'Over the next 20 years, we would be adding almost 10 million people to the workforce every year!' 'And we won't be able to give employment to even 2 million out of the 10 million every year.' 'Don't forget, it keeps adding every year.'
Make in India crucial for growth.
The Survey shows fiscal consolidation despite slowdown in growth.
The Economic Survey said that a number of indicators -- GDP, IIP, credit, investment and capacity utilisation, point to a deceleration in real activity since first quarter of 2016-17 and a further deceleration since the third quarter.
Making a marginal recovery, India's exports entered the positive zone after a gap of eight months, recording a growth of 0.82 per cent to $25.58 in January.
'It is the responsibility of industry to take the very bright talent whose knowledge of software engineering basics is very high, and then give them additional skills.'
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
A united opposition is set to corner the NDA government on issues ranging from the NEET paper leak case to railway safety.
A cross-country comparison shows that India currently has the lowest number of taxpayers.
'Trump's disregard for norms and institutions could prove very costly for America's social fabric.'
The headline inflation is expected to decline to 6.2-6.6 per cent in March 2013.
India, he said, has already taken a host of reforms in banking and other sectors and is now focussing on stepping up public investment. "Compared to other nations, even among advanced countries, I think India is relatively better placed for the simple reason that India paid a certain price last decade... we had a banking system stress which was then compounded by stress in the non-banking financial sector towards 2018," he said at Amazon Smbhav Summit.
India will not tailor its policies to suit US EV maker Tesla, and its laws and tariff rules will be formulated to attract all-electric vehicle manufacturers from across the world to set up a base in the world's fastest-growing economy, Commerce and Industry Minister Piyush Goyal said. Tesla has been seeking an initial tariff concession that would allow it to offset 70 per cent customs duty for cars priced less than $40,000, and 100 per cent for cars of higher value.
Privatisation of old oil fields to raise output and reduce India's import dependence was advised by the Economic Survey.
However, risks to the outlook stems from possible sub-normal monsoon and higher crude oil prices (on account of the crisis in Iraq)," the Economic Survey 2013-14 tabled in Parliament by Finance Minister Arun Jaitley said.
Fitch Ratings on Tuesday raised India's growth forecast for the current fiscal to 7.2 per cent, from 7 per cent projected in March, saying elevated consumer confidence will drive spending, besides increased investments. In June update to its global economic outlook report, Fitch said it expects inflation to decline to 4.5 per cent by end of this year and RBI to cut policy interest rates by 25 basis points to 6.25 per cent.
TCS, Wipro and Infosys dropped by up to 4.47 per cent, dragging down the BSE IT index by 2.96 per cent
"The outlook for exports in 2008-09 may not be as bright as in the past few years with lower projections in world GDP and world imports and exchange rate developments," according to the pre-Budget Economic Survey tabled in Parliament.
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.
A PhD from Chicago-Booth and a top-ranking IIT-IIM alumnus, Krishnamurthy Subramanian is one of the world's leading experts in banking, corporate governance and economic policy
Equity benchmarks climbed in early trade on Wednesday amid an overall positive trend in the global markets and ahead of the presentation of Union Budget 2023-24. The 30-share BSE benchmark Sensex jumped 516.97 points to 60,066.87. The broader NSE Nifty climbed 153.15 points to 17,815.30.
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.
After adding 11.7 million workers in the October 2022-September 2023 period from the pandemic lows in April 2021-March 2022, total workers employed in the vast informal sector in India - at 109.6 million - still remains below the pre-pandemic period.
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
The plea filed by Nalanda resident Akhilesh Kumar submitted that in terms of the constitutional mandate, only the Union government is empowered to conduct a census.
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.
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.
A quarter of the stocks have been replaced since 2019, marking the evolution of India's economy.
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.
Survey calls for reorienting policies to promote young firms which have the potential to become big, rather than small MSME firms which remain small.
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.
The encouraging news, however, is that India features among the top four countries out of 44 nations that projected a positive hiring trend.
'Rahul Gandhi is raising the issue of a caste census though his party has been doing injustice on this front from the 1950s.'
... if high oil prices persist or stock prices correct sharply.
'Sweden removed the inheritance tax because many of the rich were fleeing. For example, the owner of IKEA had migrated out of Sweden'
'They think quick fixes like internship in the private sector will help. 'In fact, internships have been going on for the last one decade.' 'In 2014-2015 itself, we had a ministry of skill development. None of the programmes have yielded results, still they are continuing with such schemes under some other name.' 'We don't see any seriousness on the part of the government to attack the problem of unemployment.'
Indian companies struggle in face of a set of common challenges related to logistics, labour regulations, tax and tariff policy
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.
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.
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.
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