BUSINESS
India opted for 'Barbell Strategy' with safety nets as part of economic response to Covid
The last two years have been particularly challenging for policy-making around the world with repeated waves from a mutating virus, travel restrictions, supply-chain disruptions and more recently, global inflation. This is a common strategy used in financial markets to deal with extreme uncertainty by combining two seemingly disparate legs. The iterative leg of this strategy is the same as the "Agile" approach that uses feedback-loops, and real-time adjustment.
Atmanirbhar Bharat isn't protectionism but a pragmatic recognition of vagaries of int'l supply-chains: Economic Survey
The Survey has noted that a distinguishing feature of India's economic response has been an emphasis on supply-side reforms rather than a total reliance on demand management. These supply-side reforms include deregulation of numerous sectors, simplification of processes, removal of legacy issues like 'retrospective tax', privatisation, production-linked incentives.
India's total consumption likely to grow 7% in FY22: Economic Survey
The Survey said that the government consumption was estimated to grow by a strong 7.6 per cent, thereby surpassing the pre-pandemic levels. Besides, private consumption is also estimated to have improved significantly to recover 97 per cent of corresponding pre-pandemic output level.
Govt has fiscal capacity to support capital expenditure: Economic Survey
The strong revival in revenues also provides government with fiscal space to provide additional support as well, if necessary. The fiscal support given to the economy as well as the health response caused the fiscal deficit and government debt to rise in 2020-21. However, there has been a strong rebound in government revenues in 2021-22 so far. The revenue receipts of central government during April-November 2021 have gone up by 67.2% as against an estimated growth of 9.6% in the 2021-22 Budget Estimates.
China's smartphone market grew 1.1% in 2021 despite supply chain disruptions
In 2021, the Chinese smartphone market experienced an L-shaped growth, with Q1 2021 growing amid better Covid-19 containment and stimulus programs, followed by declines in the following quarters given the challenges of supply shortages and lower-than-expected demand for mid-range and high-end products.
Vaccinated Growth: India's FY23 GDP to grow 8-8.5%, says EcoSurvey FY22
According to the Survey 2021-22, the building back of the economic momentum along with enhanced vaccination drive as well as the likely long-term benefits of supply-side reforms in the pipeline, the Indian economy is in a good position to witness GDP "growth of 8.0-8.5 per cent in 2022-23". Nonetheless, it pointed out that the global environment still remains uncertain.
Economy well placed to take on FY23 challenges: Eco Survey
According to the survey document: "One of the reasons that the Indian economy is in a good position is its unique response strategy. Rather than pre-commit to a rigid response, Government of India opted to use safety-nets for vulnerable sections on one hand while responding iteratively based on 'Bayesian-updating' of information."
Paytm's businesses won't be impacted by upcoming regulations in digital payments: Analysts
Additionally, Paytm's several businesses from banking, wealth management to insurance are already businesses that are required to be compliant with regulators. The company's focus on transparency defines its products and also helps to build trust with regulators and other stakeholders.
India's total exports likely to surpass pre-Covid levels in FY22: Economic Survey
India's exports of both goods and services have been exceptionally strong so far in 2021-22. Merchandise exports have been above $30 billion for eight consecutive months in FY22, despite a rise in trade costs arising from global supply constraints such as fewer operational shipping vessels, exogenous events such as blockage of Suez Canal and Covid-19 outbreak.
Economic survey was first published in 1950-51, gained significance gradually
The Survey was first published in 1950-51 and was initially part of the Budget documents. It was less than 50 pages in the 1950s and contained a brief outline of economic developments of the previous year. The Survey of 1957-58 had just 38 pages. It was primarily descriptive and contained little in the way of analysis and policy prescriptions.
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