Explained: What government can do to revive India's shrinking economy
4 years, 4 months ago

Explained: What government can do to revive India's shrinking economy

India Today  

The government needs to act fast to prevent India’s economy from sinking further, according to several experts who anticipate the country’s Gross Domestic Product to shrink more if corrective measures including additional stimulus are not urgently taken. India’s GDP shrinks by 23.9% in first quarter of FY2020-21 Not just Rajan but many other economists including the likes of former Prime Minister and economist Manmohan Singh and former Union Finance Minister P Chidamabaram red-flagged certain issues that have become serious hurdles of growth following the pandemic. Various growth projections released by credit rating agencies and research firms indicate that the first leg of the stimulus package failed in addressing the massive demand void aggravated by the pandemic. As the government prepares for another round of fiscal stimulus to revive the economy, here are some aspects the economists want it to focus on: FRESH STIMULUS FOR MIDDLE-CLASS Experts have already highlighted how the first economic stimulus package failed to focus on India’s aspiring middle-class population. While West Bengal Chief Minister Mamata Banerjee has written a letter to Prime Minister Narendra Modi asking him to intervene, Kerala Finance Minister Thomas Issac wrote in an opinion column that the central government’s stance on GST compensation to state is “untenable” — both legally and morally.

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History of this topic

India must shift its policy focus to address the demand deficiency that ails its economy.
4 weeks, 1 day ago

India must shift its policy focus to address the demand deficiency that ails its economy.

Live Mint  

Two key pieces of economic data released last month have rung alarm bells on the state of India’s economy. Rural wages have been stagnant for the last 10 years, but even general wages have shown a decline in real terms for both rural and urban areas for more than a decade. The Centre’s strategy for managing food inflation has largely …

Explained | Is the economy driving with the brakes on?
2 years ago

Explained | Is the economy driving with the brakes on?

The Hindu  

The story so far: At this time last December, India’s economy was on the cusp of a fledgling recovery from the COVID-19 pandemic, though the Omicron variant posed fresh speed bumps for the rebound. As JP Morgan managing director and India chief economist Sajjid Chinoy explained at a CII economic policy summit last week, 2022 was expected to see a …

5 charts show why the world is cheering India's economy
2 years, 1 month ago

5 charts show why the world is cheering India's economy

Live Mint  

NEW DELHI : On more than one occasion in recent months, India has been hailed for holding its head high amid a looming global economic slowdown. India will spend ₹3,500 crore on toys to outplay China Why housing real estate remains a losing proposition This manager's small-cap fund gave 40% CAGR returns in 3 yrs View Full Image Mint The …

Sitharaman says India’s fundamentals sound because of steps taken by govt
2 years, 7 months ago

Sitharaman says India’s fundamentals sound because of steps taken by govt

Live Mint  

Finance minister Nirmala Sitharaman on Wednesday said India’s fundamentals are sound due to several steps taken by the government such as reducing corporate tax, ensuring that the economy is greatly digitized and bringing in the Goods and Service Tax and bankruptcy code. Citing a study, Sitharaman said the Pradhan Mantri Garib Kalyan Yojana reduced the probability of borrowing money significantly …

P Chidambaram hits out at Centre, says state of economy cause of 'extreme concern'
2 years, 7 months ago

P Chidambaram hits out at Centre, says state of economy cause of 'extreme concern'

Firstpost  

Addressing a press conference, Chidambaram said a slower rate of growth has been the “hallmark” of the present government in the last eight years, and the post-pandemic recovery has been “indifferent and halting Udaipur: Asserting that the state of the economy is a cause of “extreme concern”, senior Congress leader P Chidambaram on Saturday said taking into account global and …

A structural constraint that budgets must ease
2 years, 11 months ago

A structural constraint that budgets must ease

Live Mint  

On Tuesday, when our finance minister Nirmala Sitharaman presents the Union Budget for 2022-23 in Parliament, among her challenges would be to empower fiscal policy as an economic tool. Not just because it must now play a bigger role in recovery support as India’s economy emerges from a covid crevice, but because we need to ease a chronic shortage of …

India’s dilemma: Close fiscal deficit or help struggling millions
2 years, 11 months ago

India’s dilemma: Close fiscal deficit or help struggling millions

Al Jazeera  

To sustain economic recovery, the upcoming budget will have to balance fiscal prudence with funding the pandemic-struck. “I fear that if the upcoming budget goes for fiscal consolidation, the recovery won’t sustain,” says Lekha S Chakraborty, a professor at the National Institute of Public Finance and Policy. “The product hasn’t taken off not because it isn’t good but because COVID …

Govt's Stimulus Package for Economic Revival 'Inadequate': Par Panel
3 years, 5 months ago

Govt's Stimulus Package for Economic Revival 'Inadequate': Par Panel

News 18  

The stimulus package announced by the government for the revival of the pandemic-hit economy has been found to be “inadequate”, according to a Parliamentary panel report. The report of the department-related Parliamentary Standing Committee on Industry on the impact of COVID-19 pandemic on micro, small and medium enterprises sector has noted that in the process of economic recovery post-first wave …

India's economic recovery to be slower as banks turn cautious
3 years, 6 months ago

India's economic recovery to be slower as banks turn cautious

India Today  

The pace of India’s economic recovery has slowed down significantly after the second wave of the Covid-19 pandemic. Banks in the country have turned cautious after the second wave and have tightened lending even as companies and individuals are seeking more credit. At the moment, banks in the country have turned cautious due to a jump in loan defaults following …

Will fresh Covid stimulus package boost Indian economy? Here's what economists say
3 years, 6 months ago

Will fresh Covid stimulus package boost Indian economy? Here's what economists say

India Today  

Finance Minister Nirmala Sitharaman on Monday announced several financial measures to boost the economy that has been battered by the Covid-19 pandemic. Read | Finance Minister Sitharaman's Rs 6.28 lakh crore Covid stimulus package | 8 announcements WHAT EXPERTS FEEL ABOUT STIMULUS PACKAGE Industry leaders and economists are not fully convinced that the fresh economic relief measures announced by the …

Indian economy's ability to rebound on test amid threats from second wave
3 years, 7 months ago

Indian economy's ability to rebound on test amid threats from second wave

Hindustan Times  

The Indian economy’s resilience will be tested by its ability to overcome a devastating outbreak of Covid-19, although no one’s yet doubting its potential to pull off the world’s fastest pace of growth among major economies this year. Data due later Monday will probably show gross domestic product grew 1% in the three months ended March, making it the second …

India’s economic report card is drenched in red ink
3 years, 7 months ago

India’s economic report card is drenched in red ink

Live Mint  

India’s nascent economic recovery has been derailed by the second covid-19 wave even before it could gather steam. Launched in October 2018, Mint’s macro tracker provides a monthly state-of-the-economy report based on trends in 16 high-frequency indicators across four segments: consumer economy, producer economy, external sector, and ease of living. A year ago, during the first nationwide lockdown, 13 of …

V-shaped recovery unlikely as India's economy faces tougher Covid test
3 years, 8 months ago

V-shaped recovery unlikely as India's economy faces tougher Covid test

India Today  

India’s economic recovery has been cut short by an unprecedented Covid-19 wave that has forced many states to impose localised lockdowns. In January, the government said India’s economy would see a ‘V-shaped’ recovery as economic activity resumed in full swing after the first wave. ECONOMY FACES COVID TEST India’s gross domestic product could go through multiple revisions in the current …

Will covid-19 halt India’s economic recovery once again?
3 years, 9 months ago

Will covid-19 halt India’s economic recovery once again?

Live Mint  

After months of erratic economic performance, India’s economic momentum had picked up pace last February, only to be stopped on its tracks by a global pandemic. Mint’s macro tracker shows a steady improvement in economic indicators over the past few months but a renewed surge in infections once again poses a threat to economic activity and investor sentiments. Launched in …

India suffers first recession in decades
4 years, 1 month ago

India suffers first recession in decades

CNN  

New Delhi/London CNN Business — India has plunged into recession for the first time in nearly a quarter of a century as the pandemic continues to weigh heavily on Asia’s third biggest economy, which economists warn will struggle to recover from the slump. Government consumption also fell sharply in part because of an“inadequate fiscal response to the crisis,” said senior …

RBI’s Das says India’s economic recovery stronger than expected
4 years, 1 month ago

RBI’s Das says India’s economic recovery stronger than expected

Live Mint  

Mumbai: Reserve Bank of India Governor Shaktikanta Das on Thursday said the Indian economy has seen stronger-than-expected pickup in recovery after the sharp contraction in the first quarter. Even as the growth outlook has improved, downside risks to growth continue due to recent surge in infections in advanced economies and parts of India,” the governor said while speaking at a …

India at Doorstep of Economic Revival, Says RBI Governor Shaktikanta Das
4 years, 2 months ago

India at Doorstep of Economic Revival, Says RBI Governor Shaktikanta Das

News 18  

Reserve Bank Governor Shaktikanta Das on Wednesday said the country is at the doorstep of economic revival on the back of accommodative monetary and fiscal policies being pursued by the central bank and the government. "We are almost at the doorstep of revival process and it's very important that the financial entities have adequate capital," he said. Das further said …

India at ’doorstep of revival process’ from COVID-19: RBI chief Shaktikanta Das
4 years, 2 months ago

India at ’doorstep of revival process’ from COVID-19: RBI chief Shaktikanta Das

Live Mint  

India is "at the doorstep of the revival process" from the coronavirus pandemic, Reserve Bank of India governor Shaktikanta Das said on Wednesday. "It's very important that the financial entities have adequate capital," Das said at the launch of NK Singh’s book, 'Portraits of Power: Half a Century of Being at Ringside'. "I think post COVID, once there is containment …

India’s second round stimulus will provide minimal support to growth: Moody’s
4 years, 2 months ago

India’s second round stimulus will provide minimal support to growth: Moody’s

Live Mint  

India’s recently announced demand stimulus measures worth ₹46,675 crore or 0.2% of GDP highlight the country’s “very weak fiscal position” and will provide limited support to growth, Moody’s Investors Service said on Thursday. The government expects the new stimulus to add around 0.5% of GDP – a small boost compared with the 11.5% drop in real GDP that we forecast …

Indian economy will recover from coronavirus crisis with right policies: IMF official
4 years, 2 months ago

Indian economy will recover from coronavirus crisis with right policies: IMF official

Live Mint  

The Indian economy, severely hit by the coronavirus pandemic, would be well placed to start recovering from the “horrible crisis” with the government making efforts on both the fiscal and monetary side in addition to putting in place structural elements, a top IMF official has said. In terms of what can be done going forward, clearly on the fiscal side, …

Option of another stimulus to revive economy not closed: Top govt source
4 years, 2 months ago

Option of another stimulus to revive economy not closed: Top govt source

India Today  

Another stimulus package to rekindle demand could be in the works, according to a top government source who said that the “option of another stimulus is not closed”. A senior finance ministry official explained that till last month the government was reluctant to plot and launch fiscal stimulus as lockdowns of various degrees driven by individual states could have stifled …

Finance Minister’s stimulus concedes failure of ₹20 lakh crore Atma Nirbhar package: Congress
4 years, 2 months ago

Finance Minister’s stimulus concedes failure of ₹20 lakh crore Atma Nirbhar package: Congress

The Hindu  

The Congress on Monday said the latest announcements by Finance Minister Nirmala Sitharaman about a fiscal stimulus is an admission that the much hyped ₹20-lakh crore Atma Nirbhar package was a “dismal failure to protect or revive the ravaged economy”. The party said the Finance Minister’s intent is really to manage headlines and “somehow believe that the economy will respond …

India Among World's Worst Performing Economies, Govt Stimulus Inadequate: Abhijit Banerjee
4 years, 3 months ago

India Among World's Worst Performing Economies, Govt Stimulus Inadequate: Abhijit Banerjee

News 18  

Nobel Laureate Abhijit Banerjee on Tuesday said India is among the worst performing economies in the world and the government’s economic stimulus was inadequate to tackle the problem. Speaking at a virtual event, Banerjee said the country’s economic growth was slowing down even before the COVID-19 pandemic hit. The country’s economy will see revival in the current quarter,” he said, …

Explained: Why India needs more than a V-shaped recovery to beat Covid-19 slowdown
4 years, 3 months ago

Explained: Why India needs more than a V-shaped recovery to beat Covid-19 slowdown

India Today  

Smarting under scathing criticism from the Opposition over historic contraction of the Indian economy in April-June 2020-21 quarter, the government has appeared to be championing a V-shaped growth projection. READ | Covid-19 may leave ‘permanent scar’ on India’s growth, show agency outlooks on GDP A majority of global ratings agencies and economists are concerned about the Indian economy’s long-term health. …

Will take necessary measures to promote growth: RBI Governor
4 years, 3 months ago

Will take necessary measures to promote growth: RBI Governor

India TV News  

RBI Governor Shaktikanta Das on Wednesday assured the industry that the central bank will take all necessary measures to ensure liquidity in the system and promote economic growth. Addressing a virtual conference organised by industry body Ficci, Das said that Gross Domestic Product data released by the government was a "reflection of the ravages of the COVID-19". Observing that the …

Reversing the economic reversal
4 years, 4 months ago

Reversing the economic reversal

Hindustan Times  

News of a contraction of almost 24% of the gross domestic product in the first quarter of this year would have come as a shock to every responsible citizen. Most of this is a dip in private investment, which won’t revive given the contraction in output For perspective, the actual fiscal impulse has amounted to less than 2% of GDP …

India’s growth story has never seemed so endangered
4 years, 4 months ago

India’s growth story has never seemed so endangered

Live Mint  

We all knew it would be bad, but no one could have predicted just how bad. Supply and credit links, which had been largely cash-based in the informal sector, among others, remained broken even after high-denomination currency came back into circulation, and some small businesses and poorer households—we will likely never know how many—never recovered to their level of well-being …

Opinion | Fiscal spending will have to do the heavy lifting
4 years, 4 months ago

Opinion | Fiscal spending will have to do the heavy lifting

Live Mint  

India’s June-quarter data reaffirmed the stark weakness in economic activities. Such a dent is leading to major headwinds for private final consumption expenditure, which, with about two-thirds share in overall GDP and usually strong growth momentum, typically provides a strong bedrock for India’s growth. While monetary policy reacted with commendable alacrity with large rate cuts and a heavy dose of …

Govt Analysts Say Signs of Recovery in Rural Economy Hailed by PM Modi 'At Best a Mitigating Factor'
4 years, 4 months ago

Govt Analysts Say Signs of Recovery in Rural Economy Hailed by PM Modi 'At Best a Mitigating Factor'

News 18  

India is staring at a protracted slowdown as coronavirus cases reach its countryside, with signs of recovery in the rural economy hailed by Prime Minister Narendra Modi "at best a mitigating factor", government officials and analysts said. "The economic situation has in fact worsened since April and May, and we are likely moving towards a longer economic slowdown than earlier …

5 hurdles in path of India's economic recovery
4 years, 4 months ago

5 hurdles in path of India's economic recovery

India Today  

The Indian economy is going through a turbulent period with key indicators hinting at a prolonged slowdown. The report also mentioned that India’s economic recovery could take much longer than expected. India’s consumer demand is declining due to drop in household incomes in the wake of major job losses in the wake of a raging pandemic that has forced closures …

Covid invasion halts India's rural recovery, longer economic slowdown on cards
4 years, 4 months ago

Covid invasion halts India's rural recovery, longer economic slowdown on cards

India Today  

India is staring at a protracted slowdown as coronavirus cases reach its countryside, with signs of recovery in the rural economy hailed by Prime Minister Narendra Modi “at best a mitigating factor”, government officials and analysts said. “The economic situation has in fact worsened since April and May, and we are likely moving towards a longer economic slowdown than earlier …

Early signs of India economic recovery wane as coronavirus surges
4 years, 4 months ago

Early signs of India economic recovery wane as coronavirus surges

Live Mint  

India’s economic activity monitors are beginning to flatline just months after showing signs of returning to life. Latest data from Apple Inc. and Alphabet Inc.’s Google showed mobility suffered in recent weeks after notching up an increase since May, when Asia’s third-largest economy began exiting a nationwide lockdown to contain the coronavirus outbreak. More indicators The Nomura India Business Resumption …

Stimulus package, Covid fund and more: How govt is planning to boost economy
4 years, 5 months ago

Stimulus package, Covid fund and more: How govt is planning to boost economy

India Today  

The government’s finance ministry has been holding key high-level meetings to determine the next course of action in reviving the economy. According to sources, government officials are holding regular meetings with corporate leaders on what is required for the next phase of economic recovery. The country’s economic growth has been sluggish despite the 20 lakh crore relief package announced earlier …

India inflation could surge to 12% on 2nd stimulus, Rabobank says
4 years, 5 months ago

India inflation could surge to 12% on 2nd stimulus, Rabobank says

Live Mint  

India can expect inflation to surge to more than double the central bank’s target and the currency could lose a quarter of its value if the Reserve Bank of India begins printing money to fund the government’s spending. That’s according to Rabobank, which said in a report this week that India should avoid repeating the mistakes of the 1980s, when …

CEA K Subramanian sees V-shaped recovery if coronavirus is contained
4 years, 6 months ago

CEA K Subramanian sees V-shaped recovery if coronavirus is contained

Live Mint  

India’s top economic adviser said a V-shaped recovery for the economy is possible this year, provided a vaccine is found to contain the Covid-19 pandemic. “The recovery will happen after that uncertainty from the health side is taken care of,” Krishnamurthy Subramanian, the chief economic adviser to the finance minister, said in an interview at the Bloomberg Invest Global virtual …

Opinion | A long-term strategy to steer the economy out of this crisis
4 years, 6 months ago

Opinion | A long-term strategy to steer the economy out of this crisis

Live Mint  

As an entrepreneur and then as a member of Parliament, I have seen my share of economic shocks—the 2001 tech bubble burst and then the 2008 global financial crisis. Rapid growth is the only answer to the question of India’s debt sustainability and Prime Minister Narendra Modi’s Aatmanirbhar Bharat vision of a self-reliant economy that is also globally competitive and …

Indian economy to contract 10% this fiscal: Former finance secretary
4 years, 7 months ago

Indian economy to contract 10% this fiscal: Former finance secretary

India TV News  

Former finance secretary Subhash Chandra Garg on Tuesday said the Indian economy will shrink by 10 per cent or Rs 20 lakh crore in the ongoing fiscal, the first contraction in over 40 years, due to a "faulty" COVID lockdown. Garg also said that the government's Rs 21 lakh crore stimulus package is actually of only Rs 1.4-1.5 lakh crore …

Coronavirus Lockdown: GDP data set to show economy grew at its slowest pace in 2 years in March quarter, says report
4 years, 7 months ago

Coronavirus Lockdown: GDP data set to show economy grew at its slowest pace in 2 years in March quarter, says report

Firstpost  

Unlike some advanced economies, India’s stimulus package has largely focussed on subsidised credit to small businesses and farmers, while direct fiscal stimulus was limited to around 1 percent of the GDP, economists said. New Delhi: Gross domestic product data out later on Friday is expected to show the economy grew at its slowest pace in at least two years in …

Govt measures to deal with coronavirus impact 'very positive', says former RBI governor Bimal Jalan
4 years, 7 months ago

Govt measures to deal with coronavirus impact 'very positive', says former RBI governor Bimal Jalan

Firstpost  

Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as “very positive” and hoped that these would help in containing the decline in growth New Delhi: Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as …

RBI board member Satish Marathe says stimulus package fails to involve banks as frontline warriors in economic revival
4 years, 7 months ago

RBI board member Satish Marathe says stimulus package fails to involve banks as frontline warriors in economic revival

Firstpost  

The stimulus package announced by Finance Minister Nirmala Sitharaman “fails to involve” banks in the economic revival process, a member of the Reserve Bank of India’s central board said on Wednesday Mumbai: The stimulus package announced by Finance Minister Nirmala Sitharaman “fails to involve” banks in the economic revival process, a member of the Reserve Bank of India’s central board …

Govt's relief package unlikely to soften coronavirus blow; demand equation missing
4 years, 7 months ago

Govt's relief package unlikely to soften coronavirus blow; demand equation missing

India Today  

India’s $266 billion economic rescue package rests mostly on boosting company credit but contains scant new public spending, tax breaks or cash support to revive demand and prevent firms from collapsing, business leaders and economists say. “We are creating all sorts of liquidity for supply, but what about the demand,” said Kiran Mazumdar Shaw, chairperson of Biocon Limited, one of …

A matter of relief: On economic stimulus package
4 years, 7 months ago

A matter of relief: On economic stimulus package

The Hindu  

With the announcement of the final tranche of Atmanirbhar Bharat Abhiyan, the COVID-19 relief package, a pattern to the government’s approach is visible. And that is to give a strong supply-side push by boosting availability of capital on easy terms, keep income and wage support schemes to the minimum, empower constituencies ranging from farmers and workers to businesses, and finally, …

Stimulus package: No fiscal excesses, but growth prospects remain dim
4 years, 7 months ago

Stimulus package: No fiscal excesses, but growth prospects remain dim

Business Standard  

In five press briefings held in as many days, Finance Minister Nirmala Sitharaman has announced several measures to provide support to individuals and the economy, which have been hit severely by successive nationwide lockdowns to prevent the spread of coronavirus. Earlier, Prime Minister Narendra Modi had announced that his govt would provide a massive Rs 20-trillion economic stimulus package to …

India's GDP to shrink 45% in June quarter, predicts Goldman Sachs
4 years, 7 months ago

India's GDP to shrink 45% in June quarter, predicts Goldman Sachs

India Today  

The government’s effort to provide a boost to the coronavirus-hit economy focuses on more on the medium-term rather than offering immediate support, according to a recent note by Goldman Sachs economists. In a May 17 note, Goldman Sachs economists Prachi Mishra and Andrew Tilton predicted that India’s Gross Domestic Product will contract by an annualised 45 per cent in the …

Special Correspondent MUMBAI
4 years, 7 months ago

Special Correspondent MUMBAI

The Hindu  

The Indian economy is likely to contract by over 10% in FY21 on account of COVID-19 impact, Arthur D Little says in a report. “India is headed towards a W-shaped economic recovery with a potential GDP contraction of 10.8% in FY21,” said Barnik Chitran Maitra, lead author of the report and Managing Partner & CEO of Arthur D Little, India …

India needs big stimulus package to mitigate impact of COVID-19; give money to bottom 60%, says Abhijit Banerjee in live chat with Rahul Gandhi
4 years, 8 months ago

India needs big stimulus package to mitigate impact of COVID-19; give money to bottom 60%, says Abhijit Banerjee in live chat with Rahul Gandhi

Firstpost  

Banerjee also suggested that the government hand out temporary ration cards to people to deal with the problem of food distribution for three months, and if need be can be renewed for another three months. New Delhi: India should come out with a large enough stimulus package to revive demand, Nobel laureate Abhijit Banerjee said on Tuesday, while favouring putting …

COVID-19 challenge: India must decide on a large stimulus package, says Professor Abhijit Banerjee
4 years, 8 months ago

COVID-19 challenge: India must decide on a large stimulus package, says Professor Abhijit Banerjee

The Hindu  

Nobel laureate Abhijit Banerjee in a conversation with former Congress president Rahul Gandhi, an edited video of which was released by the Congress on Tuesday, said India needs a large enough stimulus package to increase spending and revive demand to face the challenge posed by the COVID-19 pandemic. From putting money in people’s hands to reviving demand to issuing temporary …

Today's top business news: Govt advisor rules out big economic stimulus, ex-RBI governor says India can't take markets for granted, traders smell back-door funding of govt debt by RBI, and more
4 years, 8 months ago

Today's top business news: Govt advisor rules out big economic stimulus, ex-RBI governor says India can't take markets for granted, traders smell back-door funding of govt debt by RBI, and more

The Hindu  

Stocks have opened positive this morning and signals coming from the government suggest a significant easing of lockdown restrictions soon. PTI reports: "Real estate developers sold 26 per cent less apartments during January-March period across nine major cities as economic slowdown and coronavirus outbreak affected demand, News Corp-backed PropTiger said. Vodafone Group, in a statement, said it has “accelerated this …

RBI Measures to Revive Economy Get Thumbs Up, But What’s Next?
4 years, 8 months ago

RBI Measures to Revive Economy Get Thumbs Up, But What’s Next?

The Quint  

As COVID-19 exacerbates India's economic woes – with the country staring at an inevitable recession – RBI governor Shaktikanta Das on Friday, 17 April, made a slew of announcements. Liquidity measures, repo rate cuts, and expansion of bank credit flow were among the highlights. Now, according to the central bank's own survey before the lockdown, India was expected to grow …

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