Budget 2024 Updates: Finance Minister Nirmala Sitharaman to present the Union Budget on Tuesday

Union Budget 2024: As Finance Minister Nirmala Sitharaman presents the Union Budget on Tuesday, markets expect tax cuts, infra spending, and a boost to rural demand. Stay with us for all updates

3:14 PM

Economic Survey suggests removing food from inflation-targeting framework, calls for re-examination

The Reserve Bank should stop looking at food inflation in deciding interest rates and the government should explore giving coupons or direct cash transfer to poor to deal with higher food prices, the pre-Budget economic survey said on Monday.

 

2:56 PM

Flagship initiatives needed for outcome-based empowerment: Economic Survey

India’s social welfare approach has undergone a shift from an input-based approach to outcome-based empowerment. Saturation of basic necessities has been recognised as imperative to achieve this, thus impelling an array of flagship initiatives.

2:22 PM

Revise consumer price index with fresh weights and item baskets: Economic Survey

"The ongoing efforts to construct the producer price index for goods and services may be expedited to have a greater grasp of episodes of cost-push inflation," stated the Survey authored by a team of economists led by Chief Economic Adviser V Anantha Nageswaran. It also suggested expeditiously revising the consumer price index with fresh weights and item baskets.

2:18 PM

Agriculture sector continues to face structural issues that have implications for India' growth: Eco Survey

"Despite its centrality in India's growth trajectory, the agriculture sector continues to face structural issues that have implications for India's economic growth," the Survey said. Policymakers must strike a delicate balance between incentivising farmers to increase production and keeping food prices within acceptable limits, according to the survey. This dual objective requires careful policy interventions, the survey noted.

2:14 PM

Indian economy seen growing at 6.5-7% in 2024-25: Economic Survey

India's gross domestic product (GDP) is expected to grow at 6.5-7 per cent in FY25, according to the Economic Survey released on Monday. The survey stated that India's growth drivers have supported economic growth in FY24 despite uncertain global economic performance. Click here for a detailed story.

2:07 PM

Obesity is emerging as a serious concern among India's adult population, says Economic Survey

Raising concerns over growing obesity and increase of consumption of highly processed foods laden with sugars and fat, the Economic Survey said 54 per cent of the total disease burden in India is due to unhealthy diets. Obesity presents a "concerning situation" and preventive measures must be taken to enable citizens to have a healthier lifestyle, it said. "Obesity is emerging as a serious concern among India's adult population," said the Survey, which was tabled on Monday by Finance Minister Nirmala Sitharaman in Parliament.

2:06 PM

Economic Survey paints a nice picture of the Indian economy: Mohandas Pai

The Indian economy has grown at 8 per cent plus last year and this year, they expect to grow in real term at 6.5-7 per cent. The fiscal deficit is coming down and investment is more than a trillion dollars a year and there is growth all around, said Chairman of Aarin Capital, Mohandas Pai.

1:29 PM

AI casts huge pall of uncertainty over impact on workers across skill levels: Economic Survey

The Economic Survey, released on Monday, said the advent of Artificial Intelligence (AI) casts a "huge pall of uncertainty" with regard to impact on workers across all skill levels. The Economic Survey 2023-24 tabled in Parliament predicted that the new-age technology, while turbocharging productivity, has the potential to disrupt employment in certain sectors. The Survey described AI as "phenomenal in its rapid pace of innovation and ease of diffusion" but also cautioned that the the future of work will be reshaped by it. "... The advent of Artificial Intelligence casts a huge pall of uncertainty as to its impact on workers across all skill levels -- low, semi and high," it said.

1:21 PM

FDI inflows from China can help India increase global supply chain participation: Economic Survey

Increased foreign direct investment inflows from China can help increase India's global supply chain participation and push exports, says the Economic Survey. The Survey said as India looks to deepen its involvement in global value chains (GVCs), it needs to look at the successes and strategies of East Asian economies. These economies have typically pursued two main strategies - reducing trade costs and facilitating foreign investment. "Among these choices, focusing on FDI from China seems more promising for boosting India's exports to the US, similar to how East Asian economies did in the past," the Survey, tabled in Parliament by Nirmala Sitharaman on Monday, said.

1:17 PM

Speculative stock market activity for greater returns a concern: Economic Survey

Economic Survey 2024 expressed concern over stock market activity based on the speculation for higher returns. It said, "The significant increase in retail investors in the stock market calls for careful consideration. This is crucial because the possibility of overconfidence leading to speculation and the expectation of even greater returns, which might not align with the real market conditions, is a serious concern." Read more here

1:10 PM

India likely to have highest per-capita income growth in the world at 5.4%: Report

Ahead of the Union Budget, a recent report by the Organisation for Economic Co-operation and Development (OECD) and the Food and Agriculture Organisation (FAO) has said, "India is likely to have the highest per-capita income growth in the world at 5.4 per cent per annum during 2024-33, allowing it and other emerging economies to drive global consumption of agricultural and fisheries products in the next decade." 

12:50 PM

Normal monsoon, moderating global prices of imports back RBI's benign inflation projection: Economic Survey

The Reserve Bank of India and the India Monetary Fund have projected that India's consumer price inflation will "progressively align" towards the inflation target in FY26. Assuming a normal monsoon and no further external or policy shocks, the RBI expects headline inflation to be 4.5 per cent in FY25 and 4.1 per cent in FY26, said Economic Survey 2023-24. Similarly, IMF10 has projected an inflation rate of 4.6 per cent in 2024 and 4.2 per cent in 2025 for India.

12:40 PM

Insights from Economic Survey: Social media, unhealthy food a lethal mix that undermines health, productivity

The Economic Survey noted social media, screen time, sedentary habits, and unhealthy food as a "lethal mix" that can undermine public health and productivity. "The private sector’s contribution to this toxic mix of habits is substantial, and that is myopic. The emerging food consumption habits of Indians are not only unhealthy but also environmentally unsustainable. India’s traditional lifestyle, food and recipes have shown how to live healthily and in harmony with nature and the environment for centuries. It makes commercial sense for Indian businesses to learn about and embrace them, for they have a global market waiting to be led rather than tapped," it added.

12:33 PM

Insights from Economic Survey: 'There has to be heavy lifting on the domestic front for sustained recovery'

The Economic Survey document has said that the Indian economy has demonstrated resilience in the face of geopolitical challenges. It added, "The Indian economy has consolidated its post-Covid recovery with policymakers – fiscal and monetary – ensuring economic and financial stability. Nonetheless, change is the only constant for a country with high growth aspirations. For the recovery to be sustained, there has to be heavy lifting on the domestic front because the environment has become extraordinarily difficult to reach agreements on key global issues such as trade, investment and climate."

12:16 PM

FinMin Nirmala Sitharaman tables Economic Survey 2023-24, Economic Survey 2023-24 statistical appendix in LS