Economic Survey 2023 LIVE Updates: Indian economy expected to grow at 6.5% in 2023-24, says CEA

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

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

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

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

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.

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

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.

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

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

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

Budget 2023 Expectations LIVE

Rise in consumer prices has slowed considerably

The Economic Survey says that the rise in consumer prices has slowed considerably.

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.

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.

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.

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.

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

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

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.

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.

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