PM Modi said the Economic Survey captures India s strong economic fundamentals. (FILE)
New Delhi:
Prime Minister Narendra Modi on Friday said the Economic Survey, which was tabled in Parliament earlier in the day, captures India s fight against the COVID-19 pandemic and its strong economic fundamentals.
It emphasises on the huge potential for economic growth, the importance of further scaling up innovation and the way ahead in key areas like health, he said in a tweet.
The Economic Survey 2020-21 was tabled in Parliament by Union Finance Minister Nirmala Sitharaman.
It said India s economy is likely to grow by 11 per cent in the fiscal year beginning April 1 as a vaccine drive and rebound in consumer demand help it emerge from the carnage inflicted by a strict coronavirus lockdown.
Union Budget on February 1.
The sector is looking for cues and expects there will be measures that will stimulate demand in the economy.
Demand revival
The key task, perhaps, for the Finance Minister, will be demand revival. Here lies the direct connect with the ecommerce industry as the
growth of the sector depends on higher volume of purchases, especially in the non-discretionary goods or items.
Ankur Bisen, Senior Vice President, Retail & Consumer Products, Technopak, says, “The key expectation from this year’s Budget will be on-demand revival. There is stress in the real money economy.”
He says, “With 60 percent of our economy coming from domestic consumption, unless there are steps taken to revive demand, the growth of the industry may not be sustainable.”
All eyes on FM Nirmala Sitharaman as she presents her third Union Budget
The focus will be on the recovery steps the government will be taking as the economy battles the effects of the COVID-19 pandemic
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Finance Minister Nirmala Sitharaman will present the Union Budget on February 1, an unenviable task as she has her work cut out. The COVID-19 pandemic has affected the economy, and how, since the country s GDP is expected to be in the negative territory in FY 2020-21, according to the Reserve Bank of India.
In May 2020, PM Narendra Modi announced an economic package worth Rs 20 lakh crore, as revealed by the FM, where he also emphasised on the need for India to be
Growth impetus
3one4 Capital Founding Partner
Siddarth Pai, it is imperative the Budget addresses the core issues of the startup ecosystem and provides a conducive environment for growth.
The primary challenges for the ecosystem are taxation, ease of doing business and fund inflow, both from domestic and overseas sources.
“India has more than 63 million MSMEs (micro, small and medium enterprises), which accounted for over 50 percent of exports in FY20 and there are over 40,000 DPIIT (Department for Promotion of Industry and Internal Trade)-registered startups,” says
Ankur Bansal, Co-founder and Director of debt fund BlackSoil Capital. “It is important for favourable regulatory changes to increase ease of doing business and attract investments into these companies.”
January 18, 2021
Deputy Chief Minister O. Paneerselvam (file photo).× The Tamil Nadu government has urged the Centre that projects that are at an advanced stage of consideration be approved for implementation by the Ministry of Finance without any restrictions and limitations.
The State has a long track record of efficient implementation of externally-aided projects. Several multilateral aid agencies have worked with different departments and agencies to design projects in multiple sectors.
“However, we learn that the Ministry of Finance now intends to approve only one externally aided project per agency per State in a year. Such an abrupt change in policy greatly disrupts the development plans of Tamil Nadu, which has already gone ahead based on the Department of Economic Affairs Screening Committee approval with project preparation and with securing readiness,” O Paneerselvam, Tamil Nadu Finance Minister, said at a pre-budget meeting with Union Finance Minister Nirmala S