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Economic Survey Issues Warning on 60-Hour Work Weeks: ‘Detrimental to Workers’ Well-being’

January 31, 2025, 4:45 pm

Citing research that show negative effects on mental wellness, the pre-Budget Economic Survey released on Friday noted that working over 60 hours every week might have “negative health consequences.” This statement comes after recent comments by business tycoons including Larsen and Toubro chairman S N Subrahmanyan, who supported a 90-hour workweek, as well as advice from other well-known personalities such Infosys co-founder Narayana Murthy and Adani Group chairman Gautam Adani advocating increased work hours.

The study stressed the damaging effects of long work hours and excessive desk time on mental health, pointing out that people with twelve or more daily hours of desk work have quite poor mental well-being. The survey found that excessive hourly employment—defined as more than 55–60 hours per week—causes poor physical health outcomes, and people who spend more than 12 hours sitting exhibit a significant drop in mental well-being.

Further lifestyle decisions and good workplace cultures, the Economic Survey stated, correspond with fewer days of work missed. The survey also finds that even in the best surroundings, staff lose on average five days a month due to workplace culture and other elements influencing productivity and mental health, poor interactions with bosses and a lack of job satisfaction all cause more lost workdays.

With reference to the World Health Organization, the survey found that depression and anxiety cause the global economy about 12 billion lost workdays each year, which is a financial loss of USD 1 trillion or about ₹7,000 every day. Chief Economic Adviser Dr. V. Flexibility in work schedules over extended periods is lacking in India, which could mitigate the effects of short-term demand surges, although many nations have exact work-hour rules, Anantha Nageswaran noted.

Nageswaran said that although your total working hours may not exceed this, there may be additional or less work in a given week based on demand surge; that adaptability is lacking.

Economic Survey 2024-25: India’s Growth Outlook and Key Highlights

January 31, 2025, 1:52 pm

Finance Minister Nirmala Sitharaman today presented the Economic Survey 2024-25 in the Lok Sabha, ahead of the Union Budget 2025-26. This document, a product of India’s Chief Economic Advisor V Anantha Nageswaran, gives an overview of the economic performance of the country till now and how it is expected to fare in the ensuing fiscal year.

According to the Economic Survey, India’s GDP is projected to grow by between 6.3% and 6.8% in the fiscal year 2025-26. This projection aligns closely with the government’s official first advance estimate of 6.4%, highlighting the country’s resilience despite the ongoing challenges in the global economy.

The Survey is optimistic in tone and suggests that India’s economy is on course to be one of the world’s fastest-growing for a long time. Economic projections put forth indicate the strength and adaptability of the nation as it continues on its growth path charted even in the face of uncertainties worldwide.

Infrastructure and Rural Development

Forthcoming Budget is expected to be the one of Finance Minister Sitharaman, working on an economic growth model with considerable focus during her tenure, built particularly on the infrastructure and rural development sectors. The government has policies with reform initiatives to create sustainable and enduring growth and development. This is expected to be achieved with extensive changes-mostly in terms of slabs in income tax-and much higher infrastructural, rural, and education allocations.

The Economic Survey has highlighted the government’s strong emphasis on infrastructure. Capital expenditure on major infrastructure projects has risen by 38.8% from FY20 to FY24, which underscores the importance the government places on creating lasting infrastructure that will drive India’s future growth. These investments are expected to provide a foundation for the country’s economic performance, particularly in areas like transportation, energy, and urban development.

India Leads the Global IPO Market

Another important highlight of the Economic Survey is the impressive performance of India in the global IPO market. India’s share of global IPO listings skyrocketed from 17% in 2023 to a dominant 30% in 2024. This is an incredible feat that puts India at the top of the global list for primary resource mobilization.

However, this success was due to growth in investor confidence boosted by the effectiveness of the country in profitability, digital infrastructure, and significant economic reforms. Indian stock markets performed very well over the last decade with a compounded annual growth rate of 8.8% in Nifty 50. Though this is lower than the performance of US NASDAQ at 15.3%, it outperformed China’s Shanghai Composite that posted just 3.2%.

India’s rising share in the MSCI-EM index, which hit a record high of 20% in July 2024 before settling at 19.4% by December, emphasizes how Indian markets are becoming highly attractive worldwide. India has now taken the third position, after only China and Taiwan, showing its rising global economic influence.
The government’s commitment to long-term growth and infrastructure development.

This budget also highlights the government’s undeterred commitment to large-scale infrastructure projects. The capital expenditure for such sectors has grown at an astonishing rate of 38.8% between FY20 and FY24, reflecting the government’s focus on laying groundwork for long-term growth in the economy.

Infrastructure projects such as highways, railways, and airports, that are either underway or slated for the near future, are going to contribute immensely to improving India’s economic performance. Infrastructure is part of a larger set of initiatives aimed at creating jobs, improving connectivity, and bringing in private investment, which would ensure growth is sustained across a host of sectors.

Roadmap for Continued Economic Growth

This Economic Survey charts the future approach for the Union Budget 2025-26. As per the plan of the government, structural reforms that support sustaining economic growth are to be continued. Infrastructure shall remain a high priority item, and apart from infrastructure, the survey calls for reform in manufacturing, agriculture, and services sectors so that growth is remained with all sectors on an equal footing.

The overall outlook for the next fiscal is optimistic with strong GDP growth and continued growth in the key sectors, but global economic uncertainty will continue to pose a challenge for the government to push forward with further policy reforms for the long-term sustainability of Indian growth.

Union Budget Expectations

All eyes will now be on Finance Minister Nirmala Sitharaman, as she gears up to present the Union Budget 2025-26, which is eagerly awaited for its far-reaching reforms. Income tax amendments, funding in rural development, education, and infrastructure would top the agenda. The Economic Survey gives an insight into what the government thinks are its priorities and will lead to the Budget that builds upon what has been achieved so far.

All said and done, the Economic Survey 2024-25 puts together a whole view of how India is placed in terms of its current performance and what awaits it. Considering the GDP growth projection of between 6.3% to 6.8%, accompanied by infrastructure building and reforms, the Indian government is all set to keep growing the economy with its efforts over the next years.

Chidambaram Calls Employment And Education Biggest Challenge In The Country

July 23, 2024, 7:50 pm

Ex -Union Minister P Chidambaram in a press conference said that the Economy, employment and Education sector were facing biggest challenge in the country. Moreover stating that in the Budget, on some important matters, there was no response at all.

Chidambaram said, “Unemployment is the biggest challenge facing the country. For a few dozen vacancies or a few thousand posts, millions of candidates apply and write an examination or appear for an Interview. According to CMIE, the all India unemployment rate is 9.2 per cent. The response of the government is too little and will have only little impact on the grave unemployment situation. The claim that the schemes announced by the FM will benefit 290 lakh persons is highly exaggerated.”

He added that the Inflation is the other major challenge. Mentioning the data he said, “WPI inflation is 3.4 per cent, CPI inflation is 5.1 per cent, and food inflation is 9.4 per cent.”

The Economic Survey (ES), Chidambaram said, has stated that the deflator for manufacturing has been assumed as 1.7 per cent. The deflator(s) assumed by the government have been severely criticized by several knowledgeable economists. Unless the puzzle of the ‘deflator’ is resolved, it is not possible to unquestionably accept the claimed GDP growth rate of 8.2 per cent in 2023-24. Besides, the GDP growth rate is no answer to the huge challenge of inflation.

Chidambaram stated, “The Economic Survey dismissed the issue of inflation in a few short sentences. The FM dismissed it in ten words in para 3 of her speech. We deplore the casual attitude of the government. And nothing in the Budget Speech gives us the confidence that the government will seriously tackle the issue of inflation.”

Chidambaram also talked about the depleting status of Education in the country stating that Education is widespread but of poor quality. He said, “Nearly one-half of the children are unable to read or write a simple text in any language and are numerically challenged. They are not fit for any skilled job. The central government must drive — and help — the states address these fundamental problems.”

He added, “The other issue concerning education is NEET and the scandal-ridden National Testing Agency. Several states have demanded that NEET should be scrapped and the states should be free to adopt their own methods of selecting candidates to various courses in medical education. No response. I did not hear the finance minister refer to school education. Yet, the government is stubbornly clinging to NEET which, you will recall, is an examination at the end of school education. Interestingly, against BE of Rs 1,16,417 crore on Education, the government spent only Rs 1,08,878.”

‘Service’ And ‘Growth’ Key Themes In Nirmala Sitharaman’s Economic Survey Speech

July 23, 2024, 8:39 am

In her recent presentation of the Economic Survey on July 22, 2024, Finance Minister Nirmala Sitharaman frequently emphasized the terms ‘service’ and ‘growth.’ She mentioned ‘service’ a remarkable 433 times and ‘growth’ 402 times. Other frequently used words included ‘State’ (366 times), ‘global’ (343 times), and ‘development’ (301 times).

Understanding the Economic Survey

The Economic Survey is an annual report that provides a comprehensive overview of the economy’s performance over the past year. Compiled by the Department of Economic Affairs (DEA) under the guidance of the Chief Economic Adviser, and approved by the Finance Minister, it is traditionally presented a day before the Union Budget.

Key Findings of the 2024 Economic Survey

The Economic Survey 2024 forecasts India’s GDP growth to be between 6.5% and 7% for the financial year 2024-25, aligning closely with the International Monetary Fund’s (IMF) projection of 7%. Additionally, the survey revealed a decline in retail inflation to 5.4% for 2023-24, down from 6.7% in the previous year.

Focus on Growth and Service Sectors

Minister Sitharaman’s repeated emphasis on ‘service’ and ‘growth’ underscores the government’s commitment to enhancing these sectors. The frequent use of these terms reflects a strategic focus on driving economic progress and improving service delivery across various industries.

By highlighting these key areas, the Economic Survey sets the stage for the upcoming budget, outlining the government’s priorities and providing a roadmap for sustained economic development.

Economic Survey far from truth, ground reality: Congress

July 23, 2024, 2:32 am

The Congress on Monday dismissed the annual Economic Survey presented by the government in the parliament saying it was “far from the truth” and the ground reality prevailing in the country is complete opposite.

Addressing a press conference at the party headquarters here, the Deputy Leader of the Congress in Lok Sabha and party spokesperson Gaurav Gogoi said, the ‘survey’ does not take any note of the back-breaking price rise and widespread unemployment prevailing in the country.

Alleging that the ‘survey’ had used the typical Modi tricks of fear and deceit, he said, if the Economic Survey was to be believed, then everything was fine.

“But it is not like that on the ground,” he observed while referring to the highest levels of unemployment and inflation prevailing in the country.

He said the government had completely failed to control the inflation, which was still around 10 per cent.

He said, it may not affect the rich and wealthy, but it has badly hit the poor and middle classes in the country.

Gogoi said, to take any sector like transport and pointed out how travelling in sleeper or general class in the railways, the most frequent mode of transportation for the poor and the middle classes, had become a nightmare.

Gogoi said the Modi government had focused all its attention on the AC coaches.

He said, let the government build AC coaches, but it must not be at the cost of the general and the sleeper classes.

Referring to the massive problem of unemployment prevailing in the country, he pointed out how the desperate unemployed youth were even risking their lives by joining the Russian Army to fight in Ukraine and even working in war-torn Israel.

Not just that, he added, people were even trying to emigrate out of the country illegally as they don’t have any jobs here.

Observing that this government only believed in doling out deceptive slogans, Gogoi said, the Congress did not expect anything in the budget even. He quoted a former Reserve Bank of India Deputy Governor saying that the industrial sector had been monopolised by 8/10 powerful companies.

The Congress Deputy Leader in the Lok Sabha said that the budget will be aimed at providing benefits to people like Adani and Ambani and 8/10 other companies only, while the common people, the unemployed youth, and the farmers will just get deceptive catchy slogans only.

Economic survey ‘cherry-picked’ view, says India in its most precarious economic situation: Congress

July 22, 2024, 8:19 pm

New Delhi, July 22: Congress on Monday slammed the government after it released the Economic Survey saying it presented a “cherry-picked” view of the economy and claimed that India is experiencing its “most precarious and difficult” economic situation in many years.

Congress general secretary and communications incharge Jairam Ramesh in a statement said, “The Economic Survey of 2023-24, released in advance of tomorrow’s Budget, must have been a difficult document for the non-biological Prime Minister’s spin doctors to produce.”

His remarks came after Union Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey 2023-24, along with the statistical appendix, in the Lok Sabha.

The Economic Survey is an annual document presented by the government ahead of the Union Budget to review the state of the economy.

Targeting the government, Ramesh said: “It does its best to present an ‘all is well’ rosy picture of the economy. Unfortunately for the Prime Minister and for the people of India, the economic situation is so desperate that some harsh facts come through anyway.”

The Congress Rajya Sabha MP said that food inflation remains unchecked, at nearly 10 per cent per year and prices of specific foods are growing at a rapid pace – cereals at 11 per cent, vegetables at 15 per cent, spices at 19 per cent, milk at 7 per cent.

He said that it is the poor and middle class who are worst affected by this.

Ramesh also pointed out that economic recovery after COVID has been deeply unequal.

“Rural India has been left behind. Sales of two-wheelers in rural areas, one of the leading indicators of consumer demand and economic growth, are still lower than they were in 2018. The Modi government’s anti-farmer mindset is called out in the Economic Survey. Its abuse of import-export policy with unplanned and unjustified export bans and floods of cheap imports, has been flagged for debilitating farmer incomes. Wheat, paddy, pulses, onion, sugar, and edible oils – no farmer has been spared by the whimsy of the Government’s policymaking,” the Congress leader said.

Ramesh also took a pot shot at the government highlighted that the failure of trade policy has also contributed to the decimation of India’s manufacturing capabilities.

“Since 2014, the percentage of imports from China has risen from 11 per cent of overall imports to 16 per cent,” he said, adding that the uncontrolled dumping of these imports has rendered domestic MSMEs uncompetitive, forcing them to shut down.

The failure of the trade policy has also contributed to the decimation of India’s manufacturing capabilities, he claimed.

“Housing, a critical sector, has also done poorly. In 2023, residential real estate sales in India are only now reaching back to the levels witnessed in 2013,” he said.

Ramesh claimed that the Economic Survey virtually admits the failure of the Centre’s policymaking with regard to generating private investment.

“The Modi government’s approach to the corporate sector has been to give generous handouts — like the Rs 1.5 lakh crore corporate tax cut and the Rs 2 lakh crore PLI — without directly incentivising investment or hiring,” he said.

Thus, while the sops have contributed to record profit-making, private investment has not risen, Ramesh said.

“According to the economic survey, private sector GFCF in machinery and equipment and intellectual property products has grown cumulatively by only 35 per cent in the four years to FY23…. This is not a healthy mix,” he said.

The Congress leader said the Economic Survey has flagged India’s “slow pace of investment in M&E and IP Products” affecting manufacturing growth and formal employment growth.

Even research and development, essential for long-term growth and investment, has flat-lined, he claimed.

It is lower as a percentage of the GDP today than in 2014, when Manmohan Singh left the Prime Minister’s Office, he said.

The Congress leader said the Economic Survey has flagged India’s “slow pace of investment in M&E and IP Products” affecting manufacturing growth and formal employment growth.

Even research and development, essential for long-term growth and investment, has flat-lined, he claimed.

Ramesh then said, “What is not said, however, is that the Union government’s current strategy is entirely reliant on data manipulation and pakodanomics. Achieving the 80 lakhs job target requires a decided shift in the government’s larger economic strategy.

“The Economic Survey would not be a Modi government document without some completely ridiculous lies. The most shameful of them all, however, is the astounding claim that ‘abject poverty has all but been eliminated’,” he said

“A reality check: half of all Indians cannot even afford three meals per day. One in three children is stunted and one in four children is not fully immunised, according to the NFHS-5,” Ramesh added.

Approximately two-thirds of the country is reliant on free foodgrains provided under the National Food Security Act, he pointed out.

“India is in its most precarious and difficult economic situation in many years. The Economic Survey might present a cherry-picked view of the economy, but we hope that tomorrow’s Budget faces up to the country’s realities,” the Congress leader said.

“If the Finance Ministry is still looking for ideas, we would point them to the Indian National Congress’s Nyay Patra 2024. The need of the hour is a right to apprenticeship, protections for gig workers and unorganised sector workers, minimum wage hikes to Rs 400 per day, an end to tax terrorism and an expansion of social-protection schemes like anganwadis,” he said.

Stock Market Tumble After Growth Forecast By Economic Survey

July 22, 2024, 4:58 pm

On Monday, benchmark stock market indices displayed significant volatility following the release of the Economic Survey, which presented a conservative economic growth forecast for the financial year 2024-25. This led to selling pressure and marginal dips by the end of the trading session.

The NSE Nifty 50 index closed down by 21.65 points at 24,509 points, while the BSE Sensex dropped 102 points to settle at 80,502 points. Sector-wise performance saw losses in Nifty Realty, Nifty Consumer Durables, and Nifty Private Bank, whereas Nifty PSU Bank and Nifty Pharma recorded gains.

Vinod Nair, Head of Research at Geojit Financial Services, commented, “The conservative economic growth forecast for FY25, presented in the economic survey, has introduced some spikes in volatility ahead of the budget. Additionally, the below-estimated Q1 results from certain index heavyweights like RIL have fueled apprehensions of a slowdown in earnings growth for FY25. Although the budget is anticipated to be favorable, investors will closely monitor whether it continues to drive traction, given high valuations and the risk of an earnings downgrade.”

Reliance Industries shares fell by over 3.4 percent to Rs 3004, reacting to the company’s financial results announced on Friday. The top gainers on the Nifty 50 included NTPC, Grasim Industries, UltraTech Cements, HDFC Bank, and Power Grid Corporation. Meanwhile, major losers were Wipro, Kotak Mahindra Bank, Reliance Industries, SBI Life Insurance, and ITC.

Investors were also attentive to significant geopolitical developments, such as U.S. President Joe Biden’s decision to withdraw from the presidential race and endorse Vice President Kamala Harris, which influenced market sentiment.

According to market experts, several factors could impact the stock markets throughout the week. Finance Minister Nirmala Sitharaman is expected to present the Union Budget in Parliament on Tuesday. In the U.S., key economic data, including the Personal Consumption Expenditures (PCE) inflation index and the Q2 GDP estimate, are set to be released this week, providing insights ahead of the Federal Reserve’s July meeting.

PM Modi’s ‘Amrit Kaal’ Vision: Six Key Focus Areas Revealed In Economic Survey

July 22, 2024, 1:54 pm

Ahead of the Parliament session, Prime Minister Narendra Modi expressed pride in his government’s unique achievement of presenting the Budget for the third consecutive time after 60 years in power. Speaking to the media, Modi emphasized the significance of this Budget for the “Amrit Kaal,” marking a crucial moment that will shape the next five years of governance and contribute to the vision of a “Viksit Bharat” (Developed India).

In his address, Modi underscored that the forthcoming Budget is not just a financial statement but a foundation for India’s growth trajectory. “Today’s Budget will chart the course for the next five years and lay the groundwork for our dream of a developed nation,” Modi remarked.

The Economic Survey preceding the Budget outlined six critical areas that need attention to drive economic growth:

Boosting Private Investment: The survey highlights the need to increase private sector investment as a key driver of economic growth. Encouraging private investment is seen as vital for stimulating economic activity and development.

Expanding MSMEs: The growth and expansion of Micro, Small, and Medium Enterprises (MSMEs) are prioritized. Strengthening these enterprises is viewed as a strategic priority to enhance economic performance.

Agriculture as a Growth Engine: The government aims to leverage agriculture as a significant growth driver. The Economic Survey suggests removing policy barriers to boost the sector’s contribution to economic development.

Green Transition Financing: Securing financial resources for a green transition is deemed essential. This focus aligns with sustainable development goals and environmental protection efforts.

Bridging the Education-Employment Gap: Addressing the disparity between education and employment is identified as crucial. Ensuring that educational outcomes align with job market needs is a key focus area.

Building State Capacity and Capability: Enhancing the effectiveness of state institutions to implement policies and drive growth is emphasized. Strengthening institutional capacities is vital for effective governance and development.

The Economic Survey’s emphasis on these areas reflects the government’s strategy to navigate the economic landscape of the Amrit Kaal and ensure robust growth and development in the coming years.

Ahead Of Budget, Economic Survey Is Set To Be Tabled, What Is its History & Why Is it Significant?–Explained

July 21, 2024, 7:47 pm

Ahead of the union budget 2024-25, the union government will present the economic survey on Monday. Prior to the budget presentation, union finance minister Nirmala Sitharaman will present the pre-budget document on parliament.

What Is Economic Survey & Why Is It Significant?

The economic survey usually refers to a document, which is made by the economic division of economic affairs department. This department comes under the ministry of finance.

The Chief economic adviser oversees the formulation of the survey document. The economic survey document usually provides insights into current condition of the economy and coming outlook for ongoing year.

This document may also provide hints about the tone and texture of full budget for 2024-25, which going to shown on coming Tuesday.

Brief History of This Document

For those unversed, the first economic survey came into the being in the year 1950-51. In that time, it constituted a part of budget documents. Subsequently in 1960s, it was amputated from budget documents and displayed prior to the union budget.

The most notable feature of the document is its central theme or main theme. Earlier in 2022, the main theme was ‘Agile Approach.’ Which focused on India’s economic response in the backdrop of Covid-19 pandemic.

After one year in 2023, the central theme was ‘complete recovery.’ This was the period, when country’s economy made a complete comeback from pandemic-provided contraction, Russia-Ukraine crisis and inflation.

What’s interesting is, that document also constitutes new chapters, that particularly need attention.

Meanwhile, finance minister Nirmala Sitharaman will break the record of veteran ex-finance minister Morarji Desai. The latter consecutively presented five yearly budgets and interim budget between the year 1959 and 1964.

This time, it remains to be seen, what important announcements the finance minister makes in the financial year of 2024-25.

Despite Pakistan’s GDP Target Miss, Population Surges, Reveals Economic Survey

June 12, 2024, 4:35 pm

Despite Pakistan falling short of its GDP growth target, the nation’s Economic Survey for 2023-24 uncovers a remarkable trend: a significant surge in population.

Pakistan’s Finance Minister, Muhammad Aurangzeb, recently presented the Economic Survey 2023-24, outlining the nation’s socio-economic progress over the outgoing fiscal year. Despite aiming for a GDP growth rate of 3.5%, Pakistan fell short, achieving only 2.38%. This discrepancy was primarily attributed to underperformance in the industries and services sectors. However, the agricultural sector emerged as a beacon of growth, boasting a remarkable 6.25% expansion, marking the highest growth in 19 years and serving as a key driver of overall economic development.

In addition to the GDP figures, the survey indicated a notable reduction in inflation to 11.8%, coupled with a significant increase in GDP at current market prices, which surged to Rs.106,045 billion, representing a substantial 26.4% growth compared to the previous year.

Finance Minister Aurangzeb underscored the government’s dedication to addressing economic challenges, particularly by streamlining state-owned enterprises. He announced plans for the privatization of loss-making entities, including the national flag carrier, Pakistan International Airlines.

One striking aspect highlighted in the survey was the unexpected surge in Pakistan’s donkey population, which saw a notable 1.72% increase, reaching 5.9 million during the fiscal year 2023-24. This rise marks a steady progression from 5.5 million in 2019-2020, demonstrating ongoing growth in this sector. Furthermore, the survey reported increases in other livestock populations, including cattle, buffalo, sheep, and goats, showcasing the resilience of the agricultural industry amidst broader economic challenges.

Himachal Pradesh: CM Sukhu presented the Economic Survey in the Assembly

March 16, 2023, 5:17 pm

Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu presented the State Economic Survey 2022–23 in the Legislative Assembly on Thursday. The document was prepared by the Economic and Statistics Department, Government of Himachal Pradesh. The economic survey revealed that the state’s real GDP, or GDP at constant prices, will grow by over Rs 18,143 crore during the current financial year 2022-23 as compared to the previous FY2021-22.

According to the first advance estimates of state income, this translates into growth in real GDP during Financial Year 2022–23 of 6.4 percent as compared to 7.6 percent in Financial Year 2021–22, the Himachal Pradesh government said in a statement. “The state’s real gross domestic product (GDP), or GDP at constant prices (2011–12), in the financial year 2022–23 is estimated to attain a level of Rs 1,34,576 crore, as against the provisional estimate of GDP for the financial year 2021–22 of Rs 1,26,433 crore,” the statement said.

“Nominal GDP or GDP at Current Prices in Financial Year 2022–23 is estimated to attain a level of Rs 1,95,404 crore as against the provisional estimate of GDP for Financial Year 2021–22 of Rs 1,76,269 crore, showing an absolute increase of Rs 19,135 crore. The growth in nominal GDP during Financial Year 2022–23 is estimated at 10.9 percent as compared to 13.5 percent in Financial Year 2021–22,” it said further.

As per the statement, the government of Hill State has outperformed in various sectors ranging from tourism to social services. “After the COVID-19 pandemic, domestic tourist arrivals [in Himachal Pradesh] have increased from 32.13 lakh in 2020 to 56.37 lakh in 2021 and further to 150.99 lakh in 2022 in absolute terms. It shows that tourist arrivals are reaching pre-pandemic levels,” the statement said.

“In the power sector, out of the total hydroelectric potential generated by five perennial river basins (27, 436), a total of 10,519 MW has been harnessed so far, of which 7.6 percent is under the control of the Himachal Pradesh government while the rest is exploited by the central government,” the government said further.

Besides it, the government said that the Health and Family Welfare Department in the State is providing curative, preventive, and rehabilitative services through a network of 108 civil hospitals, 104 community health centers, 580 primary health centers, and 16 civil dispensaries.

Union Budget 2023: The first budget of Amrit Kaal focuses on 7 key points

February 1, 2023, 11:58 am

Finance Minister Nirmala Sitharaman has a lot to offer in this Union Budget 2023. The states got a boost with an extension of one year in the interest-free loan. The finance lady focused the budget 2023 on seven key points or the “Saptrishi guiding us through Amrit Kaal” as the finance minister stated. The seven key points are Inclusive Development, Reaching the last mile, Infrastructure & Investment, Unleashing the potential, Green Growth, Youth Power and Financial Sector.

She also highlighted that the capital investment outlay has been increased by 33% to Rs 10 lakh crores that is 3.3% of the GDP. The finance minister addressed the parliament saying that this budget is the blue print of the next 25 years and the first of the Amrit Kaal. She has said the government will implement a scheme to supply food grains from1 January 2023 to all Antyodaya and priority households for the next one year.

There was a lot of focus on including Artificial Intelligence (AI) in the education centre. The Finance minister said that three AI Centre of Excellence will be introduce in collaboration with industries.

The government also focused on decreasing the carbon emission to zero by 2070 by focusing the development on Green Growth. The government plans to spend 35000 Crores towards Energy transmission.

FM Sitharaman meets President Murmu ahead of Union budget presentation

February 1, 2023, 10:39 am

Ahead of tabling of the Union budget 2023 in Parliament on Tuesday, Finance Minister Nirmala Sitharaman along with ministers of state Pankaj Chaudhary and Bhagwat Karad and Finance Secretary T V Somanathan called on President Droupadi Murmu.
As per established tradition, the Finance Minister met the President at the Rashtrapati Bhawan before heading to Parliament to present the Union Budget. This is the fifth budget presentation by Sitharaman.

“Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan,” the President of India tweeted.
Prime Minister Narendra Modi will chair a cabinet meeting at 10 am before the Budget is tabled in Parliament.
Speaking to ANI ahead of the Budget, MoS Finance Pankaj Chaudhary said that the people’s expectations would be reflected in the Budget.
“UnionBudget2023 will meet the expectations of every section of society. Modi govt has always worked in the favour of the people of the country”, Union minister of state for finance Pankaj Chaudhary told ANI.
MoS Finance Dr B Karad speaking to ANI this morning said that the “Country has made good recovery from COVID. If we look at Economic Survey, all sectors are making progress. Compared to other countries, our economy is good. When PM took oath in 2014, India was 10th (in terms of economy), today it is fifth.”
On January 31 the first day of the budget session of Parliament, Sitharaman tabled the pre-budget Economic Survey for 2022-2023.
Finance Minister laid on the table, a copy (in English and Hindi) of the Economic Survey, 2022-23 along with Highlights and a Statistical Appendix.
The budget session of Parliament that began with the President’s address to a joint sitting of the houses will take place in 27 sittings till April 6 with a month-long recess to examine the budget papers.
The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser V Anantha Nageswaran, gave insights into the state of the economy and various indicators in the current financial year 2022-23 (April-March) and outlook for the next year.
Meanwhile, addressing reporters outside Parliament before the start of the budget session, Prime Minister Narendra Modi said, “Our Finance Minister will present one more Budget before the country tomorrow. In today’s global circumstances, not only India but the entire world is looking at India’s budget. Amid the unstable global economic situation, India’s Budget will attempt to meet the hopes and aspirations of the common citizens. I firmly believe that Nirmala Sitharaman will make all efforts to meet those aspirations.”
This budget will be the last full-fledged Union Budget of PM Narendra Modi’s government before the 2024 Lok Sabha elections.
Like the previous two years, the Union Budget will be delivered in paperless form this year also.
The 259th Session (Budget) of the Rajya Sabha is likely to be concluded on April 6. In order to enable the Standing Committees to consider the Demands for Grants of Ministries and Departments and prepare their Reports, both the Rajya Sabha and the Lok Sabha will adjourn on February 13 to meet again on March 13.

The whole world has its eyes on India’s Budget, says PM Modi ahead of Parliament Session

January 31, 2023, 5:39 pm

Ahead of the Budget session of Parliament, Prime Minister Narendra Modi on Tuesday said that India’s Budget will attempt to meet the hopes and aspirations of the common citizens amid the unstable global economic situation.
“Our Finance Minister will present one more Budget before the country tomorrow. In today’s global circumstances, not only India but the entire world is looking at India’s budget,” PM Modi said. The Prime Minister firmly exuded confidence that Union Finance Minister Nirmala Sitharaman will make efforts to meet the aspirations.
“Amid the unstable global economic situation, India’s budget will attempt to meet the hopes and aspirations of the common citizens, the ray of hope being seen by the world glows brighter-for this, I firmly believe that Nirmala Sitharaman will make all efforts to meet those aspirations,” PM Modi said while addressing the media.
The Prime Minister cited the “credible voices from the world of economy” and said that they have brought a positive message ahead of the session.
“Today, the Budget Session is commencing. Credible voices from the world of economy, have brought in a positive message, a ray of hope and a beginning of enthusiasm. It is an important event today,” he said.
PM Modi said the maiden inaugural address by President Droupadi Murmu to the joint session of both Houses is a matter of pride for the Constitution.
“The President is going to address a joint session for the first time today. The President’s first address to the joint session of Parliament is a matter of pride for our Constitution, and especially for respect of women. The whole world has its eyes on India,” he said.
“Our Finance Minister is a woman too. She will present one more budget before the country tomorrow. In today’s global circumstances, not only India but the entire world is looking at India’s budget,” PM Modi added.
The budget session will take place in 27 sittings till April 6 with a month-long recess to examine the budget papers. The first part of the session will conclude on February 13. Parliament will reconvene on March 12 for the second part of the Budget Session and will conclude on April 6.

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