Eco Survey LIVE: GDP will rise to 8% if global economy recoups, says CEA

Catch all the latest updates on Economic Survey for 2022-23 and Budget 2023-24 here

1:11 PM

Economic Survey 2023 LIVE: India's economy to grow 6.5% in 2023-24

India's economy to grow 6.5 pc in 2023-24 compared to 7 pc in current fiscal, 8.7 pc in 2021-22: Economic Survey tabled in Parliament.

 

1:11 PM

Economic Survey 2023 LIVE: 6.8% inflation for current fiscal not high enough to deter private consumption

6.8% inflation for current fiscal not high enough to deter private consumption or low enough to weaken investment: Economic Survey

 

1:02 PM

Economic Survey 2023 LIVE: Lok Sabha adjourned till tomorrow

The Lok Sabha has been adjourned till 11 am tomorrow. 

1:00 PM

Economic Survey 2023 LIVE: FM Sitharaman tables Economic Survey in Parliament

Finance Minister Nirmala Sitharaman has tabled the Economic Survey 2022-23 in Parliament

12:57 PM

Economic Survey 2023 LIVE: LS congratulates U-19 Indian cricket team

India on Sunday won their maiden ICC title in women's cricket as a bunch of sprightly and talented teenagers lifted the inaugural U-19 World Cup with an emphatic seven-wicket victory over England.

 

The Shafali Verma-led India U-19 squad managed to do what their seniors could not do by clearing the final hurdle in a global event.

12:54 PM

Economic Survey 2023 LIVE: Address of President tabled in the Parliament

A copy of the President's address was laid in the Lok Sabha.

 

Obituary references were made for sitting and former members of the Lok Sabha, who passed away during the intervening period between Winter and Budget sessions.

 

Obituary references were made for sitting Congress MP from Jalandhar Santokh Singh Chaudhary, who passed away earlier this month.

 

Apart from him, obituary references were also made for seven-time former MP Sharad Yadav, veteran Telugu actor and former MP Satyanarayan Kaikala and Basavanagoud Kolur.

12:51 PM

India, China likely to drive half of 2023 global growth, says IMF

The International Monetary Fund (IMF) has said India and China will account for half of the global economic growth in 2023, as the multilateral agency retained its growth forecast for Asia’s third-largest economy for 2023-24 (FY24).

 

“India remains a bright spot. Together with China, it will account for half of global growth this year, versus just a tenth for the US and euro area combined,” the IMF said in its latest update to the biannual World Economic Outlook.

 

Growth in India is set to decline from 6.8 per cent in 2022 (FY23) to 6.1 per cent in 2023 (FY24) before picking up to 6.8 per cent in 2024 (FY25), the global lender said while citing “resilient domestic demand despite external headwinds”.

12:50 PM

Inflation in India expected to come down to 5% in 2023 and 4% in 2024: IMF

Inflation in India is expected to come down from 6.8 percent in the current fiscal year ending March 31 to 5 percent the next fiscal, and then drop further to 4 percent in 2024, the International Monetary Fund (IMF) said on Tuesday.

 

Inflation in India as in other countries is expected to come down from 6.8 percent in 2022 to 5 percent in 2023 and then 4 percent coming towards the target in 2024, Daniel Leigh, Division Chief, Research Department of the IMF told reporters here.

12:46 PM

India budget will be ray of hope for world amid economic turmoil: PM Modi

Prime Minister Narendra Modi on Tuesday said amid global economic turmoil, India's budget will attempt to meet the hopes and aspirations of common citizens and be a ray of hope for the world.

 

The prime minister said the Budget, to be presented by Finance Minister Nirmala Sitharaman on Wednesday, will strive to fulfil people's hopes, aspirations and also boost the hopes with which the world is looking at India.

"The ray of hope being seen by the world will glow brighter -- for this, I firmly believe the finance minister will make all efforts to meet these aspirations," Modi said.

12:44 PM

FM may bring fiscal deficit target down to less than 6% of GDP

As Union Finance Minister Nirmala Sitharaman prepares to present the last full budget of the NDA government before the 2024 Lok Sabha elections, she may try to focus on fiscal consolidation and bringing the fiscal deficit target down to less than 6 per cent of the GDP.

On February 1, she may try to look at a fiscal deficit figure, which is much lesser than the 6.4 per cent of GDP, which was the target in the previous budget for 2022-23.

12:43 PM

India's growth for next year pegged at 6.5%; higher than IMF projection

India’s economy will likely slow for a second straight year due to tightening financial conditions and supply chains disruptions from a prolonged war in Europe, according to officials familiar with the matter.

 

Gross domestic product is expected to grow 6.5 per cent in the fiscal year starting April, compared with the 7 per cent expansion estimated for the current year, the officials said, asking not to be identified before a formal announcement. That reading is higher than the International Monetary Fund’s projection for 6.1 per cent growth — which will still make it the quickest pace among major economies.

12:40 PM

FM Sitharaman to present Economic Survey for 2022-23 in Parliament shortly

Finance Minister Nirmala Sitharaman on Tuesday will present the Economic Survey (2022-23) in Parliament. She will lay the document in the Lok Sabha after the conclusion of President Droupadi Murmu's address to both Houses of Parliament.