Page 9 - Economic Survey

Eco Survey is assuring; believes we have completely regained lost ground

The Economic Survey 2023-24 is assuring and it affirms that we have completely regained lost ground, says Madan Sabnavis

Economic Survey: Labour markets, employment back to pre-pandemic levels

The Survey highlighted the measurement issues in calculating female LFPR

Economic Survey 2022-23: Industry and services regaining momentum

Gross value added in the industrial sector posted a stro­ng upturn, registering a growth rate of 3.7 per cent in H1, FY23, higher than the average growth of 2.8 per cent in H1 of the last decade

Latest LIVE: 12 dead in massive fire at multi-storey building in Dhanbad

Catch all the latest Budget 2023-24 news and updates here

Economic Survey 2022-23: Indian start-ups exploring reverse-flipping

Suggests simplifying tax layers, capital flow procedures like those in the US, Singapore

India vows to remain committed to net zero, yet defends use of fossil fuels

While the Survey documented India's position with respect to carbon emissions, it was silent on a domestic problem caused in part by coal burning: air pollution

Economic Survey: Non-fossil fuel energy capacity expected to triple by FY30

To achieve target for installed capacity, it will have to grow at CAGR of 16.25%

Optimistic outlook

Higher growth will need more reforms

Budget 2023: Tax sops, fiscal consolidation tight rope walk for Sitharaman

Finance Minister Nirmala Sitharaman will have to do a tight-rope walk between staying fiscally prudent and general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy before general elections. Sitharaman will on Wednesday present her fifth straight budget at a time when the economy is slowing due to global headwinds and specific sectors need attention. In the run-up to the Budget presentation, expectations are rife that she may tweak income-tax slabs to provide relief to the middle class and increase spending on the poor through programmes such as the rural job scheme while ramping up financial incentives for local manufacturing. But all this she has to do while staying on the course of the fiscal consolidation path. To her aid are inflation falling below the target and buoyancy in tax collections. Healthcare, education and the rural economy may get a first call on such revenues as well as sectors that create

Great potential in civil aviation sector; air travel rebounded: Eco Survey

The country's civil aviation sector has "great potential" owing to growing demand from the middle class, higher disposable incomes and favourable demographics, while air travel has rebounded with the lifting of the coronavirus pandemic-related curbs, according to the Economic Survey. The survey for 2022-23, tabled in Parliament on Tuesday, listed various factors that are helping the civil aviation sector, including the UDAN scheme, which has considerably enhanced regional connectivity through the opening of airports in the hinterland. Under the UDAN (Ude Desh ka Aam Naagrik) scheme, which is aimed to facilitate/ stimulate regional air connectivity by making it affordable, the total number of tourism routes has increased to 59 and presently, 51 are operational. "The civil aviation sector in India has great potential owing to growing demand from the middle class, growth in population and tourism, higher disposable incomes, favourable demographics, and greater penetration of aviation .

India's nominal GDP to reach $3.5-trn mark by March-end: Economic Survey

India has already become the world's fifth largest economy in the 75th year of Independence and will reach the USD 3.5 trillion mark by end-March, said the Economic Survey tabled in Parliament on Tuesday. In real terms, the economy is expected to grow at 7 per cent for the year ending March 2023. This follows an 8.7 per cent growth in the previous financial year. "For India, 2022 was special. It marked the 75th year of India's Independence. India became the world's fifth largest economy, measured in current dollars. Come March, the nominal GDP of India will be around USD 3.5 trillion," the Survey said. India's economy crossed the USD 3 trillion mark last year. It further said the fundamentals of the Indian economy are sound as it enters its Amrit Kaal, the 25-year journey towards its centenary as a modern, independent nation. "It is befitting that during India's Amrit Kaal, it assumed the Presidency of G-20 nations in December 2022," the survey said. Global problems need global .

Digital public infra to contribute 30-50 bps to medium-term growth

The government expects the platform to significantly boost the ease of doing business with secure, paperless, and hassle-free contracts

Eco Survey presents comprehensive analysis of India's growth trajectory: PM

Prime Minister Narendra Modi on Tuesday said the Economic Survey 2022-23 presents a comprehensive analysis of India's growth trajectory, including the global optimism towards the country. Modi tweeted, "The Economic Survey presents a comprehensive analysis of India's growth trajectory including the global optimism towards our nation, focus on infra, growth in agriculture, industries and emphasis on futuristic sectors." India's economy is projected to slow to 6.5 per cent in the fiscal year starting April but will remain the fastest growing major economy in the world as it fared better in dealing with the extraordinary set of challenges the globe has faced, the Economic Survey said.

Economic Survey highlights India's diversifying merchandise trade: FIEO

Increasing exports to markets such as Brazil, South Africa and Saudi Arabia are boosting the growth of the country's outbound shipments, FIEO said on Tuesday. Federation of Indian Export Organisations (FIEO) President A Sakthivel said the Economic Survey has rightly highlighted India's growing and diversifying merchandise trade. "The new diversified markets, including those of Brazil, South Africa and Saudi Arabia, have led to the increase in exports by up to 2 times," he said. The ongoing trade negotiations with the UK, EU, Canada, and Israel will also add further impetus to our exports, he added. "Reducing the cost of logistics in the country, which now to the tune of 14-15 per cent, comparable to the global benchmark, will help in making our exports more competitive worldwide," Sakthivel said. Yogesh Gupta, Regional Chairman, FIEO (Eastern Region), said the exporter fraternity is expecting fiscal support and affordable credit, from the upcoming budget. "A need of the hour is t

About 11 mn people trained, 2.14 mn placed under PMKVY 2.0: Economic Survey

About 1.1 crore persons have been trained and 21.4 lakh placed under the second phase of the government's flagship skilling scheme PMKVY, said the Economic Survey 2022-23 tabled in Parliament on Tuesday. With an aim to make India a skill capital of the world and improve mobility of skilled manpower, the National Skill Development Corporation (NSDC) International has been set up, which aims to create a network of institutions across India, said the survey. This network of institutions will be called the Skill India International (SII) Network. It shall be created through the empanelment of state-of-the-art government and private institutions, it added. "Between FY17 and FY23 (as of 5 January 2023), under PMKVY 2.0 about 1.1 crore persons have trained: 83 per cent certified and about 21.4 lakh placed. Under PMKVY 3.0, during FY21 to FY23 (as on 5 January 2023) 7.4 lakh persons have been trained, 66 per cent certified and 41,437 placed," the Survey stated. The Survey also highlighted

MGNREGS work demand back to pre-pandemic level, shows Economic Survey

The work demand under the MGNREGS hovered around the pre-pandemic level between July to November 2022, the Economic Survey released on Tuesday said, attributing it to the "normalisation of the rural economy" and "swift recovery from Covid-induced slowdown". According to the Economic Survey, which was tabled in Parliament by Finance Minister Nirmala Sitharaman, in the current financial year, 6.49 crore households demanded employment under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) till January 24. Of them, 6.48 crore households were offered employment and 5.7 crore of them availed it, it said. "The number of persons demanding work under MGNREGS was seen to be trending around pre-pandemic levels from July to November 2022. This could be attributed to the normalisation of the rural economy due to strong agricultural growth and a swift recovery from Covid induced slowdown, culminating in better employment opportunities," the Survey said. According to the ..

Global finance critical to India's climate actions: Economic Survey

'Enhanced initiatives' by developed countries must be in form of finance, technology transfer, capacity-building

Eco survey 2023: Bright prospects under dark clouds with silver linings

The Economic Survey outlines the underlying framework of reforms in India centred on ease of doing business and ease of living

Economic Survey flags concerns on Crypto, pushes for global regulation

Survey said events such as collapse of crypto exchange FTX have put vulnerabilities of the sector in focus

Green hydrogen crucial for economic development, energy security: Survey

Green hydrogen will be crucial for India's economic development, energy security and achieving decarbonisation of harder to abate sectors, according to the Economic Survey 2022-23. The survey tabled in the Parliament on Tuesday stated that from the emerging global momentum on green hydrogen, India can situate this decarbonisation opportunity not just within the context of a low-carbon economy but also as an enabler of energy security and economic development for the nation. Green hydrogen will be crucial for achieving decarbonisation of harder-to-abate sectors such as fertilisers, refining, methanol, maritime shipping, iron & steel and long-haul transport, the survey said. Further, the survey said that green hydrogen is also an important element of India's Long Term Low Emissions Development Strategy (LT-LEDS). With a vision to make India an energy-independent nation, and to de-carbonise critical sectors, the government approved the National Green Hydrogen Mission on January 4, ...