India needs to fully open its retail market to foreign investors in order to drive economic growth, although the subject was strictly taboo till last year because of pressure from the government's allies and livelihood concerns.
The survey pointed out that the transmission and distribution losses in the power sector, at 35 per cent, were among the highest in the world.
Brokers believe that the higher charges may not completely deter investors from taking bets in F&O but could help cool down some activity, as the threshold to break even rises.
The survey is a report card on the nation's economy, tabled before the Budget, and is the finance minister's review of the economy and his assessment of the prospects of the economy.
Delhi Police ask for 45 documents for opening a restaurant, only 19 for a gun: Survey
The gross tax revenues have touched 65 per cent of the Budget estimates at Rs 17.81 lakh crore during the first eight months of the current fiscal till November, propelled by corporate and personal income tax mop-up, according to the Economic Survey 2022-23 presented in Parliament on Tuesday. The survey, authored by Chief Economic Advisor V Anantha Nageswaran, said the 'substantial reforms' in India's taxation ecosystem post-2014 and policy reforms have removed the distortionary incentives from the economy. Reforms like GST, reduction in corporate taxes, exemption of sovereign wealth funds and pension funds from taxes, and removing Dividend Distribution tax have reduced the tax burden on individuals and businesses.
The bench noted even the high court has said in its judgement that 80 per cent of the work related to the survey has been completed.
Concerned over the sluggish performance of agriculture sector, the Economic Survey hit at food management policies that have led to very high inflation and asked the government to take serious policy initiatives for a targeted four per cent farm sector growth.
Identifying the need for Rs 1,72,000 crore (Rs 1720 billion) investment in national highways, the Economic Survey on Monday asked the government to gear up policies and institutions to meet specific requirements while increasing the outlay for road s
A substantial deposit of petroleum and natural gas has been discovered in Pakistan's territorial waters, a cache so large its exploitation could change the country's destiny, according to a media report. A three-year survey was undertaken in collaboration with a friendly country to verify the presence of the oil and gas reserves, DawnNewsTV quoted a senior security official as saying on Friday.
It pointed out that the capital market scenario in 2008 should be seen in the backdrop of heightened uncertainties triggered by the international financial crisis, slowdown in the global economic growth, fluctuations in international food, commodity and fuel prices and volatility in overseas financial markets.
Privatisation of old oil fields to raise output and reduce India's import dependence was advised by the Economic Survey.
The substantially increased economic dualism may exert lasting negative influences which could include a reduced potential for economic growth; the persistence of a very weak employment and poverty situation; rising social and political discord; and heightened vulnerability to geopolitical challenges, cautions Shankar Acharya, former chief economic adviser to the Government of India.
Maharashtra's economic survey for 2002-03 says the state's economy was expected to grow at a lower rate of four per cent as against 6.8 per cent in the previous fiscal.
Per capita income in the state has consistently been below the national average for at least 24 years. However, it has narrowed the gap with the all-India level in recent years.
Buoyed by about 19 per cent jump in tax collection, the government may further moderate taxes in the Budget with the Economic Survey on Monday prescribing a tax reform mantra to unburden India Inc.
The growth of the Indian pharmaceutical industry has been fuelled by exports, which increased 25 per cent in 2008-09. "Exports of pharmaceuticals have consistently outstripped imports," the Survey said.
Suggesting delinking of spectrum from telecom licences, the Economic Survey for the year 2008-09 has suggested auctioning radio frequencies for the forthcoming 3G mobile services.
The Opposition had promised to scrap the Dharavi redevelopment project if it came to power. With the Mahayuti's massive mandate in the Maharashtra assembly election, that prospect has been laid to rest.
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
The Indian startup ecosystem, which defied odds during a pandemic-hit year to create record 12 unicorns, has the potential to be the engine of growth in the medium to long run, according to the Economic Survey 2020-21. The survey noted that startups are the platform for entrepreneurs who have the ability to think out of the box and innovate to conceive products that can create a niche for themselves in a dynamically changing world.
The average size of IPOs rose by nearly half in 2008 over 2007, though the financial meltdown may have scared away many from the primary capital market, bringing down the number of IPOs to about one-third, the Economic Survey said.
Stung by the low 4.4 per cent growth projection for this fiscal, the pre-Budget Economic Survey on Thursday endorsed Kelkar Panel recommendations on tax reforms besides a cut in subsidies and interest rates to deal with mounting and worrying fiscal d
Even as global investors were pulling out their money from India, Non-Resident Indians (NRIs) deposited $1 billion in bank deposits (net of withdrawals) during the three month period of October-December 2008. There was a net outflow of $0.9 billion in the same period a year ago, according to the Economic Survey.
Workplaces of 2025 will be defined by a deep focus on people-first values, inclusivity, and sustainable growth, foresees Sonica Aron, founder of Marching Sheep.
After two decades of impressive growth, the automobile sector's performance has not been encouraging after 2006-07, but its growth turned modestly positive last fiscal, touching a domestic turnover of Rs 2.19 lakh crore, the Economic Survey said.
As we brace for unprecedented rates of urbanisation, it is crucial to ensure that illegal constructions and unauthorised land use are curbed, asserts Amit Kapoor.
Salaries in India are expected to increase by 10.3 per cent in 2023, highest among major world economies and Asian peers, according to Aon plc. In 2022, salaries in India witnessed an actual increase of 10.6 per cent in 2022. As per Aon plc's 28th Annual Salary Increase Survey in India, double-digit salary growth will continue in India despite economic volatility, largely as a response to high attrition rates.
'The lack of opportunities here remains the biggest worry.' 'We have seen investment summits, but if you look around, much of it is only on paper and not on the ground.'
India's services sector growth recorded another month of robust expansion in July, albeit at a slightly slower pace than in June, largely supported by robust demand conditions and investment in technology, a monthly survey said on Monday. The seasonally adjusted HSBC India Services Business Activity Index was at 60.3 in July, down only fractionally from 60.5 in June. In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
Lauding the farm sector for demonstrating resilience during the pandemic, the Economic Survey on Friday suggested the government to see farm sector as a "modern business enterprise" for which "urgent reforms" are required to enable sustainable and consistent growth. India's agricultural sector has shown its resilience amid the adversities of COVID-19 induced lockdowns, the Survey noted. The agriculture and allied activities were the sole bright spot amid the slide in GDP performance of other sectors, clocking a growth rate of 3.4 per cent at constant prices during 2020-21, it added. According to the Survey, the farm sector has got "renewed thrust" due to various measures on credit, market reforms and food processing under the Aatmanirbhar Bharat announcements.
... if high oil prices persist or stock prices correct sharply.
Even though the national highways comprise only 2 per cent of the total length of roads, they account for about 40 per cent of the total traffic and the National Highways Development Project, implemented by National Highways Authority of India, remains mired in problems.
Amid the debate on withdrawal of the stimulus, including speculation of a possible across-the-board roll back of cuts in excise duty and service tax, the document suggested further reduction in excise for export oriented industries.
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The right sequence would be to gradually reduce SLR
Inflation stood at at a high of 8.23 per cent in January. After touching a high of 18.23 per cent in December, food inflation came down to 11.49 per cent in mid-February.
The party also promised reservation to minorities on basis of their population after the caste census.
Indian economy is poised to do better on the back of reforms undertaken by the government and is expected to clock a 6.5-7 per cent growth in the remaining part 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. "My optimism is that in the coming decade, rest of the decade, the potential GDP growth, without taking into account export potential, because global economy is still rife with uncertainty, the growth rate would be around 6.5 to 7 per cent, rather than between 6 per cent and 6.5 per cent," he said.
In the current fiscal so far, retail inflation stabilised around 5 per cent, while wholesale price-based inflation averaged around 2.9 per cent during April-December.
However, financial flows to the economy remained constrained because of decline in the amount of equity finance raised from the capital markets and stress in the NBFC sector, Finance Minister Nirmala Sitharaman pointed out.
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