Weekly Updates on the Indian Economy

(12/06/2021 to 18/06/2021)

1. National Accounts and State of the Economy

 

1. A case of misplaced notions: Worker welfare and economic growth need a changed discourse in India

https://economictimes.indiatimes.com/news/economy/policy/a-case-of-misplaced-notions-worker-welfare-and-economic-growth-need-a-changed-discourse-in-india/articleshow/83596894.cms

 

2. Speed, scale of Covid vaccination to shape economic recovery path: RBI report

https://economictimes.indiatimes.com/news/economy/policy/speed-scale-of-covid-vaccination-to-shape-economic-recovery-path-rbi-report/articleshow/83578619.cms

 

3. Retail inflation spike in May might cause RBI to revisit focus on growth risks: Oxford Economics

https://economictimes.indiatimes.com/news/economy/policy/retail-inflation-spike-in-may-might-cause-rbi-to-revisit-focus-on-growth-risks-oxford-economics/articleshow/83541180.cms

 

4. Huge opportunity to make India simplest, easiest place to do business: Amitabh Kant on economy revival

https://economictimes.indiatimes.com/news/economy/policy/huge-opportunity-to-make-india-simplest-easiest-place-to-do-business-amitabh-kant-on-economy-revival/articleshow/83482601.cms

 

5. Luxury and hunger: India sees two faces of an unequal pandemic

https://economictimes.indiatimes.com/news/economy/indicators/luxury-and-hunger-india-sees-two-faces-of-an-unequal-pandemic/articleshow/83477094.cms

 

6. Sharpening income inequalities telling story of 'uneven' economic recovery amid pandemic: D Subbarao

https://economictimes.indiatimes.com/news/economy/indicators/sharpening-income-inequalities-telling-story-of-uneven-economic-recovery-amid-pandemic-d-subbarao/articleshow/83479655.cms

 

7. No place for women: What drives India’s ever-declining female labour force?

https://economictimes.indiatimes.com/news/economy/indicators/no-place-for-women-what-drives-indias-ever-declining-female-labour-force/articleshow/83480203.cms

 

8. Consumer anxiety at an all-time high, especially in rural India

https://economictimes.indiatimes.com/news/economy/indicators/consumer-anxiety-at-an-all-time-high-especially-in-rural-india/articleshow/83507245.cms

 

9. Chhattisgarh top-performing state on gender equality goal of SDG: NITI Aayog report

https://economictimes.indiatimes.com/news/economy/indicators/chhattisgarh-top-performing-state-on-gender-equality-goal-of-sdg-niti-aayog-report/articleshow/83510698.cms

 

10. India's pace of business activity resumption picks up sharply in second week of June: Nomura

https://economictimes.indiatimes.com/news/economy/indicators/indias-pace-of-business-activity-resumption-picks-up-sharply-in-second-week-of-june-nomura/articleshow/83511686.cms

 

11. CPI soars to six-month high; WPI also hits record peak

https://economictimes.indiatimes.com/news/economy/indicators/cpi-soars-to-six-month-high-wpi-also-hits-record-peak/articleshow/83530903.cms

 

12. Pandemic affected 60 mn workers due to gap in labor & social protection: ILO

https://economictimes.indiatimes.com/news/economy/indicators/pandemic-affected-60-mn-workers-due-to-gap-in-labor-social-protection-ilo/articleshow/83545474.cms

 

13. India's economy likely contracted 12% in Q1: Report

https://economictimes.indiatimes.com/news/economy/indicators/indias-economy-likely-contracted-12-in-q1-report/articleshow/83600510.cms

 

14. ‘The demand impact of the second wave is likely to be temporary’

https://www.thehindubusinessline.com/news/the-demand-impact-of-the-second-wave-is-likely-to-be-temporary/article34839876.ece

 

15. Financial conditions index takes big knock in Q1 due to second wave

https://www.business-standard.com/article/economy-policy/financial-conditions-index-takes-big-knock-in-q1-due-to-second-wave-121061601110_1.html

 

16. Almost 92% casual workers didn't get wages during lockdown: SWAN survey

https://www.business-standard.com/article/economy-policy/almost-92-casual-workers-didn-t-receive-wages-during-lockdown-survey-121061601523_1.html

 

17.  Confederation of Indian Industry projects FY22 GDP growth at 9.5%

https://www.business-standard.com/article/economy-policy/confederation-of-indian-industry-projects-fy22-gdp-growth-at-9-5-121061700595_1.html

 

18. India unlikely to see a V-shaped economic recovery in Q1FY22: Report

https://www.business-standard.com/article/economy-policy/india-unlikely-to-see-a-v-shaped-economic-recovery-in-q1fy22-report-121061700637_1.html

 

19. Inflation impact on sovereigns depends on real interest rates: Fitch

https://www.business-standard.com/article/economy-policy/inflation-impact-on-sovereigns-depends-on-real-interest-rates-fitch-121061701005_1.html

 

20. Sharpening income inequalities telling story of 'uneven' recovery: Subbarao

https://www.business-standard.com/article/economy-policy/income-inequalities-telling-story-of-uneven-economic-recovery-ex-rbi-guv-121061300255_1.html

 

21. India's, Brazil's Q1 GDP data suggest strong post-pandemic rebound: Moody's

https://www.business-standard.com/article/economy-policy/india-s-brazil-s-q1-gdp-data-suggest-strong-post-pandemic-rebound-moody-s-121061400286_1.html

 

22. WPI inflation hits record high of 12.94% in May on costlier fuel

https://www.business-standard.com/article/economy-policy/wpi-inflation-hits-record-high-of-12-94-in-may-on-costlier-fuel-121061400406_1.html

 

23. India's jobless rate slides 8.7% in signs economy is turning around

https://www.business-standard.com/article/economy-policy/india-s-jobless-rate-slides-8-7-in-signs-economy-is-turning-around-121061500408_1.html

 

24. Covid-19 second wave may have caused economic output loss of Rs 2 lakh crore, says RBI

https://scroll.in/latest/997746/covid-19-economic-output-could-face-loss-of-rs-2-lakh-crore-due-to-second-wave-says-rbi

 

25. Unemployment Falls as India Eases Lockdown: CMIE

https://thewire.in/economy/unemployment-falls-as-india-eases-lockdown-cmie

 

26. Delhi’s Ongoing Food Security Challenge: What Went Wrong and How Can It Be Fixed?

https://thewire.in/government/delhi-food-security-challenge-what-went-wrong-and-how-can-it-be-fixed

 

2. Public Finance

 

27. Govt's finances won't be overstretched by Covid vax drive, relief measures: SBI Research

https://economictimes.indiatimes.com/news/economy/finance/govts-finances-wont-be-overstretched-by-covid-vax-drive-relief-measures-sbi-research/articleshow/83503341.cms

 

28. Financial wealth in India jumps 11% in pandemic year to $3.4 trillion: Report

https://economictimes.indiatimes.com/news/economy/finance/financial-wealth-in-india-jumps-11-in-pandemic-year-to-3-4-trillion-report/articleshow/83540950.cms

 

29. Record stimulus helps Indian firms boost financial health

https://economictimes.indiatimes.com/news/economy/finance/record-stimulus-helps-indian-firms-boost-financial-health/articleshow/83595197.cms

 

30. CII pitches for Rs 3 lakh crore fiscal stimulus to push economic growth

https://economictimes.indiatimes.com/news/economy/finance/cii-pitches-for-rs-3-lakh-cr-fiscal-stimulus-to-push-economic-growth/articleshow/83603044.cms

 

31. Haryana announces Rs 5,000 one-time aid for labourers, shopkeepers hit by pandemic

https://economictimes.indiatimes.com/news/economy/policy/haryana-announces-rs-5000-one-time-aid-for-labourers-shopkeepers-hit-by-pandemic/articleshow/83608193.cms

 

32. Govt plans Rs 50,000 cr programme to boost health infrastructure: Report

https://www.business-standard.com/article/economy-policy/govt-plans-50-000-cr-programme-to-boost-health-infrastructure-report-121061600577_1.html

 

Taxation

33. GST Council cuts rate on Covid related materials to 5%, leaves vaccine rate unchanged

https://economictimes.indiatimes.com/news/economy/finance/gst-council-cuts-rate-on-covid-related-materials-to-5-leaves-vaccine-rate-unchanged/articleshow/83459075.cms

 

34. Many companies unable to optimise Input Tax Credit claims for FY21: Survey

https://economictimes.indiatimes.com/news/economy/finance/many-companies-unable-to-optimise-input-tax-credit-claims-for-fy21-survey/articleshow/83533495.cms

 

35. Advance tax collections for Q1 FY22 up 146% on-year, direct tax collections till June 15 double

https://economictimes.indiatimes.com/news/economy/finance/advance-tax-collections-for-q1-fy22-up-146-on-year-direct-tax-collections-till-june-15-double/articleshow/83572933.cms

 

36. The economic implications of China’s demographic transition

https://www.livemint.com/opinion/columns/the-economic-implications-of-china-s-demographic-transition-11623771365703.html

 

37. Why fuel holds key to high inflation and why that’s bad news

https://www.livemint.com/opinion/online-views/why-fuel-holds-key-to-high-inflation-and-why-that-s-bad-news-11623676231565.html

 

38. Delhi's tax collection falls, spending up in first two months of 2021-22

https://www.business-standard.com/article/economy-policy/delhi-s-tax-collection-falls-spending-up-in-first-two-months-of-2021-22-121061701233_1.html

 

39. 'GST laws vague on export of exempted goods through third party'

https://www.business-standard.com/article/economy-policy/gst-laws-vague-on-export-of-exempted-goods-through-third-party-121061400660_1.html

 

40. West Bengal demands additional GST compensation of Rs 4,911 crore

https://www.business-standard.com/article/economy-policy/west-bengal-demands-additional-gst-compensation-of-rs-4-911-crore-121061500168_1.html

 

41. Review GST sop’s timing, urges industry

https://www.thehindu.com/business/Economy/review-gst-sops-timing-urges-industry/article34792878.ece

 

42. CBIC clarifies: Serving food in schools, mid-day meals exempt from GST

https://economictimes.indiatimes.com/news/economy/policy/cbic-clarifies-serving-food-in-schools-mid-day-meals-exempt-from-gst/articleshow/83631994.cms

 

3. Banking and Monetary policy

 

43. RBI proposes to cap borrowers' repayment outgo, scrap lending rate ceiling in uniform microfinance regulations

https://economictimes.indiatimes.com/news/economy/finance/rbi-suggests-capping-repayment-outflow-from-households-to-half-of-yearly-income/articleshow/83515270.cms

 

44. RBI economists call rising inflation transitory, owing to pent-up demand

https://economictimes.indiatimes.com/news/economy/indicators/rbi-economists-call-rising-inflation-transitory-owing-to-pent-up-demand/articleshow/83576454.cms

 

45. India’s consumer credit market to grow at a higher rate than global economies: Report

https://www.thehindubusinessline.com/money-and-banking/indias-consumer-credit-market-to-grow-at-a-higher-rate-than-global-economies-report/article34832210.ece

 

46. How savings were impacted by Covid second wave

https://www.thehindubusinessline.com/money-and-banking/how-savings-are-impacted-by-covid-second-wave/article34842686.ece

 

47. RBI 'cautiously optimistic' about economic recovery after Covid second wave

https://www.business-standard.com/article/economy-policy/rbi-cautiously-optimistic-about-economic-recovery-after-covid-second-wave-121061601442_1.html

 

48. Indian monetary policy makers seen tolerating high inflation for growth

https://www.business-standard.com/article/economy-policy/indian-monetary-policy-makers-seen-tolerating-high-inflation-for-growth-121061400091_1.html

 

49. RBI proposes to lift interest rate cap on microfinance institutions

https://www.business-standard.com/article/finance/rbi-proposes-to-lift-interest-rate-cap-on-microfinance-institutions-121061500044_1.html

 

50. GST: Whose headache is it anyway?

https://www.livemint.com/opinion/columns/goods-and-services-tax-reforms-whose-headache-is-it-anyway-11623685335199.html

 

4. External Sector

 

51. Import cover of reserves may fall even at $600 billion, as imports will rise in FY'22

https://economictimes.indiatimes.com/news/economy/finance/import-cover-of-reserves-may-fall-even-at-600-billion-as-imports-will-rise-in-fy22/articleshow/83606905.cms

 

52. Decouple trade policy from green goals: Goyal to developed countries

https://economictimes.indiatimes.com/news/economy/policy/decouple-trade-policy-from-green-goals-goyal-to-developed-countries/articleshow/83508860.cms

 

53. India maintains 43rd rank on IMD's World Competitiveness Index; Switzerland tops chart

https://economictimes.indiatimes.com/news/economy/indicators/india-maintains-43rd-rank-on-imds-world-competitiveness-index-switzerland-tops-chart/articleshow/83606752.cms

 

54. India's exports up 46% to $14 bn during June 1-14

https://economictimes.indiatimes.com/news/economy/foreign-trade/indias-exports-up-46-to-14-billion-during-june-1-14/articleshow/83571526.cms

 

55. Exim Bank sees India's Q1 merchandise exports at $87.2bn

https://economictimes.indiatimes.com/news/economy/foreign-trade/exim-bank-sees-indias-q1-merchandise-exports-at-87-2bn/articleshow/83481540.cms

 

56. India seeks talks with EU at WTO on proposal to extend safeguard barriers on steel imports

https://www.thehindubusinessline.com/economy/india-seeks-talks-with-eu-at-wto-on-proposal-to-extend-safeguard-barriers-on-steel-imports/article34841657.ece

 

57. PPE protects Gokaldas Exports from impact of pandemic

https://www.thehindubusinessline.com/economy/ppe-protects-gokaldas-exports-from-impact-of-pandemic/article34843555.ece

 

58. India's record foreign exchange pile may not be adequate: RBI paper

https://www.business-standard.com/article/finance/india-s-record-foreign-exchange-pile-may-not-be-adequate-rbi-paper-121061700331_1.html

 

59. India's May trade deficit widens to $6.28 billion as imports rise 73%: Govt

https://www.business-standard.com/article/economy-policy/india-s-may-trade-deficit-widens-to-6-28-billion-as-imports-rise-73-govt-121061501116_1.html

 

60. ‘Record’ FDI inflows, yes, cause for celebration, no

https://www.thehindu.com/opinion/lead/record-fdi-inflows-yes-cause-for-celebration-no/article34834561.ece

 

5. Agriculture and Rural Economy

 

61. Monsoon covers two-third of India earlier than usual, to accelerate crop sowing

https://economictimes.indiatimes.com/news/economy/agriculture/monsoon-covers-two-third-of-india-earlier-than-usual-to-accelerate-crop-sowing/articleshow/83505658.cms

 

62. Tamil Nadu announces Rs 61.09 crore paddy cultivation package for farmers

https://economictimes.indiatimes.com/news/economy/agriculture/tamil-nadu-announces-rs-61-09-crore-paddy-cultivation-package-for-farmers/articleshow/83604430.cms

 

63. Sugar production up 13 per cent so far this marketing year at 307 lakh ton; 58 lakh ton exports contracted

https://economictimes.indiatimes.com/news/economy/agriculture/sugar-production-up-13-per-cent-so-far-this-marketing-year-at-307-lakh-ton-58-lakh-ton-exports-contracted/articleshow/83603131.cms

 

64. Govt says edible oil prices softening; nearly 20% decline in some cases

https://economictimes.indiatimes.com/news/economy/indicators/govt-says-edible-oil-prices-softening-nearly-20-decline-in-some-cases/articleshow/83576031.cms

 

65. Spot rubber prices remain unchanged

https://www.thehindubusinessline.com/economy/agri-business/spot-rubber-prices-remain-unchanged/article34841231.ece

 

66. Participation of marginal farmers in crop insurance scheme declines

https://www.thehindubusinessline.com/economy/agri-business/participation-of-marginal-farmers-in-crop-insurance-scheme-declines/article34814325.ece

 

67. A faulty fertilizer subsidy policy will worsen India’s farm distress

https://www.livemint.com/opinion/columns/a-faulty-fertilizer-subsidy-policy-will-worsen-india-s-farm-distress-11623945660128.html

 

6. Industry, Manufacturing, Services and Technology

 

68. Base effect sends IIP soaring 134% in April

https://www.thehindubusinessline.com/economy/base-effect-sends-iip-soaring-134-in-april/article34792450.ece

 

69. Wholesale vehicle sales skid 65% m-o-m in May on lockdown impact

https://www.thehindubusinessline.com/companies/wholesale-vehicle-sales-skid-by-65-m-o-m-in-may/article34787937.ece

 

70. UP gets Rs 13,408-cr investment proposals in manufacturing over past three-and-a-half years

https://economictimes.indiatimes.com/news/economy/finance/up-gets-rs-13408-cr-investment-proposals-in-manufacturing-over-past-three-and-a-half-years/articleshow/83605594.cms

 

71. Commerce department for RoDTEP budget hike to Rs 20,000 crore

https://economictimes.indiatimes.com/news/economy/policy/comm-dept-for-rodtep-budget-hike-to-20k-cr/articleshow/83553702.cms

 

72. India’s IT sector slashed its carbon emissions during the pandemic. Is this sustainable?

https://scroll.in/article/997230/indias-it-sector-slashed-its-carbon-emissions-during-the-pandemic-is-this-sustainable

 

73. Indian manufacturing needs to grow beyond assembly

https://www.livemint.com/opinion/online-views/indian-manufacturing-needs-to-grow-beyond-assembly-11623861129954.html

 

7. Columns by Paul Krugman/ Joseph Stiglitz

 

74. The Inflation Red Herring

https://www.greaterkashmir.com/todays-paper/the-inflation-red-herring

 

75. Opinion | Wonking Out: Economic Nationalism, Biden-Style

https://www.nytimes.com/2021/06/11/opinion/economic-nationalism-biden-trump-trade.html

 

8. Other Articles/ Columns

 

• Ideas for India

 

76. India’s service-led economic growth

https://www.ideasforindia.in/topics/macroeconomics/india-s-service-led-economic-growth.html

 

77. Leveraging global supply chains to fight Covid-19

https://www.ideasforindia.in/topics/trade/leveraging-global-supply-chains-to-fight-covid-19.html

 

• Project Syndicate

 

78. The Gaps in Bidenomics

https://www.project-syndicate.org/commentary/two-radical-ways-to-reduce-biden-spending-risks-by-robert-skidelsky-2021-06?a_la=english&a_d=60cb42e0bc30b59aa792f4aa&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=two-radical-ways-to-reduce-biden-spending-risks-by-robert-skidelsky-2021-06&a_pa=section-commentaries&a_ps=&a_ms=&a_r=

 

79. China Needs Higher Inflation

https://www.project-syndicate.org/commentary/inflation-fears-in-china-are-unjustified-by-yu-yongding-2021-06?a_la=english&a_d=60ca1c12c515c4beeac2650e&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=inflation-fears-in-china-are-unjustified-by-yu-yongding-2021-06&a_pa=section-commentaries&a_ps=&a_ms=&a_r=

 

80. The Fickle Charms of Private Global Finance

https://www.project-syndicate.org/commentary/fickle-global-capital-flows-to-and-from-emerging-markets-by-jayati-ghosh-2021-06?a_la=english&a_d=60c74b8e9d3373dc3e4676f1&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=fickle-global-capital-flows-to-and-from-emerging-markets-by-jayati-ghosh-2021-06&a_pa=section-commentaries&a_ps=&a_ms=&a_r=

 

• Economic and Political Weekly

 

Commentary

 

81. Tamil Nadu Economy

Improving Tax Efforts Is a Must for Continuity and Change

https://www.epw.in/journal/2021/24/commentary/tamil-nadu-economy.html

 

Special Aricles

 

82. The Debt Sustainability of West Bengal

An Indicator-based Analysis

https://www.epw.in/journal/2021/24/special-articles/debt-sustainability-west-bengal.html

 

83. The COVID-19 Pandemic and Livelihood Loss

Lessons for the Future

https://www.epw.in/journal/2021/24/special-articles/covid-19-pandemic-and-livelihood-loss.html

 

• The Economist

 

84. Soaring factory prices in China add to global inflation fears

https://www.economist.com/finance-and-economics/2021/06/10/soaring-factory-prices-in-china-add-to-global-inflation-fears

 

85. Slow jobs growth may not be a bad sign for America’s recovery

https://www.economist.com/finance-and-economics/2021/06/12/slow-jobs-growth-may-not-be-a-bad-sign-for-americas-recovery

 

86. Uneven vaccination rates are creating a new economic divide

https://www.economist.com/finance-and-economics/2021/06/17/uneven-vaccination-rates-are-creating-a-new-economic-divide

 

87. Will America’s housing boom lead to another financial crisis?

https://www.economist.com/finance-and-economics/2021/06/19/will-americas-housing-boom-lead-to-another-financial-crisis

 

9. News on Kerala

 

88. State’s borrowing limit raised to 5% of GSDP

https://www.thehindu.com/todays-paper/tp-national/tp-kerala/states-borrowing-limit-raised-to-5-of-gsdp/article34794365.ece

 

89. Higher education in Kerala needs a new chapter

https://www.thehindu.com/opinion/lead/higher-education-in-kerala-needs-a-new-chapter/article34807149.ece

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

Online: Livemint, Scroll.in, The Wire, The Print, The India Forum, Newyork Times, Ideas for India

Journals:                           Economic and Political Weekly, The Economist, Project Syndicate