May 2022 - This report has been prepared by Ayesha Ahmed, Research Associate at NCAER. Comments are welcome at

The findings, interpretations, and conclusions expressed are those of the author and do not necessarily reflect the views of the Governing Body or Management of NCAER. [...] (SC: GST panel proposals not binding, can disrupt fiscal federalism | India News, The Indian Express) • The Government of India had decided to prohibit wheat export on account of the extreme heatwave in the last month of harvest resulting in a reduction in procurement and shortfall in domestic supply. [...] The trade gap was $20.07 billion in April 2022 against $15.29 billion in the year-ago period and $18.51 billion in March 2022. [...] Figure 20: Indian Equity Markets Figure 21: Equity Markets of Emerging Economies in last 30 days Investors in the global equity markets have remained cautious of the evolving geo-political dynamics and associated downside risks. [...] • The United Kingdom faces the biggest drop in living standards since the 1950s due to a 7 percent inflation print in the 12 months through March 2022 fueled by extremely high energy prices.