Weekly Updates on the Indian Economy
(26/09/2020 to 02/10/2020
- National Accounts and State of the Economy
- S&P affirms India’s long-term rating
https://www.thehindu.com/business/Economy/sp-affirms-indias-long-term-rating/article32704448.ece
- Negative ratings surged on COVID-19 curbs: ICRA
https://www.thehindu.com/business/Economy/negative-ratings-surged-on-covid-19-curbs-icra/article32747481.ece
- NCAER sees GDP shrinking by 12.6% in FY21, falling in three remaining qtrs.
https://www.business-standard.com/article/economy-policy/ncaer-sees-gdp-shrinking-by-12-6-in-fy21-falling-in-three-remaining-qtrs-120092501428_1.html
- Normalisation from Covid economic disruption to take longer in SE Asia: S&P
https://www.business-standard.com/article/economy-policy/normalisation-from-covid-19-economic-disruption-to-take-longer-in-most-se-asia-s-p-120092600413_1.html
- Covid-19 impact: 6 months on, migrants caught between hope and despair
https://www.business-standard.com/article/economy-policy/covid-19-impact-6-months-on-migrants-caught-between-hope-and-despair-120092800027_1.html
- No rate cut, all eyes on RBI's GDP projection
https://www.business-standard.com/article/opinion/no-rate-cut-all-eyes-on-rbi-s-gdp-projection-120092700912_1.html
- India's gig workers hit hardest by coronavirus pandemic, finds survey
https://www.business-standard.com/article/economy-policy/india-s-gig-workers-hit-hardest-by-coronavirus-pandemic-finds-survey-120093001266_1.html
- Location data, goods moved: More weekly indicators on economy turn positive
https://www.business-standard.com/article/economy-policy/location-data-goods-moved-more-weekly-indicators-on-economy-turn-positive-120092800636_1.html
- Consumers come to grips with 'new normal' as Covid-19 cases rise in country
https://www.business-standard.com/article/economy-policy/more-users-willing-to-spend-on-discretionary-items-travel-deloitte-survey-120092801055_1.html
- Icra scales up projection for GDP contraction to 11% from 9.5% earlier
https://www.business-standard.com/article/economy-policy/icra-scales-up-projection-for-gdp-contraction-to-11-from-9-5-earlier-120092801124_1.html
- Concerns over pace of economic recovery deepen as Covid-19 surges: Report
https://www.business-standard.com/article/pti-stories/concerns-over-pace-of-economic-recovery-have-deepened-report-120092900954_1.html
- 38% engaged in employment, related activities in 2019: NSO time-use survey
https://www.business-standard.com/article/economy-policy/38-engaged-in-employment-related-activities-in-2019-nso-time-use-survey-120092901459_1.html
- NABARD to refinance ₹800-cr. loans
https://www.thehindu.com/business/Industry/nabard-to-refinance-800-cr-loans/article32747443.ece
- Even as economy reopens, new projects continue decline; down 82% YoY in Sep
https://www.business-standard.com/article/economy-policy/even-as-economy-reopens-new-projects-continue-decline-down-82-yoy-in-sep-120100100465_1.html
- Necessary, not sufficient: Labour reforms a good start; will we see more jobs now?
https://www.business-standard.com/article/opinion/necessary-not-sufficient-labour-reforms-a-good-start-will-we-see-more-jobs-now-120100200646_1.html
- Inflation targeting is a stupid policy
https://www.business-standard.com/article/opinion/inflation-targeting-is-a-stupid-policy-120100300080_1.html
- Where Are the Jobs the Centre Promised J&K After Revoking Article 370?
https://thewire.in/labour/jammu-and-kashmir-jobs-after-article-370
- Coronavirus will keep East Asia and Pacific’s growth at lowest in over 50 years, says World Bank
https://scroll.in/latest/974405/coronavirus-to-stoke-slowest-growth-in-over-50-years-in-east-asia-pacific-warns-world-bank
- Labour laws: Ministry allays fears on lay-offs, workers’ right
https://www.thehindubusinessline.com/economy/labour-laws-ministry-allays-fears-on-lay-offs-workers-right/article32718361.ece
- The global economic recovery has slowed from a bounce to a grind
https://www.thehindubusinessline.com/economy/the-global-economic-recovery-has-slowed-from-a-bounce-to-a-grind/article32739499.ece
- Indian house prices to fall 6% this year, shows poll
https://www.thehindubusinessline.com/economy/indian-house-prices-to-fall-6-this-year-shows-poll/article32721296.ece
- India’s GDP to contract 11% in FY21: ICRA
https://www.thehindubusinessline.com/economy/indias-gdp-to-contract-11-in-fy21-icra/article32716539.ece
- Lottery, any chance?
https://www.thehindubusinessline.com/opinion/columns/from-the-viewsroom/covid-lotteries-can-help-generate-funds-for-social-rebuilding/article32745887.ece
- Media and entertainment sector may rebound by FY22
https://www.thehindu.com/business/media-and-entertainment-sector-may-rebound-by-fy22/article32735284.ece
- Global economic recovery is slowing from a bounce to a crawl
https://theprint.in/economy/global-economic-recovery-is-slowing-from-a-bounce-to-a-crawl/514307/
- India’s labour and farm reforms should be just a start
https://www.livemint.com/opinion/columns/india-s-labour-and-farm-reforms-should-be-just-a-start-11601477853119.html
- Our redistribution games to reduce wealth inequality
https://www.livemint.com/opinion/online-views/our-redistribution-games-to-reduce-wealth-inequality-11601391509978.html
- Remittance dip: Kerala to seek nod to issue ‘diaspora bonds’ to tap into savings of non-residents
https://indianexpress.com/article/business/economy/remittance-dip-kerala-diaspora-bonds-savings-non-residents-6617326/
- Public Finance
- Stimulus inadequate, could have done more: Abhijit Banerjee
https://www.thehindu.com/business/Economy/stimulus-inadequate-could-have-done-more-banerjee/article32726118.ece
- States get extra time for borrowings
https://www.thehindu.com/business/Economy/states-get-extra-time-for-borrowings/article32726166.ece
- The Hindu Explains | Where are the funds collected through cess parked?
https://www.thehindu.com/business/Economy/the-hindu-explains-where-are-the-funds-collected-through-cess-parked/article32706024.ece
- Small savings rates stay unchanged
https://www.thehindu.com/business/Economy/small-savings-rates-stay-unchanged/article32735644.ece
- External debt declines to $554.5 billion at end-June 2020
https://www.thehindu.com/business/Economy/external-debt-declines-to-5545-bn-at-end-june-2020/article32735661.ece
- Government retains ₹12-lakh-crore borrowing plan
https://www.thehindu.com/business/Economy/govt-retains-12-lakh-cr-borrowing-plan/article32735916.ece
- With second set of reforms, AP becomes first State to be eligible for 0.5% additional borrowing
https://www.thehindubusinessline.com/economy/with-second-set-of-reforms-ap-becomes-first-state-to-be-eligible-for-05-additional-borrowing/article32751233.ece
- Deficit surges, but Centre sticks to target for borrowing
https://www.thehindu.com/business/Economy/centre-sticks-to-target-for-borrowing/article32736067.ece
- India’s cities drive economic growth but are short on resources. How can the gap be bridged?
https://scroll.in/article/972688/indias-cities-drive-economic-growth-but-are-short-on-resources-how-can-the-gap-be-bridged
- Fiscal transparency
https://www.business-standard.com/article/opinion/fiscal-transparency-120092700995_1.html
- In April-August, India's fiscal deficit at 109% of full-year target
https://www.business-standard.com/article/economy-policy/in-april-august-india-s-fiscal-deficit-at-109-of-full-year-target-120100100063_1.html
- Combined market borrowings of 27 state govts, 2 UTs rise 57% in H1FY21
https://www.business-standard.com/article/economy-policy/combined-market-borrowings-of-27-state-govts-2-uts-rise-57-in-h1fy21-120092901362_1.html
- India external debt at $554.5 bn by June-end, down $3.9 bn from March: RBI
https://www.business-standard.com/article/pti-stories/india-s-external-debt-at-usd-554-5-bn-at-june-end-rbi-120093001393_1.html
- Even as economy reopens, new projects continue decline; down 82% YoY in Sep
https://www.business-standard.com/article/economy-policy/even-as-economy-reopens-new-projects-continue-decline-down-82-yoy-in-sep-120100100465_1.html
- Fiscal deficit of 18 states at 40.7% in Q1, revenue deficit at 285%: Ind-Ra
https://www.business-standard.com/article/economy-policy/fiscal-deficit-of-18-states-at-40-7-in-q1-revenue-deficit-at-285-ind-ra-120100101140_1.html
- Finance Ministry allows additional Rs 7,106 cr borrowing by UP, AP
https://www.business-standard.com/article/economy-policy/finance-ministry-allows-additional-rs-7-106-cr-borrowing-by-up-ap-120100200513_1.html
- Bond dealers not sure of government's Rs 12-trillion borrowing plan
https://www.business-standard.com/article/economy-policy/bond-dealers-not-sure-of-government-s-rs-12-trillion-borrowing-plan-120100200082_1.html
- FM not averse to providing further economic stimulus, says source
https://www.business-standard.com/article/economy-policy/fm-not-averse-to-providing-further-economic-stimulus-says-source-120100201024_1.html
- Govt to Borrow Rs 4.34 Lakh-Crore in Second Half of 2020-2021 to Meet Fiscal Deficit
https://thewire.in/economy/govt-to-borrow-rs-4-34-lakh-crore-in-second-half-of-2020-2021-to-meet-fiscal-deficit
- India will not meet its Rs 2.1 lakh crore disinvestment target in 2020-21, DEA secretary says
https://theprint.in/economy/india-will-not-meet-its-rs-2-1-lakh-crore-disinvestment-target-in-2020-21-dea-secretary-says/514174/
- Economy sputters as core sector slips, imports dip, fiscal deficit rises
https://www.thehindubusinessline.com/economy/economy-sputters-as-core-sector-slips-imports-dip-fiscal-deficit-rises/article32735299.ece
Taxation
- Finmin clarifies GST Compensation Cess Fund not diverted
https://www.thehindubusinessline.com/economy/finmin-clarifies-gst-compensation-cess-fund-not-diverted/article32702760.ece
- Prize money received from horse-race clubs not liable to GST: AAAR
https://www.thehindubusinessline.com/economy/prize-money-received-from-horse-race-clubs-not-liable-to-gst-aaar/article32718523.ece
- Non-BJP States call for reordering of GST distribution framework
https://www.thehindubusinessline.com/economy/non-bjp-states-call-for-reordering-of-gst-distribution-framework/article32721700.ece
- What is GST e-invoicing and how does it help businesses?
https://www.thehindubusinessline.com/economy/policy/what-is-gst-e-invoicing-and-how-does-it-help-businesses/article32721905.ece
- GST e-invoicing: Gradual roll-out will ease the pain
https://www.thehindubusinessline.com/economy/gst-e-invoicing-gradual-rollout-will-ease-the-pain/article32725747.ece
- GST returns information to be included in Form 26AS
https://www.thehindubusinessline.com/economy/gst-returns-information-to-be-included-in-form-26as/article32733338.ece
- Due date for FY19 GST return filing extended till October 31
https://www.thehindubusinessline.com/economy/due-date-for-fy19-gst-return-filing-extended-till-october-31/article32729616.ece
- Govt gives one-time relaxation in implementation of e-invoice provisions for Oct
https://www.thehindubusinessline.com/economy/govt-gives-one-time-relaxation-in-implementation-of-e-invoice-provisions-for-oct/article32739474.ece
- Centre used GST compensation cess elsewhere, broke law, says CAG
https://www.business-standard.com/article/economy-policy/centre-used-gst-compensation-cess-elsewhere-broke-law-says-cag-120092501574_1.html
- Temporary retention, not diversion: FinMin sources on CAG audit of GST cess
https://www.business-standard.com/article/economy-policy/temporary-retention-not-diversion-finmin-on-cag-audit-of-gst-cess-120092600770_1.html
- Centre keeps borrowing programme unaltered at Rs 4.34 trillion in H2
https://www.business-standard.com/article/economy-policy/govt-keeps-borrowing-programme-unchanged-to-borrow-rs-4-34-trn-in-h2fy21-120093001503_1.html
- GST collections for Sept may cross Rs 95,000 cr for first time in FY21
https://www.business-standard.com/article/economy-policy/gst-collections-for-sept-may-cross-rs-95-000-cr-for-first-time-in-fy21-120093001611_1.html
- At Rs 40,072 cr, govt's external financing jumps 5 times till Aug: Report
https://www.business-standard.com/article/economy-policy/at-rs-40-072-cr-govt-s-external-financing-jumps-5-times-till-aug-report-120093001755_1.html
- Biz will have 30 days to generate e-voices for B2B sales in Oct: CBIC
https://www.business-standard.com/article/economy-policy/biz-will-have-30-days-to-generate-e-voices-for-b2b-sales-in-oct-cbic-120093001721_1.html
- GST, farm Bills and 4 other events that widened Centre-state trust deficit
https://www.business-standard.com/article/opinion/the-missing-factor-in-centre-state-ties-120100200074_1.html
- GST mop-up rises 4% to Rs 95,480 cr in Sept as recovery picks up pace
https://www.business-standard.com/article/economy-policy/gst-mop-up-rises-4-to-rs-95-480-cr-in-sept-as-recovery-picks-up-pace-120100200092_1.html
- Covid-19 impact: States likely to get IGST dues worth Rs 24,000 crore
https://www.business-standard.com/article/economy-policy/covid-19-impact-states-likely-to-get-igst-dues-worth-rs-24-000-crore-120100200076_1.html
- From tax collection to car sales, India's economic recovery picks up pace
https://www.business-standard.com/article/economy-policy/from-tax-collection-to-car-sales-india-s-economic-recovery-picks-up-pace-120100200095_1.html
- 57 mn e-way bills generated in Sep; signs of economic growth: Finance Secy
https://www.business-standard.com/article/economy-policy/57-mn-e-way-bills-generated-in-sep-signs-of-economic-growth-finance-secy-120100200144_1.html
- Chhattisgarh sees 31% rise in CGST collection in Sept. as compared to 2019
https://www.business-standard.com/article/economy-policy/chhattisgarh-sees-31-rise-in-cgst-collection-in-sept-as-compared-to-2019-120100200291_1.html
- Banking and Monetary policy
- RBI reschedules Monetary Policy Committee meeting, new dates to be announced soon
https://theprint.in/economy/rbi-reschedules-monetary-policy-committee-meeting-new-dates-to-be-announced-soon/512146/
- SC gives Centre, RBI, banks more time to file reply in loan moratorium case; next hearing on 5 Oct
https://www.firstpost.com/business/sc-gives-centre-rbi-banks-more-time-to-file-reply-in-loan-moratorium-case-next-hearing-on-5-oct-8858791.html
- CII asks Reserve Bank to relook circular on opening of current accounts
https://www.business-standard.com/article/economy-policy/cii-asks-reserve-bank-to-relook-circular-on-opening-of-current-accounts-120092700427_1.html
- RBI likely to keep interest rates unchanged in upcoming policy review
https://www.business-standard.com/article/economy-policy/rbi-likely-to-keep-interest-rates-unchanged-in-upcoming-policy-review-120092700514_1.html
- West's central banks are undergoing a profound shift. RBI must not follow
https://www.business-standard.com/article/opinion/central-banks-delusions-of-grandeur-120092701003_1.html
- RBI gives more time to avail additional market borrowing, OD facility
https://www.business-standard.com/article/economy-policy/rbi-gives-more-time-to-avail-additional-market-borrowing-od-facility-120092901340_1.html
- India’s current account surplus rises to $19.8 billion in June quarter
https://theprint.in/economy/indias-current-account-surplus-rises-to-19-8-billion-in-june-quarter/513756/
- Covid-19 economic crisis: Is it fair for interest on loans under moratorium to be waived?
https://scroll.in/article/974295/covid-19-crisis-is-it-fair-for-interest-on-loans-under-moratorium-to-be-waived
- Monetary policy: RBI likely to hold repo rate steady
https://www.thehindubusinessline.com/economy/policy/monetary-policy-rbi-likely-to-hold-repo-rate-steady/article32708648.ece
- RBI’s monetary policy delay adds to bankers’ long list of woes
https://www.livemint.com/industry/banking/rbi-s-monetary-policy-delay-adds-to-bankers-long-list-of-woes-11601444034706.html
- External Sector
- Centre planning to further sweeten contract terms for TOT investors
https://www.business-standard.com/article/economy-policy/centre-planning-to-further-sweeten-contract-terms-for-tot-investors-120092600040_1.html
- India needs to copy China better when it comes to running successful SEZs
https://www.business-standard.com/article/economy-policy/india-needs-to-copy-china-better-when-it-comes-to-running-successful-sezs-120092600157_1.html
- India Sept trade deficit in goods at $2.9 bn, merchandise imports dip 19.6%
https://www.business-standard.com/article/economy-policy/india-sept-trade-deficit-in-goods-at-2-9-bn-merchandise-imports-dip-19-6-120100200534_1.html
- Exports rise for the first time in seven months, up 5% in September
https://www.business-standard.com/article/economy-policy/exports-rise-for-the-first-time-in-seven-months-up-5-in-september-120100200845_1.html
- Govt working on single window clearance to attract local investments, FDIs: Piyush Goyal
https://www.thehindubusinessline.com/economy/govt-working-on-single-window-clearance-to-attract-local-investments-fdis-piyush-goyal/article32733245.ece
- Agriculture and Rural Economy
- Kerala farmers to get MSP for vegetables, fruits
https://www.thehindubusinessline.com/markets/commodities/kerala-farmers-to-get-msp-for-vegetables-fruits/article32718092.ece
- Natural farming set to get a policy push
https://www.thehindubusinessline.com/economy/agri-business/natural-farming-set-to-get-a-policy-push/article32734312.ece
- Spot rubber remains neutral
https://www.thehindubusinessline.com/economy/agri-business/spot-rubber-remains-neutral/article32733653.ece
- High Kharif output, MSP hikes to give farmers extra Rs 50k cr: CARE Ratings
https://www.business-standard.com/article/economy-policy/high-kharif-output-msp-hikes-to-give-farmers-extra-rs-50k-cr-care-ratings-120092501500_1.html
- Immediate paddy procurement at MSP in Punjab, Haryana amid farm bill stir
https://www.business-standard.com/article/economy-policy/immediate-paddy-procurement-at-msp-in-punjab-haryana-amid-farm-bill-stir-120092600756_1.html
- Collective bargaining for better deals could make contract farming tick
https://www.business-standard.com/article/economy-policy/collective-bargaining-for-better-deals-could-make-contract-farming-tick-120092800034_1.html
- Statsguru: A look at the good and bad of APMCs as new farm laws kick in
https://www.business-standard.com/article/economy-policy/statsguru-a-look-at-the-good-and-bad-of-apmcs-as-new-farm-laws-kick-in-120092700923_1.html
- Centre starts kharif procurement in big way to douse fury over farm bills
https://www.business-standard.com/article/economy-policy/centre-s-starts-kharif-procurement-in-big-way-to-douse-fury-over-farm-bills-120092801364_1.html
- Fixing farm income is not so simple; govt must take the hard path
https://www.business-standard.com/article/opinion/fixing-farm-income-is-not-so-simple-govt-must-take-the-hard-path-120092501261_1.html
- Over 16,400 tonnes paddy procured at MSP from Punjab, Haryana: Govt
https://www.business-standard.com/article/economy-policy/over-16-400-tonnes-paddy-procured-at-msp-from-punjab-haryana-govt-120092901185_1.html
- Badly planned, poorly communicated: Agri, labour reforms were too rushed
https://www.business-standard.com/article/economy-policy/badly-planned-poorly-communicated-agri-labour-reforms-were-too-rushed-120100200176_1.html
- Govt procures 100,000 tonnes of paddy at MSP from Punjab, Haryana in 5 days
https://www.business-standard.com/article/economy-policy/govt-procures-100-000-tonnes-of-paddy-at-msp-from-punjab-haryana-in-5-days-120100101400_1.html
- Three Farm Bills and India’s Rural Economy
https://thewire.in/agriculture/farm-bills-indias-rural-issues
- Industry, Manufacturing, Services and Technology
- ‘Engineering exports drop 18% in April-August’
https://www.thehindu.com/business/Economy/engineering-exports-drop-18-in-april-august/article32719470.ece
- India’s Sept. manufacturing PMI sees fastest pace of growth in over 8 years
https://www.thehindu.com/business/indias-sept-manufacturing-pmi-sees-fastest-pace-of-growth-in-over-8-years/article32739692.ece
- Middle, rural India driving 'strategic priorities' of FMCG firms: Nielsen
https://www.business-standard.com/article/economy-policy/middle-rural-india-driving-strategic-priorities-of-fmcg-firms-nielsen-120092501510_1.html
- DPIIT shares list of 24 key sectors with ministries to boost manufacturing
https://www.business-standard.com/article/economy-policy/dpiit-shares-list-of-24-key-sectors-with-ministries-to-boost-manufacturing-120092700553_1.html
- Credit demand from priority sectors drops to 1.9% in June quarter: Report
https://www.business-standard.com/article/economy-policy/credit-demand-from-priority-sectors-drops-to-1-9-in-june-quarter-report-120092901395_1.html
- India Ratings maintains negative outlook on base metals sector for H2 FY21
https://www.business-standard.com/article/economy-policy/india-ratings-maintains-negative-outlook-on-base-metals-sector-for-h2-fy21-120092900852_1.html
- India's external storage mkt sees 37% decline in growth on Covid woes: IDC
https://www.business-standard.com/article/economy-policy/india-s-external-storage-mkt-sees-37-decline-in-growth-on-covid-woes-idc-120092901267_1.html
- Retail inflation for industrial workers eases to 5.63% in August
https://www.business-standard.com/article/economy-policy/retail-inflation-for-industrial-workers-eases-to-5-63-in-august-120093000769_1.html
- Production of Eight Core Industries Contracted 8.5% in August, 2020
https://thewire.in/economy/production-of-eight-core-industries-contracted-8-5-in-august-2020
- Govt suggests anti-dumping duty on some stainless steel flat products for 5 yrs
https://www.livemint.com/industry/infrastructure/govt-suggests-anti-dumping-duty-on-some-stainless-steel-flat-products-for-5-yrs-11601484967913.html
- Columns by Paul Krugman/ Joseph Stiglitz
- Opinion | Trump’s Debt, His Future and Ours
https://www.nytimes.com/2020/09/28/opinion/trump-taxes-debt.html
- Opinion | Trump’s Stalinist Approach to Science
https://www.nytimes.com/2020/09/24/opinion/trump-science-coronavirus.html
- Opinion | The Very Strong Case for Bidenomics
https://www.nytimes.com/2020/10/01/opinion/trump-biden-economic-policy.html
- Other Articles/ Columns
- The Three Farm Bills: Is This the Market Reform Indian Agriculture Needs?
https://www.theindiaforum.in/article/three-farm-bills
- Why, despite the coronavirus pandemic, house prices continue to rise
https://www.economist.com/finance-and-economics/2020/09/30/why-despite-the-coronavirus-pandemic-house-prices-continue-to-rise
- Can China’s economic miracle continue?
https://www.economist.com/finance-and-economics/2020/09/26/can-chinas-economic-miracle-continue
- Why is America’s economy beating forecasts?
https://www.economist.com/finance-and-economics/2020/09/26/why-is-americas-economy-beating-forecasts
- Economic and Political Weekly
Special Articles
- Macroeconomic Consequences of a Lockdown and Its Policy Implications
https://www.epw.in/journal/2020/39/special-articles/macroeconomic-consequences-lockdown-and-its-policy.html
Commentary
- The Case of BSNL: Privatisation and the Voluntary Retirement Scheme
https://www.epw.in/journal/2020/40/commentary/privatisation-and-voluntary-retirement-scheme.html
- Odisha’s Management of the COVID-19 Pandemic: Public Health Lessons
https://www.epw.in/journal/2020/40/commentary/public-health-lessons.html
- China-bashing and Post-COVID-19 Narrative: A Reality Check
https://www.epw.in/journal/2020/39/commentary/china-bashing-and-post-covid-19-narrative.html
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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