Summary
Will Budget 2023 successfully power India's renewable sector
The installed renewable energy capacity in India has grown at 118 percent between 2014 and 2022, and it stands at 166.4 gigawatt (GW). Despite this exponential growth in the previous decade, India is still far away from its 2030 target of achieving 500 GW of renewable energy or 50 percent of its total installed power capacity. The tall target set by India for itself boils down to adding approximately 50 GW each year.
Economic Survey pitches for development aspirations ahead of climate change obligations
As the impact of global warming dominates policymaking world over, the Economic Survey presented by Finance Minister Nirmala Sitharaman in Parliament on Tuesday had a dedicated chapter on climate change and environment.
The chapter 'Climate Change and Environment: Preparing to Face the Future' listed out India’s nationally determined contributions (NDCs) that include the transition to renewable energy resources, commitment to achieve "Net Zero" emissions by 2070 and steps taken to become energy independent.
The survey makes a case for developing countries to put development aspirations ahead of global climate change obligations, citing the actions of certain European nations to return to coal-fired power generation to meet energy needs in the wake of the Russia-Ukraine conflict.
Few years of meaningful nominal growth will ensure fiscal consolidation: CEA
A few years of meaningful nominal growth will make a significant difference to fiscal consolidation, said Chief Economic Advisor V. Anantha Nageswaran, adding that there was no reason to believe the government is deviating from the fiscal consolidation path.
Few years of meaningful nominal growth will ensure fiscal consolidation: CEA
A few years of meaningful nominal growth will make a significant difference to fiscal consolidation, said Chief Economic Advisor V. Anantha Nageswaran, adding that there was no reason to believe the government is deviating from the fiscal consolidation path.
Economic Survey 2023: Tourism rebound post-Covid raised industry’s profitability
The Economic Survey 2023 has stated that India’s tourism sector is showing signs of revival following the easing of COVID-19 restrictions and the waning of the pandemic. It also noted foreign tourist arrivals in India in FY23 have been growing month-on-month with the resumption of scheduled international flights. However, the arrivals are still below the pre-pandemic level.
According to this year's Economic Survey, the introduction of 5G services could open up new economic prospects and assist India in overcoming its long-standing development challenges while encouraging corporate and startup innovation.
The country's civil aviation industry has "great potential" because of rising middle-class demand, increased disposable incomes, and favourable demographics. Air travel has also recovered since the relaxation of the coronavirus pandemic-related curbs, according to the Economic Survey.
Economic Survey 2023 | 'India has made significant progress in gender equality'
India has made significant progress in promoting gender equality, and has a value of 0.490 on the Gender Inequality Index (GII), the Economic Survey 2022-2023 stated, highlighting the performance of the government's policies. This score is a remarkable improvement compared to the South Asian region's average value of 0.508 and is close to the world average of 0.465, and has got India a rank of 122 among over 190 countries.
Economic Survey 2023 quick reads | Tap for the link
> India EV sales will hit 1 crore mark annually in seven years
> India still has to mop up Rs 34,000 crore in three months to meet disinvestment target
> India's Economic Survey shifts the narrative to 'quality of life'