Weekly Updates on Indian Economy

7^th March 2020 to 13^th March 2020

 

National Accounts and state of the economy

1. Sovereign wealth funds may cut down India play as oil prices drop

https://www.business-standard.com/article/economy-policy/sovereign-wealth-funds-may-cut-down-india-play-as-oil-prices-drop-120031101341_1.html

2. Coronavirus outbreak will drill a USD 2 trillion hole on world economy: UN trade body

https://www.newindianexpress.com/business/2020/mar/11/coronavirus-outbreak-will-drill-a-usd-2-trillion-hole-on-world-economy-un-trade-body-2115146.html

3. Oil surges on hope of economic stimulus

https://www.thehindu.com/business/businesslive-11-march-2020/article31037240.ece

4. Thermal Coal imports for 2019 rise 12.6%

https://www.thehindu.com/business/Industry/thermal-coal-imports-for-2019-rise-126/article31034023.ece

5. Coronavirus: Moody's cuts India growth forecast to 5.3% for 2020 on dampened domestic demand
https://economictimes.indiatimes.com/news/economy/indicators/coronavirus-moodys-cuts-india-growth-forecast-to-5-3-for-2020-on-dampened-domestic-demand/articleshow/74551392.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

6. Global GDP may lose $77- 347 bn, says ADB

https://auto.economictimes.indiatimes.com/news/industry/global-gdp-may-lose-77-347-bn-due-to-coronavirus-asia-to-be-hit-significantly-adb/74516023

7. Cash usage now at pre-demonetisation levels: CMS Info Systems report

https://www.business-standard.com/article/economy-policy/cash-usage-now-at-pre-demonetisation-levels-cms-info-systems-report-120030601657_1.html

8. CAD narrows to 0.2% GDP in third quarter

https://www.thehindu.com/business/cad-narrows-to-02-of-gdp-in-third-quarter/article31052571.ece

9. Retail Inflation eases to 6.58%, industrial production quickens

https://www.thehindu.com/business/markets/retail-inflation-eases-to-658-industrial-production-quickens/article31052799.ece

10. Unwinding of carry trades, FPI outflows leave rupee lagging other Asian currencies

https://www.thehindubusinessline.com/portfolio/news-analysis/unwinding-of-carry-trades-fpi-outflows-leave-rupee-lagging-other-asian-currencies/article31016253.ece

11. We are in the tail end of modest slowdown of the economy: NITI Aayog Vice Chairman

https://economictimes.indiatimes.com/news/economy/policy/we-are-in-the-tail-end-of-modest-slowdown-of-the-economy-niti-aayog-vice-chairman/articleshow/74526893.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

 

Public Finance

1. GST rates may rise on mobiles and footwear

https://timesofindia.indiatimes.com/business/india-business/gst-rates-may-rise-on-mobiles-footwear/articleshow/74591060.cms

2. Govt to sell Rs 8,000-cr SUUTI stake to meet revised FY20 divestment target

https://www.business-standard.com/article/economy-policy/govt-to-sell-rs-8-000-cr-suuti-stake-to-meet-revised-fy20-divestment-target-120031200032_1.html

3. Excise duties on petrol, diesel may not be raised despite revenue pressures

https://economictimes.indiatimes.com/news/economy/foreign-trade/excise-duties-on-petrol-diesel-may-not-be-raised-despite-revenue-pressures/articleshow/74558289.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

4. Shortfall in Direct Tax mop up now just 0.7%

https://www.thehindubusinessline.com/economy/shortfall-in-direct-tax-mop-up-now-just-07/article31025341.ece

 

 

5. CBDT asks govt to tell PSUs to opt for 'Vivad se Vishwas' scheme

https://www.business-standard.com/article/economy-policy/cbdt-asks-govt-to-tell-psus-to-opt-for-vivad-se-vishwas-scheme-120030601669_1.html

 

Banking and Central Bank related

1. SBI removes minimum balance requirement; cuts interest rate on savings accounts to 3%

https://www.deccanherald.com/business/business-news/sbi-removes-minimum-balance-requirement-cuts-interest-rate-on-savings-accounts-to-3-812735.html

2. RBI taps private investors to take stakes in Yes Bank

https://timesofindia.indiatimes.com/business/india-business/rbi-taps-private-investors-to-take-stakes-in-yes-bank/articleshow/74585190.cms

3. Fallout of Yes Bank crisis: Fear factor hits private lenders

https://timesofindia.indiatimes.com/business/india-business/fallout-of-yes-bank-crisis-fear-factor-hits-pvt-lenders/articleshow/74584690.cms

4.  Banks consolidation: Chief executives to share plans, state of preparedness

https://www.thehindubusinessline.com/money-and-banking/banks-consolidation-chief-executives-to-share-plans-state-of-preparedness/article31042459.ece

5. Private Banks stealing a march over PSBs in incremental credit offtake: SBI research report

 https://www.thehindubusinessline.com/money-and-banking/private-banks-stealing-a-march-over-psbs-in-incremental-credit-offtake-sbi-research-report/article31039163.ece

6. Plunge in crude makes room for rate cuts
https://economictimes.indiatimes.com/markets/stocks/news/plunge-in-crude-makes-room-for-rate-cuts/articleshow/74568691.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

7. Post IL&FS default, housing finance companies see stable growth: NHB

https://www.thehindubusinessline.com/money-and-banking/post-ilfs-default-housing-finance-companies-see-stable-growth-nhb/article31033083.ece

8. Scrapping of AT1 bonds to hit MFs
http://timesofindia.indiatimes.com/articleshow/74567676.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

9. RBI opens dollar-swap window

https://www.thehindu.com/business/rbi-opens-dollar-swap-window/article31052594.ece

10. SEBI’s new reforms to help identify charge in NBFC defaults

https://www.businesstoday.in/current/corporate/sebi-new-reforms-to-help-identify-charge-in-nbfc-defaults/story/397826.html

11. Indian banks well capitalised, no reason to worry: CEA Krishnamurthy Subramanian

https://economictimes.indiatimes.com/industry/banking/finance/banking/indian-banks-well-capitalised-no-reason-to-worry-cea-krishnamurthy-subramanian/articleshow/74538415.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

 

Agriculture

1. Food ministry seeks extra Rs 13,000 crore to help states pay farmers

https://economictimes.indiatimes.com/news/economy/agriculture/food-ministry-seeks-extra-rs-13000-crore-to-help-states-pay-farmers/articleshow/74583650.cms

 

External Sector

1. India exploring nuts and bolts of possible FTA with Australia

https://www.thehindubusinessline.com/economy/india-exploring-nuts-and-bolts-of-possible-fta-with-australia/article31042472.ece

2. Coronavirus: Meat, rice, pharma exporters worried
https://economictimes.indiatimes.com/news/economy/indicators/coronavirus-meat-rice-pharma-exporters-worried/articleshow/74583623.cms

3. WTO focus on trade benefits to developing nations at key meet

https://economictimes.indiatimes.com/news/economy/foreign-trade/wto-focus-on-trade-benefits-to-developing-nations-at-key-meet/articleshow/74543782.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

 

Industry, Manufacturing, Services and Technology

1. Saudi Arabia just shrank your fuel bill

https://timesofindia.indiatimes.com/business/india-business/honey-saudi-arabia-just-shrunk-your-fuel-bill/articleshow/74583065.cms

2. MSMEs need cash-flow based financing

https://www.thehindubusinessline.com/opinion/msmes-need-cash-flow-based-financing/article31042938.ece

3. Fear of things made in China hits electronic products sales

https://economictimes.indiatimes.com/industry/cons-products/electronics/fear-of-things-made-in-china-hits-electronic-products-sales/articleshow/74586114.cms?from=mdr

4. Govt may halve dividend income tax rate for big local investors
https://economictimes.indiatimes.com/news/economy/policy/govt-may-halve-dividend-income-tax-rate-for-big-local-investors/articleshow/74568463.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

5. Thermal plants' Jan load factor at 5-yr low as slowdown hits power demand

https://www.business-standard.com/article/economy-policy/average-plf-hits-a-5-year-low-in-january-thermal-units-to-face-the-heat-120031000993_1.html

6. 2nd biggest arms importer, India 23rd on exporters' list
http://timesofindia.indiatimes.com/articleshow/74559063.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

7. Oils Rout

https://www.thehindu.com/opinion/editorial/oils-rout/article31025950.ece

8. SEZs seek continuation of IT benefits beyond March 31

https://www.thehindubusinessline.com/economy/sezs-seek-continuation-of-i-t-benefits-beyond-march-31/article31024034.ece

9. NCLAT clears insolvency resolution framework for IL&FS proposed by govt
https://economictimes.indiatimes.com/news/company/corporate-trends/nclat-clears-insolvency-resolution-framework-for-ilfs-proposed-by-govt/articleshow/74603641.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

10. Industrial production grows 2 per cent in January

https://auto.economictimes.indiatimes.com/news/industry/industrial-production-grows-2-per-cent-in-january/74596304

 

Columns by Joseph Stiglitz and Paul Krugman

1. The Case for Permanent Stimulus (Wonkish)

https://www.nytimes.com/2020/03/07/opinion/the-case-for-permanent-stimulus-wonkish.html

2.Trump Can’t Handle the Truth

https://www.nytimes.com/2020/03/09/opinion/trump-economy-coronavirus.html