Page 12 - Indian Economy

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

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

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

We have to build Aatmanirbhar India: Prez in her 1st address to Parliament

The Budget session of Parliament got underway on Tuesday with the maiden address of President Droupadi Murmu to a joint sitting of both Houses

Budget 2023: What is the Economic Survey? All you need to know about it

The Survey reviews the economic and financial trends in the nation over the past year and provides detailed data and analysis on all the major sectors of the economy

India's growth for next year pegged at 6.5%; higher than IMF projection

Sticky global inflation could keep rates higher for longer, hurting growth including in emerging markets like India

From capex to taxation, four things to look out for in Union Budget 2023

This is the last full budget before the 2024 Lok Sabha elections, and will be tabled amidst a global slowdown and unprecedented geopolitical uncertainty

Top headlines: India,China to drive 2023 growth, PLI scheme to be extended

Business Standard brings you the latest headlines at this hour

Tax cuts, factory incentives: Here's what to watch for in upcoming Budget

Finance Minister Nirmala Sitharaman may tweak income-tax slabs to provide relief to the nation's vast middle class and increase spend on the poor through programs such as rural jobs

Expecting slowdown in Indian economy to 6.1% in 2023 from 6.8% in 2022: IMF

The International Monetary Fund (IMF) on Tuesday said it is expecting some slowdown in the Indian economy next fiscal year and projected the growth to 6.1 percent from 6.8 percent during the current fiscal ending March 31. The IMF on Tuesday released the January update of its World Economic Outlook, according to which the global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024. Our growth projections actually for India are unchanged from our October Outlook. We have 6.8 percent growth for this current fiscal year, which runs until March, and then we're expecting some slowdown to 6.1 percent in fiscal year 2023. And that is largely driven by external factors, Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department of the IMF told reporters here. Growth in India is set to decline from 6.8 percent in 2022 to 6.1 percent in 2023 before picking up to 6.8 percent in 2024, with resilient domestic

Road map for India as an economic superpower

This Budget will also continue the weighty task of sustaining social welfare schemes

India plans to invoke emergency law to force imported coal-based utilities

India plans to evoke an emergency law next month which would force power plants running on imported coal to generate power, two government sources

India economic survey likely to peg 2023-24 growth at 6-6.8%: Experts

India's annual pre-budget economic survey is likely to peg GDP growth at 6-6.8% for 2023-24, according to a source

India, China likely to drive half of 2023 global growth, says IMF

India forecast remains unchanged for FY24

Senior executives in India to see average pay hike of 9.1% in 2023: Study

Senior executives in India are expected to receive an average 9.1 per cent increase in their salaries this year, up from 8.9 per cent in 2022. According to leading global professional services firm Aon plc, the average CEO compensation was Rs 8.4 crore, and it has increased 21 per cent in the last four years, as there is an emphasis on rewarding executives for the value they bring to the organisation. According to Aon's latest Executive Rewards Survey in India, for board and senior managerial positions, one in three organisations are focusing on improving diversity levels. Boards are also embedding environmental, social and governance (ESG) factors, diversity and succession metrics in the long-term and short-term goals for CEOs and executive leaders. Aon's 12th annual study, analysed data across 519 companies from more than 25 industries. "Senior executives' salary increases continue to focus on pay at risk, indicating the emphasis on rewarding executives for the value they bring

Guru of globalisation

The Presidency of G20 should be used by India to argue for globalisation and a rules-based global economic order

Budget wishlist: Economy can touch $5 tn if lives of farmers improve

If the lives of millions of marginalised farmers are better and their standard of living improves, India should be coasting easily towards target of a $5 trillion economy, said top official from LEAF

$3.1 mn spent on privacy last year by businesses in India: Report

The average privacy spending by businesses in India was $3.1 million in 2022 and $2.4 million in 2021, a new report said on Monday

Affordable housing demand down to 26% in 2022: Sector expects on budget

While the affordable housing segment, the backbone of the housing sector has witnessed a poor performance, the country's residential real estate sector looks to Budget 2023-24