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Missed all the important economic news this week because you were jet-setting? It’s been a busy week for the economy. Here’s a curated reading list of BL’s top stories on the economy over the week.
Covered up
After the earlier controversy about withholding the NSSO Labour Survey showing a spike in unemployment, the Centre has stirred up a new one about the NSSO’s critical Consumer Expenditure Survey, which provides insights on the changes in spending patterns of Indian consumers. The Centre has cited data quality issues with the Survey, which showed a fall in rural consumption.
Also read: Consumer expenditure survey 2017-18 not to be released due to data quality issues
Record losses
Airtel and Vodafone-Idea broke the wrong kind of records, reporting combined losses of over Rs 73,000 crore for the latest September quarter after the Supreme Court’s AGR ruling.
Also read: Airtel, Voda-Idea report combined loss of ₹73,000 cr
How they did it
How did the Indian telcos get into this soup? This Think story traces the history.
Also read: How to untangle India’s telecom mess
Consumption gloom
The RBI, however, predicted a sharp fall in private final consumption expenditure in its latest survey of professional forecasters who feel that PFCE growth would fall by 250 bps from 8 per cent.
Also read: RBI sees sharp fall in consumption
Food price spike
Seasonal spikes in vegetable and egg prices seem to have propelled the October 2019 CPI inflation to 4.62 per cent above RBI’s comfort zone of 4 per cent, for the first time in 14 months. Core inflation remains low, while food prices have spiked.
Also read: Pricier foods push retail inflation to 16-month high
Path to resolution
NBFCs, which lacked a formal distress resolution process, may now come under the ambit of IBC, with the Centre introducing a few special provisions for systemically important financial service providers.
Also read: Insolvency process can now be undertaken against systemically important financial service providers
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