Page 24 - Budget 2023

Govt health spend must hit 2.5% of GDP by 2025, says Economic Survey

At the same time, out-of-pocket expenditure as a percentage of total health expenditure has declined from 64.2 per cent in FY14 to 48.2 per cent in FY19

Eco Survey is assuring; believes we have completely regained lost ground

The Economic Survey 2023-24 is assuring and it affirms that we have completely regained lost ground, says Madan Sabnavis

Upside risks to CPI inflation likely to outweigh downside risks: Eco Survey

The Survey, which was tabled in Parliament on Tuesday by Finance Minister Nirmala Sitharaman, noted that India's inflation management is 'noteworthy' and can be contrasted with advanced economies

Economic Survey: Labour markets, employment back to pre-pandemic levels

The Survey highlighted the measurement issues in calculating female LFPR

Economic Survey 2022-23: Industry and services regaining momentum

Gross value added in the industrial sector posted a stro­ng upturn, registering a growth rate of 3.7 per cent in H1, FY23, higher than the average growth of 2.8 per cent in H1 of the last decade

Latest LIVE: 12 dead in massive fire at multi-storey building in Dhanbad

Catch all the latest Budget 2023-24 news and updates here

Day ahead of Budget, FinMin reports robust GST mop up of Rs 1.56 trn in Jan

The figure amply indicates that tax revenues are likely to remain strong in 2022-23, and may help the Centre retain the 6.4% fiscal deficit target for the current financial year

India's April-Dec fiscal deficit touches 60% of full-year target: Govt data

Net tax receipts rose to Rs 15.56 trillion while total expenditure was Rs 28.18 trillion, the data showed

Budget measures key trigger for consumer durable firms battling high prices

Any proposal to boost manufacturing, demand would help sector and listed companies

Economic Survey 2022-23: Indian start-ups exploring reverse-flipping

Suggests simplifying tax layers, capital flow procedures like those in the US, Singapore

State budgets are spending more, putting in more money for development

Centre's expenditure on non-development categories like salaries, pensions payments has increased

Economic Survey: Non-fossil fuel energy capacity expected to triple by FY30

To achieve target for installed capacity, it will have to grow at CAGR of 16.25%

Optimistic outlook

Higher growth will need more reforms

Budget 2023: Tax sops, fiscal consolidation tight rope walk for Sitharaman

Finance Minister Nirmala Sitharaman will have to do a tight-rope walk between staying fiscally prudent and general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy before general elections. Sitharaman will on Wednesday present her fifth straight budget at a time when the economy is slowing due to global headwinds and specific sectors need attention. In the run-up to the Budget presentation, expectations are rife that she may tweak income-tax slabs to provide relief to the middle class and increase spending on the poor through programmes such as the rural job scheme while ramping up financial incentives for local manufacturing. But all this she has to do while staying on the course of the fiscal consolidation path. To her aid are inflation falling below the target and buoyancy in tax collections. Healthcare, education and the rural economy may get a first call on such revenues as well as sectors that create

Great potential in civil aviation sector; air travel rebounded: Eco Survey

The country's civil aviation sector has "great potential" owing to growing demand from the middle class, higher disposable incomes and favourable demographics, while air travel has rebounded with the lifting of the coronavirus pandemic-related curbs, according to the Economic Survey. The survey for 2022-23, tabled in Parliament on Tuesday, listed various factors that are helping the civil aviation sector, including the UDAN scheme, which has considerably enhanced regional connectivity through the opening of airports in the hinterland. Under the UDAN (Ude Desh ka Aam Naagrik) scheme, which is aimed to facilitate/ stimulate regional air connectivity by making it affordable, the total number of tourism routes has increased to 59 and presently, 51 are operational. "The civil aviation sector in India has great potential owing to growing demand from the middle class, growth in population and tourism, higher disposable incomes, favourable demographics, and greater penetration of aviation .

Ahead of budget, 13 states raise Rs 25,800 cr in debt capital from markets

In the second-highest auction so far in FY23, 13 states raised Rs 25,800 crore in debt capital from markets on Tuesday, paying a higher price as the cost rose by 4 basis points to 7.68 per cent. The latest auction is 9 per cent higher on-year basis but was 19 per cent lower than indicated for this week in the auction calendar, according to a note by Icra Ratings. The weighted average cut-off or the interest rate payable annually by the states, rose by a further 4 basis points to 7.68 per cent over the past auction, Icra Ratings chief economist and head of research & outreach Aditi Nayar said in the note. She said while the weighted average tenor rose to 15 years from 13, the yield curve was inverted at the longer-end. Accordingly, the spread between the 10-year state bonds also called state development loans and the benchmark G-sec (Government Securities) yield rose to 33 basis points from 30 basis points last week.

Digital public infra to contribute 30-50 bps to medium-term growth

The government expects the platform to significantly boost the ease of doing business with secure, paperless, and hassle-free contracts

Eco Survey presents comprehensive analysis of India's growth trajectory: PM

Prime Minister Narendra Modi on Tuesday said the Economic Survey 2022-23 presents a comprehensive analysis of India's growth trajectory, including the global optimism towards the country. Modi tweeted, "The Economic Survey presents a comprehensive analysis of India's growth trajectory including the global optimism towards our nation, focus on infra, growth in agriculture, industries and emphasis on futuristic sectors." India's economy is projected to slow to 6.5 per cent in the fiscal year starting April but will remain the fastest growing major economy in the world as it fared better in dealing with the extraordinary set of challenges the globe has faced, the Economic Survey said.

Economic Survey highlights India's diversifying merchandise trade: FIEO

Increasing exports to markets such as Brazil, South Africa and Saudi Arabia are boosting the growth of the country's outbound shipments, FIEO said on Tuesday. Federation of Indian Export Organisations (FIEO) President A Sakthivel said the Economic Survey has rightly highlighted India's growing and diversifying merchandise trade. "The new diversified markets, including those of Brazil, South Africa and Saudi Arabia, have led to the increase in exports by up to 2 times," he said. The ongoing trade negotiations with the UK, EU, Canada, and Israel will also add further impetus to our exports, he added. "Reducing the cost of logistics in the country, which now to the tune of 14-15 per cent, comparable to the global benchmark, will help in making our exports more competitive worldwide," Sakthivel said. Yogesh Gupta, Regional Chairman, FIEO (Eastern Region), said the exporter fraternity is expecting fiscal support and affordable credit, from the upcoming budget. "A need of the hour is t

Budget cues: Higher public capex, more PLIs and relief for MSMEs

The Survey stresses on the formula which has kept India's economic growth ahead of its peers, and the Budget may just follow suit