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Putting climate action as one of the focus areas of the Budget is a major move, since the Budget should not only focus on economic development but also on sustainable development for securing the future of generations to come
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A round-up of key policy changes and exemptions that have brought the automotive industry to this juncture.
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Congress chief spokesperson Randeep Surjewala termed the survey a "self-serving cheerful assessment" of the economy that raises doubts about what the Budget is set out to achieve.
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The Economic Survey said that the higher capital expenditure with a focus on infrastructure spending in 2021-22 budget estimate will have a multiplier effect on the ongoing economic recovery.
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The real estate services sector along with financial and professional services, too, is expected to witness a 4% growth in FY2022 after a decline of 1.5% last year.
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The Economic Survey, tabled by Finance Minister Nirmala Sitharaman in Parliament, said India’s economy is expected to grow by 8-8.5 per cent in the fiscal beginning April 1 and is well placed to meet the future challenges on the back of widespread vaccine coverage, supply-side reforms and easing of regulations.
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India will need to be wary of imported inflation, especially from elevated energy prices, and likely withdrawal of liquidity by major central banks, the survey warns
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Indian Railways’ focus on freight movement during the pandemic has resulted in Railways clocking over 18 percent growth in cargo loaded in the first three quarters of the present financial year 2021-22 over the corresponding period of the previous year, points out the Survey.
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The Economic Survey documents included an entire chapter on ‘Sustainable Development and Climate Change’, indicating how the government is prioritising the agenda.
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The Chief Economic Advisor’s seat had been lying vacant for months, much like it had been in 2014
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At 413 pages, the latest edition of the Economic Survey is significantly smaller than last year's.
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This comes on the back of drone rules that were liberalised in August 2021 by the government. Moreover, since the pandemic, the country has seen the launch of several applications by the government that leverage technology like AI for the benefit the larger public.
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While government consumption has crossed pre-pandemic levels by 10 percent, private consumption continues to be at 97 percent of what it was before the pandemic hit. Investment to GDP ratio hit its highest point in 7 years.
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Inflation of the sub-group has risen sharply since mid-2019; remained in double digits since April 2020 and witnessed a further uptrend in 2021-22, said the Economic Survey 2021-22.
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As part of the national rail plan, the Indian Railways also aims to corner 40 to 45 percent of total domestic cargo movement from its current share of 26-27 percent.
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The government had promised to double farmers’ income by 2022. However, it finds no mention in the survey. It exhorts farmers to focus more on allied activities, like animal husbandry and fishing, than on crop cultivation to boost income. While this is good advice, it is neither new nor path-breaking.
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Finance minister Nirmala Sitharaman tabled the Economic Survey 2022 on January 31, soon after President’s address to both Houses of Parliament. The survey, presented a day before the Union Budget, details the state of economy and reforms that should be undertaken to accelerate growth.
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Corporate sector model too sees a sharp rise of 42.13 percent in NPS contributions.
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The Economic Survey is upbeat on consumption and investment rising. It has projected FY2022-23 GDP growth at 8-8.5 percent
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The combination of high foreign exchange reserves, sustained foreign direct investment, and rising export earnings will provide an adequate buffer against possible global liquidity tapering in 2022-23.
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In value terms, around 74 percent of distressed assets were rescued. Of the CDs sent for liquidation, three-fourth were either sick or defunct and of the firms rescued, one-third were either sick or defunct, the Survey said.
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Economic Survey 2022: During April- November 2021 Indian railways carried over 185.1 crore domestic passengers, and the rail passenger traffic is still below the pre-pandemic level, noted the Economic Survey.
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As India continues to raise the COVID-19 vaccination coverage in a bid to minimise the loss of lives due to coronavirus infection, the latest economic survey report notes the remarkable achievement of the inoculation campaign launched on January 16, 2021.
