Budget Session 2022 Highlights | The pre-budget Economic Survey, which is tabled in Parliament ahead of the Union Budget to present the state of the economy and suggest policy prescriptions, quite often misses on the GDP forecast, sometimes by a significant margin. This time, Finance Minister
One of the most-watched numbers in the pre-Budget Economic Survey, authored by a team led by Chief Economic Advisor (CEA), is the projection of the Gross Domestic Product (GDP) for the next fiscal. The previous economic survey was presented in the midst of the Covid-19 pandemic. The ray of optimism as the country recovers from the impact of the pandemic is likely to figure prominently in the current year's economic survey. However, various high-frequency indicators like GST collections and corporate profitability are pointing towards significant upward movement. The previous economic survey was presented in the midst of the Covid-19 pandemic.
Just days before the presentation of the Economic Survey, the government appointed economist V Anantha Nageswaran as the new CEA. Nageswaran, an academic and former executive with Credit Suisse Group AG and Julius Baer Group, succeeds K V Subramanian, who demitted the office of CEA in December 2021 after the completion of his three-year term. The Economic Survey for 2021-22 is expected to give a growth projection of around 9 per cent for the next financial year as Asia's third-largest economy is showing signs of recovery from the pandemic.
How to read the Union Budget 2022: A beginner’s guide
Why the Budget must incentivise millennial consumers
Market gains over 1% on Economic Survey takeaways, next stop Budget
Govt sets up NLMC to fast-track monetisation of public sector entities' land
FY23 growth expectations based on resilience of economy, says PEA Sanjeev Sanyal
Here are list of bills likely to be taken up during Budget Session 2022
FY22 fiscal deficit target of 6.8% of GDP achievable, says Nomura
India needs to invest $1.4 trillion by 2024-25 on infrastructure to achieve $5 trillion GDP
India's GDP contracted 6.6% in FY21, lower than previously estimated
Government collects Rs 1.38 lakh crore as GST in January
Govt sets up National Land Monetisation Corporation to fast track monetisation of land
Economic Survey 2022: Measures to cool global inflation to affect capital flows, pressure exchange rate
Railways freight overcomes COVID-19 woes, passenger segment still struggling
Survey optimistic on medium-term prospects due to infra capex focus of govt, says CRISIL's Dharmakirti Joshi
Anticipate govt spending to record robust momentum in Q4 FY2022, says, ICRA Limited's Aditi Nayar
GDP growth projection of 8-8.5% for FY23 is quite conservative, says Knight Frank India's Rajani Sinha
Policymakers should ensure fiscal impulse is maximized to improve potential growth, says Emkay Global's Madhavi Arora
Time for 'contrition and change', not for 'boasts and no change', says Congress' P Chidambaram
Strong nominal GDP growth means healthy next fiscal year, says Axis Securities' CIO Naveen Kulkarni
Crypto currency issue not been considered in Economic Survey, says PEA Sanjeev Sanyal
India's inflation still within tolerance threshold, says PEA Sanjeev Sanyal
There is a dearth of good official real-time unemployment data, says PEA Sanjeev Sanyal
Revival in service sector to be largely dependent on subsequent waves of COVID-19, says PEA Sanjeev Sanyal
$70-75 per barrel of oil estimate made for next financial year by economic survey is average price, says CEA Nageswaran
Growth projections made by Economic Survey more conservative than other agencies, says CEA Nageswaran
Spread of commercial bank branches grown rapidly, but branches gone down due to mergers, says PEA
India granted 28,391 patents in 2020-21 out of 58,502 patents applied
Prices on govt's GeM portal 9.5% lower than Amazon and Flipkart, says PEA
India should adopt 'Barbell Approach' to address challenges presented by economy, says PEA
1.14 crore houses sanctioned under PMAY in urban areas, 53 lakh houses completed, says PEA
India's spending on other social services has risen to Rs 7.37 lakh crore in 2021-22, says PEA
India's spending on social services has risen to around Rs 20 lakh crore in 2021-22, says PEA
India only country for which IMF growth forecast has been increased, says PEA
India's GDP growth in 2022-23 is projected to grow between 8-8.5%, says PEA
India now has $636 billion worth of forex reserves, one of the highest in the world, says PEA
Growing culture of startups in India strong indicator of recovering economy, says PEA
India's April-November 2021-22 fiscal deficit stood at Rs 7 lakh crore against Rs 10.8 lakh crore in 2020-21, says PEA
Indian GDP now 1.3% above pre-pandemic levels, says PEA Sanjeev Sanyal
Indian agriculture sector GVA now 7.7% above pre-pandemic levels, says PEA Sanjeev Sanyal
India's overall GVA grew by 8.6% on year in 2021-22, after contracting 6.2% in 2020-21, says PEA Sanjeev Sanyal
Indian economy to grow by 9.2% in 2021-22 after contracting 7.3% in 2020-21, says PEA Sanjeev Sanyal
Economic survey will have two volumes, PEA Sanjeev Sanyal
CEA V Anantha Nageswaran briefs media
Highlights of the Finance Ministry's Economic Survey 2021-22
Eco Survey 2022 presented in Parliament in 2 volumes
Global Innovation Index: India’s ranking in the Global Innovation Index has climbed 35 notches, from 81st in 2015-16 to 46th in 2021.
Economic Survey 2022: There has been a major rebound in India’s merchandise exports and imports over a short period of time.
IPO mania: Overall, companies raised Rs. 1.81 lakh crore in the first eight months of the current financial year from the primary market.
Market meter: Among major emerging market economies, Indian markets outperformed its peers in April-December 2021.
Rising revenues: The revenue receipts of the central government during April- November 2021 have gone up by 67.2 per cent (YoY).
$5 trillion goal: In order to achieve the GDP of $5 trillion by 2024-25,India needs to spend about $1.4 trillion over these years on infrastructure.
Economic Survey: Vaccination is not merely a health response but is critical for opening up the economy, particularly contact-intensive services.
Import policy: Knee jerk reactions to price rise of essential commodities send wrong signals to domestic producers and create an environment of uncertainty.
Given the importance of supply-side factors in having a predominance in determination of inflation in India, long-term policies are likely to help.
Economic Survey: Gross Fixed Capital Formation (GFCF) is expected to see strong growth of 15 per cent in 2021-22 and achieve full recovery of pre-pandemic level.
Economic Survey 2022: Overall, macro-economic stability indicators suggest that the Indian economy is well- placed to take on the challenges of 2022-23.
Eco Survey 2022: The Services sector has been the hardest hit by the pandemic, especially segments that involve human contact.
FM to table the Economic Survey: The Survey is expected to strongly hint at inflation risks to the economy, and the need for consumption-based growth.
President Kovind: My Government has clubbed the functioning of individual ministries together.
President Kovind: Govt provided Rs 3 lakh crore worth of collateral free loans, which benefited 13.5 lakh MSMEs. Sale of khadi has increased three times.
PLI schemes provided in manufacturing sector. Govt schemes in manufacturing sector will create jobs. India one of the top mobile manufacturing hubs of the world.
President Kovid: Self-reliance top priority of the government. National education has changed the face of education. We are helping youth get job under Skill India.
Opposition to corner govt: The Opposition has said that it will raise the Pegasus snooping allegations, among other issues, in the Parliament.
GDP forecast: The finance ministry is expected to come out with the Economic Survey 2021-2022 with FY22 GDP forecast between 9 percent and 9.5 percent.
Survey to tabled in both Houses: The Centre will release its Economic Survey only after it is tabled in both Houses of Parliament.
Where to watch FM's speech: FM Nirmala Sitharaman is all set to present the Budget 2022 in parliament on February 1.
All eyes on the survey: The Economic Survey is expected to be be tabled before the Lok Sabha post noon.
This live blog session has ended. Stay tuned to MoneyControl tomorrow for all actions and updates related to Budget 2022.
Economic Survey 2022 Live | How to read the Union Budget 2022: A beginner’s guide
Every year, the union budget invites a significant amount of noise, right from the speculations to very specific sectoral asks. Every year, it is a tightrope walk between limited resources and the ever increasing need for expenditure.
The ground reality is that the Budget isn’t a festival of bumper-dhamaka offers. It is more like an annual conference, where the CFO gives an account of the finances. Transparency and credibility are key.
Therefore, even a non-event budget is a good budget.
For those of us who find the budget clamour too disorienting, here are the four simple things to look out for.
Economic Survey 2022 Live | Why the Budget must incentivise millennial consumers
Every sector of the economy from financial services to agriculture along with each and every market segment in between has its own set of budget wish-list. Yet, there is one group whose interests unite them all – consumers.
The individual consumer has, on the whole, been through exceptionally trying times over the past two years, emotionally, physically and financially. India’s economic growth has been largely driven by this section of stakeholders.
To ensure strong long-term growth, it is in the interest of all stakeholders to push for the consumer’s well-being, be it in terms of savings and investments to education and wealth. There are 440 million millennials, who make up 34 percent of the population and will be the driving force behind India’s growth over the coming decades.
Economic Survey 2022 Live | Market gains over 1% on Economic Survey takeaways, next stop Budget
Indian equity benchmark indices erased losses of the previous two sessions to close a percent higher on January 31, the day the annual Economic Survey, released on the Budget eve, pegged the FY23 GDP forecast between 8 and 8.5 percent.
After a positive opening, the market extended the gains in the afternoon trade, with the Nifty crossing 17,400 ahead of the Union Budget for the financial year 2022-23 which would be presented by Finance Minister Nirmala Sitharaman on February 1.
At close, the Sensex was up 813.94 points or 1.42 percent at 58,014.17, and the Nifty was up 237.80 points or 1.39 percent at 17,339.80.
Economic Survey 2022 Live | Govt sets up NLMC to fast-track monetisation of public sector entities' land
The Economic Survey presented by Finance Minister Nirmala Sitharaman on January 31 said that the government has set up a National Land Monetisation Corporation (NLMC) to fast-track monetisation of land and non-core assets of public sector entities.
"In pursuance of the Budget announcement, National Land Monetisation Corporation (NLMC) is being incorporated as a 100 per cent Government of India owned entity with an initial authorised share capital of Rs 5,000 crore and subscribed share capital of Rs 150 crore," the survey said.
So far, central public enterprises have referred 3,400 acres of land and other non-core assets for monetisation to NLMC, the survey said.
Economic Survey 2022 Live | FY23 growth expectations based on resilience of economy, says PEA Sanjeev Sanyal
A quick revival in India's economic growth nearly two years into the Covid pandemic has boosted growth expectations even in an uncertain climate, Principal Economic Advisor Sanjeev Sanyal said on January 31. He added that most sectors were reaching pre-pandemic levels.
Addressing the press after the latest Economic Survey was tabled in Parliament earlier today, Sanyal said growth expectations in the coming year is based on higher government spending, focus on fiscal stability, and a high forex reserve.
While the newly appointed Chief Economic Advisor (CEA) V Anantha Nageswaran began his tenure on January 28, the latest survey has been created by Sanyal and team.
Nageswaran said the overall theme of the economic survey has been on providing short-term support to vulnerable sections, during these uncertain times while keeping a firm focus on the medium-term fiscal stability and never letting go of the opportunity that a crisis provides to initiate structural supply-side reforms.
The survey announced that India's GDP growth in 2022-23 is projected to grow between 8-8.5 percent. However, this is based on the assumption that 'there will be no more debilitating pandemic related economic disruption, a normal monsoon, significant withdrawal of global liquidity, average global oil prices in the range of $70-75, and global supply chain disruptions easing over time'.
Economic Survey 2022 Live | Here are list of bills likely to be taken up during Budget Session 2022
I – LEGISLATIVE BUSINESS:
a) The Warehousing (Development and Regulation) Amendment Bill, 2022
b) The Competition (Amendment) Bill, 2022
c) The Cantonment Bill, 2022
d) The Indian Antarctica Bill, 2022
e) The Emigration Bill, 2022
f) The Pension Fund Regulatory and Development Authority (Amendment) Bill, 2022
g) The National Dental Commission Bill, 2022
h) The Identification of Prisoners Bill, 2022
i) The Metro Rail (Construction, Operation and Maintenance) Bill, 2022
j) The Mines and Minerals (Development and Regulation) Amendment Bill, 2022
k) The Energy Conservation (Amendment) Bill, 2022
l) The Constitution (Scheduled Castes and Scheduled Tribes) Order (Amendment) Bills, 2022 relating to UP
m) The Constitution (Scheduled Castes and Scheduled Tribes) Order (Amendment) Bills, 2022 relating to Jharkhand
n) The Constitution (Scheduled Tribes) Order (Amendment) Bills, 2022 relating to Tripura
II – FINANCIAL BUSINESS:
1) The Finance Bill, 2022
2) Discussion and Voting on Supplementary Demands for Grants for the 2021-22 and introduction, consideration and passing of the related Appropriation Bill.
3) Discussion and Voting on Excess Demands for Grants for the year 2018-19 and introduction, consideration and passing of the related Appropriation Bill.
4) Discussion and Voting on Demands for Grants for 2022-23 and introduction, consideration and passing of the related Appropriation Bill.
5) Discussion and Voting on Supplementary Demands for Grants of Union Territory of Jammu & Kashmir for the financial year 2021-22 and introduction, consideration and passing of the related Appropriation Bill.
6) Discussion and Voting on Demands for Grants of Union Territory of Jammu & Kashmir for the financial year 2022-23 and introduction, consideration and passing of the related Appropriation Bill.
Economic Survey 2022 Live | FY22 fiscal deficit target of 6.8% of GDP achievable, says Nomura
While sharing the first insights on India's Economic Survey, rating agency Nomura said that FY22 fiscal deficit target of 6.8% of GDP is achievable. The agency added that this implies a strong rampup of public spending in the coming months, which should contribute to GDP growth. However they expect the a Budget which provides fiscal consolidation ‘in spirit’, but also focuses on growth ‘in intent', adding, the announcement of a fiscal deficit target of 6.4% of GDP in FY23 from 6.8% of GDP expected in FY22.
It said, "Backed by strong revenue collection so far in FY22 and with the primary deficit trending at nearly half the level of FY19 ytd, the Survey believes that there is fiscal capacity to ramp up spending while achieving the fiscal deficit target."
Apart from this Nomura noted that the Economic Survey has maintained that the government is looking to improve the quality of expenditure, with the focus on capex over revex, highlighting the former’s multiplier effect. It also highlights the government’s ‘barbell strategy’, under which it combines safety nets for the vulnerable on the one hand, and a tailored government response to evolving macro data on the other, Nomura added.
India needs to invest around $1.4 trillion by 2024-25 in order to achieve a gross domestic product (GDP) of $5 trillion by 2024-25, even as scaling up investment in the sector remains a challenge, the Economic Survey 2022 said.
Economic Survey 2022 Live | India needs to invest $1.4 trillion by 2024-25 on infrastructure to achieve $5 trillion GDP
India needs to invest around $1.4 trillion by 2024-25 in order to achieve a gross domestic product (GDP) of $5 trillion by 2024-25, even as scaling up investment in the sector remains a challenge, the Economic Survey 2022 said.
India invested a total of $1.1 trillion on infrastructure fiscal years 2008-17.
“The challenge is to step up infrastructure investment substantially. Keeping this objective in view, National Infrastructure Pipeline (NIP) was launched with projected infrastructure investment of around Rs 111 lakh crore (US$ 1.5 trillions) during FY 2020-2025 to provide world-class infrastructure across the country, and improve the quality of life for all citizens,” the survey said.
NIP was launched with 6,835 projects, which has expanded to over 9,000 projects covering 34 infrastructure sub-sectors. Between financial years 2020 to 2025, sectors such as energy (24 percent), roads (19 percent), urban (16 percent), and railways (13 percent) amount to around 70 percent of the projected capital expenditure in infrastructure in India.
“It (NIP) also envisages to improve project preparation and attract investment, both domestic and foreign in infrastructure,” the survey said.
Economic Survey 2022 Live | India's GDP contracted 6.6% in FY21, lower than previously estimated
India's Gross Domestic Product (GDP) contracted by 6.6 percent in FY21, according to the National Statistical Office's first revised estimate released on January 31. The revised estimate compares favorably with the provisional estimate of a 7.3 percent contraction, released in May 2021. The first revised estimate is compiled using institution-wise detailed data instead of the benchmark-indicator method, which is employed to arrive at the provisional estimate.
Economic Survey 2022 Live | Government collects Rs 1.38 lakh crore as GST in January
The goods and services tax (GST) collection crossed Rs 1.30 lakh crore-mark for the fourth time as the government collected Rs 1,38,394 crore gross GST revenue for January 2022, the Ministry of Finance said on January 31. Revenues for month of January 2022 were 15% higher than GST revenues in the same month last year & 25% higher than the GST revenues in January 2020, the ministry said.
Economic Survey 2022 Live | Govt sets up National Land Monetisation Corporation to fast track monetisation of land
The Economic Survey presented by Finance Minister Nirmala Sitharaman on January 31 said that the government has set up a National Land Monetisation Corporation (NLMC) to fast-track monetisation of land and non-core assets of public sector entities. "In pursuance of the Budget announcement, National Land Monetisation Corporation (NLMC) is being incorporated as a 100 per cent Government of India owned entity with an initial authorised share capital of Rs 5,000 crore and subscribed share capital of Rs 150 crore," the survey said. So far, central public enterprises have referred 3,400 acres of land and other non-core assets for monetisation to NLMC, the survey said.
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