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
    Over 36,000 firms shut operations in Maharashtra in 5 yrs; Oppn claims graft, govt interference
    Powering India's Energy Freedom
    Fourth Session of the India-Namibia Joint Trade Committee held in New Delhi
    Winning in the AI Era: The New Playbook for Indian Banks - Inaugural Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the FIBAC 202...
    Assam Cabinet okays funds for land acquisition for Guwahati satellite city
    ED arrests Chhattisgarh Congress leader in liquor 'scam' case; sent to 7 days' custody
    Sales Tax Assistant Commissioner arrested for demanding bribe of Rs 8 lakh
    Net direct tax kitty grows 23 pc to Rs 8.11 lakh cr on slower refunds, higher non-corp taxes
    Delhi court sets aside summon order in cheque bounce case
    BRICS grouping discussing linking CBDCs, fast payment systems: RBI Guv Malhotra
    PM GatiShakti National Master Plan Enables Integrated and Coordinated Infrastructure Planning
    GeM Strengthens Participation of MSMEs, Startups, Women Entrepreneurs and SHGs
    Net direct tax collection grows 23 pc to Rs 8.11 lakh cr so far this fiscal
    National Accreditation Board for Testing and Calibration Laboratories Launches India’s First Accreditation Scheme for Mobile Food Testing Laboratori...
    Commerce and Industry Minister Shri Piyush Goyal awards top buyers and sellers on GEM platform at the 10th Anniversary celebrations of GEM
    PolicyBazaar working with partners to fast-track Assam flood insurance claims
    ED arrests Chhattisgarh Congress leader in liquor 'scam' case
    ED arrests Chhattisgarh Congress leader in liquor scam case
    Register FIR in cases of missing persons immediately, irrespective of age or gender: SC
    ED freezes 182 bank accounts, seizes Rs 1 cr cash in connection to Rs 2k crore chit-fund scam
❯❯
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 12, 2026
Show AI Summary
Corporate closure data highlights worker-claim treatment through insolvency adjudication and liquidation priority, while affected-worker information remains unmaintained.
Corporate closure data recorded 36,211 private companies in Maharashtra as liquidated, dissolved or struck off during the preceding five financial years. Central information is not maintained on workers affected by closures or special rehabilitation packages. In corporate insolvency resolution, employee and worker claims are adjudicated under orders of the adjudicating authority. In winding-up or liquidation, the liquidator deals with pending wages and other admissible statutory dues, subject to available funds and the statutory order of priority.
August 12, 2026
Show AI Summary
Compressed biogas development converts organic waste into cleaner fuel, rural income and reduced dependence on imported fossil fuels.
CBG development is presented as a route for converting agricultural and organic waste into biomethane, bio-fertiliser and briquettes while reducing fossil-fuel imports, crop-residue burning and waste-management burdens. NexGen Energia's asset-light land-partner model uses landowner-provided sites while the company designs, installs and operates plants, including gas upgrading and offtake logistics. Anaerobic digestion and alternative gas-purification technologies support use of agricultural residue, food waste, manure and distillery effluent. Expansion is linked to the GOBARdhan National Circular Bioenergy Scheme, despite capital, feedstock-aggregation and commissioning constraints.
August 12, 2026
Show AI Summary
Bilateral trade cooperation advances through investment focal points, services and health working groups, and planned preferential trade agreement negotiations.
India-Namibia economic cooperation is being progressed through agreed follow-up mechanisms focused on value addition, investment facilitation and sectoral collaboration. Investment focal points have been designated, and a Services Working Group is to prepare a work plan for the Joint Trade Committee. Priority areas include health and pharmaceuticals, critical-mineral processing, gems and jewellery, digital payments, FinTech, railways, renewable energy and green hydrogen. Terms of Reference for the India-SACU preferential trade agreement were finalised, with negotiations to begin after signature and conclude within one year.
August 12, 2026
Show AI Summary
AI governance in banking requires explainability, board accountability, rigorous testing, vendor controls and meaningful human oversight for customer-facing decisions.
AI adoption in banking should be governed through a principles-based and proportionate framework that aligns innovation with financial stability, customer protection and accountability. Banks should maintain inventories of AI systems, adopt board-approved governance policies, ensure explainability for material lending and fraud decisions, conduct periodic red-teaming and stress testing, and preserve meaningful human oversight. Key risks include opacity, bias, vendor concentration, third-party dependence, data misuse, cyber vulnerability and loss of institutional accountability. Vendor arrangements require audit and explanation rights and credible exit plans.
August 11, 2026
Show AI Summary
Land acquisition funding and regulatory approvals advance satellite-city development, tax relief, identity enrolment, employment verification, and jail reform.
Assam Cabinet approvals include first-phase funding for land acquisition and development of the Aerotropolis Satellite City Project and a lease deed for a hotel supporting the Jagiroad semiconductor ecosystem. Measures also provide Aadhaar enrolment relaxation for Moran and Matak communities, zero agricultural tax up to the prescribed net-income threshold, OBC Non-Creamy Layer certificates, and trainee and graduate-assistance funding. Government jobs will be provisionally held pending police verification, with automatic confirmation where no report is submitted within six months. Jail rules will be amended to promote non-discrimination, sanitation, security and fair work allocation.
August 11, 2026
Show AI Summary
Money-laundering investigation into alleged liquor-sale proceeds led to arrest and custodial questioning amid contested political allegations.
Money-laundering investigation concerning an alleged liquor scam led to the Enforcement Directorate's arrest of Ramgopal Agrawal and seven days' custodial remand under the Prevention of Money Laundering Act. The agency alleged his connection with proceeds of crime, non-attendance despite multiple summonses, and evasiveness during questioning. Allegations concern purported control of the state excise department, illegal liquor sales, and sharing of commissions. The Congress has denied the allegations and described the investigation as politically motivated.
August 11, 2026
Show AI Summary
GST inquiry closure bribery allegations prompted anti-corruption proceedings against a Sales Tax officer under corruption law.
Alleged bribery in GST inquiry closure led to the arrest of a Sales Tax Assistant Commissioner after a scrap trader complained of a demand for illegal gratification to close an inquiry initiated through a GST show-cause notice. Anti-corruption officials reportedly verified the allegation through intermediaries, during which the officer allegedly agreed to accept payment for closing the matter. A criminal case was registered under the Prevention of Corruption Act, with further investigation ongoing.
August 11, 2026
Show AI Summary
Direct tax collection growth reflected stronger non-corporate taxes and securities transaction tax receipts alongside slower refund issuances.
Net direct tax collections increased by 23 per cent to over Rs 8.11 lakh crore through August 10, driven by higher non-corporate tax collections and slower refund growth. Gross direct tax collections grew by 19.75 per cent to about Rs 9.55 lakh crore. Net corporate tax collections rose about 20 per cent, net non-corporate tax collections rose 23 per cent, and Securities Transaction Tax collections increased 51 per cent. Refund issuances grew by 3.8 per cent year-on-year.
August 11, 2026
Show AI Summary
Vicarious liability in cheque dishonour cases cannot attach to trust associates without statutory status or transaction-specific involvement.
Vicarious criminal liability for cheque dishonour under section 141 of the Negotiable Instruments Act does not extend to a trust, because a trust is not a juristic person. A person cannot be summoned merely for alleged active involvement in a trust where the person was neither drawer nor signatory of the cheques, trustee, office-bearer, authorised account operator, guarantor, or executor of transaction documents.
August 11, 2026
Show AI Summary
Cross-border payment integration through CBDCs and fast payment systems remains under BRICS discussion to reduce transfer costs.
Cross-border payment integration is under discussion through potential linkages between central bank digital currencies and fast payment systems, including UPI-type platforms. These approaches seek faster and less costly trade and remittance transfers, particularly retail payments, but remain at a discussion stage. Rupee internationalisation is also being pursued through central-bank memorandums of understanding for bilateral trade settlement in local currencies, with existing arrangements covering Indonesia, Maldives, Mauritius and the UAE.
August 11, 2026
Show AI Summary
Integrated infrastructure planning under PM GatiShakti coordinates project evaluation, multimodal connectivity, geospatial data use, and decentralized implementation.
PM GatiShakti National Master Plan provides an integrated, data-driven infrastructure planning framework using geospatial data, satellite imagery and API integration. Project approval, implementation and funding remain with the respective Central Ministries, Departments and States or Union Territories under their own plans and budgetary provisions; the framework sets no separate budgetary allocation or quantified targets. The Network Planning Group evaluates critical Central Government projects at the planning stage for multimodality, synchronisation, last-mile connectivity, comprehensive local development and coordinated decision-making.
August 11, 2026
Show AI Summary
MSME procurement through GeM has expanded alongside analytics-driven controls against suspicious bidding, collusion, and vendor misconduct.
GeM uses AI/ML analytics to detect order splitting, suspicious bidding, abnormal pricing, repeated participation and potential buyer-seller collusion. Flagged cases are placed before buyer organisations for review and action, while suspected cartels are assessed through digital-footprint, pricing and bid-timing indicators. Its Incident Management framework addresses false documents, fraud, collusive behaviour and other misconduct through administrative measures, including suspension. Anti-competitive conduct and cartel formation are Severe/Grave deviations, with proven cases attracting suspension for up to 365 days.
August 11, 2026
Show AI Summary
Direct tax collections show stronger corporate, non-corporate and securities transaction tax receipts, alongside increased refunds during the fiscal period.
Net direct tax collections grew by 23.09 per cent to over Rs 8.11 lakh crore up to August 10 of the current fiscal year, while gross direct tax collections increased by 19.75 per cent to about Rs 9.55 lakh crore. Corporate tax, non-corporate tax including personal income tax, and Securities Transaction Tax receipts recorded growth. Refunds issued between April 1 and August 10 also rose over the corresponding earlier period. Direct tax collections are budgeted at Rs 26.97 lakh crore for the fiscal year.
August 11, 2026
Show AI Summary
Mobile food testing laboratory accreditation expands quality-assured testing access and supports coordinated food-safety surveillance and regulatory efficiency.
NABL has launched an Accreditation Scheme for Mobile Food Testing Laboratories under the Integrated Assessment Programme. The framework enables mobile laboratories to provide reliable, quality-assured and internationally benchmarked food-testing services closer to communities, extending accredited testing beyond conventional laboratory settings. It is intended to strengthen food-safety surveillance, improve access to quality testing, support faster regulatory intervention and enhance consumer confidence. Coordinated assessments, regulatory harmonisation and mutual recognition are also intended to reduce duplication and improve regulatory efficiency while maintaining quality and compliance standards.
August 11, 2026
Show AI Summary
Digital public procurement will expand AI-led price intelligence, marketplace integrity, inclusive access, credit linkages and sustainable purchasing.
Government e-Marketplace is advancing an AI-enabled public procurement ecosystem focused on efficiency, transparency, competition, price intelligence and marketplace integrity. Priorities include last-mile access through Suvidha Kendras, integration of public entities, credit linkages, sustainable procurement and university outreach. A nationwide five-digit Helpdesk short code, 14550, mapped to existing infrastructure, is intended to maintain service continuity and improve access to support and official communications. The platform seeks to provide enterprises with a more accessible and predictable procurement market and buyers with a data-driven procurement experience.
August 11, 2026
Show AI Summary
Expedited flood insurance claims require insurers and partners to simplify documentation and provide immediate service to affected policyholders.
Expedited insurance-claim handling for flood-affected policyholders in Assam is being pursued through simplified documentation, prompt settlement and immediate service response. PolicyBazaar is coordinating with insurer partners to reduce processing delays. The Insurance Regulatory and Development Authority of India has directed insurers, including life insurers and standalone health insurers, to mobilise resources for immediate assistance, alongside governmental efforts for expeditious and hassle-free claim disposal.
August 11, 2026
Show AI Summary
Money laundering investigation in alleged liquor scam leads to arrest and proposed custodial-remand proceedings under anti-money-laundering law.
Money laundering investigation concerning an alleged liquor scam in Chhattisgarh led to the arrest of Congress leader Ramgopal Agrawal under the Prevention of Money Laundering Act. Custodial remand is to be sought for interrogation. The allegations concern an alleged syndicate that purportedly controlled the state excise department, enabled illegal liquor sales and distributed resulting commissions. Chargesheets name political figures, excise officials and officials associated with the Chief Minister's Office.
August 11, 2026
Show AI Summary
Money-laundering investigation into an alleged liquor scam leads to arrest and proposed custodial interrogation under the prevention law.
Money-laundering investigation under the Prevention of Money Laundering Act concerns an alleged liquor scam in Chhattisgarh. A former state political party treasurer has been arrested for alleged involvement and is to be produced before a local court for a request for custodial interrogation. The alleged scheme is stated to have involved control of the state excise department by a criminal syndicate, with multiple accused named in six chargesheets.
August 11, 2026
Show AI Summary
Immediate FIR registration for every missing person is mandatory, with missing children treated as suspected kidnapping or abduction cases.
Immediate FIR registration is required whenever information is received that any person is missing, irrespective of age or gender, without preliminary inquiry. Missing-person FIRs must include relevant provisions concerning kidnapping and trafficking. A missing child must be treated from the outset as a suspected case of kidnapping or abduction. States and Union Territories may face contempt action for non-compliance. Traced children should ordinarily be restored to their families within 24 hours unless trafficking or exploitation by the family is suspected.
August 11, 2026
Show AI Summary
Money-laundering investigation targets alleged chit-fund collections, investor-fund diversion, concealed deposits, and irregular land transactions.
Money-laundering investigation into an alleged multi-state chit-fund scheme involved searches at premises linked to Wellfare Buildings and Estates Pvt Ltd and its directors, seizure of cash, vehicles, property-related records and digital devices, and freezing of bank accounts. The alleged scheme concerns unauthorised public-fund collection through land-allotment schemes, followed by closure of operations. Allegations include diversion of investor funds, manipulation of financial statements to conceal deposits, and irregular land transactions intended to suppress actual consideration and evade statutory obligations.

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