Data 'of the people, by the people, for the people' must become govt's mantra, says Survey.
If he cannot do it this term by using his bureaucracy and experts from different fields, it will be a tragedy, asserts Ramesh Menon.
Chief executive officers (CEOs) across sectors have expressed intentions to expand capacities, expecting the government's target to invest a record Rs 11.11 trillion on infrastructure development will act as a catalyst for a jump in consumer demand. "With the government planning a capex of Rs 11.11 trillion, private sector investment will come in a big way. Companies will be preparing for it right from today," H M Bangur, chairman of Shree Cement, told Business Standard. For the past few years, the investment scene in India has been dominated by government capital expenditures; private investments in the manufacturing sector have remained muted.
In which countries are trust levels in the government highest? The results of the Edelman Trust Barometer, based on a survey done in 2024, might surprise you.
Finance Minister Nirmala Sitharaman on Thursday asked India Inc to take advantage of the policies and reforms undertaken by the government and no longer hesitate to invest more and expand capacities. Sitharaman also asked the industry to partner with the government for skilling the youth and also to engage with the government throughout the year, and not just before the Budget.
As per the survey, the trade sector that comprises wholesale and retail grew by 4.8 per cent to Rs 14.79 lakh crore (Rs 14.79 trillion) in 2012-13, accounted for 15.8 per cent share in the gross domestic product.
The pre-Budget Survey said for wealth to be distributed, it first has to be created and called for looking at wealth creators with respect. The Survey said government interventions seem to be ineffective in stabilising prices of commodities such as onions.
A court in Bareilly has summoned Congress MP and Leader of Opposition Rahul Gandhi to appear before it on January 7 for his remarks related to the Economic Survey during the Lok Sabha polls.
Following are the highlights of the Economic Survey 2022-23 tabled in Parliament on Tuesday
'The fiscal deficit target of 3.9 per cent of GDP seems achievable.'
The Union Cabinet on Friday approved Rs 11,718 crore for conducting the Census of India, 2027, which would include the caste enumeration for the first time.
According to the survey report, the government's move to earmark Rs 76,000 crore outlay for semiconductors and display manufacturing segment will aid their production in the country. The survey said that government intervention to boost semiconductors and display manufacturing ecosystem in the country has come at a time when the global economy is facing acute shortage of semiconductors due to severe disruptions in supply chains.
India needs another shot of difficult reform, of the kind only possible at gunpoint. Mr Trump holds that gun to our heads now. A drastic reduction in tariff protection, other elements of sarkari wet-nursing will force entrepreneurial India to become competitive again, argues Shekhar Gupta.
Monetary Policy- Easing expected to happen later this financial year.
The average Indian worker must labour for an extraordinary 160 full working days to afford Apple's latest iPhone 17 Pro.
Japan is expected to increase its investment target in India from the earlier 5 trillion yen ($34 billion) to almost 10 trillion yen.
An increase in government spending on the healthcare sector - from the current 1 per cent to 2.5-3 per cent of GDP - as envisaged in the National Health Policy 2017 could reduce out-of-pocket expenditures, as per the Economic Survey 2020-21. The rise in public spending can lead to a reduction in expenditures from 65 per cent to 30 per cent of overall healthcare spend, it noted. The Economic Survey said that for the country to effectively respond to future pandemics, the country's health infrastructure needs to be agile. Given its potential to provide healthcare access in remote areas, telemedicine needs to be harnessed to the fullest by especially investing in internet connectivity and health infrastructure, it added.
The government today extended the tenure of Chief Economic Adviser Arvind Virmani by three months on a temporary basis, said a finance ministry spokesperson. His current two-year term came to an end on Tuesday.
The government should cut customs duties and streamline export promotion schemes and pay special attention to infrastructure to overcome the contracting exports on account of recession in India's major trading partners, the Economic Survey said.
The 2005-06 Survey tabled in Parliament said the Indian industry needed to be unburdened from high level of taxes and distortive exemptions that provided perverse incentives.
India ranks lower than most BRICS nations in terms of innovation.
As the Centre announced the inclusion of caste enumeration in the next census on Wednesday, opposition parties said it is a victory for their long-standing demand and sought time-bound implementation.
One could argue that India is not troubled in the same way as China is by a declining population and structural problems in real estate/construction and finance. But India has serious trade and fiscal imbalances, and excessive dependence on capital expenditure by the government, points out T N Ninan.
ITC, State Bank of India, HCL Technologies and IndusInd Bank were the other big laggards. NTPC, UltraTech Cement, HDFC Bank and Mahindra & Mahindra were among the gainers.
The census will be carried out with a reference date of October 1, 2026 in snow-bound areas like Ladakh and March 1, 2027 in the rest of the country, the notification said.
India's primary deficit (Centre and states) for FY21 is assumed to be 6.8 per cent of GDP, according to the Economic Survey tabled in Parliament on Friday. It said the Covid-19 pandemic has created a significant negative shock to demand. Active fiscal policy -- one that recognises that fiscal multipliers are disproportionately higher during economic crises than during economic booms -- can ensure that the full benefit of seminal economic reforms is reaped by limiting potential damage to productive capacity.
'This is going to generate a new debate on reservation because the quota for Economically Weaker Sections is 10%, and that is for nearly 16% of the population.' 'For 16% you are giving 10%. This is set to raise eyebrows among the OBCs after the caste survey.'
India is not "rethinking" supporting investments from China, said Commerce and Industry Minister Piyush Goyal on Tuesday, referring to a proposal made in the Economic Survey 2024. The survey by India's chief economic advisor last week said India had two "choices" to benefit from the so-called China plus one strategy, either by integrating into that country's supply chain or by promoting foreign direct investment (FDI). "Chief economic advisor's report speaks about new ideas and gives out their own thinking. It is not at all binding on the government and there is no rethinking to support Chinese investments in the country," Goyal told reporters in Delhi.
Eight of the top 10 employers showed a double-digit growth in fixed capital. Only one out of 10 showed a double-digit addition in employment.
The Survey says that present skilled workforce in India is only 2%.
Ahead of the assembly polls in Rajasthan, the Congress government on Saturday night issued an order for the conduct of a caste survey in the state.
'When you compare Bihar's poverty from its earlier times, then there is a huge difference. Things have improved a lot. And migration has played an important role in reducing poverty.'
India's GDP growth is likely to moderate from 8.2 per cent in 2023 to 7 per cent in 2024 and 6.5 per cent in 2025 because the pent-up demand accumulated during Covid has exhausted, as the economy reconnects with its potential, the International Monetary Fund (IMF) said on Tuesday. About the global economy, the IMF said the battle against inflation has largely been won, even though price pressures persist in some countries.
'It takes time and the experience of a few market cycles to develop awareness about one's true risk appetite.'
Gen Z, driven by AI anxiety and economic pragmatism, have concerns about pursuing passions as careers as they fear it may not make them enough sufficient income.
High domestic food prices are still a cause for concern despite India hugely benefiting from a slump in global oil and commodity prices that pushed inflation into negative zone, the Economic Survey said.
Inflation has reappeared as a global issue in both advanced and emerging economies and India needs to be wary of "imported inflation", especially due to high oil prices, according to the Economic Survey 2021-22 released on Monday. "Inflation has reappeared as a global issue in both advanced and emerging economies. "India's Consumer Price Index inflation stood at 5.6 per cent YoY in December 2021 which is within the targeted tolerance band," the survey report presented in the Parliament by Finance Minister Nirmala Sitharaman noted.
Even by conservative assumptions that 5 to 10 per cent of infected individuals develop long Covid, India today may be home to 50 to 100 million infected individuals -- many silently coping with breathlessness, fatigue, palpitations, brain fog, or unexplained clotting tendencies.
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.
Nearly 96 per cent of new applicants will benefit from this simplified approval route.
