Eco Survey updates: FM Nirmala Sitharaman on Monday presented Economic Survey 2023-24 in Lok Sabha

Economic Survey 2024 news: The Economic Survey stated that short-term inflation outlook seems benign, but India faces persistent deficit in pulses

7:16 PM

Rail passenger traffic up by 5.2 percent compared to previous year: Economic Survey

About 673 crore passengers took train journeys in 2023-24, which is about 5.2 per cent more than the previous financial year, according to the Economic Survey tabled in Parliament on Monday.

 

The revenue-earning freight in FY24, excluding the Konkan Railway Corporation Limited, also witnessed an increase of 5.3 per cent from the previous year, the survey showed.

 

"Passenger traffic originating in IR (Indian Railways) was 673 crore in FY24 (provisional actuals), increasing by about 5.2 per cent compared to the previous year," the survey said.

 

It said the railways carried 158.8 crore tonnes of revenue-earning freight in FY24.

6:46 PM

Economic Survey identifies areas for further growth as we move towards building Viksit Bharat: PM

Prime Minister Narendra Modi on Monday said the Economic Survey highlights the prevailing strengths of the economy and identifies areas for further growth and progress as "we move towards building a Viksit Bharat".

 

Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey 2023-24, along with the statistical appendix in the Lok Sabha.

 

The Economic Survey is an annual document presented by the government ahead of the Union Budget to review the state of the economy. The document also provides an overview of the short-to-medium-term prospects of the economy.

 

In a post on X, Modi said, "The Economic Survey highlights the prevailing strengths of our economy and also showcases the outcomes of the various reforms our Government has brought."

 

"It also identifies areas for further growth and progress as we move towards building a Viksit Bharat," the prime minister said.

6:06 PM

Confident India's FY25 GDP growth will surpass Eco Survey forecast: Industry

Industry bodies on Monday expressed confidence that India's GDP growth will surpass the 6.5 to 7 per cent forecast by the Economic Survey, and hoped that the upcoming Budget will roll out measures to help unlock the country's growth potential.

 

Reacting to the Economic Survey 2023-24, tabled in Parliament, Chandrajit Banerjee, Director General, CII, stated that it is "pragmatic" in its approach and offers a futuristic vision to move India boldly towards achieving the developed economy status by 2047.

 

"The survey is positive about the India growth story, and I am confident that India's GDP growth for FY25 will surpass the forecast given in the Survey and basis certain conditions, it has the potential to be at 8 per cent," CII President Sanjiv Puri said.

 

Echoing similar sentiments, President of PHD Chamber of Commerce and Industry Sanjeev Agrawal said the Survey conservatively projects a real GDP growth of 6.5-7 per cent, with risks evenly balanced and market expectations on the higher side.

 

"However, we believe that the growth will be above such conservative estimates as 8 per cent growth is becoming a new normal for India," said Agrawal.

5:50 PM

Economic Survey highlights need to focus on healthy diet, mental health

If India has to reap the gains of its demographic dividend, the government and the public at large need to accord healthy eating and mental health the attention they deserve, said Economic Survey 2023-2024, which was tabled in Parliament on Monday (July 22). The survey, a consolidated report on the state of the economy in the previous year, further acknowledged that mental health is a less seen and discusses issue yet it is principally impactful driver of individual and national development.

5:30 PM

While domestic parameters are supportive, we have to look at consumption closely: Kotak Bank chief

Speaking on the Economic Survey document, Kotak Bank chief economist Upasna Bhardwaj, said, "Economic Survey has laid out a growth path of 6.5-7 per cent this year. I think it is a fairly realistic range to give. There are a lot of uncertainties which are there right now. We don't know how the global economic situation is going to pan out. At the same time, while domestically all the parameters are supportive, consumption is where we will have to look out closely."

5:19 PM

Real estate regulatory authorities in states/UTs dispose of nearly 1.25 lakh consumer complaints

Real estate regulators in states and Union Territories have so far disposed of nearly 1.25 lakh consumer complaints against developers, according to the Economic Survey 2023-24. The Real Estate (Regulation & Development) Act, 2016, popularly known as RERA, was enacted to bring about much-needed reform in India's real estate sector. The main objective of RERA is to encourage greater transparency, citizen-centricity, accountability, and financial discipline, thus empowering home buyers and boosting the economy.

4:59 PM

Survey has just put the idea on the table on inflation targeting framework, says CEA Nageswaran

Food shocks are predominately supply shocks. It is unfair to burden the central bank to control inflation when it contains a component that is not under its control, CEA Nageswaran said on the inflation targeting framework.

4:54 PM

Eco Survey projects doable 7% growth for FY25, says CEA Nageswaran

The Economic Survey has projected a prudent growth rate of 6.5-7 per cent for the current financial year, and much will depend upon the progress of the monsoon, Chief Economic Advisor V Anantha Nageswaran said on Monday. Addressing reporters here after the tabling of the Economic Survey 2023-24 in Parliament by Finance Minister Nirmala Sitharaman, Nageswaran said the economic growth rate of 7 per cent is doable but will depend on how the monsoon rains progress.

"We want to be prudent in projecting growth rate, that is why we have projected the country's economic growth at 6.5 to 7 per cent in FY24," he said.

4:39 PM

Households not in distress, investing more in financial assets: CEA Nageswaran

CEA Nageswaran said today, "households are not in distress" and they are investing in financial assets which have done very well. Also, savings in physical assets have improved and gone up from 10.8 per cent in fiscal 2020-21 to 12.9 per cent in 2022-23. The Economic Survey 2023-24, tabled in Parliament, said that registered investor base at NSE has nearly tripled from March 2020 to March 2024 to 9.2 crore as of March 31, 2024, potentially translating into 20 per cent of the Indian households now channelling their household savings into financial markets.

 

4:16 PM

Net zero emission is going to be a major issue in resource availability: CEA

"With several countries attempting net zero emission at the same time and trying to achieve energy transition, it is going to be a major issue in resource availability... Geopolitical fragmentation, climate change, and global trade did not affect East Asia when they were making their transition from lower-income to higher-income countries... We have to chart our path towards Viksit Bharat amidst these headwinds. This is why domestic growth becomes very important... The average growth rate till March'24 has been around 8% and the real GDP is 20% above the pre-pandemic levels," CEA Anantha Nageswaran said today.

4:04 PM

Early days to say if AI will lead to loss of jobs, says CEA

CEA Ananth Nageswaran stated  that AI could turn out to be a job booster in high-skilled jobs. "Early days to ascertain if AI will lead to loss of lot of jobs. But we need to be mindful of its impact on employment," he added.

3:51 PM

Participation of retail investors in capital markets is a healthy development, says CEA

The participation of retail investors in capital markets is a healthy development. It has worked as a buffer for Indian markets in general, given additional avenue of savings to households, CEA Nageswaran said today.

 

3:44 PM

Focusing on FDI from China seems more promising for boosting India's exports to the US : Economic Survey

The Economic Survey stated that India can either integrate into China's supply chain or promote foreign direct investment (FDI) from the neighbour to boost global exports, Reuters reported. "Among these choices, focusing on FDI from China seems more promising for boosting India's exports to the U.S., similar to how East Asian economies did in the past."  Accordin to the survey, relying on the FDI strategy "appears more advantageous than relying on trade" as it can arrest the growing trade deficit New Delhi has with Beijing, the top exporter for India.

3:25 PM

Economic Survey LIVE: Need to focus on deregulation and loosen laws in manufacturing, says CEA Nageswaran

In order to raise share of manufacturing in GDP, India's lopsided distribution of enterprises -- too many micros, some large, but huge gap in middle, needs to be plugged, CEA Nageswaran said today.

3:21 PM

Remove food from inflation-targeting framework, says Economic Survey

The RBI should stop looking at food inflation in deciding interest rates and the government should explore giving coupons or direct cash transfer to poor to deal with higher food prices, the pre-Budget economic survey said on Monday. "India's inflation targeting framework should consider targeting inflation, excluding food. Higher food prices are, more often, not demand-induced but supply-induced," the Economic Survey 2023-24 said. The benchmark policy rates are decided bi-monthly by the RBI on the basis of movement in consumer price index, which includes food, fuel, manufactured goods and select services.

3:08 PM

News update: Inflationary pressure under control, core inflation running below 4%, says CEA

We want to be prudent in projecting growth rate, that is why we have projected country's economic growth at 6.5 to 7 per cent in FY24, CEA Nageswaran said today.

3:05 PM

Soaring market cap to GDP ratio is not necessarily something to celebrate, says CEA Nageswaran

"Inflationary pressures in India are under control, Monetary policy transmission is evident in easing core inflation. Proactive fiscal and monetary policy measures helped limit deviation from inflation target", CEA Nageswaran said .

2:59 PM

Households not in distress; are investing in financial instruments, says CEA

"In the last four years, we have seen foray of retail investors into stock markets through systematic investment plans," CEA V Anantha Nageswaran said today.

2:54 PM

No economic approach will be excluded; we need manufacturing, exports, all combined: CEA V Anantha Nageswaran

"No economic approach will be excluded, we need manufacturing, exports, all combined. The way the global factors are unfolding we do not have the luxury to choose one approach," Chief Economic Advisor V Anantha Nageswaran said today.

2:41 PM

India's renewable energy sector to attract investments worth Rs 30.5 trillion by 2030, says Economic Survey

Mobilisation of finance as well as investment on competitive terms and resolution of land acquisition issues are necessary for realising Rs 30.5 lakh crore investment required for meeting the target of having 500GW renewable energy in India by 2030, according to the Economic Survey.

The Economic Survey 2023-24 tabled in Parliament on Monday the Renewable Energy (RE) sector is expected to attract investments of about Rs 30.5 lakh crore in India between 2024 and 2030.

2:30 PM

MGNREGA work demand ‘not’ linked to rural distress, says Economic Survey

The Economic Survey Fy-24 has sought to discount the oft-repeated argument that links work demand under the flagship MGNREGA scheme with rural distress. The Survey which was tabled in Parliament today said that if that was the case then data trends should show that States with more poverty and higher unemployment rates use more of the scheme’s funds and generate more employment person-days.

2:25 PM

Capital expenditure by private companies picked up in 2023-24: Economic Survey

The Economic Survey said that Gross Fixed Capital Formation (GFCF) by private non-financial corporations increased by 19.8 per cent in FY23. However, it added that India’s private gross fixed capital formation must accelerate in machinery & equipment and intellectual property products so that quality jobs can be created.

2:16 PM

Economic Survey FY24: 'Diminishing dominance of banking support for credit a welcome development'

The economic survey highlighted that the India's financial industry has progressed over time. It said, “For a country that aspires to be a developed nation by 2047, this is a long-awaited and welcome development. Being reliant on and exposed to the capital market, however, comes with its challenges and trade-offs."

2:12 PM

India needs to add 7.85 million jobs every year until 2030 to sustain economic growth: Economic Survey

Amidst Opposition's growing attacks over "joblessness", the Economic Survey has projected that India needs to add 7.85 million jobs every year until 2030 to sustain economic growth and social inclusion. Here is the break-up of the Indian workforce -- 57.3 per cent of the total workforce is self-employed, 18.3 per cent are unpaid workers in household enterprises; casual labour accounts for 21.8 per cent of the total workforce, and regular wage/salaried workers constitute 20.9 per cent. Read more here

2:05 PM

Economic Survey Updates: 'Diversification of energy sources needed but thermal power to play significant role'

The Economic Survey 2023-24 pointed out that India's green hydrogen production target remains subject to various demand and supply side constraints. "As green hydrogen is produced using renewable energy, the sector inherits all the limitations of the renewable sector, including the issue of intermittency and the huge requirement of land for solar and wind energy generation," the survey added.

1:56 PM

Private capital formation may turn slightly more cautious because of fears of cheaper imports: Eco Survey

The economic survey said that India's growth drivers have supported economic growth in FY24 despite uncertain global economic performance. It added that this year, merchandise and services exports are likely to see an uptick. However, the survey noted that the monsoon still has "some ways to go" while adding that a note of caution is warranted in the private sector. Read more here

1:48 PM

Economic Survey Updates: 'Increase in retail investors in stock market calls for careful consideration'

The Economic Survey 2024, tabled in Parliament on July 22, said, "The significant increase in retail investors in the stock market calls for careful consideration. This is crucial because the possibility of overconfidence leading to speculation and the expectation of even greater returns, which might not align with the real market conditions, is a serious concern.” Read more here

1:44 PM

Digital infra has brought transparency and timely delivery of financial services to public: Economic Survey

There is a continuous need to identify regulatory gaps or overlaps in the fintech sector with a need to benchmark regulations with the best practices globally, the Economic Survey 2024 pointed out. The country’s digital public infrastructure (DPI), also known as the India Stack, includes foundational blocks of digital identification and payment infrastructure such as Aadhar, real-time quick payments in the form of Unified Payments Interface (UPI), account aggregator framework, among others. 

1:39 PM

FDI inflows from China can help India increase global supply chain participation: Economic Survey

Increased foreign direct investment inflows from China can help increase India's global supply chain participation and push exports, says the Economic Survey. The Survey said as India looks to deepen its involvement in global value chains (GVCs), it needs to look at the successes and strategies of East Asian economies. 

1:31 PM

AI casting uncertainty on workers's employability: Economic Survey

AI is casting a huge pall of uncertainty with regard to impact on workers across all skill levels, the Economic Survey 2023-24 stated.