30 May- 05 June, 2020

Home » Publication » Weekly Updates on Indian Economy prepared by GIFT Young Scholars Forum »  30 May- 05 June, 2020

  1. National Accounts and State of the Economy

 

  1. India GDP growth slows to 3.1% in Q4 as Covid-19 lockdown hits economy

https://www.business-standard.com/article/economy-policy/india-gdp-growth-slips-to-44-quarter-low-of-3-2-in-q4-11-yr-low-in-fy20-120052901552_1.html

 

  1. How will consumption shape up post Covid? https://www.thehindubusinessline.com/opinion/columns/aarati-krishnan/how-will-consumption-shape-up-post-covid/article31704477.ece

 

  1. Moody's downgrades India's ratings to Baa3; maintains negative outlook

https://www.business-standard.com/article/economy-policy/moody-s-downgrades-india-s-ratings-to-baa3-maintains-negative-outlook-120060101338_1.html

 

  1. Why Moody's downgrade is not a bolt from the blue but still not justified

https://www.business-standard.com/article/economy-policy/why-moody-s-downgrade-is-not-a-bolt-from-the-blue-but-still-not-justified-120060101451_1.html

 

  1. Event risk, fiscal worries: How are a country's sovereign ratings decided?

https://www.business-standard.com/article/economy-policy/event-risk-fiscal-worries-how-are-a-country-s-sovereign-ratings-decided-120060101466_1.html

 

  1. Moody's downgrade: Expect bouts of correction; sell-off in markets unlikely

https://www.business-standard.com/article/markets/moody-s-downgrade-expect-bouts-of-correction-sell-off-in-markets-unlikely-120060200160_1.html

 

  1. Statsguru: Economy was in grips of a slowdown even before Covid-19 hit

https://www.business-standard.com/article/economy-policy/statsguru-slowdown-had-spread-to-entire-economy-even-before-covid-19-120053101025_1.html

 

  1. Govt. doesn’t have data on migrants

https://www.thehindu.com/todays-paper/tp-national/govt-doesnt-have-data-on-migrants/article31718676.ece

 

  1. Migrant labourers are the most disenfranchised invisible citizens: political scientist Ashwani Kumar

https://www.thehindu.com/news/national/migrant-labourers-are-the-most-disenfranchised-invisible-citizens/article31717502.ece

 

  1. It’s time for a universal basic income programme in India

https://www.thehindu.com/opinion/op-ed/its-time-for-a-universal-basic-income-programme-in-india/article31717471.ece

 

  1. Coronavirus lockdown | Centre launches scheme for street vendors

https://www.thehindu.com/news/national/coronavirus-lockdown-centre-launches-scheme-for-street-vendors/article31725647.ece

 

  1. Biggest challenge to put financial sector back on feet once India unlocks economy: Arvind Panagariya

https://www.livemint.com/news/india/biggest-challenge-to-put-financial-sector-back-on-feet-once-india-unlocks-economy-arvind-panagariya-11591017270659.html

 

  1. Unemployment in Kerala increased 9.5 pct points, rose to 26.5% in May 2020: CMIE

https://www.livemint.com/news/india/unemployment-in-kerala-increased-9-5-pct-points-rose-to-26-5-in-may-2020-cmie-11590970454885.html

 

  1. Covid-19 impact: Moody's downgrades 8 Indian firms and 3 banks

https://www.business-standard.com/article/companies/lockdown-crisis-moody-s-downgrades-11-indian-banks-8-firms-four-issuers-120060201079_1.html

 

  1. Workforce habits: On tweaking of labour laws

https://www.thehindu.com/opinion/editorial/workforce-habits-on-tweaking-of-labour-laws/article31725754.ece

 

  1. Five states are leading Indian economy to recovery from lockdown

https://www.livemint.com/news/india/five-states-are-leading-indian-economy-to-recovery-from-lockdown-11591085774031.html

 

  1. 20-30% of migrant labourers may not be employed post-covid: Ajay Piramal

https://www.livemint.com/companies/news/20-30-of-migrant-labourers-may-not-be-employed-post-covid-ajay-piramal-11591117078193.html

 

  1. Opinion | Too much inequality tends to retard economic growth - Ajit Ranade

https://www.livemint.com/opinion/columns/too-much-inequality-tends-to-retard-economic-growth-11591028152392.html

 

  1. India will definitely gets its growth back, says Narendra Modi at CII Annual Session 2020; emphasises on inclusion, innovation

https://www.firstpost.com/business/india-will-definitely-gets-its-growth-back-says-narendra-modi-at-cii-annual-session-2020-emphasises-on-inclusion-innovation-8438751.html

 

  1. India’s economic growth: Don’t just tell me the size of the pie – tell me the measure of my slice

https://scroll.in/article/963088/why-india-must-look-beyond-gdp-dont-tell-me-the-size-of-the-pie-tell-me-the-measure-of-my-slice

 

  1. What pulled down India's GDP growth in Q4? Most indicators contracted

https://www.business-standard.com/article/economy-policy/what-pulled-down-india-s-gdp-growth-in-q4-most-indicators-contracted-120060300013_1.html

 

  1. India must shed protectionist stance: Arvind Subramanian

https://www.livemint.com/news/india/self-sufficient-exporting-power-is-an-oxymoron-arvind-subramanian-11591199254860.html

 

  1. India has to open up markets to gain from post-covid demand: Economists

https://www.livemint.com/news/india/india-needs-to-open-up-to-benefit-from-post-virus-global-demand-jeffrey-sachs-11591117040287.html

 

  1. Goods movement pickup in May signals revival of economic activity

https://www.livemint.com/news/india/goods-movement-pickup-in-may-signals-revival-of-economic-activity-11591216971529.html

 

  1. Climate change poses the biggest economic threat, covid-19 continues to increase challenges: Report

https://www.livemint.com/news/india/climate-change-poses-the-biggest-economic-threat-covid-19-continues-to-increase-challenges-report-11591277599373.html

 

  1. India’s directive to pay construction workers during lockdown did not serve its purpose

https://scroll.in/article/963582/indias-directive-to-pay-construction-workers-during-lockdown-did-not-serve-its-purpose

 

  1. During coronavirus lockdown, women domestic workers have struggled to buy essentials, says survey

https://scroll.in/article/963519/during-coronavirus-lockdown-women-domestic-workers-have-struggled-to-buy-essentials-shows-survey

 

  1. India’s poor may have lost Rs 4 lakh crore in the coronavirus lockdown

https://scroll.in/article/963284/indias-poor-may-have-lost-rs-4-lakh-crore-in-the-coronavirus-lockdown

 

  1. Safe future: How India lags in meeting sustainable development goals

https://www.business-standard.com/article/economy-policy/safe-future-how-india-lags-in-meeting-the-sustainable-development-goals-120060401632_1.html

 

  1. ‘Lockdown flattened the GDP curve’

https://www.thehindu.com/todays-paper/tp-national/lockdown-flattened-the-gdp-curve/article31753076.ece

 

  1. Unemployment rate falls to 5.8% in 2018-19 from over a four-decade high

https://www.business-standard.com/article/economy-policy/unemployment-rate-falls-to-5-8-in-2018-19-from-over-a-four-decade-high-120060401772_1.html

 

  1. Reform cannot come before recovery

https://www.thehindubusinessline.com/opinion/reform-cannot-come-before-recovery/article31750304.ece

 

  1. Covid-19 pandemic eats into consumer confidence, shows RBI survey

https://www.business-standard.com/article/economy-policy/consumer-confidence-plunges-people-pessimistic-about-future-rbi-survey-120060401424_1.html

 

  1. The Gig Economy in the Pandemic - Outsourcing Risk, Privatising Gain?

https://www.theindiaforum.in/article/covid-19-and-gig-economy

 

  1. Public Finance

 

  1. At 4.6% of GDP, last year's fiscal deficit breached FRBM Act escape clause

https://www.business-standard.com/article/economy-policy/at-4-6-of-gdp-fy20-fiscal-deficit-breaches-frbm-act-escape-clause-120052901508_1.html

 

  1. GST Hike in non-essential items ruled out

https://www.thehindubusinessline.com/economy/gst-hike-in-non-essential-items-completely-ruled-out/article31704816.ece

 

  1. New Form 26AS to have details of tax proceedings, demand beside others

https://www.thehindubusinessline.com/economy/new-form-26as-to-have-details-of-tax-proceedings-demand-beside-others/article31704261.ece

 

  1. No need to include petroleum in GST

https://www.business-standard.com/article/opinion/no-need-to-include-petroleum-in-gst-120053100847_1.html

 

  1. GST Council to decide on late fee waiver for filing past returns

https://www.livemint.com/news/india/gst-council-to-decide-on-late-fee-waiver-for-filing-past-returns-11591032021572.html

 

  1. Data | Corporate tax cuts fail to spur investments, revenue loss higher than expected

https://www.thehindu.com/data/data-corporate-tax-cuts-fail-to-spur-investments-revenue-loss-higher-than-expected/article31727026.ece

 

  1. The revival of emerging market equities is worrisome

https://www.thehindubusinessline.com/opinion/columns/c-p-chandrasekhar/the-revival-of-emerging-market-equities-is-worrisome/article31724251.ece

 

  1. Income tax department opens ITR filing window for those using ITR 1 form

https://www.livemint.com/money/personal-finance/income-tax-department-opens-itr-filing-window-for-those-using-itr-1-form-11591091746632.html

 

  1. The problem of tax buoyancy

https://www.business-standard.com/article/opinion/the-problem-of-tax-buoyancy-120060300012_1.html

 

  1. RBI seeks clarity from govt on Taiwan's foreign direct investment status

https://www.business-standard.com/article/markets/rbi-seeks-clarity-from-govt-on-taiwan-s-foreign-direct-investment-status-120060300051_1.html

 

  1. Tax on your gold and real estate investments

https://www.livemint.com/money/personal-finance/tax-on-your-gold-and-real-estate-investments-11591206086117.html

 

  1. US to investigate India, other countries for levying taxes on digital services provided by its firms

https://scroll.in/latest/963668/us-to-investigate-india-other-countries-for-levying-taxes-on-digital-services-provided-by-its-firms

 

  1. Reimagining GST for the post-Covid era

https://www.business-standard.com/article/opinion/reimagining-gst-for-the-post-covid-era-120060401781_1.html

 

  1. Why controversy over digital services tax could create a new trade war

https://www.business-standard.com/article/economy-policy/why-controversy-over-digital-services-tax-could-create-a-new-trade-war-120060500211_1.html

 

  1. Tax forgone is not a loss of revenue

https://www.business-standard.com/article/opinion/tax-forgone-is-not-a-loss-of-revenue-119050500749_1.html

 

  1. Borrowings by states double in lockdown owing to severe revenue crunch

https://www.business-standard.com/article/current-affairs/borrowings-by-states-double-in-lockdown-owing-to-severe-revenue-crunch-120060401598_1.html

 

  1. Centre releases Rs 36,400 crore as GST compensation to states amid fund crunch due to Covid lockdown

https://scroll.in/latest/963870/centre-releases-rs-36400-as-gst-compensation-to-states-amid-fund-crunch-due-to-coronavirus-lockdown

 

  1. States’ Loss of Fiscal Autonomy in a Centralised Federal System

https://www.theindiaforum.in/article/states-loss-fiscal-autonomy-centralised-federal-system

 

  1. Industry, Manufacturing, Services and Technology

 

  1. Lockdown effect: Core sector output crashes record 38.1% in April

https://www.business-standard.com/article/economy-policy/lockdown-effect-core-sector-output-crashes-record-38-1-in-april-120052901363_1.html

 

  1. FSSAI to launch one-stop compliance, regulatory platform for food companies from June 1

https://www.thehindubusinessline.com/economy/fssai-to-launch-one-stop-compliance-regulatory-platform-for-food-companies-from-june-1/article31703673.ece

 

  1. Telecom services unaffected by lockdown in May

https://www.thehindubusinessline.com/economy/telecom-services-unaffected-by-lockdown-in-may-coai/article31704549.ece

 

  1. MSME definition revised, now medium firms are those with ₹250 cr turnover

https://www.livemint.com/news/india/msme-definition-revised-now-medium-firms-are-those-with-rs-250-cr-turnover-11591014568955.html

 

  1. Sagging MSMEs need 6 to 9 months to regain foothold, says study

https://www.thehindu.com/news/national/tamil-nadu/sagging-msmes-need-6-to-9-months-to-regain-foothold-says-study/article31732265.ece

 

  1. India must be technologically prepared for the post-Covid world

https://www.thehindubusinessline.com/opinion/india-must-be-technologically-prepared-for-the-post-covid-world/article31729900.ece

 

  1. Industry welcomes India’s electronic manufacturing schemes

https://www.livemint.com/industry/manufacturing/industry-welcomes-india-electronic-manufacturing-schemes-11591105133587.html

 

  1. FMCG revenue to de-grow 2-3% in FY21: Crisil Ratings

https://www.livemint.com/companies/news/fmcg-revenue-to-de-grow-2-3-in-fy21-crisil-ratings-11591107447248.html

 

  1. FMCG firms see top line erode as virus batters sales

https://www.livemint.com/companies/news/fmcg-firms-see-top-line-erode-as-virus-batters-sales-11591206714561.html

 

  1. Services activity picks up a little from record low

https://www.livemint.com/news/india/services-activity-picks-up-a-little-from-record-low-11591213049000.html

 

  1. Over 70% of MSMEs intend to reduce employee count, says industry body AIMO

https://www.livemint.com/companies/news/over-70-of-msmes-intend-to-reduce-employee-count-says-industry-body-aimo-11591279204291.html

 

  1. Banking and Monetary policy

 

  1. Bank credit to non-banks rose by ₹5,000 cr to ₹8.12 tn in Apr: RBI

https://www.livemint.com/industry/banking/bank-credit-to-non-banks-rose-by-rs5-000-cr-to-rs8-12-tn-in-apr-rbi-11591031660253.html

 

  1. RBI’s decision to extend loan moratorium credit negative for NBFCs: Moody’s

https://www.livemint.com/industry/banking/rbi-s-decision-to-extend-loan-moratorium-credit-negative-for-nbfcs-moody-s-11591011095718.html

 

  1. PSBs sanction ₹3,200 crore loan on June 1 under emergency credit line guarantee scheme

https://www.livemint.com/industry/banking/psbs-sanction-rs-3-200-crore-loan-on-june-1-under-emergency-credit-line-guarantee-scheme-11591025818909.html

 

  1. Pressure on foreign banks to cut India exposure grows after Moody’s downgrade

https://www.livemint.com/industry/banking/pressure-on-foreign-banks-to-cut-india-exposure-grows-after-moody-s-downgrade-11591095701233.html

 

  1. Weaker non-banks find it tough to raise debt even as moratorium eludes

https://www.livemint.com/industry/banking/weaker-non-banks-find-it-tough-to-raise-debt-even-as-moratorium-eludes-11591070029221.html

 

  1. MGNREGS too can be bankrolled

https://www.thehindubusinessline.com/opinion/mgnregs-too-can-be-bankrolled/article31732945.ece

 

  1. Banking system faces its biggest recovery challenge

https://www.livemint.com/industry/banking/banking-system-faces-its-biggest-recovery-challenge-11591208486494.html

 

  1. Lockdown impact: Public sector banks need ₹45,000-82,500 crore capital in FY21

https://www.livemint.com/industry/banking/lockdown-impact-public-sector-banks-need-rs-45-000-82-500-crore-capital-in-fy21-11591272941665.html

 

  1. RBI starts publishing daily data on payment systems

https://www.livemint.com/industry/banking/rbi-starts-publishing-daily-data-on-payment-systems-11591274541021.html

 

  1. Bank NPAs may worsen to 11.6% by end of this fiscal due to Covid-19 pandemic

https://www.livemint.com/industry/banking/bank-npas-may-worsen-to-11-6-by-end-of-this-fiscal-due-to-covid-19-pandemic-11591277717323.html

 

  1. Borrowings by states double in lockdown owing to severe revenue crunch

https://www.business-standard.com/article/current-affairs/borrowings-by-states-double-in-lockdown-owing-to-severe-revenue-crunch-120060401598_1.html

 

  1. External Sector

 

  1. Moody’s downgrades India rating: Do investors need to realign their portfolios?

https://www.livemint.com/money/personal-finance/moody-s-downgrades-india-rating-do-investors-need-to-realign-their-portfolios-11591083451151.html

 

  1. India needs to rethink its trade strategy

https://www.thehindubusinessline.com/opinion/india-needs-to-rethink-its-trade-strategy/article31741494.ece

 

  1. India’s edible oil import falls 40% in May, lowest since 2011: SEA

https://www.business-standard.com/article/economy-policy/india-s-edible-oil-import-falls-40-in-may-lowest-since-2011-sea-120060500069_1.html

 

  1. Rupee rises 15 paise to 75.42 against US dollar

https://www.thehindubusinessline.com/markets/forex/rupee-rises-15-paise-to-7542-against-us-dollar/article31754708.ece

 

  1. Agriculture and Rural Economy

 

  1. Too many aspirants for MGNREGS jobs

https://www.thehindu.com/todays-paper/tp-national/too-many-aspirants-for-mgnregs-jobs/article31718658.ece

 

  1. Centre hikes support prices of kharif crops

https://www.livemint.com/news/india/centre-hikes-support-prices-of-kharif-crops-11591032894022.html

 

  1. Why Bihar and UP could struggle to scale up MGNREGS work

https://www.livemint.com/news/india/why-bihar-and-up-could-struggle-to-scale-up-mgnregs-work-11591082004945.html

 

  1. Uttar Pradesh, Bihar govts to job hunt for migrant workers

https://www.livemint.com/politics/news/uttar-pradesh-bihar-govts-to-job-hunt-for-migrant-workers-11590982104725.html

 

  1. Centre takes steps to bring the farmer closer to the market

https://www.livemint.com/politics/policy/centre-takes-steps-to-bring-the-farmer-closer-to-the-market-11591213424847.html

 

  1. India needs a paradigm shift in agriculture

https://www.thehindubusinessline.com/opinion/india-needs-a-paradigm-shift-in-agriculture/article31755447.ece