Weekly Updates on the Indian Economy
(15/01/2022 to 21/01/2022)
- National Accounts and State of the Economy
- Fiscal discipline, digital economy must be the policy focus: Ruchir Sharma
https://www.thehindubusinessline.com/economy/ruchir-sharma/article64902912.ece
- Can the FM relieve women of this burden?
https://www.thehindubusinessline.com/opinion/can-a-woman-fm-provide-waterwheels-to-poor-indian-women/article64905754.ece
- Agriculture scores well on value addition
https://www.thehindubusinessline.com/economy/agriculture-scored-well-on-value-addition-budget-expects-to-boost-it-further/article64905895.ece#:~:text=Value%20addition%20in%20agriculture%20sector,this%20will%20further%20boost%20export.
- India's Global Innovation Index ranking improved from 81 to 46 now: PM Modi
https://www.business-standard.com/article/economy-policy/india-s-global-innovation-index-ranking-improved-from-81to-46-now-pm-modi-122011500424_1.html
- Spread of Omicron cases may disrupt global supply chain: EEPC India
https://www.business-standard.com/article/economy-policy/spread-of-omicron-cases-may-disrupt-global-supply-chain-eepc-india-122011500642_1.html
- Chhattisgarh to set up employment mission to create 1.5 mn jobs in 5 years
https://www.business-standard.com/article/economy-policy/chhattisgarh-to-set-up-employment-mission-to-create-1-5-mn-jobs-in-5-years-122011500746_1.html
- India will be world's tech, economic powerhouse in 2047: Jitendra Singh
https://www.business-standard.com/article/economy-policy/india-will-be-world-s-tech-economic-powerhouse-in-2047-jitendra-singh-122011501056_1.html
- India risks stagflation, growth concentrated at 'top end': Kaushik Basu
https://www.business-standard.com/article/economy-policy/india-s-macroeconomy-recovering-but-faces-stagflation-kaushik-basu-122011600197_1.html
- Why does social security look like a pipe dream for gig workers?
https://www.business-standard.com/podcast/economy-policy/why-does-social-security-look-like-a-pipe-dream-for-gig-workers-122011700061_1.html
- Icra maintains volume demand growth estimate for FY22 at 13-15%
https://www.business-standard.com/article/economy-policy/icra-maintains-volume-demand-growth-estimate-for-fy22-at-13-15-122011700630_1.html
- Economy set to improve over next 12 months: PwC Annual Global CEO Survey
https://www.business-standard.com/article/economy-policy/economy-set-to-improve-over-next-12-months-pwc-annual-global-ceo-survey-122011700675_1.html
- India's overall economic activity remains strong, says RBI article
https://www.business-standard.com/article/economy-policy/india-s-overall-economic-activity-remains-strong-says-rbi-article-122011700993_1.html
- Omicron a flash flood, not a wave, economic recovery remains strong: RBI
https://www.business-standard.com/article/economy-policy/omicron-a-flash-flood-not-a-wave-economic-recovery-remains-strong-rbi-122011701072_1.html
- Consumer sentiment yet to return to pre-pandemic levels: RBI study
https://www.business-standard.com/article/economy-policy/consumer-sentiment-yet-to-return-to-pre-pandemic-levels-rbi-study-122011701189_1.html
- Over 80% of India's workforce considering changing jobs in 2022: LinkedIn
https://www.business-standard.com/article/economy-policy/over-80-of-india-s-workforce-considering-changing-jobs-in-2022-linkedin-122011800728_1.html
- Omicron poses limited downside to India, say economists in poll
https://www.business-standard.com/article/current-affairs/omicron-poses-limited-downside-to-indian-economy-say-economists-122011900303_1.html
- Economic recovery broadened in Q3FY22, but durability elusive: ICRA
https://www.business-standard.com/article/economy-policy/economic-recovery-broadened-in-q3fy22-but-durability-elusive-icra-122011901724_1.html
- Safety of working class critical for 'Aatmnirbhar' India: Bhupender Yadav
https://www.business-standard.com/article/economy-policy/safety-of-working-class-critical-for-aatmnirbhar-india-bhupender-yadav-122012000043_1.html
- GDP to grow by 7.6 per cent in FY23: Ind-Ra
https://www.thehindubusinessline.com/economy/ind-ra-estimates-gdp-growth-at-76-per-cent/article64911461.ece
- Has India lost its demographic sweet spot?
https://www.thehindubusinessline.com/opinion/has-india-lost-its-demographic-sweet-spot/article64926406.ece
- CPI numbers for agricultural, rural labourers up by 5 points in Dec 2021
https://www.business-standard.com/article/economy-policy/cpi-numbers-for-agricultural-rural-labourers-up-by-5-points-in-dec-2021-122012100081_1.html
- Economic recovery broadened in Q3FY22, but durability elusive: ICRA
https://www.business-standard.com/article/economy-policy/economic-recovery-broadened-in-q3fy22-but-durability-elusive-icra-122011901724_1.html
- Greater interaction among govt, academia, industry needed: NITI Aayog V-C
https://www.business-standard.com/article/economy-policy/greater-interaction-among-govt-academia-industry-needed-niti-aayog-v-c-122012001487_1.html
- 67% of Karnataka-based firms favour phased rollout of Labour Codes: Survey
https://www.business-standard.com/article/economy-policy/67-of-karnataka-based-firms-favour-phased-rollout-of-labour-codes-survey-122012001559_1.html
- Haryana's unemployment rate the highest in India, shows analysis
https://www.business-standard.com/article/economy-policy/haryana-s-unemployment-rate-the-highest-in-india-shows-analysis-122012001709_1.html
- Niti may rank states on GSDP, highways, power consumption
https://economictimes.indiatimes.com/news/economy/policy/niti-may-rank-states-on-gsdp-highways-power-consumption/articleshow/89029464.cms
- Economy needs more nursing; Budget shouldn't focus on fiscal consolidation alone: SBI
https://economictimes.indiatimes.com/news/economy/policy/economy-needs-more-nursing-budget-shouldnt-focus-on-fiscal-consolidation-alone-sbi/articleshow/88999378.cms
- Economic Survey may lower FY23 growth numbers
https://economictimes.indiatimes.com/news/economy/indicators/economic-survey-may-lower-fy23-growth-numbers/articleshow/88937814.cms
- 99% of CEOs believe India eco growth will improve over next 12 months: Survey
https://economictimes.indiatimes.com/news/economy/indicators/99-of-ceos-believe-india-eco-growth-will-improve-over-next-12-months-survey/articleshow/88947178.cms
- Pandemic severely impacted consumer confidence, but government measures may help
https://economictimes.indiatimes.com/news/economy/indicators/pandemic-severely-impacted-consumer-confidence-but-government-measures-may-help/articleshow/88958352.cms
- Economic recovery to become broad-based in Q3; yet to attain durability: Report
https://economictimes.indiatimes.com/news/economy/indicators/economic-recovery-to-become-broad-based-in-q3-yet-to-attain-durability-report/articleshow/88994790.cms
- India has 53 million unemployed people as of Dec 2021: CMIE
https://economictimes.indiatimes.com/news/economy/indicators/india-has-53-million-unemployed-people-as-of-dec-2021-cmie/articleshow/89016043.cms
- Retail inflation for farm, rural workers rise to 4.78%, 5.03% in December
https://economictimes.indiatimes.com/news/economy/indicators/retail-inflation-for-farm-rural-workers-rise-to-4-78-5-03-in-december/articleshow/89020834.cms
- Formal job creation in India jumped by 37.9% in November 2021: EPFO data
https://economictimes.indiatimes.com/news/economy/indicators/formal-job-creation-in-india-jumped-by-37-9-in-november-2021-epfo-data/articleshow/89021260.cms
- India needs Green Revolution 2.0 to make agri more climate-resistant, sustainable: RBI
https://economictimes.indiatimes.com/news/economy/agriculture/india-needs-green-revolution-2-0-to-make-agri-more-climate-resistant-sustainable-rbi/articleshow/88956718.cms
- New Covid wave, localised lockdowns may shave off 100 bps growth in toll collections in FY22: ICRA
https://economictimes.indiatimes.com/news/economy/finance/new-covid-wave-localised-lockdowns-may-shave-off-100-bps-growth-in-toll-collections-in-fy22-icra/articleshow/89019694.cms
- Budget 2022: Giving financial inclusion a boost can accelerate India’s growth to $5 trillion quickly
https://www.firstpost.com/business/union-budget-2022-budget-2022-giving-financial-inclusion-a-boost-can-accelerate-indias-growth-to-5-trillion-quickly-10307431.html
- Wealth of India’s 10 Richest Enough to Fund School, Higher Education for 25 Years: Oxfam India
https://thewire.in/economy/wealth-of-indias-10-richest-enough-to-fund-school-higher-education-for-25-years-oxfam-india
- Momentum in India's favour, need to prevail over COVID: Deloitte CEO on economic development
https://www.thehindu.com/business/Economy/momentum-in-indias-favour-need-to-prevail-over-covid-deloitte-ceo-on-economic-development/article38295691.ece
- Public Finance
- Ministries seek relaxation of spending cap in Jan-March quarter to boost FY22 capex
https://www.thehindubusinessline.com/economy/number-of-ministries-seek-relaxation-in-33-limit-norms-to-boost-capital-expenditure-in-jan-march-quarter-of-fy22/article64877348.ece
- Eye on fiscal deficit: Govt tells ministries to keep expenses in check
https://www.business-standard.com/article/economy-policy/eye-on-fiscal-deficit-govt-tells-ministries-to-keep-expenses-in-check-122011901781_1.html
- FinMin eases expenditure cap for Q4
https://www.thehindubusinessline.com/economy/finmin-relaxes-expenditure-cap-for-jan-march-quarter-but-within-revised-estimate/article64927088.ece
- States to get ₹47,541 cr. via tax devolution
https://www.thehindu.com/business/Economy/states-to-get-47541-cr-via-tax-devolution/article38299748.ece
- Government may lower borrowing in FY'23: Report
https://economictimes.indiatimes.com/news/economy/policy/government-may-lower-borrowing-in-fy23-report/articleshow/88999618.cms
- Cost of States’ debt funds surges to 7.24%
https://www.thehindu.com/business/Economy/cost-of-states-debt-funds-surges-to-724/article38289070.ece
Taxation
- Tax wealthy to fund social sector: Oxfam
https://www.thehindubusinessline.com/news/world/group-tax-rich-to-fund-vaccines-for-poor-hit-by-pandemic/article64905356.ece#:~:text=Anti%2Dpoverty%20organisation%20Oxfam%20called,widened%20by%20the%20coronavirus%20pandemic.
- Corporate tax this fiscal likely to exceed Budget Estimates by 19%
https://www.business-standard.com/budget/article/corporate-tax-this-fiscal-likely-to-exceed-budget-estimates-by-19-122012100044_1.html
- No input tax credit for 99-year lease: AAAR
https://economictimes.indiatimes.com/news/economy/finance/no-input-tax-credit-for-99-year-lease-aaar/articleshow/89018902.cms
- Banking and Monetary Policy
- How co-lending can help banking sector
https://www.thehindubusinessline.com/money-and-banking/how-co-lending-can-help-banking-sector/article64905358.ece#:~:text=So%2C%20banks%20can%20overcome%20their,underwriting%2C%20disbursing%20and%20collecting%20loans.&text=Lower%20cost%20of%20funds%20from,is%20expected%20to%20benefit%20borrowers.
- Corporate frauds to rise in next 2 years: Deloitte-IOD
https://www.thehindu.com/business/Industry/corporate-frauds-to-rise-in-next-2-years-deloitte-iod/article37116475.ece
- Cryptocurrencies crash 40% since Nov on mounting regulatory uncertainties
https://www.thehindubusinessline.com/data-stories/data-focus-cryptocurrencies-crash-40-per-cent-since-november-on-mounting-regulatory-uncertainties/article64910153.ece#:~:text=Bloomberg%20galaxy%20crypto%20currency%20index,since%20the%20beginning%20of%202022.
- Cabinet sanctions Rs 973 cr to SBI for ex-gratia payment to borrowers
https://economictimes.indiatimes.com/news/economy/finance/cabinet-sanctions-rs-973-cr-to-sbi-for-ex-gratia-payment-to-borrowers/articleshow/88996544.cms
- Icra revises AUM growth outlook for retail NBFCs to 5-7% from 8-10% in FY22
https://economictimes.indiatimes.com/news/economy/finance/icra-revises-aum-growth-outlook-for-retail-nbfcs-to-5-7-from-8-10-in-fy22/articleshow/89025154.cms
- Why it seems impossible to actually regulate cryptocurrency
https://scroll.in/article/1014809/why-it-seems-impossible-to-actually-regulate-cryptocurrency
- Public banks are being marginalised in the lending arena by new-age financial power brokers
https://scroll.in/article/1015360/public-banks-are-being-marginalised-in-the-lending-arena-by-new-age-financial-power-brokers
- External Sector
- India's gold imports jump over two-fold to $38 bn in Apr-Dec 2021
https://www.business-standard.com/article/economy-policy/india-s-gold-imports-jump-over-two-fold-to-38-bn-in-apr-dec-2021-122011600272_1.html
- RBI holds variable repo auction as GST outflow tightens liquidity
https://www.thehindubusinessline.com/money-and-banking/rbi-holds-repo-auction-as-gst-outflow-tightens-liquidity/article64927410.ece
- Exporters from SEZs, EoUs may soon be eligible for RoDTEP scheme
https://www.thehindubusinessline.com/economy/exporters-from-sezs-eous-may-soon-be-eligible-for-new-input-duty-remission-scheme/article64926946.ece
- Global FDI up 77% in 2021: UNCTAD
https://economictimes.indiatimes.com/news/economy/indicators/global-fdi-up-77-in-2021-unctad/articleshow/89002589.cms
- Exports, imports hit record highs in December
https://economictimes.indiatimes.com/news/economy/foreign-trade/exports-imports-hit-record-highs-in-december/articleshow/88908730.cms
- India set to achieve $650 billion exports target in 2021-22: Piyush Goyal
https://economictimes.indiatimes.com/news/economy/foreign-trade/india-set-to-achieve-650-billion-exports-target-in-2021-22-piyush-goyal/articleshow/88958792.cms
- Indian textile exports can hit $65 billion if industry majors take the right steps: Report
https://economictimes.indiatimes.com/news/economy/foreign-trade/indian-textile-exports-can-hit-65-billion-if-industry-majors-take-the-right-steps-report/articleshow/88993105.cms
- US lawmakers seek litigation at WTO against India on wheat subsidy
https://economictimes.indiatimes.com/news/economy/agriculture/us-lawmakers-seek-litigation-at-wto-against-india-on-wheat-subsidy/articleshow/89030521.cms
- Why India’s exports bucked trend, showed higher growth than imports in 3 quarters of 2021-22
https://theprint.in/economy/why-indias-exports-bucked-trend-showed-higher-growth-than-imports-in-3-quarters-of-2021-22/808444/
- India aiming at USD 500 billion exports for FY23: DGFT official
https://theprint.in/economy/india-aiming-at-usd-500-billion-exports-for-fy23-dgft-official/809255/
- Exotic forex derivatives make comeback in India as RBI pushes to deepen markets
https://theprint.in/economy/exotic-forex-derivatives-make-comeback-in-india-as-rbi-pushes-to-deepen-markets/808041/
- Agriculture and Rural Economy
- New trends emerge as wheat farmers switch to other crops
https://www.thehindubusinessline.com/economy/agri-business/beyond-wheat-sowing-data-new-trend-emerging-in-foodgrains-cultivation/article64905435.ece#:~:text=Anjana%20says%20the%20new%20trend,and%20garlic%2C%E2%80%9D%20he%20said.
- India needs Green Revolution 2.0 to make agri more sustainable: RBI
https://www.business-standard.com/article/economy-policy/india-needs-green-revolution-2-0-to-make-agri-more-sustainable-rbi-122011701093_1.html
- PM crop insurance: ₹2,822-crore claims pending as States drag their feet on subsidy
https://www.thehindubusinessline.com/data-stories/data-focus/data-focus/article64926359.ece
- Maize, the queen of cereals, set to rule rabi season
https://www.thehindubusinessline.com/economy/agri-business/queen-of-cereals-maize-set-to-gain-further-in-rabi-season/article64912201.ece
- Farm exports to touch a record $50 b in FY22: Govt
https://www.thehindubusinessline.com/economy/agri-business/indias-agri-exports-to-touch-highest-level-of-50-bn-in-fy22-says-govt/article64926258.ece
- Government plans $19 billion fertilizer subsidy in Union Budget FY23: Sources
https://economictimes.indiatimes.com/news/economy/policy/government-plans-19-billion-fertilizer-subsidy-in-union-budget-fy23/articleshow/88948912.cms
- Union Budget 2022: Centre Must Not Allow Momentum for Agri-Reforms to Wane
https://thewire.in/agriculture/union-budget-2022-centre-must-not-allow-momentum-for-agri-reforms-to-wane
- Industry, Manufacturing, Services and Technology
- New homes to turn pricier as construction costs bite
https://www.thehindubusinessline.com/news/real-estate/homes-could-go-costlier-by-upwards-of-10-per-cent-as-construction-costs-increase/article64836700.ece
- TN is the most attractive investment destination
https://www.thehindubusinessline.com/news/tn-continues-to-be-an-attractive-investment-destination/article64896260.ece
- Tyre industry to spend over ₹20,000 cr in 3 years: ICRA
https://www.thehindubusinessline.com/companies/tyre-industry-to-incur-capx-of-rs20000-cr-in-3-years-as-outlook-is-favourable/article64905498.ece#:~:text=The%20proposed%20capex%20by%20the,has%20recovered%20sharply%20in%20FY22.
- Union Budget 2022: Startups pitch for further booster dose via fiscal incentives
https://www.thehindubusinessline.com/economy/union-budget-2022-startups-pitch-for-further-booster-dose-via-fiscal-incentives/article64906297.ece
- Industrial, warehousing leasing up 35% in 2021; new supply rises 64%: Study
https://www.business-standard.com/article/economy-policy/industrial-warehousing-leasing-up-35-in-2021-new-supply-rises-64-study-122011500561_1.html
- Haryana job reservation to impact industry sentiments: PHD Chamber
https://www.business-standard.com/article/economy-policy/haryana-job-reservation-to-impact-industry-sentiments-phd-chamber-122011501041_1.html
- Third Covid wave to trim fashion retailers' revenues by 8% in FY22: ICRA
https://www.business-standard.com/article/economy-policy/third-covid-wave-to-trim-fashion-retailers-revenues-by-8-in-fy22-icra-122011900053_1.html
- 52% of Indian MSMEs saw a positive impact post pandemic: PayPal survey
https://www.business-standard.com/article/economy-policy/52-of-indian-msmes-saw-a-positive-impact-post-pandemic-paypal-survey-122011900826_1.html
- In-home consumption of food products gains momentum in third wave
https://www.thehindubusinessline.com/companies/in-home-consumption-for-food-products-gains-momentum-in-the-third-wave/article64910678.ece
- Institutional investments in real estate falls 81% to $670 mn in Dec qtr
https://www.business-standard.com/article/economy-policy/institutional-investments-in-real-estate-falls-81-to-670-mn-in-dec-qtr-122012001521_1.html
- Columns by Paul Krugman/ Joseph Stiglitz
- Argentina's COVID Miracle
https://forbes.kz/blogs/blogsid_267478
- Opinion | Biden Versus the Friends of Covid
https://www.nytimes.com/2022/01/20/opinion/coronavirus-biden.html
- Why Biden Shouldn't Blame Inflation on Monopolies - The New York Times
https://www.nytimes.com/2022/01/18/opinion/biden-inflation-monopoly-antitrust.html
- Opinion | Why a Blue City Is Feeling the Blues
https://www.nytimes.com/2022/01/17/opinion/new-york-city-wall-street-economy.html
- How France's Economy Is Surviving the Covid Pandemic - The New York Times
https://www.nytimes.com/2022/01/14/opinion/france-economy-pandemic-socialism.html
- Other Articles/ Columns
- Who benefits from indoor piped drinking water supply? A gender analysis
https://www.ideasforindia.in/topics/social-identity/who-benefits-from-indoor-piped-drinking-water-supply-a-gender-analysis.html
- What is ‘Formalisation’ of the Economy?
https://www.theindiaforum.in/article/what-formalisation-economy?utm_source=website&utm_medium=organic&utm_campaign=homepage&utm_content=Top-article
Commentary
- The National Disaster Management Plan, 2019
https://www.epw.in/journal/2022/3/commentary/national-disaster-management-plan-2019.html
- A Mental Health Epidemic?
https://www.epw.in/journal/2022/3/commentary/mental-health-epidemic.html
Special Articles
- Women’s Livelihood (In)security in Neo-liberal Context
https://www.epw.in/journal/2022/3/special-articles/womens-livelihood-insecurity-neo-liberal-context.html
- Sex Ratio at Birth in Urban India
https://www.epw.in/journal/2022/3/special-articles/sex-ratio-birth-urban-india.html
- Why Did Almost Nobody See Inflation Coming?
https://www.project-syndicate.org/commentary/2021-us-inflation-forecasting-errors-economic-models-by-jason-furman-2022-01?a_la=english&a_d=61e560071a495b2c3ce5e06e&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=2021-us-inflation-forecasting-errors-economic-models-by-jason-furman-2022-01&a_pa=section-commentaries&a_ps=&a_ms=&a_r=&barrier=accesspaylog
- Who Is Winning the Trade War?
https://www.project-syndicate.org/commentary/bystander-countries-winning-the-trade-war-by-pinelopi-koujianou-goldberg-2022-01?a_la=english&a_d=61e946b1d57268f5762fc1da&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=bystander-countries-winning-the-trade-war-by-pinelopi-koujianou-goldberg-2022-01&a_pa=section-commentaries&a_ps=&a_ms=&a_r=&barrier=accesspaylog
- The Futility of Unconditional Debt Support
https://www.project-syndicate.org/commentary/financing-support-for-lmics-needs-to-drive-reform-by-anne-o-krueger-2022-01?a_la=english&a_d=61e954e9d57268f5765b7dd1&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=financing-support-for-lmics-needs-to-drive-reform-by-anne-o-krueger-2022-01&a_pa=section-commentaries&a_ps=&a_ms=&a_r=&barrier=accesspaylog
- The Case for Strategic Price Policies
https://www.project-syndicate.org/commentary/strategic-price-controls-warranted-to-fight-inflation-by-james-k-galbraith-2022-01?a_la=english&a_d=61ea7a70fc177e09b2fcb607&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=strategic-price-controls-warranted-to-fight-inflation-by-james-k-galbraith-2022-01&a_pa=section-commentaries&a_ps=&a_ms=&a_r=
- As China’s economy slows, policymakers seek to revive growth
https://www.economist.com/finance-and-economics/can-china-revive-growth-without-reviving-speculation/21807239
- Why the bias for debt over equity is hard to dislodge
https://www.economist.com/finance-and-economics/2022/01/22/why-the-bias-for-debt-over-equity-is-hard-to-dislodge
- Just how gummed up are supply chains?
https://www.economist.com/finance-and-economics/2022/01/22/just-how-gummed-up-are-supply-chains
- Economists are revising their views on robots and jobs
https://www.economist.com/finance-and-economics/2022/01/22/economists-are-revising-their-views-on-robots-and-jobs
- America’s labour shortages have done little to boost perks for workers
https://www.economist.com/finance-and-economics/2022/01/22/americas-labour-shortages-have-done-little-to-boost-perks-for-workers
- The race to dominate the DeFi ecosystem is on
https://www.economist.com/finance-and-economics/the-race-to-power-the-defi-ecosystem-is-on/21807229
- Why bank stocks are tumbling even as interest rates climb
https://www.economist.com/finance-and-economics/2022/01/22/why-bank-stocks-are-tumbling-even-as-interest-rates-climb
- News on Kerala
- Master plan to revive cashew sector
https://www.thehindu.com/news/national/kerala/master-plan-to-revive-cashew-sector/article38303633.ece
- Kerala Chief Minister Pinarayi Vijayan thanks those behind good show in education amid COVID-19 pandemic that received praise from UNICEF survey
https://www.thehindu.com/news/national/kerala/kerala-chief-minister-pinarayi-vijayan-thanks-those-behind-good-show-in-education-amid-covid-19-pandemic-that-received-praise-from-unicef-survey/article38292836.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