India Realised Growth Will Return & It Has: CEA on Economic Survey
Catch all the live updates on the Budget session of the Parliament here.
Chief Economic Advisor KV Subramanian began his press conference on the Economic Survey 2020-2021, saying that India’s COVID policy was formulated with the principle that “GDP growth will return, but not human lives.” Like we recognised in the policy, growth has returned, said the CEA on Friday, 29 January.
Finance Minister Nirmala Sitharaman tabled the pre-Budget Economic Survey for 2020-21 in the Lok Sabha, as the Budget Session of the Parliament kicked off on Friday, 29 January. A GDP growth of 11 percent has been projected for the financial year 2021-22 by the survey. In this financial year, the GDP will contract 7.7 percent.
Earlier, addressing the joint session of Parliament, President Ram Nath Kovind said that the “national flag was insulted” on Republic Day, adding that the rules of the land must be “respected.”
The Budget session of Parliament began on Friday in the shadow of the coronavirus pandemic and amid massive protests against the three contentious farm laws.
- Almost 16 parties boycotted the President’s address
- The LS and RS has been adjourned till 11 am on Monday, 1 February
- In view of the COVID-19 pandemic, the Parliament will sit in two shifts. The morning session will be dedicated to Rajya Sabha, while the Lok Sabha session will be held in the evening
- The last session of the Parliament was the Monsoon Session, which is when the three farm laws were passed under controversial circumstances
India to Gain More From Investment In Innovation: CEA
“India stands to gain more from its investments into innovation than many other countries,” said CEA KV Subramanian, presenting the Economic Survey.
Re-admission Rates More In Pvt Hospital: CEA Subramanian
Stressing on the importance of public vs private healthcare infrastructure quality, CEA Subramanian said PM-JAY data shows that in case of private hospitals, patients' re-admission rates are much higher than the former.
CEA on India's Sovereign Credit Ratings
India’s sovereign credit ratings do not reflect its fundamentals, CEA KV Subramanian said, presenting the Economic Survey.
Exports are expected to decline by 5.8% and imports by 11.3% in the latter half of 2021, CEA added.
India's COVID Policy Mature, Farsighted: CEA Subramanian
India Expects to Witness Current Account Surplus: Eco Survey
India expected to witness current account surplus during the current financial year after a gap of 17 years, KV Subramanian said, quoting the Economic Survey.
Economic Survey Dedicated to COVID Warriors
Chief Economic Advisor KV Subramanian began his press conference on Economic Survey 2020-2021.
This year's survey is dedicated to all COVID Warriors who upheld India, informed the CEA, adding that the cover of the survey also captured the resilience of the Indian economy.
Rajya Sabha Adjourned Till 1 February
Rajya Sabha has been adjourned till 1 February. FInance Minister Nirmala Sitharaman will present the Union Budget on that day.
FM Tables Economic Survey in Rajya Sabha
Finance Minister Nirmala Sitharaman has tabled a copy of Economic Survey 2020-21 in Rajya Sabha.
Chief Economic Advisor Holds Press Briefing
Proceedings Underway in Rajya Sabha
House proceedings are underway in the Upper House of the Parliament, the Rajya Sabha.
Economic Survey Projects 11% GDP Growth for FY22
The Economic Survey 2020-21 tabled by Finance Minister Nirmala Sitharaman on Friday has projected a GDP growth of 11 percent for the financial year 2021-22. In this financial year, the GDP will contract 7.7 percent.
India's nominal GDP will grow by 15.4 percent in 2021-22, the survey said. It also expects the economy to grow at a rate of 6.5 percent in 2022-23 and 7 percent in 2023-24 aided by structural reforms.
The combined fiscal deficit will exceed the target in FY21, it added.
Lok Sabha Adjourned Till 1 February
The Lok Sabha was adjourned till 11 am on Monday, 1 February. Finance Minister Nirmala Sitharaman will present the Union Budget for 2021-2022 on that day.
The finance minister earlier tabled the Economy Survey for 2020-21 in the Lower House.
Unfortunate That Opposition Boycotted Prez's Address: RS Prasad
Union Minister Ravi Shankar Prasad hit out at the Opposition for boycotting President Ram Nath Kovind’s address, in light of farmers’ protest.
“Today's Budget Session commenced with President's address, but it is really unfortunate that the entire Opposition boycotted it,” Union Minister Ravi Shankar Prasad said.
Farmers Being Called Traitors: Opposition Boycott's Prez Address
Aam Aadmi Party (AAP) leader and MP Sanjay Singh said that Opposition parties boycotted President Ram Nath Kovind’s address as farmers are being called “traitors” by the Centre.
“Farm laws should be repealed. We protested against the President's Address and raised slogans in support of farmers. We were not allowed inside the Central Hall, so we raised slogans at its gate. Farmers are being called traitors. So, we boycotted the address,” said Sanjay Singh, AAP MP.
“Boycotting President’s Address doesn’t mean insulting him. We’re standing with farmers and demanding that farm laws be taken back. It’s our biggest reason behind boycotting the Address. We’ll debate when there is a Motion of Thanks and debate,” Adhir Ranjan Chowdhury, Congress MP, added.
Historic Bodo Agreement Signed, Implemented: Prez Kovind
President Ram Nath Kovind, addressing the joint session of Parliament, mentioned that a historic Bodo peace agreement was signed and successfully implemented.
“The rehabilitation of Bru refugees is being carried out peacefully. Bodoland Territorial Council election took place successfully,” Kovind said.
Aatmanirbhar Bharat to Boost Country's Self Confidence: VP Naidu
Vice President Venkaiah Naidu, reading President Ram Nath Kovind’s address in English, stressed upon the importance of Aatmanirbhar Bharat.
“Aatmanirbhar Bharat isn't just confined to manufacturing in India but also a campaign aimed at elevating standard of living of every Indian and boosting self-confidence of country. Our goal of Aatmanirbhar Bharat will be further strengthened by self-reliance in agriculture,” Naidu said.
Grateful for Supreme Sacrifice Of Galwan Martyrs: Prez Kovind
President Ram Nath Kovind said that every citizen is grateful to the 20 jawans who made “supreme sacrifice” in Galwan Valley.
“Twenty jawans made the supreme sacrifice in Galwan Valley in June 2020. Every citizen is grateful to these martyrs. My government is committed to the protection of the interests of the nation. Extra forces have been deployed at LAC for protection of India's sovereignty,” he said.
Despite COVID, India Attractive For Global Investors: Prez Kovind
President Ram Nath Kovind said that while India was recovering from the damage suffered by the economy due to coronavirus, he added that it has emerged as an attractive destination to global investors.
“The nation is recovering from the damage that the economy suffered while saving the life of every Indian during the Corona period. Even in this difficult time, India has emerged as an attractive destination for global investors,” President Ram Nath Kovind said in Parliament.
Rights Of Farmers Not Cut Short: President Kovind
President Ram Nath Kovind added that the rights and facilities available to farmers have not been “cut short” in the three farm laws.
“My government would like to clarify that the rights and facilities that were available before the formation of the three farm laws have not been cut short. In fact, with these new agricultural reforms, the government has provided new facilities, rights to farmers,” Kovind said, in his joint address.
Tricolour Was Insulted On Republic Day: Prez Kovind in Parliament
Addressing the joint session of Parliament ahead of Budget Session on Friday, 29 January, President Ram Nath Kovind said that the national flag was “insulted” on Republic Day, adding that the rules of the land must be “respected,” reported ANI.
“After extensive deliberations, Parliament passed three important bills seven months ago. Small and marginal farmers are also a priority for my government. To support such farmers in their small expenses, around Rs 1,13,000 crores have been transferred directly to their accounts, under PM-Kisan Samman Nidhi:,” Kovind added.
Timely Action By Govt Saved Lakhs of Lives During COVID: Prez Kovind
Addressing the joint session of Parliament ahead of Budget Session, President Ram Nath Kovind said that “timely decision taken” by government saved lakhs of lives during the coronavirus pandemic.
“I am satisfied that the timely decision taken by my government saved the lives of lakhs of citizens. Today the number of new COVID cases is going down rapidly. The number of recoveries is very high,” Kovind said, in the parliament.
4-5 Mini Budgets in 2020, This Budget Part of the Chain: PM Modi
Arriving at the Parliament for the Budget Session on Friday, Prime Minister Narendra Modi emphasised upon the session being the first of the decade.
"For the first time in India's history, in a way, the Finance Minister had to present 4-5 mini budgets in 2020 in the form of different packages. So this Budget will be seen as a part of those 4-5 mini budgets, I believe this," he was quoted as saying.
FM Sitharaman to Table Economic Survey Today
Finance Minister Nirmala Sitharaman will be tabling the Economic Survey 2020-21 in Parliament on Friday, which will be followed by a press briefing by the chief economic advisor (CEA) at 3:30 pm.
Budget 2021 Must Raise Resources Without Tax Hike: Nilesh Shah
Nilesh Shah, Group President and Managing Director of Kotak Mahindra Asset Management Company, speaks exclusively to The Quint's Editorial Director Sanjay Pugalia about market expectation, economy, Budget 2021 and more.
Answering why markets are high, the Kotak MD said, "Between Foreign Portfolio Investors (FPI) and retail investors, money has come into the stock market like never before."
Elaborating on expectations from the Budget 2021 and how it would impact the market, Nilesh Shah said long-term support to the market would come if we create accelerated growth in the GDP.
Budget 2021 to be Unprecedented for Several Reasons
The 2021-22 Union Budget will be unprecedented in many ways. The finance ministry will be presenting the Budget during the lockdown for the first time. The exercise this year will be completely paperless, avoiding the need for secrecy associated with printed documents.
This will also be the first Budget that will be out immediately after a pandemic-induced nationwide lockdown that brought the economic activity in the country to a grinding halt. Also, a this is also a first with regard to acute recession that the country stares at, with severe levels of unemployment that turned from bad to worse after the pandemic.
Though not for the first time, but Budget 2021-22 also faces a severe challenge of reviving the growth in the economy amidst shrinking revenue streams, along with the need to balance the expenditure and get fiscal consolidation back on track.
As Finance Minister Nirmala Sitharaman herself has put that her third Budget would be ‘unprecedented’, as the country looks forward to rebuilding after a pandemic-hit year.
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)