CHENNAI ■ MADURAI ■ VIJAYAWADA BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOgGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ WARANGAL ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI ■ ■ tadepalligudem l wednesday l february 1, 2023 l `9.00 l PAGES 12 l city EDITION Growth to slow, India still fastest growing economy Economic Survey 2022-23 bullish on pvt investments picking up; CEA says global slowdown could actually work in favour of India FINE PRINT GDP growth to slow to 6.5% in FY24 from 7% this fiscal, but India will remain the fastest growing economy in the world Growth in FY23 has been led by private consumption and capital formation Gross tax revenues touched 65% of Budget estimates at `17.81 lakh crore in first eight months of the current fiscal, propelled by corporate and personal income tax mop-up RBI’s projection of retail inflation at 6.8% in FY23 is neither too high to deter private consumption, nor so low to weaken investments Rupee to remain under pressure due to muted exports growth and widening current account deficit Domestic coal production to soar to 1.5 billion tonnes by 2030, will replace imports Survey calls for entirely dismantling licensing, inspection and compliance regime, and a host of other reforms to accelerate economic growth to sustained higher levels It suggests simpler tax rules to lure Indian-owned startups abroad to shift to India D i pa k M o n da l @ New Delhi INDIA’s GDP could grow at 6.5% in FY24 despite a slowing global economy thanks to the reforms undertaken by the Narendra Modi government in the past eight years, the Economic Survey 2022-23 tabled in Parliament on Tuesday said. “The growth in the upcoming year will be supported by solid domestic demand and a pickup in capital investment,” the survey said with a caveat that tighter monetary policy globally and subdued exports might hamper the projections. Unlike last year when 8-8.5% growth was projected, this year’s survey showed less conviction on growth. It pegged real GDP growth in the range of 6-6.8% depending on the trajectory of economic and political developments globally . The survey report is bullish on private capital expenditure picking up thanks to cleaning up of the private sector balance sheet. It said the financial sector stress seen in the previous decade — rising bad loans, low credit uptake and falling private investments — is now behind us. Private investment, according to the survey report, has been aided by the government capex which increased 2.7 times in the past seven years. The capex thrust of the government was part of a strategic package aimed at crowding-in private investment, it noted. Chief Economic Advisor to the government Dr V Anantha Nageswaran told reporters that capital investment by the private sector is beginning to kick in despite several shocks coming one after another. “Once the shocks dissipate, I expect India’s credit and capex cycle to gather more steam than what they have today he added. ,” The CEA said the recessionary press u r e s wo rl dw i d e could prove beneficial for India as global commodity prices, especially crude oil, would remain at moderate levels. He says as long as crude oil prices remain below $100 a barrel, it won’t hit India’s growth prospects. While talking about structural reforms such as the GST rollout and the IBC undertaken over the past eight years, the survey also sets the agenda for next round of reforms – administrative, contract enforcement, dismantling licence, inspection & compliance, access to clean energy and energy security, among others. Barry O’Farrell AO @AusHCIndia Here I am to invite you all to Visakhapatnam, which is going to be our capital in the days to come and I myself will be shifting to the City of Destiny in the months to come Spoke at #AdvantageAP event about the presence of Australian investors in Andhra Pradesh & how tariff reductions under #ECTA would benefit the state’s EV, tech & renewables manufacturing sectors. Also, complimented @ysjagan on the #OscarNominations2023 for @RRRMovie YS Jagan Mohan Reddy, Chief Minister —Australia’s High Commissioner to India ‘Vizag will be capital of Andhra’ E x p r e s s Ne w s Se r v i c e @ Vijayawada Visakhapatnam will be the capital of Andhra Pradesh in the days to come, Chief Minister YS Jagan Mohan Reddy announced and said he, too, will be shifting to the Port City in the months to come. He was speaking in New Delhi on Tuesday during the International Diplomatic Alliance Meet, the preparatory meeting for the Global Investors’ Summit-2023. “Here I am to invite you all to Visakhapatnam, which is going to be our capital in the days to come and I myself would be shifting to Visakhapatnam in the months to come,” he said while inviting the diplomats and industrialists to participate in the Global Investors’ Summit, scheduled to be held in the City of Destiny on March 3 and 4. It may be noted that after the Supreme Court had stayed an order of the High Court, directing the State government to develop Amaravati capital region in six months, several ministers and leaders of the ruling YSRC had stated that Visakhapatnam will become the executive capital soon and that the seat of administration, too, will be shifted at the earliest. Meanwhile, TTD (Tirumala Tirupati Devasthanams) chairman and YSRC regional coordinator YV Subba Reddy said the government is committed to make Visakhapatnam the executive capital and that Chief Minister YS Jagan Mohan Reddy has reaffirmed the P4 same.  Be part of AP’s economic growth, Jagan to investors E x p r e s s Ne w s Se r v i c e @ Vijayawada Pitching Andhra Pradesh as the fastest-growing State in the country with 11.43% GSDP, Chief Minister YS Jagan Mohan Reddy called upon several nations to invest in the State and be a part of its economic growth. Addressing investors and diplomats during the Curtain Raiser for the Global Investors’ Summit, scheduled to be held in Visakhapatnam on March 3 and 4, in New Delhi on Tuesday , Jagan highlighted the factors that make Andhra Pradesh a perfect platform for investors. “For the last three years, Andhra Pradesh has consistently ranked first in Ease of Doing Business index. As part of the survey, industrialists, who have invested in the State have also given a good feedback,” Jagan pointed out. Explaining what the State has to offer, the CM said, “At 974 km, Andhra Pradesh has the second longest coastline in the country. It has six ports, and four more have been planned. There are six airports and three of the 11 industrial corridors in the country are being developed in AP. This speaks volumes of the connectivitywe P4 can offer to industries.”  express read ‘Adultery law applies for forces’ Blast at pharma SEZ kills one New Delhi: A five-judge Constitution bench of the Supreme Court on Tuesday clarified that its 2018 verdict that had decriminalised adultery will not apply to court martial proceedings initiated against armed forces personnel for their adulterous conduct | P8 Visakhapatnam: At least one person was killed and three others sustained injuries after a reactor blast was reported at GMFC Labs in Atchyutapuram SEZ, Anakapalle district on Tuesday. The cause behind the explosion is yet to be ascertained | P3 AP registers MMR of 45: Survey Vijayawada: Andhra has achieved the Sustainable Development Goals target to reduce Maternal Mortality Ratio to less than 70 deaths per lakh live births by 2030. AP stood fourth at 45 MMR deaths for every lakh live births in 2018-20, as per SE survey | P3