Nuances, complexities & messaging in Economic Survey 2024: upbraiding pvt sector, cautioning markets

#cuttheclutter
Ahead of Budget 2024, the Economic Survey 2023-24 was presented on day one of the Parliament. In episode 1486 of Cut The Clutter, Editor-in-Chief Shekhar Gupta and Economy Editor TCA Sharad Raghavan discuss the highlights of the 500-page survey — economic growth, the question of agricultural output, the criticism of the private sector, concerns over stock market valuations, and financialization of the economy.

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[vaishakh]

The most worrying sign is that exports are flattening. CEA said that global growth isn't picking up, so if India has to grow it has to take market share away from China, but China has so much over capacity... And without exports there's hardly growth

[rahulkhapne]

The reason for sharp grown in Stock Market and Valuation is the Govt Itself. They crushed small savings which happened through banks by keeping Interest Rates lower for almost 5-7 years. Inflation has beaten the interest rates offered by Banks. So they went to stock markets for higher returns.

[vaishakh]

18:58 why are they investing in buildings, how will they derive profits if they invest in buildings and not in machinery?

[swativaidya]

There are no incentives for micro-entrepreneurs which are actually reaching on ground. On policy level everything is good. But Government should check what is actual implementation. Financial assistance is still not robust. PS banks don’t pass the lower rate benefits to retail customer and show higher profit. HDFC is such example.
I urge you to do research in these areas.

[ramdesai]

Agricultural sector got good coverage

Am surprised eco survey doesnot talk about tax reforms

If there r 9 cr investors in market, how come there r lesser tax payers though there is no need for direct correlation ..how does govt mobilise more tax evaders to pay taxes ??

Income tax needs rationalization

Public Asset monetization somehow misses details

[agentjacob]

The financial crisis is primarily the fault of the Federal Reserve, which gains indirectly from bank failures, bank-owned real estate, and even more affordable cars. Production cannot be printed, but printing credit is acceptable as long as it is printed. Is that right or wrong?

[xxyz]

Bihar (20%) & rajasthan (30%) are suffering due to severe lack of any type of manufacturing in these States. Currently, India has trade deficit with 9 out of the 10 nations coz we don't manufacture anything at the price (due to high inflation & custom taxes on raw materials) that these nations wants to buy.

Also, why will businesses invest now, when tax dept is creating an environment of uncertainty & fear by using regulation compliance to arm twist owners to give one party political donations? At least these businesses are investing in buildings, unlike Corporate A who is hiding its funds in the Cayman islands.

Land consolidation = is code word for big corporate families like Corporation 'A' to push out farmers & take over farm land in punjab. Unemployment rate is the highest in Haryana at 34.5 percent followed by Rajasthan at 28.8 percent, Bihar at 21.1 percent and J&K at 15.6 percent. Unemployment has become an epidemic in India.

India's unemployment data is from CMIE:
2024 (6 months) = 9.2 percent
2023 = 8 percent
2022 = 7.33 percent
2021 = 6 percent

-demonitisation Indian SMEs suffered a blow, still struggling to find their footing
-note ban gst cost 113 lakh cr 16 crore shave off 43 of gdp of informal sector
-households debt surged to fresh high by December 2023 report
-spike in food fuel prices push wpi inflation to 13 months high in April
-express mobility unsold inventory for carmakers soars to rs 60000 crore

[prakashraghunathan]

Thankyou shekar sir for bringing up the economic survey .Thank you sharad sir.

[tubelz]

Thank you for the graphics. Visuals enhance understanding.

[shantanu_d]

A very informative and balanced review that shines light on the important things that sometimes goes amiss.
TCA is a good find Shekhar Sir.

[shreyaslahoti]

Thank you for the deep dive into the economic survey.

[subhrangsudutta]

Thank you very much for such a compact episode on preview of Union Budget. Thanks to your Financial Expert for his expertise.
I've just came accross on Blink of your Advertisement on Institute/School of Journalism. If this is a new project by your Group, I congratulate & wish for a Success of the Venture.
There is a warning too, may be, we need curtail our Screen Time on 'The Print' as well 😮😊🙏🙏

[spsingh]

CEA has misled while trying to compare FAR and car parking in & Hong Kong are city countries, with well connected public transport - metro, bus etc, where private car ownership is almost punished, we are opposite, almost non existent public transport, without private transport one cannot survive in NCR or should go and visit old Maruti plant and see how many cars are parked on "old Delhi-Gurgaon" highway, has he seen industrial areas of Noida / Mohali Sonipat....did he go there in a car or public transport...almost all roads are lined with private cars

[chandramoulibaskaran]

1. Private sector’s investments in automation has quadrupled in the last 3 years.
2. The rate of growing Obesity among people in 22-35 (particularly in IT, ITES and Financial sectors) is alarmingly high
3. Mis-selling is a myth. Consumers are made aware of every single aspect of the product and services that they are buying from financial institutions
4. Good quality stocks with improved governance will always attract investors. That’s how the so called developed economies and countries have evolved. Here again the investors have educated far better than they were a few years ago. So, no surprises; least of all no fear!

[harisundar]

Economic Survey seems to be very honest in its assessment. Government’s ability to revive MSME’s, upgrade skills of youth, reviving labour intensive sectors like textiles, footwear and renewable energy will significantly impact India’s growth. It is also time government seriously join hands with academia and industry to accelerate changes. We are losing time.

[sanjoyghosh]

Govt. should provide substantial and clear data on sectors where employment increase has happened. In my opinion, employment should be defined by number of days an employable person is gainfully employed and earning at least Rs. 2.50 lacs to Rs. 3.00 pa.

[PremdasDutta-iwnw]

Planned urbanisation must be pushed forward.

[rajx]

The restrictions on land use was revelatory. Parking space rules, really? In a country, where car ownership is low, is ridiculous.

[PremdasDutta-iwnw]

Encorage in manufacturing and exports.

[PremdasDutta-iwnw]

Cooperative among farmers backed by and mechanisation modernisation would help to increase productive.