Economic Survey 2023 LIVE Updates: Indian economy expected to grow at 6.5% in 2023-24, says CEA
Economic Survey 2023 LIVE Updates: Indian economy expected to grow at 6.5% in 2023-24, says CEA
17:27 (IST)
Economic Survey 2023 LIVE
Indian economy to grow 6-6.8% next fiscal year: Eco Survey
India's economy is projected to slow to 6-6.8 per cent in the fiscal year starting April - still remaining the fastest-growing major economy in the world - as extraordinary challenges facing the globe will likely hurt exports, the Economic Survey said on Tuesday. The projection of India's gross domestic product (GDP) growth is higher than the 6.1 per cent estimate of the International Monetary Fund (IMF) and compares with the survey's estimated 7 per cent expansion in the current fiscal year (April 2022 to March 2023) and 8.7 per cent in the previous year.
-PTI
17:26 (IST)
Economic Survey 2023 LIVE
Indian economy to grow 6-6.8% next fiscal year: Eco Survey
India's economy is projected to slow to 6-6.8 per cent in the fiscal year starting April - still remaining the fastest-growing major economy in the world - as extraordinary challenges facing the globe will likely hurt exports, the Economic Survey said on Tuesday. The projection of India's gross domestic product (GDP) growth is higher than the 6.1 per cent estimate of the International Monetary Fund (IMF) and compares with the survey's estimated 7 per cent expansion in the current fiscal year (April 2022 to March 2023) and 8.7 per cent in the previous year.
-PTI
16:18 (IST)
Economic Survey 2023 LIVE
Indian economy poised to do better, inflation to be well-behaved next fiscal: CEA
Indian economy is poised to do better and is expected to grow 6.5-7 per cent in the remainder of the decade, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Tuesday. Addressing reporters here after the tabling of the Economic Survey in Parliament by Finance Minister Nirmala Sitharaman, Nageswaran said that by and large, inflation is likely to be "well behaved" in FY2023-24 barring headwinds. The Economic Survey, which has been prepared by the CEA, stated that RBI's projection of retail inflation at 6.8 per cent in the current fiscal is neither too high to deter private consumption, nor so low as to weaken inducement to invest.
-PTI
15:51 (IST)
Economic Survey 2023 LIVE
Export outlook may remain flat in coming year if global growth doesn't pick up: Survey
India's export growth is likely to be flat in the next fiscal if the global economy does not pick up, the Economic Survey said on Tuesday. The Survey said that though India's merchandise exports have touched an all-time high of USD 422 billion in 2021-22, the world economy has started facing formidable headwinds and the ripple effect of the global trade slowdown has started reflecting in India's goods export growth.
-PTI
15:38 (IST)
Economic Survey 2023 LIVE
Indian economy expected to grow at 6.5% in 2023-24: Chief Economic Advisor
Indian economy expected to grow at 6.5% in 2023-24, the range is 6.0% - 6.8%: Chief Economic Advisor Dr V Anantha Nageswaran on Economic Survey
Indian economy expected to grow at 6.5% in 2023-24, the range is 6.0% - 6.8%: Chief Economic Advisor Dr V Anantha Nageswaran on #EconomicSurvey pic.twitter.com/rS9Iswdp1j— ANI (@ANI) January 31, 2023
15:17 (IST)
Economic Survey 2023 LIVE
Agriculture sector has tremendous export potential says Chief Economic Advisor
The share of private sector investment in agriculture has reached a high level, facilitated by various government initiatives. The sector is no longer about being a primary sector, it has tremendous export potential as well, said Chief Economic Advisor on the Economic Survey.
15:01 (IST)
Economic Survey 2023 LIVE
Pre-Budget: Jobs remain elusive, quality employment even more
As the economy slowly picks up after the pandemic-induced business meltdown, jobs are trickling into the market but their quality is often patchy, as most of them are in the informal sector.
At the same time with population growth and more new entrants joining the job market jostling with those who lost work during the pandemic, job opportunities are still too few and far between.
"Growth is being driven mostly by large corporates who have recovered from two years of COVID-19, but the micro, small and medium enterprises (MSME) or the semi-formal sector is part dead and in part hasn't recovered from the double whammy of demonetisation and the pandemic," explained Dr Pronab Sen, noted economist and former chairman of the National Statistical Commission.
PTI
14:54 (IST)
Economic Survey 2023 LIVE
Recovery of economy is complete, don't have to speak of pandemic recovery anymore, says Chief Economic Advisor
Recovery of the economy is complete; non-banking and corporate sectors now have healthy balance sheets, hence, we don't have to speak of pandemic recovery anymore, we have to look ahead to the next phase, said Chief Economic Advisor Dr V Anantha Nageswaran on Economic Survey 2023.
14:53 (IST)
Economic Survey 2023 LIVE
IMF maintained India's GDP forecast for current FY at 6.8%, says Chief Economic Advisor
IMF, in its World Economic Outlook Update, has maintained India's GDP forecast for the current FY at 6.8 per cent, next FY at 6.1 per cent and for 2024-25 at 6.8 per cent. India's economy is poised to do better in the remainder of this decade, said Chief Economic Advisor Dr V Anantha Nageswaran on Economic Survey.
IMF, in its World Economic Outlook Update, has maintained India's GDP forecast for current FY at 6.8%, next FY at 6.1% & for 2024-25 at 6.8%. India's economy is poised to do better in remainder of this decade: Chief Economic Advisor Dr V Anantha Nageswaran on Economic Survey 2023 pic.twitter.com/rBrhCCNxrh— ANI (@ANI) January 31, 2023
14:25 (IST)
Economic Survey 2023 LIVE
Number of recognised start-ups increased to 84,012 in 2022
Economic Survey said that number of recognised start-ups increased from 452 in 2016 to 84,012 in 2022
14:17 (IST)
Economic Survey 2023 LIVE
India is world’s 3rd largest automobile market
Economic Survey says that India becomes the world’s third-largest automobile market. Electric Vehicle (EV) industry will create 5 crore direct and indirect jobs by 2030 in India, stated the survey.
14:17 (IST)
Economic Survey 2023 LIVE
Credit growth of MSME sector rose 30.5% during Jan-Nov 2022
Economic Survey says that credit growth of the MSME sector rose 30.5 per cent during January-November 2022, supported by the government's Emergency Credit Line Guarantee Scheme (ECLGS).
14:16 (IST)
Economic Survey 2023 LIVE
Delayed monsoons and deficient rainfall led to a decline in the Kharif paddy sowing area
Delayed monsoons and deficient rainfall led to a decline in the Kharif paddy sowing area, said Economic Survey. It further stated that despite fall in Kharif paddy sowing area, total production during 2022-23 is estimated at 104.9 million tonnes.
14:15 (IST)
Economic Survey 2023 LIVE
Global monetary policy tightening has further restricted FDI equity inflows
Economic Survey states that global monetary policy tightening has further restricted FDI equity inflows.
14:14 (IST)
Economic Survey 2023 LIVE
FDI equity inflow in manufacturing sector in first half of 2022-23 low in comparison to 2021-22
Economic Survey says that with the rise in global uncertainty over the Russia-Ukraine conflict, FDI equity inflow in the manufacturing sector in first half of 2022-23 fell below in comparison to 2021-22.
14:13 (IST)
Economic Survey 2023 LIVE
Reaching budgeted estimate for fiscal deficit during 2022-23 will not be a concern: Economic Survey
Economic Survey says that reaching the budgeted estimate for fiscal deficit during 2022-23 will not be a concern.
14:02 (IST)
Economic Survey 2023 LIVE
Capital expenditure on Housing and Urban Affairs declined 32%
Economic Survey says that capital expenditure on Housing and Urban Affairs declined 32 per cent YoY in the first eight months of 2022-23.
13:59 (IST)
Economic Survey 2023 LIVE
Govt's additional expenditure finances expected to be fulfilled by more-than-anticipated revenue collections
The Economic Survey states that it is evident that the government's additional expenditure finances are expected to be fulfilled by more-than-anticipated revenue collections.
13:56 (IST)
Economic Survey 2023 LIVE
Capital expenditure on Railways grew 77%, under 'Transfer to States' grew 439%, on telecommunications grew 692%
As per the Economic Survey, capital expenditure on Railways grew 77 per cent YoY in first eight months of 2022-23.
The Survey also stated that capital expenditure under 'Transfer to States' grew 439 per cent YoY in first eight months of 2022-23. Capital expenditure on telecommunications grew 692 per cent YoY in first eight months of 2022-23, says Economic Survey.
13:52 (IST)
Economic Survey 2023 LIVE
Capital expenditure on Road Transport and Highways grew 102% YoY
Economic Survey says that capital expenditure on Road Transport and Highways grew 102 per cent YoY in first eight months of 2022-23.
13:51 (IST)
Economic Survey 2023 LIVE
PM Garib Kalyan Yojana helped in ensuring food security
The Economic Survey stated that PM Garib Kalyan Yojana helped in ensuring food security.
13:51 (IST)
Economic Survey 2023 LIVE
MGNREGS diversifying sources of income generation among citizens
Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) diversifying sources of income generation among citizens, informs Economic Survey.
13:50 (IST)
Economic Survey 2023 LIVE
Agencies worldwide continue to project India as fastest-growing major economy
According to the Economic Survey, agencies worldwide continue to project India as the fastest-growing major economy in 2022-23.
13:48 (IST)
Economic Survey 2023 LIVE
Capital expenditure increased by 63.4% in first eight months of 2022-23
According to the Economic Survey, capital expenditure increased by 63.4 per cent in the first eight months of 2022-23, which is another growth driver of the Indian economy.
13:47 (IST)
Economic Survey 2023 LIVE
Widening of India's CAD may continue
According to the Economic Survey, the widening of India's Current Account Deficit may continue.
13:46 (IST)
Economic Survey 2023 LIVE
Challenge of depreciating rupee persists with likelihood of ongoing monetary policy tightening by US Federal Reserve
According to the Economic Survey, the challenge of the depreciating rupee persists with the likelihood of ongoing monetary policy tightening by the US Federal Reserve.
13:44 (IST)
Economic Survey 2023 LIVE
RBI projects headline inflation at 6.8% in FY23
RBI projects headline inflation at 6.8 per cent in FY23, which is outside its target range, says the Government of India. Economic Survey states that measures taken by the government, RBI, along with the easing of global commodity prices, have managed to bring retail inflation below RBI's upper tolerance level in November.
13:35 (IST)
Budget 2023 Expectations LIVE
India's economic fundamentals 'sound' as it enters Amrit Kaal
According to the Economic Survey, India's economic fundamentals are "sound" as it enters the Amrit Kaal period
13:34 (IST)
Budget 2023 Expectations LIVE
India's foreign exchange reserves comfortable, external debt is low
The Economic Survey states that India's foreign exchange reserves are comfortable and external debt is low.
13:33 (IST)
Budget 2023 Expectations LIVE
India's export of goods and services in first three quarters of 2022-23 is up 16% YoY
As per the Economic Survey, India's export of goods and services in the first three quarters of 2022-23 is up 16 per cent year on year.
13:32 (IST)
Budget 2023 Expectations LIVE
Rise in consumer prices has slowed considerably
The Economic Survey says that the rise in consumer prices has slowed considerably.
13:31 (IST)
Budget 2023 Expectations LIVE
GDP growth of 6.5 per cent in real terms expected in 2023-24
According to Economic Survey tabled today, GDP growth of 6.5 per cent in real terms is expected in 2023-24.
13:28 (IST)
Budget 2023 Expectations LIVE
Foster digital infrastructure with ease of doing business
After contracting in 2020, the Indian economy reached new heights, and the financial services industry was crucial in bolstering and stabilising the markets. With the notable changes that have taken place over the years, the sector has played a variety of functions, from regulating market capitalisation to fostering efficiency across sectors. The upcoming Union Budget 2023 can be very important in boosting economic growth to achieve the stated targets and creating the right regulatory environment.
13:25 (IST)
Budget 2023 Expectations LIVE
Allocate funds to mental health initiatives for underprivileged section
The Budget preparation has been a default procedure that the Government of India follows every year since 1860. Last year’s promise of instilling a total of 23 tele-mental health centres are almost launched with the National Institute of Mental Health and Neurosciences (NIMHANS) as the nodal centre.
The enlargement of the mental health sector in last year’s Budget was welcomed by mental-health experts. Additionally, with us entering offices physically, it is important to understand and act upon increasing the mental health facilities this year also.
13:23 (IST)
Budget 2023 Expectations LIVE
Improve public health expenditure, increase focus on preventive care in Tier 2, 3 cities
Healthcare is one of India’s fastest-growing sectors, both in terms of revenue and employment. Over the last few years, the availability and range of services have increased manifold, as a result of increased public and private involvement. Consequently, the focus on providing quality and affordable healthcare within the country has also increased commensurately. With macroeconomic factors favouring investments in Indian healthcare, the government’s Heal in India vision, to make India the largest destination for medical tourism could soon become a reality.
13:17 (IST)
Budget 2023 Expectations LIVE
We will raise issues of inflation, unemployment and border dispute with China, says Congress President Mallikarjun Kharge
In this Budget session, we'll raise issues of inflation, unemployment and border dispute with China...Instead of congratulating the leader (Rahul Gandhi) who has walked from Kanniyakumari to Kashmir, they (Centre) are only cursing: Congress Pres Mallikarjun Kharge pic.twitter.com/J6isMEAXHD— ANI (@ANI) January 31, 2023
13:01 (IST)
Budget 2023 Expectations LIVE
Finance Minister Nirmala Sitharaman tables the Economic Survey 2022-23 in Parliament
Finance Minister Nirmala Sitharaman tables the Economic Survey 2022-23 in Parliament pic.twitter.com/sUMW7RAkWx— ANI (@ANI) January 31, 2023
12:52 (IST)
Budget 2023 Expectations LIVE
Need for clarity on equalisation levy; higher tax on virtual digital assets
Among the tax base broadening initiatives taken by the government in recent years in the digital sector, two key measures that have stood out are the equalisation levy and higher tax on virtual digital assets (VDAs). Both measures are aimed at bringing digital transactions into the tax fold. Given the ever-expanding technology footprint and the challenges it has posed for global tax systems, the intent is well-appreciated. However, there is considerable uncertainty surrounding the equalisation levy and taxation of VDAs. The forthcoming Budget should provide greater clarity on these issues to bring greater tax certainty.
12:51 (IST)
Budget 2023 Expectations LIVE
Prioritising Cloud, cybersecurity and data to build a resilient business model
With the 5G rollout, 2022 became a black year in terms of cyberattacks in India. As per IBM’s Security Data Breach Report India witnessed Rs 17.5 crore worth of data breaches in FY22, which increased by 6.6 per cent from 2021 and 25 per cent from 2020. In the first quarter of the year, over 18 million cyberattacks hit the country, with 200,000 breaches occurring daily. Nearly 2,000 websites got hacked in June-July alone, and 22 billion records were exposed.
With the ongoing digital initiatives by the Indian government, industries are rapidly adopting digital transformation activities like Cloud migration, automation, IT infrastructure upgradation, and integration of IoT, AI, and analytics. They are shifting their business models to digital-first approaches and deploying new-age tools and technologies to streamline operations.
12:36 (IST)
Budget 2023 Expectations LIVE
President Murmu leaves for Rashtrapati Bhavan
President Droupadi Murmu departs from the Parliament for Rashtrapati Bhavan. She addressed the joint sitting of the Parliament today, as the Budget Session commenced.
President Droupadi Murmu departs from the Parliament for Rashtrapati Bhavan. She addressed the joint sitting of the Parliament today, as the #BudgetSession commenced. pic.twitter.com/NNI3sRkeiH— ANI (@ANI) January 31, 2023
12:25 (IST)
Budget 2023 Expectations LIVE
India aims to find solutions to world problems at G20: President
India holds the presidency of the G20 this year. Along with all member states of G20, India aims to find solutions to world problems, said President Murmu at Parliament.
India holds the presidency of the G20 this year. Along with all member states of G20, India aims to find solutions to world problems: President Murmu at Parliament pic.twitter.com/xb7wFZDPDJ— ANI (@ANI) January 31, 2023
12:14 (IST)
Budget 2023 Expectations LIVE
India becoming major space power in the world: President
While we develop our pilgrimage centres and historic heritage, India, on the other hand, is becoming a major space power in the world. India has launched first private satellite too, said President Droupadi Murmu.
12:13 (IST)
Budget 2023 Expectations LIVE
Government constantly trying to get rid of every sign of slavery, says President Murmu
The government is constantly trying to get rid of every sign of slavery, every mentality. What was once known as Rajpath is now known as Kartavya Path, said President Draupadi Murmu.
12:11 (IST)
Budget 2023 Expectations LIVE
India's defence exports have increased six times: President
As a result of new initiatives by my government, our defence exports have increased six times. I am proud that today the first indigenous aircraft carrier in the form of INS Vikrant has also joined our Navy, said President Murmu.
12:01 (IST)
Budget 2023 Expectations LIVE
Youth showing power of innovation across the world says President
My government has continuously laid unprecedented emphasis on innovation and entrepreneurship. Today our youth are showing the power of their innovation to the world, said President Droupadi Murmu to the joint sitting of Parliament.
11:59 (IST)
Budget 2023 Expectations LIVE
President Murmu lauds government developmental works
On one side Ayodhya Dham is being developed and on the other side, a modern Parliament is being constructed. While the redevelopment of Kedarnath Dham and development of the Kashi Vishwanath Dham corridor and Mahakal project are completed, simultaneously medical colleges are being made in every district, said President Murmu.
11:57 (IST)
Budget 2023 Expectations LIVE
PM Garib Kalyan Anna Yojana scheme globally appreciated: President
I'm delighted that the government has decided to extend PM Garib Kalyan Anna Yojana in accordance with the new circumstances. This is the identity of a sensitive and pro-poor government...This scheme is being appreciated across the world, said President Droupadi Murmu
11:50 (IST)
Budget 2023 Expectations LIVE
Women empowerment has been at the core of all schemes, says President Murmu
Women empowerment has been at the core of all schemes introduced by my govt. Today, we're seeing the success of 'Beti Bachao, Beti Padhao'. For the first time in the country, no. of women is more than men and the health of women has also improved more than before, said President Murmu.
11:49 (IST)
Budget 2023 Expectations LIVE
India gave highest priority to protecting the poor during COVID-19, says President Murmu
We've seen that during the COVID-19 period, how living had become difficult for the poor across the world. But, India is one of those countries that gave the highest priority to protecting the lives of the poor and tried to see that no poor in the country sleep on an empty stomach, said President.
11:44 (IST)
Budget 2023 Expectations LIVE
Govt is clear that corruption is the biggest enemy of democracy, social justice: President
My government is of the clear opinion that corruption is the biggest enemy of democracy and social justice. To seize the property of fugitive economic offenders, my government passed the Fugitive Economic Offenders Act, said President Murmu in Parliament.
Economic Survey 2023 LIVE Updates: The wait for the annual national Budget is almost over as the Union government is set to table the Economic Survey on Tuesday.
Union finance minister Nirmala Sitharaman will table the pre-Budget document in the Parliament after President Droupadi Murmu’s address to the joint sitting of the two houses of Parliament.
The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser V Anantha Nageswaran, will give insights into the state of the economy and various indicators in the current financial year 2022-23 (April-March) and outlook for the next year.
The Economy Survey may also give some idea about the tone and texture of the actual Budget for 2023-24, to be presented on Wednesday.
The first economic survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the Budget documents and presented day prior to the Union Budget.
The most important feature which many will look out for is its central theme.
Last year’s central theme was ‘Agile Approach’, which put emphasis on India’s economic response to the Covid-19 Pandemic shock. The preface of the Economic Survey 2022 stated that the “Agile approach” was based on feedback loops, real-time monitoring of actual outcomes, flexible responses, safety-net buffers and so on.
Along with the sectoral chapters, the Survey document also adds new need-based chapters that need focus.
The Economic Survey tabled in 2022 projected India’s GDP growth of 8.0-8.5 per cent in 2022-23, which the government felt will be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending.
Budget 2023 is likely to be the last full Budget of the Modi government in its second term with the next Lok Sabha election due in April-May of 2024.
Like the previous two Union Budgets, Union Budget 2023-24 will also be delivered in paperless form. The Budget documents will be available on the ‘Union Budget Mobile App’ on both the Android and Apple OS platforms after the completion of the Budget Speech by the Finance Minister.
The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on 10 October.
The first part of the session will be held from January 31 and will go on till February 13. The Parliament will reconvene after a recess for parliamentary committees to discuss the demand for grants of various ministries. The second part will begin on March 13 and will continue till 6 April.
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