Weekly Updates on the Indian Economy

(17/07/2021 to 23/07/2021)

1. National Accounts and State of the Economy

 

1. Former RBI governor red-flags IPOs from ‘unsound’ companies

https://www.thehindubusinessline.com/economy/loss-making-companies-tapping-ipo-is-not-a-desirable-trend/article35369525.ece

 

2. How India can be part of global supply chains

https://www.thehindubusinessline.com/opinion/how-india-can-be-part-of-global-supply-chains/article35369586.ece#:~:text=Import%20duties%20are%20to%20be%20used%20for%20promoting%20manufacturing.&text=A%20revamped%20policy%20framework%20for,part%20of%20global%20supply%20chains.

 

3. Centre overhauls petroleum reserve policy to boost private interest

https://www.thehindubusinessline.com/economy/centre-overhauls-petroleum-reserve-policy-to-boost-private-interest/article35481935.ece

 

4. Will make TN a $1-t economy by 2030: Stalin

https://www.thehindubusinessline.com/news/national/govt-aim-is-to-make-tamil-nadu-a-1-trillion-economy-stalin/article35422843.ece

 

5. Why Maharashtra’s co-op sector is worried about Centre’s new Ministry

https://www.thehindubusinessline.com/data-stories/data-focus/why-maharashtras-co-op-sector-is-worried-about-centres-new-ministry/article35429513.ece#:~:text=The%20Centre's%20decision%20to%20set,to%20enhance%20RBI's%20regulatory%20powers.

 

6. India’s jobs and skills conundrum

https://www.thehindubusinessline.com/opinion/columns/r-srinivasan/indias-jobs-and-skills-conundrum/article35450996.ece

 

7. Rising fuel prices further dent stressed sectors of India's economy

https://www.business-standard.com/article/economy-policy/surging-fuel-prices-further-dent-india-s-pandemic-stressed-economy-121072000173_1.html

 

8. ADB lowers India's economic growth forecast for this fiscal to 10%

https://www.business-standard.com/article/economy-policy/adb-lowers-india-s-economic-growth-forecast-for-this-fiscal-to-10-121072000202_1.html

 

9. India's health inequality made worse by reduced health budget: Oxfam report

https://www.business-standard.com/article/health/india-s-health-inequality-made-worse-by-reduced-health-budget-oxfam-report-121072000396_1.html

 

10. India's economic fundamentals strong, recovery underway, says Deepak Parekh

https://www.business-standard.com/article/economy-policy/economic-fundamentals-strong-recovery-underway-says-deepak-parekh-121072000462_1.html

 

11. Over a quarter of health subsidy cornered by the wealthiest 20%: PHFI

https://www.business-standard.com/article/economy-policy/over-a-quarter-of-health-subsidy-cornered-by-the-wealthiest-20-phfi-121072200250_1.html

 

12. Inflationary situation in India is at a 'very risky bend': Kaushik Basu

https://www.business-standard.com/article/economy-policy/inflationary-situation-in-india-is-at-a-very-risky-bend-kaushik-basu-121072201507_1.html

 

13. BS Number Wise: One litre petrol takes 30% of Indians' average daily income

https://www.business-standard.com/article/economy-policy/bs-number-wise-one-litre-petrol-takes-30-of-indians-average-daily-income-121071900477_1.html

 

14. 'V'-shaped recovery on resumption in business activity, says Nomura

https://www.business-standard.com/article/pti-stories/v-shaped-recovery-on-resumption-in-biz-activity-nomura-121071901231_1.html

 

15. Growth in FY'22 to be around 11% as projected in Economic Survey, says CEA

https://www.business-standard.com/article/economy-policy/growth-in-fy-22-to-be-around-11-as-projected-in-economic-survey-says-cea-121071901245_1.html

 

16. Covid impact: More women have exited formal employment in India than men

https://www.business-standard.com/article/economy-policy/covid-impact-more-women-have-exited-formal-employment-in-india-than-men-121072300350_1.html

 

17. India to see higher salaries as firms look beyond coronavirus hit

https://www.business-standard.com/article/economy-policy/india-to-see-higher-salaries-as-firms-look-beyond-coronavirus-hit-121072300445_1.html

 

18. Reforms galore since 1991, but execution weak: Ex-RBI governor Bimal Jalan

https://economictimes.indiatimes.com/news/economy/policy/reforms-galore-since-1991-but-execution-weak-ex-rbi-governor-bimal-jalan/articleshow/84667269.cms

 

19. Consumption revived in June, investment resilient: Nomura

https://economictimes.indiatimes.com/news/economy/indicators/consumption-revived-in-june-investment-resilient-nomura/articleshow/84615635.cms

 

20. Unemployment rate at 20.8% in urban India in Q1 of 2020 due to stringent nationwide lockdown

https://economictimes.indiatimes.com/news/economy/indicators/unemployment-rate-at-20-8-in-urban-india-in-q1-of-2020-due-to-stringent-nationwide-lockdown/articleshow/84548514.cms

 

21. ‘Consumer is king’ now. But it wouldn’t have been possible without 1991 reforms 

https://theprint.in/economy/consumer-is-king-now-but-it-wouldnt-have-been-possible-without-1991-reforms/699363/

 

22. Our children will be financially worse off than us, adults in 17 big economies say in survey

https://theprint.in/economy/our-children-will-be-financially-worse-off-than-us-adults-in-17-big-economies-say-in-survey/700759/

 

23. How Narasimha Rao and Manmohan Singh rescued India in 1991 and made history

https://theprint.in/economy/how-narasimha-rao-and-manmohan-singh-rescued-india-in-1991-and-made-history/700893/

 

24. By Selling Delhi's 'Market Potential', Draft Master Plan 2041 Leaves Behind the Poor

https://thewire.in/urban/by-selling-delhis-market-potential-draft-master-plan-2041-leaves-behind-the-poor

 

25. Montek Ahluwalia: We should be thankful for the economy’s liberation

https://www.livemint.com/opinion/online-views/we-should-be-thankful-for-the-economy-s-liberation-11626971124980.html

 

26. Jayati Ghose: The neoliberal reforms of 1991 didn’t work as claimed

https://www.livemint.com/opinion/online-views/the-neoliberal-reforms-of-1991-didn-t-work-as-claimed-11626970689884.html

 

27. A big reason for the permanent rhetoric of transitory inflation

https://www.livemint.com/opinion/columns/a-big-reason-for-the-permanent-rhetoric-of-transitory-inflation-11626712163913.html

 

28. The devil is in our demographics, not population growth

https://www.livemint.com/opinion/columns/the-devil-s-in-our-demographics-not-population-growth-11626624197549.html

 

2. Public Finance

 

29. Fear of loss of State autonomy unfounded, says NK Singh

https://www.thehindubusinessline.com/news/national/apprehensions-over-erosion-of-state-autonomy-unfounded-says-finance-commission-chief-nk-singh/article35356331.ece

 

30. Oil prices and Indian fiscal federalism

https://www.thehindubusinessline.com/opinion/columns/ashima-goyal/oil-prices-and-indian-fiscal-federalism/article35395197.ece

 

31. Co-operative body 'unhappy' over SC verdict upholding supremacy of states

https://www.business-standard.com/article/economy-policy/co-operative-body-unhappy-over-sc-verdict-upholding-supremacy-of-states-121072101005_1.html

 

32. At 6.96%, borrowing costs continue to remain high for states

https://www.business-standard.com/article/economy-policy/at-6-96-pc-borrowing-costs-continue-to-remain-high-for-states-121071901392_1.html

 

33. Local procurement for defence to see 6% hike this year: Govt to Parliament

https://www.business-standard.com/article/economy-policy/local-procurement-for-defence-to-see-6-hike-this-year-govt-to-parliament-121071901434_1.html

 

34. Govt seeks Parliament nod for net additional Rs 23,675 crore spending

https://www.business-standard.com/article/economy-policy/govt-seeks-parliament-nod-for-net-additional-rs-23-675-crore-spending-121072000734_1.html

Taxation

35. Over Rs 81,000 crore due to states as GST compensation for 2020-21

https://www.business-standard.com/article/economy-policy/over-rs-81-000-crore-due-to-states-as-gst-compensation-for-2020-21-121071900617_1.html

 

36. Govt's excise collections on petrol, diesel jump 88% to Rs 3.35 trn

https://www.business-standard.com/article/economy-policy/govt-s-excise-collections-on-petrol-diesel-jump-88-to-rs-3-35-trn-121071900622_1.html

 

37. ‘SC limitation order won’t affect arrest under GST law’

https://www.thehindubusinessline.com/economy/policy/arrest-search-summons-under-gst-law-not-to-be-affected-by-supreme-courts-limitation-order-says-cbic/article35444786.ece

 

38. GST payable only on profit earned from resale of gold jewellery

https://www.business-standard.com/article/economy-policy/gst-payable-only-on-profit-earned-from-resale-of-gold-jewellery-121071800545_1.html

 

39. Extend transfer pricing timelines due to Covid: Multinationals and their tax advisors tell government

https://economictimes.indiatimes.com/news/economy/policy/extend-transfer-pricing-timelines-due-to-covid-multinationals-and-their-tax-advisors-tell-government/articleshow/84665794.cms

 

40. Centre begins review of legal issues in GST

https://economictimes.indiatimes.com/news/economy/policy/centre-begins-review-of-legal-issues-in-gst/articleshow/84624490.cms

 

41. E-way bill generation sees a sharp increase in July hinting at recovery

https://economictimes.indiatimes.com/news/economy/finance/e-way-bill-generation-sees-a-sharp-increase-in-july-hinting-at-recovery/articleshow/84583243.cms

 

3. Banking and Monetary policy

 

42. Latest recovery of ₹1,850 cr redeems 58% of banks’ losses

https://www.thehindubusinessline.com/economy/latest-recovery-of-1850-cr-redeems-58-of-banks-losses/article35370991.ece

 

43. SIDBI’s FY21 net up 3.6% at ₹2,398 cr

https://www.thehindubusinessline.com/money-and-banking/sidbis-fy21-net-up-36-at-2398-crore/article35360474.ece#:~:text=Total%20advances%20declined%206%25%20YoY,as%20well%20as%20operating%20expenses.

 

44. A segmented banking system can boost credit

https://www.thehindubusinessline.com/opinion/a-segmented-banking-system-can-boost-credit/article35430011.ece

 

45. Recovery of bad loans impacted due to Covid pandemic, says B K Karad

https://www.business-standard.com/article/economy-policy/recovery-of-bad-loans-impacted-due-to-covid-pandemic-says-b-k-karad-121071901162_1.html

 

46. RBI eyeing 'phased introduction' of digital currency: Deputy Governor

https://www.business-standard.com/article/economy-policy/rbi-eyeing-phased-introduction-of-digital-currency-deputy-governor-121072201151_1.html

 

4. External Sector

 

47. Engineering exports rise 52.4% in June

https://www.thehindubusinessline.com/economy/engineering-exports-rise-524-in-june/article35366903.ece

 

48. Rupee turns weakest BRICS unit despite record $ inflows

https://www.thehindubusinessline.com/portfolio/news-analysis/rupee-turns-weakest-brics-unit-despite-record-inflows/article35386283.ece

 

49. With more corpus, RoDTEP to pack more punch

https://www.thehindubusinessline.com/economy/policy/with-more-corpus-rodtep-to-pack-more-punch/article35397299.ece

 

50. Rice exports likely to top last year’s performance

https://www.thehindubusinessline.com/economy/agri-business/indias-rice-exports-likely-to-top-last-years-performance/article35406463.ece#:~:text=Non%2Dbasmati%20rice%20exports%20are,4.6%20mt%20of%20Basmati%20rice.

 

51. Strong fundamentals, market size will attract foreign investments: FM

https://www.business-standard.com/article/economy-policy/strong-fundamentals-market-size-will-attract-foreign-investments-fm-121071900563_1.html

 

52. Services export may grow 10% in FY22 due to growth in various sectors: SEPC

https://www.business-standard.com/article/economy-policy/services-export-may-grow-10-in-fy22-due-to-growth-in-various-sectors-sepc-121071800272_1.html

 

53. India Inc's overseas direct investment in June doubles at $2.8 bn

https://www.business-standard.com/article/economy-policy/india-inc-s-overseas-direct-investment-in-june-doubles-at-2-8-bn-121071800306_1.html

 

54. India rises in digital and sustainable trade facilitation rankings, scores 100% on transparency

https://economictimes.indiatimes.com/news/economy/indicators/india-rises-in-digital-and-sustainable-trade-facilitation-rankings-scores-100-on-transparency/articleshow/84670672.cms

 

55. India raises concerns with EU, Russia over tea exports

https://economictimes.indiatimes.com/news/economy/foreign-trade/india-raises-concerns-with-eu-russia-over-tea-exports/articleshow/84657426.cms

 

56. India, Vietnam could emerge as key pillars of global supply chain initiative

https://economictimes.indiatimes.com/news/economy/foreign-trade/india-vietnam-could-emerge-as-key-pillars-of-global-supply-chain-initiative/articleshow/84630746.cms

 

57. Exports rise 45 per cent during July 1-21: Commerce Ministry

https://economictimes.indiatimes.com/news/economy/foreign-trade/exports-rise-45-per-cent-during-july-1-21-commerce-ministry-data/articleshow/84676483.cms

 

58. Switzerland accounts for half of India’s gold imports in FY21

https://economictimes.indiatimes.com/news/economy/foreign-trade/switzerland-accounts-for-half-of-indias-gold-imports-in-fy21/articleshow/84504434.cms

 

59. $97 mn in 1991 to $82 bn in 2021 — how reforms made India a go-to destination for FDI

https://theprint.in/economy/97-mn-in-1991-to-82-bn-in-2021-how-reforms-made-india-a-go-to-destination-for-fdi/699786/

 

5. Agriculture and Rural Economy

 

60. Kharif sowing slips on deficient monsoon

https://www.thehindubusinessline.com/economy/agri-business/kharif-sowing-slips-on-deficient-monsoon/article35371594.ece

 

61. What went wrong with kharif sowing so far

https://www.thehindubusinessline.com/economy/agri-business/what-went-wrong-with-kharif-sowing-so-far/article35397711.ece

 

62. Farm laws need more detailing, a robust regulatory mechanism

https://www.thehindubusinessline.com/economy/agri-business/farm-laws-need-more-detailing-robust-regulatory-mechanism/article35390793.ece

 

63. How to protect farmers against risks

https://www.thehindubusinessline.com/opinion/how-to-protect-farmers-against-risks/article35411660.ece

 

64. Cereals account for 50% of new crop varieties since 2014: Tomar

https://www.thehindubusinessline.com/economy/agri-business/cereals-make-up-50-of-new-crop-varieties-introduced-in-the-country-since-2014-minister/article35422419.ece

 

65. ‘CA, CS coaching institutes not eligible for GST exemption’

https://www.thehindubusinessline.com/news/private-coaching-institutes-for-ca-cs-etc-not-educational-institution-says-kerala-aaar/article35422895.ece#:~:text=Kerala's%20Appellate%20Authority%20for%20Advance,Accountant%2C%20Association%20of%20Chartered%20Certified

 

66. Rainfall normal, but oilseed areas a worry: CRISIL's DRIP index

https://www.business-standard.com/article/economy-policy/rainfall-normal-but-oilseed-areas-a-worry-crisil-s-drip-index-121071901460_1.html

 

67. All eyes on Ministry of Cooperation to dock reforms with global practices

https://www.business-standard.com/article/economy-policy/all-eyes-on-ministry-of-cooperation-to-dock-reforms-with-global-practices-121072001379_1.html

 

68. Patchy monsoon rain raises growth and inflation worries for India

https://www.business-standard.com/article/economy-policy/patchy-monsoon-rain-raises-growth-and-inflation-worries-for-india-121072001575_1.html

 

69. Yet to recover 2,992 cr from 4.2 mn ineligible PM-KISAN recepients: Tomar

https://www.business-standard.com/article/economy-policy/yet-to-recover-2-992-cr-from-4-2-mn-ineligible-pm-kisan-recepients-tomar-121072001555_1.html

 

70. Small tea growers can avail benefits under the PM-KISAN scheme

https://economictimes.indiatimes.com/news/economy/agriculture/small-tea-growers-can-avail-benefits-under-the-pm-kisan-scheme/articleshow/84646748.cms

 

71. Contribution of agriculture and allied sectors has increased 26.8% since 2013-14: Narendra Singh Tomar

https://economictimes.indiatimes.com/news/economy/agriculture/contribution-of-agriculture-and-allied-sectors-has-increased-26-8-since-2013-14-narendra-singh-tomar/articleshow/84585636.cms

 

6. Industry, Manufacturing, Services and Technology

 

72. E-comm firms need to be regulated

https://www.thehindubusinessline.com/opinion/e-comm-firms-need-to-be-regulated/article35369136.ece

 

73. IT’s ‘extremely hot’ with opportunities

https://www.thehindubusinessline.com/info-tech/its-extremely-hot-with-opportunities/article35394453.ece

 

74. How the legal form of a start-up impacts funding

https://www.thehindubusinessline.com/data-stories/data-focus/how-the-legal-form-of-start-up-impacts-funding/article35409749.ece

 

75. Cabinet approves ₹6,322-crore PLI scheme for specialty steel

https://www.thehindubusinessline.com/economy/policy/cabinet-approves-6322-crore-pli-scheme-for-specialty-steel/article35473666.ece

 

76. Tamil Nadu inks deals with 35 firms; to see over Rs 17,000 cr investment

https://www.business-standard.com/article/current-affairs/tamil-nadu-inks-deals-with-35-firms-to-see-over-rs-17-000-cr-investment-121072001098_1.html

 

77. Excise duty on fuel calibrated to generate resources for infra: FinMin

https://www.business-standard.com/article/economy-policy/excise-duty-on-fuel-calibrated-to-generate-resources-for-infra-finmin-121072001192_1.html

 

78. Pension funds will soon be allowed to invest in IPOs: PFRDA Chairman

https://www.business-standard.com/article/finance/pension-funds-will-soon-be-allowed-to-invest-in-ipos-pfrda-chairman-121072001446_1.html

 

79. Real estate industry to grow five-fold to $1 trn by 2030: Housing Secy

https://www.business-standard.com/article/economy-policy/real-estate-industry-to-grow-five-fold-to-1-trn-by-2030-housing-secy-121072100925_1.html

 

80. 'Work near home' lifts corporate leasing of co-working spaces by 73% in H1

https://www.business-standard.com/article/economy-policy/work-near-home-lifts-corporate-leasing-of-co-working-spaces-by-73-in-h1-121072201016_1.html

 

81. If we raise duties to make Indian industry competitive, we’ll end up close to 1991: Montek

https://theprint.in/economy/if-we-raise-duties-to-make-indian-industry-competitive-well-end-up-close-to-1991-montek/695474/

 

82. India’s new industrial policy is a replay of socialist-era follies

https://www.livemint.com/opinion/columns/indias-new-industrial-policy-is-a-replay-of-socialist-era-follies-11626623803636.html

 

83. Road ministry built 13,327 km of highways in FY21: Nitin Gadkari

https://economictimes.indiatimes.com/news/economy/infrastructure/road-ministry-built-13327km-of-highways-in-fy21-nitin-gadkari/articleshow/84642811.cms

 

84. Higher competition in road sector can impact quality: India Ratings and Research

https://economictimes.indiatimes.com/news/economy/infrastructure/higher-competition-in-road-sector-can-impact-quality-india-ratings-and-research/articleshow/84500492.cms

 

7. Columns by Paul Krugman/ Joseph Stiglitz

 

85. Opinion | Should Only the Little People Pay Taxes?

https://www.nytimes.com/2021/07/22/opinion/tax-evasion-irs.html

 

86. Opinion | Republicans Have Their Own Private Autocracy

https://www.nytimes.com/2021/07/19/opinion/republicans-donald-trump-misinformation.html

 

87. Opinion | Wonking Out: Two Cheers for Carbon Tariffs

https://www.nytimes.com/2021/07/16/opinion/carbon-tariffs-climate-change.html

 

8. Other Articles/ Columns

 

• Ideas for India

 

88. ‘Consumerisation’ of banking in India: Cyclical or structural?

https://www.ideasforindia.in/topics/money-finance/consumerisation-of-banking-in-india-cyclical-or-structural.html

 

89. She wins: Electing women in ethnically divided societies

https://www.ideasforindia.in/topics/governance/she-wins-electing-women-in-ethnically-divided-societies.html

 

90. Start what you finish! Risk and schooling investments

https://www.ideasforindia.in/topics/human-development/start-what-you-finish-risk-and-schooling-investments.html

 

91. How open is India's capital account?

https://www.ideasforindia.in/topics/macroeconomics/how-open-is-indias-capital-account.html

 

• EPW

 

Commentary

 

92. Migrant Workers from West Bengal since 1991

From the Left to TMC Government

https://www.epw.in/journal/2021/29/commentary/migrant-workers-west-bengal-1991.html

 

Special Article

 

93. Water and Agricultural Transformation in India

A Symbiotic Relationship—I

https://www.epw.in/journal/2021/29/special-articles/water-and-agricultural-transformation-india.html

 

• The India Forum

 

94. The Global Minimum Corporate Tax: Not High Enough, Not Fair Enough

https://www.theindiaforum.in/article/global-minimum-corporate-tax-not-high-enough-not-fair-enough

 

• Project Syndicate

 

95. The Fallacy of Climate Financial Risk

https://www.project-syndicate.org/commentary/climate-financial-risk-fallacy-by-john-h-cochrane-2021-07?a_la=english&a_d=60f7dad3194c63c354d21fd8&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=climate-financial-risk-fallacy-by-john-h-cochrane-2021-07&a_pa=section-commentaries&a_ps=&a_ms=&a_r=

 

96. Joe Biden’s Pro-Market Agenda

https://www.project-syndicate.org/commentary/biden-promoting-competition-in-the-american-economy-by-katharina-pistor-2021-07?a_la=english&a_d=60f6f170194c63c354b4506b&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=biden-promoting-competition-in-the-american-economy-by-katharina-pistor-2021-07&a_pa=section-commentaries&a_ps=&a_ms=&a_r=

 

• The Economist

 

97. What does the ECB’s new target mean in practice?

https://www.economist.com/finance-and-economics/2021/07/17/what-does-the-ecbs-new-target-mean-in-practice

 

98. What the IMF’s plan to disburse $650bn in special drawing rights means for poor countries

https://www.economist.com/finance-and-economics/2021/07/17/what-the-imfs-plan-to-disburse-650bn-in-special-drawing-rights-means-for-poor-countries

 

99. Inflation in America and Britain rises by much more than expected

https://www.economist.com/finance-and-economics/2021/07/17/inflation-in-america-and-britain-rises-by-much-more-than-expected

 

100. Will cutting unemployment benefits in America ease labour shortages?

https://www.economist.com/finance-and-economics/2021/07/17/will-cutting-unemployment-benefits-in-america-ease-labour-shortages

 

101. Will the economic recovery survive the end of emergency stimulus?

https://www.economist.com/finance-and-economics/2021/07/18/will-the-economic-recovery-survive-the-end-of-emergency-stimulus

 

102. Can foreign venture capitalists make good money from Indian tech?

https://www.economist.com/finance-and-economics/2021/07/24/can-foreign-venture-capitalists-make-good-money-from-indian-tech

 

103. Outbreaks of covid-19 leave South-East Asia with little policy room

https://www.economist.com/finance-and-economics/2021/07/24/outbreaks-of-covid-19-leave-south-east-asia-with-little-policy-room

104. Lessons from Britain on the balance between monetary and fiscal policy

https://www.economist.com/finance-and-economics/2021/07/24/lessons-from-britain-on-the-balance-between-monetary-and-fiscal-policy

 

105. The anatomy of a growth scare

https://www.economist.com/finance-and-economics/2021/07/24/the-anatomy-of-a-growth-scare

 

9. News on Kerala

 

106. GST suffers from structural problems: Balagopal

https://www.thehindubusinessline.com/news/national/gst-suffers-from-structural-problems-balagopal/article35394572.ece

 

 

 

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

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