Weekly Updates on the Indian Economy
(01/01/2022 to 07/01/202)
- National Accounts and State of the Economy
- Disparity in availability of healthcare workforce
https://www.thehindubusinessline.com/news/national/huge-disparity-in-availability-of-healthcare-workforce-across-states/article38135694.ece
- Ind-Ra, others trim FY22 GDP forecast on Covid worries
https://www.thehindubusinessline.com/economy/economic-research-agencies-expect-omicron-to-impact-gdp-growth-estimate-for-fy22/article38147354.ece
- India will log one of highest growth rates, says Ashima Goyal
https://www.business-standard.com/article/pti-stories/india-to-log-one-of-highest-growth-rates-with-support-to-vulnerable-sectors-ashima-goyal-122010200290_1.html
- India's December jobless rate hits 4-month high of 7.9%: CMIE data
https://www.business-standard.com/article/economy-policy/india-s-december-jobless-rate-hits-4-month-high-of-7-9-cmie-data-122010300240_1.html
- Rising Omicron cases can impact growth by 0.3% in March quarter: Report
https://www.business-standard.com/article/economy-policy/rising-omicron-cases-can-impact-growth-by-0-3-in-march-quarter-report-122010400862_1.html
- Over 80% families say no to big spends in 2022: LocalCircles survey
https://www.business-standard.com/article/economy-policy/over-80-families-say-no-to-big-spends-in-2022-survey-122010500035_1.html
- India needs GDP growth of above 8% to be $5-tn economy: Rajnish Kumar
https://www.business-standard.com/article/pti-stories/country-needs-gdp-growth-of-above-8-pc-to-become-usd-5-tn-economy-sbi-ex-head-rajnish-kumar-122010401408_1.html
- Advance Estimates for GDP today amid Omicron-induced uncertainties
https://www.business-standard.com/article/economy-policy/advance-estimates-for-gdp-today-amid-omicron-induced-uncertainties-122010700020_1.html
- HSBC sees coronavirus surge slowing India's economic growth this year
https://www.business-standard.com/article/economy-policy/hsbc-sees-coronavirus-surge-slowing-india-s-economic-growth-this-year-122010700452_1.html
- Domestic ratings agencies lower FY22 growth estimate to 8.5-9.3% on 3rd wave
https://economictimes.indiatimes.com/news/economy/indicators/domestic-ratings-agencies-lower-fy22-growth-estimate-to-8-5-9-3-on-3rd-wave/articleshow/88746611.cms
- Omicron unlikely to have much impact on India's economic growth: DPIIT Secretary
https://economictimes.indiatimes.com/news/economy/indicators/omicron-unlikely-to-have-much-impact-on-indias-economic-growth-dpiit-secretary/articleshow/88746359.cms
- Covid 3.0 may dent Q4 growth by up to 30 bps
https://economictimes.indiatimes.com/news/economy/indicators/covid-3-0-may-dent-q4-growth-by-up-to-30-bps/articleshow/88700676.cms
- Rising Omicron cases can impact growth by 0.3% in March quarter: Report
https://economictimes.indiatimes.com/news/economy/indicators/rising-omicron-cases-can-impact-growth-by-0-3-in-march-quarter-report/articleshow/88689452.cms
- Economists feel an uptick in investment and demand in FY23 will broad-base growth
https://economictimes.indiatimes.com/news/economy/indicators/economists-feel-an-uptick-in-investment-and-demand-in-fy23-will-broad-base-growth/articleshow/88653396.cms
- Congo Hold-Up: A Group of Indians in Spotlight for Illicit Money Transfers
https://thewire.in/economy/congo-hold-up-indians-spotlight-illicit-money-transfer
- Why the Privatisation of Central Electronics Limited Is Against India's Interests
https://thewire.in/economy/why-the-privatisation-of-central-electronics-limited-is-against-indias-interests
- Is the E-Shram Portal Really Providing Benefits to Workers or Merely Creating a National Database?
https://thewire.in/labour/is-the-e-shram-portal-really-providing-benefits-to-workers-or-merely-creating-a-national-database
- India’s income inequality fell post 2020 lockdown as rich got poorer, US economic study shows
https://theprint.in/economy/indias-income-inequality-fell-post-2020-lockdown-as-rich-got-poorer-us-economic-study-shows/794412/
- 2022: Economy sets sail with growth hopes; pandemic, inflationary headwinds remain
https://theprint.in/economy/2022-economy-sets-sail-with-growth-hopes-pandemic-inflationary-headwinds-remain/792998/
- ‘Lack of consistent income key reason for most people being out of financial inclusion’
https://theprint.in/economy/lack-of-consistent-income-key-reason-for-most-people-being-out-of-financial-inclusion/797346/
- Omicron a challenge to economic recovery, but India learnt from 2nd wave: MoS Anupriya Patel
https://theprint.in/economy/omicron-a-challenge-to-economic-recovery-but-india-learnt-from-2nd-wave-mos-anupriya-patel/795722/
- Will 2022 be the year when the global (and Indian) economy recovers from the pandemic?
https://scroll.in/article/1014373/will-2022-be-the-year-when-the-global-and-indian-economy-recovers-from-the-pandemic
- Nirmala Sitharaman reviews PSBs’ readiness to tackle any Omicron-induced disruption
https://www.thehindu.com/business/Economy/nirmala-sitharaman-reviews-psbs-readiness-to-tackle-any-omicron-induced-disruption/article38166152.ece
- Public Finance
- April-Nov fiscal deficit at 46% of FY22 target
https://www.thehindubusinessline.com/economy/april-nov-fiscal-deficit-at-46-of-fy22-target/article38082880.ece
- India's current account slips into deficit again in September quarter
https://www.business-standard.com/article/economy-policy/india-s-current-account-slips-into-deficit-again-in-q2-of-fy22-121123101359_1.html
- Released 50% funds earmarked for States, UTs under ECRP-II: Centre
https://www.business-standard.com/article/economy-policy/released-50-funds-earmarked-for-states-uts-under-ecrp-ii-centre-122010500193_1.html
- States pays through the nose for debt as cost soars past 7.16% this fiscal
https://www.business-standard.com/article/economy-policy/states-paying-through-the-nose-for-debt-as-cost-soars-past-7-16-122010500552_1.html
- Govt cuts capital expenditure by 41% in Oct, Nov despite FM nudge
https://www.business-standard.com/article/economy-policy/govt-cuts-capital-expenditure-by-41-in-oct-nov-despite-fm-nudge-122010600022_1.html
- Centre releases Rs 9,871-crore revenue deficit grant to 17 states
https://www.business-standard.com/article/news-ani/centre-releases-rs-9-871-crore-revenue-deficit-grant-to-17-states-122010600836_1.html
- Budget 2022-23: Worst-hit sectors may get credit guarantee breather
https://www.business-standard.com/article/economy-policy/budget-2022-23-worst-hit-sectors-may-get-credit-guarantee-breather-122010700043_1.html
- India likely to trim fiscal deficit target as Omicron cases rise
https://economictimes.indiatimes.com/news/economy/policy/india-likely-to-trim-fiscal-deficit-target-as-omicron-cases-rise/articleshow/88732804.cms
Taxation
- GST rate hike for textiles sector deferred
https://www.thehindubusinessline.com/news/national/new-gst-regime-for-textiles-deferred-no-change-for-footwear/article38078388.ece
- At ₹1.29-lakh crore, GST mop-up down a tad in Dec
https://www.thehindubusinessline.com/economy/gst-collection-in-december-clocks-over-129-lakh-cr/article38086053.ece
- GST council’s deferment of proposed hike in tax for textiles is a gift for the industry, says Goyal
https://www.thehindubusinessline.com/news/gst-councils-deferment-of-proposed-hike-in-tax-for-textiles-is-a-gift-for-the-industry-says-goyal/article38115102.ece
- ‘New GST regime does not mean new tax’
https://www.thehindubusinessline.com/economy/new-gst-regime-for-food-delivery-apps-does-not-mean-new-tax/article38101517.ece
- GST mop-up signals economic recovery despite worry over Omicron
https://www.business-standard.com/article/economy-policy/gst-mop-up-signals-economic-recovery-despite-worry-over-omicron-122010300042_1.html
- Odisha records 43% growth rate in GST collection during December 2021
https://www.business-standard.com/article/economy-policy/odisha-records-43-growth-rate-in-gst-collection-during-december-2021-122010300108_1.html
- 5% GST on electricity may cause Rs 5,700-crore loss to states, Centre
https://www.business-standard.com/article/economy-policy/5-gst-on-electricity-may-cause-rs-5-700-crore-loss-to-states-centre-122010400064_1.html
- Gujarat govt announces reduction in VAT on aviation turbine fuel by 20%
https://www.business-standard.com/article/economy-policy/gujarat-govt-announces-reduction-in-vat-on-aviation-turbine-fuel-by-20-122010401580_1.html
- Food aggregators like Swiggy and Zomato to collect 5% GST beginning January 1
https://economictimes.indiatimes.com/news/economy/policy/food-aggregators-like-swiggy-and-zomato-to-collect-5-gst-beginning-jan-1/articleshow/88630235.cms
- Banking and Monetary Policy
- The time to privatise PSU banks is now
https://www.thehindubusinessline.com/opinion/the-time-to-privatise-psu-banks-is-now/article38093641.ece
- SFBs expected to register marginal rise in AUM growth rate in FY22, says ICRA
https://www.thehindubusinessline.com/money-and-banking/sfbs-expected-to-register-marginal-improvement-in-aum-growth-rate-in-fy22-icra/article38099171.ece
- Banks report robust credit growth led by retail, SMEs
https://www.thehindubusinessline.com/money-and-banking/banks-report-robust-credit-growth-led-by-retail-sme-segments/article38126981.ece
- Economists see Omicron forcing RBI to delay policy normalisation
https://www.business-standard.com/article/economy-policy/economists-see-omicron-forcing-rbi-to-delay-policy-normalisation-122010501323_1.html
- More than a third of India's urban dwellers oppose crypto law: Survey
https://www.business-standard.com/article/economy-policy/more-than-a-third-of-india-s-urban-dwellers-oppose-crypto-law-survey-122010501479_1.html
- Spike in Covid cases may impact banking system's restructured book: Icra
https://www.business-standard.com/article/economy-policy/spike-in-covid-cases-may-impact-banking-system-s-restructured-book-icra-122010600942_1.html
- Missing: Bank Credit Engine in India’s Economic Growth
https://thewire.in/economy/missing-bank-credit-engine-in-indias-economic-growth
- RBI rate hike inevitable as inflation surges, Nomura says
https://theprint.in/economy/rbi-rate-hike-inevitable-as-inflation-surges-nomura-says/796602/
- External Sector
- At $37.29 billion, December exports hit the highest ever in a month
https://www.thehindubusinessline.com/economy/at-3729-billion-december-exports-hit-the-highest-ever-in-a-month/article38102553.ece
- The uneven nature of India’s export growth
https://www.thehindubusinessline.com/opinion/the-uneven-nature-of-indias-export-growth/article38115762.ece
- India waiting for global sugar prices to rise to strike export deals: ISMA
https://www.business-standard.com/article/economy-policy/india-waiting-for-global-sugar-prices-to-rise-to-strike-export-deals-isma-122010300641_1.html
- India questions China's developing country status on per capita basis
https://www.business-standard.com/article/economy-policy/india-questions-china-s-developing-country-status-on-per-capita-basis-122010500062_1.html
- India's high import tariffs negating PLI, impacting competition: ICEA
https://www.business-standard.com/article/economy-policy/india-s-high-import-tariffs-negating-pli-impacting-competition-icea-122010600607_1.html
- India spends record $55.7 billion on gold imports in 2021: Report
https://www.business-standard.com/article/economy-policy/india-spends-record-55-7-billion-on-gold-imports-in-2021-report-122010400536_1.html
- Commerce ministry restarts COVID-19 helpdesk to resolve import, export issues
https://economictimes.indiatimes.com/news/economy/foreign-trade/commerce-ministry-restarts-covid-19-helpdesk-to-resolve-import-export-issues/articleshow/88740770.cms
- Eyeing agri market, Australia offers tariff sops on 99% Indian imports
https://economictimes.indiatimes.com/news/economy/foreign-trade/eyeing-agri-market-australia-offers-tariff-sops-on-99-indian-imports/articleshow/88701157.cms
- Exports up 37 pc to record USD 37.29 bn in Dec; trade deficit widens to USD 22 bn
https://theprint.in/economy/exports-up-37-pc-to-record-usd-37-29-bn-in-dec-trade-deficit-widens-to-usd-22-bn/794456/
- Agriculture and Rural Economy
- Agri exports surge 22% in April-November
https://www.thehindubusinessline.com/economy/agri-business/agri-exports-surge-22-in-april-november/article38082469.ece
- Rabi sowing: Mustard emerges favourite
https://www.thehindubusinessline.com/economy/agri-business/rabi-sowing-mustard-emerges-favourite/article38082502.ece
- Agriculture needs a separate budget
https://www.thehindubusinessline.com/opinion/agriculture-needs-a-separate-budget/article38116021.ece
- Priority on agricultural infrastructure: PM Modi reaches out to UP farmers
https://www.business-standard.com/article/economy-policy/priority-on-agricultural-infrastructure-pm-modi-reaches-out-to-up-farmers-122010300029_1.html
- What Comes Next for the Farmers’ Movement?
https://thewire.in/agriculture/what-comes-next-for-the-farmers-movement
- Wheat exports jumped to $872 million in April-October
https://www.thehindu.com/business/Economy/wheat-exports-jumped-to-872-mn-in-april-october/article38083086.ece
- Industry, Manufacturing, Services and Technology
- Inflation remains a worry, but companies hopeful of rural demand resilience
https://www.thehindubusinessline.com/companies/inflation-remains-a-major-worry-but-fmcg-companies-hopeful-of-demand-revival/article38080596.ece
- Core sector output growth disappoints at 3.1% in November
https://www.thehindubusinessline.com/economy/core-sector-output-growth-disappoints-at-31-in-november/article38081404.ece
- Media, entertainment industry back on track; will grow to $55-75 b by 2030: BCG-CII report
https://www.thehindubusinessline.com/news/media-and-entertainment-industry-on-track-to-grow-to-55-75-billion-by-2030-report/article38079168.ece
- Consumer durables to get 5-10% dearer this year
https://www.thehindubusinessline.com/economy/consumer-durable-firms-to-hike-prices-due-to-inflationary-pressures-in-new-year/article38081108.ece
- Healthy growth on the cards for IT industry in Q3
https://www.thehindubusinessline.com/info-tech/healthy-growth-on-the-cards-for-it-industry-in-q3/article38102287.ece
- PMI manufacturing slips to 55.5 in Dec, but quarterly reading at a high
https://www.thehindubusinessline.com/economy/pmi-manufacturing-slips-to-555-in-december-but-quarterly-index-is-at-its-best-since-q4-of-fy21/article38097364.ece
- MSMEs: Engines of growth for new India
https://www.thehindubusinessline.com/opinion/msmes-engines-of-growth-for-new-india/article38101722.ece
- Home sales up 71%, reach 90% of pre-Covid levels
https://www.thehindubusinessline.com/economy/housing-sales-in-india-rise-71-y-o-y-reach-90-of-pre-covid-levels/article38098621.ece
- Steel companies expect market to stay stable in 2022
https://www.thehindubusinessline.com/economy/steel-companies-expect-market-to-stay-stable-in-2022/article38107981.ece
- At 55.5, Services PMI drops to 3-month low in Dec
https://www.thehindubusinessline.com/economy/services-pmi-dropped-to-3-month-low-in-december/article38123688.ece
- Indian streaming industry expected to grow $13-15 bn over the next decade
https://www.business-standard.com/article/economy-policy/indian-streaming-industry-expected-to-grow-13-15-bn-over-the-next-decade-122010200359_1.html
- Indian factories end 2021 on strong note despite dip in momentum in Dec
https://www.business-standard.com/article/economy-policy/indian-factories-end-2021-on-strong-note-despite-dip-in-momentum-in-dec-122010300278_1.html
- Institutional investments in real estate down 17% in 2021 at $ 4-bn: Report
https://www.business-standard.com/article/economy-policy/institutional-investments-in-real-estate-down-17-in-2021-at-4-bn-report-122010300747_1.html
- Icra maintains 'stable' outlook for Indian road logistics sector
https://www.business-standard.com/article/economy-policy/icra-maintains-stable-outlook-for-indian-road-logistics-sector-122010400848_1.html
- Govt to formulate policy for database for bridges' age, condition: Gadkari
https://www.business-standard.com/article/economy-policy/govt-to-formulate-policy-for-database-for-bridges-age-condition-gadkari-122010500152_1.html
- Vehicle registration falls 16% across categories in December: FADA
https://www.business-standard.com/article/economy-policy/vehicle-registration-falls-16-in-december-to-1-558-756-units-fada-122010500511_1.html
- India's coal production stands at 74.8 million tonnes for December
https://www.thehindu.com/business/Economy/indias-coal-production-stands-at-748-million-tonnes-for-december/article38131454.ece
- Columns by Paul Krugman/ Joseph Stiglitz
- No wiggle room ahead as world looks to move on from pandemic
https://www.japantimes.co.jp/opinion/2022/01/01/commentary/world-commentary/reckonings-no-wiggle-room-ahead/
- Opinion | The Economic Case for Goldilocks
https://www.nytimes.com/2022/01/06/opinion/inflation-unemployment-economy-growth.html
- 2021's Overlooked Economic Recovery - The New York Times
https://www.nytimes.com/2022/01/04/opinion/2021-economic-recovery.html
- The Viral Lies About Covid That Keep Killing Us - The New York Times
https://www.nytimes.com/2022/01/03/opinion/covid-vaccines-misinformation.html
- The success of destructive vaccine politics
https://www.businesstimes.com.sg/opinion/the-success-of-destructive-vaccine-politics
- Other Articles/ Columns
- Fatal oblivion: India's National Family Benefit Scheme
https://www.ideasforindia.in/topics/poverty-inequality/fatal-oblivion-indias-national-family-benefit-scheme.html
- Food insecurity and child malnutrition: New empirical evidence from India
https://www.ideasforindia.in/topics/human-development/food-insecurity-and-child-malnutrition-new-empirical-evidence-from-india.html
- Covid-19 and the Informalisation of India’s Salaried Workers
https://www.theindiaforum.in/article/covid-19-and-informalisation-india-s-salaried-workers?utm_source=website&utm_medium=organic&utm_campaign=category&utm_content=Covid-19
- Is India Experiencing a K-Shaped Recovery?
https://www.theindiaforum.in/article/india-experiencing-k-shaped-recovery?utm_source=website&utm_medium=organic&utm_campaign=homepage&utm_content=Top-article
Commentary
- The NEP 2020 and Future of Masters Programmes in Management Education
https://www.epw.in/journal/2022/1/commentary/nep-2020-and-future-masters-programmes-management.html
- A Road Map for the North-eastern States
Sustainable Development Goals
https://www.epw.in/journal/2022/1/commentary/sustainable-development-goals.html
- Designing an Effective Data Protection Regulator
https://www.epw.in/journal/2022/1/commentary/designing-effective-data-protection-regulator.html
- Future of People Living in Coastal Areas
Climate Crisis and Environmental Degradation
https://www.epw.in/journal/2022/1/commentary/climate-crisis-and-environmental-degradation.html
Special Articles
- Surviving Debt and Survival Debt in Times of Lockdown
https://www.epw.in/journal/2022/1/special-articles/surviving-debt-and-survival-debt-times-lockdown.html
- Impact of National Lockdown on Rural Household’s Income
https://www.epw.in/journal/2022/1/special-articles/impact-national-lockdown-rural-households-income.html
- Aligning National and Subnational Objectives in a Federal Setting
Fiscal Transfers for Forest Cover
https://www.epw.in/journal/2022/1/special-articles/fiscal-transfers-forest-cover.html
- Why Is the IMF Trying to Be an Aid Agency?
https://www.project-syndicate.org/commentary/imf-acting-like-aid-agency-risks-embarrassment-by-kenneth-rogoff-2022-01?a_la=english&a_d=61d2bd1580598d5d6c924bb8&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=imf-acting-like-aid-agency-risks-embarrassment-by-kenneth-rogoff-2022-01&a_pa=section-commentaries&a_ps=&a_ms=&a_r=&barrier=accesspaylog
- Turkey's Risky Inflation Experiment
https://www.project-syndicate.org/commentary/flawed-economic-theory-driving-turkey-inflation-by-sebnem-kalemli-ozcan-2022-01?a_la=english&a_d=61d3177280598d5d6ca1870c&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=flawed-economic-theory-driving-turkey-inflation-by-sebnem-kalemli-ozcan-2022-01&a_pa=section-commentaries&a_ps=&a_ms=&a_r=&barrier=accesspaylog
- Is Climate Finance the Next Bubble?
https://www.project-syndicate.org/commentary/developing-countries-risk-of-climate-finance-bubble-by-arvind-subramanian-2022-01?a_la=english&a_d=61d41cb64241cad2219fcb44&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=developing-countries-risk-of-climate-finance-bubble-by-arvind-subramanian-2022-01&a_pa=section-commentaries&a_ps=&a_ms=&a_r=&barrier=accesspaylog
- Why the Pandemic Might Not Boost Inequality
https://www.project-syndicate.org/commentary/covid19-pandemic-might-not-increase-inequality-by-daniel-gros-2022-01?a_la=english&a_d=61d42c674241cad221d0b9de&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=covid19-pandemic-might-not-increase-inequality-by-daniel-gros-2022-01&a_pa=section-commentaries&a_ps=&a_ms=&a_r=&barrier=accesspaylog
- Capital Is Not a Strategy
https://www.project-syndicate.org/commentary/attracting-nontraditional-capital-is-not-a-business-plan-by-william-h-janeway-2022-01?a_la=english&a_d=61d70996e049d46051504a30&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=attracting-nontraditional-capital-is-not-a-business-plan-by-william-h-janeway-2022-01&a_pa=section-commentaries&a_ps=&a_ms=&a_r=
- How long can the global housing boom last?
https://www.economist.com/finance-and-economics/how-long-can-the-global-housing-boom-last/21807002
- The IMF bashes the IMF over Argentina
https://www.economist.com/finance-and-economics/2022/01/08/the-imf-bashes-the-imf-over-argentina
- Economists are agreeing with each other more
https://www.economist.com/finance-and-economics/2022/01/08/economists-are-agreeing-with-each-other-more
- The EU’s green-investing “taxonomy” could go global
https://www.economist.com/finance-and-economics/2022/01/08/the-eus-green-investing-taxonomy-could-go-global
- Could China’s north-east be home to its next banking disaster?
https://www.economist.com/finance-and-economics/2022/01/08/could-chinas-north-east-be-home-to-its-next-banking-disaster
- Why gold has lost some of its investment allure
https://www.economist.com/finance-and-economics/2022/01/08/why-gold-has-lost-some-of-its-investment-allure
- News on Kerala
- Kerala to procure coconut as copra prices plummet to ₹9,000/quintal
https://www.thehindubusinessline.com/economy/agri-business/as-copra-price-plummets-kerala-sets-process-in-motion-to-procure-raw-nuts/article38077398.ece
- Kerala ensures fairness in job opportunities: Balagopal
https://www.thehindu.com/news/national/kerala/kerala-ensures-fairness-in-job-opportunities-balagopal/article38119037.ece
Print Sources: The Hindu, Business Line, Business Standard, Economic Times
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