Overview of economy News

Since FPIs started investing in 1993, this is the first time they sold consecutively for two financial years.

Most global equity markets witnessed a sharp recovery.

India's economy is projected to slow to 6.5 per cent in the fiscal year starting April but will remain the fastest-growing major economy in the world as it fared better in dealing with the extraordinary set of challenges the globe has faced, the Economic Survey 2022-23 said.

The Economic Survey said that India remains the fastest-growing major economy in the worldGDP in nominal terms has been projected at 11 per cent in next fiscal.

At least three shocks have hit the global economy since 2020, Economic Survey for 2022-23 has noted. Central banks across economies led by the Federal Reserve responded with synchronised policy rate hikes to curb inflation. The rate hike by the US Fed drove capital into the US markets causing the US Dollar to appreciate against most currencies.

 Finance Minister Nirmala Sitharaman tabled the Economic Survey for 2022-23 in the Lok Sabha on Tuesday soon after the President Droupadi Murmu's Address to both Houses of Parliament. 

Current Account Deficit may continue to widen: Survey The CAD continues to widen because of elevated global commodity prices. The country's CAD widened to 4.4% of GDP in the September quarter.

The Economic Survey 2022-23 was tabled in Parliament by Finance Minister Nirmala Sitharaman. The Survey details the state of economy in the current fiscal, while giving a sneak peek into the future.

Economic Survey 2023 LIVE Updates: The Economic Survey document will give 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.

The Survey, which is tabled in Parliament by the Finance Minister ahead of the Union Budget, is being prepared by Principal Economic Advisor and other officials in absence of the Chief Economic Advisor (CEA), who traditionally is the main architect of the document.

The Budget session will have 27 sittings. The first part of the session will conclude on February 14. Parliament will reconvene on March 12 for the second part of the session and continue till April 6.

S&P had in September projected the Indian economy to grow 7.3 per cent in 2022-23 and 6.5 per cent in next fiscal year (2023-24).

The govt monetised the assets worth Rs 33,422 crore under NMP. The coal sector raises Rs 17,000 crore against the target of Rs 30,000 crore. The Civil Aviation ministry raised Rs 411 crore against the target of Rs 7,299.

The deposit insurance cover was increased from Rs 1 lakh to Rs 5 lakh per depositor per bank. The Deposit Insurance and Credit Guarantee Corporation (Amendment) Act was passed by Parliament in 2021. The act made significant changes in the landscape of deposit insurance in India.

The survey said 4,514 startups were added in Bengaluru. Total of 11,308 startups. Maharashtra has the highest number of recognised startups in the country.

Indian economy estimated to grow by 9.2 percent in real terms in 2021-22 (as per first advanced estimates) subsequent to a contraction of 7.3 percent in 2020-21.

44 crore poor people joined the banking system, President Kovind said. President Kovind also pointed out the advancements the government has made in making the country a digital economy. He also praised the government’s PM-Sva-Nidhi scheme for enhancing the self-esteem of the poor.

Here is the Read Full Text of President Ram Nath Kovind's address to the Joint Sitting of two Houses of Parliament  

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.

Segments in services sectors that involve human contact were hit the hardest by the pandemic. The Economic Survey expects the services sector to grow by 8.2 per cent in the ongoing financial year. The survey expects Agriculture sector growth at 3.9 per cent and Industrial sector growth of 11.8 per cent in FY22.