Weekly Updates on the Indian Economy

(18/09/2021 to 24/09/2021)

1. National Accounts and State of the Economy

 

1. Covid may push India growth model from consumption driven to investment-led

https://www.business-standard.com/article/economy-policy/covid-may-push-india-growth-model-from-consumption-driven-to-investment-led-121091800313_1.html

 

2. Consumer confidence rally in Sep shows 2% points upswing: Survey

https://www.business-standard.com/article/economy-policy/consumer-confidence-rally-in-sep-shows-2-points-upswing-survey-121091900667_1.html

 

3. Labour codes unlikely to be implemented this fiscal year: report

https://www.business-standard.com/article/economy-policy/labour-codes-unlikely-to-be-implemented-this-fiscal-year-report-121091900213_1.html

 

4. India's income divide narrows, wealth divide persists: Survey data

https://www.business-standard.com/article/economy-policy/india-s-income-divide-narrows-wealth-divide-persists-survey-data-121092000448_1.html

 

5. Hiring activity witnesses marginal growth sequentially in August: Report

https://www.business-standard.com/article/economy-policy/hiring-activity-witnesses-marginal-growth-sequentially-in-august-report-121092000560_1.html

 

6. Recovery tracker: Power generation and freight data show slower growth

https://www.business-standard.com/article/economy-policy/recovery-tracker-power-generation-and-freight-data-show-slower-growth-121092000810_1.html

 

7. Deloitte survey pegs average salary increment in India at 8.6% in 2022

https://www.business-standard.com/article/economy-policy/deloitte-survey-pegs-average-salary-increment-in-india-at-8-6-in-2022-121092000755_1.html

 

8. High frequency indicators turn 'uneven' in Aug as unlock benefits taper

https://www.business-standard.com/article/economy-policy/high-frequency-indicators-turn-uneven-in-aug-as-unlock-benefits-taper-121092000976_1.html

 

9. Statsguru: Five charts explain India's household balance sheet

https://www.business-standard.com/article/economy-policy/statsguru-five-charts-explain-india-s-household-balance-sheet-121092000032_1.html

 

10. ADB trims India's FY22 growth forecast to 10% on second wave impact

https://www.business-standard.com/article/economy-policy/adb-trims-india-s-fy22-growth-forecast-to-10-on-second-wave-impact-121092200724_1.html

 

11. OECD trims India's economic growth forecast to 9.7% for FY22

https://www.business-standard.com/article/economy-policy/oecd-trims-india-s-economic-growth-forecast-to-9-7-for-fy22-121092101423_1.html

 

12. Rising inequality due to Covid pandemic must be bridged: RBI Governor

https://www.business-standard.com/article/economy-policy/widening-wealth-gap-due-to-pandemic-must-be-bridged-rbi-governor-121092201065_1.html

 

13. States lift 83% of foodgrains out of 60 mn tonne allocated under PMGKAY

https://www.business-standard.com/article/economy-policy/states-lift-83-of-foodgrains-out-of-60-mn-tonne-allocated-under-pmgkay-121092201312_1.html

 

14. PMUY 2.0 nears 10 mn LPG connections target, 9.5 mn KYCs already in place

https://www.business-standard.com/article/economy-policy/pmuy-2-0-nears-10-mn-lpg-connections-target-9-5-mn-kycs-already-in-place-121092200602_1.html

 

15. Finance Ministry to seek ratings upgrade for India in meeting with Moody's

https://www.business-standard.com/article/economy-policy/finance-ministry-plans-to-seek-ratings-upgrade-in-moody-s-sept-28-meeting-121092300310_1.html

 

16. Upper middle class to revive consumption cycle again soon: Report

https://www.business-standard.com/article/economy-policy/upper-middle-class-to-revive-consumption-cycle-again-soon-report-121092300980_1.html

 

17. Employment recovery for salaried class excruciatingly slow: CMIE

https://www.business-standard.com/article/economy-policy/employment-recovery-for-salaried-class-excruciatingly-slow-cmie-121092301584_1.html

 

18. See formal sector at pre-Covid level by year-end: Montek Singh Ahluwalia

https://www.business-standard.com/article/pti-stories/indian-economy-has-bottomed-out-formal-sector-may-get-back-to-pre-covid-level-by-this-year-end-montek-121092301170_1.html

 

19. China manipulated Ease of Doing Business rankings, no irregularities found in Indian data

https://economictimes.indiatimes.com/news/economy/indicators/china-manipulated-ease-of-doing-business-rankings-no-irregularities-found-in-indian-data/articleshow/86393007.cms

 

20. Nomura India Business Resumption Index plateaus in September

https://economictimes.indiatimes.com/news/economy/indicators/nomura-india-business-resumption-index-plateaus-in-september/articleshow/86392731.cms

 

21. Icra expects consumer demand to pick up in festive season

https://economictimes.indiatimes.com/news/economy/indicators/icra-expects-consumer-demand-to-pick-up-in-festive-season/articleshow/86378817.cms

 

22. Interview: Ashwini Deshpande on the need for Indian economists to grapple with discrimination

https://scroll.in/article/1005644/interview-ashwini-deshpande-on-the-need-for-indian-economists-to-grapple-with-discrimination

 

23. With New ‘Industrial Relations’ Code, What Does the Future Look Like for India’s Trade Unions?

https://thewire.in/labour/with-new-industrial-relations-code-what-does-the-future-look-like-for-indias-trade-unions

 

24. India expected to show faster economic recovery in 2022

https://theprint.in/economy/india-expected-to-show-faster-economic-recovery-in-2022/737013/

 

25. Data hegemony by digital companies may lead to attention economy: CCI chief Ashok Gupta

https://theprint.in/economy/data-hegemony-by-digital-companies-may-lead-to-attention-economy-cci-chief-ashok-gupta/738947/

 

26. Job postings in August grew 14% y-o-y: Monster

https://www.thehindu.com/business/Economy/job-postings-in-august-up-fourteen-percent-yoy-monster/article36566618.ece

 

2. Public Finance

 

27. Feasible fiscal strategies for India

https://www.thehindubusinessline.com/opinion/columns/ashima-goyal/feasible-fiscal-strategies-for-india/article36553799.ece

 

28. FinMin to kick-start exercise for Union Budget 2022-23 on October 12

https://www.business-standard.com/article/economy-policy/finmin-to-kick-starts-exercise-for-union-budget-2022-23-on-october-12-121092001070_1.html

 

29. Borrowing by state govts 11% lower than last year: CARE Ratings

https://www.business-standard.com/article/economy-policy/borrowing-by-state-govts-11-lower-than-last-year-care-ratings-121092200025_1.html

 

Taxation

 

30. GST Council meet: No compensation for States after June; fuel kept out of ambit

https://www.thehindubusinessline.com/news/gst-council-extends-concessional-tax-rates-on-covid-drugs-till-dec-31-5-per-cent-tax-levied-on-food-delivery-apps/article36522795.ece

 

31. States slam FM plan to not extend GST compensation after June 2022

https://www.business-standard.com/article/economy-policy/states-slam-fm-plan-to-not-extend-gst-compensation-after-june-2022-121091900902_1.html

 

32. GST rate changes, clarifications a ‘mixed bag’ for industry

https://www.thehindubusinessline.com/economy/policy/gst-rate-changes-clarifications-a-mixed-bag-for-industry/article36524712.ece

 

33. Tamil Nadu against bringing petrol, diesel under GST

https://www.thehindubusinessline.com/economy/policy/tamil-nadu-opposes-bringing-petrol-diesel-under-gst/article36524806.ece

 

34. Anti-profiteering body gets 1-year extension

https://www.thehindubusinessline.com/news/national/anti-profiteering-body-gets-1-year-extension/article36554082.ece

 

35. STT collection in the first five-and-a-half months close to ₹11,000 crore

https://www.thehindubusinessline.com/economy/stt-collection-in-the-first-five-and-a-half-months-close-to-11000-crore/article36565021.ece

 

36. GST: FinMin circular soon to clarify ‘intermediary services’ issues

https://www.thehindubusinessline.com/economy/policy/finmin-to-soon-issue-circular-on-intermediary-services-under-gst/article36572326.ece

 

37. Managerial and leadership services to site offices, group firms to attract GST: MAAR

https://www.thehindubusinessline.com/economy/managerial-and-leadership-services-to-site-officesgroup-companies-taxable-under-gst-maar/article36607840.ece

 

38. GST panel to consider giving waiver on one day interest, late fee

https://www.business-standard.com/article/economy-policy/gst-panel-to-consider-giving-waiver-on-one-day-interest-late-fee-121092101091_1.html

 

39. India, other G24 nations call for gradual withdrawal of 'Google tax'

https://www.business-standard.com/article/economy-policy/india-other-g24-member-nations-back-gradual-google-tax-pullback-121092201300_1.html

 

40. GST on ice cream parlours may lead to litigation, say experts

https://www.business-standard.com/article/economy-policy/gst-on-ice-cream-parlours-may-lead-to-litigation-say-experts-121092100026_1.html

 

41. From next year, non-filers of monthly GST return will be barred from filing GSTR-1

https://economictimes.indiatimes.com/news/economy/finance/from-next-year-non-filers-of-monthly-gst-return-will-be-barred-from-filing-gstr-1/articleshow/86314816.cms

 

42. Swiggy, Zomato to collect 5% GST on deliveries, food not to get dearer

https://economictimes.indiatimes.com/news/economy/finance/swiggy-zomato-to-collect-5-gst-on-deliveries-food-not-to-get-dearer/articleshow/86299971.cms

 

3. Banking and Monetary Policy

 

43. NMP — Unlocking the hidden fortune

https://www.thehindubusinessline.com/opinion/nmp-unlocking-the-hidden-fortune/article36554186.ece

 

44. Making the banking sector more vibrant

https://www.thehindubusinessline.com/opinion/making-the-banking-sector-more-vibrant/article36571944.ece

 

45. Cryptocurrencies are so popular in India that teenagers are investing their pocket money in them

https://scroll.in/article/1005988/cryptocurrencies-are-so-popular-in-india-that-teenagers-are-investing-their-pocket-money-in-them

 

46. Retail depositors earning negative returns; relook taxation on interest: SBI economists

https://www.thehindu.com/business/Economy/retail-depositors-earning-negative-returns-relook-taxation-on-interest-sbi-economists/article36595747.ece

 

4. External Sector

 

47. Why crisis for exporters could turn out to be a boon for shipping industry

https://www.business-standard.com/article/economy-policy/why-crisis-for-exporters-could-turn-out-to-be-a-boon-for-shipping-industry-121092000020_1.html

 

48. Most FDI proposals in 3 depts from nations sharing land border with India

https://www.business-standard.com/article/economy-policy/most-fdi-proposals-in-3-depts-from-nations-sharing-land-border-with-india-121091900328_1.html

 

49. FDI key to India's aspiration to be a $5 trn economy, says Deloitte CEO

https://www.business-standard.com/article/economy-policy/fdi-key-to-india-s-aspiration-to-be-a-5-trn-economy-says-deloitte-ceo-121092000100_1.html

 

50. India's oil imports rose to four-month high in August, shows data

https://www.business-standard.com/article/economy-policy/india-s-oil-imports-rose-to-four-month-high-in-august-shows-data-121092200013_1.html

 

51. Post pandemic, global trade is vital for economic recovery: RBI governor

https://www.business-standard.com/article/economy-policy/post-pandemic-global-trade-is-vital-for-economic-recovery-rbi-governor-121092200870_1.html

 

52. India, UAE plan to lift bilateral trade to $100 bn in 5 years via new pact

https://www.business-standard.com/article/economy-policy/india-uae-plan-to-lift-bilateral-trade-to-100-bn-in-5-years-via-new-pact-121092201220_1.html

 

53. TN eyes $100 billion exports by 2030, signs MoUs worth Rs 2,120.54 crore

https://www.business-standard.com/article/economy-policy/tn-eyes-100-billion-exports-by-2030-signs-mous-worth-rs-2-120-54-crore-121092201198_1.html

 

54. FDI equity inflows up 112% to $20.42 bln in Apr-July period: Govt data

https://www.business-standard.com/article/economy-policy/fdi-equity-inflows-up-112-to-20-42-bln-in-apr-july-period-govt-data-121092201329_1.html

 

55. Govt caps entitlement under service export scheme during FY20 at Rs 5 crore

https://economictimes.indiatimes.com/news/economy/policy/govt-caps-entitlement-under-service-export-scheme-during-fy20-at-rs-5-crore/articleshow/86456763.cms

 

56. India's copper import rises 26% in Q1; momentum expected to continue further: Report

https://economictimes.indiatimes.com/news/economy/foreign-trade/indias-copper-import-rises-26-in-q1-momentum-expected-to-continue-further-report/articleshow/86337949.cms

 

57. Traders list 240 goods for free trade agreement talks with UK

https://economictimes.indiatimes.com/news/economy/foreign-trade/traders-list-240-goods-for-free-trade-agreement-talks-with-uk/articleshow/86379280.cms

 

58. Swiss gold exports to India surges to 5-month high in August

https://economictimes.indiatimes.com/news/economy/foreign-trade/swiss-gold-exports-to-india-surges-to-5-month-high-in-august/articleshow/86393617.cms

 

59. India’s exports to EU declined in the last 20 years, accounts for mere 0.9% of the total imports of EU

https://economictimes.indiatimes.com/news/economy/foreign-trade/indias-exports-to-eu-declined-in-the-last-20-years-accounts-for-mere-0-9-of-the-total-imports-of-eu/articleshow/86450599.cms

 

60. Allow food security schemes sans limits, end farm subsidies above $10 billion in 3 years: India to WTO

https://economictimes.indiatimes.com/news/economy/foreign-trade/allow-food-security-schemes-sans-limits-end-farm-subsidies-above-10-billion-in-3-years-india-to-wto/articleshow/86452075.cms

 

5. Agriculture and Rural Economy

 

61. Kharif area trails despite late surge in paddy

https://www.thehindubusinessline.com/economy/agri-business/kharif-area-trails-despite-late-surge-in-paddy/article36522347.ece

 

62. TN opposes move to hike GST on coconut oil in less-than-1-litre pack to 18%

https://www.thehindubusinessline.com/economy/agri-business/tn-opposes-move-to-hike-gst-on-coconut-oil-in-less-than-1-litre-pack-to-18/article36524814.ece

 

63. How important is MSP-based procurement?

https://www.thehindubusinessline.com/opinion/columns/c-p-chandrasekhar/how-important-is-msp-based-procurement/article36571723.ece

 

64. Kharif output seen at record 150.5 mt

https://www.thehindubusinessline.com/economy/agri-business/kharif-output-seen-at-record-1505-m-t/article36596612.ece

 

65. Rice exports lose steam this quarter

https://www.thehindubusinessline.com/economy/agri-business/rice-exports-from-india-lose-steam-in-the-current-quarter/article36605558.ece

 

66. Retail inflation for farm, rural workers eases marginally in August

https://www.business-standard.com/article/economy-policy/retail-inflation-for-farm-rural-workers-eases-marginally-in-august-121092001102_1.html

 

67. Govt sets 307.33 mt foodgrain production target for 2021-22 crop year

https://www.business-standard.com/article/economy-policy/govt-sets-307-33-mt-foodgrain-production-target-for-2021-22-crop-year-121092101305_1.html

 

68. Agricultural and processed food exports up 21.8% in April-August: Govt

https://economictimes.indiatimes.com/news/economy/agriculture/agricultural-and-processed-food-exports-up-21-8-in-april-august-govt/articleshow/86400089.cms

 

69. Higher investment required in agri R&D: India says at G20 agri meet

https://economictimes.indiatimes.com/news/economy/agriculture/higher-investment-required-in-agri-rd-india-says-at-g20-agri-meet/articleshow/86320069.cms

 

70. 12 crore farmers benefited from PM-Kisan, 2.5 core in UP alone: Radha Mohan Singh

https://economictimes.indiatimes.com/news/economy/agriculture/12-crore-farmers-benefited-from-pm-kisan-2-5-core-in-up-alone-radha-mohan-singh/articleshow/86315916.cms

 

71. What the Latest NSS Survey Tells us About the State of Farmers in India

https://thewire.in/agriculture/what-the-latest-nss-survey-tells-us-about-the-state-of-farmers-in-india

 

6. Industry, Manufacturing, Services and Technology

 

72. Telecom industry gets a timely lifeline

https://www.thehindubusinessline.com/opinion/making-the-banking-sector-more-vibrant/article36571944.ece

 

73. Road length rises 17% to 6.39 mn km, registered vehicles 41% in 2015-19

https://www.business-standard.com/article/economy-policy/road-length-rises-17-to-6-39-mn-km-registered-vehicles-41-in-2015-19-121092101044_1.html

 

74. India has collaborated with several nations across sectors to become a global leader in innovation: NITI Aayog CEO Amitabh Kant

https://economictimes.indiatimes.com/news/economy/policy/india-has-collaborated-with-several-nations-across-sectors-to-become-a-global-leader-in-innovation-niti-aayog-ceo-amitabh-kant/articleshow/86397556.cms

 

75. Indian innovation ecosystem driven by knowledge economy, marketplace-led research, AI: Saraswat

https://economictimes.indiatimes.com/news/economy/policy/indian-innovation-ecosystem-driven-by-knowledge-economy-marketplace-led-research-ai-saraswat/articleshow/86397714.cms

 

76. India's crude oil production falls 2.3% in August, gas output rises

https://www.business-standard.com/article/economy-policy/india-s-crude-oil-production-falls-2-3-in-august-gas-output-rises-121092201033_1.html

 

77. Big push to infra, education, healthcare needed for sustainable growth: Das

https://www.business-standard.com/article/economy-policy/big-push-to-infra-education-healthcare-needed-for-sustainable-growth-das-121092201126_1.html

 

78. India's mineral production up 23% in June, says mines ministry

https://www.business-standard.com/article/economy-policy/india-s-mineral-production-up-23-in-june-says-mines-ministry-121092201290_1.html

 

79. Exports of software services up 2.1% to $148.3 bn in 2020-21: RBI survey

https://www.business-standard.com/article/economy-policy/exports-of-software-services-up-2-1-to-148-3-bn-in-2020-21-rbi-survey-121092001318_1.html

 

80. 18 depts, 9 states onboard single window portal, India’s ease of doing biz story phenomenal: Goyal

https://economictimes.indiatimes.com/news/economy/policy/18-depts-9-states-onboard-single-window-portal-indias-ease-of-doing-biz-story-phenomenal-goyal/articleshow/86424616.cms

 

81. Gains from PLI should be more durable: RBI Governor Shaktikanta Das

https://economictimes.indiatimes.com/news/economy/policy/gains-from-pli-should-be-more-durable-rbi-governor-shaktikanta-das/articleshow/86426142.cms

 

7. Columns by Paul Krugman/ Joseph Stiglitz

 

82. Covid-19 and Human Freedom

https://www.nepalitimes.com/opinion/covid-19-and-human-freedom/

 

83. Getting Finance Onside for Climate

https://www.project-syndicate.org/onpoint/green-finance-depends-on-government-intervention-by-joseph-e-stiglitz-2021-09

 

84. Ending the Race to the Bottom

https://www.foreignaffairs.com/articles/united-states/2021-09-17/ending-race-bottom

 

85. Opinion | Dear Joe Manchin: Coal Isn’t Your State’s Future

https://www.nytimes.com/2021/09/20/opinion/joe-manchin-coal-climate-biden.html

 

86.             The Child Tax Credit Should Be Permanent - The New York Times

https://www.nytimes.com/2021/09/21/opinion/child-tax-credit-poverty.html

 

8. Other Articles/ Columns

                                                  

• Ideas for India

 

87. Covid-19 and mental health: Focus on children’s holistic development

https://www.ideasforindia.in/topics/human-development/covid-19-and-mental-health-focus-on-children-s-holistic-development.html

 

88. Covid-19 and mental health: How have children been faring?

https://www.ideasforindia.in/topics/human-development/covid-19-and-mental-health-how-have-children-been-faring.html

 

89. Covid-19 and mental health: Strengthening psychosocial well-being of children

https://www.ideasforindia.in/topics/human-development/covid-19-and-mental-health-strengthening-psychosocial-well-being-of-children.html

 

90. Covid-19 and mental health: Fighting the “infodemic”, one phone call at a time

https://www.ideasforindia.in/topics/human-development/covid-19-and-mental-health-fighting-the-infodemic-one-phone-call-at-a-time.html

 

91. Covid-19 and mental health: Improving women’s mental well-being via telecounselling

https://www.ideasforindia.in/topics/human-development/covid-19-and-mental-health-improving-women-s-mental-well-being-via-telecounseling.html

 

92. Covid-19 and mental health: Large-scale phone survey in six Indian states

https://www.ideasforindia.in/topics/human-development/covid-19-and-mental-health-large-scale-phone-survey-in-six-indian-states.html

 

• The India Forum

 

93. Growing Distress and a Falling Unemployment Rate

https://www.theindiaforum.in/article/rising-distress-and-falling-unemployment-rate-what-going?utm_source=website&utm_medium=organic&utm_campaign=category&utm_content=Economy

 

94. A Rocky Road to Resolution

Achievements and struggles of India’s Insolvency Code

https://www.theindiaforum.in/article/rocky-road-resolution?utm_source=website&utm_medium=organic&utm_campaign=homepage&utm_content=Top-article

 

• EPW

 

Commentary

 

95. District-level Estimates of Unemployment Rates in Odisha

An Empirical Study Using PLFS 2018–19 Data

https://www.epw.in/journal/2021/38/commentary/district-level-estimates-unemployment-rates-odisha.html

 

96. Using Public Procurement Strategically

Lessons from the Pandemic

https://www.epw.in/journal/2021/38/commentary/using-public-procurement-strategically.html

 

97. Nine Years of Turmoil in Taxation

https://www.epw.in/journal/2021/38/commentary/nine-years-turmoil-taxation.html

 

Special Articles

 

98. Why Human Development Should Precede Economic Growth in the States

https://www.epw.in/journal/2021/38/special-articles/why-human-development-should-precede-economic.html

 

99. Resolving Disagreements in Panchayats

Elected Representatives and Local Bureaucracy Interface in West Bengal

https://www.epw.in/journal/2021/38/special-articles/resolving-disagreements-panchayats.html

 

100. Drivers of Foodgrain Productivity in Uttar Pradesh

Panel Data Analysis

https://www.epw.in/journal/2021/38/special-articles/drivers-foodgrain-productivity-uttar-pradesh.html

 

• Project Syndicate

 

101. Taming the Stagflationary Winds

https://www.project-syndicate.org/commentary/global-stagflation-risk-and-policy-response-by-mohamed-a-el-erian-2021-09?a_la=english&a_d=614b196ada5d8b1044fbeec7&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=global-stagflation-risk-and-policy-response-by-mohamed-a-el-erian-2021-09&a_pa=section-commentaries&a_ps=&a_ms=&a_r=

 

102. The Developing World's Hidden Inflation Risks

https://www.project-syndicate.org/commentary/developing-world-hidden-inflation-risks-by-rabah-arezki-and-jean-pierre-landau-2-2021-09?a_la=english&a_d=614b4a35da5d8b1044bce224&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=developing-world-hidden-inflation-risks-by-rabah-arezki-and-jean-pierre-landau-2-2021-09&a_pa=section-commentaries&a_ps=&a_ms=&a_r=

 

• The Economist

 

103. Natural-gas prices are spiking around the world

https://www.economist.com/finance-and-economics/natural-gas-prices-are-spiking-around-the-world/21804953

 

104. How threatening are the high levels of corporate debt?

https://www.economist.com/finance-and-economics/2021/09/23/how-threatening-are-the-high-levels-of-corporate-debt

 

105. America’s debt ceiling is a disaster, though fiscal rules can help

https://www.economist.com/finance-and-economics/2021/09/25/americas-debt-ceiling-is-a-disaster-though-fiscal-rules-can-help

 

106. Why it is wise to add bitcoin to an investment portfolio

https://www.economist.com/finance-and-economics/2021/09/25/why-it-is-wise-to-add-bitcoin-to-an-investment-portfolio

 

9. News on Kerala

 

107. Kerala FM seeks extension of GST compensation regime

https://www.thehindubusinessline.com/news/national/kerala-fm-seeks-extension-of-gst-compensation-regime/article36531278.ece

 

108. Gujarat, Kerala, TN top Food Safety Index 2020-21

https://www.thehindubusinessline.com/economy/policy/gujarat-kerala-tn-top-food-safety-index-2020-21/article36572706.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