Weekly Updates on the Indian Economy
(13/11/2021 to 19/11/2021)
- National Accounts and State of the Economy
- Food, fuel drive Oct retail inflation to 4.48%
https://www.thehindubusinessline.com/economy/food-fuel-drive-oct-retail-inflation-to-448/article37462894.ece
- Goods worth $9.2 b sold online in 2021 festive sales, a 23% growth YoY: RedSeer report
https://www.thehindubusinessline.com/economy/goods-worth-92-billion-sold-online-in-2021-festive-sales-redseer-report/article37462560.ece
- India can contribute more to global growth
https://www.thehindubusinessline.com/opinion/india-can-contribute-more-to-global-growth/article37491613.ece
- At 12.5%, October WPI surges to a 5-month high
https://www.thehindubusinessline.com/economy/wholesale-inflation-surges-to-125-in-october/article37501243.ece
- Buoyancy in retail credit growth expected to last
https://www.thehindubusinessline.com/data-stories/data-focus/buoyancy-in-retail-credit-growth-expected-to-last/article37518205.ece
- Fitch affirms India’s rating at ‘BBB-’ with negative outlook
https://www.thehindubusinessline.com/economy/fitch-affirms-indias-rating-at-bbb-with-negative-outlook/article37525121.ece
- Take more risks, add capacities to boost economy: FM tells India Inc
https://www.thehindubusinessline.com/economy/take-more-risks-add-capacities-to-boost-economy-fm-tells-india-inc/article37548005.ece
- TN will categorise projects, explore multiple funding options: Palanivel Thiaga Rajan
https://www.thehindubusinessline.com/news/national/tn-will-categorise-projects-explore-multiple-funding-options-palanivel-thiaga-rajan/article37567372.ece
- Richest 20% facing more inflation than poorest 20%, says CRISIL
https://www.business-standard.com/article/economy-policy/richest-20-facing-more-inflation-than-poorest-20-says-crisil-121111300064_1.html
- Digital divide still a challenge in remote teaching, learning: Experts
https://www.business-standard.com/article/economy-policy/digital-divide-still-a-challenge-in-remote-teaching-learning-experts-121111400701_1.html
- Indian economy to grow at double-digits this fiscal: CEA Subramanian
https://www.business-standard.com/article/economy-policy/indian-economy-to-grow-at-double-digits-this-fiscal-cea-subramanian-121111400772_1.html
- Statsguru: Six charts explain declining diesel consumption in India
https://www.business-standard.com/article/economy-policy/statsguru-six-charts-explain-declining-diesel-consumption-in-india-121111500043_1.html
- India set to re-emerge as among fastest-growing economies, says RBI
https://www.business-standard.com/article/economy-policy/india-set-to-re-emerge-as-among-fastest-growing-economies-says-rbi-121111501444_1.html
- India's diesel demand dips in first half of November, show govt data
https://www.business-standard.com/article/economy-policy/india-s-diesel-demand-dips-in-first-half-of-november-show-govt-data-121111600740_1.html
- Fitch refuses to do a Moody's, retains India's outlook at negative
https://www.business-standard.com/article/economy-policy/fitch-refuses-to-do-a-moody-s-retains-india-s-outlook-at-negative-121111601411_1.html
- Fitch's rating disappointing but investors see future in India, its reforms
https://www.business-standard.com/article/economy-policy/fitch-s-rating-disappointing-but-investors-see-future-in-india-its-reforms-121111700082_1.html
- India's GDP is likely to grow at 10% in FY22, says Bibek Debroy
https://www.business-standard.com/article/economy-policy/india-s-gdp-is-likely-to-grow-at-10-in-fy22-says-bibek-debroy-121111700543_1.html
- UBS revises India's GDP growth forecast to 9.5% from 8.9% for FY22
https://www.business-standard.com/article/economy-policy/ubs-revises-india-s-gdp-growth-forecast-to-9-5-from-8-9-for-fy22-121111700793_1.html
- 50% financial teams fail on short-term forecasts, or err majorly: TCS study
https://www.business-standard.com/article/economy-policy/50-financial-teams-fail-on-short-term-forecasts-or-err-majorly-tcs-study-121111700863_1.html
- Need 100 mn jobs in next 10 yrs to gain from demographic dividend: Experts
https://www.business-standard.com/article/economy-policy/need-100-mn-jobs-in-next-10-yrs-to-gain-from-demographic-dividend-experts-121111700933_1.html
- Differences abound in global, India inflation drivers, say experts
https://www.business-standard.com/article/economy-policy/differences-abound-in-global-indian-drivers-of-inflation-economists-121111701154_1.html
- FM urges India Inc to take risks, boost capacities to create more jobs
https://www.business-standard.com/article/economy-policy/fm-urges-india-inc-to-take-risks-boost-capacities-to-create-more-jobs-121111701213_1.html
- 'Office space leasing in 7 cities to reach 95% of pre-Covid level in FY23'
https://www.business-standard.com/article/economy-policy/office-space-leasing-in-7-cities-to-reach-95-of-pre-covid-level-in-fy23-121111701248_1.html
- e-SHRAM portal: Female registration higher in all states, shows data
https://www.business-standard.com/article/economy-policy/e-shram-portal-female-registration-higher-in-all-states-shows-data-121111800073_1.html
- Rating agency ICRA revises India's Q2FY22 GDP growth to 7.9%, up by 20 pts
https://www.business-standard.com/article/economy-policy/rating-agency-icra-revises-india-s-q2fy22-gdp-growth-to-7-9-up-by-20-pts-121111900057_1.html
- Recent reforms will lay foundation of higher growth: CEA Subramanian
https://www.business-standard.com/article/economy-policy/recent-reforms-will-lay-foundation-of-higher-growth-cea-subramanian-121111801509_1.html
- 'K-model is wrong…we need a new alphabet to depict India’s economic recovery': Amit Mitra
https://economictimes.indiatimes.com/news/economy/policy/k-model-is-wrongwe-need-a-new-alphabet-to-depict-indias-economic-recovery-amit-mitra/articleshow/87695674.cms
- India better positioned to face external shocks: Michael Debabrata Patra
https://economictimes.indiatimes.com/news/economy/policy/india-better-positioned-to-face-external-shocks-michael-debabrata-patra/articleshow/87721079.cms
- Economy on durable path of recovery, says RBI article
https://economictimes.indiatimes.com/news/economy/policy/economy-on-durable-path-of-recovery-says-rbi-article/articleshow/87721698.cms
- It may take several years to recover loss of output due to the pandemic: RBI
https://economictimes.indiatimes.com/news/economy/policy/it-may-take-several-years-to-recover-loss-of-output-due-to-the-pandemic-rbi/articleshow/87722490.cms
- Finance Commission head NK Singh calls for a review of the Seventh Schedule of the Constitution
https://economictimes.indiatimes.com/news/economy/policy/finance-commission-head-nk-singh-calls-for-a-review-of-the-seventh-schedule-of-the-constitution/articleshow/87761852.cms
- India swings into action to climb up Global Hunger Index
https://economictimes.indiatimes.com/news/economy/indicators/india-swings-into-action-to-climb-up-global-hunger-index/articleshow/87748226.cms
- 92% registered informal workers' income at Rs 10K or below; 72% belong to SC, ST, OBC
https://economictimes.indiatimes.com/news/economy/indicators/92-registered-informal-workers-income-at-rs-10k-or-below-72-belong-to-sc-st-obc/articleshow/87763095.cms
- India's economic advisory council expects GDP to grow 7%-7.5% in 2022/23
https://economictimes.indiatimes.com/news/economy/indicators/indias-economic-advisory-council-expects-it-to-grow-7-7-5-in-2022/23/articleshow/87783705.cms
- Recovery taking hold; private investment should resume: Das
https://www.thehindu.com/todays-paper/tp-business/recovery-taking-hold-private-investment-should-resume-das/article37531669.ece
- ‘School enrolment fell during pandemic’
https://www.thehindu.com/todays-paper/school-enrolment-fell-during-pandemic/article37552301.ece
- Missing an inclusionary vision for the urban poor
https://www.thehindu.com/opinion/op-ed/missing-an-inclusionary-vision-for-the-urban-poor/article37569210.ece
- India Stands at 82 in Global Business Bribery Risk Rankings
https://thewire.in/business/india-stands-at-82-in-global-business-bribery-risk-rankings
- 20% Unorganised Sector Workers Registered With Labour Ministry's e-Sharm Portal: Report
https://thewire.in/labour/20-unorganised-sector-workers-registered-with-labour-ministrys-e-sharm-portal-report
- Public Finance
- Doesn’t solve low-revenue issue, only helps cash flow, hit capex: States
https://www.thehindubusinessline.com/economy/doesnt-solve-low-revenue-issue-only-helps-cash-flow-hit-capex-states/article37527733.ece
- Centre's tax devolution to states doubled to Rs 95K cr in November: FM
https://www.business-standard.com/article/economy-policy/centre-to-give-double-tax-devolution-at-rs-95k-crore-to-states-in-nov-fm-121111501710_1.html
- Uttar Pradesh's capex grew 563% in H1; 30% fall for Andhra Pradesh
https://www.business-standard.com/article/economy-policy/uttar-pradesh-s-capex-grew-563-in-h1-30-fall-for-andhra-pradesh-121111700037_1.html
- India needs to double capex in medium term to fund infra: DEA Secy
https://www.business-standard.com/article/economy-policy/india-needs-to-double-capex-in-medium-term-to-fund-infra-dea-secy-121111701182_1.html
- Economists urge gradual consolidation, see fiscal deficit near 6% in FY23
https://www.business-standard.com/article/economy-policy/economists-urge-gradual-consolidation-see-fiscal-deficit-near-6-in-fy23-121111701304_1.html
- Centre releases Rs.8,453.92 cr as health sector grant for rural and urban local bodies of 19 states
https://economictimes.indiatimes.com/news/economy/finance/centre-releases-rs-8453-92-cr-as-health-sector-grant-for-rural-and-urban-local-bodies-of-19-states/articleshow/87680073.cms
Taxation
- GoM may push for hiking GST on some goods, services
https://www.thehindubusinessline.com/economy/gom-may-push-for-hiking-gst-on-some-goods-services/article37478211.ece
- The challenges of stabilising the reverse pyramid
https://www.thehindubusinessline.com/business-laws/the-challenges-of-stabilising-the-reverse-pyramid/article37493535.ece
- Ice-cream parlours spooked by summons to pay 18% GST retrospectively from July 2017
https://www.thehindubusinessline.com/economy/ice-cream-meltdown-over-gst/article37535593.ece
- Grants, non-philanthropic donations to attract 18% GST, says AAR
https://www.business-standard.com/article/economy-policy/grants-non-philanthropic-donations-to-attract-18-gst-says-aar-121111700495_1.html
- Only works contract in land deals will attract GST: Telangana AAR
https://www.business-standard.com/article/economy-policy/only-works-contract-in-land-deals-will-attract-gst-telangana-aar-121111800681_1.html
- Excess money in cash ledger refundable even two yrs after paying GST: CBIC
https://www.business-standard.com/article/economy-policy/excess-money-in-cash-ledger-refundable-even-two-yrs-after-paying-gst-cbic-121111801017_1.html
- E-way bill generation slackens in November post festive season spur
https://economictimes.indiatimes.com/news/economy/finance/e-way-bill-generation-slackens-in-november-post-festive-season-spur/articleshow/87722773.cms
- Banking and Monetary Policy
- RBI’s retail direct scheme clocks over 12,000 registrations
https://www.thehindubusinessline.com/money-and-banking/rbis-retail-direct-scheme-clocks-over-12000-registrations/article37478486.ece
- Economy set to recover on low interest rates, softening inflation: RBI bulletin
https://www.thehindubusinessline.com/money-and-banking/economy-set-to-recover-on-low-interest-rates-softening-inflation-rbi-bulletin/article37508633.ece
- Bank boards must diligently discharge oversight functions: RBI Governor
https://www.thehindubusinessline.com/money-and-banking/bank-boards-must-diligently-discharge-oversight-functions-rbi-governor/article37527897.ece
- Borrowers moving towards fixed rate loans: RBI chief
https://www.thehindubusinessline.com/money-and-banking/borrowers-moving-towards-fixed-rate-loans-rbi-chief/article37525650.ece
- RBI may pilot digital currency in Q1 of FY23
https://www.thehindubusinessline.com/money-and-banking/rbi-may-pilot-digital-currency-in-q1-of-fy23/article37547884.ece
- Govt plans progressive steps for digital currencies in India: Report
https://www.business-standard.com/article/economy-policy/govt-plans-progressive-steps-for-digital-currencies-in-india-report-121111400314_1.html
- Currency in circulation remains unchanged during Diwali week: SBI Research
https://www.business-standard.com/article/economy-policy/currency-in-circulation-remains-unchanged-during-diwali-week-sbi-research-121111500554_1.html
- External Sector
- Oct exports soar 43% but rising imports keep trade deficit high at $19.73 b
https://www.thehindubusinessline.com/economy/key-sector-growth-pushes-october-exports-up-43-to-3565-b/article37504573.ece
- At WTO meet, India to push for TRIPS waiver of Covid-19 health products
https://www.thehindubusinessline.com/news/india-says-its-stand-on-trips-waiver-for-covid-19-vaccines-drugs-has-domestic-industry-consent/article37506129.ece
- Lessons for India from China’s Evergrande woes
https://www.thehindubusinessline.com/opinion/the-evergrande-crisis-has-the-potential-to-become-a-global-contagion/article37527234.ece
- India locks horns with rich nations in WTO ‘green room’
https://www.thehindubusinessline.com/economy/india-locks-horns-with-rich-nations-in-wto-green-room/article37527795.ece
- Exports grow 11 months on trot, rise 43% to $35.65 billion in October
https://www.business-standard.com/article/economy-policy/merchandise-exports-grow-11-months-on-trot-up-43-yoy-to-35-65-bn-in-oct-121111501399_1.html
- India cannot depend on imports for essential goods, says Sitharaman
https://www.business-standard.com/article/economy-policy/india-cannot-depend-on-imports-for-essential-goods-says-sitharaman-121111700824_1.html
- India to pitch for permanent solution for food security in WTO meet
https://www.business-standard.com/article/economy-policy/india-to-pitch-for-permanent-solution-for-food-security-in-wto-meet-121111800071_1.html
- Data shows strong rebound in India-US bilateral trade in 2021: US official
https://www.business-standard.com/article/pti-stories/data-indicates-strong-rebound-in-india-us-bilateral-trade-in-2021-us-official-121111800424_1.html
- India received $87 billion in remittances in 2021: World Bank
https://www.business-standard.com/article/economy-policy/india-received-87-billion-in-remittances-in-2021-world-bank-121111800329_1.html
- Engineering goods exports continue impressive run, grows 51% in October
https://economictimes.indiatimes.com/news/economy/indicators/engineering-goods-exports-continue-impressive-run-grows-51-in-october/articleshow/87720858.cms
- India received record FDI in last 7 yrs; hope to see the trend continue: Piyush Goyal
https://economictimes.indiatimes.com/news/economy/finance/india-received-record-fdi-in-last-7-yrs-hope-to-see-the-trend-continue-piyush-goyal/articleshow/87735406.cms
- Agriculture and Rural Economy
- Wheat stocks with FCI rise to record high
https://www.thehindubusinessline.com/economy/agri-business/wheat-stocks-with-fci-rise-to-record-high-of-4198-mt/article37457228.ece
- Rice, wheat lead 23% rise in H1 agri exports
https://www.thehindubusinessline.com/economy/agri-business/rice-wheat-lead-23-increase-in-agri-exports-in-h1/article37516313.ece
- Demand for additional funds for MGNREGS gets louder
https://www.thehindubusinessline.com/data-stories/data-focus/demand-for-additional-funds-for-mgnregs-gets-louder/article37544645.ece
- Growth rate of agricultural emissions picking up since 2015, shows data
https://www.business-standard.com/article/economy-policy/growth-rate-of-agricultural-emissions-picking-up-since-2015-shows-data-121111300056_1.html
- Retail inflation for farm, rural workers marginally down in October
https://www.business-standard.com/article/economy-policy/retail-inflation-for-farm-rural-workers-marginally-down-in-october-121111801074_1.html
- WTO may propose new agriculture package
https://economictimes.indiatimes.com/news/economy/agriculture/wto-may-propose-new-agriculture-package/articleshow/87748338.cms
- Focus on quality tea likely to provide support for tea producers amid sharp wage hikes: Report
https://economictimes.indiatimes.com/news/economy/agriculture/focus-on-quality-tea-likely-to-provide-support-for-tea-producers-amid-sharp-wage-hikes-report/articleshow/87738580.cms
- Moderation likely in financial performance of Assam, West Bengal tea industry: ICRA
https://economictimes.indiatimes.com/news/economy/agriculture/moderation-likely-in-financial-performance-of-assam-west-bengal-tea-industry-icra/articleshow/87734825.cms
- Coffee growers cite losses due to rains, seek rescheduling of bank loans
https://economictimes.indiatimes.com/news/economy/agriculture/coffee-growers-cite-losses-due-to-rains-seek-rescheduling-of-bank-loans/articleshow/87719947.cms
- Industry, Manufacturing, Services and Technology
- Is a ‘mini-cycle’ in the commodities sphere emerging?
https://www.thehindubusinessline.com/opinion/columns/c-p-chandrasekhar/is-a-mini-cycle-in-the-commodities-sphere-emerging/article37506377.ece
- E-2W market will see big surge in sales on lower cost of ownership: BCG report
https://www.thehindubusinessline.com/economy/e-2w-market-will-see-big-surge-in-sales-on-lower-cost-of-ownership-bcg-report/article37546965.ece
- NHAI to continue awarding road projects this fiscal, HAM dominates: Crisil
https://www.business-standard.com/article/economy-policy/nhai-to-continue-awarding-road-projects-this-fiscal-ham-dominates-crisil-121111501531_1.html
- Housing sales across 8 cities may rise 15-20% in 2021 on demand revival
https://www.business-standard.com/article/economy-policy/housing-sales-across-8-cities-may-rise-15-20-in-2021-on-demand-revival-121111600878_1.html
- Domestic travel surges 27% to 8.9 million in October, shows data
https://www.business-standard.com/article/economy-policy/domestic-travel-surges-27-to-8-9-million-in-october-shows-data-121111900095_1.html
- India now world's third largest domestic aviation market: Scindia
https://www.business-standard.com/article/economy-policy/india-now-world-s-third-largest-domestic-aviation-market-scindia-121111900056_1.html
- Centre got positive feedback from industry on PLI schemes: Goyal
https://www.business-standard.com/article/economy-policy/centre-got-positive-feedback-from-industry-on-pli-schemes-goyal-121111900069_1.html
- New model pact to create keen interest in Rs 14,600 crore PPP ports projects, says Sonowal
https://economictimes.indiatimes.com/news/economy/infrastructure/new-model-pact-to-create-keen-interest-in-rs-14600-crore-ppp-ports-projects-says-sonowal/articleshow/87784546.cms
- Cabinet approves construction of over 32,000 km roads in far-flung areas
https://economictimes.indiatimes.com/news/economy/infrastructure/cabinet-approves-construction-of-over-32000-km-roads-in-far-flung-areas/articleshow/87757953.cms
- Govt to enhance funding under PLI for solar manufacturing to Rs 24,000 cr, says R K Singh
https://economictimes.indiatimes.com/news/economy/policy/govt-to-enhance-funding-under-pli-for-solar-manufacturing-to-rs-24000-cr-says-r-k-singh/articleshow/87695225.cms
- India extends lead in fintech investments: S&P Global
https://economictimes.indiatimes.com/news/economy/finance/india-extends-lead-in-fintech-investments-sp-global/articleshow/87761528.cms
- Real estate sector seeing several positive signs: Sundaram Home
https://www.thehindu.com/business/real-estate-sector-seeing-several-positive-signs-sundaram-home/article37478579.ece#:~:text=The%20real%20estate%20sector%20is,is%20enough%20inventory%20to%20buy.
- Columns by Paul Krugman/ Joseph Stiglitz
- Gas Prices Are Up in the U.S. Don't Blame the President. - The New York Times
https://www.nytimes.com/2021/11/16/opinion/gas-prices-economy.html
- Opinion | Wonking Out: How Global Is Inflation?
https://www.nytimes.com/2021/11/12/opinion/inflation-us-europe-covid.html
- Opinion | History Says Don’t Panic About Inflation
https://www.nytimes.com/2021/11/11/opinion/inflation-history.html
- Other Articles/ Columns
- The debacle of demonetisation
https://www.thehindu.com/todays-paper/tp-opinion/the-debacle-of-demonetisation/article37513997.ece
- Thinking about financial sector reforms in India
https://www.ideasforindia.in/topics/money-finance/thinking-about-financial-sector-reforms-in-india.html
- Digital Currency: Fog Beyond the Hype
https://www.theindiaforum.in/article/digital-currency-fog-beyond-hype?utm_source=website&utm_medium=organic&utm_campaign=homepage&utm_content=Top-article
- A Capital-Markets Union Is the Key to Greening Europe
https://www.project-syndicate.org/commentary/eu-needs-capital-markets-union-by-christian-sewing-and-werner-hoyer-2021-11?a_la=english&a_d=619239855201e61aca5f7832&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=eu-needs-capital-markets-union-by-christian-sewing-and-werner-hoyer-2021-11&a_pa=section-commentaries&a_ps=&a_ms=&a_r=
- Fixing Climate Finance
https://www.project-syndicate.org/commentary/fixing-climate-finance-requires-global-rules-by-jeffrey-d-sachs-2021-11?a_la=english&a_d=619248595201e61aca8dd38b&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=fixing-climate-finance-requires-global-rules-by-jeffrey-d-sachs-2021-11&a_pa=section-commentaries&a_ps=&a_ms=&a_r=
- What Killed Macroeconomics?
https://www.project-syndicate.org/commentary/macroeconomic-policy-fiscal-stimulus-lacks-robust-theory-by-robert-skidelsky-2021-11?a_la=english&a_d=61937dfb5201e61acae7cd3d&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=macroeconomic-policy-fiscal-stimulus-lacks-robust-theory-by-robert-skidelsky-2021-11&a_pa=section-commentaries&a_ps=&a_ms=&a_r=
- Rich Countries' Double Standards on Taxation
https://www.project-syndicate.org/commentary/g20-corporate-tax-deal-unfair-to-developing-economies-by-jose-antonio-ocampo-2021-11?a_la=english&a_d=6193a1c75201e61aca6028a3&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=g20-corporate-tax-deal-unfair-to-developing-economies-by-jose-antonio-ocampo-2021-11&a_pa=section-commentaries&a_ps=&a_ms=&a_r=
- Why Is China's Growth Rate Falling So Fast?
https://www.project-syndicate.org/commentary/why-is-china-gdp-growth-rate-falling-so-fast-by-shang-jin-wei-2021-11?a_la=english&a_d=6194cef471593a3eb53c7d30&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=why-is-china-gdp-growth-rate-falling-so-fast-by-shang-jin-wei-2021-11&a_pa=section-commentaries&a_ps=&a_ms=&a_r=
- The case of the curiously quiescent inflation rate
https://www.economist.com/finance-and-economics/2021/11/20/the-case-of-the-curiously-quiescent-inflation-rate
- As housing costs rocket, governments take aim at large investors
https://www.economist.com/finance-and-economics/2021/11/20/as-housing-costs-rocket-governments-take-aim-at-large-investors
- News on Kerala
- Fertiliser shortage leaves Kerala’s plantation sector worried; officials say retailers are well-stocked
https://www.thehindubusinessline.com/economy/agri-business/fertiliser-shortage-leaves-keralas-plantation-sector-worried/article37500078.ece
- Six-laning of National Highway-66 to be expedited in Kerala: CM
https://economictimes.indiatimes.com/news/economy/infrastructure/six-laning-of-national-highway-66-to-be-expedited-in-kerala-cm/articleshow/87760037.cms
- KIIFB terms CAG findings one-sided
https://www.thehindu.com/todays-paper/tp-national/tp-kerala/kiifb-terms-cag-findings-one-sided/article37497206.ece
- Local bodies can go for fundraising, donations
https://www.thehindu.com/todays-paper/local-bodies-can-go-for-fundraising-donations/article37552572.ece
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