Indian Economy
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
India's smartphone market sales crossed $38 bn in 2021: Report
India's smartphone market retail ASP (average selling price) grew 14 per cent (on-year) to reach its highest ever at $227 (nearly Rs 17,000), according to Counterpoint Research. "The price hikes in the budget segment due to component price rise, increasing focus of OEMs on the premium segment and increased demand for mid-range and premium smartphones due to increasing uses and availability of financing options contributed to the increasing ASP," said research analyst Shilpi Jain.
Musk's Tesla lost $109 bn in single day amid weak outlook for 2022
Musk said last week that Tesla would not bring any new electric vehicles to market in 2022, despite so much buzz around Cybertruck, Semi truck, and a cheaper Tesla. The news led to Tesla shares plunging 12 per cent, closing at $829 which was the lowest since October 14, 2021.
Indian equities open higher ahead of Economic Survey; Sensex up 800 points
The Economic Survey is an annual report card on the health of the economy which examines the performance of every sector and suggests future guidance. Indices saw some sharp decline in the past 2-3 sessions as the US Fed's Federal Open Market Committee in its latest meeting held on Wednesday said it was ready to tighten monetary policy on concerns of inflation.
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.
IPO-bound LIC's Chairperson, MD's tenure extended by one year
Prior to the latest extension, the Centre had extended the term of M.R. Kumar from June 30, 2021 till March 13, 2022, which is when he was to complete three years in LIC. This tenure extension comes at a crucial juncture when the company is expected to launch its IPO in the current financial year ending March. The listing of LIC is poised to be India's biggest IPO to date, with the government looking to raise up to Rs 1 lakh crore by selling shares.
Budget FY23: Kotak Securities sees incentives on agri commodities value addition
Five states set to go for Assembly polls is another reason why the agriculture sector could be in focus during the Budget. "Committed to increasing farmers' income, the government of India can come up with various plans in Budget 2022-23 in spite of the recent withdrawal of three farm laws late last year," it said. Further, it is expected that the Centre may announce something in order to achieve self-reliance in edible oil and pulses.
Budget FY23: Realty seeks increase in approval time frame for rental housing
NAREDCO President Rajan Bandelkar said the Centre should increase the deduction of interest on home loan for self-occupied house from taxable income to at least Rs 5 lakh in order to promote the ownership concept. Currently, interest on borrowed capital to acquire a house for rental purposes is allowed in full. However, in the case of self-occupied houses, interest is restricted to Rs 2 lakhs, the council said in a statement.
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