Budget Session 2020 Highlights: GDP growth rate for 2018-19 revised downwards to 6.1 per cent

"In 2019-20, Centre’s fiscal deficit was budgeted at Rs. 7.04 lakh crore (3.3 per cent of GDP), as compared to Rs. 6.49 lakh crore (3.4 per cent of GDP) in 2018-19," says CEA KV Subramanian

In 2019-20, Centre’s fiscal deficit was budgeted at Rs. 7.04 lakh crore (3.3 per cent of GDP), as compared to Rs. 6.49 lakh crore (3.4 per cent of GDP) in 2018-19#EconomicSurvey

?https://t.co/9i0egdufRo pic.twitter.com/iu4FLxEL1J

— PIB India (@PIB_India) January 31, 2020

KV Subramanian says, "Economic slowdown since 2017 due to the lagged effect of reduced investment from 2013 which occurred due to credit boom-bust."

The Survey suggests that the government must systematically examine areas of needless intervention and undermining of markets; but it does not argue that there should be no Government intervention.Instead it suggests that the interventions that were apt in a different economic setting may have lost their relevance in a transformed economy. Eliminating such instances will enable competitive markets spurring investments and economic growth.

CEA Krishnamurthy Subramanian says, "Economic Survey's theme this year is wealth creation." He also says, " Firms that borrowed a lot during 2008-12 invested less during 2013-17."

Chief Economic Advisor Dr KV Subramanian says, "We have a slowdown in the Indian economy, part of it is because of the global economy slowing down in 2019."

Chief Economic Advisor Dr KV Subramanian is holding a press conference after Finance Minister Nirmala Sitharaman tabled the Economic Survey.

In the backdrop of nationwide protests over the CAA-NRC, president Ram Nath Kovind Friday sidestepped references to NRC in his address to the joint sitting of both Houses of Parliament at the start of Budget session. His omission of reference to the NRC holds significance in wake of the fact that President had announced Modi government’s decision to “implement the process of ‘National Register of Citizens’ on priority basis” in his address to the joint sitting at the inauguration of 17th Lok Sabha on June 20 last year. Read More

The Economic Survey 2020 projected an economic growth of 6 to 6.5 per cent in the fiscal year starting April 1. The survey, prepared by Chief Economic Advisor Dr Krishnamurthy Subramanian, was tabled by Union Finance Minister Nirmala Sitharaman in Parliament Friday. READ MORE

Economic Survey projects economic growth at 6-6.5% in the fiscal year beginning April 1. Economic Survey puts current fiscal growth at 5%; says fiscal deficit target for current fiscal may need to be relaxed to revive growth. 

Finance Minister Nirmala Sitharaman tables the Economic Survey in the Parliament Lok Sabha adjourned till 11 am tomorrow.

President Ram Nath Kovind on Friday hailed the contentious Citizenship Amendment Act as "historic" in his address to joint sitting of both houses of Parliament, prompting protests by some opposition members. He also said that debate and discussion on any issue strengthens democracy while violence during protests weaken it. "The Citizenship Amendment Act is a historic law. It has fulfilled wishes of our founding fathers including Mahatma Gandhi," he said.

President Kovind concludes his address. National Anthem is being played in the Central hall of Parliament

President Kovind says, "My Govt is dedicated to turn India into a $5 trillion economy. We're discussing with every stakeholder and work is being at every level of the economy to turn this into reality. In spite of the challenges being faced by the world, the foundation of India's economy remains strong. I call upon all leaders and people of India to give preference to local and indigenous products. If you do that, you will be helping the MSMEs in your region."

President Kovind condemns atrocities against minorities in Pakistan, urges the global community to take necessary action.

President Kovind says, "To empower women, the govt started the self-help groups. Over 6.60 crore women have joined these groups so far. These women have been provided with loans at very low-interest rates. To make women equal to men, admission of the girl child has been approved in Sainik Schools as well. Women are being hired in the military as well."

"The Govt is working dedicatedly to give farmers at least 1.5 times the cost of production to the farmers of India. The constant hike in MSP of Rabi and Kharif crops is a step taken in this direction," President Kovind added.

President Kovind says, "The Govt's initiatives ensured 2 lakh people did their Haj, a record number. India is the first country in which the entire Haj process has been digitalized and is done online." He also says, "My Govt also stands in solidarity with specially-abled persons. It has made 1000 Bhawan and over 700 railways stations accessible to these people. In the last 5 years, equipments worth Rs 9000 crore have been provided to them across India in thousands of camps."

President Kovind says, "The Govt recently signed the Bodo Agreement, ending the crisis that saw 4,000 people lose their lives. The Govt will also spend Rs 1,500 crore to develop the areas in the Bodo regions. Similarly, the Bru-Reang agreement not only solved a long-standing problem but will also help the concerned people and will help in their settlement."

The President also says, "112 districts in the country that lack development have been given priority and special care is being taken to ensure the people in these regions avail to all benefits. A lot of work was done and a lot of districts have now reached the average level, at par with the other districts in their respective states."

Brief uproar in Parliament as President Kovind highlights the Citizenship Amendment ACT (CAA). He says, "I am happy that the wish of the Father of the Nation Mahatma Gandhi has been fulfilled through the enactment of the Citizenship Amendment Act by both the Houses of Parliament."

Meanwhile, Chief Economic Advisor Krishnamurthy Subramanian on Economic Survey: Our team has done a lot of hard work. The team has prepared the second economic survey in six months.

President Kovind also says, "The abrogation of Article 370 and Article 35A of the Constitution through two-thirds majority by both the Houses of Parliament is not only historic but it has also paved the way for equal development of Jammu and Kashmir and Ladakh."

President Kovind says, "There are about 15 crore houses in rural India that lack water supply from pipes. It makes the life of our women really difficult. Polluted water has an ill-effect on the health of the family. To ensure clean water reaches every Indian, the Govt has started the Jal Jeevan Mission. The Central Govt, the State Govt, local bodies and NGOs are turning this into a movement together."

The work and  initiatives taken by the Govt have increased the aspirations of the people as well as the responsibilities of the Govt. The people had longed to visit the Kartarpur for a long time. My Govt developed it in record time to open it up for the pilgrims: President Kovind

President Kovind also says, "8 crore people were given free gas connections, 2 crore people were given houses, 38 crore people have been helped with bank accounts.  50 crore people have been given free treatment worth up to Rs. 5 lakh under National Health Authority, 24 crore people have been benefitted from insurance schemes, 2.5 crore people have been given free electricity connections."

President Kovind says, "On the Tourism Index, India has risen from 52nd to the 34th rank. This rise is also an announcement to the entire world how India has changed its foundation in the last few years and shows the enthusiasm in the people for the development of New India."

Work done by this government on the ground level in the last 5 years has helped India's ranking on several International ranking indexes. On the World Bank's Ease of Doing Business ranking, India has jumped 79 ranks to stand at 63rd. On the index of resolving insolvency, India has jumped from 108th to 52nd, says President Kovind.

President Kovind says, "My Govt believes that transparent debate and exchange of views strengthen democracy further. Violence and other such acts in the name of protests weaken the country. The people of India have given my Govt this mandate for the formation of New India."

"The work delivered in the previous session of the Lok Sabha is a record in seven decades. The Triple Talaq Law provided empowerment to Muslim Women, the Chit Fund Amendment Law and more other such laws were passed in this session. I congratulate every MP of this House for delivering on the Constitutional demand," says President Ram Nath Kovind.

President Kovind says, "My government is clearly of the view that mutual discussions and debates further strengthen democracy. At the same time, any kind of violence in the name of protest weakens the society and the country."

President Kovind says, "This decade is very important for everyone. We must fasten the development of New India. A strong foundation has already been laid to make this decade India's. India's Constitution shows us the way to fulfill these aspirations: President."

This decade is very important for everyone. We must fasten the development of New India. A strong foundation has already been laid to make this decade India's.

India's Constitution shows us the way to fulfill these aspirations: President @rashtrapatibhvn pic.twitter.com/ko7fyO4TLI

— BJP (@BJP4India) January 31, 2020

President Kovind says, "Our constitution expects from this Parliament and every member present in this House to fulfill the hopes and aspirations of the countrymen and make necessary laws for them, keeping national interest paramount." " The mature way in which the countrymen behaved after the Supreme Court's decision on Ramjanmabhoomi is also praiseworthy," he adds.

President Ram Nath Kovind is addresisng the joint Session of Parliament.

Watch LIVE: President of India addressing the joint sitting of both Houses of Parliament, at the beginning of #BudgetSession 2020 https://t.co/fx30SwSJzk

— PIB India (@PIB_India) January 31, 2020

Congress MP Gaurav Gogoi said, "In protest against attack on the constitution, we will sit and listen to the President's address with black bands around our arms."

One day before the Union budget, the Chief Economic Adviser (CEA) of the country releases the Economic Survey. The Economic Survey for 2019-2020 will be tabled in Parliament on Friday (January 31). With the Indian economy in the doldrums, this year’s Economic Survey will be keenly watched. The Economic Survey is a report the government presents on the state of the economy in the past one year, the key challenges it anticipates, and their possible solutions. Read More

Opposition protest in Parliament complex. #CAA_NRCProtests @IndianExpress pic.twitter.com/yugXQMZbOM

— Manoj C G (@manojcg4u) January 31, 2020

What did Kovind say on June 20, 2019? What is the current status of the initiatives he underlined?

The President said India was on its way to become the fifth largest economy in terms of GDP, a claim that the International Monetary Fund (IMF) corroborated last year. Further, he said the government sought to make India a $5 trillion economy by 2024. India’s GDP is estimated to grow at 5 per cent in 2019-20, compared to the 6.8 per cent growth rate in 2018-19. The GDP in 2019-20 is estimated at $2.9 trillion, which is 7.5 per cent higher than the provisional estimate for 2018-19. Read More

After the President or Governor delivers the address, a debate takes place not only on the contents of the address but also the broad issues of governance in the country. This then paves the way for discussion on the Budget.

During the making of the Constitution, an unsuccessful attempt was made to bring some specificity to the content of the President’s Address. The President’s speech follows the convention of the British system, where it contains legislative and policy proposals that the government intends to initiate. The speech also recaps the government’s accomplishment in the previous years. The contents of the speech are put together by aggregating inputs from various ministries of the government.

Today, first day of the Budget Session of Parliament, President Ram Nath Kovind will address a joint sitting of the two Houses. The Constitution gives the President and the Governor the power to address a sitting of the legislature. The special power is with regard to two occasions. The first is to address the opening session of a new legislature after a general election. The second is to address the first sitting of the legislature each year. Commonly referred to as the President’s or Governor’s Address, they are a constitutional requirement. A session of a new or a continuing legislature cannot begin without fulfilling this requirement.  Read More

Prime Minister Narendra Modi said, "We all should make sure that in this session,. This session will be focussed mainly on economic issues. I want that in both houses there are good debates on these issues."

Addressing the media ahead of the Budget session at the Parliament today, Prime Minister Narendra Modi said, "We want to empower and lift the poor, women and children and our efforts are in the same direction. We will ensure that our Budget is focused on finance and the empowerment of the poor. I hope the discussion will revolve around the same and it turns out to be productive."

The Indian rupee appreciated by 17 paise to 71.41 against the US dollar in early trade on Friday ahead of the release of the government's Economic Survey later in the day. Forex traders said market participants are assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget. At the interbank foreign exchange the rupee opened at 71.46 and touched a high of 71.41, registering a rise of 17 paise over its previous close. (PTI)

Copies of the Economic Survey which will be tabled by Finance Minister Nirmala Sitharaman today on the opening day of the Budget session has arrived at the Parliament.

Delhi: Copies of the #EconomicSurvey brought to Parliament. Finance Minister Nirmala Sitharaman will table the Economic Survey 2019-20 today. #BudgetSession pic.twitter.com/DPJkgYCMEP

— ANI (@ANI) January 31, 2020

While the BJP has publicly ratcheted up heat against CAA-NPR-NRC protests with an eye on Delhi elections, several responsible functionaries within the party and the government privately acknowledge that economic slowdown as the real concern. “The biggest fear is if growth doesn’t pick up, it will spill onto the streets. What currently looks as disaffection in some campuses may spread further,” said a senior government functionary suggesting that it has been flagged with the Budget-making team. Read More

Congress president Sonia Gandhi along with other party leaders protest against the CAA and NRP at the Parliament on the first day of Budget Session on Friday. 

President ram Nath Kovind will deliver his speech in the Central Hall at 11 am. The Budget session is scheduled to extend till April 3; it will go into recess on February 11 and resume on March 2. 

Hello and welcome to our LIVE blog. The Budget Session will commence Friday with an inaugural address by President Ram Nath Kovind to a joint sitting of Parliament. Later in the day, Sitharaman will table the Economic Survey 2019-20. Follow to get all the latest updates here.