Weekly Updates on the Indian Economy

(15/08/2020 to 21/08/2020)

1. National Accounts and State of the Economy

 

1. It’s our economy, not her genes, that’ll influence Kamala Harris’ view of India

https://theprint.in/national-interest/its-our-economy-not-her-genes-thatll-influence-kamala-harris-view-of-india/482017/

 

2. India’s WPI inflation falls 0.58% in July, remains negative for fourth consecutive month

https://scroll.in/latest/970346/indias-wpi-inflation-falls-0-58-in-july-remains-negative-for-fourth-consecutive-month

 

3. Populist politics seen as a key risk to Indian economy and stocks, JPMorgan warns

https://theprint.in/economy/populist-politics-seen-as-a-key-risk-to-indian-economy-and-stocks-jpmorgan-warns/484484/

 

4. India’s falling diesel sales signal there is little hope for a V-shaped economic recovery

https://theprint.in/economy/indias-falling-diesel-sales-signal-there-is-little-hope-for-a-v-shaped-economic-recovery/484107/

 

5. Covid has cost tourism up to 5.5 cr jobs, Rs 1.58 lakh cr revenue — govt tells House panel

https://theprint.in/india/governance/covid-has-cost-tourism-up-to-5-5-cr-jobs-rs-1-58-lakh-cr-revenue-govt-tells-house-panel/483722/

 

6. RBI’s first Monetary Policy Committee bows out, its record sullied by inflation at the end

https://theprint.in/economy/rbis-first-monetary-policy-committee-bows-out-its-record-sullied-by-inflation-at-the-end/485521/

 

7. What Job Losses in the Formal Sector Tell Us About the Lockdown's Impact on Economy

https://thewire.in/economy/job-losses-formal-sector-lockdown-impact-economy-coronavirus-cmie

 

8. Comment | Re-imagining and reinventing the Indian economy

https://www.thehindu.com/business/Economy/comment-re-imagining-and-reinventing-the-indian-economy/article32376209.ece

 

9. As Covid-19 rips through India’s fashion retail sector, striking new rent deals with malls is key

https://scroll.in/article/970748/as-covid-19-rips-through-indias-fashion-retail-sector-many-try-to-strike-new-rent-deals-with-malls

 

10. Podcast: How to regulate India’s economy to enable growth

https://scroll.in/article/970617/podcast-how-to-regulate-indias-economy-to-enable-growth

 

11. India’s GDP to shrink 16.5% in Q1: SBI report

https://www.thehindu.com/business/Economy/indias-gdp-to-shrink-165-in-q1-sbi-report/article32377753.ece

 

12. India can get back to 7% growth: IMF India Mission Chief

https://www.thehindu.com/news/national/india-can-get-back-to-7-growth-imf-india-mission-chief/article32392164.ece

 

13. World Bank may forecast steeper India contraction

https://www.thehindu.com/business/Economy/world-bank-may-forecast-steeper-india-contraction/article32397468.ece

 

14. Japan’s economy shrinks at record rate, slammed by pandemic

https://www.thehindubusinessline.com/economy/japans-economy-shrinks-at-record-rate-slammed-by-pandemic/article32371706.ece

 

15. Now, world needs India more than India needing the world: S Gurumurthy

https://www.thehindubusinessline.com/economy/now-world-needs-india-more-than-india-needing-the-world-s-gurumurthy/article32377440.ece

 

16. Need a ‘full potential growth mindset’ to revive economy, says PwC India report

https://www.thehindubusinessline.com/economy/reviving-economy-need-a-full-potential-growth-mindset-says-pwc-india-report/article32385339.ece

 

17. World trade registers historic 18.5% fall in Q2 of 2020, but slight recovery possible in Q3: WTO

https://www.thehindubusinessline.com/economy/world-trade-registers-historic-185-fall-in-q2-of-2020-but-slight-recovery-possible-in-q3-wto/article32393423.ece

 

18. 41 lakh youth lose jobs in India due to Covid-19 impact: ILO-ADB report

https://www.thehindubusinessline.com/economy/41-lakh-youth-lose-jobs-in-india-due-to-covid-19-impact-ilo-adb-report/article32385340.ece

 

19. Moratorium, economic downturn raising risks for asset-backed securities

https://www.business-standard.com/article/economy-policy/moratorium-economic-downturn-raising-risks-for-asset-backed-securities-120081600734_1.html

 

20. Livelihood mission of 2014 has a few pointers for urban job scheme

https://www.business-standard.com/article/economy-policy/livelihood-mission-of-2014-has-a-few-pointers-for-urban-job-scheme-120081600218_1.html

 

21. India likely to see rise in populism; trend poses risk to economy: JPMorgan

https://www.business-standard.com/article/economy-policy/india-likely-to-see-rise-in-populism-trend-poses-risk-to-economy-jpmorgan-120081801119_1.html

 

22. Economic rebound likely within a year, say 52% respondents in PwC survey

https://www.business-standard.com/article/economic-revival/economic-rebound-likely-within-a-year-say-52-respondents-in-pwc-survey-120081801141_1.html

 

23. Data, AI can add $500 bn to India's GDP, need to be leveraged: Nasscom

https://www.business-standard.com/article/economy-policy/data-ai-can-add-500-bn-to-india-s-gdp-need-to-be-leveraged-nasscom-120081801563_1.html

 

24. The supply side

https://www.business-standard.com/article/opinion/the-supply-side-120081801737_1.html

 

25. Why Informal India cannot be 'Atmanirbhar' India

https://www.business-standard.com/article/economy-policy/why-informal-india-cannot-be-atmanirbhar-india-120081700584_1.html

 

26. 'Mortgage-GDP ratio, at less than 10%, is poor

https://www.business-standard.com/article/opinion/mortgage-gdp-ratio-at-less-than-10-is-poor-120081600725_1.html

 

27. Risk and return: Make the right trade-off

https://www.business-standard.com/article/opinion/risk-and-return-make-the-right-trade-off-120081600856_1.html

 

28. Loss of urban salaried jobs likely to have debilitating impact on economy

https://www.business-standard.com/article/opinion/loss-of-urban-salaried-jobs-likely-to-have-debilitating-impact-on-economy-120081800075_1.html

 

29. Q1 snapshot of the Indian economy: Attaining recovery will be a long haul

https://www.business-standard.com/article/opinion/q1-snapshot-of-the-indian-economy-attaining-recovery-will-be-a-long-haul-120081900212_1.html

 

30. Let us reconsider the way that economic welfare is measured

https://www.livemint.com/opinion/columns/let-us-reconsider-the-way-that-economic-welfare-is-measured-11597675134954.html

 

31. A dicey dollar could yet revive Keynes’s Bancor currency plan

https://www.livemint.com/opinion/online-views/a-dicey-dollar-could-yet-revive-keynes-s-bancor-currency-plan-11597848877077.html

 

32. Will our economic recovery be led by better profits or wages?

https://www.livemint.com/opinion/columns/will-our-economic-recovery-be-led-by-better-profits-or-wages-11597760281594.html

 

33. It might be time to rethink our inflation-targeting framework

https://www.livemint.com/opinion/columns/it-might-be-time-to-rethink-our-inflation-targeting-framework-11597675861941.html

 

34. World Bank sees higher GDP fall in India than 3.2% it projected for FY21

https://www.business-standard.com/article/economy-policy/world-bank-sees-higher-gdp-fall-in-india-than-3-2-it-projected-for-fy21-120081900849_1.html

 

35. What is the special railway safety fund that is now facing Niti Aayog heat?

https://www.business-standard.com/article/economy-policy/what-is-the-special-railway-safety-fund-that-is-now-facing-niti-aayog-heat-120082000739_1.html

 

36. Sun sets on SEZs: Most consistent failures of economic policy since 1965

https://www.business-standard.com/article/opinion/that-mysterious-sez-appeal-120081901729_1.html

 

37. India, ASEAN together to help shape Asia, global economy, says S Jaishankar

https://www.business-standard.com/article/economy-policy/india-asean-together-to-help-shape-asia-global-economy-says-s-jaishankar-120082001252_1.html

 

38. Kerala to launch developmental projects worth Rs 25,000 cr in a year

https://www.business-standard.com/article/economy-policy/kerala-to-launch-developmental-projects-worth-rs-25-000-cr-in-a-year-120082001344_1.html

 

2. Public Finance

 

39. Fiscal deficit, coronavirus make India’s high-yielding bonds the least popular in Asia

https://theprint.in/economy/fiscal-deficit-coronavirus-make-indias-high-yielding-bonds-the-least-popular-in-asia/483912/

 

40. RBI releases National Strategy for Financial Education

https://www.thehindu.com/business/rbi-releases-national-strategy-for-financial-education/article32401294.ece

 

41. Kerala unhappy with Finance Commission’s view on State’s audit and account of local bodies

https://www.thehindubusinessline.com/economy/kerala-unhappy-with-finance-commissions-view-on-states-audit-and-account-of-local-bodies/article32403835.ece

 

42. Statsguru: Covid-19 pandemic forces states to expand their borrowing

https://www.business-standard.com/article/economy-policy/statsguru-covid-19-pandemic-forces-states-to-expand-their-borrowing-120081600967_1.html

 

43. Central bank opens doors for financing fiscal deficit

https://www.livemint.com/industry/banking/central-bank-opens-doors-for-financing-fiscal-deficit-11597623949271.html

 

44. Opinion | Why or why not direct monetisation of deficits should wait in India

https://www.livemint.com/opinion/online-views/opinion-why-or-why-not-direct-monetisation-of-deficits-should-wait-in-india-11597730356098.html

Taxation

45. ‘Non-intrusive way’ to catch tax evaders — ministry on move to scan school fee, other payments

https://theprint.in/economy/non-intrusive-way-to-catch-tax-evaders-ministry-on-move-to-scan-school-fee-other-payments/483193/

 

46. Old gold, jewellery to attract 3% GST

https://www.thehindu.com/business/Industry/old-gold-jewellery-to-attract-3-gst/article32364744.ece

 

47. Mastercard not required to pay equalisation levy

https://www.thehindubusinessline.com/economy/mastercard-not-required-to-pay-equalisation-levy/article32387082.ece

 

48. Input tax credit: GSTN enables taxpayers to know eligibility at invoice level while filing annual return

https://www.thehindubusinessline.com/economy/input-tax-credit-gstn-enables-taxpayers-to-know-eligibility-at-invoice-level-while-filing-annual-return/article32385925.ece

 

49. Why a taxpayers' charter is a non-starter

https://www.business-standard.com/article/opinion/why-a-taxpayers-charter-is-a-non-starter-120081600939_1.html

 

50. GST Council meet on Aug 27 to discuss compensation payout

https://www.thehindubusinessline.com/economy/gst-council-meet-on-aug-27-to-discuss-compensation-payout/article32396398.ece

 

51. Taxpayers don't need to mention high-value transactions in ITR form: Report

https://www.business-standard.com/article/economy-policy/taxpayers-don-t-need-to-mention-high-value-transactions-in-itr-form-report-120081700263_1.html

 

52. Auto component firms seek tax rationalisation to tide over covid slowdown

https://www.livemint.com/industry/manufacturing/auto-component-firms-seek-tax-rationalisation-to-tide-over-covid-slowdown-11597835478261.html

 

53. GoM favours e-way bill for intra-state gold movement, discusses e-invoicing

https://www.business-standard.com/article/economy-policy/gom-favours-e-way-bill-for-intra-state-gold-movement-discusses-e-invoicing-120081500031_1.html

 

54. Compliance cost

https://www.business-standard.com/article/opinion/compliance-cost-120082001888_1.html

 

55. West Bengal govt may reduce 30 % tax on liquor amid declining sales

https://www.business-standard.com/article/economy-policy/west-bengal-govt-may-reduce-30-tax-on-liquor-amid-declining-sales-120081901791_1.html

 

56. IT refunds worth Rs 88,652 cr issued to over 2.5 million taxpayers

https://www.business-standard.com/article/economy-policy/it-refunds-worth-rs-88-652-cr-issued-to-over-2-5-million-taxpayers-120082100242_1.html

 

3. Banking and Monetary policy

 

57. Modi government’s plan to boost economy by squeezing more loans out of banks ignores an old lesson

https://scroll.in/article/970701/modi-governments-plan-to-boost-economy-by-squeezing-more-loans-out-of-banks-ignores-a-past-lesson

 

58. Kamath panel won’t look at retail loans restructuring, banks will decide, RBI says

https://theprint.in/economy/kamath-panel-wont-look-at-retail-loans-restructuring-banks-will-decide-rbi-says/485342/

 

59. Banks set to restructure up to ₹8.4 lakh cr. of loans: Ind-Ra

https://www.thehindu.com/business/Economy/banks-set-to-restructure-up-to-84-lakh-cr-of-loans-ind-ra/article32397648.ece

 

60. Media often captures sentiments correctly ahead of monetary policy: Study

https://www.business-standard.com/article/economy-policy/media-often-captures-sentiments-correctly-ahead-of-monetary-policy-study-120081600653_1.html

 

61. High inflation: RBI may escape govt's scrutiny for failing to meet target

https://www.business-standard.com/article/economy-policy/cpi-inflation-breaches-the-6-mark-for-two-quarters-on-the-trot-120081600470_1.html

 

62. New umbrella entity for retail payments can be 'for-profit': RBI

https://www.business-standard.com/article/economy-policy/rbi-frames-rules-for-setting-up-new-umbrella-entity-for-retail-payments-120081801371_1.html

 

63. RBI governors don't need an MPC but a helpful finance minister

https://www.business-standard.com/article/opinion/rbi-governors-don-t-need-an-mpc-but-a-helpful-finance-minister-120081900220_1.html

 

64. MPC fared well but the new group should do better, say economists

https://www.business-standard.com/article/economy-policy/mpc-fared-well-but-the-new-group-should-do-better-say-economists-120081801601_1.html

 

65. A new monetary policy panel amid central banking flux

https://www.livemint.com/opinion/columns/a-new-monetary-policy-panel-amid-central-banking-flux-11597591130459.html

 

66. RBI's first Monetary Policy Committee bows out with CPI above target

https://www.business-standard.com/article/economy-policy/rbi-s-first-monetary-policy-committee-bows-out-with-cpi-above-target-120082000454_1.html

 

67. Govt may not need to infuse fresh capital in public sector banks this fiscal

https://www.livemint.com/industry/banking/govt-may-not-need-to-infuse-fresh-capital-in-public-sector-banks-this-fiscal-11597576805314.html

 

68. India, China lead spate in bank privatization

https://www.livemint.com/industry/banking/india-china-lead-spate-in-bank-privatization-11597808460660.html

 

69. Extreme economic uncertainty but worst could be over, says outgoing MPC

https://www.business-standard.com/article/economy-policy/extreme-economic-uncertainty-but-worst-could-be-over-says-outgoing-mpc-120082000974_1.html

 

4. External Sector

 

70. First into the Covid slump, China now proving to be the economy fastest to recover

https://theprint.in/economy/first-into-the-covid-slump-china-now-proving-to-be-the-economy-fastest-to-recover/482818/

 

71. China’s loss is turning out to be India’s gain as supply chains start shifting

https://theprint.in/economy/chinas-loss-is-turning-out-to-be-indias-gain-as-supply-chains-start-shifting/483195/

 

72. The India-US Digital Dosti Need Not Become Unduly Taxing

https://thewire.in/business/india-us-digital-taxation-equalisation-levy

 

73. July sees trade back in deficit as gold, pharma imports rise

https://www.thehindu.com/business/Economy/july-sees-trade-back-in-deficit-as-gold-pharma-imports-rise/article32360005.ece

 

74. India’s seafood export volume drops in FY20

https://www.thehindu.com/business/Industry/indias-seafood-export-volume-drops-in-fy20/article32378772.ece

 

75. India’s spices exports cross $3 billion in 2019-20

https://www.thehindubusinessline.com/economy/agri-business/indias-spice-exports-cross-3-billion-in-2019-20/article32401377.ece

 

76. Gold imports dip 81% in April-July to $2.47 bn, silver imports down 56.5%

https://www.business-standard.com/article/economy-policy/gold-imports-dip-81-in-april-july-to-2-47-bn-silver-imports-down-56-5-120081600550_1.html

 

77. A retreat from global trade will hurt India’s geopolitical stature

https://www.livemint.com/opinion/columns/a-retreat-from-global-trade-will-hurt-india-s-geopolitical-stature-11597590375518.html

 

78. Commerce Min reviews extension of anti-dumping duty on Chinese products

https://www.business-standard.com/article/economy-policy/commerce-min-reviews-extension-of-anti-dumping-duty-on-chinese-products-120081901758_1.html

 

5. Agriculture and Rural Economy

 

79. Kharif sowing crosses 100 million hectares

https://www.thehindubusinessline.com/economy/agri-business/kharif-sowing-crosses-100-million-hectares/article32358469.ece

 

80. Farmers urged to test seeds before sowing

https://www.thehindubusinessline.com/economy/agri-business/farmers-urged-to-test-seeds-before-sowing/article32377499.ece

 

81. Farm exports rise 23% to ₹25,553 cr. in March-June

https://www.thehindu.com/business/agri-business/farm-exports-rise-23-to-25553-cr-in-march-june/article32387748.ece

 

82. Retail inflation for farm, rural workers drops in July

https://www.thehindu.com/business/Industry/retail-inflation-for-farm-rural-workers-drops-in-july/article32403121.ece

 

83. India faces protracted slowdown as virus clouds rural revival

https://www.thehindubusinessline.com/economy/india-faces-protracted-slowdown-as-virus-clouds-rural-revival/article32399748.ece

 

84. India facing flash droughts during monsoon: Study

https://www.thehindubusinessline.com/news/national/india-facing-flash-droughts-during-monsoon-study/article32387601.ece

 

85. States opt out, farmers' enrolment drops as PMFBY enters a new phase

https://www.business-standard.com/article/economy-policy/states-opt-out-farmers-enrolment-drops-as-pmfby-enters-a-new-phase-120081901625_1.html

 

86. States distributed free grains to 251,000 migrant worlers so far: Govt

https://www.business-standard.com/article/economy-policy/states-distributed-free-grains-to-251-000-migrant-worlers-so-far-govt-120081801838_1.html

 

87. Niti Aayog panel recommends linking sugarcane prices to sugar rates

https://www.business-standard.com/article/economy-policy/niti-aayog-panel-recommends-linking-sugarcane-prices-to-sugar-rates-120082001535_1.html

 

88. India's rural economy on V-shaped recovery from June, helping GDP

https://www.business-standard.com/article/economy-policy/india-s-rural-economy-on-v-shaped-recovery-from-june-bodes-well-from-gdp-120082001047_1.html

 

6. Industry, Manufacturing, Services and Technology

 

89. Demand for trucks, commercial vehicles to take 3 years to return, Daimler India says

https://theprint.in/economy/demand-for-trucks-commercial-vehicles-to-take-3-years-to-return-daimler-india-says/483884/

 

90. Watch | Why did gold prices spike in July?

https://www.thehindu.com/news/international/why-did-gold-prices-spike-in-july/article32366811.ece

 

91. Expedite domestic manufacturing of communication equipment, says TRAI Chairman

https://www.thehindu.com/business/Industry/expedite-domestic-manufacturing-of-communication-equipment-says-trai-chairman/article32366544.ece

 

92. Increase in trade licence fee, khata will hurt traders: FKCCI

https://www.thehindu.com/news/national/karnataka/increase-in-trade-licence-fee-khata-will-hurt-traders-fkcci/article32398501.ece

 

93. The jobs gloom

https://www.business-standard.com/article/opinion/the-jobs-gloom-120082001881_1.html

 

94. Steel industry asked to enhance spending to boost consumption, create jobs

https://www.livemint.com/industry/infrastructure/steel-industry-asked-to-enhance-spending-to-boost-consumption-create-jobs-11597752372204.html

 

95. MSMEs facing existential crisis says KASSIA

https://www.thehindu.com/news/national/karnataka/msmes-facing-existential-crisis-says-kassia/article32398586.ece

 

96. Infrastructure players seek policy tweaks to boost growth

https://www.thehindubusinessline.com/economy/infrastructure-players-seek-policy-tweaks-to-boost-growth/article32374265.ece

 

97. Indian restaurant industry functioning at 8-10% of pre-Covid levels

https://www.thehindubusinessline.com/economy/indian-restaurant-industry-functioning-at-8-10-of-pre-covid-levels/article32395443.ece

 

98. Pradhan to domestic firms: Focus on volumes to increase steel demand from infrastructure sector

https://www.thehindubusinessline.com/economy/pradhan-to-domestic-firms-focus-on-volumes-to-increase-steel-demand-from-infrastructure-sector/article32383793.ece

 

99. ‘Microfinance sector should gain disbursements up to 90% of pre-Covid levels by month-end’

https://www.thehindubusinessline.com/economy/microfinance-sector-should-gain-disbursements-to-90-of-pre-covid-levels-by-month-end/article32357436.ece

 

100. FM Nirmala Sitharaman asks seven CPSEs to spend 50% capex in H1

https://www.business-standard.com/article/economy-policy/fm-nirmala-sitharaman-asks-seven-cpses-to-spend-50-capex-in-h1-120081500035_1.html

 

101. Rs 1.51 tn disbursed to MSME sector under emergency credit plan, says govt

https://www.business-standard.com/article/economy-policy/liquidity-to-msme-rises-as-bank-sanctions-cross-1-51-trn-under-eclgs-120082001283_1.html

 

7. Columns by Paul Krugman & Joseph E Stiglitz

 

102. Opinion | Trump’s Racist, Statist Suburban Dream

https://www.nytimes.com/2020/08/13/opinion/trump-suburbs-racism.html

 

103. Opinion | What Ails Europe?

https://www.nytimes.com/2012/02/27/opinion/krugman-what-ails-europe.html

 

104. Opinion | An Impeccable Disaster

https://www.nytimes.com/2011/09/12/opinion/an-impeccable-disaster.html

 

105. Opinion | Trump, the Mail and the Unbinding of America

https://www.nytimes.com/2020/08/17/opinion/trump-us-mail.html

 

106. Opinion | The Destructive Center

https://www.nytimes.com/2009/02/09/opinion/09krugman.html

 

 

8. Other Articles/ Columns

 

• The India Forum

 

107. What Would Make India’s Growth Sustainable?

https://www.theindiaforum.in/article/what-would-make-india-s-growth-sustainable

 

• Economic and Political Weekly

Commentary

108. Some Methodological Issues in India’s SDG Index Report 2019

https://www.epw.in/journal/2020/32-33/commentary/some-methodological-issues-indias-sdg-index-report.html

 

109. Reverse Migration of Labourers amidst COVID-19

https://www.epw.in/journal/2020/32-33/commentary/reverse-migration-labourers-amidst-covid-19.html

 

110. Indian Public Health Associations on COVID-19, The Politics of Knowledge

https://www.epw.in/journal/2020/32-33/commentary/indian-public-health-associations-covid-19.html

 

111. Need for a Strong and Reliable Statistical System in India: Lessons from a Pandemic

https://www.epw.in/journal/2020/32-33/commentary/need-strong-and-reliable-statistical-system-india.html

 

Special Articles

112. Out-of-pocket Expenditure on Healthcare among the Urban Poor in India

https://www.epw.in/journal/2020/32-33/special-articles/out-pocket-expenditure-healthcare-among-urban-poor.html

 

• The Economist

 

113. America’s fiscal federalism is less superior than you might think

https://www.economist.com/finance-and-economics/2020/08/20/americas-fiscal-federalism-is-less-superior-than-you-might-think

 

114. Why the economic value of a face mask is $56.14, A new frontier in facial finance

https://www.economist.com/finance-and-economics/2020/08/22/why-the-economic-value-of-a-face-mask-is-5614

 

115. China’s monetary stimulus is unusually restrained

https://www.economist.com/finance-and-economics/2020/08/22/chinas-monetary-stimulus-is-unusually-restrained

 

116. Can Dubai enter the premier league of financial centres?

https://www.economist.com/finance-and-economics/2020/08/22/can-dubai-enter-the-premier-league-of-financial-centres

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