BBA-MBA Integrated

TERM– V

Individual Assignment

Analyses of News Articles

Submitted to

Prof. Kalkikumar Soni

On

(20/10/2020)

Submitted by:

Name: Nishant Bhura

Roll No: 187139

Batch and Section: 2018-23 Sec A

 IEC Sem 5 Individual Assignment| Nishant Bhura 187139

Table of contents

Table of contents .................................................................................................................... 2

Article 1: Budget 2020: To fix the slowing economy, begin with agriculture ............................ 3

Analysis and Inference of Article 1 .......................................................................................... 6

Article 2: What is RBI's monetary policy? ................................................................................ 8

Analysis and Inference of Article 2 .......................................................................................... 9

Article 3: Indian economy to contract by 4% in 2020-21, forecasts ADB................................. 11

Analysis and Inference of Article 3 ........................................................................................ 14

Article 4: FM Sitharaman paves way for PSU mergers, privatisation; opens all sector
opportunities for private cos ................................................................................................. 16

Analysis and Inference of Article 4 ........................................................................................ 18

Article 5: Govt looking into GST rate cut for automobile sector ............................................. 20

Analysis and Inference of Article 5 ........................................................................................ 22

Reference ............................................................................................................................. 23

Undertaking .......................................................................................................................... 24

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Article 1: Budget 2020: To fix the slowing economy, begin with

agriculture

Author: RN Bhaskar

Date: January 13, 2020

“The Union Budget is barely three weeks away. There are talks about tax sops and financial
incentives. But none of them will go very far if the basics are ignored.

After all, the economy is hurting real bad. And to understand the reasons behind the pain, it is
essential to understand why farms matter.

First, over 50 percent of India’s population depends on the rural economy. And that means
agriculture. Irrespective of the contribution of the agricultural sector to India’s GDP, the sheer
scale of population requires any government to pay heed to the well being of this sector and to
make it sustainable – not through doles, but through policies that make this sector healthy.

Second it is important to note that unlike the Asian tigers – including China, Korea, Taiwan,
Singapore among others – India is not an export driven market. It is a consumption driven
market. When you have half of India’s population living in rural areas, this becomes a critical
consumption market – especially for things like motorcycles, tractors, harvesters, seeds,
fertilisers, nutrients and a host of consumer goods.

Third, hitherto, except for a brief period when Lal Bahadur Shastri tried to promote agriculture
(and coined the slogan Jai-Jawan-Jai Kisan), successive governments have short-changed
agriculture. As a result the farmer earns pathetically little from agriculture, as NABARD studies
(see table) have shown Therefore, if the economy has to be revived, agriculture needs some key
inputs. Here are some suggestions.

One reason why the farm sector’s contribution to India GDP is just around 14 percent is because
the farmer is allowed to earn very little for his produce. Leave alone milk where, thanks to
Verghese Kurien, the farmer can earn as much as 80-85 percent of the market price for the milk
he produces.

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Similarly, keep aside the politically pampered rice and wheat crops, where the Food Corporation
of India (FCI) guarantees procurement from most large farmers and thus gives them a
remunerative price. Ditto for politically protected crops like sugarcane and plantations.

But take the rest of the agricultural sector and you discover that when it comes to vegetables and
fruits, the farmer earns barely 10 percent of the market price for his produce. With other non-
procurement products, the farmer is lucky if he gets 30 percent of the market price for his
produce. As a result, the farmer’s purchasing power has remained poor.

If the government wants the farmer to earn more, it must make provisions for him to earn a better
price. That can be done in two ways.

For crops other than vegetables and fruit, the government can actually get the FCI intervene in
the commodity markets and offer to pick up any crop at the declared Minimum Support Price
(MSP). Typically, even if 5 percent of the produce is picked up by the FCI, traders will increase
their price offering and provide the farmers a better deal.

Alternatively, the government has to immediately allow the farm sector to create an autonomous
body like the NDDB, which comes in as a market maker. Unless the farmer can receive 50
percent of the market price for his produce, the farmer will remain exploited.

Doles are counter-productive, as they teach farmers to depend more heavily on the government.
That will make them more vulnerable. In fact, both the NCDEX and the MCX and their affiliates
had made similar suggestions to the government some years ago. But the government hasn’t
done anything.

The second thing that the government can do is to announce -- as part of the Budget proposals –
to make stopping a meat wagon a punishable offence. Meat kept by the roadside, in Indian
conditions, becomes unfit for human consumption in a few hours. The madness unleashed by the
gau-rakshaks has hurt farmers, cobblers and the meat industry very badly. The farmer has been
the worst affected.

Let’s leave aside cows for the moment. If the cow is to be protected, so be it. But why touch
buffalo meat? Most farmers are already moving to adopting buffaloes instead of cows for two
simple reasons. First, buffaloes are not considered holy, so they can be sold to the trader – for

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onward sale to slaughter houses – without any qualms. Second, buffalo milk has more fat
content. That fetches farmers more money per litre of milk produced.

But when a buffalo stops lactating, it must be sold. The cost of maintaining a barren or old
buffalo is crippling. The farmer normally gets Rs 20,000 per old buffalo. To this he adds another
Rs 20,000 and purchases a young milch buffalo. If the trader refuses to purchase the old buffalo
from the farmer -- because his consignments can get seized by crazed gau-rakshaks -- then the
farmer loses his ability to procure fresh cattle heads. That reduces his income, and increases his
expenditure. And, in turn, the scare to take away old buffaloes affects the leather industry and the
beef industry – both major employment and forex generators. The minimum estimated loss on
account of this could be over Rs 23,000 crore a year

The third thing the finance minister can do is to take away the power to import agri produce from
the hands of the bureaucrats and to put it in the hands of farmer groups. Imports cause domestic
prices to fall. That hurts farmers. When domestic prices go up – as with onions – let the farmer
body import, but sell it at normal market prices, not at less than market prices. That is what
NDDB was taught to do under Kurien.

You cannot protect consumers forever. The farmer is a producer, and must also be protected. It is
insensitivity to such a requirement that actually emboldened some bright boys in the government
who thought that they could allow New Zealand to divert 5 percent of its non-liquid milk dairy
produce exports to India. Thanks to a spirited resistance put up by farmers, this move was
dropped. The same thing happened a few years ago, when import of pulses was resorted to. Such
madness should be avoided.

Unless such situations are remedied, the farmer loses income, hence purchasing power. And, as a
consequence, the wheels of the economy have grist thrown in them.

Can the finance minister usher in these measures for the sake of economic revival? It would go a
long way towards fulfilling the prime minister’s promise of doubling farmers’ income. It must be
said that even this assurance is too little because a doubling of 10 percent is still 20 percent, far
below the 50 percent desired level.”

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Analysis and Inference of Article 1

This article by RN Bhaskar provides great insight into the dependence of indian population on
agriculture, the major problems faced in the sector and some possible remedies.

I have to come to the understanding that the agriculture sector provides employement to around
50% of the working population and yet its share is only 14% of the GDP. This large disparity is
projected out of the income inequalities of a farmer and other occupation holders. Quick math
would show us that farmers are earning at least five times less than other occupation holders. The
disparity is too high leading to the economic backwardness of the country. This income disparity
needs to be removed and should be the first stop if we want our country to be a developed one
instead of a developing country.

Here is chart depicting the GDP share and employment share of these sectors:

I have also come to the understanding that India is a consumption driven market and hence it is
important that people have money to spend, and they only we can prosper. The more money
farmers have, more will be consumption of the country which can become the driving engine of
the country’s economy.

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I also inferred that politics plays a big role in the agricultural sector. This intervention is
hindering the growth of the country. Efforts should be made to reduce the intervention.

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Article 2: What is RBI's monetary policy?

Author: ET Contributors

Date: January 31, 2020

Monetary policy is the process by which a central bank (RBI) manages money supply in the
economy.

The objectives of monetary policy include ensuring inflation targeting and price stability, full
employment and stable economic growth.

1. Monetary policy is the process by which a central bank (Reserve Bank of India or RBI)
manages money supply in the economy.
2. The objectives of monetary policy include ensuring inflation targeting and price stability,
full employment and stable economic growth.
3. The money supply can be directly affected through reserve ratios or open market
operations and can be indirectly affected by using key interest rates to influence the cost
of credit.
4. An easy or expansionary monetary policy is implemented by reducing statutory bank
reserves or lowering key interest rates and improving market liquidity to encourage
economic activity.
5. A contractionary or tight monetary policy reduces liquidity and increases interest rates
which has a negative impact on both production and consumption and therefore,
economic growth.

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)

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Analysis and Inference of Article 2

The article talks about the topic ‘Monetary Policy’. Monetary Policy consists of the process by
which the monetary authority of the country, Reserve Bank of India (RBI) in case of India,
manages and controls the money supply in the economy. It regulates the supply of money, rate of
interest and availability of money, with the objective of combating inflationary and deflationary
gap in the economy. This policy consists of various instruments-

1. Reserve Ratios

It refers to the percentage of deposits that commercial banks must hold onto, rather than lend out
or invest. The reserve ratios directly impact the money supply in the economy and are important
quantitative tools of RBI.

In order to achieve the objective of inflation targeting, the reserve ratios are increased, as a
result, decreasing the lending capacity of the banks. Consequently, the money supply in the
economy decreases. Vice versa is done in case of deflation.

2. Open Market Operations

Open market operations (OMO) refer to the sale and purchase of government securities and
treasury bills by the central bank of the country to regulate the money supply in the economy. It
is an important instrument for controlling liquidity and directly affects the

money supply.

In case of Inflation in the economy, the Central Bank sells off the Securities so that the money
from the commercial banks or other sources flows towards itself thereby leaving less liquidity in
the system, hence, decreasing demand and lowering down the prices in the economy.

3. Cash Reserve Ratio

Cash Reserve Ratio (CRR) refers to the cash which banks have to maintain with the RBI as
percentage of their demand and time liabilities. Its objective is to ensure the safety and liquidity
of bank deposits.

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4. Statutory Liquidity Ratio

Statutory Liquidity Ratio (SLR) is the ratio of cash balances in current account with the banks
and the RBI, gold and unencumbered securities.

Through many such instruments, both qualitative and quantitative, the RBI controls money
supply in the economy. By doing so, it ensures inflation targeting, price stability, full
employment and stable economic growth in the economy.

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Article 3: Indian economy to contract by 4% in 2020-21, forecasts

ADB

Date: June 18, 2020

Hit hard by the COVID-19 pandemic, the Indian economy is expected to contract by 4% during
the current financial year, the ADB said in a supplement to its Asian Development Outlook
(ADO) on Thursday. Countries in ‘Developing Asia’ will ‘barely grow’ in 2020, the ADB
forecast.

China, however, is expected to record a positive growth of 1.8% in 2020, sharply down from
6.1% in 2019, the lender said. “Growth in Indian GDP slowed to 3.1% in the last quarter...its
slowest since early 2003. Economic growth slowed to 4.2% in the whole of” the last fiscal year
as both exports and investment started to contract, the ADB said.

“High-frequency indicators such as purchasing managers’ indexes fell to all-time lows in April,
reflecting the bleak outlook. Migrant workers have gone home to their villages after losing their
jobs in the cities and will be slow to return even after containment measures are relaxed. GDP is
expected to contract by 4% in FY2020 before rebounding by 5% in FY2021,” it said.

In its annual flagship ADO published on April 3, ADB had projected that India’s economic
growth rate would slip to 4% in the current fiscal on account of the global health emergency
created by the COVID-19 pandemic.

‘Developing Asia’ will barely grow in 2020, as containment measures to address the coronavirus
disease COVID-19 pandemic is expected to hamper economic activity and weaken external
demand, the ADB said.

For the countries in Developing Asia, ADB forecasts growth of 0.1% in 2020. This is down from
the 2.2% forecast in April and would be the slowest growth for the region since 1961. “Growth
in 2021 is expected to rise to 6.2%, as forecast in April. Gross domestic product (GDP) levels in
2021 will remain below what had been envisioned and below pre-crisis trends.”

‘Developing Asia’ refers to a group of over 40 countries that are members of the ADB.

‘No V-shaped recovery’

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“Economies in Asia and the Pacific will continue to feel the blow of the COVID-19 pandemic
this year even as lockdowns are slowly eased and select economic activities restart in a ‘new
normal’ scenario,” said ADB chief economist Yasuyuki Sawada.

“While we see a higher growth outlook for the region in 2021, this is mainly due to weak
numbers this year, and this will not be a V-shaped recovery,” Mr. Sawada said. “Governments
should undertake policy measures to reduce the negative impact of COVID-19 and ensure that no
further waves of outbreaks occur.”

Excluding the newly industrialised economies of Hong Kong, China; the Republic of Korea;
Singapore; and Taipei, China, Developing Asia is forecast to grow 0.4 per cent this year and 6.6
per cent in 2021, it added.

Hit hard by COVID-19, South Asia is forecast to contract by 3 per cent in 2020, compared to 4.1
per cent growth predicted in April. Growth prospects for 2021 are revised down to 4.9 per cent
from 6 per cent, ADB said.

As per the ADB forecast, risks to the outlook remain on the downside.

The COVID-19 pandemic may see multiple waves of outbreaks in the coming period and
sovereign debt and financial crises can not be ruled out.

“There is also the risk of renewed escalation in trade tensions between the United States and the
People’s Republic of China (PRC),” it added.

The Reserve Bank of India (RBI) earlier in May projected a gloomy picture of the economy,
saying the impact of COVID-19 is more severe than anticipated and the GDP growth during
2020-21 is likely to remain in the negative territory.

However, RBI has not given any number to the projected contraction of the Indian economy.

The outlook of inflation also remains “highly uncertain”, RBI Governor Shaktikanta Das had
said on May 22, while announcing a 40-basis point cut in the repo rate as part of the monetary
measures to deal with the current crisis.

Earlier this month, Washington headquartered World Bank projected India’s economy to shrink
by 3.2 per cent in the current fiscal due to the coronavirus pandemic that has hit a hard blow to
the economy due to the lockdown.

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International rating agencies like Moody’s Investors Service, Fitch Rating and S&P Global
Ratings have all predicted a 4-5 per cent contraction in India’s economic growth rate during
April 2020 to March 2021 fiscal. Crisil has said this would be the country’s fourth recession
since Independence, first since liberalisation, and perhaps the worst to date.

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Analysis and Inference of Article 3

Upon reading the article, I have inferred that India will do slightly better than most other
countries in Asia. The situation is currently very fragile and can turn very unfortunate if
governments do not take necessary precautions.

Asian Development Bank (ADB) has predicted that countries in Asia will barely see any growth.
This is because a large number of Asian economies are still developing and hence do not have
much cushion in their economies. The lack of cushion and financial reserves will most likely
drag these economies into recession. The recession will be short lived, as I understand, and the
economies will start to recover by the next fiscal year.

I have also understood about ‘Developing Asia’, it is a group of 40 countries whose economies
are in early stages. These economies will suffer a lot owing to restrictions kept in place to keep a
check on the spread of virus. Major activities of these economies is halted due to the pandemic
and it will take sometime for them to recover.

I have also understood about recovery patterns of the economy. Upon research I found that there
are mainly four recovery patterns namely, L, U, W and V.

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V-shaped recovery is characterised with steep recovery and U-shaped on the contrary is recovery
over a period of short time. Asian economies will not see a V-shaped recovery. The resources
available are few and hence recovery will also take time.

There may also be escalation of trade war between USA and PRC which might further deteoriate
the outlook and recovery process.

RBI, the bank of banks, has also predicted a negative growth. Though it has not released any
projections yet. But RBI has been actively working to reduce the impact of pandemic on the
economy, in the long term and short term.

RBI announced 40 basis point cut in repo rate. It was an attempt to boost the cold economy of
the state. This cut in repo rate will make taking loans cheaper, so industries will have more
capital at their disposal. This will act as an injection in the cycle of indian economy.

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Article 4: FM Sitharaman paves way for PSU mergers,

privatisation; opens all sector opportunities for private cos

Author: Samrat Sharma

Date: May 17, 2020

Finance Minister Nirmala Sitharaman has paved the way for opening up of all sectors to private
companies, while allowing for consolidation of the PSU companies (public sector utilities) into
only strategic sectors, to be notified. Further, each of such notified strategic areas will have a
maximum of four PSUs, and the remaining state-run companies would be either merged or
privatised. The move could trigger a series of mergers, and disinvestment, sale and privatisation
of state-run companies in the coming months and years. Nirmala Sitharaman said that limiting
the number of PSUs in each sector would minimise wasteful administrative costs. The
government has taken this step to give India a coherent policy to accomplish the Atma Nirbhar
Bharat mission, Nirmala Sitharaman said while announcing the fifth and last of measures under
PM Narendra Modi’s special economic stimulus package.

The latest move by the Finance Ministry has opened a new window of opportunities for the
private players as they will now be allowed to participate in all the sectors of the economy. The
announcement on the public sector policy spells out the role of the government-owned
companies within a broad framework of strategic sectors and it would help both the private
sector and the state-owned firms as there is no conflict between the public and private sector,
said Assocham Secretary general Deepak Sood. It is a move aimed at getting the best out of our
national assets, whether they are in the public or private sector, he added.

Prior to this, in the fourth tranche of announcements, the government allowed the private sector
to be a participant in the country’s space journey. To provide a level playing field for private
companies in satellites, launches and space-based services, FM Sitharaman had allowed the
private players to use ISRO’s facilities and assets. Private players were also allowed to be a part
of planetary travel programmes.

In a landmark decision to boost the private sector, commercial mining of coal and privatisation
of discoms in the Union Territories were also included. Besides, six more airports are now ready

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for auction under the public-private-partnership (PPP) model and additional investments are
likely to happen in 12 airports to create world-class infrastructure.

Amid the coronavirus-led crisis, apart from giving more opportunities to the private sector to
spur growth, the government has also relaxed many compliance requirements to make its
operations easier. In today’s announcement, the FM decriminalised Companies Act violations
involving minor technical and procedural defaults such as shortcomings in CSR reporting,
inadequacies in board report, filing defaults, delay in holding AGM, etc.

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Analysis and Inference of Article 4

Government is looking to reduce the number of PSUs in every sector. It may bring down the
number of PSUs to 4 or less and remaining other PSUs would either be merged or privatised.

In my understanding, this is necessary step to improve the health of every sector. PSUs, except a
few, are run very inefficiently due to which the government loses huge amount of money each
year. The job of the government is to govern the country, and not do business. Whilst I
understand that, the government also needs to serve the people of the country, but any loss
making business cannot be afforded.

Potential benefits of privatisation

1. Improved efficiency

The main argument is that a private company’s motive is to earn profit, while a PSU’s motive is
to serve the people. This major difference dictates how both companies are run. Private
companies have a far better efficiency than PSUs.

2. Lack of political interference

In a country like ours, politics greatly influence the business. Government policies and decisions
are governed in interest of the political party they are affiliated to. This leads to bad decision
making.

3. Short term view

A governmet has a short term view in its mind. It will think of the next election and not what will
be long term beneficial to the company. Hence it can use the potential of such companies. It is
easier to cut public sector investment than frontline services like healthcare.

4. Shareholders

Shareholders and market force the private firms to perform in an efficient manner. A PSU
doesn’t have pressure on it if it works inefficiently.

5. Increased competition

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Often privatisation of state-owned monopolies occurs alongside deregulation – i.e. policies to

allow more firms to enter the industry and increase the competitiveness of the market. It is this
increase in competition that can be the greatest spur to improvements in efficiency.

6. Government will raise revenue from the sale

Government will raise revenue from the sale of company and also will get benefit in form of
taxes. It is win-win for both.

Privatisation has its downsides also, but majorly it has positive points.

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Article 5: Govt looking into GST rate cut for automobile sector

Author: Anulekha Ray

Date: September 4, 2020

Speaking at the 60th Annual Convention of industry body SIAM, Javadekar said, 'We are in
discussion with finance minister Nirmala Sitharaman on GST issues'

The Union minister of Heavy Industries and Public Enterprises Prakash Javadekar on Friday said
the central government is looking into automobile industries recommendation for a reduction in
Goods and Services Tax (GST) rates by 10% across all categories of vehicles. The
announcement will be made soon, he added.

Speaking at the 60th Annual Convention of industry body Society of Indian Automobile
Manufacturers (SIAM), Javadekar said, "We are in discussion with finance minister Nirmala
Sitharaman on GST issues."

Commenting vehicle scrappage policy, Union minister said that central government has received
all inputs from stakeholders. "Announcement on the scrappage policy will be made soon,"
Javadekar added.

India's automobile industry has been severely hit by coronavirus outbreak. The pandemic had
worsened the demand in the industry, which was already going through a slowdown in last year.

"The passenger vehicle segment witnessed the longest slowdown in the past two decades
spanning nine quarters. Similarly, commercial vehicles faced second-longest slowdown in the
last 15 years that spanned five quarters," SIAM President Rajan Wadhera said. The two-wheelers
segment also saw continuous slowdown for six quarters, he added.

The reduction in GST rate on two-wheelers, which stands at 28% currently, has been a long-
standing request from the manufacturers. Recently, finance minister Nirmala Sitharaman also
said that the GST Council will look into the proposal of lowering the GST on two-wheelers.

Seeking government support to offer some form of demand boosters, Wadhera said: "We feel
that whatever we are talking on reviving demand will provide the required push to consumers to
come to dealerships."

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He also mentioned that manufacturers were not in a position to invest further in the
implementation of upcoming government regulations. "For (implementation of) upcoming
regulations, investments are very steep and the commensurate revenues have not been realised by
the industry due to lack of consumer demand," Wadhera added.

So, the industry does not have the ability to invest further into the implementation of new
regulations like Corporate Average Fuel Efficiency (CAFE) norms from 2022 onwards, he noted.
Wadhera also added government support is required to pursue the targets set under the
Automotive Mission Plan 2026 (AMP 2026). There should not be an overdose of regulations, he
further mentioned.

Talking about the vehicle financing, Uday Kotak, managing director and chief executive officer,
Kotak Mahindra Bank, said, "Major investments in infrastructure for long-term foundation of the
Auto Sector is required. SIAM needs to partner with the government & lead the way for smooth
functioning of the Auto Sector."

(With inputs from agencies)

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Analysis and Inference of Article 5

Automotive industry has been one of the worst hit industries in the pandemic. It was already
suffering and pandemic was a big blow to demand. The automotive industry had been slumping
for five quarters now and before it could show any sign of improvement, it was hit hard by the
pandemic.

Automotive industry significantly contributes to the economy in terms of GDP, direct and
indirect employment. It also helps many other industries like the insurance and banking industry.
Hence it turns out to be an important one.

Under the GST, automotive industry was placed in the 28% slab. The tax rate is too high and
leads to killing of already low demand. The industry had been asking the government to reduce
the tax slab to at least 18%. This would provide the much needed boost to the sector.

All segments of the sector, passenger vehicle or commercial, 2-wheeler or 4-wheeler, have been
suffering from various problems. High taxes, low demand, availability of cabs, more competition
are just a few of the challenged as understand.

The industry has all been burdened up with compliances. The compliances are making the
vehicles costlier than never before. The industry has no more financial ability to comply with
these new regulations.

The government I feel is over ambitious with its plan and it may push the industry to long term
problems. The government should look after the industry as it is too big to fail.

It goes without saying that the automotive industry is one of the ripest industries in India. But
that does not stop it from being fraught with challenges and issues. Overcoming these challenges
will enable the Indian automotive industry to become one of the biggest disruptors in the global
market.

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Reference

1. Ahmed, A. N. A. (2020, July 20). India plans to reduce number of state-owned banks to
just five: sources. IN. https://in.reuters.com/article/us-india-banks/india-plans-to-reduce-
number-of-state-owned-banks-to-just-five-sources-idINKCN24L1AK
2. Bhaskar, R. N. (2020, January 13). Budget 2020: To fix the slowing economy, begin with
agriculture. Moneycontrol.
https://www.moneycontrol.com/news/business/economy/budget-2020-to-fix-the-slowing-
economy-begin-with-agriculture-4810561.html
3. Contributors, E. T. (2018, December 31). What is RBI’s monetary policy? The Economic
Times. https://economictimes.indiatimes.com/wealth/borrow/what-is-monetary-
policy/articleshow/67296236.cms
4. Coronavirus-hit Indian economy to contract by 4% in FY21: ADB forecast. (2020).
Business Standard. https://www.business-standard.com/article/economy-
policy/coronavirus-hit-indian-economy-to-contract-by-4-in-fy21-adb-forecast-
120061800822_1.html
5. Online, F. E. (2020, May 17). FM Sitharaman paves way for PSU mergers, privatisation;
opens all sector opportunities for private cos. The Financial Express.
https://www.financialexpress.com/economy/fm-sitharaman-paves-way-for-psu-mergers-
privatisation-opens-all-sector-opportunities-for-private-cos/1961589/
6. Ray, A. (2020, September 4). Govt looking into GST rate cut for automobile sector. Mint.
https://www.livemint.com/industry/manufacturing/govt-reviewing-gst-rates-on-
automobiles-11599213826969.html
7. Reuters. (2020, July 20). Govt likely to reduce number of PSU banks to just five, says
report. Www.Business-Standard.Com. https://www.business-
standard.com/article/economy-policy/india-plans-to-reduce-number-of-state-owned-
banks-to-just-five-report-120072001058_1.html
8. Vasavi, A. R. (2020, February 3). Budget 2020 lacks vision to craft a policy and allocate
suitable funds to address problems of rural India. The Indian Express.
https://indianexpress.com/article/opinion/columns/budget-economic-survey-2020-
nirmala-sitharaman-6247925/

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Undertaking

I hereby declare that the assignment submitted herein is our original work. I have used references
that are mentioned too.

Sincerely,

Nishant Bhura

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