28 March - 03 April, 2020

Home » Publication » Weekly Updates on Indian Economy prepared by GIFT Young Scholars Forum »  28 March - 03 April, 2020

Weekly Updates on Indian Economy

(28st March 2020 to 03rd April 2020)

National Accounts and state of the economy

  1. World could face a food crisis: UN, WTO
    https://economictimes.indiatimes.com/news/international/world-news/world-faces-food-crisis-in-wake-of-coronavirus-un-wto/articleshow/74931645.cms?from=mdr
  2. India after the virus passes
    https://www.financialexpress.com/opinion/india-after-the-virus-passes/1916440/
  3. A pandemic and an unequal India
    https://www.thehindu.com/opinion/op-ed/a-pandemic-in-an-unequal-india/article31221919.ece
  4. The corona lock-down and India’s urban vulnerable
    https://www.financialexpress.com/opinion/the-coronavirus-lockdown-and-indias-urban-vulnerables/1915316/
  5. India’s savers also need a stimulus
    https://www.thehindubusinessline.com/opinion/columns/aarati-krishnan/indias-savers-also-need-a-stimulus/article31239784.ece
  6. The other epidemic
    https://www.thehindubusinessline.com/opinion/columns/from-the-viewsroom/the-other-epidemic/article31175677.ece
  7. What Is the Alternative to a Nationwide Lockdown?

https://thewire.in/government/coronavirus-india-lockdown-alternative

  1. What Can Be Done to Ensure the Wheels Don't Come off the Indian Economy?

https://thewire.in/economy/indian-economy-covid-19-lockdown-policy

  1. UN Trade Report Says World Economy Will Go Into Recession Due to COVID-19 Pandemic

https://thewire.in/economy/un-trade-report-says-world-economy-will-go-into-recession-due-to-covid-19-pandemic

  1. Forecasters predict a bleak outlook for FY21 as coronavirus crisis hits growth

https://www.livemint.com/news/india/forecasters-predict-a-bleak-outlook-for-fy21-as-coronavirus-crisis-hits-growth-11585597440270.html

  1. Global GDP set to suffer, but govts can ease the pain

https://www.livemint.com/news/india/global-gdp-set-to-suffer-but-govts-can-ease-the-pain-11585595326486.html

  1. This crisis is also an opportunity to radically transform economy: Arvind Virmani

https://www.livemint.com/news/india/this-crisis-is-also-an-opportunity-to-radically-transform-economy-arvind-virmani-11585497366618.html

  1. Asian Development Bank cuts India’s growth forecast to 4% for 2020-’21 amid Covid-19 pandemic

https://scroll.in/latest/958080/asian-development-bank-cuts-indias-growth-forecast-to-4-for-2020-21-amid-covid-19-pandemic

Public Finance

  1. March GST Revenue drops below 1 lakh crore
    https://www.thehindu.com/business/march-gst-revenue-drops-below-1-lakh-cr/article31230254.ece
  2. Fiscal Deficit at 135 percent of budget estimates in Feb
    https://economictimes.indiatimes.com/news/economy/indicators/fiscal-deficit-touches-135-2-pc-of-budget-estimate-at-feb-end-cga/articleshow/74914961.cms
  3. Fiscally empower state governments
    https://economictimes.indiatimes.com/blogs/et-editorials/fiscally-empower-state-governments/
  4. Direct tax receipts fall after 2 years
    https://www.thehindu.com/business/direct-tax-collections-set-to-drop-for-first-time-in-two-decades/article30646905.ece
  5. An inadequate lockdown package
    https://www.thehindu.com/opinion/op-ed/an-inadequate-lockdown-package/article31200517.ece
  6. India’s budget under strain of day 1 of the fiscal year
    https://www.thehindubusinessline.com/economy/indias-budget-under-strain-on-day-one-of-the-new-fiscal-year/article31224943.ece?utm_source=udmprecommendation_from-the-viewsroom&utm_medium=rightbar&transactionId=IY3SQ1IhfhKMunA6GCuMWwtKQLI27sDk
  7. Govt to borrow ₹ 4.88 trillion in April-September 2020

https://www.livemint.com/news/india/govt-to-borrow-rs-4-88-trillion-in-april-september-11585664436460.html

  1. Coronavirus: World Bank approves $1 billion emergency fund for India

https://www.livemint.com/news/world/coronavirus-world-bank-approves-1-billion-emergency-fund-for-india-11585880693965.html

  1. GST mop-up slips below Rs 1 lakh cr-mark first time in four months, March collection at Rs 97,597 cr

https://www.firstpost.com/business/gst-mop-up-slips-below-rs-1-lakh-cr-mark-first-time-in-four-months-march-collection-at-rs-97597-cr-8215551.html

Industry, Manufacturing, Services and Technology

  1. FY 20 receipts 15000 cr short of RE, clouds over ambitious FY21 plan
    https://www.financialexpress.com/economy/disinvestment-fy20-receipts-rs-15k-crore-short-of-re-clouds-over-ambitious-fy21-plan/1915382/
  2. Be careful about allowing manufacturing to re-start
    https://www.financialexpress.com/opinion/21-day-coronavirus-lockdown-be-careful-about-allowing-manufacturing-to-restart/1915343/
  3. Automakers stare at a long, Dark Tunnel
    https://m.economictimes.com/industry/auto/auto-news/automakers-stare-at-a-long-dark-tunnel-sales-in-march-seen-down-by-40-80-across-segments/articleshow/74921379.cms
  4. February core sector growth at 11 month high, but not likely to sustain
    https://economictimes.indiatimes.com/news/economy/indicators/core-sector-output-improves-for-february-records-5-5-growth/articleshow/74914170.cms
  5. Tax and duty relief likely in package for industry
    https://economictimes.indiatimes.com/news/economy/policy/tax-and-duty-relief-likely-in-package-for-industry/articleshow/74900681.cms
  6. If the Textile Industry Is to Recover From the Lockdown, It Needs Quick Government Help

https://thewire.in/business/textile-industry-covid-19-government-help

  1. During a Lockdown, Why Is the Mining Industry Considered 'Essential'?

https://thewire.in/political-economy/lockdown-mining-steel-essential-regulatory-oversight

  1. Lockdown will hit credit profiles of India Inc, say rating firms

https://www.livemint.com/news/india/covid-19-ability-to-rebound-after-lockdown-key-to-india-inc-s-credit-quality-11585829301772.html

  1. India's property prices face steep falls as coronavirus pandemic freezes real estate market

https://www.firstpost.com/business/indias-property-prices-face-steep-falls-as-coronavirus-pandemic-freezes-real-estate-market-8219681.html

  1. Core industry growth reached an 11-month high of 5.5% in February, shows Centre’s data

https://scroll.in/latest/957830/core-industry-growth-reached-an-11-month-high-of-5-5-in-february-shows-centres-data

 

External Sector /Trade

  1. No bullseye, in volume and value
    https://www.thehindu.com/opinion/lead/still-no-bullseye-in-volume-and-value/article31230343.ece
  2. The battle to set oil prices
    https://www.thehindu.com/opinion/op-ed/the-battle-to-set-oil-prices/article31230648.ece
  3. Government permits import of 7 lakh tonnes of pulses
    https://www.financialexpress.com/market/commodities/government-permits-import-of-7-lakh-tonne-of-pulses/1916633/
  4. Foreign trade policy may get extended
    https://economictimes.indiatimes.com/news/economy/foreign-trade/foreign-trade-policy-may-get-extended/articleshow/74853794.cms?from=mdr

Banking and Monetary Policy

  1. RBI relaxes export rules, allows States and UTs to borrow more 
    https://www.thehindu.com/business/Economy/rbi-relaxes-export-rules-allows-states-and-uts-to-borrow-more/article31230240.ece
  2. Repay if You can, else take a break
    https://www.financialexpress.com/economy/moving-on-moratorium-repay-if-you-can-else-take-a-break-say-top-banks/1916507/
  3. Government, RBI must not stop here, more steps are needed
    https://www.financialexpress.com/economy/govt-rbi-must-not-stop-here-more-steps-needed-pronab-sen/1916409/
  4. RBI opens-up debt markets to raise FX
    https://www.financialexpress.com/opinion/rbi-opens-up-debt-markets-to-raise-fx/1915326/
  5. Banks start giving options to avail loan moratorium
    https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-start-giving-options-to-avail-loan-moratorium/articleshow/74920267.cms?from=mdr
  6. Micro-finance get another blow
    https://economictimes.indiatimes.com/news/economy/finance/microfinance-gets-another-blow-amid-coronavirus-pandemic/articleshow/74920961.cms
  7. RBI fires a bazooka
    https://www.financialexpress.com/industry/banking-finance/coronavirus-contingency-rbi-fires-a-bazooka/1911675/
  8. Coronavirus Lockdown: Govt Cuts Interest Rates on Small Savings Schemes

https://thewire.in/banking/coronavirus-lockdown-small-savings-interest

  1. RBI Announces More Measures to Deal With Economic Fallout of COVID-19

https://thewire.in/economy/rbi-announces-more-measures-to-deal-with-economic-fallout-of-covid-19

  1. RBI raises WMA limit for states, UTs by 30%; eases export norms

https://www.livemint.com/industry/banking/rbi-announces-more-measures-to-help-tide-over-covid-19-11585728583818.html

  1. RBI likely to cut interest rates by 100 bps in FY21: Fitch Solutions

https://www.livemint.com/industry/banking/rbi-likely-to-cut-interest-rates-by-100-bps-in-fy21-fitch-solutions-11585649071924.html

  1. Coronavirus Outbreak: Confusion prevails among borrowers over three-month moratorium as many get EMI reminders

https://www.firstpost.com/business/coronavirus-outbreak-confusion-prevails-among-borrowers-over-three-month-moratorium-as-many-get-emi-reminders-8210791.html

  1. Coronavirus Outbreak: Centre asks states to ensure normal functioning of banks, ATMs during lockdown

https://www.firstpost.com/business/coronavirus-outbreak-centre-asks-states-to-ensure-normal-functioning-of-banks-atms-during-lockdown-8210551.html

  1. RBI extends timings for reverse repo, MSF window for a month; move will help to provide flexibility in liquidity management

https://www.firstpost.com/business/rbi-extends-timings-for-reverse-repo-msf-window-for-a-month-move-will-help-to-provide-flexibility-in-liquidity-management-8210201.html

  1. Coronavirus: RBI extends period for realisation of export proceeds amid fears of economic fallout

https://scroll.in/latest/957910/coronavirus-rbi-extends-period-for-realisation-of-export-proceeds-amid-fears-of-economic-fallout

Agriculture

  1. A threat to food security
    https://www.thehindu.com/opinion/op-ed/a-threat-to-food-security/article31210612.ece
  2. Saving the rabi crop
    https://www.business-standard.com/article/opinion/saving-the-rabi-crop-120040300005_1.html
  3. COVID-19 Border Lockdown: How Precariously Placed are Our Food Supply Chains?

https://thewire.in/economy/covid-19-border-lockdown-how-precariously-placed-are-our-food-supply-chains

Columns by Joseph Stiglitz and Paul Krugman

  1. Notes on the coronacoma
    https://www.nytimes.com/2020/04/01/opinion/notes-on-the-coronacoma-wonkish.html
  2. The Covid-19 Slump Has Arrived

https://www.nytimes.com/2020/04/02/opinion/coronavirus-economy-stimulus.html

  1. This Land of Denial and Death

https://www.nytimes.com/2020/03/30/opinion/republicans-science-coronavirus.html

  1. Covid-19 Brings Out All the Usual Zombies

https://www.nytimes.com/2020/03/28/opinion/coronavirus-trump-response.html