Page 11 - Union Budget

Boost to PLI, MITRA schemes to unlock non-farm job growth: Economic Survey

Share of agriculture in workforce will decline from 45.8 per cent in 2023 to one-fourth in 2047, it says

India's FY25 GDP growth will surpass Economic Survey forecast: Industry

Industry bodies on Monday expressed confidence that India's GDP growth will surpass the 6.5 to 7 per cent forecast by the Economic Survey, and hoped that the upcoming Budget will roll out measures to help unlock the country's growth potential. Reacting to the Economic Survey 2023-24, tabled in Parliament, Chandrajit Banerjee, Director General, CII, stated that it is "pragmatic" in its approach and offers a futuristic vision to move India boldly towards achieving the developed economy status by 2047. "The survey is positive about the India growth story, and I am confident that India's GDP growth for FY25 will surpass the forecast given in the Survey and basis certain conditions, it has the potential to be at 8 per cent," CII President Sanjiv Puri said. Echoing similar sentiments, President of PHD Chamber of Commerce and Industry Sanjeev Agrawal said the Survey conservatively projects a real GDP growth of 6.5-7 per cent, with risks evenly balanced and market expectations on the higher

Going to be a milestone Budget of Amrit Kaal, says PM Narendra Modi

Modi hits out at Opposition over protests during the special session

Explained: How to decipher Union Budget's impact on your finances

Begin by listening to the FM's speech, this will give you an overview of the government's economic policies and priorities

Digitisation, diversification reshaping India's services sector: Eco Survey

The Survey also talked about positive transformations in the regulatory landscape of the service sector which have helped in creating a conducive business environment

Tax policies to play a critical role in tackling 'inequality': Eco Survey

Suggests to resolve transfer pricing matters to sustain foreign investor interest

Eco Survey updates: FM Nirmala Sitharaman on Monday presented Economic Survey 2023-24 in Lok Sabha

Economic Survey 2024 LIVE news: The Economic Survey stated that short-term inflation outlook benign, but India faces persistent deficit in pulses

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

Budget 2024: GTRI urges govt not to cut import duty on smartphone parts

Economic think tank GTRI on Monday urged the government to cut import duty on smartphone components in the Budget as it could lead to an increase in superficial assembly plants that rely heavily on imported parts. Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-25 tomorrow. The Global Trade Research Initiative (GTRI) said the current schemes and tariff structure resulted in great success, and the current framework is also ensuring duty-free imports of components for exports. "Do not cut import duty on smartphone components in this Budget. Removing tariffs could lead to an increase in superficial assembly plants that rely heavily on imported parts, contributing little to the local economy. "Imported components and subassemblies account for up to 90 per cent of the bill of material value for an India-made phones," GTRI Founder Ajay Srivastava said. Currently, import tariffs on the product is 20 per cent while duty on components range between 0 and 20 per c

From Rs 97k cr in FY14 to Rs 3.1 trn in FY25, gender Budget raised: Survey

From Rs 97,134 crore in Financial Year 2014, the gender budget has consistently increased, reaching Rs 3.1 lakh crore in FY 2025, the Economic Survey said on Monday. This marks a 38.7-per cent rise compared to FY24 and a 218.8-per cent increase over FY14, now constituting 6.5 per cent of the total Union Budget. In a transformative move, India is shifting from women's development to women-led development, according to the Economic Survey presented in Parliament. The survey underscores the government's legislative interventions and provisions to ensure women's participation in various professions. India's G20 presidency in 2023 also highlighted "women-led development" as a priority amid increasing global attention on women's workforce participation, it said. Addressing the various issues affecting women, the survey emphasises the need for a comprehensive and pragmatic approach. This includes improving access to basic necessities, such as sanitation, piped water and menstrual hygiene

Cong calls Eco Survey 'cherry-picked' view, says India in precarious state

The Congress alleged on Monday that the Economic Survey released by the government presented a "cherry-picked" view of the economy and claimed that India is experiencing its "most precarious and difficult" economic situation in many years. Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-24, along with the statistical appendix, in the Lok Sabha on Monday. The Economic Survey is an annual document presented by the government ahead of the Union Budget to review the state of the economy. Congress general secretary in-charge communications Jairam Ramesh said the need of the hour is a right to apprenticeship, protections for gig workers and unorganised sector workers, minimum wage hikes to Rs 400 per day, an end to "tax terrorism" and an expansion of social-protection schemes like the one for anganwadis. "The Economic Survey of 2023-24, released in advance of tomorrow's Budget, must have been a difficult document for the non-biological PM's spin doctors to produce.

AI poses both risks and opportunities for youths, says Economic Survey

Puts onus on pvt sector to make sure jobs aren't replaced but reshaped

Stressed debt worth Rs 1.25 trillion on NARCL's radar: Economic Survey

Incorporated in 2021, with majority stake held by public sector banks and the balance by private sector banks, NARCL has the mandate to acquire fully provisioned stressed assets from banks

Better utilisation of land will bring fixed cost of production: Survey

MSMEs are the backbone of the Indian economy, contributing approximately 30 per cent of the country's gross domestic product (GDP)

Govt's initiatives for cleaner coal need to be promoted: Economic Survey

The initiatives of the government for cleaner fuel such as coal gasification mission and exploring coal to hydrogen need to be promoted to reduce emission and increase environmental sustainability, the Economic Survey on Monday said. While phasing in renewables to the extent possible is crucial, in the short to medium term, the focus should also be on actively adopting clean coal technologies. With the arrival of ultra super-critical technologies for coal-fired power plants, it would be possible to bring down emissions and achieve higher efficiency, the Economic Survey 2023-24 tabled in Parliament said. "In exploring the landscape for ensuring energy security, it has become evident that risks are not merely obstacles but also harbingers of opportunities. While uncertainties loom, they present avenues for innovation, adaptation, and growth for India. While phasing in renewables to the extent possible is imperative, in the short to medium term, the focus should also be on actively ...

117,254 DPIIT-recognised startups created 1.2 mn direct jobs: Eco Survey

Startups soar from 300 to over 100k in 7 years

Households not in distress, investing more in financial assets: CEA

Chief Economic Advisor V Anantha Nageswaran on Monday said that households are investing more in financial assets and their market value are not captured in the national income data. The Economic Survey 2023-24, tabled in Parliament, said that registered investor base at NSE has nearly tripled from March 2020 to March 2024 to 9.2 crore as of March 31, 2024, potentially translating into 20 per cent of the Indian households now channelling their household savings into financial markets. Addressing reporters, Nageswaran said, "households are not in distress" and they are investing in financial assets which have done very well. Also, savings in physical assets have improved and gone up from 10.8 per cent in fiscal 2020-21 to 12.9 per cent in 2022-23. "Especially in last 4 years the foray of retail investors into stock market through SIPs and mutual funds has been quite prolifically documented. Our national income data do not record this at market prices and that is the reason why there

Apprenticeship framework must provide flexibility in work hours: Eco Survey

Such reform and better compensation will improve employability of vocational students, it says

Telecom technology needs capital, govt to allocate 5% of USOF for R&D

The government has decided to allocate 5 per cent of Universal Services Obligation Fund (USOF) for research and development of telecommunications technology, said the Economic Survey 2023-24 tabled in Parliament on Monday. At present, the government has a corpus of around Rs 80,000 crore collected under USOF which has now been renamed as Digital Bharat Nidhi. "Telecommunication technology development requires significantly large and patient capital for R&D and commercialisation. To address this, the government has decided that an allocation of 5 per cent of annual collections from Universal Services Obligation Fund would be made available for funding R&D in the telecom sector," the survey said. According to the survey, the Telecom Technology Development Fund formulated in 2022 has seen significant participation from startups, MSMEs, academia and industry. The survey said the government dedicated '5G Test Bed' to the nation in 2022, providing an end-to-end testing facility, ...

Primary mkt was robust amidst favourable investment climate: Eco Survey

Debt issuances dominated fundraising in the last fiscal year, constituting 78.8 per cent of the total funds raised