Weekly Updates on the Indian Economy

(30/10/2021 to 05/11/2021)

1. National Accounts and State of the Economy

 

1. Inflation could singe Indian consumers as manufacturers hike prices

https://www.thehindubusinessline.com/economy/inflation-could-singe-indian-consumers-as-manufacturers-hike-prices/article37225070.ece

 

2. FMCG sector: Rural India growth slows down in Sept quarter, says Kantar

https://www.thehindubusinessline.com/economy/fmcg-sector-rural-india-growthslows-down-in-sept-quarter-kantar/article37270519.ece

 

3. NIBRI above pre-pandemic levels but growth signals are inconsistent, says Nomura

https://www.thehindubusinessline.com/economy/nibri-above-pre-pandemic-levels-but-growth-signals-are-inconsistent-says-nomura/article37279400.ece

 

4. Centre cuts levy on petrol by ₹5/litre, diesel by ₹10

https://www.thehindubusinessline.com/economy/policy/india-reduces-excise-duty-on-petrol-diesel/article37327413.ece

 

5. India's economy takes 'formal' leap as informal shrinks drastically: Study

https://www.business-standard.com/article/economy-policy/india-s-economy-takes-formal-leap-as-informal-shrinks-drastically-study-121110100010_1.html

 

6. Economy expected to grow by 10% or more in current fiscal: Niti VC

https://www.business-standard.com/article/economy-policy/economy-expected-to-grow-by-10-or-more-in-current-fiscal-niti-vc-121110201582_1.html

 

7. FinMin reviews Capex plan of urban development, railways ministries

https://www.business-standard.com/article/economy-policy/finmin-reviews-capex-plan-of-urban-development-railways-ministries-121110301779_1.html

 

8. Labour Ministry hikes minimum wages for central sphere workers from Oct 1

https://economictimes.indiatimes.com/news/economy/policy/labour-ministry-hikes-minimum-wages-for-central-sphere-workers-from-oct-1/articleshow/87356117.cms

 

9. Retail inflation for industrial workers eases to 4.41 pc in September

https://economictimes.indiatimes.com/news/economy/indicators/retail-inflation-for-industrial-workers-eases-to-4-41-pc-in-september/articleshow/87369668.cms

 

10. PAEG flags acute shortage of funds under MGNREGA, govt says committed to its proper implementation

https://economictimes.indiatimes.com/news/economy/finance/paeg-flags-acute-shortage-of-funds-under-mgnrega-govt-says-committed-to-its-proper-implementation/articleshow/87395606.cms

 

11. Why is the Modi government taking loans to buy Covid-19 vaccines? And what happened to PM-CARES?

https://scroll.in/article/1009600/why-is-the-modi-government-taking-loans-to-buy-covid-19-vaccines-and-what-happened-to-pm-cares

 

12. Climate Change Will Deeply Affect India's Migrant Workers. Planners Must Recognise That.

https://thewire.in/labour/climate-change-will-deeply-affect-indias-migrant-workers-planners-must-recognise-that

 

13. Amid Complaints of Social Tension, Union Govt Scraps Caste-Based MGNREGA Payments

https://thewire.in/government/amid-complaints-of-social-tension-union-govt-scraps-caste-based-mgnrega-payments

 

14. India's Big Gaming Bans Lack a Theory of Harm

https://thewire.in/political-economy/india-online-gaming-ban-theory-of-harm

 

15. India’s unemployment rate rises to 7.75% in October due to joblessness in rural areas

https://theprint.in/economy/indias-unemployment-rate-rises-to-7-75-in-october-due-to-joblessness-in-rural-areas/760197/

 

16. Banks, NBFCs keen to offer easy credit to fuel consumer spending in festive season

https://theprint.in/economy/banks-nbfcs-keen-to-offer-easy-credit-to-fuel-consumer-spending-in-festive-season/759901/

 

17. Electricity demand rose 4.8% in October

https://www.thehindu.com/business/Economy/electricity-demand-rose-48-in-october/article37293455.ece

 

2. Public Finance

 

18. Big push to spending means more allocation for Ministries next fiscal

https://www.thehindubusinessline.com/economy/big-push-to-spending-means-more-allocation-for-ministries-next-fiscal/article37273592.ece

 

19. Finance Committee to examine regulatory framework for cryptos

https://www.thehindubusinessline.com/economy/finance-committee-to-examine-regulatory-framework-for-cryptos/article37289283.ece

 

20. Finmin seeks industry inputs on tax rates, exemptions ahead of Budget

https://www.business-standard.com/article/finance/finmin-seeks-industry-inputs-on-tax-rates-exemptions-ahead-of-budget-121110200868_1.html

 

21. Govt unlikely to meet disinvestment target: Finance Secretary TV Somanathan

https://www.business-standard.com/article/economy-policy/govt-unlikely-to-meet-disinvestment-target-finance-secretary-tv-somanathan-121110400048_1.html

 

22. Fiscal deficit hits 4-year low of Rs 5.26 lakh crore or 35% of budget estimates

https://economictimes.indiatimes.com/news/economy/finance/fiscal-deficit-hits-4-year-low-of-rs-5-26-lakh-crore-or-35-of-budget-estimates/articleshow/87376953.cms

 

23. Borrowing cost for States spurts to 7.02%

https://www.thehindu.com/business/Economy/borrowing-cost-for-states-spurts-to-702/article37292815.ece

 

Taxation

 

24. October GST collections soar to ₹1.30-lakh crore

https://www.thehindubusinessline.com/economy/gst-collection-at-130-lakh-crore-second-all-time-hgh/article37279410.ece

 

25. Excise collection 79 per cent more than pre-Covid levels

https://www.thehindubusinessline.com/economy/excise-collection-79-per-cent-more-than-pre-covid-levels/article37264234.ece

 

26. Finance Ministry invites suggestions for changes in direct, indirect taxes from trade, industry bodies

https://www.thehindubusinessline.com/economy/finance-ministry-invites-suggestions-for-changes-in-direct-indirect-taxes/article37299316.ece

 

27. Centre releases ₹17,000 crore as GST compensation to States

https://www.thehindubusinessline.com/economy/centre-releases-17000-crore-as-gst-compensation-to-states/article37325256.ece

 

28. CBIC asks GST officers to block ITC only on basis of evidence, not suspicion

https://www.thehindubusinessline.com/economy/policy/cbic-asks-gst-officers-to-block-itc-only-on-basis-of-evidence-not-suspicion/article37336700.ece

 

29. Nothing short of stimulus: Fuel tax cuts may boost consumption by Rs 35K-cr

https://www.business-standard.com/article/economy-policy/nothing-short-of-stimulus-fuel-tax-cuts-may-boost-consumption-by-rs-35k-cr-121110400398_1.html

 

30. CBDT notifies e-settlement scheme for taxpayers

https://economictimes.indiatimes.com/news/economy/policy/cbdt-notifies-e-settlement-scheme-for-taxpayers/articleshow/87498231.cms

 

31. Companies may have to pay more taxes on intangible assets

https://economictimes.indiatimes.com/news/economy/policy/companies-may-have-to-pay-more-taxes-on-intangible-assets/articleshow/87473218.cms

 

32. More States slash petrol, diesel prices after Centre's excise duty cut

https://www.thehindu.com/news/national/now-gujarat-and-sikkim-slashes-petrol-diesel-prices-by-7-per-litre/article37333861.ece

 

3. Banking and Monetary Policy

 

33. Credit offtake pickes up over the last two fortnights

https://www.thehindubusinessline.com/money-and-banking/credit-offtake-pickes-up-over-the-last-two-fortnights/article37328101.ece

 

34. How debit, credit cards and ATM cash withdrawal are bellwether for GDP

https://www.business-standard.com/article/economy-policy/how-debit-credit-cards-and-atm-cash-withdrawal-are-bellwether-for-gdp-121102900782_1.html

 

35. Sell bad debts early, let ARCs take part in IBC: RBI committee

https://www.business-standard.com/article/economy-policy/sell-bad-debts-early-let-arcs-take-part-in-ibc-rbi-committee-121110201854_1.html

 

36. Non-food bank credit grows at 6.8 per cent in September: RBI data

https://economictimes.indiatimes.com/news/economy/finance/non-food-bank-credit-grows-at-6-8-per-cent-in-september-rbi-data/articleshow/87373821.cms

 

37. Will RBI’s digital rupee edge out most private cryptos and stablecoins in India?

https://scroll.in/article/1009333/will-rbis-digital-rupee-edge-out-most-private-cryptos-and-stablecoins

 

38. SBI Reports Record Quarterly Profit as Bad Loans Provisions Drop

https://thewire.in/economy/sbi-record-profit-provisions-drop

 

4. External Sector

 

39. India’s goods exports in October increase 42.33% to $35.47 billion

https://www.thehindubusinessline.com/economy/policy/indias-goods-exports-in-october-increase-4233-to-3547-billion/article37288850.ece

 

40. Indian seafood exporters hit the Great Wall as China detects Covid in packaging materials

https://www.thehindubusinessline.com/economy/agri-business/indian-seafood-exporters-face-a-great-wall-in-china-detecting-covid-in-packaging-materials/article37317769.ece

 

41. FDI flows surge in 2021 hinting at global recovery, says OECD

https://www.business-standard.com/article/economy-policy/fdi-flows-surge-in-2021-hinting-at-global-recovery-says-oecd-121102901654_1.html

 

42. October exports up 42% to $35.47 bn, trade deficit narrows to $19.9 bn

https://www.business-standard.com/article/economy-policy/october-exports-up-42-to-35-47-bn-trade-deficit-narrows-to-19-9-bn-121110101401_1.html

 

43. Is India's export growth 'sticky' enough to hit $400-bn mark this year?

https://www.business-standard.com/article/economy-policy/is-india-s-export-growth-sticky-enough-to-hit-400-bn-mark-this-year-121110301735_1.html

 

44. USTR Tai, Commerce Minister Goyal to take 'comprehensive look' at bilateral trade ties

https://economictimes.indiatimes.com/news/economy/foreign-trade/ustr-tai-commerce-minister-goyal-to-take-comprehensive-look-at-bilateral-trade-ties/articleshow/87524694.cms

 

45. Engineering goods exports cross $9 billion in October

https://economictimes.indiatimes.com/news/economy/foreign-trade/engineering-goods-exports-cross-9-billion-in-october/articleshow/87470451.cms

 

46. Forex reserves decline by $908 mn to $640.1 bn

https://economictimes.indiatimes.com/news/economy/finance/forex-reserves-decline-by-908-mn-to-640-1-bn/articleshow/87370076.cms

 

47. How China Beat India in the FDI Game and How We Can Pull Ahead

https://thewire.in/macro/how-china-beat-india-in-the-fdi-game-and-how-we-can-pull-ahead

 

5. Agriculture and Rural Economy

 

48. India’s cotton crop estimated at 360 lakh bales for 2021-22 season

https://www.thehindubusinessline.com/economy/agri-business/indias-cotton-crop-estimated-at-360-lakh-bales-for-2021-22-season/article37249874.ece

 

49. Government’s two mega plans will boost agricultural exports

https://www.thehindubusinessline.com/economy/agri-business/governments-two-mega-plans-will-boost-agricultural-exports/article37264805.ece

 

50. Amit Shah calls for a transformation in cooperative sector

https://www.thehindubusinessline.com/economy/agri-business/amit-shah-calls-for-a-transformation-in-cooperative-sector/article37268559.ece

 

51. Organic India expands footprint to other staples, commodities

https://www.thehindubusinessline.com/economy/agri-business/organic-india-expands-footprint-to-other-staples-commodities/article37298902.ece

 

52. Several edible oil producers reduce wholesale prices by ₹4-₹7 a litre

https://www.thehindubusinessline.com/economy/agri-business/several-edible-oil-producers-reduce-wholesale-prices-by-4-7-a-litre/article37300134.ece

 

53. Centre allays fears of fertiliser shortage

https://www.thehindubusinessline.com/economy/agri-business/centre-allays-fears-of-fertiliser-shortage/article37300610.ece

 

54. Well-functioning crop insurance crucial for reducing farmer’s vulnerability

https://www.thehindubusinessline.com/economy/agri-business/well-functioning-crop-insurance-crucial-for-reducing-farmers-vulnerability/article37317559.ece

 

55. Coal price hike boosts cashew by-products rates

https://www.thehindubusinessline.com/economy/agri-business/coal-price-hike-boosts-cashew-by-products-rates/article37317612.ece

 

56. How many agricultural households are aware of MSP?

https://www.thehindubusinessline.com/economy/agri-business/how-many-agricultural-households-are-aware-of-msp/article37318230.ece

 

57. Spot rubber edges up on supply concerns

https://www.thehindubusinessline.com/economy/agri-business/spot-rubber-edges-up-on-supply-concerns/article37327386.ece

 

58. Panel to study edible oil pricing, sugarcane arrears

https://www.thehindubusinessline.com/news/national/panel-to-study-edible-oil-pricing-sugarcane-arrears/article37328669.ece

 

59. Crop insurance claims at Rs 9,570 cr for 2020-21 lower by over 60 pc from previous year

https://economictimes.indiatimes.com/news/economy/agriculture/crop-insurance-claims-at-rs-9570-cr-for-2020-21-lower-by-over-60-pc-from-previous-year/articleshow/87420718.cms

 

60. World food prices hit a 10-year-high; wheat harvests a factor: U.N.

https://www.thehindu.com/business/un-world-food-prices-hit-a-10-year-high-wheat-harvests-a-factor/article37335782.ece

 

6. Industry, Manufacturing, Services and Technology

 

61. Eight core sectors' output up 4.4 per cent in September

https://www.thehindubusinessline.com/economy/eight-core-sectors-output-up-44-per-cent-in-september/article37233761.ece

 

62. PMI Manufacturing rose further to 55.9 in October

https://www.thehindubusinessline.com/economy/pmi-manufacturing-rose-further-to-559-in-october/article37278825.ece

 

63.  At 58.4, services PMI rises at fastest pace in over a decade

https://www.thehindubusinessline.com/economy/services-pmi-at-584-in-october-signals-strongest-growth-in-10-years/article37317592.ece

 

64. In the dark: Stress test for the coal economy in India to meet demand

https://www.business-standard.com/article/economy-policy/in-the-dark-stress-test-for-the-coal-economy-in-india-to-meet-demand-121102901685_1.html

 

65. Statsguru: Six charts show India's infrastructure projects in a slow lane

https://www.business-standard.com/article/economy-policy/statsguru-six-charts-show-india-s-infrastructure-projects-in-a-slow-lane-121103100965_1.html

 

66. Road freight rates to cool off 10-12% following diesel price cut: IFTRT

https://www.business-standard.com/article/economy-policy/road-freight-rates-to-cool-off-10-12-following-diesel-price-cut-iftrt-121110400733_1.html

 

67. NHAI raises over Rs 5,000 cr through InvIT: Nitin Gadkari

https://economictimes.indiatimes.com/news/economy/infrastructure/nhai-raises-over-rs-5000-cr-through-invit-nitin-gadkari/articleshow/87514092.cms

 

68. ADB approves $250 million loan for India's industrial corridor development

https://economictimes.indiatimes.com/news/economy/finance/adb-approves-250-million-loan-for-indias-industrial-corridor-development/articleshow/87372885.cms

 

69. MSME margins badly hit by commodity price surge: PHDCCI

https://www.thehindu.com/business/Industry/msme-margins-badly-hit-by-commodity-price-surge-phdcci/article37330064.ece

 

7. Columns by Paul Krugman/ Joseph Stiglitz

 

70. On the Spending Bill and Vaccines, Democrats Must Get Moving - The New York Times

https://www.nytimes.com/2021/11/04/opinion/democrats-election-congress-vaccines.html

 

71. Elon Musk and the Dangerous Power of Billionaires - The New York Times

https://www.nytimes.com/2021/11/02/opinion/tax-elon-musk-billionaire.html

 

72. Opinion | No, Vaccine Mandates Aren’t an Attack on Freedom

https://www.nytimes.com/2021/11/01/opinion/vaccine-mandates-biden-republicans.html

 

73. Opinion | A World Running on Empty

https://www.nytimes.com/2021/10/29/opinion/inflation-global-supply-chains-us.html

 

74. Cowards, not crazies, are destroying America

https://www.afr.com/world/north-america/cowards-not-crazies-are-destroying-america-20211030-p594j4

 

8. Other Articles/ Columns

 

• Ideas for India

 

75. Assessing the assessments: Taking stock of India’s ‘learning outcomes’ data

https://www.ideasforindia.in/topics/human-development/assessing-the-assessments-taking-stock-of-india-s-learning-outcomes-data.html

 

76. Do promises work? Assessing long-term benefits of ‘Apni Beti Apna Dhan’ programme

https://www.ideasforindia.in/topics/social-identity/do-promises-work-assessing-long-term-benefits-of-apni-beti-apna-dhan-programme.html

 

• The India Forum

 

77. Plane Tales: Air India’s Return to the Tatas

https://www.theindiaforum.in/article/plane-tales-air-india-s-return-tatas?utm_source=website&utm_medium=organic&utm_campaign=homepage&utm_content=Top-article

 

• EPW

 

Commentary

 

78. Revisiting the GDP Estimation Debate

Manufacturing Sector Output

https://www.epw.in/journal/2021/44/commentary/revisiting-gdp-estimation-debate.html

 

79. Pandemic and the Patent System

https://www.epw.in/journal/2021/44/commentary/pandemic-and-patent-system.html

 

80. Container Crisis and High Freight Costs

India’s Policy Ambivalence

https://www.epw.in/journal/2021/44/commentary/container-crisis-and-high-freight-costs.html

 

81. Economic Impact of COVID-19-induced Lockdown on Rural Households

https://www.epw.in/journal/2021/44/commentary/economic-impact-covid-19-induced-lockdown-rural.html

 

• Project Syndicate

 

82. Africa Must Lead on Capital Flight

https://www.project-syndicate.org/commentary/africa-must-lead-fight-against-illicit-capital-flows-by-carlos-lopes-4-and-ricardo-soares-de-oliveira-2021-11?a_la=english&a_d=61828dfd4639210165d9285d&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=africa-must-lead-fight-against-illicit-capital-flows-by-carlos-lopes-4-and-ricardo-soares-de-oliveira-2021-11&a_pa=section-commentaries&a_ps=&a_ms=&a_r=

 

83. Back to Austerity?

https://www.project-syndicate.org/commentary/economic-policy-cycles-spending-and-austerity-by-harold-james-2021-11?a_la=english&a_d=618261134639210165550537&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=economic-policy-cycles-spending-and-austerity-by-harold-james-2021-11&a_pa=section-commentaries&a_ps=&a_ms=&a_r=

 

84. Will Deglobalization Fuel Inflation?

https://www.project-syndicate.org/commentary/deglobalization-wage-price-spiral-in-advanced-economies-by-dalia-marin-2021-11?a_la=english&a_d=6181611ed0568ea174ce5581&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=deglobalization-wage-price-spiral-in-advanced-economies-by-dalia-marin-2021-11&a_pa=section-commentaries&a_ps=&a_ms=&a_r=

 

85. Why Are Supply Chains Blocked?

https://www.project-syndicate.org/commentary/prevent-future-supply-chain-disruptions-using-ai-models-by-michael-spence-2021-11?a_la=english&a_d=6182bc5446392101655c3880&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=prevent-future-supply-chain-disruptions-using-ai-models-by-michael-spence-2021-11&a_pa=section-commentaries&a_ps=&a_ms=&a_r=

 

86. The Greening of Global Value Chains

https://www.project-syndicate.org/commentary/green-global-value-chains-and-climate-goals-by-erik-berglof-2021-11?a_la=english&a_d=61840e8c46409ab37b2ac873&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=green-global-value-chains-and-climate-goals-by-erik-berglof-2021-11&a_pa=section-commentaries&a_ps=&a_ms=&a_r=

 

• The Economist

 

87. Even after a weak patch, America’s economy is still in high gear

https://www.economist.com/finance-and-economics/even-after-a-weak-patch-americas-economy-is-still-in-high-gear/2180604

 

88. The bond markets v central banks

https://www.economist.com/finance-and-economics/the-bond-markets-v-central-banks/21806082

 

89. Do “greedy jobs” cause the gender pay gap?

https://www.economist.com/finance-and-economics/2021/11/06/do-greedy-jobs-cause-the-gender-pay-gap

 

90. Cautionary tales from high-inflation emerging economies

https://www.economist.com/finance-and-economics/2021/11/06/cautionary-tales-from-high-inflation-emerging-economies

 

9. News on Kerala

 

91. Kerala to set up consolidated fund to compensate farmers

https://www.thehindu.com/news/national/kerala/kerala-to-set-up-consolidated-fund-to-compensate-farmers/article37237022.ece

 

92. Majoritarianism is a political pandemic: Mukul Kesavan

https://www.thehindu.com/news/national/kerala/majoritarianism-is-a-political-pandemic-mukul-kesavan/article37296878.ece

 

93. Now, you can download data map of local bodies in Kerala

https://www.thehindu.com/news/national/kerala/now-you-can-download-data-map-of-local-bodies-in-kerala/article37297429.ece

 

94. UDF accuses Centre, State of fuel ‘tax terrorism’

https://www.thehindu.com/news/national/kerala/udf-accuses-centre-state-of-fuel-tax-terrorism/article37305393.ece

 

95. Benefits in industries to be extended to plantation sector

https://www.thehindu.com/news/national/kerala/benefits-in-industries-to-be-extended-to-plantation-sector/article37305560.ece

 

96. Govt announces sops for cinema industry

https://www.thehindu.com/news/national/kerala/govt-announces-sops-for-cinema-industry/article37328344.ece

 

97. Kerala must prepare to face future with increasing ageing population, says study

https://www.thehindu.com/news/national/kerala/kerala-must-prepare-to-face-future-with-increasing-ageing-population-says-study/article37317710.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