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

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

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.

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.

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

Budget 2023 Expectations LIVE

Finance Minister Nirmala Sitharaman tables the Economic Survey 2022-23 in Parliament

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.  

Budget 2023 Expectations LIVE

India aims to find solutions to world problems at G20: President

India holds the presidency of the G20 this year. Along with all member states of G20, India aims to find solutions to world problems, said President Murmu at Parliament.

Budget 2023 Expectations LIVE

India becoming major space power in the world: President

While we develop our pilgrimage centres and historic heritage, India, on the other hand, is becoming a major space power in the world. India has launched first private satellite too, said President Droupadi Murmu.

Budget 2023 Expectations LIVE

Government constantly trying to get rid of every sign of slavery, says President Murmu

The government is constantly trying to get rid of every sign of slavery, every mentality. What was once known as Rajpath is now known as Kartavya Path, said President Draupadi Murmu.

Budget 2023 Expectations LIVE

India's defence exports have increased six times: President

As a result of new initiatives by my government, our defence exports have increased six times. I am proud that today the first indigenous aircraft carrier in the form of INS Vikrant has also joined our Navy, said President Murmu.

Budget 2023 Expectations LIVE

Youth showing power of innovation across the world says President

My government has continuously laid unprecedented emphasis on innovation and entrepreneurship. Today our youth are showing the power of their innovation to the world, said President Droupadi Murmu to the joint sitting of Parliament.

Budget 2023 Expectations LIVE

President Murmu lauds government developmental works

On one side Ayodhya Dham is being developed and on the other side, a modern Parliament is being constructed. While the redevelopment of Kedarnath Dham and development of the Kashi Vishwanath Dham corridor and Mahakal project are completed, simultaneously medical colleges are being made in every district, said President Murmu.

Budget 2023 Expectations LIVE

PM Garib Kalyan Anna Yojana scheme globally appreciated: President

I'm delighted that the government has decided to extend PM Garib Kalyan Anna Yojana in accordance with the new circumstances. This is the identity of a sensitive and pro-poor government...This scheme is being appreciated across the world, said President Droupadi Murmu

Budget 2023 Expectations LIVE

Women empowerment has been at the core of all schemes, says President Murmu

Women empowerment has been at the core of all schemes introduced by my govt. Today, we're seeing the success of 'Beti Bachao, Beti Padhao'. For the first time in the country, no. of women is more than men and the health of women has also improved more than before, said President Murmu.

Budget 2023 Expectations LIVE

Govt is clear that corruption is the biggest enemy of democracy, social justice: President

My government is of the clear opinion that corruption is the biggest enemy of democracy and social justice. To seize the property of fugitive economic offenders, my government passed the Fugitive Economic Offenders Act, said President Murmu in Parliament.

Budget 2023 Expectations LIVE

'Garibi hatao' is not just a slogan anymore, says President Murmu

'Garibi hatao' is not just a slogan anymore. My government is working to have a permanent solution to the problems of the poor and empowering them, said President Droupadi Murmu.

Budget 2023 Expectations LIVE

'India's budget will be ray of hope for world,' says PM Modi

Prime Minister Narendra Modi on Tuesday said amid global economic turmoil, India’s Budget will attempt to meet the hopes and aspirations of common citizens and be a ray of hope for the world.

Addressing the media ahead of the Budget Session of Parliament, PM Modi said recognised voices in the world of economy were bringing positive messages from all sides.

Budget 2023 Expectations LIVE

Benefit of stable, decisive government reaped by us; India in better position compared to other countries, says President Murmu

The benefit of a stable and decisive govt is being reaped by us against the biggest crisis in 100 years and in tackling the situation that arose after it, said President Droupadi Murmu to the joint session of Parliament as the Budget Session commences.

Wherever there is political instability anywhere in the world, those countries are surrounded by a massive crisis. But due to the decisions my government took in the national interest, India is in a better position as compared to other countries, said President Draupadi Murmu.

Budget 2023 Expectations LIVE

The government worked for every section of society without discrimination, says President Murmu

My government has worked for every section of society without any discrimination. As a result of the efforts of my government in the last few years, many basic facilities have either reached 100 per cent population or are very close to that target, said President Murmu.

Budget 2023 Expectations LIVE

This government gave befitting response on LoC and LAC, says President Murmu

From surgical strike to strict action against terrorism, giving befitting response on LoC and LAC, to abrogating Article 370 in Jammu and Kashmir and abolishing Triple Talaq, this government's identity has been that of a decisive one, said President Murmu.

Budget 2023 Expectations LIVE

Government is stable, fearless, decisive, has taken ‘major’ decisions, says President Murmu

From abrogating Article 370 in Jammu and Kashmir to abolishing Triple Talaq, my government has taken major decisions, said President Droupadi Murmu at the joint session of Parliament.

Today, there is a stable, fearless and decisive government in the country that is working towards realising the big dreams, said President Murmu.

Budget 2023 Expectations LIVE

Today, India is providing solutions to the world, says President Murmu

Today, India's self-confidence is at its highest and the world is looking at her from a different perspective. India is providing solutions to the world, said President Murmu to the joint session of Parliament.

Budget 2023 Expectations LIVE

Have to build an India that will not have poverty, says President Murmu

That should be an India that will not have poverty, whose middle class will also be prosperous, an India whose youth and women will stand at the front to show a path to society and the country, an India whose youth stays two steps ahead of time, said President Droupadi Murmu.

Budget 2023 Expectations LIVE

Have to build an India that will be 'aatmanirbhar', says President Murmu

By 2047, we have to build a nation that will be connected to the pride of the past and which will have all the golden chapters of modernity. We have to build an India that will be 'aatmanirbhar' and capable to fulfill its humanitarian duties, said President Murmu at the Parliament.

Budget 2023 Expectations LIVE

Budget 2023 will meet hopes, aspirations of common people, says PM Modi

Amid the unstable global economic situation, India's budget will attempt to meet the hopes and aspirations of the common citizens, the ray of hope being seen by world glows brighter-for this, I firmly believe that Nirmala Sitharaman will make all efforts to meet those aspirations, said PM Modi.

Budget 2023 Expectations LIVE

A look back at some memorable speeches by finance ministers

Union Finance Minister Nirmala Sitharaman is all set to present her fifth Budget on Wednesday (1 February) which will lay out the financial statements and tax proposals for the fiscal year 2023-2024.

Sitharaman is the second female finance minister to present the Union Budget after Indira Gandhi, who delivered it for the financial year 1970-71.

From sharing personal anecdotes to quoting poetry, finance ministers have adopted unique ways to make their speeches more interactive in the recent past.

Budget 2023 Expectations LIVE

When will the Economic Survey be presented?

The Economic Survey will be tabled on Tuesday after the President’s address at 11 am.

Budget 2023 Expectations LIVE

Credible voices from world of economy brings ray of hope, says PM Modi

Budget Session begins today and at the beginning itself, credible voices from the world of economy, have brought in a positive message, a ray of hope and a beginning of enthusiasm. Today is important, President will address the joint session of the Parliament for the first time, said PM Modi.

Budget 2023 Expectations LIVE

Whole world has its eyes on India, says PM Modi

The President's first address to the joint session of Parliament is a matter of pride for our Constitution, and especially for respect of women. The whole world has its eyes on India, said PM Modi at Parliament.

Budget 2023 Expectations LIVE

BRS, AAP to boycott President's address to Parliament

BRS leader K Keshava Rao has said his party will boycott the President's address to the joint sitting of both Houses of Parliament to protest against the BJP-led Centre's "failure on all fronts of governance".

The Aam Aadmi Party (AAP) too said it will boycott the address.

The President addresses members of both Houses in the Parliament's Central Hall on the first day of a session.

Rao, who is also the Bharat Rashtra Samithi's floor leader in Rajya Sabha, said his party is "boycotting in protest against the failure of BJP-led NDA government at the Centre on all fronts of governance".

He said the AAP will also join the BRS in the boycott.

PTI

Budget 2023 Expectations LIVE

Sonia Gandhi to attend President's address as Kharge, other Cong MPs stuck in Srinagar

Congress Parliamentary Party chairperson Sonia Gandhi will attend the President's address to a joint sitting of both Houses of Parliament on Tuesday as party MPs, including Leader of Opposition in Rajya Sabha Mallikarjun Kharge, are stuck in Srinagar due to delayed flights.

Sources said the CPP chairperson will represent the Congress party during President Droupadi Murmu's first address to the joint sitting of both Houses of Parliament.

Several Congress MPs, including Kharge, will not be able to attend the President's address due to delayed flights from Srinagar on account of inclement weather, party leader Jairam Ramesh said.

PTI

Budget 2023 Expectations LIVE

Expectations running high as Nirmala Sitharaman gears up to present her fifth Budget

With Finance Minister Nirmala Sitharaman getting ready to present the last full budget of the Modi 2.0 government, expectations are high that she will meet the demands of all stakeholders, including the common man who is reeling under the price rise.

The finance minister has held several rounds of discussions with various stakeholders, and final touches are being given to the Union Budget for 2023-24 which will be unveiled in the Lok Sabha on 1 February.

PTI

Budget 2023 Expectations LIVE

What would be the theme of the survey?

The theme of the Economic Survey is something to watch out for as it encompasses the economic vision of India. The survey is likely to bring forth the points that matter related to India's inflation levels, and mounting pressure on the Indian Rupee due to RBI’s tightening of monetary policy.

The theme for last year’s economic survey was the 'Agile Approach.' It was primarily focused on India’s economic response to the COVID-19 crisis. 

Budget 2023 Expectations LIVE

Inflation in India to come down to 5% in 2023 and 4% in 2024: IMF

According to the World Economic Outlook update released by the IMF on Tuesday, about 84 per cent of countries are expected to have lower headline (consumer price index) inflation in 2023 than in 2022.

Budget 2023 Expectations LIVE

Inflation in India to come down to 5% in 2023 and 4% in 2024: IMF

Inflation in India is expected to come down from 6.8 per cent in the current fiscal year ending 31 March to 5 per cent the next fiscal, and then drop further to 4 per cent in 2024, the International Monetary Fund (IMF) said on Tuesday.

Budget 2023 Expectations LIVE

Nirmala Sitharaman to present Economic Survey in Parliament

Union Finance Minister Nirmala Sitharaman will present the Economic Survey in the Parliament after President Droupadi Murmu’s address to the joint sitting of the Lok Sabha and the Rajya Sabha on Tuesday. The pre-Budget document is prepared by the Economic Division of the Finance Ministry’s Department of Economic Affairs under the supervision of the Chief Economic Advisor V Anantha Nageswaran.