7 - 13 March, 2020

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Weekly Updates on Indian Economy

7th March 2020 to 13th 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