Weekly Updates on the Indian Economy

(12/02/2022 to 19/02/2022)

1. National Accounts and State of the Economy

 

1. Chunk of Indian consumers replacing meals with snacks: Mondelez report

https://www.thehindubusinessline.com/news/variety/nearly-81-per-cent-of-indian-consumers-replacing-meals-with-snacks-mondelez/article65001788.ece#:~:text=According%20to%20the%20latest%20global,day%2C%20instead%20of%20large%20ones.

 

2. Commodities boom continues to drive India Inc’s Dec quarter numbers

https://www.thehindubusinessline.com/portfolio/technical-analysis/commodity-calls/commodities-boom-continues-to-drive-india-incs-december-quarter-numbers/article65037572.ece

 

3. Rising WPI could upset RBI projections

https://www.thehindubusinessline.com/opinion/high-wpi-could-pare-gdp-growth-rate/article65002566.ece

 

4. Inflation projections robust; on downward trajectory: RBI chief

https://www.thehindubusinessline.com/economy/indias-inflation-projections-robust-says-rbi-even-as-crude-inches-towards-100-mark/article65048648.ece

 

5. At 6.01%, Jan retail inflation at 7-month high on pricier food, fuel

https://www.thehindubusinessline.com/economy/retail-inflation-rises-to-601-per-cent-in-jan/article65049275.ece

 

6. Primary healthcare bypassed

https://www.thehindubusinessline.com/opinion/avoid-contradictions-in-health-spending/article65001765.ece

 

7. Govt to tighten MGNREGA scheme to plug 'tremendous leakages'

https://economictimes.indiatimes.com/news/economy/policy/govt-to-tighten-mgnrega-scheme-to-plug-tremendous-leakages/articleshow/89543002.cms

 

8. January WPI slows to 12.96%, crude oil risks remain

https://economictimes.indiatimes.com/news/economy/indicators/january-wpi-slows-to-12-96-crude-oil-risks-remain/articleshow/89563236.cms

 

9. Are India’s elite abandoning the country’s poor and vulnerable?

https://scroll.in/article/1016930/are-indias-elite-abandoning-the-countrys-poor-and-vulnerable

 

10. India’s Potential Tryst with ‘Elite Abandonment’ May Come at the Cost of the Poor

https://thewire.in/economy/indias-potential-tryst-with-elite-abandonment-may-come-at-the-cost-of-the-poor

 

11. Urban poor faced highest inflation in January: Crisil report

https://theprint.in/economy/urban-poor-faced-highest-inflation-in-january-crisil-report/831925/

 

12. With less than 60 per cent of allocated funds released, will Smart Cities Mission meet its 2023 deadline?

https://www.thehindubusinessline.com/data-stories/data-focus/with-centre-releasingless-than-60-per-centofallocated-funds-will-smart-cities-mission-meet-its-2023-deadline/article65055621.ece#:~:text=Seven%20years%20since%20its%20inception,for%20the%20Smart%20Cities%20Mission.&text=has%20been%20utilised.-,While%20announcing%20the%20mission%20in%202015%2C%20the%20government%20had%20said,Rs%20500%20crore%20per%20city.

 

13. India economy to grow at quickest pace among large nations: Finmin report

https://economictimes.indiatimes.com/news/economy/policy/india-economy-to-grow-at-quickest-pace-among-large-nations-finmin-report/articleshow/89610859.cms

 

14. Indian economy on revival despite unsettling global developments, RBI paper says

https://economictimes.indiatimes.com/news/economy/indicators/indian-economy-on-revival-despite-unsettling-global-developments-rbi-paper-says/articleshow/89622523.cms

 

15. India sees dip in Jan unemployment rate as 6.6 million people moved out of the labour market: CMIE

https://economictimes.indiatimes.com/news/economy/indicators/india-sees-dip-in-jan-unemployment-rate-as-6-6-million-people-moved-out-of-the-labour-market-cmie/articleshow/89638507.cms

 

16. Post-third Covid wave economic reset by year-end: Finance Ministry

https://www.business-standard.com/article/economy-policy/post-third-covid-wave-economic-reset-by-year-end-finance-ministry-122021700023_1.html

 

17. Are India’s elite abandoning the country’s poor and vulnerable?

https://scroll.in/article/1016930/are-indias-elite-abandoning-the-countrys-poor-and-vulnerable

 

18. As global crude oil prices rise, can India shield consumers from prices rising across the board?

https://scroll.in/article/1017482/as-global-crude-oil-prices-rise-can-india-shield-consumers-from-prices-rising-across-the-board

 

19. At G20 summit, Nirmala Sitharaman says vaccine equity is the key to global economic recovery

https://scroll.in/latest/1017632/at-g20-summit-nirmala-sitharaman-says-vaccine-equity-is-the-key-to-global-economic-recovery

 

20. Why Budget 2022 Was an Exercise With Misplaced Priorities

https://thewire.in/economy/on-denials-and-rejections-in-the-recent-budget

 

21. India’s mineral production rose by 16 per cent during Apr-Dec 2021 period

https://theprint.in/economy/indias-mineral-production-rose-by-16-per-cent-during-apr-dec-2021-period/833812/

 

22. India's GDP likely to grow at 5.8% in Oct-Dec: SBI report

https://www.thehindu.com/business/Economy/indias-gdp-likely-to-grow-at-58-in-oct-dec-sbi-report/article65061881.ece

 

2. Public Finance

 

23. Non-financial debt jumps 11.9% to Rs 371 lakh crore in Sept quarter: Report

https://economictimes.indiatimes.com/news/economy/finance/non-financial-debt-jumps-11-9-to-rs-371-lakh-crore-in-sept-quarter-report/articleshow/89542226.cms

 

24. Centre may not go for 60% borrowing in the first half of FY23

https://www.business-standard.com/article/economy-policy/centre-may-not-go-for-60-borrowing-in-the-first-half-of-fy23-122021400018_1.html

 

25. Why Budget 2022 Was an Exercise With Misplaced Priorities

https://thewire.in/economy/on-denials-and-rejections-in-the-recent-budget

 

26. Centre releases Rs 1154.90 crore grants to states for Urban Local Bodies

https://theprint.in/economy/centre-releases-rs-1154-90-crore-grants-to-states-for-urban-local-bodies/831555/

 

Taxation

 

27. Taxing cryptos, a sovereign right; ban another issue: FM

https://www.thehindubusinessline.com/economy/taxing-crypto-a-right-of-sovereign-says-fm/article65001633.ece

 

28. Expanding the tax base, key to IT rationalisation: Revenue Secretary

https://www.thehindubusinessline.com/economy/rationalisation-not-reduction-of-tax-levels-needed-revenue-secretary/article65001942.ece

 

29. Group of Ministers on GST for casinos, race course and online gaming reconstituted

https://www.thehindubusinessline.com/economy/gom-on-gst-for-casinos-race-course-and-online-gaming-reconstituted/article65046011.ece

 

30. Asset monetisation: NITI seeks GST waiver for 'rights to use' transfers

https://www.business-standard.com/article/economy-policy/asset-monetisation-niti-seeks-gst-waiver-for-rights-to-use-transfers-122021500055_1.html

 

31. Lease of residential premises as hostels does not attract GST: Karnataka HC

https://www.thehindubusinessline.com/news/national/lease-of-residential-premises-as-hostel-not-to-attract-gst-karnataka-hc/article65052325.ece

 

32. ‘Income from guest lectures will attract 18% GST’

https://www.thehindubusinessline.com/economy/income-earned-from-conducting-guest-lectures-to-attact-18-per-cent-gst-karnataka-aar/article65055597.ece

 

33. Companies moving from one state to another considered “supply of services” : AAR

https://economictimes.indiatimes.com/news/economy/policy/companies-moving-from-one-state-to-another-considered-supply-of-services-aar/articleshow/89617463.cms

 

34. Online courses to doctors even if mandated by Medical Council should be taxed under GST: AAR

https://economictimes.indiatimes.com/news/economy/policy/online-courses-to-doctors-even-if-mandated-by-medical-council-should-be-taxed-under-gst-aar/articleshow/89640766.cms

 

35. Govt likely to propose 18% GST on crypto mining, trading entities

https://www.business-standard.com/article/economy-policy/govt-likely-to-propose-18-gst-on-crypto-mining-trading-entities-122021700030_1.html

 

3. Banking and Monetary Policy

 

36. Discussions on with RBI on crypto, digital currency: Nirmala Sitharaman

https://economictimes.indiatimes.com/news/economy/policy/discussions-on-with-rbi-on-crypto-digital-currency-nirmala-sitharaman/articleshow/89572445.cms

 

37. Cryptocurrencies are worse than Ponzi schemes, says RBI Deputy Governor

https://economictimes.indiatimes.com/news/economy/policy/cryptocurrencies-are-worse-than-ponzi-schemes-says-rbi-deputy-governor/articleshow/89573324.cms

 

38. Festive season helps bank credit grow by 8.2% YoY, shows data

https://www.business-standard.com/article/economy-policy/festive-season-helps-bank-credit-grow-by-8-2-yoy-shows-data-122021200023_1.html

 

39. RBI’s gamble on bank balance-sheets

https://www.thehindubusinessline.com/opinion/rbis-gamble-on-banks-balance-sheets/article65052073.ece

 

40. Loans can be upgraded from NPA to standard category only after repayment of arrears: RBI

https://www.thehindubusinessline.com/money-and-banking/loans-can-be-upgraded-from-npa-to-standard-category-only-upon-repayment-of-entire-arrears-rbi/article65053223.ece#:~:text=Loan%20accounts%20can%20be%20upgraded,the%20Reserve%20Bank%20of%20India%20(

 

41. 2022-23 Budget proposals, recent monetary policy set tone for broad-based economic revival: RBI

https://economictimes.indiatimes.com/news/economy/policy/2022-23-budget-proposals-recent-monetary-policy-set-tone-for-broad-based-economic-revival-rbi/articleshow/89621433.cms

 

42. RBI's surprise call pushes economists to review their India rate bets

https://economictimes.indiatimes.com/news/economy/policy/rbis-surprise-call-pushes-economists-to-review-their-india-rate-bets/articleshow/89632582.cms

 

43. India’s digital-coin exchanges see bonanza as Modi govt levies 30% crypto tax

https://theprint.in/economy/indias-digital-coin-exchanges-see-bonanza-as-modi-govt-levies-30-crypto-tax/835386/

 

4. External Sector

 

44. Multidimensional approach key for India to achieve $1 trn exports by 2030: CII

https://economictimes.indiatimes.com/news/economy/policy/multidimensional-approach-key-for-india-to-achieve-1-trn-exports-by-2030-cii/articleshow/89545720.cms

 

45. India's Jan palm oil imports dip over 29% to 5,53,084 tonnes: SEA

https://economictimes.indiatimes.com/news/economy/foreign-trade/indias-jan-palm-oil-imports-dip-over-29-to-553084-tonnes-sea/articleshow/89564680.cms

 

46. 14 products to drive $1 trillion export aim, defence, green, digital new export areas: CII

https://economictimes.indiatimes.com/news/economy/finance/14-products-to-drive-1-trillion-export-aim-defence-green-digital-new-export-areas-cii/articleshow/89558636.cms

 

47. India and Australia close to sealing early trade pact: Piyush Goyal

https://www.business-standard.com/article/economy-policy/india-and-australia-close-to-sealing-early-trade-pact-piyush-goyal-122021200009_1.html

 

48. Japan is India’s 5th largest investor, 114 Japanese companies currently operate across India

https://theprint.in/economy/japan-is-indias-5th-largest-investor-114-japanese-companies-currently-operate-across-india/830858/

 

49. Exports jump 25.28% to $34.5 billion in January

https://www.thehindu.com/business/Economy/exports-jump-2528-to-345-billion-in-january/article65052252.ece

 

50. Budget’s missing export push

https://www.thehindubusinessline.com/opinion/export-push-missing-in-budget/article65056058.ece

 

51. Rice exports: Thai hurdle for India this year

https://www.thehindubusinessline.com/markets/commodities/indian-rice-exports-face-logistics-hurdles-on-shipping-woes/article34163213.ece

 

52. WTO: India, Africa, Cuba seek exemption from trade disputes

https://www.thehindubusinessline.com/economy/india-african-group-cuba-seek-exemption-from-wto-disputes-during-covid-19/article65056145.ece

 

53. Global trade in 2021 rises 25 per cent to touch record high of $28.5 trillion: UNCTAD

https://www.thehindubusinessline.com/economy/global-trade-in-2021-rises-25-per-cent-to-touch-record-high-of-285-billion-unctad/article65058499.ece

 

54. Sugar exports jump 2.5 times to 31.5 lt in Oct-Jan

https://www.thehindubusinessline.com/economy/agri-business/sugar-exports-jump-over-three-fold-to-315-lakh-tonnes-in-oct-jan/article65058853.ece

 

55. India's January trade deficit at $17.42 billion: Trade ministry

https://economictimes.indiatimes.com/news/economy/indicators/indias-january-trade-deficit-at-17-42-billion-trade-ministry/articleshow/89589142.cms

 

56. FY22 current account deficit faces mild upside risk: Acuite Ratings

https://economictimes.indiatimes.com/news/economy/indicators/fy22-current-account-deficit-faces-mild-upside-risk-acuite-ratings/articleshow/89624887.cms

 

57. India Jan oilmeal export dips 65% to 1.76 lakh tonnes: SEA

https://economictimes.indiatimes.com/news/economy/foreign-trade/india-jan-oilmeal-export-dips-65-to-1-76-lakh-tonnes-sea/articleshow/89613162.cms

 

58. CEPA to unleash India-UAE economic potential, boost trade to USD 100 bn: India's envoy

https://economictimes.indiatimes.com/news/economy/foreign-trade/cepa-to-unleash-india-uae-economic-potential-boost-trade-to-usd-100-bn-indias-envoy/articleshow/89640828.cms

 

59. After free trade pact, 80% of exports to UAE to be duty free

https://economictimes.indiatimes.com/news/economy/foreign-trade/after-free-trade-pact-80-of-exports-to-uae-to-be-duty-free/articleshow/89649008.cms

 

60. India’s gems and jewellery exports likely to reach USD 40 bn in 2021-22: Piyush Goyal

https://theprint.in/economy/indias-gems-and-jewellery-exports-likely-to-reach-usd-40-bn-in-2021-22-piyush-goyal/836885/

 

5. Agriculture and Rural Economy

 

61. Will Budget give a boost to smart farming?

https://www.thehindubusinessline.com/opinion/will-the-budget-give-a-boost-to-smart-farming/article65046007.ece

 

62. Demand for lower cotton prices is not justified

https://www.thehindubusinessline.com/opinion/demand-for-lower-cotton-prices-is-not-justified/article65048549.ece#:~:text=After%20a%20long%20time%2C%20the,cotton%20exports%20are%20not%20justified.

 

63. Center reduces agri-cess from crude palm oil to check edible oil prices

https://economictimes.indiatimes.com/news/economy/policy/center-reduces-agri-cess-from-crude-palm-oil-to-check-edible-oil-prices/articleshow/89570649.cms

 

64. Centre plans to amend fertiliser law

https://www.thehindubusinessline.com/economy/agri-business/centre-plans-to-amend-fertilizer-law-to-control-import-supply/article65052811.ece

 

65. Agri Ministry estimates foodgrains output at record 316.06 mt this year

https://www.thehindubusinessline.com/economy/agri-business/agri-ministry-estimates-foodgrain-output-at-record-31606-million-tonnes-this-year/article65056429.ece

 

66. Pungent mix-up: ‘Garlic boom’ is data error, says Madhya Pradesh government

https://www.thehindubusinessline.com/economy/agri-business/pungent-mix-up-garlic-boom-is-data-error-says-mp/article65055623.ece

 

67. Budget gives short shrift to agriculture

https://www.thehindubusinessline.com/opinion/budget-gives-short-shrift-to-agriculture/article65058881.ece

 

68. India’s Potential Tryst with ‘Elite Abandonment’ May Come at the Cost of the Poor

https://thewire.in/economy/indias-potential-tryst-with-elite-abandonment-may-come-at-the-cost-of-the-poor

 

6. Industry, Manufacturing, Services and Technology

 

69. Factory output in December sputters, grows at just 0.4%

https://economictimes.indiatimes.com/news/economy/indicators/factory-output-in-december-sputters-grows-at-just-0-4/articleshow/89504989.cms

 

70. PLI for auto to create 7.5 lakh additional jobs in 5 years, says official

https://www.business-standard.com/article/economy-policy/pli-for-auto-to-create-7-5-lakh-additional-jobs-in-5-years-says-official-122021401680_1.html

 

71. After two months' resistance, steel prices rise again in Feb on cost push

https://www.business-standard.com/article/economy-policy/after-two-months-resistance-steel-prices-rise-again-in-feb-on-cost-push-122021500899_1.html

 

72. Tea Board proposes to act as facilitator for industry

https://theprint.in/economy/tea-board-proposes-to-act-as-facilitator-for-industry/831471/

 

73. At $227 b, IT revenue in FY22 to grow fastest in a decade

https://www.thehindubusinessline.com/info-tech/it-sector-revenue-to-cross-over-200-billion-in-fy22-nasscom-report/article65051983.ece

 

74. Petrol consumption fell 10.7% in January

https://www.thehindubusinessline.com/economy/petrol-consumption-fell-107-per-cent-in-jan-2022-after-hitting-multi-year-high-in-december-2021/article65053260.ece

 

75. Clothing and footwear spur retail inflation to eight-year high in Jan

https://www.thehindubusinessline.com/economy/retail-inflation-of-clothing-footwear-at-884-per-cent-in-january/article65052710.ece#:~:text=Higher%20prices%20of%20shawl%2C%20chadar,of%20little%20over%208%20years.

 

76. Cutting logistics cost by 6 per cent major challenge, says Nitin Gadkari

https://economictimes.indiatimes.com/news/economy/infrastructure/cutting-logistics-cost-by-6-per-cent-major-challenge-says-nitin-gadkari/articleshow/89646815.cms

 

77. PLI scheme to unlock India's manufacturing capacity, says Icra

https://www.business-standard.com/article/economy-policy/pli-scheme-to-unlock-india-s-manufacturing-capacity-says-icra-122021701003_1.html

 

78. Over 55% homebuyers expect housing prices to rise in 2022: Survey

https://www.business-standard.com/article/economy-policy/over-55-homebuyers-expect-housing-prices-to-rise-in-2022-survey-122021701151_1.html

 

7. Columns by Paul Krugman/ Joseph Stiglitz

 

79. A balanced response to inflation

https://www.business-standard.com/article/opinion/a-balanced-response-to-inflation-122021101812_1.html

 

80. Trump's Trade War With China Was a Failure - The New York Times

https://www.nytimes.com/2022/02/15/opinion/china-trade-war-trump.html

 

81. Opinion | Mr. Biden, Your Good Economy Won’t Sell Itself

https://www.nytimes.com/2022/02/17/opinion/biden-economy-inflation-growth.html

 

8. Other Articles/ Columns

 

• Ideas for India

 

82. Budget 2022-23: Hits and misses

https://www.ideasforindia.in/topics/macroeconomics/budget-2022-23-hits-and-misses.html

 

83. Budget and politics in pandemic times

https://www.ideasforindia.in/topics/governance/budget-and-politics-in-pandemic-times.html

 

84. How colonial is Indian law?

https://www.ideasforindia.in/topics/governance/how-colonial-is-indian-law.html

 

• EPW

 

Commentary

 

85. Trust in Public Health Practice

https://www.epw.in/journal/2022/7/commentary/trust-public-health-practice.html

 

86. A Review of the Literature

Women’s Work Participation in Rural Karnataka and Tamil Nadu

https://www.epw.in/journal/2022/7/commentary/womens-work-participation-rural-karnataka-and.html

 

87. A Cautionary Approach

Bank-like Regulations for Non-banking Financial Companies

https://www.epw.in/journal/2022/7/commentary/bank-regulations-non-banking-financial-companies.html-0

 

Perspectives

 

88. Revisiting the Role of Mandis in the Context of Farm Law’s Repeal

Markets for Farmers

https://www.epw.in/journal/2022/8/perspectives/markets-farmers.html

 

Special Articles

 

89. An Empirical Inquiry Based on the PLFS 2018–19 Data Set

Who Cares for Labour?

https://www.epw.in/journal/2022/7/special-articles/who-cares-labour.html

 

90. Income Distribution and Aggregate Demand in the Indian Economy

https://www.epw.in/journal/2022/7/special-articles/income-distribution-and-aggregate-demand-indian.html

 

91. A Study of Few Characteristics

Mobile Phone Manufacturing in India

https://www.epw.in/journal/2022/8/special-articles/mobile-phone-manufacturing-india.html

 

• Project Syndicate

 

92. Free the Money We Need

https://www.project-syndicate.org/commentary/imf-sdrs-equitable-sustainable-global-recovery-by-jayati-ghosh-2022-02?a_la=english&a_d=620a311714091d488b87587e&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=imf-sdrs-equitable-sustainable-global-recovery-by-jayati-ghosh-2022-02&a_pa=section-commentaries&a_ps=&a_ms=&a_r=&barrier=accesspaylog

 

93. An Argentinian Haircut for the IMF

https://www.project-syndicate.org/commentary/imf-argentina-blunder-calls-for-debt-restructuring-by-willem-h-buiter-2022-02?a_la=english&a_d=620cfaddc47ec2c095ec4328&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=imf-argentina-blunder-calls-for-debt-restructuring-by-willem-h-buiter-2022-02&a_pa=section-commentaries&a_ps=&a_ms=&a_r=&barrier=accesspaylog

 

94. Bury the US-China Trade Agreement

https://www.project-syndicate.org/commentary/us-china-phase-one-trade-deal-failure-is-a-good-thing-by-chang-tai-hsieh-2022-02?a_la=english&a_d=620d1d26c47ec2c09558f592&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=us-china-phase-one-trade-deal-failure-is-a-good-thing-by-chang-tai-hsieh-2022-02&a_pa=section-commentaries&a_ps=&a_ms=&a_r=&barrier=accesspaylog

 

95. Biden's Misery Index

https://www.project-syndicate.org/commentary/biden-misery-index-inflation-and-other-factors-by-michael-boskin-2022-02?a_la=english&a_d=620e53459a73d2c833044cf2&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=biden-misery-index-inflation-and-other-factors-by-michael-boskin-2022-02&a_pa=section-commentaries&a_ps=&a_ms=&a_r=&barrier=accesspaylog

 

• The Economist

 

96. Labour v capital in the post-lockdown economy

https://www.economist.com/finance-and-economics/labour-v-capital-in-the-post-lockdown-economy/21807700

 

97. The true cost of empty offices

https://www.economist.com/finance-and-economics/the-true-cost-of-empty-offices/21807703

 

9. News on Kerala

 

98. Kerala Governor announces welfare projects for backward classes, SC and ST category of people

https://www.thehindu.com/news/national/kerala/kerala-governor-announces-welfare-projects-for-backward-classes-sc-and-st-category-of-people/article65061776.ece

 

99. Virtual employment exchange on the cards for non-resident Keralites: Governor Arif Mohammad Khan

https://www.thehindu.com/news/national/kerala/virtual-employment-exchange-on-the-cards-for-non-resident-keralites-governor-arif-mohammad-khan/article65061792.ece

 

100. Government plans to set up innovation hubs: Kerala Governor Arif Mohammad Khan

https://www.thehindu.com/news/cities/Kochi/government-plans-to-set-up-innovation-hubs-kerala-governor-arif-mohammad-khan/article65061849.ece

 

101. Kerala to prepare NEP-based curriculum

https://www.thehindu.com/news/national/kerala/kerala-to-prepare-nep-based-curriculum/article65061779.ece

 

 

Print Sources:               The Hindu, Business Line, Business Standard, Economic Times

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