Budget 2022 Highlights: Growth projections made by Economic Survey more conservative than other agencies, says CEA Nageswaran

Economic Survey 2022 on GST collections

"The Economic Survey mentions the highly watched GST collections which contributed significantly to tax buoyancy by crossing Rs 1 trillion consistently from July 2021. The survey highlights that the indirect tax receipts have registered a growth of 38.6 percent in the first eight months of this fiscal year. It is emphasised that continuous improvements are made in an extremely responsive way in GST to remove glitches and necessary changes, with the proactive action of the GST Council.  The survey also highlights GST rate rationalisation and maintaining revenue neutrality.  With this, the survey highlights points about late fee amnesty scheme and retrospective amendment of interest provisions which gave due relief to the tax payers. The survey acknowledges the efforts against GST evaders and the systemic changes introduced in the recent past related to rate rationalization measures and to correct inverted duty structure.  Enlisting the measures taken by the Centre to support States, the survey highlights that the special borrowing window to meet the GST compensation shortfall was extended for the current financial year 2021-22 to raise the endeavour," says Abhishek A Rastogi, partner at Khaitan & Co.

'Outlook should take into account geopolitcal tension, global oil prices'

The Economic Survey 2021-22 projects India’s growth for FY23 at 8-8.5% based on extensive vaccine coverage, gains from supply-side reforms, easing of process friction, and expected robust export growth; a reasonable, upbeat outlook that should be caveated by exogenous factors like geopolitical tensions and global oil prices, says Arun M Kumar, Chairman & CEO, KPMG India.

Eco Survey 2022: Fiscal situation comfortable, says Niti Aayog VC; adds infra spending to spur employment

Niti Aayog Vice-Chairman Rajuv Kumar today sounded optimistic about India's recovery in the next fiscal. In an exclusive interview with CNBC-TV18, Kumar said the 8-8.85 percent GDP growth forecast in the latest Economic Survey--released earlier today--seemed "just about right" and said he expects investment in the private sector to take off.

Economic Survey 2021-22: Air India sale to boost privatisation; need to encourage private participation across sectors

Economic Survey: India makes progress in sustainable development despite COVID 19

According to the SDG India Index Report 2020-21 of NITI Aayog, India’s overall score improved from 60 in 2019-20 to 66 in 2020-21. The country performed well on health and well-being, clean water and sanitation as well as affordable and clean energy.

Economic Survey 2022: Railways to see very high level of capex in 10 years; aims 100% electrification by Dec 2023

The Economic Survey presented by Finance Minister Nirmala Sitharaman on Monday estimated a very high level of capital expenditure in the railway sector in the next 10 years. The survey further stated that the Indian Railways has set a target of 100 percent electrification of its network by December 2023.

Growth projections made by Economic Survey more conservative than other agencies, says CEA Nageswaran

CEA V Anantha Nageswaran said, while addressing the media that growth projections made by Economic Survey more conservative than other agencies. He added taht capital expenditure by state governments has grown by 67% in 2021-22.

Labour reforms make steady progress; at least 17 states pre-publish draft rules on 4 codes: Survey

Labour reforms are progressing steadily as at least 17 states have pre-published draft rules for four labour codes on wages, social security, industrial relations and occupation safety, health and working conditions (OSH), according to the Economic Survey for 2021-22. "As on January 11, 2022, 26 states/UTs have also pre-published the draft rules under the Code on Wages, 22 states/UTs under Industrial Relations Code, 20 states/UTs under Code on Social Security, and 17 states/UTs under OSH & WC Code," stated the Survey tabled in Parliament on Monday.

Many commentators expressed fear in the last two years that the financial system will be very stressed due to the pandemic-related shock. However, this sector has weathered out rather well: Principal Economic Advisor Sanjeev Sanyal

India home to over 61,000 recognised startups, Delhi takes over as startup capital: Economic Survey

The national capital region replaced India's silicon valley Bengaluru as home to the most number of new startups getting created in the country. The government recognised over 5,000 new startups in Delhi-NCR compared to 4,514 startups in Bengaluru between April 2019 and December 2021.

Principal Economic Advisor Sanjeev Sanyal: The economy is estimated to have grown by 9.2% this year after a contraction of 7.3% in the previous year.

Economic Survey: After rising sharply in lockdown days, unemployment rate fell as economy opened up

While the unemployment rate gradually dipped during this period to reach 9.3 per cent in Q4 of 2020-21, the unemployment rate for males as well as females, aged 15 & above, recovered to the pre-pandemic levels.