BUSINESS
India now a land of 83 unicorns, mostly in services sector: Eco Survey
Presented in Parliament by Finance Minister Nirmala Sitharaman, the survey document revealed that the number of new recognised startups increased to over 14,000 in 2021-22 from 733 in 2016-17. "India has become the third largest startup ecosystem in the world after the US and China," read the document. Forty-four Indian startups have achieved unicorn status in 2021 taking the overall tally of unicorns to 83, most of which are in the services sector, it added.
Adani Total Gas to expand network in 14 new geographies, invest Rs 12K cr
The company won the licences in the recently concluded 11th round of CGD bidding by the Petroleum and Natural Gas Regulatory Board. With an increasing basket of products and services in the clean energy sector, the city gas distribution company will invest Rs 12,000 crore in these additional locations. With the fresh investment, the company's total commitment in the clean energy sector will go up to Rs 20,000 crore.
India has fourth highest foreign exchange reserves in the world
Despite all the disruptions caused by the global pandemic, India's balance of payments remained in surplus throughout the last two years. This allowed the Reserve Bank of India to keep accumulating foreign exchange reserves, which stands at $634 billion on December 31, 202). This is equivalent to 13.2 months of imports and higher than the country's external debt.
Food subsidies grew by 400% to Rs 5.25 lakh crore
This increase was driven by almost 400 per cent growth in food subsidies from Rs 1.09 lakh crore in 2019-20 to Rs 5.25 lakh crore in 2020-21. The steep rise in food subsidy bill was on account of Pradhan Mantri Garib Kalyan Ann Yojana introduced as part of the Economic Response to COVID-19, and the pre-payment of around Rs 1.5 lakh crore of outstanding food subsidy related loans of the Food Corporation of India.
Economic Survey 2021-22: Key takeaways
Economic survey 2021-22 was tabled in Parliament on Monday by Finance Minister Nirmala Sitharaman. It provides detailed information about the current economic status of the country. It further recommends policies, blueprints and strategies on resource allocations to bring about social and economic reforms. It is prepared under the aegis of the Chief Economic Advisor and is approved by the Union Finance Minister. Here are the key highlights.
Excise duty cut on petrol, diesel provided relief to consumers: EcoSurvey
The Centre in early November slashed excise duties on petrol and diesel by Rs 5 and Rs 10 per litre, respectively. Taking cue from this, some states too followed suit. "Reduction in central excise and subsequent cuts in VAT by most states has also helped ease petrol and diesel prices," the Survey said.
Equities settle high as Eco Survey shows several positive growth indicators
Sensex settled at 58,014 points, up 1.4 per cent or 813 points, whereas Nifty at 17,339 points, up 1.4 per cent or 237 points. "Indian markets tried to bounce back on Friday, but due to weak global cues it couldn't sustain and lost momentum in the last hour of trade. As the market has seen some correction from the top and also, we have a budget lined up this week, there could be a bounce back in the indices," said Rajesh Bhatia -- MD and CIO -- ITI Long Short Equity Fund.
Need to spend $1.4 tn on infra for $5 tn GDP by 2024-25: Eco Survey
According to it, during FYs 2008-17, India invested about $1.1 trillion on infrastructure. "However, 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 ($1.5 trillion) during FY 2020-2025 to provide world-class infrastructure across the country, and improve the quality of life for all citizens," the Survey, tabled in Parliament on Monday, said.
India on track to meet FY22 fiscal deficit target, says Eco Survey
The revenue receipts of the Central government during April- November 2021 have gone up by 67.2 per cent (YoY), as against an estimated growth of 9.6 per cent in the 2021-22 Budget Estimates. As per the Survey, the primary deficit during the period April to November 2021 turned up at nearly half of the level it had reached during April to November 2019.
Railways target 100% electrification by Dec 2023: Economic Survey
To achieve this target with creation of other infrastructure in the sector, the government has increased the CAPEX (Capital expenditures) by five fold in the last seven years. Union Finance Minister Nirmala Sitharaman on Monday tabled Economic Survey 2021-22 in the Lok Sabha. The survey claims that IR is targeting 100 per cent electrification of its network by December 2023, upgradation of Delhi-Mumbai and Delhi-Kolkata corridors to 160 kmph and also elimination of level crossings on the Golden Quadrilateral and Golden Diagonal routes.
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