Page 42 - Union Budget

Better utilisation of land will bring fixed cost of production: Survey

MSMEs are the backbone of the Indian economy, contributing approximately 30 per cent of the country's gross domestic product (GDP)

Govt's initiatives for cleaner coal need to be promoted: Economic Survey

The initiatives of the government for cleaner fuel such as coal gasification mission and exploring coal to hydrogen need to be promoted to reduce emission and increase environmental sustainability, the Economic Survey on Monday said. While phasing in renewables to the extent possible is crucial, in the short to medium term, the focus should also be on actively adopting clean coal technologies. With the arrival of ultra super-critical technologies for coal-fired power plants, it would be possible to bring down emissions and achieve higher efficiency, the Economic Survey 2023-24 tabled in Parliament said. "In exploring the landscape for ensuring energy security, it has become evident that risks are not merely obstacles but also harbingers of opportunities. While uncertainties loom, they present avenues for innovation, adaptation, and growth for India. While phasing in renewables to the extent possible is imperative, in the short to medium term, the focus should also be on actively ...

117,254 DPIIT-recognised startups created 1.2 mn direct jobs: Eco Survey

Startups soar from 300 to over 100k in 7 years

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

Chief Economic Advisor V Anantha Nageswaran on Monday said that households are investing more in financial assets and their market value are not captured in the national income data. 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. Addressing reporters, Nageswaran said, "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. "Especially in last 4 years the foray of retail investors into stock market through SIPs and mutual funds has been quite prolifically documented. Our national income data do not record this at market prices and that is the reason why there

Apprenticeship framework must provide flexibility in work hours: Eco Survey

Such reform and better compensation will improve employability of vocational students, it says

Telecom technology needs capital, govt to allocate 5% of USOF for R&D

The government has decided to allocate 5 per cent of Universal Services Obligation Fund (USOF) for research and development of telecommunications technology, said the Economic Survey 2023-24 tabled in Parliament on Monday. At present, the government has a corpus of around Rs 80,000 crore collected under USOF which has now been renamed as Digital Bharat Nidhi. "Telecommunication technology development requires significantly large and patient capital for R&D and commercialisation. To address this, the government has decided that an allocation of 5 per cent of annual collections from Universal Services Obligation Fund would be made available for funding R&D in the telecom sector," the survey said. According to the survey, the Telecom Technology Development Fund formulated in 2022 has seen significant participation from startups, MSMEs, academia and industry. The survey said the government dedicated '5G Test Bed' to the nation in 2022, providing an end-to-end testing facility, ...

Primary mkt was robust amidst favourable investment climate: Eco Survey

Debt issuances dominated fundraising in the last fiscal year, constituting 78.8 per cent of the total funds raised

Healthcare has become more affordable and accessible: Eco Survey

As such, out-of-pocket expenditure (OOPE) as a percentage of THE has come down from 64.2 per cent in FY14 to 47.1 per cent in FY20

Eco Survey on cap goods: Potential expansions in industrial capacities seen

The report also anticipated the UAE could become a hub for sourcing India's capital goods and intermediates for further value-added exports to other African and European destinations

Employment generation is 'real bottom line' for private sector: Eco Survey

The Economic Survey notes that businesses have an obligation to themselves to strike the right balance between deployment of capital and deployment of labour

Economic Survey calls upon India Inc to step up hiring, compensation

"It is worth reiterating that job creation happens mainly in the private sector," the survey released on Monday said

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

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

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

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

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

Ahead of Budget's presentation, Congress demands legal guarantee for MSP

A day before the presentation of the Union budget, the Congress on Monday said the Centre must make three important announcements of making MSP a legal guarantee, fix MSP on the basis of the Swaminathan formula and establish a permanent commission to monitor the implementation of farm loan waivers. Congress general secretary in-charge Jairam Ramesh said that of all the "failures" of the central government, the "incompetence and ill-will" of the Ministry of Agriculture and Farmers' Welfare is the most damaging. "While the UPA had raised the MSP of wheat by 119% and that of rice by 134%, the Modi government has raised it by 47% and 50% respectively. This is not at all enough to keep up with inflation and the rising prices of agricultural inputs," Ramesh said in a statement. He pointed out that farmers' debt has increased tremendously. According to the National Sample Survey Office (NSSO), outstanding loans have increased by 58 per cent since 2013, he said. "More than half of the far

Budget 2024: Demand for creation of new NBFC-PSL category to boost MSME

The creation of a new category of Non-Banking Financial Companies (NBFCs) dedicated to priority sector lending (PSL) to support the growth of MSMEs features among the key demands by business leaders in the forthcoming Union Budget. Finance Minister Nirmala Sitharaman will present the Union Budget in Parliament on Tuesday. Shachindra Nath, Founder & MD of UGRO Capital Ltd, urged the government to address specific challenges faced by NBFCs that cater to the Micro, Small, and Medium Enterprises (MSMEs). He called for the establishment of NBFC-PSL, which would focus at least 85 per cent of their assets under management (AUM) on the priority sector. "Creating an NBFC-PSL category will foster a more inclusive and resilient financial ecosystem for MSMEs," Nath told PTI. He said loans from banks to NBFCs for onward lending to MSMEs should be classified as PSL loans', with current caps removed. Nath also proposed reintroducing the Partial Credit Guarantee Scheme and expanding it to includ