Economic Survey 2023 LIVE Updates: The Economic Survey for 2022-23 was tabled by Finance Minister Nirmala Sitharaman today in Parliament just a day before she presents the Union Budget for 2023-24. The Economic Survey, a flagship document of the government, pegged economic growth forecast for FY24 at 6-6.8 per cent. Speaking in a press conference, Chief Economic Adviser V Anantha Nageswaran said that India is poised to perform well in this decade on the back of reforms ushered by the Modi government in the last eight years.
- IMF forecasts show an acceleration in India’s GDP growth rate, says CEA V Anantha Nageswaran
Chief Economic Adviser V Anantha Nageswaran says, ultimately, investments must translate into employment… As the private sector investment begins to kick in and construction sector comes back to life, the employment scenario will pick up.
Financial markets do not treat advanced and emerging economies similarly on fiscal deficits. Therefore, it stands to reason that they reap greater rewards for fiscal prudence. “Amidst the continuing global uncertainties and risks, the fiscal glide path illuminates the path for fiscal policy.
Chief Economic Adviser V Anantha Nageswaran says, there was talk of India having prematurely deindustrialised. “I would say India had not industrialised enough.”
Chief Economic Adviser V Anantha Nageswaran says, because of the government’s health insurance programme, out of pocket health expenditure for families has reduced from 66% to 48%.
Chief Economic Adviser V Anantha Nageswaran says, it is my belief that India’s digital infrastructure can add around 60-100 basis points to India’s potential GDP growth rate.
Chief Economic Adviser V Anantha Nageswaran says, the digital infrastructure can help the hitherto excluded sections get a fair shot at accessing national and international markets.
Chief Economic Adviser V Anantha Nageswaran says, there is a lot of justified optimism about India’s digital public infrastructure.
Vaccination coverage led to migrant workers returning to construction sites fueling the housing market
Vaccinations have facilitated the return of migrant workers to cities to work in construction sites due to rebound in consumption which has had a ripple effect on the housing market, the Economic Survey for 2022-23 tabled in Parliament said on January 31.
The inventory overhang in the housing market has also witnessed a significant decline and fell to 33 month in Q3 of FY23 (October-December) from 42 months last year, it said.
“The ‘release of pent-up demand’ was reflected in the housing market too. Demand for housing loans picked up. Consequently, housing inventories have declined, prices are firming up, and construction of new dwellings is picking up pace. This has stimulated innumerable backward and forward linkages that the construction sector is known to carry. The universalisation of vaccination coverage also has a significant role in lifting the housing market as, in its absence, the migrant workforce could not have returned to construct new dwellings,” it said.
- Chief Economic Adviser V Anantha Nageswaran says, it’s not just that quality of government expenditure has improved in recent years, but the government has also become more transparent about it’s numbers.
- Chief Economic Adviser V Anantha Nageswaran says, more than 7 lakh cases have been resolved even before entering the IBC process. This isn’t reflected in the data.
- The economic recovery is complete; non-banking and corporate sectors now have healthy balance sheets, hence, we don’t have to speak of recovery from Covid-19 anymore, we have to look ahead to the next phase, said Chief Economic Advisor V Anantha Nageswaran.
- Chief Economic Adviser V Anantha Nageswaran says, reforms of the last eight years mean India will perform better in this decade. These reforms span multiple dimensions – financial inclusion, banking, tax transparency, ease of doing business, and farmers’ welfare.
- IMF has retained its GDP growth forecast for India for the current and next financial years. Their forecasts show an acceleration in India’s GDP growth rate.
- Rumki Majumdar, Economist, Deloitte India says…
The government must address the supply bottlenecks to contain inflationary pressures and bring it back within its comfort range in a timely manner. Measures such as spending on infrastructure and logistics may go a long way in bringing down costs and improving competitiveness. More importantly, it will help India move up the value chain over the Amrit Kaal of the next 25 years:
- he number of recognised startups in the country has increased from 452 in 2016 to 84,012 in 2022. About 48 percent of our startups are from tier 2 & 3 cities
- IMF has retained its GDP growth forecast for India for the current and next financial years. Their forecasts show an acceleration in India’s GDP growth rate.
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The Economic Survey 2023 has said startups are exploring “reverse-flipping”, or shifting their domicile back to India, a month after it emerged that such a shift by fintech unicorn PhonePe cost its investors around Rs 8,000 crore.
The survey also suggested measures like simplification of employee stock option (ESOP) taxes, capital gains tax regimes like those of Singapore, UAE and the Netherlands, and capital flow procedures akin to geographies like the US and Singapore to accelerate reverse-flipping.
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