21 - 27 March, 2020

Home » Publication » Weekly Updates on Indian Economy prepared by GIFT Young Scholars Forum »  21 - 27 March, 2020

Weekly Updates on Indian Economy

(21st March 2020 to 27thMarch 2020)

National Accounts and state of the economy

  1. 1.7 lakh crore package with doubled food rations and cash transfers for poor
    https://www.thehindu.com/business/Economy/17-lakh-cr-package-with-doubled-food-rations-cash-transfers-for-poor/article31172100.ece
    https://economictimes.indiatimes.com/news/economy/policy/fm-nirmala-sitharaman-announces-rs-1-7-lakh-crore-relief-package-for-poor/articleshow/74825054.cms
  2. Corona virus pandemic fallout revives talk of universal basic income
    https://www.thehindu.com/business/Economy/coronavirus-pandemic-fallout-revives-talk-of-universal-basic-income/article31166728.ece
  3. Why has the rupee fallen against US Dollar
    https://www.thehindu.com/business/Economy/why-has-the-rupee-fallen-against-the-dollar/article31131349.ece
  4. It may take 6 months for normalcy: CII
    https://www.thehindu.com/business/it-may-take-6-months-for-normalcy-cii/article31111352.ece
  5. A pandemic: an economic blow and a big fix
    https://www.thehindu.com/opinion/lead/a-pandemic-an-economic-blow-and-the-big-fix/article31145451.ece
  6. GDP forecast for fiscal 2021 is cut to 3.5 percent
    https://www.thehindubusinessline.com/economy/crisil-cuts-gdp-growth-forecast-for-fiscal-2021-to-35-per-cent/article31173649.ece
  7. Corona virus to impact India’s economic growth severely
    https://economictimes.indiatimes.com/news/economy/indicators/coronavirus-to-impact-indias-economic-growth-severely-db/articleshow/74825429.cms
  8. Covid 19 gives global economy the shivers
    https://www.thehindubusinessline.com/opinion/columns/covid-19-gives-global-economy-the-shivers/article31092774.ece
  9. A war to rescue daily wage earners
    https://economictimes.indiatimes.com/blogs/et-commentary/a-war-to-rescue-daily-wagers/
  10. The World Can't Beat the COVID-19 Pandemic Unless the G20 Gets Its Economics Right

https://thewire.in/political-economy/the-world-cant-beat-the-covid-19-pandemic-unless-the-g20-gets-its-economics-right

  1. COVID-19: The World needs to Prepare for an Economic Depression

https://thewire.in/economy/covid-19-world-economic-depression

  1. COVID-19's Economic Blow will be Unprecedented. India Must Rise to the Challenge.

https://thewire.in/economy/covid-19-coronavirus-india-economy

  1. Indian markets make strong recovery amid lockdown, surge 7%

https://www.livemint.com/market/stock-market-news/indian-markets-make-strong-recovery-amid-lockdown-surge-7-11585165143592.html

  1. Opinion | The promotion of competition is vital to the Indian economy

https://www.livemint.com/opinion/online-views/opinion-the-promotion-of-competition-is-vital-to-the-indian-economy-11584978115138.html

  1. S&P cuts India GDP growth forecast for FY21 to 5.2%

https://www.livemint.com/news/india/s-p-cuts-india-gdp-growth-forecast-for-fy21-to-5-2-11584951548824.html

  1. How India can reboot its virus-hit economy

https://www.livemint.com/news/india/how-india-can-reboot-its-virus-hit-economy-11585068400807.html

  1. Coronavirus impact: Rupee touches record low, cracks below 76 per dollar

https://www.livemint.com/news/india/coronavirus-impact-rupee-touches-record-low-cracks-below-76-per-dollar-11584935711210.html

  1. Coronavirus impact: Fitch lowers India GDP growth to 5.1% in FY21

https://www.livemint.com/news/india/coronavirus-impact-fitch-lowers-india-gdp-growth-to-5-1-in-fy21-11584679502173.html

Public Finance

  1. Government extends tax deadlines to June 30 2020

https://www.thehindu.com/todays-paper/government-extends-tax-deadlines-to-june-30/article31158332.ece

  1. FAITH writes PM for complete GST tax holiday for tourism
    https://www.thehindubusinessline.com/economy/macro-economy/covid-19-faith-writes-to-pm-for-complete-gst-tax-holiday-for-tourism/article31108377.ece
  2. Needed, GST, not another alphabet soup
    https://economictimes.indiatimes.com/blogs/et-editorials/needed-gst-not-another-alphabet-soup/
  3. Lower income tax, GST and interest rates to limit economic impacts
    https://economictimes.indiatimes.com/markets/expert-view/lower-income-tax-gst-and-interest-rates-to-limit-economic-impact-harsha-razdan/articleshow/74814579.cms
  4. GST’s routine tweaks
    https://www.thehindubusinessline.com/opinion/columns/mohan-lavi/gst-on-the-mend/article31110763.ece
  5. The other causality of union budget, union budget for 2020-21
    https://www.business-standard.com/article/opinion/the-other-casualty-of-covid-19-union-budget-for-2020-21-120032401181_1.html
  6. Direct, Conditional Cash Transfers Will Help Blunt COVID-19’s Economic Blows

https://thewire.in/economy/direct-conditional-cash-transfers-cohttps://scroll.in/latest/956754/covid-19-labour-rights-group-seeks-rs-50000-crore-emergency-fund-for-informal-sector-workersronavirus-economy-india

  1. India will need a fresh round of fiscal stimulus

https://www.livemint.com/news/india/india-will-need-a-fresh-round-of-fiscal-stimulus-11585243007531.html

  1. Coronavirus Outbreak: Tax reliefs announced by govt to cost 2-3% of GDP, say experts

https://www.firstpost.com/business/coronavirus-outbreak-tax-reliefs-announced-by-govt-to-cost-2-3-of-gdp-say-experts-8192281.html

  1. CAIT urges govt to restrict e-commerce companies to sell only essential goods; seeks fiscal stimulus to tide over crisis

https://www.firstpost.com/business/cait-urges-govt-to-restrict-e-commerce-companies-to-sell-only-essential-goods-seeks-fiscal-stimulus-to-tide-over-crisis-8179701.html

  1. Covid-19: Deadline for income tax returns for 2018-’19 extended to June 30, says Nirmala Sitharaman

https://scroll.in/latest/957097/covid-19-deadline-for-income-tax-returns-for-2018-19-extended-to-june-30-says-nirmala-sitharaman

Industry, Manufacturing, Services and Technology

  1. Real estate sector likely to suffer big jolt
    https://www.thehindu.com/business/real-estate-sector-likely-to-suffer-big-jolt/article31111338.ece
  2. About 25 million jobs could be lost worldwide due to corona virus: UN
    https://www.thehindu.com/business/Economy/about-25-million-jobs-could-be-lost-worldwide-due-to-coronavirus-un/article31106548.ece
  3. MSMEs on the brink of a disaster
    https://www.thehindu.com/news/national/kerala/msmes-on-the-brink-of-a-disaster/article31155332.ece
  4. Pandemic’s impact on Indian IT can be different from previous crisis

https://www.livemint.com/market/mark-to-market/pandemic-s-impact-on-indian-it-can-be-different-from-previous-crisis-11585244254323.html

  1. Opinion | India’s most vulnerable enterprises need the most help

https://www.livemint.com/opinion/online-views/india-s-most-vulnerable-enterprises-need-the-most-help-11584980152137.html

  1. COVID-19: Labour rights group seeks Rs 50,000-crore emergency fund for informal sector workers

https://scroll.in/latest/956754/covid-19-labour-rights-group-seeks-rs-50000-crore-emergency-fund-for-informal-sector-workers

External Sector

  1. Corona virus impact: hoarding of food in countries threatens global trade
    https://www.business-standard.com/article/international/coronavirus-impact-hoarding-of-food-in-countries-threatens-global-trade-120032600042_1.html

Banking and Monetary Policy

  1. RBI sets contingency plan in motion, identifies property to host personnel
    https://www.thehindu.com/business/rbi-sets-contingency-plan-in-motion-identitifies-property-to-host-personnel/article31122288.ece
  2. SEBI steps into tackle volatility
    https://www.thehindu.com/business/sebi-steps-in-to-tackle-volatility/article31122261.ece
  3. Restrictions on PMC Bank extended
    https://www.thehindu.com/business/Economy/restrictions-on-pmc-bank-extended/article31131215.ece
  4. RBI advances variable rate term repo auction
    https://www.thehindu.com/business/Economy/rbi-advances-variable-rate-term-repo-auction/article31156216.ece
  5. COVID-19: Lenders Seek Deferment in Loan Repayment, Reclassification of NPA

https://thewire.in/business/covid-19-lenders-seek-deferment-in-loan-repayment-reclassification-of-npa

  1. Coronavirus impact to bring more worries for Indian banks, says Fitch; revises down operating environment score for critical sector by notch

https://www.firstpost.com/business/coronavirus-impact-to-bring-more-worries-for-indian-banks-says-fitch-revises-down-operating-environment-score-for-critical-sector-by-notch-8193771.html

  1. Officers' union requests Narendra Modi to defer mega bank merger amidst coronavirus pandemic

https://www.firstpost.com/business/officers-union-requests-narendra-modi-to-defer-mega-bank-merger-amidst-coronavirus-pandemic-8192501.html

  1. Reserve Bank's US treasury holdings touch an all-time high at $164.3 bn in January

https://www.firstpost.com/business/reserve-banks-us-treasury-holdings-touch-an-all-time-high-at-164-3-bn-in-january-8188091.html

  1. On-lending by banks to NBFC, HFCs to be part of priority sector in FY21, says RBI

https://www.firstpost.com/business/on-lending-by-banks-to-nbfc-hfcs-to-be-part-of-priority-sector-in-fy21-says-rbi-8180581.html

  1. Coronavirus Outbreak: RBI to infuse Rs 1 lakh cr through term repo auction; move to provide additional liquidity to system

https://www.firstpost.com/business/coronavirus-outbreak-rbi-to-infuse-rs-1-lakh-cr-through-term-repo-auction-move-to-provide-additional-liquidity-to-system-8179821.html

  1. Indian Bank NPA to rise, no change in board post-merger, says MD & CEO PadmajaChunduru

https://www.firstpost.com/business/indian-bank-npa-to-rise-no-change-in-board-post-merger-says-md-ceo-padmaja-chunduru-8172631.html

 

Columns by Joseph Stiglitz and Paul Krugman

  1. On Coronavirus, We’re #1: But we’re doing some things right despite Trump

https://www.nytimes.com/2020/03/26/opinion/trump-coronavirus.html

  1. 3 Rules for the Trump Pandemic: One: Don’t trust the president.

https://www.nytimes.com/2020/03/19/opinion/trump-coronavirus.html

  1. Republicans Add Insult to Illness: Greed, germs and the art of no deal.

https://www.nytimes.com/2020/03/23/opinion/republicans-coronavirus.html