather than repairing impaired economy: Raghuram Rajan

https://www.thehindubusinessline.com/economy/centre-focuses-on-bjps-majoritarian-objectives-rather-than-repairing-impaired-economy-raghuram-rajan/article32189263.ece

 

6. Nearly 80% businesses expect post-Covid recovery by June 2021: PwC India survey

https://www.thehindubusinessline.com/economy/nearly-80-of-businesses-expect-post-covid-recovery-by-june-2021-pwc-india-survey/article32229157.ece

 

7. Counterfeiting up 24% in 2019, burnt a Rs 1-trn hole in economy: Report

https://www.business-standard.com/article/current-affairs/counterfeiting-up-24-in-2019-burnt-a-rs-1-trn-hole-in-economy-report-120073001357_1.html

 

8. Economy on recovery path, piggy-riding rural rebound: Deepak Parekh

https://www.business-standard.com/article/economy-policy/economy-on-recovery-path-piggy-riding-rural-rebound-deepak-parekh-120073001564_1.html

 

9. Economy may witness more pain as workers return and remittances fall

https://www.business-standard.com/article/economy-policy/economy-may-witness-more-pain-as-workers-return-and-remittances-fall-120072800938_1.html

 

10. India economic revival worst in Asia; GDP growth to lose pace in Q3: Report

https://www.business-standard.com/article/economy-policy/india-economic-revival-worst-in-asia-gdp-growth-to-lose-pace-in-q3-report-120072801511_1.html

 

11. Coronavirus: ‘We must fight invisible enemy,’ says RBI governor, highlights five changes in economy

https://scroll.in/latest/968658/coronavirus-we-must-fight-invisible-enemy-says-rbi-governor-highlights-five-changes-in-economy

 

12. Job seekers confident about career progression as economy reboots: Survey

https://www.business-standard.com/article/economic-revival/job-seekers-confident-about-career-progression-as-economy-reboots-survey-120072900059_1.html

 

13. Govt should revisit proposed social security code, says labour panel

https://www.business-standard.com/article/economy-policy/govt-should-revisit-proposed-social-security-code-says-labour-panel-120072902205_1.html

 

14. Economic slump to deepen; India FY21 GDP can contract 6%: BofA Securities

https://www.business-standard.com/article/economy-policy/economic-slump-to-deepen-india-fy21-gdp-can-contract-6-bofa-securities-120072700825_1.html

 

15. Increase in AI intensity by 1 unit can lead to 2.5% increase in GDP: ICRIER

https://www.business-standard.com/article/economy-policy/increase-in-ai-intensity-by-1-unit-can-lead-to-2-5-increase-in-gdp-icrier-120072701166_1.html

 

16. AI expected to boost India's annual growth by 1.3%, says NITI report

https://www.business-standard.com/article/economy-policy/ai-expected-to-boost-india-s-annual-growth-by-1-3-says-niti-report-120072901976_1.html

 

17. India Economic Revival Worst in Asia, GDP Growth to Lose Pace in Q3, Says Oxford Economics

https://thewire.in/economy/india-economic-growth-gdp-covid-19-oxford-economics

 

18. Economy in For Worse Times as Workers Return From Abroad, Remittances Fall

https://thewire.in/labour/indian-economy-workers-abroad-visa-msme-gdp-growth-rate

 

19. Bold reform that triggers animal spirits needed for Indian economy: Rajan

https://www.business-standard.com/article/economy-policy/bold-reform-that-triggers-animal-spirits-needed-for-indian-economy-rajan-120073100131_1.html

 

20. Opinion | A risk-management approach could guide our next stimulus

https://www.livemint.com/opinion/columns/a-risk-management-approach-could-guide-our-next-stimulus-11595862849561.html

 

21. Opinion | India’s growth story is seeing a glimmer of hope

https://www.livemint.com/opinion/columns/opinion-india-s-growth-story-is-seeing-a-glimmer-of-hope-11595829873628.html

 

22. Opinion | Demonetization déjà vu in today’s coronavirus times

https://www.livemint.com/opinion/online-views/demonetization-d-j-vu-in-today-s-coronavirus-times-11595947624708.html

 

23. Opinion | What economic studies say about our marriage market

https://www.livemint.com/opinion/online-views/what-economic-studies-say-about-our-marriage-market-11596032189711.html

 

24. Opinion | A great inexcusable macroeconomics—grim—omission

https://www.livemint.com/opinion/online-views/a-great-inexcusable-macroeconomics-grim-omission-11595862492221.html

 

25. Opinion | Turbocharge India’s youth for a sustainable economic comeback

https://www.livemint.com/opinion/online-views/turbocharge-india-s-youth-for-a-sustainable-economic-comeback-11595862154140.html

 

26. The Unequal Effects of the Covid-19 Crisis on the Labour Market: Radhicka Kapoor (updated)

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

 

2. Public Finance

 

27. India has more scope for policy support despite limited fiscal space: IMF

https://www.business-standard.com/article/economy-policy/india-has-more-scope-for-policy-support-despite-limited-fiscal-space-imf-120072901870_1.html

 

28. Govt amends certain Indian Accounting Standards amid Covid-19 pandemic

https://www.business-standard.com/article/current-affairs/govt-amends-certain-indian-accounting-standards-amid-covid-19-pandemic-120072600706_1.html

 

29. Railways staring at Rs 35,000-40,000 crore drop in earnings this fiscal

https://www.business-standard.com/article/economy-policy/railways-staring-at-rs-35-000-40-000-crore-drop-in-earnings-this-fiscal-120072900062_1.html

 

30. India to post current account surplus this fiscal, first since FY04: Report

https://www.business-standard.com/article/economy-policy/india-to-post-0-4-of-current-surplus-since-fy04-as-imports-crude-fall-120072700924_1.html

 

31. No decision taken to reintroduce the FRDI Bill, says Finance Ministry

https://www.business-standard.com/article/economy-policy/no-decision-taken-to-reintroduce-the-frdi-bill-says-finance-ministry-120072701550_1.html

 

32. Disconnect between financial markets and real sector growing: RBI report

https://www.business-standard.com/article/economy-policy/growing-disconnect-between-financial-markets-and-real-sector-fsr-120072600421_1.html

 

33. The coronavirus crisis is likely to push Indian states into $110 billion debt

https://scroll.in/article/968901/the-coronavirus-crisis-is-likely-to-push-indian-states-into-110-billion-debt

Taxation

34. Deadline for filing I-T returns extended till Sept 30

https://www.thehindu.com/business/Economy/deadline-for-filing-i-t-returns-extended-till-sept-30/article32227820.ece

 

35. GST cess falls 42% short in FY20

https://www.thehindu.com/business/gst-cess-falls-42-short-in-fy20/article32206702.ece

 

36. Digging deeper: On GST compensation

https://www.thehindu.com/opinion/editorial/digging-deeper-the-hindu-editorial-on-gst-compensation/article32215765.ece

 

37. Centre pays ₹13,000 crore GST compensation to States, UTs

https://www.thehindubusinessline.com/economy/centre-pays-13000-crore-gst-compensation-to-states-uts/article32204751.ece

 

38. CBIC invites suggestions on reviewing customs laws for ease of doing biz

https://www.business-standard.com/article/economy-policy/cbic-invites-suggestions-on-reviewing-customs-laws-for-ease-of-doing-biz-120072600820_1.html

 

39. Need to revive demand, slash GST rates by 50% for all sectors, says Assocham chief

https://theprint.in/economy/need-to-revive-demand-slash-gst-rates-by-50-for-all-sectors-says-assocham-chief/469590/

 

40. Delhi Cabinet decides to reduce VAT on diesel to 16.75% to 'propel economy'

https://www.business-standard.com/article/economy-policy/delhi-cabinet-decides-to-reduce-vat-on-diesel-to-16-75-to-propel-economy-120073000656_1.html

 

41. Centre unable to pay GST dues to States: Union Finance Secretary

https://www.thehindu.com/business/Economy/centre-unable-to-pay-gst-dues-to-states-union-finance-secretary/article32216329.ece

 

42. 3 firms booked, 3 arrested for fake input tax credit claim

https://www.thehindubusinessline.com/economy/3-firms-booked-3-arrested-for-fake-input-tax-credit-claim/article32209713.ece

 

43. States can borrow to fund GST compensation, Centre not obliged to pay: AG

https://www.business-standard.com/article/economy-policy/states-can-borrow-to-fund-gst-compensation-centre-not-obliged-to-pay-ag-120073001956_1.html

 

44. CBDT provides relief to senior citizens on self-assessment tax

https://www.business-standard.com/article/economy-policy/cbdt-provides-relief-to-senior-citizens-on-self-assessment-tax-120073001947_1.html

 

45. Will the country finally have an integrated tax surveillance system?

https://www.business-standard.com/article/economy-policy/will-the-country-finally-have-an-integrated-tax-surveillance-system-120072901019_1.html

 

46. 'Not clear at all': Google tax sends foreign firms looking for answers

https://www.business-standard.com/article/companies/not-clear-at-all-google-tax-sends-foreign-firms-looking-for-answers-120073000051_1.html

 

47. Call GST Council meet

https://www.business-standard.com/article/opinion/call-gst-council-meet-120073100071_1.html

 

3. Banking and Monetary policy

 

48. RBI must continue monetary easing policy, says IMF official

https://www.thehindu.com/business/Economy/rbi-must-continue-monetary-easing-policy-says-imf-official/article32225404.ece

 

49. India Inc's foreign borrowings slip 81% to $1.02 bn in June: RBI

https://www.business-standard.com/article/economy-policy/india-inc-s-foreign-borrowings-slip-81-to-1-02-bn-in-june-rbi-120072701622_1.html

 

50. RBI may go for further 25 bps rate cut in August policy meeting: Experts

https://www.business-standard.com/article/economy-policy/rbi-may-go-for-further-25-bps-rate-cut-in-august-policy-meeting-experts-120072600620_1.html

 

51. Govt, RBI and 15th Finance Commission discuss bank recapitalisation

https://www.business-standard.com/article/economy-policy/govt-rbi-and-15th-finance-commission-discuss-bank-recapitalisation-120072800070_1.html

 

52. Shake-up coming soon for RBI’s Monetary Policy Committee which sets interest rates

https://theprint.in/economy/shake-up-coming-soon-for-rbis-monetary-policy-committee-which-sets-interest-rates/468737/

 

53. State-owned banks need more capital from govt to mitigate risks: Fitch

https://www.business-standard.com/article/economy-policy/state-owned-banks-need-more-capital-from-govt-to-mitigate-risks-fitch-120072700693_1.html

 

54. Policy prudence

https://www.business-standard.com/article/opinion/policy-prudence-120072902186_1.html

 

55. Bad loan ratio set to jump to two-decade high at India’s banks

https://www.livemint.com/industry/banking/bad-loan-ratio-set-to-jump-to-two-decade-high-at-india-s-banks-11595642258526.html

 

56. Private banks  set aside  up to   ₹17,000  crore  for  provisions

https://www.livemint.com/industry/banking/private-banks-set-aside-up-to-17-000-crore-for-provisions-11595811456643.html

 

57. In Urjit Patel’s ‘Overdraft', a Peek at How India's Bankruptcy Code Was Slowly Diluted

https://thewire.in/economy/urjit-patel-book-overdraft-bankruptcy-code-rbi-arun-jaitley

 

58. PM urges bankers to support economy in tough Covid-19 times, boost revival

https://www.thehindubusinessline.com/economy/pm-urges-bankers-to-support-economy-in-tough-covid-19-times-boost-revival/article32225118.ece

 

59. A central bank should be allowed to say ‘no’, says former RBI deputy governor Viral Acharya

https://theprint.in/economy/a-central-bank-should-be-allowed-to-say-no-says-former-rbi-deputy-governor-viral-acharya/471537/

 

4. External Sector

 

60. ‘Falling imports, moderate oil prices to help post 0.4% current account surplus for the first time since FY04’

https://www.thehindubusinessline.com/economy/falling-imports-moderate-oil-prices-to-help-post-04-current-account-surplus-for-the-first-time-since-fy04/article32205995.ece

 

61. Centre tightens procurement rules for bidders from neighbouring countries amid tensions with China

https://scroll.in/latest/968399/centre-tightens-procurement-rules-for-bidders-from-neighbouring-countries-amid-tensions-with-china

 

62. Opinion | An economic paradigm reminiscent of our licence raj

https://www.livemint.com/opinion/columns/an-economic-paradigm-reminiscent-of-our-licence-raj-11595773327957.html

 

63. Govt trying to attract FDI in infrastructure sector: Nitin Gadkari

https://www.business-standard.com/article/economy-policy/govt-trying-to-attract-fdi-in-infrastructure-sector-nitin-gadkari-120072900133_1.html

 

5. Agriculture and Rural Economy

 

64. Rural lending reviving, agri gives hope: Confederation of Indian Industries

https://www.thehindu.com/business/Industry/rural-lending-reviving-agri-gives-hope/article32215524.ece

 

65. High prices of pulses may affect nutrition security, says study

https://www.thehindu.com/business/agri-business/high-prices-of-pulses-may-affect-nutrition-security-says-study/article32225097.ece

 

66. India’s support price for rice under WTO lens as US, EU question ‘peace clause’

https://www.thehindubusinessline.com/economy/agri-business/indias-support-price-for-rice-under-wto-lens-as-us-eu-question-peace-clause/article32229771.ece

 

67. India’s new fisheries policy will increase private control over open access water bodies

https://scroll.in/article/968349/indias-new-fisheries-policy-will-increase-private-control-over-open-access-water-bodies

 

68. Hiring charges of agri implements jump on rising fuel prices, lack of migrant labour

https://www.thehindubusinessline.com/economy/agri-business/hiring-charges-of-agri-implements-jump-on-rising-fuel-prices-lack-of-migrant-labour/article32209257.ece

 

69. Review PMFBY

https://www.business-standard.com/article/opinion/review-pmfby-120072902192_1.html

 

70. The not so green shoots of rural revival

https://www.business-standard.com/article/opinion/the-not-so-green-shoots-of-rural-revival-120073100074_1.html

 

71. Govt rewrites India’s public procurement rulebook

https://www.livemint.com/industry/manufacturing/india-to-mandate-preference-to-domestic-manufacturers-in-public-procurement-11596020544159.html

 

72. India can be among top-5 agri goods exporters with effective policies: Report

https://www.livemint.com/industry/agriculture/india-can-be-among-top-5-agri-goods-exporters-with-effective-policies-report-11596031579102.html

 

73. Opinion | Agriculture cannot support our economy without a fiscal push

https://www.livemint.com/opinion/columns/agriculture-cannot-support-our-economy-without-a-fiscal-push-11596121329467.html

 

6.  Industry, Manufacturing, Services and Technology

 

74. India’s gold demand falls to 11-year low

https://www.thehindu.com/business/markets/indias-gold-demand-falls-to-11-year-low/article32233990.ece

 

75. Data | Two-decade-high GNPA ratio in banks likely by next March as COVID-19 impacts industries

https://www.thehindu.com/data/data-two-decade-high-gnpa-ratio-in-banks-likely-by-next-march-as-covid-19-impacts-industries/article32218860.ece

 

76. ‘Targeted infra push can reignite economy’

https://www.thehindu.com/business/Economy/targeted-infra-push-can-reignite-economy/article32206771.ece

 

77. Make the most of emerging shifts in economy, RBI's Das to industry captains

https://www.business-standard.com/article/economy-policy/make-the-most-of-emerging-shifts-in-economy-rbi-s-das-to-industry-captains-120072700982_1.html

 

78. Development finance bodies to be revived to fund infrastructure projects

https://www.thehindubusinessline.com/economy/logistics/dfis-to-get-fresh-lease-of-life-to-fund-ambitious-infra-projects/article32210714.ece

 

79. FMCG sector expected to stagnate in 2020; Nielsen cuts growth forecast, again

https://www.thehindubusinessline.com/economy/fmcg-sector-expected-to-stagnate-in/article32232249.ece

 

80. Rating models for MSMEs need to be revisited amid Covid-19 crisis: Experts

https://www.business-standard.com/article/economy-policy/rating-models-for-msmes-need-to-be-revisited-amid-covid-19-crisis-experts-120073001789_1.html

 

81. Covid-19 effect: Upcoming road projects may shift to PPP on weak govt funds

https://www.business-standard.com/article/economy-policy/covid-19-effect-upcoming-road-projects-may-shift-to-ppp-on-weak-govt-funds-120072801178_1.html

 

82. 25-30 million lost jobs in MSMEs during March-June, says survey

https://www.business-standard.com/article/economy-policy/25-30-million-lost-jobs-in-msmes-during-march-june-says-survey-120072800068_1.html

 

83. Wholesale-retail inflation gap in perishables highest during lockdown

https://www.business-standard.com/article/economy-policy/wholesale-retail-inflation-gap-in-perishables-highest-during-lockdown-120072901146_1.html

 

84. FAITH revises upwards forecast on tourism value at risk at up to Rs 15 trn

https://www.business-standard.com/article/economy-policy/faith-revises-upwards-forecast-on-tourism-value-at-risk-at-up-to-rs-15-trn-120072701266_1.html

 

85. CII asks Centre to look into additional tax being charged on minerals

https://www.business-standard.com/article/economy-policy/cii-asks-centre-to-look-into-additional-tax-being-charged-on-minerals-120072701434_1.html

 

86. Insurance may get 'strategic sector' tag under new privatisation policy

https://www.business-standard.com/article/economy-policy/insurance-may-get-strategic-sector-tag-under-new-privatisation-policy-120072900050_1.html

 

87. This is the message behind the stunning rally in gold prices – world economy is in trouble

https://theprint.in/economy/this-is-the-message-behind-the-stunning-rally-in-gold-prices-world-economy-is-in-trouble/468780/

 

88. Why corporations still struggle to find land to set up manufacturing bases?

https://www.business-standard.com/article/companies/why-corporations-still-struggle-to-find-land-to-set-up-manufacturing-bases-120072902151_1.html?utm_source=Spotlight&utm_medium=website&utm_campaign=Premium_11072018

 

89. Mineral sector could be potential driver of high growth: CII to NITI Aayog

https://www.business-standard.com/article/economy-policy/mineral-sector-could-be-potential-driver-of-high-growth-cii-to-niti-aayog-120072701260_1.html

 

90. Govt to go ahead with divestment of 23 PSUs cleared by Cabinet: Sitharaman

https://www.business-standard.com/article/economy-policy/govt-to-go-ahead-with-divestment-of-23-psus-cleared-by-cabinet-sitharaman-120072701589_1.html

 

91. India’s crawling infrastructure projects to be delayed further by Covid and lockdown

https://theprint.in/economy/indias-crawling-infrastructure-projects-to-be-delayed-further-by-covid-and-lockdown/471689/

 

92. Govt to boost bulk drugs, medical devices industries

https://www.livemint.com/industry/manufacturing/govt-to-boost-bulk-drugs-medical-devices-industries-11595835837519.html

 

93. Indian companies struggle to lure migrant workers back

https://www.livemint.com/industry/manufacturing/indian-companies-struggle-to-lure-migrant-workers-back-11595756117031.html

 

94. India’s small firms are staring into the abyss

https://www.livemint.com/industry/manufacturing/india-s-small-firms-are-staring-into-the-abyss-11595946170598.html

 

95. Govt working on production-linked incentives for 12 major sectors

https://www.business-standard.com/article/economy-policy/govt-working-on-production-linked-incentives-for-12-major-sectors-120073100067_1.html

 

7. Columns by Paul Krugman

 

96. Opinion | The Nightmare on Pennsylvania Avenue

https://www.nytimes.com/2020/07/30/opinion/trump-coronavirus-economy.html

 

97. Opinion | Fistfuls Of Dollars

https://www.nytimes.com/2003/08/29/opinion/fistfuls-of-dollars.html

 

98. Opinion | The Cult of Selfishness Is Killing America

https://www.nytimes.com/2020/07/27/opinion/us-republicans-coronavirus.html

 

99. Why can't America be like Italy?

https://www.business-standard.com/article/opinion/why-can-t-america-be-like-italy-120072401823_1.html

 

8. Other Articles/ Columns

 

• The Economist

 

100. Emmanuel Farhi has died at the age of 41

https://www.economist.com/finance-and-economics/2020/07/30/emmanuel-farhi-has-died-at-the-age-of-41

 

101. Why real-time economic data need to be treated with caution

https://www.economist.com/finance-and-economics/2020/07/23/why-real-time-economic-data-need-to-be-treated-with-caution

 

102. Banks lose out to capital markets when it comes to credit provision

https://www.economist.com/finance-and-economics/2020/07/25/banks-lose-out-to-capital-markets-when-it-comes-to-credit-provision

 

103. The price of gold surges to an all-time high

https://www.economist.com/finance-and-economics/2020/07/30/the-price-of-gold-surges-to-an-all-time-high

 

104. The fear of robots displacing workers has returned

https://www.economist.com/finance-and-economics/2020/07/30/the-fear-of-robots-displacing-workers-has-returned

 

105. The EU’s recovery fund revives a debate on common taxes

https://www.economist.com/finance-and-economics/2020/08/01/the-eus-recovery-fund-revives-a-debate-on-common-taxes

 

106. In emerging markets, short-term panic gives way to long-term worry

https://www.economist.com/finance-and-economics/2020/08/01/in-emerging-markets-short-term-panic-gives-way-to-long-term-worry

 

107. Has India’s moratorium on loan payments delayed the pain for banks?

https://www.economist.com/finance-and-economics/2020/08/01/has-indias-moratorium-on-loan-payments-delayed-the-pain-for-banks

 

• Economic and Political Weekly

 

Commentary

 

108. Child Protection and Preparedness in COVID-19 Epoch

https://www.epw.in/journal/2020/30/commentary/child-protection-and-preparedness-covid-19-epoch.html

 

109. Lessons for Indian Opposition in Sanders–Corbyn Projects

https://www.epw.in/journal/2020/30/commentary/lessons-indian-opposition-sanders%E2%80%93corbyn-projects.html

 

110. Reviving Industrial Growth: Need to Address Demand Constraint

https://www.epw.in/journal/2020/30/commentary/reviving-industrial-growth.html

 

111. Did Public Investment Crowd Out Private Investment in India?

https://www.epw.in/journal/2020/30/commentary/did-public-investment-crowd-out-private-investment.html

 

Special Articles

 

112. Caste and Class in Higher Education Enrolments

https://www.epw.in/journal/2020/30/special-articles/caste-and-class-higher-education-enrolments.html

 

113. Adivasis and Land

https://www.epw.in/journal/2020/30/special-articles/adivasis-and-land.html

 

 

 

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