09 - 15 May, 2020

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Weekly Updates on Indian Economy

(09th May 2020 to 15th May 2020)

National Accounts and state of the economy

COVID-19: Global Economy Could Witness Losses Worth up to $8.8 Trillion

https://thewire.in/economy/covid-19-global-economy-could-witness-losses-worth-up-to-8-8-trillion

How Much Will Sitharaman’s Plan for Migrant Workers and Farmers Really Help?

https://thewire.in/economy/nirmala-sitharaman-migrant-workers-farmers

India Needs Fiscal Stimulus, Not Liquidity Infusion

https://thewire.in/economy/liquiduty-fiscal-stimulus-covid-19-relief

FM’s Liquidity Booster is Welcome, But Now Attention Must Turn to Reviving Demand

https://thewire.in/economy/liquidity-boos-welcome-revive-demand

Why the Fiscal Damage of the Government's Latest Economic Package is Not That High

https://thewire.in/economy/fiscal-costs-stimulus-package

Ensure That Changes to Indian Labour Laws Adhere to Global Standards: ILO

https://thewire.in/labour/ilo-india-labour-laws-covid-19

An Economic Storm Is Going to Devastate Latin America Very Soon

https://thewire.in/world/an-economic-storm-is-going-to-devastate-latin-america-very-soon

In First Round of Stimulus, Sitharaman has Leaned on Banks and PSUs to Deliver the Goods

https://thewire.in/economy/economic-stimulus-nirmala-sitharaman-banks-psu

India Needs a Big-Bang Stimulus, Not Sermons on How There Is No Free Lunch

https://thewire.in/economy/india-big-bang-stimulus-revival

Is Govt Spending the Panacea for India's COVID-Induced Economic Woes?

https://thewire.in/economy/modern-monetary-theory-economic-crisis

COVID-19 impact: Informal economy workers excluded from most govt measures, be it cash transfers or tax benefits

https://www.firstpost.com/business/covid-19-impact-informal-economy-workers-excluded-from-most-govt-measures-be-it-cash-transfers-or-tax-benefits-8354051.html

Coronavirus: Six crore people between the ages of 20 and 30 lost jobs in April, shows CMIE data

https://scroll.in/latest/961830/coronavirus-six-crore-people-between-the-ages-of-20-and-30-lost-jobs-in-april-shows-cmie-data

Covid-19: How India can ensure that women in the informal sector get the protection they deserve

https://scroll.in/article/961181/covid-19-how-india-can-ensure-that-women-in-the-informal-sector-get-the-protection-they-deserve

Opinion | India should stave off corona bankruptcies

https://www.livemint.com/opinion/online-views/india-should-stave-off-corona-bankruptcies-11589304591134.html

‘Invest in India’ is at the heart of self-reliance

https://www.livemint.com/opinion/columns/-invest-in-india-is-at-the-heart-of-self-reliance-11589481190881.html

India’s revival plan must focus on cities

https://www.livemint.com/news/india/india-s-revival-plan-must-focus-on-cities-11589475051709.html

Opinion | Strategy choices for India to recover from this recession

https://www.livemint.com/opinion/online-views/strategy-choices-for-india-to-recover-from-this-recession-11589476590863.html

Economic activities to gather steam in coming days
https://www.thehindubusinessline.com/economy/economic-activities-to-gather-steam-in-coming-days/article31560061.ece

A package for India’s economic recovery, at last
https://www.thehindubusinessline.com/opinion/editorial/a-package-for-indias-economic-recovery-at-last/article31576280.ece

How vulnerable is India’s sovereign rating
https://www.thehindubusinessline.com/opinion/how-vulnerable-is-indias-sovereign-rating/article31580519.ece

Lockdown syndrome: On virus-induced economic crisis
https://www.thehindu.com/opinion/editorial/lockdown-syndrome-the-hindu-editorial-on-virus-induced-economic-crisis/article31585553.ece

A plan to revive a broken economy
https://www.thehindu.com/opinion/lead/a-plan-to-revive-a-broken-economy/article31577261.ece

More than 80% Indian households lost income during lockdown, says study
https://www.business-standard.com/article/economy-policy/more-than-80-indian-households-lost-income-during-lockdown-says-study-120051600071_1.html

Public Finance

Nirmala Sitharaman announces economic package for migrant labourers, farmers, urban poor

https://www.livemint.com/news/india/fm-nirmala-sitharaman-press-conference-live-updates-economic-packageof-rs-20-lakh-coronavirus-latest-news-11589449819397.html

Economic stimulus: Collateral-free loans worth ₹3 lakh cr for MSMEs

https://www.livemint.com/news/india/fm-sitharaman-on-stimulus-collateral-free-loans-worth-rs-3-lakh-cr-for-msmes-11589365125096.html

‘One needs to provide cash now, not in some uncertain future’

https://www.livemint.com/news/india/-one-needs-to-provide-cash-now-not-in-some-uncertain-future-11589132879725.html

Immediate stimulus of Rs15 lakh crore needed to overcome Covid-19 impact: CII

https://www.livemint.com/news/india/immediate-stimulus-of-rs15-lakh-crore-needed-to-overcome-covid-19-impact-cii-11589030057402.html

World Bank approves another $1 billion fund to India to protect poor from Covid

https://www.livemint.com/news/india/world-bank-approves-another-1-billion-aid-to-india-11589520981969.html

Money given right now would multiply incomes

https://www.livemint.com/opinion/online-views/money-given-right-now-would-multiply-incomes-11589480512605.html

Fiscal hit due to Covid packages limited to 0.6% of GDP: SBI Report
https://www.thehindubusinessline.com/economy/fiscal-hit-due-to-covid-packages-limited-to-06-of-gdp-sbi-report/article31595525.ece

Covid-19 economic stimulus: Is the ₹90,000-crore liquidity support for discoms viable
https://www.thehindubusinessline.com/economy/policy/covid-19-economic-stimulus-is-the-90000-crore-liquidity-support-for-discoms-viable/article31575590.ece

With Rs 20-trn package, fiscal deficit to balloon to 7.9% in FY21: Report
https://www.business-standard.com/article/economy-policy/after-rs-20-trn-boost-fiscal-deficit-likely-to-reach-7-9-in-fy21-report-120051500210_1.html

Summing up Modi's Covid stimulus: Takeaways so far from the 'mother of all incentives https://economictimes.indiatimes.com/news/economy/policy/summing-up-modis-covid-stimulus-takeaways-so-far-from-the-mother-of-all-incentives/articleshow/75758840.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Taxation

Why India needs to rethink its corporate tax cut

https://scroll.in/article/961662/why-india-needs-to-rethink-its-corporate-tax-cut

Clear picture of GST mop up in April to come by June-end: Finance Secretary
https://economictimes.indiatimes.com/news/economy/finance/clear-picture-of-gst-mop-up-in-april-to-come-by-june-end-finance-secretary/articleshow/75720983.cms

Govt must lower GST rates and fuel prices to spur demand: Economist
https://timesofindia.indiatimes.com/business/india-business/govt-must-lower-gst-rates-and-fuel-prices-to-spur-demand-economist/articleshow/75743008.cms

Tax break to provident fund: What stimulus has for you and economy
https://www.business-standard.com/article/economy-policy/tds-rate-cut-by-25-itr-filing-deadline-extended-till-nov-30-120051301030_1.html

Industry, Manufacturing, Services and Technology

Centre, State Govts and Pvt Sector Owe Over Rs 5 Lakh Crore in Unpaid Dues to MSME Sector: Gadkari

https://thewire.in/business/nitin-gadkari-msme-unpaid-dues

Explainer: Why Modi's MSME Push Won't Actually Cost the Centre Too Much This Year

https://thewire.in/economy/narendra-modi-msme-package-cost

After Lockdown, Task of Marrying Industrial Operations and Social Distancing Begins

https://thewire.in/business/lockdown-industrial-operations-social-distancing-coronavirus

Risk-averse lenders may derail govt's plan to rescue small businesses

https://www.livemint.com/industry/banking/risk-averse-lenders-may-derail-govt-s-plan-to-rescue-small-businesses-11589540997617.html

Covid-19 crisis will accelerate firms' automation plans: Report

https://www.livemint.com/industry/infotech/covid-19-crisis-will-accelerate-firms-automation-plans-report-11589515863007.html

Indian refractory makers hit hard as manufacturing grinds to a standstill

https://www.livemint.com/industry/manufacturing/indian-refractory-makers-hit-hard-as-manufacturing-grinds-to-a-standstill-11589513160315.html

Measures for small businesses rely largely on risk-averse lenders: Care Ratings

https://www.livemint.com/industry/banking/measures-for-small-businesses-rely-largely-on-risk-averse-lenders-care-ratings-11589513364976.html

Govt’s relief measures for MSMEs timely and pragmatic: ACMA

https://www.livemint.com/industry/manufacturing/govt-s-relief-measures-for-msmes-timely-and-pragmatic-acma-11589378701519.html

A chain reaction in manufacturing will propel economy
https://www.thehindubusinessline.com/info-tech/a-chain-reaction-in-manufacturing-will-propel-economy-says-oracle-official/article31580941.ece

Spices industry waits for sops from the Centre’s economic package
https://www.thehindubusinessline.com/economy/agri-business/spices-industry-waits-for-sops-from-the-centres-economic-package/article31575295.ece

Govt prepares a list of 10 mega clusters across nine states to attract global companies https://economictimes.indiatimes.com/news/economy/policy/govt-prepares-a-list-of-10-mega-clusters-across-nine-states-to-attract-global-companies/articleshow/75766815.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Banking and Monetary Policy

Former liquor baron Vijay Mallya loses leave to appeal against extradition in UK Supreme Court

https://www.firstpost.com/india/former-liquor-baron-vijay-mallya-loses-leave-to-appeal-against-extradition-in-uk-supreme-court-8368151.html

RBI slaps Rs 5 lakh fine on UCO Bank for violating govt bond holding norms

https://www.firstpost.com/business/rbi-slaps-rs-5-lakh-fine-on-uco-bank-for-violating-govt-bond-holding-norms-8367621.html

Bankers welcome economic package announced by govt, say will encourage lending to MSMEs

https://www.firstpost.com/business/bankers-welcome-economic-package-announced-by-govt-say-will-encourage-lending-to-msmes-8367241.html

India increases forex investment in securities, deposits with central banks

https://www.livemint.com/industry/banking/india-increases-forex-investment-in-securities-deposits-with-central-banks-11589099843838.html

India bond sale through amid record cash pile at banks

https://www.livemint.com/industry/banking/india-bond-sale-through-amid-record-cash-pile-at-banks-11589536359571.html

Banks refusing to lend prompt $62 billion Indian rescue deal

https://www.livemint.com/industry/banking/banks-refusing-to-lend-prompt-62-billion-indian-rescue-deal-11589522527802.html

Banks pin hopes on RBI nod to debt recast to manage asset quality post covid-19

https://www.livemint.com/industry/banking/banks-pin-hopes-on-rbi-nod-to-debt-recast-to-manage-asset-quality-post-covid-19-11589452383589.html

PSU banks sanction ₹5.95 trillion loans from 1 Mar  to  8  May

https://www.livemint.com/industry/banking/psu-banks-sanction-5-95-trillion-loans-from-1-mar-to-8-11589308619064.html

Why setting up a ‘bad bank’ is a bad idea
https://www.thehindubusinessline.com/opinion/columns/why-setting-up-a-bad-bank-is-a-bad-idea/article31576340.ece

External Sector

Stock rebound stalls as doubts about US stimulus package to fight coronavirus outbreak response grows

https://www.firstpost.com/business/stock-rebound-stalls-as-doubts-about-us-stimulus-package-to-fight-coronavirus-outbreak-response-grows-8138141.html

Global economy could witness losses worth up to $8.8 trillion due to Covid-19: ADB
https://www.thehindubusinessline.com/economy/global-economy-could-witness-losses-worth-up-to-88-trillion-due-to-covid-19-adb/article31588897.ece

UN forecasts pandemic to shrink world economy by 3.2%
https://www.thehindu.com/news/international/un-forecasts-pandemic-to-shrink-world-economy-by-32/article31578440.ece

China's factory output posts first increase in 2020, consumption still weak
https://www.business-standard.com/article/international/china-s-factory-output-posts-first-increase-in-2020-consumption-still-weak-120051500521_1.html

Coronavirus to leave a legacy of unprecedented global debt https://economictimes.indiatimes.com/news/international/business/coronavirus-to-leave-a-legacy-of-unprecedented-global-debt/articleshow/75752259.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Agriculture

A refreshing dose of farm freedom

https://www.livemint.com/opinion/quick-edit/a-refreshing-dose-of-farm-freedom-11589548044794.html

Food Grain for Migrants, Loans for Farmers in Modi Govt's 2nd Economic Package Worth Rs 3 Lakh Crore

https://thewire.in/economy/migrant-workers-farmers-economic-package-modi-government-lockdown

Food procurement has been our saviour
https://www.thehindubusinessline.com/opinion/food-procurement-has-been-our-saviour/article31595037.ece

 

Nirmala Sitharaman announces new law for contract farming in third tranche of economic stimulus package
https://www.thehindu.com/business/Economy/atmanirbhar-bharat-abhiyan-nirmala-sitharaman-announces-new-law-for-contract-farming-in-third-tranche-of-economic-stimulus-package/article31593785.ece

11 steps taken by FM Nirmala Sitharaman for the agrarian economy
https://www.business-standard.com/podcast/economy-policy/11-steps-taken-by-fm-nirmala-sitharaman-for-the-agrarian-economy-120051501334_1.html

Columns by Joseph Stiglitz and Paul Krugman

Covid-19 Reality Has a Liberal Bias

https://www.nytimes.com/2020/05/14/opinion/trump-covid-experts.html

How to Create a Pandemic Depression

https://www.nytimes.com/2020/05/11/opinion/coronavirus-depression.html