Page 25 - Budget 2023

Sensex rises 445 pts from day's low to end flat; Adani FPO fully subscribed

CLOSING BELL: Broader markets, too, remained upbeat throughout the day as Nifty MidCap 100 and Nifty SmallCap 100 outperformed benchmark indices to close up to 2 per cent

Rising domestic demand, capital investment to aid growth in FY24: Survey

A slower growth in economic output coupled with increased uncertainty will dampen trade growth

Highway construction up from 6,061 km in FY16 to 10,457 km in FY22: Survey

In FY23 (until October 2022), a total of 4,060 km of NHs and roads were constructed, which was around 91 per cent of the achievement in the corresponding period of the previous financial year

Housing prices beginning to firm up after two-year Covid hiatus: Eco Survey

Housing prices have started to firm up after a two-year COVID lull and unsold inventories have declined on rise in demand, the Economic Survey said on Tuesday, as it anticipated a decline in prices on the back of a cut in import duties on many construction materials. India's residential market has witnessed recovery this fiscal on pent-up demand with increase in housing sales despite impediments like rising interest rates on home loans and appreciation in property prices, said the Survey which was tabled in Parliament. The release of "pent-up demand" was reflected in the housing market, as demand for housing loans picked up, the Survey noted. "Consequently, housing inventories have declined, prices are firming up, and construction of new dwellings is picking up pace and this has stimulated innumerable backward and forward linkages that the construction sector is known to carry," the document said. Housing prices have risen due to an increase in the construction cost amid ...

Indian farm sector performed well, but needs re-orientation: Eco Survey

Indian agriculture has performed well but the sector needs "re-orientation" in the backdrop of certain challenges like adverse impacts of climate change, rising input cost, etc, the Economic Survey for 2022-23 tabled in Parliament on Tuesday said. The other challenges are fragmented landholdings, sub-optimal farm mechanisation, low productivity, disguised unemployment, rising input costs, etc. "While Indian agriculture has performed well, the sector needs re-orientation in the backdrop of certain challenges...," it said. Stating that the performance of the agriculture sector remains critical to growth and employment in the country, the Survey said investment in the sector must be encouraged through an affordable, timely and inclusive approach to credit delivery. It may be noted that more than 75 per cent of rural female workers are employed in the agriculture sector. This implies a need to upskill and create employment for women in agriculture-related sectors such as food ...

Disinvestment proceeds of Rs 4.07 trn realised in last 9 years: Eco Survey

About Rs 4.07 lakh crore has been realised as disinvestment proceeds in the past nine years, and post-2014 the government is engaging with the private sector as a co-partner in the development, the Economic Survey said on Tuesday. In the current fiscal, out of the budgeted amount of Rs 65,000 crore, 48 per cent or over Rs 31,000 crore has been collected as of January 18, 2023. The survey said privatisation of Air India re-ignited the privatisation drive, and evidence shows that labour productivity and the overall efficiency of the PSUs disinvested during 1990-2015 has improved. "During FY15 to FY23 (as of 18 January 2023), an amount of about Rs 4.07 lakh crore has been realised as proceeds from disinvestment through 154 transactions using various modes/instruments," said the Survey tabled in Parliament by Finance Minister Nirmala Sitharaman. Of this, Rs 3.02 lakh crore was realised from minority stake sale and Rs 69,412 crore was realised from strategic disinvestment transactions i

EV market likely to cross 10-mn sales mark per annum by 2030: Eco Survey

India's electric vehicles (EV) market is expected to grow to one crore units annual sales by 2030 and create 5 crore direct and indirect jobs, according to the Economic Survey 2022-23. The survey tabled in Parliament on Tuesday said that in December 2022, India became the third-largest automobile market, surpassing Japan and Germany in terms of sales. "The automotive industry is expected to play a critical role in the transition towards green energy. The domestic electric vehicles (EV) market is expected to grow at a compound annual growth rate (CAGR) of 49 per cent between 2022 and 2030 and is expected to hit one crore units of annual sales by 2030," it said. As per industry estimates, the total EV sales in India stood at around 10 lakh units in 2022. Further, the survey said, "The EV industry will create 5 crore direct and indirect jobs by 2030. To support and nurture this development, the government has undertaken multiple steps". The pre-Budget document also highlighted that t

Political parties seek early end to first half of Budget session: Joshi

Leaders of different political parties on Tuesday urged Lok Sabha Speaker Om Birla to adjourn the first half of the Budget session on February 10 instead of February 13, Parliamentary Affairs Minister Pralhad Joshi said. The demand was made during a meeting of the Business Advisory Committee of the Lok Sabha. The Speaker has said he will consider the demand, the minister said. The Budget session of Parliament started on Tuesday and is scheduled to go on a break on February 13. However, with February 11-12 being a weekend, a demand was made to conclude the first half of the session on February 10. The session as per schedule will resume on March 13 and conclude on April 6.

Achievements in renewables strengthened resolve for Net Zero by 2070: Prez

President Droupadi Murmu on Tuesday said India has achieved the target of making 40 per cent of its electricity generation capacity from non-fossil fuel sources, a success that has strengthened the resolve to achieve Net Zero by 2070. In her maiden address to the joint sitting of Parliament marking the beginning of the Budget Session, Murmu said India was also progressing rapidly towards achieving the target of 20 per cent ethanol blending in petrol. "India has also changed the perception, which considers progress and nature as contradictory," she said addressing lawmakers in the Central Hall of Parliament. She said the government has increased the solar power capacity by almost 20 times in the last eight years and India now ranks fourth in the world in renewable energy capacity. "My government is focusing on green growth and is emphasizing on connecting the entire world with Mission LiFE," Murmu said. Prime Minister Narendra Modi had announced Mission LiFE at the climate conferen

Govt has taken unprecedented decisions for tribals' pride: Prez Murmu

President Droupadi Murmu on Tuesday highlighted various schemes rolled out for the welfare of scheduled tribes and said the government has taken "unprecedented" decisions for the pride of tribal communities as well as "awakened" their aspirations. While more than 36,000 tribal-dominated villages are being developed today under the Pradhan Mantri Adi Adarsh Gram Yojana, over 400 Eklavya Model Schools have been opened in tribal areas to provide formal education to children belonging to scheduled tribes, she said in her address to the joint sitting of Parliament. More than 3,000 Van Dhan Vikas Kendras have become new means of livelihood across the country, the president said. "My government has taken unprecedented decisions for the pride of the tribal communities. For the first time, the country started celebrating the birth anniversary of Bhagwan Birsa Munda as 'Janjatiya Gaurav Diwas'," Murmu said. Recently, the government paid tribute to tribal revolutionaries at the national level

What does Economic Survey 2022-23 tell us about growth in the coming year?

The Survey, tabled by finance minister Nirmala Sitharaman today, said the economy has recovered from the financial system stress experienced in the second decade of the millennium

Economic Survey 2022-23: What does it say about inflation and employment

Economic Survey said that RBI's inflation projections for FY23 are neither too low nor too high

Social sector sees significant increase in govt spending: Economic Survey

Social sector witnessed a significant increase in government spending, the Economic Survey presented by Finance Minister Nirmala Sitharaman on Tuesday noted

Credit growth likely to be brisk in FY24 if inflation moderates: Survey

Credit growth is likely to be brisk for MSMEs in FY2023-24 provided inflation remains benign and cost of credit is low, said the Economic Survey 2022-23 presented in Parliament on Tuesday. The Micro, Small and Medium Enterprises sector witnessed a credit growth of about 31 per cent in January-November 2022. "If inflation declines in FY24 and if real cost of credit does not rise then credit growth is likely to be brisk in FY24," the Survey said. Talking about the banking sector in India, the Survey said it has also responded in equal measure to the demand for credit as the year on year growth in credit since the January-March quarter of 2022 has moved into double digits and is rising across most sectors. The finances of public sector banks (PSBs) have seen a significant turnaround with profit being booked at regular intervals and their non-performing assets being fast-tracked for quicker resolution/liquidation by the Insolvency and Bankruptcy Board of India (IBBI), it said. At the

Indian economy to grow 6.5% in FY24; CAD may widen further: Economic Survey

It added that India is third-largest economy in the world in PPP (purchasing power parity) terms and fifth largest in terms of exchange rate

Over 500 mn provided free treatment under Ayushman Bharat Yojana: President

More than 50 crore Indians have been provided free treatment facility under the 'Ayushman Bharat Yojana', President Droupadi Murmu said on Tuesday. In her first address to the joint sitting of Parliament on the first day of the Budget session, Murmu said the health scheme has saved crores of poor from becoming poorer and preventing them from spending Rs 80,000 crore. "A major cause of poverty is illness. A serious ailment completely shatters the morale of a poor family, leaving generations in debt. To free the poor from this worry, a nationwide Ayushman Bharat Yojana was launched. Under this scheme, more than 50 crore countrymen have been provided the facility of free treatment," she said. Medicines are being made available at low cost in about 9,000 Jan Aushadhi Kendras spread across the country. As a result, money worth Rs 20,000 crore of the poor have been saved in the past few years, she said. "That means, from Ayushman Bharat and Jan Aushadhi schemes alone, the countrymen have

Rupee may remain under depreciation pressure, says Economic Survey

The Indian rupee may remain under depreciation pressure on account of plateauing of exports and subsequent widening of the current account deficit, said the Economic Survey 2022-23 tabled in Parliament on Tuesday. It said the "risks to the current account balance stem from multiple sources". The country's current account deficit (CAD) widened to 4.4 per cent of the GDP in the quarter ended September from 2.2 per cent in April-June due to higher trade gap, as per latest data of the Reserve Bank of India. In the opening trade on Tuesday, the rupee depreciated 12 paise to 81.64 against the US dollar, weighed down by significant foreign fund outflows and a muted trend in domestic equities. Amid geopolitical situation and tightening of monetary policy by the US Fed, the Indian rupee has remained under pressure and even breached the 83-mark to a US dollar. According to the survey, while commodity prices have retreated from record highs, they are still above the "pre-conflict" ...

Capital expenditure target of Rs 7.5 trn for FY23 to be met: Survey

Capital expenditure has started pushing private investment and the Budget target of Rs 7.5 lakh crore for the current financial year is likely to be met, the Economic Survey 2022-23 said. The capital expenditure (capex) of the central government which increased by 63.4 per cent year-on-year in the first eight months of FY23 was another growth driver of the Indian economy, crowding in the private capex since the January-March quarter of 2022, it said. "On the current trend, it appears that the full year's capex (announced in the Budget) will be met," it said. A sustained increase in the private capex is also imminent with the strengthening of the balance sheets of the corporates and the consequent increase in credit financing it has been able to generate, it said. The Finance Minister raised capital expenditure (capex) by 35.4 per cent for the financial year 2022-23 to Rs 7.5 lakh crore to continue the public investment-led recovery of the pandemic-battered economy. The capex in the

Prez Murmu lauds govt's steps to deal with infra development challenges

President Droupadi Murmu on Tuesday said the government has taken concrete steps and has prepared the PM Gati-Shakti National Master Plan to deal with infrastructure development challenges. The states and Union Territories have also shown enthusiasm regarding the PM Gati-Shakti National Master Plan and this will expand multi-modal connectivity in the country, she said. "Over the past decades, we have noticed two major challenges in building infrastructure in India. Firstly, large infrastructure projects could not be completed on time. Secondly, different departments and governments worked according to their own convenience," she said. This, the President said, not only resulted in the misuse of government resources and time overruns, but also led to inconvenience to the common man. "My government is striving to make India the most competitive logistics hub of the world. For this, the National Logistics Policy was launched in the country last year," she said. Implementation of this

President Murmu focuses on govt's development thrust in maiden address

Laying out the government's vision for building a developed India in the next five years, President Droupadi Murmu on Tuesday underlined its thrust on 'virasat' (heritage) as well as 'vikas' (development) and said it has worked for all without any discrimination. In her first address to the joint sitting of Parliament on the first day of the Budget session, the president said people have been given basic amenities missing for decades and modern infrastructure long aspired for is being built across the country. She cited the expansion of the digital network and the crackdown on corruption during the Modi government's tenure. The government has ushered in many positive changes in its nearly nine years in power and the biggest has been that the self confidence of every Indian is at its peak, the president said. The world has changed the way it looks at India, she said during her more than hour-long speech. While India used to depend on others to solve its problems, it is now working t