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Tag: Economic Survey

  • Budget 2024: FM Sitharaman To Table Economic Survey In Parliament Tomorrow |10 Key Points | Economy News

    New Delhi: India’s Finance Minister Nirmala Sitharaman will table the Economic Survey in Parliament on Monday, July 22, a day before she unveils the Union Budget for a record seventh time. The upcoming budget aims to address unemployment and other ongoing issues in the country.

    Continuing the trend of the last few years, the 2024 Union Budget will be delivered in a paperless format. Notably, the Budget for the Union Territory of Jammu and Kashmir for 2024 will be presented on July 23, 2024. 

    Here are 10 Key Highlights of the Economic Survey And Budget 2024 You Need to Know

    1. The Economic Survey is made by the Economic Division of the Department of Economic Affairs in the Ministry of Finance.

    2. The first Economic Survey started in 1950-51 and was part of the budget documents. In the 1960s, it was separated from the budget documents and presented the day before the Union Budget.

    3. In 2022, the theme of the Economic Survey was ‘Agile Approach,’ focusing on India’s economic response to the Covid-19 pandemic.

    4. In 2023, the theme was ‘Recovery Complete’ as the economy was recovering during the Russia-Ukraine war and trying to return to pre-Covid conditions.

    5. This year’s Budget will be Prime Minister Narendra Modi-led government’s first major policy announcement after winning a third term in the Lok Sabha elections.

    6. Finance Minister Nirmala Sitharaman will break the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as Finance Minister. She has also surpassed Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha, who each presented five budgets.

    7. The Reserve Bank of India recently increased the GDP forecast for the current year 2024-25 to 7.2% from 7% earlier. Strong domestic demand has driven the economy to a growth rate of over 7% in recent years.

    8. The International Monetary Fund (IMF) has raised India’s growth forecast for 2024 from 6.8% to 7%, keeping the country as the fastest-growing in emerging markets and developing economies.

    9. For 2023-24, the government set the fiscal deficit target at 5.9% of GDP, later revised to 5.8%.

    10. India is expected to become the world’s third-largest economy with a GDP of USD 5 trillion in the next three years. By 2030, India could become a USD 7 trillion economy. (With Inputs From ANI)

  • ‘Indian Rly wishes prime stage of capital expenditure to beocme an engine of expansion through 2030’

    Categorical Information Carrier

    NEW DELHI: Because the Financial Survey 2021-22 got here out with main points on Monday, the Indian Railway sector will emerge to get an overly prime stage of capital expenditure for changing into the engine of nationwide expansion within the subsequent 10 years.

    With a excellent collection of mega initiatives within the pipeline, the railways will haven’t any wrong way however to look an overly prime stage of capital expenditures to boost up its capability expansion through 2030.

    The capital expenditure (Capex) has larger from Rs 45,980 crore according to annum in 2014 to Rs 2.15 lakh crore – round 5 instances the Capex of 2014.

    Because the Financial Survey additional places it, “As extra initiatives are taken available and a number of other assets of capital discovering are advanced, the Capex will building up additional within the coming years and the railway device will if truth be told emerge as an engine of nationwide expansion.”

    Touching upon the Nationwide Rail Plan, the Financial Survey has laid down the street map for capability enlargement of the railway networks additionally through 2030 to cater the expansion as much as 2050.

    “It envisages the introduction of a future-ready railway device that is in a position to no longer most effective meet the passengers’ call for but additionally building up the modal proportion of railways freight to 40-45 according to cent from the prevailing stage of 26-27 according to cent,” the survey identified.

    Because the survey has categorically said the Indian Railway has known 58 initiatives as Tremendous Essential, centered to be finished through December 2022 whilst 68 initiatives had been known as Essential and feature been centered to be finished through March 2024. Those initiatives are considering expanding capability on routes that serve primary mineral, business hubs at the side of the ports and primary intake centres beneath the Nationwide Rail Plan, the survey mentioned.

    The survey additionally identified that the freight ecosystem beneath the Nationwide Rail Plan is predicted to develop from the present stage of 26.27 according to cent to 8200MT through 2030. At this time, the railway capability is just ready to hold 1220MT which is round 26.27 according to cent of the modal proportion.