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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.
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.
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.
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."
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 $30 billion for eight consecutive months in FY22, despite a rise in trade costs arising from global supply constraints such as fewer operational shipping vessels, exogenous events such as blockage of Suez Canal and Covid-19 outbreak.
Economic survey was first published in 1950-51, gained significance gradually
The Survey was first published in 1950-51 and was initially part of the Budget documents. It was less than 50 pages in the 1950s and contained a brief outline of economic developments of the previous year. The Survey of 1957-58 had just 38 pages. It was primarily descriptive and contained little in the way of analysis and policy prescriptions.
Number of space sector startups more than doubled in 2021: Economic Survey
According to the Economic Survey, the number of new startups in the space sector registered in 2021 was 47 up from 21 in 2020 and 11 in 2019. With recent policy initiatives and private sector participation, the Indian space sector is expected to capture a larger share of the global space economy, which was close to US$ 447 billion in 2020. At present, India accounts for only about two per cent of the space economy, much behind the major players - USA and China, the Survey said.
Union Budget 2022
The session will be divided into two halves. The first half of the session will convene from 31st January to 14th February. The second half will resume from 14th March and will end on 8th April. The Budget will be presented on 1st February. The timing is expected to be around 11 A.M. The Budget will be streamed live on Sansad TV as well as Doordarshan channels
What's likely to be unveiled by the Railway Budget
Union Finance Minister Nirmala Sitharaman will present her fourth Budget on Tuesday (February 1). This will be the sixth joint Budget after the merger of the Rail Budget with the Union Budget in 2017. As per information, it is expected that the Centre will increase the Rail budget by 15 to 20 per cent this year. With the Assembly elections in five states round the corner, the Centre can announce new railway facilities for the common passengers.
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