A day before the announcement of the Union Budget for 2004-05, the Economic Survey called for "overhauling" the tax exemption regime saying low Tax:GDP ratio was a prime concern and it was coming in the way of improving government finances.
It noted that the economy underwent a transition -- possibly, structural and permanent -- from high to low inflation in the last three years.
The stage is set for a direct contest between NDA nominee C P Radhakrishnan and joint opposition candidate B Sudershan Reddy for the vice-presidential election. The BJP-led alliance has a clear edge in the poll necessitated due to the sudden resignation of Jagdeep Dhankhar.
After declining to a three-year low in FY24, the private sector investment is expected to fall further in the current financial year, India Ratings said in a research note.. The investments in the private sector are likely to plummet to below 11 per cent of the GDP in FY25, based on the trends from the latest national accounts data and company fillings, it noted.
Could the MPCE survey results be used as a basis of reconstructing the Consumer Price Index with new weights, asks Madan Sabnavis.
Three years after the government brought in a SEZ law promising greater economic activity on the back of tax sops, the Economic Survey on Thursday expressed concern over 'proliferation' of Special Economic Zones seeking a check on them.
62 per cent of respondents across various demographics, including villages, towns, and cities, perceived a greater difficulty in securing employment compared to the previous five years, shows pre-poll survey by Centre for Study of Developing Societies.
The services sector growth in India rose to a three-month high in December supported by favourable economic conditions and positive demand trends, a monthly survey said on Friday. The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 56.9 in November to 59 in December, highlighting a sharp increase in output that was the most pronounced since September. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
A special cabinet meeting in Karnataka convened to discuss the contentious Social and Educational Survey report, popularly known as 'caste census', ended without a decision. The cabinet will reconvene on May 2 to discuss the report further and make a final decision.
'At Keeladi, we have not come across any evidence for organised religion.'
Terming investment in infrastructure "quintessential" to boost growth, the Economic Survey on Friday said post unlocking of the economy, infra sectors are poised for growth and construction of roads is expected to return to the high pace attained before COVID-19. The infrastructure sector will be the key to overall economic growth and macroeconomic stability, the Survey said emphasising that the year after the crisis (2021-22) will require sustained and calibrated measures to facilitate the process of economic recovery and enable the economy to get back on its long-term growth trajectory. "Basic infrastructure facilities in the country provide the foundation of growth. In the absence of adequate infrastructure, the economy operates at a suboptimal level and remains distant from its potential and frontier growth trajectory.
The government has invited applications for the post of chief economic adviser (CEA) to replace K V Subramanian, who will complete his three-year tenure next month. Subramanian was appointed as CEA on December 7, 2018, while he assumed charge on December 24 in the same year. As per the public notice dated October 24, 2021 issued by Department of Economic Affairs, the Ministry of Finance, officer of central, state governments, RBI and public sector banks holding analogous post on regular basis in parent cadres or department are eligible to apply for the post.
Outlook for external sector is the most favourable.
'All governments are scared of a negative image.' 'Somehow, this government has a tendency to create a narrative that things are improving.' 'When the real data gives a different picture, they are upset.'
Japan is expected to increase its investment target in India from the earlier 5 trillion yen ($34 billion) to almost 10 trillion yen.
The stage is set for a direct contest between NDA nominee C P Radhakrishnan and joint opposition candidate B Sudershan Reddy for the September 9 vice-presidential election. Nominations have been scrutinized and accepted.
Last year, the Survey suggested a long list of reforms, but most of these found no place in the Budget.
The Indian government's announcement of 10,000 additional seats in medical colleges next year, part of a plan to add 75,000 seats over five years, has been welcomed by education experts and stakeholders. The move aims to address the shortage of medical professionals and reduce the outflow of Indian medical students to other countries. The budget also includes infrastructure expansion at five new IITs to accommodate 6,500 more students and an allocation of Rs 500 crore to set up a Centre of Excellence in Artificial Intelligence for education.
Opposition to the Karnataka government's proposed implementation of a caste census has intensified with dominant communities raising concerns about the survey's findings. The report, which has not been publicly released, is said to contradict traditional perceptions regarding the numerical strength of various castes, particularly Veerashaiva-Lingayats and Vokkaligas. These communities, along with political parties, including sections of the ruling Congress, have criticized the survey as "unscientific" and demanded a fresh assessment. The Vokkaligara Sangha and the All India Veerashaiva Mahasabha have expressed strong opposition, alleging that the report misrepresents their populations and demanding a fresh survey. Meanwhile, Dalit and OBC groups have defended the survey and its recommendations, including an increase in reservation for OBCs to 51%. The controversy has fueled political tensions in Karnataka, with opposition parties accusing the Congress government of using the caste census for political gain.
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
India's sovereign credit ratings do not reflect the economy's fundamentals, the Economic Survey said on Friday and nudged the global agencies to become more transparent and less subjective in their ratings. The Economic Survey 2020-21, tabled in Parliament, said that sovereign credit ratings methodology must be amended to reflect economies' ability and willingness to pay their debt obligations, and suggested that developing economies must come together to address this bias and subjectivity inherent in sovereign credit ratings methodology. "Never in the history of sovereign credit ratings has the fifth largest economy in the world been rated as the lowest rung of the investment-grade (BBB-/Baa3). While sovereign credit ratings do not reflect the Indian economy's fundamentals, noisy, opaque and biased credit ratings damage FPI flows," the survey said.
The top three industries in India susceptible to economic crimes are financial services, manufacturing and professional services
China is set to build a rail link connecting Xinjiang province with Tibet, part of which will run near the Line of Actual Control (LAC) with India.
What has surprised the industry is that the Bill has been tabled without any consultation. Critics warn the ban on real-money gaming could fuel black markets, endanger 200,000 jobs and billions in tax revenue.
New simplified law should be put in place to replace the over four-decade old Income Tax Act and streamline the direct taxation structure, the Economic Survey said.
Economic Survey which was tabled in the Parliament on Wednesday projects 6.1 to 6.7 per cent growth rate for 2013-14.
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.
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.
The survey will encompass various indicators of backwardness such as occupation, educational qualification along with the type of educational institutions attended by members of the households to gauge the social and educational conditions of the backwardness in Odisha, the official said.
Making a case for reforms in the pension sector, the Economic Survey 2010-11 on Friday said the Parliament should expeditiously clear the long pending PFRDA Bill.
The economic survey for 2020-21 has suggested revision in the weightage of food items to gauge the true picture of inflation in the country, and said new sources of price data also need to be incorporated in the wake of increasing retail e-commerce transactions. As per the survey, the current spike in consumer price-based retail inflation of food prices is mainly a supply-side phenomenon. The survey noted that the weights of all items in retail inflation are based on the NSO household consumption expenditure survey of 2011-12, adding the weight of food items in the index might have significantly decreased over the decade since then.
These ID cards would form the base of a multi-application smart cards system that can be used to empower the poor and ensure that they get full benefit of all programmes such as NREGA, PDS, biblically provided education, skill development, heath services, social security and fertiliser subsidy etc, it added.
Following are the highlights of the Economic Survey 2022-23 tabled in Parliament on Tuesday
The villagers, prompted by anti-Posco brigade, opposed the household survey in the village stating that the scope of the survey should only include the government land and not the private land.
Adarsh Rai, an emotional intelligence coach and the founder-CEO of HR Brain HUB, suggests simple, practical tips that will help you adapt and thrive while working with Gen Z and millennial bosses in today's evolving workplace.
While the capital spending is being maintained at 3.1 per cent of the GDP, a little more would have boosted economic growth even further, suggests Rajiv Memani.
'Deposit and lending rates have started to fall considerably. It is likely to spur investment and consumption of durables.'
It is high time that petrol and diesel prices were decontrolled taking advantage of low inflation and global crude prices, the Economic Survey said, while criticising the government for its "imperfect" handling of oil price hike.
Air India sale will give a boost to India's privatisation drive, the Economic Survey said on Monday, as it suggested redefining the public sector role in business enterprises to encourage private participation in all sectors. The government earlier this month handed over ownership rights in national carrier Air India to Tata Group for Rs 18,000 crore. The amount includes the takeover of the debt burden of Rs 15,300 crore and another Rs 2,700 crore in cash.
'The fiscal deficit target of 3.9 per cent of GDP seems achievable.'
