Budget 2022 LIVE: Govt to take balanced view on cryptocurrency, says Sanyal

The issue of cryptocurrency has not been covered in the Economic Survey 2021-22, Principal Economic Adviser said in an interaction with media

9:32 PM

Amazon-Future case; SC to pronounce verdict on pleas of Future group firms

The Supreme Court is scheduled to pronounce on Tuesday the verdict on a batch of pleas filed by Future group firms against a Delhi High Court order declining stay on an arbitration tribunal decision refusing to interfere with the Emergency Award (EA) of the Singapore International Arbitration Centre (SIAC).

 

A bench comprising Chief Justice N V Ramana and justices A S Bopanna and Hima Kohli has fixed the cases for pronouncement of judgement at 10.30 AM.

 

The bench, on January 11, had reserved the judgement and had said that it wanted to send the case back to the Delhi High Court to render a finding on the enforceability of the SIAC award restraining FRL's sale of assets to Reliance Retail.

 

The apex court has reserved its order on two sets of petitions filed by FCPL (Future Coupons Private Ltd ) and FRL (Future Retail Ltd).

9:21 PM

Tamil Nadu records 19,280 positive cases, 20 deaths in 24 hours

Tamil Nadu continued to witness a decline in fresh infections as the state added 19,280 new Coronavirus positive cases on Monday taking the tally to 33,45,220, while the net recoveries stood at 31,09,526 with 25,056 positive patients getting discharged after treatment.

 

The state saw 20 fatalities in the last 24 hours, pushing the death toll to 37,564. The number of active cases, including isolation, rose to 1,98,130. The state had reported 22,238 fresh infections yesterday.

9:15 PM

Pune sees 3,762 Covid cases, 14 deaths; over 2,300 hospitalised

Pune on Monday reported 3,762 COVID-19 cases, taking the district's tally to 14,09,835, while 14 deaths took the toll to 19,475, an official said.

 

He said 2,056 cases were reported in Pune city, 931 in Pimpri Chinchwad, 597 in rural and 29 in cantonment limits.

 

As on Monday, the district has 2,317 cases in institutional isolation and 56,887 in home quarantine, he added.

9:11 PM

India's overall score on NITI Aayog's SDG index improves: Economic Survey

India's overall score on the NITI Aayog Sustainable Development Goal (SDG) India index and dashboard improved to 66 in 2020-21 from 60 in 2019-20 and 57 in 2018-19, indicating progress in the journey towards achieving the goals, as per the Economic Survey 2021-22.

 

Despite 2020-21 being a pandemic year, India performed well on eight of the 15 SDGs measured by the NITI Aayog SDG India Index, it said.

 

These included - goal 3 (good health and well-being), goal 6 (clean water and sanitation), goal 7 (affordable and clean energy), goal 10 (reduced inequalities), goal 11 (sustainable cities and communities), goal 12 (responsible consumption and production), goal 15 (life on land). and goal 16 (peace, justice, and strong institutions).

8:57 PM

Abatement of pandemic to kick in virtuous investment cycle, generate jobs: CEA

Pinning hopes on rapid vaccination drive, newly appointed Chief Economic Advisor (CEA) V Anantha Nageswaran on Monday said that abatement of the COVID-19 pandemic would kick in virtuous cycle investment leading to job creation.

 

The government has taken various steps to support lower income categories, he said in an interaction with the media on the Survey tabled in Parliament by Finance Minister Nirmala Sitharaman earlier in the day.
 

Naturally, he said, it will take time to regain confidence because the slowdown in consumption spending is not only a function of the lack of income growth, but also because of the uncertainty caused by the pandemic and health impact etc. Read more.

7:22 PM

West Bengal reports 1,910 new Covid cases

7:11 PM

Mumbai reports 960 new Covid cases

6:55 PM

Kerala records 42,154 fresh Covid cases, 729 deaths

After reporting more than 50,000 fresh COVID-19 cases daily for the last few days, Kerala on Monday logged 42,154 new infections which raised the caseload to 60,25,669.

 

The southern state had reported 51,570 cases a day ago. Kerala on Monday also reported 729 deaths which raised the total fatalities in the state to 54,395, according to a government release.

 

Of the deaths, 10 were reported in the last 24 hours, 81 were those which occurred in the last few days but were not recorded due to late receipt of documents and 638 were designated as COVID-19 deaths after receiving appeals based on the new guidelines of the Centre and the directions of the Supreme Court, the release said.

6:53 PM

Govt to take balanced view on cryptocurrency, says PEA

The government will take a balanced view on the issue of regulation of cryptocurrencies as they have implications on the country's financial stability, Principal Economic Adviser Sanjeev Sanyal said on Monday. Currently, there are no particular regulations or any ban on use of cryptocurrency in the country.

 

The issue of cryptocurrency has not been covered in the Economic Survey 2021-22, Sanyal said in an interaction with media on the Survey tabled in Parliament by Finance Minister Nirmala Sitharaman earlier in the day. "As you know, this is a matter of some debate, both inside the government, in the Ministry of Finance, and even in Parliament. So, this is something that is currently in discussion," he said.

 

The Reserve Bank has also highlighted various issues, including financial stability impact of such virtual currencies. "There are some financial stability issues. But there are also other arguments that are made in terms of innovation and so on....obviously a balanced view on this will be taken," he said.

5:38 PM

Mumbai-Kolkata and Delhi-Kolkata flights to operate daily

5:08 PM

West Bengal CM announces relaxations in Covid curbs

4:46 PM

Economic Survey LIVE updates: Spending on social services has been significantly ramped up in recent years

Spending on social services has been significantly ramped up in recent years, in various categories such as health, education and others, in line with Government's policy of providing safety nets to vulnerable sections in the wake of Covid-19 pandemic 

4:45 PM

Economy Survey 2022 highlights

4:42 PM

Economic Survey LIVE: The unemployment rate

While the unemployment rate gradually dipped during this period to reach 9.3 per cent in Q4 of 2020-21, The unemployment rate for males as well as females, aged 15 & above, recovered to the pre-pandemic levels.

4:26 PM

There has been a very sharp increase in both tax and non-tax revenues

There has been a very sharp increase in both tax and non-tax revenues; this is great because it supports capital expenditure which too is above pre-pandemic level 

 

- Principal Economic Advisor 

 

4:24 PM

Budget 2022 LIVE updates: There has been a revival of economic activity to pre-pandemic levels in 2021-22

There has been a revival of economic activity to pre-pandemic levels in 2021-22, as reflected in national accounts and high frequency data

 

Economic cost of 2nd wave of Covid-19 pandemic was much milder in comparison to first wave 

 

- Principal Economic Advisor

4:22 PM

Budget 2022 LIVE: Can our macroeconomic indicators give us buffer during these times?

We live in uncertain times;  geopolitical risks bubbling up, oil prices have spiked up, withdrawal of global liquidity by major central banks likely

 

Hence, can our macroeconomic indicators give us a buffer during these times?

 

Asks Principal Economic Advisor

 

4:20 PM

Budget 2022 LIVE updates: GDP is 1.3% above pre-pandemic level, says Economic Survey

Government consumption has been reasonably strong, but private consumption still lags pre-pandemic level (mainly due to hit faced by contact intensive sectors) 

 

Exports have been major growth driver, imports too strong.

 

GDP is 1.3% above pre-pandemic level.

4:14 PM

Budget 2022 LIVE: Economic cost of second wave of pandemic was much milder in comparison to first wave

Economic cost of second wave of pandemic was much milder in comparison to first wave 

 

- Principal Economic Advisor

4:10 PM

Budget 2022 LIVE updates: Economic Survey highlights the agile approach adopted by India to combat Covid-19

Economic Survey highlights the agile and multi-pronged approach adopted by India to combat Covid-19

 

Vaccination is not merely a health response but is critical for opening up the economy. It should be treated for now as a macro-economic indicator, Principal Economic Advisor.

4:08 PM

Budget 2022 LIVE updates: Principal Economic Advisor talks about the evolution of Economic Survey since 1950s

From a descriptive document published as part of Union Budget in 1950s, Economic Survey evolved to be a lot more substantial and analytical over the years, presented as a separate document a day before the Budget

 

 - Principal Economic Advisor 

4:06 PM

Budget 2022 LIVE: We've grown past pre-pandemic era, says Economic Survey

4:03 PM

Budget 2022 LIVE: Press conference by Chief Economic Advisor V. Anantha Nageswaran on Economic Survey 2021-22

Budget 2022 LIVE: Press conference by Chief Economic Advisor V. Anantha Nageswaran on Economic Survey 2021-22

3:44 PM

Budget 2022 LIVE: Economic Survey says economy well placed to take on FY23 challenges

The Indian economy is well placed to take on the challenges of 2022-23, suggest macro-economic stability indicators, said Economic Survey 2021-22 which was presented in the Parliament on Monday by Union Finance Minister Nirmala Sitharaman.

 

According to the survey document: "One of the reasons that the Indian economy is in a good position is its unique response strategy. Rather than pre-commit to a rigid response, Government of India opted to use safety-nets for vulnerable sections on one hand while responding iteratively based on 'Bayesian-updating' of information."

 

"A key enabler of this flexible, iterative 'Agile' approach is the use of eighty High Frequency Indicators (HFIs) in an environment of extreme uncertainty." Read on...

3:42 PM

Budget 2022 LIVE: Sops for green energy? Here's how Tata Power, Adani Green look on charts

In line with the government’s focus on reducing emissions and dependence on fossil fuels, analysts expect a raft of support for infrastructure development for electric vehicles and green energy generation in the upcoming Budget on February 1. Here's how the enery related shares look on charts a day ahead of the Union Budget 2022. Read on...

3:22 PM

Supply management, cut in fuel duties help control prices this fiscal, says Survey

Without giving any guidance for retail inflation going forward, the Economic Survey 2021-22 on Monday said prices were mostly controlled during the current fiscal year so far on the back of better supply side management, as well as reduction in duties in fuel prices.

 

However, imported inflation in edible oil and pulses jacked up the prices of these commodities, which were controlled by proactive measures by the government.

 

On the retail front, consumer price index-based inflation has remained well within RBI's sub 6-per cent comfortable zone during April-December period of FY22.

 

However, wholesale prices witnessed a sharp uptick at over 12 per cent due to pickup in economic activities, sharp spike in global crude oil prices as well as high freight costs, the Survey said.

 

3:10 PM

Economic Survey: Govt sees scope for retaining world-beating economy tag

India has the fiscal space to do more to support the economy, poised to wrest the title of the world’s fastest-growing major one from China and keep it for at least another two years, according to a government document.

 

Gross domestic product is expected to grow by 8%-8.5% in the year starting April after likely expanding 9.2% in the current year, according to the Economic Survey -- an annual report card on the economy -- presented in Parliament by Finance Minister Nirmala Sitharaman Monday. The International Monetary Fund predicts it will keep the momentum in the following year as well.

 

Growth will be supported by “widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending,” the survey said.

Read on...

2:52 PM

Budget 2022 LIVE: Economic Survey calls for improving productivity of small, marginal farmers

Survey calls for improving productivity of small, marginal farmers through small holding farm technologies. 

2:45 PM

Budget 2022 LIVE updates: Private sector investment to pick

Private sector investment to pick with financial system in good position to provide support to revival of economy: Economic Survey

2:33 PM

Budget 2022 LIVE: Robust export growth and availability of fiscal space to ramp up capital spending

Robust export growth and availability of fiscal space to ramp up capital spending to support growth next fiscal: Economic Survey