this is econ diary that i present in college at iilm university

1. NAME- SOHIT KUSHWAHA
Professor: Vidhisha vyas
Course: B.tech(CS&IT)
Econ Diary
By:- SOHIT KUSHWAHA

2. GST : Goods Services and Tax
India is considering a goods and services tax (GST)
relief package to counter the impact of Covid-19 and
help prop up the economy, said people with
knowledge of the matter. The package being
considered could include a six-month suspension
of GST payments for the worst-hit sectors such as
restaurants, aviation and hospitality as well as a
lower rate for the real estate sector.
Other proposals include a switch to a cash-based
principle of levying tax from the current invoice-
based system and providing GST relief on sales for
which payment is not received due to the
lockdown by treating those as bad debts.
Economictimes: 25april 2020

3. Fiscal Deficit
 The Reserve Bank of India (RBI)
governor Shaktikanta Das has said India's fiscal
deficit may go beyond 3.5 per cent of gross
domestic product (GDP) for the current year due to
coronavirus lockdown. He said that the RBI has not
yet taken a view on monetising the budget deficit
target, but it needs to be a "well calibrated and
thought out roadmap" to manage finances.
 "The 3.5 per cent fiscal deficit target for this year will
be very challenging to meet," Das told news agency
Cogencis in an interview. "It has to be a judicious
and balanced call keeping in mind the need to
support the economy on one hand and the
sustainable level of fiscal deficit that is consistent
with macroeconomic and financial stability," the RBI
governor said
Business today 24 april2020

4. Inflation
 India's retail inflation is expected
to have dropped to a four-month
low in March on softer food and
fuel prices and as already
slowing demand likely
plummeted due to a nationwide
lockdown towards the end of the
month, a Reuters poll found.
Price pressures will probably
ease further this month as
economic activity ground to a
halt after Prime Minister
Narendra Modi imposed a 21-
day lockdown from March 25 in
an attempt to curb the spread of
the coronavirus. Economicstimes 9 april 2020

5. Financial crisis
It has been a crippling week, the kind
I haven't seen all my life, says AD
Singh, founder of the Olive Group.
Till Holi, his restaurants - 30 of them
were doing brisk business. “I was in
South Mumbai, hosting guests, the
weekend before Holi. And the
restaurant was full,” he recalls. There
were some cancellations from
overseas tour groups, but Indian
patrons more than made up for it.
Within a week, Singh’s bustling
restaurants have turned into haunted
outlets. Because of Covid-19 scare
and government curbs, malls are
closed, streets deserted and Singh is
closing his restaurants one by one.
Economics times 22 march 2020

6. Demand and Elasticity
Indian agriculture is at a crossroad, poised
for growth, while shocks posed by events
such adverse weather and price collapse
continue to be a challenge. This year’s
budget is not just responsive to these
challenges, but also addresses some
fundamental structural hurdles faced by
farmers.
It does so by helping smallholders with less
than 2 hectares of land to cope with the
income shock from close to 30 months of
low crop prices while encouraging them to
diversify into mixed agriculture systems
through sub-sectors such as animal
husbandry, fisheries, and optimise returns
by connecting to markets.
Economicstimes march2019

7. India's GDP growth for the
current fiscal is expected to
slow down to 4.8 per cent, a
UN report has said, warning
that the COVID-19 pandemic is
expected to result in
significant adverse economic
impacts globally.
The UN 'Economic and Social
Survey of Asia and the Pacific
(ESCAP) 2020: Towards
sustainable economies' said
that COVID-19 is having far-
reaching economic and social
consequences for the region,
with strong cross-border
spillover effects through trade,
tourism and financial linkages.
G D P

8. Corona
impact
The economic impact of the 2019–20 coronavirus pandemic in India has been hugely
disruptive. World Bank and credit rating agencies have downgraded India's growth for fiscal
year 2021 with the lowest figures India has seen in three decades since India's economic
liberalization in the 1990s. However, the International Monetary Fund projection for India for
the financial year 2021-22 of 1.9% GDP growth is the highest among G-20 nations.Within a
month unemployment rose from 6.7% on 15 March to 26% on 19 April. During the
lockdown, an estimated 14 crore (140 million) people lost employment. More than 45% of
households across the nation have reported an income drop as compared to the previous
year.

9. THANK YOU
By:- SOHIT KUSHWAHA (B.tech)
The End