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The Reading List: January 22, 2021
A selection of articles and social media gems from the world of economy, business and finance
Desperate to win Kerala, Congress is forced to turn to Oommen Chandy
The Congress has approached Oommen Chandy more than four years after it washed its hands of the leader and virtually forced him into political exile after the Congress lost the 2016 elections to the CPI(M)
EPFO in equities | A look at the heart of the problem
While the EPFO may continue investing in equities, the objective of enhancing replacement rate upon retirement would be seldom met unless liability side reforms are carried out
Budget Chart Point | How buoyant is tax collection?
It has been declining but should improve in FY22
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EPFO should have a cautious approach towards equity
Given the long-term outlook, investing only in debt instruments may not help to beat cost inflation. The added exposure to equity through ETFs may provide the additional boost to generate higher rate of returns subject to market risk
China’s currency heads into Biden era on front foot
But investors are divided over whether the wind will remain in the renminbi’s sails in 2021

Articles republished from the Financial Times
RBI stress testing model must change with the times
RBI’s GDP assumptions and extrapolations are simplistic; its model underestimates the risk posed to banks from loan segment exposure
BJP and Mamata raise sky high the stakes in West Bengal
The admission of defectors in senior positions has upset BJP leaders who have built up the party
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Tesla’s immediate India options are limited, but the future is promising
The big question will be whether India can supplant China for Musk’s affections
RBI says India will have a ‘glorious summer’
RBI report on state of economy asks whether the Union Budget could be a game changer
Interview | Budget should focus on reviving income growth, says Rahul Bajoria of Barclays
Chief India Economist of Barclays projects a fiscal deficit of 7-8 percent
OTT Self-Regulation Code | A balancing act between artistic expression and consumer protection
OTT platforms are at a nascent stage in India, and the conjoined efforts of the government and content providers will adequately balance creative freedom with regulation
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The US is more fragile, but Biden looks to take everybody along
The call for unity came two weeks after the US Capitol was attacked by a mob trying to overturn the results of the election
Budget 2021 could be the vaccine for the pharmaceutical industry
Given the government’s ambition to make India a $5 trillion economy in the next five years, pharmaceutical and life science could be the ‘target sector’ in Budget 2021

Mamata Banerjee to contest from Nandigram: Masterstroke or political desperation?
The message from Banerjee is clear: She is in no mood to cede an inch of West Bengal to the BJP, and that’s the reason why she picked Nandigram — a symbolic seat representing her rise to power
Three charts that give context to Sensex at 50,000
The rally is broad-based, but valuation indicators signal caution
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Budget Chart Point: The spillover effect
The need to continue supporting the economy could see expenditure of existing schemes carry over into the FY22 Budget
Mohamed El-Erian writes: Crises facing Biden threaten to create vicious cycles
New US President must combine agile political manoeuvring with smart economic policy

Articles republished from the Financial Times
How demand for utility vehicles is revving up the auto sector
One reason for sales growth is the flurry of new launches in 2020, especially in the compact UV segment
The key numbers behind the Budget
The most important numbers investors should look for in the Budget and how they affect the economy
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Cement firms begin 2021 on a quiet note despite firm demand
Cement prices continue to decline. Prices dropped 2 percent sequentially in January continuing the easing trend of earlier months
Physical infrastructure is fine, Budget must give wings to India’s digital dreams
It will play a critical role in ensuring the post-Covid economic recovery is inclusive and sustainable – and in ensuring higher growth
10 challenges Biden faces in righting the economy
Compromises and concessions will be needed to get the votes Biden will need to advance legislation
Editorials of The Times: Biden’s stimulus plan will bring relief, but there’s one flaw
Biden is proposing to repeat a mistake by setting an arbitrary end date for economic aid programmes rather than tying the benefits to the duration of need
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Do we need a United Nations to oversee technology platforms?
The recent ‘armed insurrection’ in Washington DC revealed the best and worst of technology platforms, but the inarguable lesson is to find a way to finally tame these platforms

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