Eco Survey LIVE: GDP will rise to 8% if global economy recoups, says CEA

Catch all the latest updates on Economic Survey for 2022-23 and Budget 2023-24 here

4:54 PM

Eco Survey 2023 LIVE: 'Post-pandemic fiscal large heartedness, a cause of concern across the globe'

According to the survey, given the unprecedented fiscal expansion in 2020, rising government liabilities have emerged as a significant concern across the globe. European economies hit by the rise in energy costs are expanding their budgets to provide relief to households and small businesses from mounting energy bills, says the survey.

4:36 PM

Eco Survey 2023 LIVE: We must strive to bring startups' ownership back to country, says Eco Survey

As external support from the government has made it relatively easier than before for entrepreneurship to thrive, there are several inherent challenges faced by startups, like ever-elusive funding, revenue generation struggles, lack of easy access to supportive infrastructure, or wading through the regulatory environment and tax structures, the Economic Survey for 2022-23 said on Tuesday.

4:05 PM

Eco Survey 2023 LIVE: Unemployment rates fall from 5.8 per cent in 2018-19 to 4.2 per cent in 2020-21

According to the Ecnomic Survey 2023, unemployment rates fall from 5.8 per cent in 2018-19 to 4.2 per cent in 2020-21, rise in rural female labour force participation rate from 19.7 per cent in 2018-19 to 27.7 per cent in 2020-21. As many as 28.5 crore unorganised workers registered on E-Shram portal.

3:42 PM

Eco Survey 2023 LIVE: Credit to MSMEs has grown at ~30 per cent since Jan 2022

Credit growth is picking up across sectors, credit to MSMEs has grown at ~30 per cent since Jan 2022, NPAs in NBFCs is lower than what it was 15 months ago.

3:40 PM

Eco Survey 2023 LIVE: CEA on industry and services sectors

"Private investment in 10 sectors in first half of 2022-23 is higher than what it was in first half of 2021-22," said CEA, noting that industry and services sectors are registering steady growth.

3:38 PM

Eco Survey 2023 LIVE: India is well ahead of its targets for renewable energy mix, says CEA

India is well ahead of its targets for renewable energy mix, observes Chief Economic Advisor, in his presentation on Economic Survey 2022-23.

3:37 PM

Eco Survey 2023 LIVE: Chief Economic Advisor on MSMEs

"Redefinition of MSMEs and ECGLS have enabled MSME sector to remain in good health, evidence is the GST paid by MSMEs", said Chief Economic Advisor.

3:36 PM

Eco Survey 2023 LIVE: Urban unemployment ratio has come down to 7%

Urban unemployment ratio has come down to 7 per cent, worker population ratio has picked up to become 45 per cent.

 

"As private investment begins to pick in and as construction sector comes back to life, employment scenario will become as it did in the 1st decade," said CEA.

 

3:35 PM

Eco Survey 2023 LIVE: Liberalized norms for foreign investment has led to a structural shift

According to the Economic Survey 2023, liberalized norms for foreign investment has led to a structural shift. It has gone up from 2.2 per cent to 2.6 per cent as a proportion of GDP. 

3:32 PM

Eco Survey 2023 LIVE: Retail inflation is back within RBI's target range in November 2022

Retail inflation is back within RBI's target range in November 2022 and Direct Tax collections for the period April-November 2022 remains buoyant

3:31 PM

Eco Survey 2023 LIVE: Tax cuts of 2019 played big role in enabling pvt sector to clean up balance sheets

Tax cuts of 2019 played big role in enabling private sector to clean up balance sheets and consider investing, it also paved way for Production Linked Incentive scheme to be implemented, PLI is ensuring that India creates global scale in manufacturing for export.

3:30 PM

Eco Survey 2023 LIVE: The economy is expected to grow at 7% (in real terms) for the year ending march 2023

India to witness GDP growth of 6.0 per cent to 6.8 per cent in 2023-24, depending on the trajectory of economic and political developments globally.

 

Economic Survey 2022-23 projects a baseline GDP growth of 6.5 per cent in real terms in FY24. 

The economy is expected to grow at 7 per cent (in real terms) for the year ending march 2023, this follows an 8.7 per cent growth in the previous financial year.

 

3:24 PM

Eco Survey 2023 LIVE: Foodgrains production in India

Foodgrains production in India saw a sustained increase and stood at 315.7 million tonnes in 2021-22.

 

3:23 PM

Eco Survey 2023 LIVE: Chief Economic Advisor on India's potential GDP growth

India's improved balance sheets and digital infrastructure together will add anywhere between 50 - 100 basis points to India's potential GDP growth, which is what we were missing in the second decade of the millenium, said Chief Economic Advisor.

3:22 PM

Eco Survey 2023 LIVE: Public health infrastructure is ‘nerve centre of the public health system’

1.5 lakh Ayushman Bharat- health & wellness centres set up before 31st December 2022, leading to strengthening of primary healthcare

 

3:05 PM

Eco Survey 2023 LIVE: India's Covid vaccine programme instrumental in facilitating economic recovery, says CEA

Wideranging efforts have been taken by government for ensuring quality health, India's Covid-19 vaccination programme has been instrumental in facilitating our economic recovery process as well, states Chief Economic Advisor

3:03 PM

Economic Survey 2023 LIVE: Govt interventions in strengthening social infra substantial

Interventions made by the government in strengthening social infrastructure have been substantial, outlays have become outcomes, notes Economic Survey

2:59 PM

Economic Survey 2023 LIVE: Improved balance sheets, digital infra to add 50-100 bps to GDP growth

Phase 1 reforms in digital public infrastructure have set the stage for new-age reforms which will ensure that hitherto-neglected segments of society such as low-income households and microbusinesses get fair shot at accessing national and international markets. 

 

India's improved balance sheets and digital infrastructure together will add anywhere between 50 - 100 basis points to India's potential GDP growth, which is what we were missing in the second decade of the millenium: Chief Economic Advisor

2:53 PM

Economic Survey 2023 LIVE: Significant growth in critical physical infra during 2011-20, says CEA

There has been significant growth in critical physical infrastructure during 2011 - 2020, PM Gati Shakti is about reducing info asymmetries and ensuring that govt projects are executed without time or cost overruns: Chief Economic Advisor V Anantha Nageswaran 

2:49 PM

Economic Survey 2023 LIVE: Quality of public expenditure goes up, says CEA

Quality of public expenditure has gone up, govt. has become more transparent with budget deficit numbers, there is increased transparency in public procurement; various such dimensions have led to improved expenditure management, said Chief Economic Advisor. 

Insolvency and Bankruptcy Code which ensures borrower payment culture, RERA which ensures trust between developers and buyers, decriminalization of offences under Companies Act and such other initiatives have strengthened a trust-based governance model, the Economic Survery highlighted  

 

 

2:46 PM

Economic Survey 2023 LIVE: FDI inflow rises by 76% at $21.3 bn in FY22

The Economic Survey highlighted that the FDI inflow jumped to $21.3 billion in FY22 from $12.1 billion in FY21 as the pandemic-driven expansionary policies of advanced economies led to a surge in global liquidity.

 

The Survey mentioned that FDI equity inflow in manufacturing in the first half of FY23 fell below its corresponding level in the first half of FY22, with the rise in global uncertainty in the wake of the Russia-Ukraine conflict.

 

A rebound in FDI inflows is, however, expected as the Indian economy sustains its high growth while monetary tightening the world over eventually eases with the weakening of inflationary pressures, the Survey expressed optimism.

2:44 PM

Economic Survey 2023 LIVE: Private sector investment in agriculture is at high levels, says CEA

Share of private sector investment in agriculture has reached a high level, faciliated by various government initiatives. The sector is no longer about being a primary sector, it has tremendous export potential as well, observes Chief Economic Advisor

 

2:40 PM

Economic Survey 2023 LIVE: Govt not just enabler, but a partner, says CEA

The philosophy of economic management revolves around making it easier for people and businesses to pursue their economic activities, leading to enhanced potential for higher growth. It's not just about govt. being enabler, but a partner: Chief Economic Advisor V Anantha Nageswaran 

2:38 PM

Economic Survey 2023 LIVE: Borrowing cost may remain 'higher'

Borrowing cost may remain 'higher' for longer period; entrenched inflation may prolong tightening cycle: Economic Survey

 

2:37 PM

Economic Survey 2023 LIVE: Public procurement transparent, says CEA Nageswaran

CEA Nageswaran said that the public procurement of the PM Modi-led Centre is transparent 

2:34 PM

Economic Survey 2023 LIVE: GDP growth at sustainable levels, says CEA Nageswaran

India is the fatest growing economy. GDP growth at sustainable levels. Government promotes GDP growth:  Chief Economic Advisor V Anantha Nageswaran 

2:31 PM

Economic Survey 2023 LIVE: Current account deficit may continue to widen

Current account deficit may continue to widen as global commodity prices remain elevated; rupee may come under pressure. Challenge to rupee depreciation persists with the likelihood of further interest rate hikes by the US Fed: Economic Survey

 

2:29 PM

Economic Survey 2023 LIVE: SMEs contribution in primary equity markets increases

SMEs contribution in primary equity markets increases. Indian stock markets outperform peers in FY 2022-23. India remains an attractive destination for foreign portfolio investments: Economic Survey

2:21 PM

Economic Survey 2023 LIVE: Recovery of economy from pandemic is complete, says CEA

"Recovery of economy is complete; non-banking and corporate sectors now have healthy balance sheets, hence, we don't have to speak of pandemic recovery any more, we have to look ahead to the next phase", said Chief Economic Advisor V Anantha Nageswaran

He further added that leverage ratio in corporate sector went very sharply in first decade of millenium, second decade was thus a payback time, excessive credit growth had to be adjusted for in second decade, balance sheets now have been repaired, and credit growth is picking up.

 

2:18 PM

Economic Survey 2023 LIVE: India's economy poised to do better, says CEA

IMF, in its World Economic Outlook Update, has maintained India's GDP forecast for current FY at 6.8%, next FY at 6.1% 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 V Anantha Nageswaran