Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Govt cuts windfall gains tax on petrol, diesel, ATF exports
    Modi warns of weaponisation of resources, sea routes; urges energy self-reliance
    Current account deficit widens to USD 6.2 bn in Jun: RBI data
    Concessional swap facility attracts USD 56.85 bn forex inflows: RBI
    DFS Highlights Mechanism for Timely Redressal of Insurance Policyholders’ Grievances
    Forex kitty jumps USD 14.14 bn to USD 707 bn in one of the biggest weekly expansions
    PROVISIONAL ESTIMATES OF WHOLESALE PRICE INDEX, OUTPUT PRODUCER PRICE INDEX, AND TRIAL INPUT PRODUCER PRICE INDEX FOR THE MONTH OF JULY 2026, AND FINA...
    Logistics Data Bank Tracks 10 Crore EXIM Containers, Provides Visibility across Logistics Chain
    APEDA and Government of Tripura Organise International Organic Buyer-Seller Meet to Expand Global Market Linkages
    WPI inflation eases to 9.78 pc in July on softening in fuel prices
    IDFC FIRST Bank secures its first international rating with Investment Grade from S&P Global Ratings
    DRI busts illegal drug manufacturing facility in Jewar, UP; 30 kg drugs seized and two persons arrested
    UCO Bank launches IFSC Banking Unit at GIFT City
    Banking sector has key role to play as India on way to become 3rd largest economy: Gujarat CM
    India's exports to US rise 12.85 pc in Jul; shipments to China jump 64.57 pc: Govt data
    50 tonnes of copper without e-way bills seized by Delhi GST, Railways joint team
    India's exports surge 19.6 pc in Jul; trade deficit widens to six-month high
    CBI ARRESTS CGST SUPERINTENDENT IN BRIBERY CASE
    The cumulative exports (merchandise & services) during April-July 2026-27 is estimated at US$ 316.42 Billion, as compared to US$ 279.63 Billion in Apr...
    Unlimit Mobile Ties Up with ICICI Bank Canada, RBC Royal Bank to Add Mobile Connectivity Benefits to Student GIC Journey
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
August 15, 2026
Show AI Summary
Windfall gains tax on petroleum exports was reduced to support domestic fuel availability and limit export price advantages.
Special additional excise duty (windfall gains tax) on exports of petrol, diesel and aviation turbine fuel was reduced from 15 August 2026. Petrol export duty was reduced to nil, and export-duty rates on diesel and ATF were lowered. Duty rates for petrol and diesel cleared for domestic consumption remained unchanged. The export-duty framework seeks to maintain domestic petroleum-product availability and limit export advantages arising from higher global crude oil prices amid West Asia tensions.
August 15, 2026
Show AI Summary
Energy self-reliance drives diversified fuel sourcing, expanded offshore exploration, and domestic capacity to reduce geopolitical supply vulnerability.
Energy security policy seeks to reduce exposure to geopolitical pressure and supply disruption caused by dependence on overseas fuel and strategic maritime routes. India is diversifying crude oil and LNG sourcing while strengthening domestic hydrocarbon production through offshore exploration, seismic surveys, exploratory drilling and shared infrastructure. Expanded access to sedimentary basins is intended to unlock domestic oil and gas resources. Wider piped natural gas coverage, solar generation, critical-mineral exploration, and nuclear and other non-fossil energy sources support the broader objective of energy self-reliance.
August 14, 2026
Show AI Summary
Current account deficit widened as merchandise trade imbalance expanded, despite stronger services surplus, transfers, and positive capital inflows.
India's current account deficit widened in June 2026, principally because merchandise imports increased faster than exports and expanded the merchandise trade deficit. A higher services surplus, increased net transfers and a narrower net income deficit provided partial offsets. Net capital inflows, including foreign direct investment and foreign portfolio investment, supported a positive overall monthly balance. During the April-June quarter, despite increased services surplus and net transfers, the overall balance shifted to a deficit as the merchandise trade deficit widened.
August 14, 2026
Show AI Summary
Concessional foreign-currency swap facility closes early for new FCNR(B) deposits while ECB and OFCB access remains available.
The concessional swap facility for FCNR(B) deposits encourages foreign-currency inflows and supports foreign-exchange liquidity. New FCNR(B) deposits eligible for the facility must be mobilised by 31 August 2026, while swaps for eligible deposits may be availed until 11 September 2026. The swap arrangement for External Commercial Borrowings and Overseas Foreign Currency Borrowings remains available until 31 December 2026.
August 14, 2026
Show AI Summary
Insurance grievance redressal requires initial insurer complaint, prompt acknowledgement, and escalation through integrated monitoring channels when resolution remains unsatisfactory.
Insurance policyholder grievances must first be raised with the concerned insurer, whose Grievance Redressal Officer and Board-level monitoring committee oversee redressal. Complaints received through digital channels, correspondence or call centres are recorded in the insurer's Complaints Management System, integrated with Bima Bharosa. Insurers must acknowledge complaints immediately and resolve them within 14 days. Where no response is received within a reasonable period or the response is unsatisfactory, policyholders may escalate through Bima Bharosa or designated helplines, email or physical correspondence.
August 14, 2026
Show AI Summary
Foreign exchange reserve growth reflects increases in foreign currency assets, gold holdings, special drawing rights, and IMF reserve position.
India's foreign exchange reserves rose to USD 707.002 billion for the week ended 7 August 2026. The increase comprised higher foreign currency assets, gold reserves, special drawing rights and the reserve position with the IMF. Foreign currency asset valuation incorporates appreciation or depreciation of non-US currencies held in reserve assets. Measures including the FCNR(B) scheme were introduced to attract additional foreign exchange inflows.
August 14, 2026
Show AI Summary
Wholesale and producer price indices show July inflation movements, provisional estimates, final revisions, and manufacturing input-price trends.
Wholesale Price Index, Output Producer Price Index, and trial Input Producer Price Index estimates under the 2022-23 base-year series set out provisional July 2026 measures and final May 2026 revisions. All-commodities WPI stood at 110.0 in July 2026, with year-on-year inflation of 9.78 per cent. The all-commodities Output PPI was unchanged at 109.9, while the trial Input PPI for manufacturing was provisionally estimated at 105.9. Final May WPI, Output PPI and trial Input PPI measures were revised from their respective provisional estimates.
August 14, 2026
Show AI Summary
Logistics data visibility enables EXIM container tracking, operational analytics and multimodal shipment monitoring across India's logistics chain.
Logistics Data Bank provides near real-time visibility of India's EXIM container movement through technology-based tracking and stakeholder monitoring tools. RFID-based coverage extends across ports, terminals, inland logistics facilities, rail networks, industrial zones, borders and highways. The platform uses RFID, Internet of Things, Big Data and Cloud technologies, with analytics on dwell time, transit time, and port and terminal performance to identify logistics bottlenecks. LDB 2.0 adds high-seas tracking of export containers and multimodal shipment visibility.
August 14, 2026
Show AI Summary
International organic buyer-seller linkages support Tripura producers through direct sourcing engagement, market access and sustainable export opportunities.
International Organic Buyer-Seller Meet in Tripura created a direct platform for organic producers, Farmer Producer Organisations, exporters and international buyers to explore sourcing opportunities, market requirements and long-term commercial linkages. Organic and naturally produced goods, including Queen Pineapple, GI-tagged Kalikhasa Rice, organic ginger and turmeric, black sesame, jackfruit and scented lemon, were showcased through product displays and producer interactions. The initiative seeks to strengthen global market access, sourcing partnerships and income opportunities for organic farmers.
August 14, 2026
Show AI Summary
Wholesale price inflation moderation was driven by softer fuel prices, while manufactured goods and primary articles recorded higher inflation.
Wholesale price inflation moderated in July, led by a decline in fuel and power inflation and a marginal easing in food-article inflation. Inflation in manufactured products and primary articles increased, making the moderation uneven across groups. Mineral oils, food articles, basic metals, non-food articles, food products, and chemical products remained significant inflation drivers. The output Producer Price Index remained unchanged year-on-year, with lower manufacturing and mining inflation offset by higher agriculture and electricity producer-price inflation.
August 14, 2026
Show AI Summary
International investment-grade issuer ratings support expanded foreign-currency funding, trade finance, correspondent banking and cross-border financial market access.
IDFC FIRST Bank's inaugural international investment-grade issuer credit ratings, with a stable outlook, are expected to improve access to international funding markets and global financial counterparties. The rating is intended to support standby letter of credit lines, foreign-currency funding through its GIFT City International Banking Unit, mobilisation of FCNR(B) deposits, correspondent banking relationships and cross-border trade finance. Strong capitalisation, improving profitability, stable asset quality and a granular retail funding profile underpin the outlook.
August 14, 2026
Show AI Summary
Clandestine psychotropic drug manufacturing faces enforcement targeting precursor chemicals, concealed laboratories, illicit production networks and trafficking operations.
Enforcement action against clandestine manufacture of psychotropic substances led to the detection of a residential drug-production facility. Searches recovered amphetamine and intermediary forms, precursor chemicals, reagents, raw materials, and manufacturing equipment. Field testing indicated the presence of amphetamine, a psychotropic substance regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985. The recovered apparatus and materials indicated illicit manufacture, while preliminary investigation pointed to short-term, intermittently operated facilities intended to conceal production activities.
August 13, 2026
Show AI Summary
International banking unit expands cross-border financing, trade finance and foreign-currency service access through GIFT City operations.
UCO Bank has launched an International Financial Services Centre Banking Unit at GIFT City to provide permitted international banking services. The unit offers trade finance, external commercial borrowings, foreign-currency loans, loan syndication, treasury services and other permitted financial services. It serves Indian corporates, exporters, importers, financial institutions, overseas businesses and other eligible customers requiring cross-border financing and access to global financial markets. FCNR(B) deposits are also offered through the unit.
August 13, 2026
Show AI Summary
Last-mile credit access is prioritised through timely lending, wider beneficiary coverage, digital support and stronger fraud vigilance.
Banking-sector participation is emphasised through last-mile credit access for MSMEs, women entrepreneurs, rural artisans, small farmers and other underserved beneficiaries. Banks are urged to expedite government-scheme applications, maximise coverage and use technology for timely financial support. Industrial-policy assistance and incentives cover startups, SC/ST entrepreneurs, persons with disabilities and first-generation entrepreneurs. Greater coordination, expanded village banking access, and vigilance against cyber fraud and mule accounts are also prioritised.
August 13, 2026
Show AI Summary
Merchandise trade growth saw rising exports to major markets alongside increased imports and continuing United States trade-pact negotiations.
India's merchandise trade data records increased July exports to the United States and China, alongside growth in imports from both markets. Exports to Singapore, the United Arab Emirates, the Netherlands, Germany, South Africa, Tanzania, Australia, Malaysia, Sri Lanka, Italy and Vietnam showed positive growth, while July exports declined for the United Kingdom, Bangladesh, Saudi Arabia and Nepal. Imports also increased from Russia, Korea, Singapore, Germany, Oman, Malaysia, Taiwan and Brazil. India and the United States are negotiating a trade pact amid an additional United States tariff on India.
August 13, 2026
Show AI Summary
GST transport documentation enforcement addresses freight movement of metals without valid e-way bills and invoices under applicable rules.
GST enforcement action led to the seizure of copper and aluminium ingots transported by freight train without valid e-way bills and invoices. The metals were found in three train wagons during inspection of parcel cargo. Further proceedings are to be undertaken under applicable GST rules concerning movement of goods without prescribed transport documentation.
August 13, 2026
Show AI Summary
Merchandise trade deficit widens as import growth outpaces exports despite strong petroleum, electronics and engineering shipments.
Merchandise trade in July 2026 saw exports rise 19.63 per cent and imports increase 17.52 per cent, widening the trade deficit to a six-month high. Petroleum products, electronics, engineering goods and marine goods supported export growth, while crude oil and several commodity and capital-goods categories increased imports. During April-July 2026-27, faster import growth widened the cumulative merchandise trade deficit compared with the corresponding prior-year period.
August 13, 2026
Show AI Summary
Bribery allegations in GST enforcement prompted arrest after alleged payment demand to avoid a tax-liability notice.
Bribery allegations involving GST enforcement led to the arrest of a CGST Superintendent after a complaint alleged that payment was demanded from a private company to avoid issuance of a tax-liability demand notice and to close the matter. A trap operation resulted in the public servant being apprehended while allegedly accepting part of the demanded bribe, and the amount accepted was recovered. Searches were undertaken, and investigation remained ongoing.
August 13, 2026
Show AI Summary
Trade performance shows rising merchandise and services exports, but faster import growth expands the overall trade deficit.
India's combined merchandise and services exports and imports increased in July 2026 and April-July 2026-27, while the overall trade deficit widened. Cumulative exports were estimated at US$ 316.42 billion and imports at US$ 365.85 billion, resulting in a trade deficit of US$ 49.43 billion. Merchandise exports, non-petroleum exports, and exports excluding petroleum and gems and jewellery grew, led by petroleum products, electronic goods, engineering goods and chemicals. Services trade recorded a cumulative surplus of US$ 69.17 billion.
August 13, 2026
Show AI Summary
Student GIC referral programmes integrate connectivity credits with funding verification and post-arrival banking arrangements for eligible international students.
Referral arrangements connect mobile connectivity benefits with the Student Guaranteed Investment Certificate application journey. Applicants may access an online portal through a referral link, submit documents, complete know-your-customer verification, and fund the GIC from permitted Indian bank accounts in no more than two transactions. After arrival, students may activate the GIC account and open a linked bank account for receipt of GIC transfers. Eligible verified applicants receive non-cash mobile credits usable only against mobile bills, subject to a cap on the bill portion payable through credits.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Showing Results for : Reset Filters

INDUSTRIAL SECTOR GROSS VALUE ADDED (GVA) ROSE BY 3.7 PER CENT IN FIRST HALF OF FY23

January 31, 2023

Contents
Summary
Note

Note

-

Bookmark

Print

Print

INDUSTRIAL SECTOR GROSS VALUE ADDED (GVA) ROSE BY 3.7 PER CENT IN FIRST HALF OF FY23

PRIVATE FINAL CONSUMPTION EXPENDITURE (PFCE) AS A SHARE OF GDP IN H1 OF FY23 WAS HIGHEST AMONG ALL HALF YEARS SINCE FY15

FDI INFLOW AT US$ 21.3 BILLION IN FY22 MARKING 76 PER CENT RISE FROM FY21

INDIAN PHARMACEUTICAL EXPORTS ACHIEVED 24 PER CENT GROWTH IN FY21

CUMULATIVE FDI IN PHARMA SECTOR CROSSED US$ 20 BILLION MARK BY SEPTEMBER 2022

COAL PRODUCTION FOR FY23 ESTIMATED TO INCREASE TO 911 MILLION TONNES

INDIA IS NOW THE 3RD LARGEST AUTOMOBILE MARKET

INDIA IS 2ND LARGEST MOBILE PHONE MANUFACTURER GLOBALLY

CREDIT TO INDUSTRY GROWING, PARTICULARLY FOR MSMEs

PLI SCHEME EXPECTED TO ATTRACT CAPEX OF APPROX ₹4 LAKH CRORE OVER THE NEXT FIVE YEARS

INDUSTRY 4.0 IS INDIA’S WAY FORWARD IN ACHIEVING THE GOALS OF AATMANIRBHARTA AND AMBITIONS OF BECOMING A KEY PLAYER IN GLOBAL VALUE CHAINS

The Overall Gross Value Added (GVA) by the Industrial Sector rose 3.7 per cent, based on data available for the first half of the FY23, which is higher than the average growth of 2.8 per cent achieved in H1 of the last decade, stated the Economic Survey 2022-23 presented by the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Parliament today.

OVERVIEW OF INDUSTRIAL SECTOR

Economic Survey tabled in the Parliament stated that Industry sector witnessed modest growth of 4.1 per cent in FY23 compared to the strong growth of 10.3 per cent in FY22. It explained that this is likely on account of input cost-push pressures, supply chain disruptions and the China lockdown impacting the availability of essential inputs and slowing the global economy.

The Survey highlighted that the PLI schemes are set to unlock manufacturing capacity, boost exports, reduce import dependence and lead to job creation for both skilled and unskilled labour. The Survey was optimistic that easing input prices and conducive demand conditions will support overall Industrial growth.

DEMAND STIMULUS TO INDUSTRIAL GROWTH

Private Final Consumption Expenditure (PFCE) as a share of GDP in H1 of FY23 was the highest among all half years, H1 or H2, since FY15, the Survey stated. The Survey optimistically expressed that with world commodity prices on a downward trajectory and showing up in declining rates of India’s wholesale inflation, core retail inflation is expected to relent, making domestic consumption demand much stronger to further induce industrial growth in the country.

Economic Survey stated that the strong export performance of FY22 continued somewhat in the first half of FY23 while exports of goods and services as a share of GDP have been the highest since FY16 during H1 of FY23.

The Survey warned that export growth may slow further in the second half of the current financial year and remain weak beyond that, too, if the global economy falls into recession. It added that however, the strong domestic consumption growth and investment revival is expected to keep industrial production humming.

The Survey emphasized that New Investment announced in the manufacturing sector during April-December of FY23 was five times the corresponding level in FY20. The Survey analyzed this increase in investment demand was triggered by the augmented capex of the central government in the current and the previous year as compared to the pre-pandemic years. The leap also has crowded in private investment, already upbeat on the pent-up demand, export stimulus, and strengthening of the corporate balance sheets. It added that Capacity utilization in the manufacturing sector has been rising which bodes well for new investment activity in creating additional capacity.

SUPPLY RESPONSE OF INDUSTRY

Purchaser’s Manufacturing Index (PMI) manufacturing has remained in the expansion zone for 18 months since July 2021, and its sub-indices indicate an easing of input cost pressures, improving supplier delivery times, robust export orders, and future output, highlighted the Survey.

The Survey noted the growth of the eight core industries of coal, fertilizers, cement, electricity, steel, and refinery products has held steady, reflecting a broad momentum in industrial activity.

The Survey added that while growth in the consumer durables component of the Index of Industrial Production (IIP) is on account of the release of ‘pent-up’ demand, the increase in capital goods and infrastructure/ construction goods is indicative of the beginnings of a virtuous investment cycle that is expected to be led by the private sector.

ROBUST GROWTH IN BANK CREDIT TO INDUSTRY

The Survey highlighted that the credit to industry started recovering from January 2022 and has been growing in double digits since July 2022. It added that Credit to MSMEs has also seen a significant increase in part, assisted by the introduction of the Emergency Credit Linked Guarantee Scheme (ECLGS).

The Survey stated that the impact of ECLGS on increasing the growth of credit to MSME was felt most during the pandemic impacted years of 2020 and 2021. It continued in 2022 as the scheme was extended to March 2023.

Further it added, growth in credit to MSME was buttressed by rebounding consumption levels, particularly in the services sector. Consequently, the share of MSMEs in gross credit offtake to the industry rose from 17.7 per cent in January 2020 to 23.7 per cent in November 2022.

The Survey expressed that robust growth in credit demand combined with rising capacity utilization and investment in manufacturing underscores businesses’ optimism regarding future demand.

RESILIENT FDI INFLOW IN MANUFACTURING SECTOR

The Survey highlighted that the FDI inflow jumped to US$ 21.3 billion in FY22 from US$ 12.1 billion in FY21 as the pandemic-driven expansionary policies of advanced economies led to a surge in global liquidity.

The Survey mentioned that FDI equity inflow in manufacturing in the first half of FY23 fell below its corresponding level in the first half of FY22, with the rise in global uncertainty in the wake of the Russia-Ukraine conflict.

A rebound in FDI inflows is, however, expected as the Indian economy sustains its high growth while monetary tightening the world over eventually eases with the weakening of inflationary pressures, the Survey expressed optimism.

HIGHLIGHTS OF INDUSTRY GROUPS

1. MICRO, SMALL AND MEDIUM ENTERPRISES (MSMEs)

The Survey noted that the MSME contribution to the manufacturing sector’s GVA also marginally fell to 36.0 per cent in FY21. The Survey further emphasized that the AatmaNirbhar Bharat Package by the Government provided cushion to the economic impact of the pandemic on MSMEs, which has helped post smart recovery from pandemic.

The Survey expressed that the recovery of the MSME sector from the pandemic-induced shock is evident in the trend in GST paid by the units of MSME sector in FY22 has crossed the pre-pandemic level in FY20.

Government’s initiative of the Samadhaan Portal, CHAMPIONS:the single-window grievance redressal portal for MSMEs, Trade Receivables Discounting System (TReDS) platform for facilitating the discounting of trade receivables of MSMEs with a turnover of ₹200 crore or more, ‘Raising and Accelerating MSME Performance’ scheme (RAMP) etc. has helped in strengthening the MSMEs stated the Economic Survey.

      

2. ELECTRONICS INDUSTRY

The Survey emphasized that Electronic goods were among the top five commodity groups exhibiting positive export growth in November 2022, with the exports in this segment growing YoY by 55.1 per cent.

Elaborating on the Electronics industry, the Survey stated that major drivers were mobile phones, consumer electronics and industrial electronics. It highlighted that India has become the second-largest mobile phone manufacturer globally, with the production of handsets going up from six crore units in FY15 to 31 crore units in FY22.

The Survey also mentioned that various initiatives and incentives of Government like PLI scheme for Large Scale Electronics Manufacturing, the PLI scheme for IT hardware, the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) has nurtured and enhanced the electronics manufacturing base.

Additionally, under the Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India, the Cabinet approved the comprehensive development of a sustainable semiconductor and display ecosystem in the country with an outlay of ₹76,000 crore.

3. COAL INDUSTRY

The coal production for FY23 is estimated to increase to 911 million tonnes, about 17 per cent higher compared to the previous year, highlighted the Survey. Consequent to the well-timed measures of the Government, India has been placed in a better position to cater to excess energy demand. It further added that the coal industry is expected to grow at 6-7 per cent annually to reach a production level of 1 billion tonnes by FY26 and about 1.5 billion tonnes by 2030.

4. STEEL INDUSTRY

Economic Survey highlighted the steel sector’s performance in the current fiscal year as robust, with cumulative production and consumption of finished steel at 88 MT and 86 MT, respectively, during April-December 2022, higher than the corresponding period during the previous four years.

The Survey stated that iron and steel exports are higher by 20 per cent over the corresponding pre-pandemic levels of FY20, despite moderation in the first eight months of the current fiscal owing to a slowdown in the global economy.

Increasing Steel production and Consumption (Apr-Dec)

5. TEXTILE INDUSTRY

In the current financial year, the textile industry has been facing the challenge of moderating exports compared to FY22, mentioned the Survey. It added that export of readymade garments registered a growth of 3.2 per cent YoY basis during the same period.

The Government approved the setting up of seven PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks and launched the Textile PLI Scheme with an approved outlay of ₹10,683 crore over five years starting from 1st January 2022 to promote investments. These would help to develop integrated large-scale and modern industrial infrastructure facilities for the entire value chain of the textile industry, the Survey stated.

6. PHARMACEUTICALS INDUSTRY

The Survey highlighted that Indian pharmaceutical exports achieved a healthy growth of 24 per cent in FY21. It expressed hope that India’s domestic pharmaceutical market is estimated to grow to US$ 65 billion by 2024 from estimated US$ 41 billion in 2021 and is further expected to reach US$ 130 billion by 2030.

Strong Growth in pharma exports     

 High Inflow of FDI in Pharma sector

       

Carrying forward this growth momentum, drug and pharmaceutical exports during April-October 2022 was 22 per cent higher than the corresponding pre-pandemic period of FY20, noted the Survey. It added that Cumulative FDI in the pharma sector crossed the US$ 20 billion mark in September 2022 and FDI inflows have increased four-fold over five years until September 2022, to US$ 699 million, supported by investor-friendly policies and a positive outlook for the industry.

7. AUTOMOBILE INDUSTRY

India became the 3rd largest automobile market, surpassing Japan and Germany in terms of sales, in December 2022, stated the Economic Survey. It added that in 2021, India was the largest manufacturer of two-wheeler and three-wheeler vehicles and the world’s fourth-largest manufacturer of passenger cars.

Elaborating on the domestic electric vehicles (EV) market, the Survey stated that it is expected to grow at a compound annual growth rate (CAGR) of 49 per cent between 2022 and 2030 and is expected to hit one crore units annual sales by 2030. It added that the EV industry will create 5 crore direct and indirect jobs by 2030.

FOSTERING INNOVATION 

Economic Survey stated that there was a 46 per cent growth in the domestic filing of patents over 2016-2021, signaling India’s transition towards a knowledge-based economy.

Discussing the achievements of Start-ups, the Survey highlighted that an impressive 9 lakh+ direct jobs have been created by the DPIIT recognized startups (self-reported), with a notable 64 per cent increase in 2022 over the average number of new jobs created in the last three years. About 48 per cent of our startups are from Tier II & III cities, a testimony of our grassroots’ tremendous potential.

INDUSTRY 4.0

The Survey highlighted that adoption of Industry 4.0 technologies such as cloud computing, IoT, machine learning, and artificial intelligence (AI) in the Indian manufacturing sector is underway, however, large-scale adoption is yet to happen and an enabling environment is rapidly developing.

The Survey mentioned that various Government Initiatives such as SAMARTH (Smart Advanced Manufacturing and Rapid Transformation Hubs) Udyog Bharat 4.0, establishment of the Centre for Fourth Industrial Revolution is the way forward in achieving the goals of Aatmanirbharta and its ambitions of becoming a key player in global value chains.

MAKE IN INDIA 2.0

The Survey mentioned that ‘Make in India 2.0’ is now focusing on 27 sectors, which include 15 manufacturing sectors and 12 service sectors. Amongst these, 24 sub-sectors have been chosen while keeping in mind the Indian industries’ strengths and competitive edge, the need for import substitution, the potential for export and increased employability.

PERFORMANCE LINKED INCENTIVE (PLI) SCHEME

PLI scheme is expected to attract a capex of approximately ₹4 lakh crore over the next five years having a potential of generate employment for over 60 lakh in India stated the Economic Survey. It added that Sectors under which the PLI scheme has been announced currently constitute around 40 per cent of the total imports. The scheme, spread across 14 sectors, can enhance India’s annual manufacturing capex by 15 to 20 per cent from FY23.

The Survey mentioned that around ₹47,500 crore (US$ 6 billion) of actual investment has been made (As per recent reporting from implementing Ministries/ Departments); production/ sales of ₹3.85 lakh crore (US$ 47 billion) of eligible products and employment generation of around 3 lakh has been reported and 106 per cent achievement of actual investment reported versus the corresponding projections of FY22.

The Survey stated that more than 100 MSMEs are among the PLI beneficiaries in sectors such as Bulk Drugs, Medical Devices, Telecom, White Goods and Food Processing. Key sectors such as Large-Scale Electronics Manufacturing, Pharmaceuticals, Telecom & Networking Products, Food Processing and White Goods have contributed considerably to investment, production, sales and employment.

Topics

Acts Income Tax