Budget Session 2020 Live: CEA KV Subramanian (Express photo: Tashi Tobgyal/File)
Economic Survey 2020 India Today Highlights: Acknowledging the economic slowdown in the country, Chief Economic Advisor Dr Krishnamurthy Subramanian on Friday said, “We have a slowdown in the Indian economy. A part of it is because of the global economy slowing down in 2019”. He added that the Economic Survey’s theme this year is wealth creation.
Addressing a press conference after Finance Minister Nirmala Sitharaman tabled the Economic Survey in the Parliament, Dr Subramanian said, “Economic slowdown since 2017 is due to the lagged effect of reduced investment from 2013, which occurred due to credit boom-bust.” “If wealth had not been eroded by wilful defaulters, we could have spent almost double the amount on social sectors,” he added.
The Economic Survey 2019-2020, tabled by Finance Minister Nirmala Sitharaman, projected the economic growth of 6 to 6.5 per cent in the fiscal year starting April 1. The 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.
The Budget session is scheduled to extend till April 3; it will go into recess on February 11 and resume on March 2. The Union Budget 2020 will be tabled in Parliament on Saturday, February 1, by Finance Minister Nirmala Sitharaman.
Budget Session 2020 Live Updates: President Ramnath Kovind and PM Narendra Modi during the 2018 Budget Presentation at the Parliament in New Delhi. (Express Photo by Neeraj Priyadarshi/File)
The government on Friday revised downwards the economic growth rate for 2018-19 to 6.1 per cent from 6.8 per cent estimated earlier, mainly due to deceleration in mining, manufacturing and farm sectors. "Real GDP or GDP at constant (2011-12) prices for the years 2018-19 and 2017-18 stand at Rs 139.81 lakh crore and Rs 131.75 lakh crore, respectively, showing growth of 6.1 per cent during 2018-19 and 7.0 per cent during 2017-18," the National Statistical Office said in revised national account data released on Friday.
"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
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
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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."