Weekly Updates on the Indian Economy
(06/11/2021 to 12/11/2021)
- National Accounts and State of the Economy
- Revival in consumer sentiment faces headwinds from high unemployment scenario
https://www.thehindubusinessline.com/economy/revival-in-consumer-sentiment-faces-headwinds-from-high-unemployment-scenario/article37378085.ece
- Gujarat once again tops logistics efficiency index of States
https://www.thehindubusinessline.com/economy/gujarat-once-again-tops-logistics-efficiency-index-of-states/article37381396.ece
- COP26: India expresses ‘deep disappointment’ over finance for climate action
https://www.thehindubusinessline.com/news/world/cop26-india-expresses-deep-disappointment-over-finance-for-climate-action/article37391990.ece
- Centre frames rules for release of 75% of funds in arbitration of construction projects
https://www.thehindubusinessline.com/economy/policy/centre-frames-rules-for-release-of-75-of-funds-in-arbitration-of-construction-projects/article37405488.ece
- ‘India on track to become fastest growing economy in the world’
https://www.thehindubusinessline.com/economy/india-on-track-to-become-fastest-growing-economy-in-the-world/article37420230.ece
- Shaktikanta Das says GDP to clip at 9.5% as growth impulses strong
https://economictimes.indiatimes.com/news/economy/policy/shaktikanta-das-says-gdp-to-clip-at-9-5-as-growth-impulses-strong/articleshow/87632328.cms
- Pension scheme for unorganised workers: Lowest PM-SYM enrolments in October
https://economictimes.indiatimes.com/news/economy/policy/pension-scheme-for-unorganised-workers-lowest-pm-sym-enrolment-in-october/articleshow/87637982.cms
- India ready to move into next orbit of growth: SBI chief
https://economictimes.indiatimes.com/news/economy/indicators/india-ready-to-move-into-next-orbit-of-growth-sbi-chief/articleshow/87556487.cms
- India's economic recovery gains momentum in recent months: PHDCCI Economy GPS Index
https://economictimes.indiatimes.com/news/economy/indicators/indias-economic-recovery-gains-momentum-in-recent-months-phdcci-economy-gps-index/articleshow/87568398.cms
- Currency in use at record 14.5% of GDP amid 'dash to cash'
https://economictimes.indiatimes.com/news/economy/indicators/currency-in-use-at-record-14-5-of-gdp-amid-dash-to-cash/articleshow/87578570.cms
- GDP likely to grow at 10-10.5% in FY2022: Report
https://economictimes.indiatimes.com/news/economy/indicators/gdp-likely-to-grow-at-10-10-5-in-fy2022-report/articleshow/87589892.cms
- Nomura forecasts higher CPI, deficit
https://economictimes.indiatimes.com/news/economy/indicators/nomura-forecasts-higher-cpi-deficit/articleshow/87593124.cms
- GDP boosted by base effect and vaccination, economists peg Q2 growth at 6.5-9.9%
https://economictimes.indiatimes.com/news/economy/indicators/gdp-boosted-by-base-effect-and-vaccination-economists-peg-q2-growth-at-6-5-9-9/articleshow/87616639.cms
- Consumption in gated communities in India poised to grow 2.5 times to touch $500 billion in five years: Report
https://economictimes.indiatimes.com/news/economy/indicators/consumption-in-gated-communities-in-india-poised-to-grow-2-5-times-to-touch-500-billion-in-five-years-report/articleshow/87619005.cms
- Inflation cools in September, but inflationary pressure is building up
https://www.business-standard.com/article/economy-policy/inflation-cools-in-september-but-inflationary-pressure-is-building-up-121110800026_1.html
- Five years after demonetisation: How much has Indian economy changed?
https://www.business-standard.com/article/economy-policy/five-years-after-demonetisation-how-much-has-indian-economy-changed-121110701036_1.html
- Demonetisation, 5 years on: Key economic indicators paint a mixed picture
https://www.business-standard.com/podcast/economy-policy/demonetisation-5-years-on-key-economic-indicators-paint-a-mixed-picture-121110700971_1.html
- Five years after demonetisation, high value notes comprise 85.7% of total
https://www.business-standard.com/article/economy-policy/five-years-after-demonetisation-high-value-notes-comprise-85-7-of-total-121110800818_1.html
- Noteban will be marked among worst policy blunders: Jairam Ramesh
https://www.business-standard.com/article/economy-policy/noteban-will-be-marked-among-worst-policy-blunders-jairam-ramesh-121110800877_1.html
- MGNREGS will need Rs 32K-crore more aid to meet demand: Experts
https://www.business-standard.com/article/economy-policy/mgnrega-will-need-rs-32-000-crore-pick-me-up-to-meet-demand-experts-121110901806_1.html
- India's GDP to rise by $406 bn by 2050 in net-zero scenario: Report
https://www.business-standard.com/article/economy-policy/india-s-gdp-to-rise-by-406-billion-by-2050-in-net-zero-scenario-121111100736_1.html
- Growth to exceed 10% in FY22 on strong agri recovery, says Niti VC
https://www.business-standard.com/article/economy-policy/growth-to-exceed-10-in-fy22-on-strong-agri-recovery-says-niti-vc-121111101068_1.html
- Inflation-growth dynamics make policy making tough in India: Fitch
https://www.business-standard.com/article/economy-policy/inflation-growth-dynamics-pose-policy-challenges-in-india-fitch-solutions-121111101815_1.html
- We have become a less cash economy: Chidambaram's dig at Centre
https://www.business-standard.com/article/economy-policy/we-have-become-a-less-cash-economy-chidambaram-s-dig-at-centre-121111201611_1.html
- No country for young workers: How demonetisation has hurt a generation of Indians
https://scroll.in/article/1009877/no-country-for-young-workers-how-demonetisation-has-hurt-a-generation-of-indians
- The spectacle of organised ignorance: Why Indians have chosen to forget the horror of demonetization
https://scroll.in/article/1009873/the-spectacle-of-organised-ignorance-why-indians-have-chosen-to-forget-the-horror-of-demonetisation
- Has India’s informal sector really shrunk to 20% of GDP, as SBI claims?
https://scroll.in/article/1010042/has-indias-informal-sector-really-shrunk-to-20-of-gdp-as-sbi-claims
- Demonetisation left RBI’s reputation in tatters. What could future policy makers learn from this?
https://scroll.in/article/1009876/demonetisation-left-rbis-reputation-in-tatters-what-could-future-policy-makers-learn-from-this
- India’s inflation hasn’t dampened the recovery in consumer demand. But for how long?
https://scroll.in/article/1009845/indias-inflation-hasnt-dampened-the-recovery-in-consumer-demand-but-for-how-long
- India's Broken Credit System Is Stalling GDP growth
https://thewire.in/economy/indias-broken-credit-system-is-stalling-gdp-growth
- Why Do the 'Nationalist' Poor Speak in Defence of Price Rise?
https://thewire.in/politics/why-do-the-nationalist-poor-speak-in-defence-of-price-rise
- Public Finance
- ‘Fiscal deficit for FY22 will be close to Budget Estimates’
https://www.thehindubusinessline.com/economy/fiscal-deficit-for-fy22-will-be-close-to-budget-estimates/article37372152.ece
- Covid-19 vaccine bill likely to shoot up to ₹50,000 crore
https://www.thehindubusinessline.com/economy/covid-19-vaccine-bill-likely-to-shoot-up-to-50000-crore/article37406531.ece
- ‘Excise duty cut on petrol and diesel is significantly positive for inflation’
https://www.thehindubusinessline.com/economy/excise-duty-cut-on-petrol-and-diesel-is-significantly-positive-for-inflation/article37426004.ece
- Andhra Pradesh's revenue deficit soars 662% in H1
https://economictimes.indiatimes.com/news/economy/finance/andhra-pradeshs-revenue-deficit-soars-662-in-h1/articleshow/87642158.cms
- 2021-22 Economic Survey may revert to one volume after eight years
https://www.business-standard.com/article/economy-policy/2021-22-economic-survey-may-revert-to-one-volume-after-eight-years-121110800006_1.html
- States' borrowing cost declines sharply to 6.81% from 7.02%
https://www.business-standard.com/article/economy-policy/states-borrowing-cost-declines-sharply-to-6-81-from-7-02-121110901663_1.html
- Centre allows addl Rs16,691 cr borrowing for 7 states on meeting capex goal
https://www.business-standard.com/article/economy-policy/centre-allows-addl-rs16-691-cr-borrowing-for-7-states-on-meeting-capex-goal-121111201521_1.html
Taxation
- 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
- FinMin frames guidelines for mechanism to disallow debit from electronic ledger for GST assesse
https://www.thehindubusinessline.com/economy/policy/finmin-frames-guidelines-for-mechanism-to-disallow-debit-from-electronic-ledger-for-gst-assessee/article37340143.ece
- Total tax on petrol down to 50 per cent, diesel to 40 per cent after duty cuts
https://www.thehindubusinessline.com/economy/total-tax-on-petrol-down-to-50-per-cent-diesel-to-40-per-cent-after-duty-cuts/article37365092.ece
- HC issues notice to GST council over non-inclusion of petrol, diesel prices
https://economictimes.indiatimes.com/news/economy/policy/hc-issues-notice-to-gst-council-over-non-inclusion-of-petrol-diesel-prices/articleshow/87590727.cms
- Investing in cryptocurrencies, NFT? Soon, you may have to pay 18% GST
https://www.business-standard.com/podcast/economy-policy/investing-in-cryptocurrencies-nft-soon-you-may-have-to-pay-18-gst-121111000016_1.html
- Fuel tax cuts to impact states' kitty by Rs 44,000 cr in FY22: Icra
https://www.business-standard.com/article/economy-policy/fuel-tax-cuts-to-impact-states-kitty-by-rs-44-000-cr-in-fy22-icra-121111101233_1.html
- Eggs are farm produce, transporting them is exempt from GST: Karnataka AAR
https://www.business-standard.com/article/economy-policy/eggs-are-farm-produce-transporting-them-is-exempt-from-gst-karnataka-aar-121111201248_1.html
- Banking and Monetary Policy
- Interest rates: Greater synergy between RBI’s expectations and the market behaviour: Das
https://www.thehindubusinessline.com/economy/policy/interest-rates-greater-synergy-between-rbis-expectations-and-the-market-behaviour-das/article37425665.ece
- Story in numbers: Goa sees rise in women-owned bank accounts, shows data
https://www.business-standard.com/article/economy-policy/story-in-numbers-goa-sees-rise-in-women-owned-bank-accounts-shows-data-121110700880_1.html
- India ahead of China in financial inclusion metrics now: SBI report
https://www.business-standard.com/article/economy-policy/india-ahead-of-china-in-financial-inclusion-metrics-now-sbi-report-121110801290_1.html
- UPI AutoPay sees 28.34% rise in recurring mandates, shows data
https://www.business-standard.com/article/economy-policy/upi-autopay-sees-28-34-rise-in-recurring-mandates-shows-data-121111100067_1.html
- Credit active consumers rise 7% during Feb-Oct this year: Report
https://www.business-standard.com/article/economy-policy/credit-active-consumers-rise-7-during-feb-oct-this-year-report-121111101530_1.html
- External Sector
- Trade protectionism fears rise as global food inflation zooms to decade’s high
https://www.thehindubusinessline.com/economy/agri-business/trade-protectionism-fears-rise-as-global-food-inflation-zooms-to-decades-high/article37339817.ece
- Is India recalibrating its approach towards FTA negotiations?
https://economictimes.indiatimes.com/news/economy/foreign-trade/is-india-recalibrating-its-approach-towards-fta-negotiations/articleshow/87599925.cms
- India's coal import drops 12 per cent to 94 MT in April-August
https://economictimes.indiatimes.com/news/economy/foreign-trade/indias-coal-import-12-per-cent-drops-to-94-mt-in-april-august/articleshow/87611606.cms
- India exports 2.76 lakh tonnes of sugar in last 40 days: AISTA
https://economictimes.indiatimes.com/news/economy/foreign-trade/india-exports-2-76-lakh-tonnes-of-sugar-in-last-40-days-aista/articleshow/87629096.cms
- Supply constraints, higher rupee lift Indian rice export prices to near 4-month high
https://economictimes.indiatimes.com/news/economy/foreign-trade/supply-constraints-higher-rupee-lift-indian-rice-export-prices-to-near-4-month-high/articleshow/87577595.cms
- India's fisheries sops proposals diluted in new WTO draft text
https://economictimes.indiatimes.com/news/economy/agriculture/indias-fisheries-sops-proposals-diluted-in-new-wto-draft-text/articleshow/87593019.cms
- Exports, FDI numbers indicate Indian economy is back in action: Goyal
https://www.business-standard.com/article/pti-stories/indian-economy-back-in-action-goyal-121111201663_1.html
- Agriculture and Rural Economy
- Record global cereals production, trade likely despite setbacks
https://www.thehindubusinessline.com/economy/agri-business/record-global-cereals-production-trade-likely-despite-setbacks/article37377168.ece
- Natural rubber on threshold of long-term deficit, says ANRPC
https://www.thehindubusinessline.com/economy/agri-business/natural-rubber-on-threshold-of-long-term-deficit-says-anrpc/article37412610.ece
- Spot rubber back on track
https://www.thehindubusinessline.com/economy/agri-business/spot-rubber-back-on-track/article37423927.ece
- Need to increase income of marginal, small farmers: Venkaiah Naidu
https://economictimes.indiatimes.com/news/economy/agriculture/need-to-increase-income-of-marginal-small-farmers-venkaiah-naidu/articleshow/87568407.cms
- India signs up to COP26 action agenda on sustainable agriculture
https://economictimes.indiatimes.com/news/economy/agriculture/india-signs-up-to-cop26-action-agenda-on-sustainable-agriculture/articleshow/87569533.cms
- Centre holds consultations with 32 states/UTs on new central scheme to digitalise PACs
https://economictimes.indiatimes.com/news/economy/agriculture/centre-holds-consultations-with-32-states/uts-on-new-central-scheme-to-digitalise-pacs/articleshow/87590398.cms
- Govt buys over 209 lakh ton paddy so far this Kharif marketing season for Rs 41,066 cr
https://economictimes.indiatimes.com/news/economy/agriculture/govt-buys-over-209-lakh-ton-paddy-so-far-this-kharif-marketing-season-for-rs-41066-cr/articleshow/87605122.cms
- Dairy industry in India to grow by 9-11% in FY22, says report
https://www.business-standard.com/article/economy-policy/dairy-industry-in-india-to-grow-by-9-11-in-fy22-says-report-121110901272_1.html
- Bright crop prospects will boost rural demand, says NITI Aayog
https://www.business-standard.com/article/economy-policy/bright-crop-prospects-will-boost-rural-demand-says-niti-aayog-121111200069_1.html
- 'The Food You Throw Away Impacts the Weather Outside Your Window'
https://thewire.in/agriculture/food-insecurity-climate-change-cop26-gernot-laganda-unwfp
- Industry, Manufacturing, Services and Technology
- Tractor sales hit record high in October on festival boost
https://www.thehindubusinessline.com/economy/tractor-sales-hit-record-high-in-october-on-festival-boost/article37425228.ece
- India IT services market grows by 7.3% in first half of 2021: Report
https://www.business-standard.com/article/economy-policy/india-it-services-market-grows-by-7-3-in-first-half-of-2021-report-121111001029_1.html
- Steep input cost hike forces foundry industry to curtail production
https://www.business-standard.com/article/economy-policy/steep-input-cost-hike-forces-foundry-industry-to-curtail-production-121111201172_1.html
- IIP growth slows down to 3.1% in September as base effect fades away
https://www.business-standard.com/article/economy-policy/iip-growth-slows-down-to-3-1-in-september-as-base-effect-fades-away-121111201759_1.html
- With better roads, India can achieve a China-like economic transformation – and still reach net zero
https://scroll.in/article/1010167/with-better-roads-india-can-achieve-a-china-like-economic-transformation-and-still-reach-net-zero
- Columns by Paul Krugman/ Joseph Stiglitz
- Opinion | History Says Don’t Panic About Inflation
https://www.nytimes.com/2021/11/11/opinion/inflation-history.html
- The U.S. Economy Is Booming. Why Do Americans Feel Bad? - The New York Times
https://www.nytimes.com/2021/11/09/opinion/economy-inflation-supply-chain.html
- Opinion | How Infrastructure Week Finally Happened
https://www.nytimes.com/2021/11/08/opinion/infrastructure-bill-biden.html
- Opinion | Wonking Out: Is the Great Resignation a Great Rethink?
https://www.nytimes.com/2021/11/05/opinion/great-resignation-quit-job.html
- Why the Federal Reserve chair Jerome Powell must go
https://www.theguardian.com/business/2021/nov/10/why-the-federal-reserve-chair-jerome-powell-must-go
- Other Articles/ Columns
- Understanding ‘consumer price index’ and consumption baskets
https://www.ideasforindia.in/topics/macroeconomics/understanding-consumer-price-index-and-consumption-baskets.html
- Assessing the credibility of sub-national budgets in India
https://www.ideasforindia.in/topics/macroeconomics/assessing-the-credibility-of-sub-national-budgets-in-india.html
- On the economic geography of climate change
https://www.ideasforindia.in/topics/environment/on-the-economic-geography-of-climate-change.html
- Which Way the Stock Market Now?
https://www.theindiaforum.in/article/which-way-stock-market-now?utm_source=website&utm_medium=organic&utm_campaign=homepage&utm_content=Top-article
Special Article
- Rural–Urban Linkages in Bihar
Manufacturing Sector and Jobs for Unskilled Labour
https://www.epw.in/journal/2021/45-46/special-articles/rural%E2%80%93urban-linkages-bihar.html
- The Plight of Street Vendors in India
Failure of Urban Governance and Development
https://www.epw.in/journal/2021/45-46/special-articles/plight-street-vendors-india.html
- Rural–Urban Disparity in the Standard of Living across States of India
A Preliminary Estimate
https://www.epw.in/journal/2021/45-46/special-articles/rural%E2%80%93urban-disparity-standard-living-across.html
- The Rise of Intangible Capitalism
https://www.project-syndicate.org/commentary/intangible-assets-new-model-for-capitalism-by-eric-hazan-et-al-2021-11
- Accounting for Climate Change
https://www.project-syndicate.org/commentary/cop26-creation-of-international-sustainability-standards-board-climate-reporting-by-lucrezia-reichlin-2021-11
- The Choking of the Global Minotaur
https://www.project-syndicate.org/commentary/us-supply-chain-coordination-problem-by-james-k-galbraith-2021-11?a_la=english&a_d=618d1dc82f601fb6486fe746&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=us-supply-chain-coordination-problem-by-james-k-galbraith-2021-11&a_pa=section-commentaries&a_ps=&a_ms=&a_r=
- How to Make Decarbonization Economically Sustainable
https://www.project-syndicate.org/commentary/global-strategic-reserve-agreement-by-jim-o-neill-2021-11?a_la=english&a_d=618aa0ef6045b41749443e80&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=global-strategic-reserve-agreement-by-jim-o-neill-2021-11&a_pa=section-commentaries&a_ps=&a_ms=&a_r=
- Where America's Fiscal Debate Goes Off the Rails
https://www.project-syndicate.org/commentary/congress-baseless-fear-of-debt-financed-public-investment-by-barry-eichengreen-2021-11?a_la=english&a_d=618a5f656045b417496a731d&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=congress-baseless-fear-of-debt-financed-public-investment-by-barry-eichengreen-2021-11&a_pa=section-commentaries&a_ps=&a_ms=&a_r=
- Why All the Inflation Worries?
https://www.project-syndicate.org/commentary/us-inflation-pressures-not-a-cause-for-worry-by-j-bradford-delong-2021-11?a_la=english&a_d=618927f9df78eefd80024c15&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=us-inflation-pressures-not-a-cause-for-worry-by-j-bradford-delong-2021-11&a_pa=section-commentaries&a_ps=&a_ms=&a_r=
- Will the craze for crypto startups ever produce the next tech giant?
https://www.economist.com/finance-and-economics/2021/11/13/will-the-craze-for-crypto-startups-ever-produce-the-next-tech-giant
- Cash is a low-yielding asset but has other virtues
https://www.economist.com/finance-and-economics/2021/11/13/cash-is-a-low-yielding-asset-but-has-other-virtues
- Belize shows the growing potential of debt-for-nature swaps
https://www.economist.com/finance-and-economics/2021/11/13/belize-shows-the-growing-potential-of-debt-for-nature-swaps
- A three-decade high in inflation sows concerns about America’s recovery
https://www.economist.com/finance-and-economics/a-three-decade-high-in-inflation-sows-concerns-about-americas-recovery/21806221
- China attempts to clean up its sleaziest regional banks
https://www.economist.com/finance-and-economics/china-attempts-to-clean-up-its-sleaziest-regional-banks/21806193
- News on Kerala
- Development and environmental protection are equally important: Kerala CM
https://www.business-standard.com/article/economy-policy/development-and-environmental-protection-are-equally-important-kerala-cm-121111000619_1.html
- Fiscal federalism under threat:CM
https://www.thehindu.com/news/national/kerala/fiscal-federalism-under-threatcm/article37345082.ece
- Kerala High Court seeks reasons for not including petrol, diesel in GST
https://www.thehindu.com/news/national/kerala/kerala-high-court-seeks-reasons-for-not-including-petrol-diesel-in-gst/article37382158.ece
- Survey to identify economically backward
https://www.thehindu.com/news/national/kerala/survey-to-identify-economically-backward/article37423082.ece
- Webinar on climate change impact on agriculture and rural livelihood
https://www.thehindu.com/news/national/kerala/webinar-on-climate-change-impact-on-agriculture-and-rural-livelihood/article37423520.ece
- CAG finds lapses in disaster response during 2018 floods
https://www.thehindu.com/news/national/kerala/cag-finds-lapses-in-disaster-response-during-2018-floods/article37439006.ece
- CAG raps Govt. for off-budget borrowings
https://www.thehindu.com/news/national/kerala/cag-raps-govt-for-off-budget-borrowings/article37440989.ece
- Depressive disorders high among PhD students
https://www.thehindu.com/news/national/kerala/depressive-disorders-high-among-phd-students/article37459613.ece
- New paddy variety on 250 acres hit by rice blast disease in Wayanad
https://www.thehindu.com/news/national/kerala/new-paddy-variety-on-250-acres-hit-by-rice-blast-disease-in-wayanad/article37462439.ece
- UDF alleges ‘tax terrorism’ by State
https://www.thehindu.com/news/national/kerala/udf-alleges-tax-terrorism-by-state/article37442923.ece
- Public finance expert M. Govinda Rao calls for inclusion of fuel, power and real estate under the ambit of GST
https://www.thehindu.com/news/national/kerala/public-finance-expert-m-govinda-rao-calls-for-inclusion-of-fuel-power-and-real-estate-under-the-ambit-of-gst/article37458607.ece
- GST has failed to achieve its objectives: Balagopal
https://www.thehindu.com/news/national/kerala/gst-has-failed-to-achieve-its-objectives-balagopal/article37459437.ece
- Govt. lock horns with CAG over KIIFB again
https://www.thehindu.com/news/national/kerala/govt-lock-horns-with-cag-over-kiifb-again/article37462064.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