Page 17 - Budget 2024

Indian GCCs employed more than 16 lakh people in FY23: Economic Survey

The software, internet, and banking, financial services, and insurance (BFSI) sectors collectively accounted for about 58 per cent of India's IT GCC talent, according to the document

Budget 2024: 80% flexi workers earn Rs 20,000 a month, shows Eco Survey

Budget 2024: India employs nearly 5.4 million formal contract staff or flexi workers through organised contract/temporary staffing companies, according to Economic Survey 2024

Increased FDI inflows from China can help India push exports: Eco 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. These economies have typically pursued two main strategies - reducing trade costs and facilitating foreign investment. It added that India faces two choices to benefit from 'China plus one' strategy and that is either to integrate into China's supply chain or promote FDI from China. "Among these choices, focusing on FDI from China seems more promising for boosting India's exports to the US, similar to how East Asian economies did in the past," the Survey, tabled in Parliament by Nirmala Sitharaman on Monday, said. Moreover, choosing FDI as a strategy to benefit from the China plus one approach appears more advantageous than relying on trade. "This is because China

MGNREGA work demand 'not linked' to rural distress: Economic Survey

Data does not show that states with more poverty and higher unemployment rates use more of the scheme's funds, it says

Unique tax payers trading on NSE more than tripled since pandemic

Numbers are 40 per cent lower than the number of overall investor accounts

Union Budget 2024: Here's what the Economic Survey says about key sectors

The Economic Survey revealed an overall positive report and outlook of key sectors, noting that the uncertain global climate may hamper economic growth going ahead

India has decoupled economic growth from greenhouse gas emissions: Survey

India has successfully reduced the emission intensity of its GDP, the Survey said

Eco survey flags concerns over rising retail participation in heated market

Mcap-to-GDP ratio not necessarily a sign of economic advancement or sophistication, says survey

India's green H2 push facing demand and supply side constraints: Eco Survey

Says diversification of energy sources needed but thermal power to play significant role

CEA Nageswaran bats for re-orientation of farm policies despite subsidies

Chief Economic Advisor V Anantha Nageswaran has called for a pan-India dialogue on the agriculture sector, highlighting the need for policy re-orientation despite existing subsidies and support measures. In the preface to the Economic Survey 2023-24, Nageswaran noted that while the government provides substantial support to farmers through subsidies on water, electricity, and fertilizers, along with income tax exemptions and minimum support prices, there is room for improvement in policy implementation. "A case can be made that they (farmers) can be served better with some re-orientation of existing and new policies," the CEA stated. The survey pointed out that current policies, implemented by both national and sub-national governments, often work at cross-purposes, leading to unintended consequences. These include soil fertility degradation, groundwater depletion, environmental pollution, and nutritional imbalances in crop production and dietary habits. Nageswaran emphasised the .

Banking's dominance in credit diminishing in country: Economic Survey FY24

Capital markets' rise in role a 'welcome development' but comes with its challenges, says survey

Pre-budget Eco Survey highlights urgent need for agricultural reforms

The pre-budget Economic Survey on Monday underscored the pressing need for comprehensive reforms in India's agricultural sector, citing structural issues that could impede the country's overall economic growth trajectory. The Survey, tabled in Parliament by Finance Minister Nirmala Sitharaman, identifies several key challenges facing the agriculture sector, including the need to sustain growth while managing food price inflation, improving price discovery mechanisms, and addressing land fragmentation. "Despite its centrality in India's growth trajectory, the agriculture sector continues to face structural issues that have implications for India's economic growth," the Survey said. According to the document, policymakers must strike a delicate balance between incentivizing farmers to increase production and keeping food prices within acceptable limits. This dual objective requires careful policy interventions, the Survey noted. Other critical issues highlighted in the report, prepar

Short-term inflation outlook benign, normal monsoon expected: Eco Survey

The short-term inflation outlook for India is benign, and the expectation of a normal monsoon and moderating global prices of key imported items give credence to the projections made by the RBI and IMF, the Economic Survey said on Monday. However, to ensure long-term policy stability, the Survey 2023-24 suggested making focused efforts to increase the production of major oilseeds, expanding the area under pulses, and assess the progress in developing modern storage facilities for specific crops. The Economic Survey 2023-24, tabled in Parliament by Finance Minister Nirmala Sitharaman, also suggested linking of price monitoring data for essential food items collected by different departments to help monitor and quantify the build-up of prices at each stage from the farm gate to the final consumer. "The ongoing efforts to construct the producer price index for goods and services may be expedited to have a greater grasp of episodes of cost-push inflation," said the Survey authored by a

Rising obesity a concern, healthier lifestyle must: Economic Survey

Raising concerns over growing obesity and increase of consumption of highly processed foods laden with sugars and fat, the Economic Survey said 54 per cent of the total disease burden in India is due to unhealthy diets. Obesity presents a "concerning situation" and preventive measures must be taken to enable citizens to have a healthier lifestyle, it said. "Obesity is emerging as a serious concern among India's adult population," said the Survey, which was tabled on Monday by Finance Minister Nirmala Sitharaman in Parliament. If India needs to "reap the gains of its demographic dividend, it is critical that its population's health parameters transition towards a balanced and diverse diet", it said. Citing a report from the Indian Council for Medical Research, the Economic Survey observed that the rise in consumption of highly processed foods laden with sugars and fat, coupled with reduced physical activity and limited access to diverse foods, exacerbate micronutrient deficiencies a

PLI for auto sector sees investment proposals worth Rs 67K cr: Eco Survey

The production linked incentive scheme (PLI) for automobile and auto components has so far attracted a proposed investment of Rs 67,690 crore, said Economic Survey 2023-24 tabled in Parliament on Monday. A capital of Rs 14,043 crore has been invested till end-March 2024, it stated. Applicants have proposed employment generation of 1.48 lakh, against which 28,884 of jobs have been generated till March 31, 2024, the Economic Surevy 2023-24 stated. So far 85 applicants have got approval under the scheme, it noted. The PLI scheme for automobile and auto components has a budgetary outlay of Rs 25,938 crore from FY23 to FY27. The scheme has been sub-divided into champion OEM incentive scheme and component champion incentive scheme. Besides, the government has approved the National Programme on Advanced Chemistry Cell (ACC) Battery Storage in May 2021 with a budgetary outlay of Rs 18,100 crore. The growth in the value of domestic production and consumption of automotive parts moderate

Monsoon session begins: PM Modi's address, economic survey; what to expect

The 22-day long Monsoon session is anticipated to have 16 sittings and tentatively conclude on August 12, with a focus on financial businesses related to the Budget

Indian economy expected to grow 6.5-7% in 2024-25: Economic Survey

The predictions being lower than RBI's 7.2 per cent, Survey said it was 'cognizant' of the fact that 'market expectations are on the higher side'

Economic Survey calls for identifying regulatory gaps in fintech sector

Sector move towards data-based lending instead of 'judgement-based lending', it says

Monsoon session: Parliament not for 'dal' but 'desh', PM Modi tells Oppn

PM Modi says Budget will be crucial for Amrit Kaal, accuses Opposition parties of 'scuttling his voice' in last Parliament session

Tax cuts to welfare support: Here's what to expect from Modi 3.0 1st Budget

Government is expected to reduce its deficit target slightly from the 5.1 per cent of gross domestic product projected before the elections