Weekly Updates on the Indian Economy

(12/03/2022 to 18/03/2022)

1. National Accounts and State of the Economy

 

1. RBI may review GDP, inflation forecasts: Patra

https://www.thehindubusinessline.com/economy/russia-ukraine-war-rbi-may-review-fy23-gdp-and-inflation-projections/article65215021.ece

 

2. UPI123Pay for feature phones can expand digital payments in semi-urban, rural areas

https://www.thehindubusinessline.com/data-stories/upi123paycan-increase-the-volume-of-small-ticket-transactions-on-the-platform/article65213961.ece

 

3. Maharashtra will be the first State to have a $1-trillion economy: Ajit Pawar

https://www.thehindubusinessline.com/news/maharashtra-will-be-the-first-state-to-have-a-1-trillion-economy-pawar/article65214235.ece

 

4. Women need to be financially empowered

https://www.thehindubusinessline.com/opinion/empowering-women-through-financial-inclusion/article65214339.ece

 

5. Dividends from Central PSEs exceed revised estimates for 2nd year in a row

https://www.thehindubusinessline.com/news/dividends-received-from-central-pses-higher-than-revised-estimates-for-second-consecutive-year/article65220085.ece

 

6. Pricier crude, metals take WPI to 13%; CPI at 8-month high

https://www.thehindubusinessline.com/economy/retail-inflation-at-8-month-high-wpi-in-double-digits-for-11th-straight-month/article65224672.ece

 

7. Most women-owned very small businesses haven’t applied for formal loans: IFC study

https://www.thehindubusinessline.com/data-stories/data-focus/most-women-owned-very-small-businesses-havent-applied-for-formal-loans-ifc-study/article65224423.ece

 

8. Unemployment rate on the rise at 12.7: Periodic Labour Force Survey

https://www.thehindubusinessline.com/economy/unemployment-rate-at-127-periodic-labour-force-survey/article65225044.ece

 

9. Labour bureau data show increase in retail inflation for rural workers in Feb

https://www.thehindubusinessline.com/economy/retail-inflation-increases-for-rural-workers-in-february/article65234562.ece

 

 

 

 

10. Economy going strong, people have endorsed govt's work: Piyush Goyal

https://economictimes.indiatimes.com/news/economy/policy/economy-going-strong-people-have-endorsed-govts-work-piyush-goyal/articleshow/90161566.cms

 

11. Skill ministry pulled up over vacancies in ITIs, inadequate use of budgetary resources

https://economictimes.indiatimes.com/news/economy/policy/skill-ministry-pulled-up-over-vacancies-in-itis-inadequate-use-of-budgetary-resources/articleshow/90225293.cms

 

12. 'Atmanirbhar Bharat' is not a closed economy, it's being globally competitive: Rajiv Kumar, NITI Aayog VC

https://economictimes.indiatimes.com/news/economy/policy/atmanirbhar-bharat-is-not-a-closed-economy-its-being-globally-competitive-rajiv-kumar-niti-aayog-vc/articleshow/90231166.cms

 

13. Global economic fallout of war in Ukraine is expected to negatively impact Indian economy: IMF

https://economictimes.indiatimes.com/news/economy/indicators/global-economic-fallout-of-war-in-ukraine-is-expected-to-negatively-impact-indian-economy-imf/articleshow/90298283.cms

 

14. India may relook inflation, growth projections, says RBI deputy governor Michael Patra

https://economictimes.indiatimes.com/news/economy/indicators/india-may-relook-inflation-growth-projections-says-rbi-deputy-governor-michael-patra/articleshow/90164512.cms

 

15. India GDP growth forecast cut to 7.9 pc: Morgan Stanley

https://economictimes.indiatimes.com/news/economy/indicators/india-gdp-growth-forecast-cut-to-7-9-pc-morgan-stanley/articleshow/90181404.cms

 

16. WPI inflation rises to 13.11% in February

https://economictimes.indiatimes.com/news/economy/indicators/wpi-inflation-rises-to-13-11-in-february/articleshow/90196835.cms

 

17. 75% of CEOs see moderate or no impact of war on economy

https://economictimes.indiatimes.com/news/economy/indicators/75-of-ceos-see-moderate-or-no-impact-of-war-on-economy/articleshow/90245261.cms

 

18. Economy is well prepared to absorb any upcoming external shock: Finance ministry

https://economictimes.indiatimes.com/news/economy/indicators/economy-is-well-prepared-to-absorb-any-upcoming-external-shock-finance-ministry/articleshow/90230419.cms

 

 

 

19. Moody's slashes 2022 India growth estimate to 9.1% on lower capex

https://economictimes.indiatimes.com/news/economy/indicators/moodys-slashes-2022-india-growth-estimate-to-9-1/articleshow/90284639.cms

 

20. India's post-pandemic eco recovery progressing well; high oil prices pose risks: Ashima Goyal

https://economictimes.indiatimes.com/news/economy/finance/indias-post-pandemic-eco-recovery-progressing-well-high-oil-prices-pose-risks-ashima-goyal/articleshow/90182444.cms

 

21. Data centers to enable India’s trillion-dollar digital economy growth; Mumbai, Chennai to lead, report

https://economictimes.indiatimes.com/news/economy/finance/data-centers-to-enable-indias-trillion-dollar-digital-economy-growth-mumbai-chennai-to-lead-report/articleshow/90217868.cms

 

22. In 2021, India’s urban unemployment rose to 12.6% during April-June from 9.3% in January-March

https://scroll.in/latest/1019655/in-2021-indias-urban-unemployment-rose-to-12-6-during-april-june-from-9-3-in-january-march

 

23. Retail inflation increased to 6.07% in February from 6.01% in January

https://scroll.in/latest/1019495/retail-inflation-increased-to-6-07-in-february-from-6-01-in-january

 

24. Employees’ provident fund interest rate proposed to be cut to four-decade low of 8.1%

https://scroll.in/latest/1019338/employees-provident-fund-interest-rate-proposed-to-be-cut-to-four-decade-low-of-8-1

 

25. For Campaign Ads on Facebook, BJP Almost Always Gets Better Bang for the Buck: Report

https://thewire.in/political-economy/for-campaign-ads-on-facebook-bjp-almost-always-gets-better-bang-for-the-buck-report

 

26. As Ukraine Upsets Govt Finance Calculations, Can Modi Fulfil His Promise of ‘Saturation’ Welfare Coverage?

https://thewire.in/economy/narendra-modi-welfare-schemes-saturation

 

27. India making steady progress, global crisis notwithstanding: RBI article

https://theprint.in/economy/india-making-steady-progress-global-crisis-notwithstanding-rbi-article/877709/

 

2. Public Finance

 

28. Fiscal consolidation has begun too soon

https://www.thehindubusinessline.com/opinion/premature-tapering-of-fiscal-stimulus/article65227405.ece

 

29. Nirmala Sitharaman presents Rs 1.42 lakh crore J&K budget in Lok Sabha

https://economictimes.indiatimes.com/news/economy/policy/nirmala-sitharaman-presents-rs-1-42-lakh-crore-jk-budget-in-lok-sabha/articleshow/90206724.cms

 

30. Govt seeks Parliament nod for net additional spending of Rs 1.07 lakh cr

https://economictimes.indiatimes.com/news/economy/finance/govt-seeks-parliament-nod-for-net-additional-spending-of-rs-1-07-lakh-cr/articleshow/90197662.cms

 

31. Rs 1.41 lk cr released to Bihar as proceeds of central taxes and duties in 2020-22: Centre

https://economictimes.indiatimes.com/news/economy/finance/rs-1-41-lk-cr-released-to-bihar-as-proceeds-of-central-taxes-and-duties-in-2020-22-centre/articleshow/90203794.cms

 

32. Tripura Deputy Chief Minister Jishnu Dev Varma on Thursday presented a Rs 26,893 crore tax-free Budget for 2022-23

https://economictimes.indiatimes.com/news/economy/finance/tripura-deputy-chief-minister-jishnu-dev-varma-on-thursday-presented-a-rs-26893-crore-tax-free-budget-for-2022-23/articleshow/90296767.cms

 

33. How the Crude Oil Price Spike Will Upend India's Fiscal Balancing Act

https://thewire.in/economy/how-the-crude-oil-price-spike-will-upend-indias-fiscal-balancing-act

 

34. Can AAP Repeat its Delhi Budgetary Playbook in Punjab?

https://thewire.in/economy/can-aap-repeat-its-delhi-budgetary-playbook-in-punjab

 

Taxation

 

35. No excise duty cut on petrol/diesel, for now

https://www.thehindubusinessline.com/economy/no-excise-duty-cut-on-petrol-diesel-for-now/article65221637.ece

 

36. ‘GST compensation of over ₹53,000 cr yet to be released to States, UTs’

https://www.thehindubusinessline.com/economy/gst-compensation-of-over-53000-cr-yet-to-be-released-to-statesuts/article65227319.ece

 

37. 'Pizza topping is not pizza, so will attract a higher GST levy'

https://economictimes.indiatimes.com/news/economy/policy/pizza-topping-is-not-pizza-so-will-attract-a-higher-gst-levy/articleshow/90210450.cms

 

 

 

 

38. Politicising GST Council decisions an insult to federal body: Sitharaman in RS

https://economictimes.indiatimes.com/news/economy/policy/politicising-gst-council-decisions-an-insult-to-federal-body-sitharaman-in-rs/articleshow/90224026.cms

 

39. Many states request GST compensation extension beyond 5 years: FM Nirmala Sitharaman

https://economictimes.indiatimes.com/news/economy/finance/many-states-request-gst-compensation-extension-beyond-5-years-fm-nirmala-sitharaman/articleshow/90200525.cms

 

40. Direct tax collection soars 48% in FY22, advance tax payment up 41%

https://www.business-standard.com/article/economy-policy/advance-tax-collections-jump-41-net-direct-tax-mop-up-soars-48-in-fy22-122031700998_1.html

 

41. GST cut to 5 per cent on domestic MRO services to boost aviation sector

https://theprint.in/economy/gst-cut-to-5-per-cent-on-domestic-mro-services-to-boost-aviation-sector/873054/

 

42. Govt has no plan to revamp capital gains tax structure: Finance Ministry

https://theprint.in/economy/govt-has-no-plan-to-revamp-capital-gains-tax-structure-finance-ministry/874500/

 

3. Banking and Monetary Policy

 

43. Fitch Ratings revises outlook on banks to ‘stable’ from ‘negative’

https://www.thehindubusinessline.com/money-and-banking/fitch-revises-outlook-on-indian-banks-operating-environment-to-stable-from-negative/article65213750.ece

 

44. Indian fintechs’ overall valuation set to surge to $150 billion by 2025: FM

https://www.thehindubusinessline.com/money-and-banking/indian-fintechs-overall-valuation-set-to-surge-to-150-billion-by-2025-fm/article65215264.ece

 

45. Disinvestment: Will IDBI Bank find any takers?

https://www.thehindubusinessline.com/money-and-banking/disinvestment-will-idbi-bank-find-any-takers/article65222517.ece

 

46. RBI unveils harmonised framework for microfinance lenders

https://www.thehindubusinessline.com/money-and-banking/rbi-unveils-harmonised-framework-for-microfinance-lenders/article65224172.ece

 

47. India can trade with Russia through non-sanctioned banks, lenders tell RBI

https://www.thehindubusinessline.com/economy/russia-ukraine-war-impact-bankers-tell-rbi-trade-with-russia-can-be-conducted-via-non-sanctioned-banks/article65225094.ece

 

48. No plans to introduce cryptocurrency: Govt

https://economictimes.indiatimes.com/news/economy/policy/no-plans-to-introduce-cryptocurrency-govt/articleshow/90224115.cms

 

49. RBI seen holding rates even as retail prices top inflation target

https://economictimes.indiatimes.com/news/economy/policy/rbi-seen-holding-rates-even-as-retail-prices-top-inflation-target/articleshow/90237527.cms

 

50. Unfolding global developments pose downside risks for Indian economy, RBI says

https://economictimes.indiatimes.com/news/economy/policy/unfolding-global-developments-pose-downside-risks-for-indian-economy-rbi-says/articleshow/90292312.cms

 

51. No public sector bank faced loss in three quarters to Dec'21 of this fiscal

https://economictimes.indiatimes.com/news/economy/finance/no-public-sector-bank-faced-loss-in-three-quarters-to-dec21-of-this-fiscal/articleshow/90227057.cms

 

52. Indian banks may face headwinds from Russia-Ukraine crisis: Rating agency S&P

https://www.thehindu.com/business/Economy/indian-banks-may-face-headwinds-from-russia-ukraine-crisis-sp/article65231244.ece

 

4. External Sector

 

53. Exports jump 25% to $34.57 b in Feb

https://www.thehindubusinessline.com/economy/exports-up-25-per-cent-to-3457-bn-in-february-trade-deficit-widens-to-2088-bn/article65223936.ece

 

54. Contours of an interim trade agreement

https://www.thehindubusinessline.com/opinion/the-contours-of-an-interim-trade-agreement/article65233867.ece

 

55. Govt brings clarity in policy for FDI in real estate business

https://economictimes.indiatimes.com/news/economy/policy/government-widens-meaning-of-real-estate-business-under-fdi-policy/articleshow/90209415.cms

 

56. Gold imports surge to $45 billion in April-February this fiscal

https://economictimes.indiatimes.com/news/economy/foreign-trade/gold-imports-surge-to-45-billion-in-april-feb-this-fiscal/articleshow/90181979.cms

 

57. India and Canada to push for 'early progress' trade deal

https://economictimes.indiatimes.com/news/economy/foreign-trade/india-and-canada-to-push-for-early-progress-trade-deal/articleshow/90189736.cms

 

 

 

58. India-UAE trade pact: Bilateral trade projected to touch $100 bn in 5 years

https://economictimes.indiatimes.com/news/economy/foreign-trade/india-uae-trade-pact-bilateral-trade-projected-to-touch-100-bn-in-5-years/articleshow/90271411.cms

 

59. Exports reach $390 bn as of March 14: Piyush Goyal

https://economictimes.indiatimes.com/news/economy/foreign-trade/export-reaches-390-bn-as-of-march-14-piyush-goyal/articleshow/90289489.cms

 

60. Services exports likely to touch $1 trillion 3 years before target

https://economictimes.indiatimes.com/news/economy/foreign-trade/services-exports-likely-to-touch-1-trillion-3-years-before-target/articleshow/90299720.cms

 

61. India's February oil imports surge as refiners boost runs

https://economictimes.indiatimes.com/news/economy/foreign-trade/indias-february-oil-imports-surge-as-refiners-boost-runs/articleshow/90306175.cms

 

5. Agriculture and Rural Economy

 

62. India’s wheat exports to top 10 mt this fiscal: USDA

https://www.thehindubusinessline.com/economy/agri-business/indias-wheat-exports-to-top-10-mt-this-fiscal-due-to-russia-ukraine-conflict-usda/article65210517.ece

 

63. Is the Russia-Ukraine war leading to a global food crisis?

https://www.thehindubusinessline.com/blexplainer/is-the-russia-ukrainewar-causing-a-global-food-crisis/article65226980.ece

 

64. Edible oil production not in sync with growth in consumption

https://www.thehindubusinessline.com/data-stories/edible-oil-production-not-in-sync-with-growth-in-consumption/article65230626.ece

 

65. India boosts fertiliser imports from Canada, Israel as Russian supply disrupted

https://economictimes.indiatimes.com/news/economy/foreign-trade/india-boosts-fertiliser-imports-from-canada-israel-as-russian-supply-disrupted/articleshow/90252606.cms

 

66. Sugar exports jump over 2.5-fold to 47 lakh tonnes in October 21 - February 22: ISMA

https://economictimes.indiatimes.com/news/economy/foreign-trade/sugar-exports-jump-over-2-5-fold-to-47-lakh-tonnes-in-october-21-february-22-isma/articleshow/90289047.cms

 

67. Mustard seeds output to rise 29% to 109.5 lakh tonnes in 2021-22: COOIT

https://economictimes.indiatimes.com/news/economy/agriculture/mustard-seeds-output-to-rise-29-to-109-5-lakh-tonnes-in-2021-22-cooit/articleshow/90265190.cms

 

68. JSW Cement signs MoU with Punjab Renewable Energy Systems to use agricultural waste as biomass

https://economictimes.indiatimes.com/news/economy/agriculture/jsw-cement-signs-mou-with-punjab-renewable-energy-systems-to-use-agricultural-waste-as-biomass/articleshow/90275013.cms

 

69. Outstanding farm loan amounts grew 53% since 2015–16, Centre tells Rajya Sabha

https://www.thehindu.com/news/national/outstanding-farm-loan-amounts-grew-53-since-201516-centre-tells-rajya-sabha/article65228163.ece

 

6. Industry, Manufacturing, Services and Technology

 

70. IIP grew 1.3% in January on base effect

https://www.thehindubusinessline.com/economy/iip-grew-by-13-per-cent-in-january-on-base-effect/article65214591.ece

 

71. Nitin Gadkari: Government to better world record in highway construction this month

https://economictimes.indiatimes.com/news/economy/infrastructure/nitin-gadkari-government-to-better-world-record-in-highway-construction-this-month/articleshow/90178375.cms

 

72. Govt gets Rs 4,353 crore as dividend tranches from 7 CPSEs

https://economictimes.indiatimes.com/news/economy/finance/govt-gets-rs-4353-crore-as-dividend-tranches-from-7-cpses/articleshow/90227420.cms

 

 

7. Columns by Paul Krugman/ Joseph Stiglitz

 

73. The IMF's Agreement With Argentina Could Prove a Game-Changer

https://www.counterpunch.org/2022/03/14/the-imfs-agreement-with-argentina-could-prove-a-game-changer/

 

74. Opinion | Another Dictator Is Having a Bad Year

https://www.nytimes.com/2022/03/17/opinion/china-russia-xi-jin-ping.html

 

75. German Gas Prices’ Fate With Russia’s War in Ukraine - The New York Times

https://www.nytimes.com/2022/03/15/opinion/germany-russia-ukraine-gas.html

 

76. Opinion | How Not to Have a Putin Recession

https://www.nytimes.com/2022/03/14/opinion/biden-putin-gas-prices-inflation.html

 

 

 

8. Other Articles/ Columns

 

• Ideas for India

 

77. Covid-19 in India: Cases, deaths, and vaccinations

https://www.ideasforindia.in/topics/human-development/covid-19-in-india-cases-deaths-and-vaccinations.html

 

78. Trade, internal migration, and human capital: Who gained from India’s IT boom?

https://www.ideasforindia.in/topics/productivity-innovation/trade-internal-migration-and-human-capital-who-gained-from-india-s-it-boom.html

 

• EPW

 

Commentary

 

79. Conservative Framing of the Hijab Issue and the Muslim Women’s Movement

https://www.epw.in/journal/2022/12/commentary/conservative-framing-hijab-issue-and-muslim-womens.html

 

80. Bailout Barometer for the State-owned Indian Banks

https://www.epw.in/journal/2022/11/commentary/bailout-barometer-state-owned-indian-banks.html

 

Perspectives

 

81. Farmers, Media, and Opinion in India

The Political Economy of Plant Biotechnology

https://www.epw.in/journal/2022/12/perspectives/political-economy-plant-biotechnology.html

 

82. Critical Importance of Cooperative Federalism

https://www.epw.in/journal/2022/11/perspectives/critical-importance-cooperative-federalism.html

 

Special Articles

 

83. Insights from the Expansion in Coal Mining

The Road Ahead for Environmental Impact Assessment in India

https://www.epw.in/journal/2022/12/special-articles/road-ahead-environmental-impact-assessment-india.html

 

84. Tracing the Transformations in Delhi’s Taxi Industry

Before the Gig Economy

https://www.epw.in/journal/2022/12/special-articles/gig-economy.html

 

 

 

85. Policy Options and Implications

Price or Income Support to Farmers

https://www.epw.in/journal/2022/12/special-articles/price-or-income-support-farmers.html

 

• Project Syndicate

 

86. Russia Is Too Small to Win

https://www.project-syndicate.org/commentary/russia-economy-too-small-to-sustain-war-in-ukraine-by-paul-de-grauwe-2022-03?a_la=english&a_d=62334a90307a6495bacae576&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=russia-economy-too-small-to-sustain-war-in-ukraine-by-paul-de-grauwe-2022-03&a_pa=section-commentaries&a_ps=&a_ms=&a_r=

 

87. Economic Weapons of Mass Destruction

https://www.project-syndicate.org/commentary/economic-wmds-and-the-risk-of-deglobalization-by-raghuram-rajan-2022-03?a_la=english&a_d=62332a6c307a6495ba31d07a&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=economic-wmds-and-the-risk-of-deglobalization-by-raghuram-rajan-2022-03&a_pa=section-commentaries&a_ps=&a_ms=&a_r=

 

88. Pricing Existential Risk

https://www.project-syndicate.org/commentary/nuclear-war-existential-risk-in-stock-market-pricing-by-willem-h-buiter-2022-03?a_la=english&a_d=6231ff65437b48462a262412&a_m=&a_a=click&a_s=&a_p=%2Fsection%2Feconomics&a_li=nuclear-war-existential-risk-in-stock-market-pricing-by-willem-h-buiter-2022-03&a_pa=section-commentaries&a_ps=&a_ms=&a_r=&barrier=accesspaylog

 

• The Economist

 

89. The inflationary consequences of Russia’s war will spread

https://www.economist.com/finance-and-economics/the-inflationary-consequences-of-russias-war-will-spread/21808192

 

90. Globalisation and autocracy are locked together. For how much longer?

https://www.economist.com/finance-and-economics/2022/03/19/globalisation-and-autocracy-are-locked-together-for-how-much-longer

 

91. Can foreign-currency reserves be sanctions-proofed?

https://www.economist.com/finance-and-economics/21808194/can-foreign-currency-reserves-be-sanction-proofed/21808194

 

 

 

 

92. Governments are proposing windfall taxes on energy firms

https://www.economist.com/finance-and-economics/2022/03/19/governments-are-proposing-windfall-taxes-on-energy-firms

 

93. Will China’s covid lockdowns add to strains on supply chains?

https://www.economist.com/finance-and-economics/will-chinas-covid-lockdowns-add-to-strains-on-supply-chains/21808193

 

9. News on Kerala

 

94. Kerala plans ₹2,000-cr programme to deal with inflation

https://www.thehindubusinessline.com/economy/budget/kerala-proposes-deficit-budget-for-2022-23-with-a-strategic-long-term-vision/article65214039.ece

 

95. Kerala’s MMR drops from 42 to 30

https://www.thehindu.com/news/national/kerala/keralas-mmr-drops-from-42-to-30/article65217682.ece

 

96. Local bodies in Alappuzha make progress in Plan fund utilization

https://www.thehindu.com/news/national/kerala/local-bodies-in-alappuzha-make-progress-in-plan-fund-utilisation/article65221815.ece

 

97. State urges Centre to maintain EPF interest rate at 8.5%

https://www.thehindu.com/news/national/kerala/state-urges-centre-to-maintain-epf-interest-rate-at-85/article65222458.ece

 

98. Minister announces revised land tax rates

https://www.thehindu.com/news/national/kerala/minister-announces-revised-land-tax-rates/article65231827.ece

 

99. Housing Board urged to open fair price shops for building materials

https://www.thehindu.com/news/national/kerala/housing-board-urged-to-open-fair-price-shops-for-building-materials/article65233839.ece

 

100. Balagopal rejects Oppn. charge on Budget proposals

https://www.thehindu.com/news/national/kerala/balagopal-rejects-oppn-charge-on-budget-proposals/article65234506.ece

 

101. e-way bills for gold explored: Minister

https://www.thehindu.com/news/national/kerala/e-way-bills-for-gold-explored-minister/article65234996.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