Budget Session live updates: Demonetisation has short term costs, potential long term benefits, says Arvind Subramanianhttps://indianexpress.com/article/business/budget/union-budget-2017-live-updates-president-pranab-mukherjee-economic-survey-parliament-narendra-modi-4500066/

Budget Session live updates: Demonetisation has short term costs, potential long term benefits, says Arvind Subramanian

The union budget 2017, coming ahead of important elections in five states including agrarian Punjab and Uttar Pradesh, may also see new schemes for farmers and women.

union budget 2017, budget 2017, budget session, pranab mukherjee, economic survey, budget session live, narendra modi, arun jaitley, india news
Union Finance Minister, Arun Jaitley with Chief Economic Adviser Arvind Subramanian (L), Economic Affairs Secretary Shaktikanta Das (2nd L) at North Block in New Delhi on Monday (PTI Photo)

Finance Minister Arun Jaitley tabled Economic Survey 2017 before Parliament on Tuesday. The economic growth is projected to rebound to 6.75-7.5 per cent with the country expected to retain the tag of fastest growing major economy in the world.

The survey says the GDP growth will dip to 6.5 per cent from 7.6 per cent in the last fiscal. It also sees fiscal windfall from Pradhan Mantri Garib Kalyan Yojana and low oil prices. The economic survey comes a day before the union budget is scheduled to be presented by Jaitley. The railway budget, which used to be tabled separately in previous years, has been subsumed within the union budget this year.

Earlier in the day, President Pranab Mukherjee addressed both Houses of Parliament and listed the achievements of the Narendra Modi government across sectors. He said the government is committed to improving the quality of life of the poor.

Jaitley’s budget presentation this year could be the most challenging as it comes in the wake of the Centre’s move in November, 2016 to demonetise high-value currency notes of Rs 500 and Rs 1,000. After three months of cash rationing, the Reserve Bank lifted the limit of daily withdrawals from ATMs to Rs 24,000, coming into effect from February 1.

LIVE UPDATES

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2: 16 pm: Universal Basic Income is a radical new idea, whose time is right for deliberation, not necessarily for immediate implementation: CEA

2: 13 pm: Full remonetisation expected in a month or two: Arvind Subramanian

2: 09 pm: Aim of demonetisation is to bring down real estate prices, says Arvind Subramanian

2: 07 pm: Demonetisation has short term costs, potential long term benefits, says Arvind Subramanian

2:02 pm: Currency squeeze was less severe than perceived, observes Arvind Subramanian

1: 55 pm: Demonetisation has simultaneously reduced supply of cash and increased supply of deposits, says CEA Arvind Subramanian

1: 48 pm: Demonetisation has actually affected different forms of money very differently, says Arvind

1: 42 pm: The past year witnessed robust macroeconomic stability, says CEA Arvind Subramanian

1:40 pm: The document aims to provide objective analysis, says Arvind Subramanian

1: 32 pm: Chief Economic Adviser Arvind Subramanian is addressing the media after tabling of Economic Survey 

1:15 pm: The Economic Survey 2017 has been tabled by FM Arun Jaitley. Here are some of the key points:

Economic growth is projected to rebound to 6.75-7.5 pc in 2017-18. GDP growth in 2016-17 will dip to 6.5 per cent, down from 7.6 pc in last fiscal. The growth rate of industrial sector is estimated to moderate to 5.2 per cent in 2016-17 from 7.4% last fiscal. Fiscal gains from Goods and Services Tax will take time to realise. Farm sector will grow at 4.1 per cent in the current fiscal, up from 1.2 per cent in 2015-16. The survey sees fiscal windfall from Pradhan Mantri Garib Kalyan Yojana and low oil prices.

12:05 pm: Vice President Hamid Ansari also addressed both Houses.

12:04 pm: My Government reiterates committment to fulfil aspirations of its people, says President Mukherjee as he concludes his address.

12:03 pm: The Ministry of Tourism has identified a thematic circuit for the North East region, says President

11:55 am: India launched 8 operational missions covering meteorological, navigation, earth observation & communication satellites. Under the BharatNet Project, Optical Fibre Cables now cover over 75,700 Gram Panchayats. The National Civil Aviation Policy, will give a major boost to air connectivity in the smaller cities and towns, says President Mukherjee

11:52 am: Through Stand-up India initiative, my govt. plans to empower over two and a half lakh SC, ST & women entrepreneurs. Fourteen different sectors have been identified under the Vanbandhu Kalyan Yojana for the empowerment of tribals. My Government is committed to providing the Divyang jan equal opportunities for development, says President

11:48 am: Shram-eva jayate is one of the foremost guiding principles of my Govt. Several measures have been taken for the welfare of the shramik. Universal Account Number has ensured portability of EPF accounts and has safeguarded the interest of crores of workers. Implementation of the 7th Pay Commission has benefited 50 lakh employees and 35 lakh pensioners: President Mukherjee

11:45 am: Four-decade-old demand of OROP has been fulfilled: President Mukherjee

11:32 am: Pradhan Mantri YUVA Yojana launched for promoting entrepreneurship education and training amongst 7 lakh students. National Apprenticeship Promotion Scheme has been launched with a budget outlay of Rs 10,000 crore, says President Mukherjee

11:29 am: With motto of “Har Haath ko Hunar”, my government has taken several steps for skilling youth and improving their employability, says President

11:25 am: The Beti Bachao Beti Padhao scheme is yielding encouraging results. Pradhan Mantri Surakshit Matritva Abhiyan will provide comprehensive ante-natal care to all pregnant women. The revision of Maternity Benefit Act will support pregnant women at the workplace, says President

11:23 am: Social and economic equality for deprived sections is the first promise of our constitution, our government is committed to fulfil it, says President

11:20 am: Soaring prices of pulses was matter of great concern around this time last year, my Govt took proactive steps, its now under control, says President Mukherjee

11:15 am: My government is making Nari shakti an integral part of our development journey: President Mukherjee

11:13 am: Mission Indradhanush commits to vaccinate “every child everywhere” against preventable diseases. Under Deen Dayal Upadhayay Gram Jyoti Yojana over 11,000 villages have been electrified in a record time. 37 percent of the Ujjwala beneficiaries belong to the Scheduled Castes and Scheduled Tribes: President Mukherjee

11:11 am: Under Deen Dayal Antyodaya Yojana, over Rs. 16000 crore have been made available to SHGs in the current Financial Year: President

11:10 am: Over Rs 2 Lakh Crore has been provided through 5.6 crore loans sanctioned under Pradhan Mantri Mudra Yojana: President

11:09 am: To take the banking system to the doorstep of the poor and the unbanked, the Indian Postal Payment Bank has been started, says President

11:08 am: Close to 13 crore poor have been covered under various social security schemes: President

11:07 am: Resilience demonstrated by our countrymen particularly the poor, in the fight against black money and corruption, is remarkable: President

11:03 am: My government is guided by the Antyodaya philosophy of Pandit Deen Dayal Upadhyay. Financial inclusion is key to povery alleviation and unprecedented 26 crore+ Jan dhan accounts have been opened: President Mukherjee

11:02 am: President refers to anniversaries of Champaran Satyagraha and Sikh guru Guru Gobind Singh.

11:01 am: This is a historic session heralding advancement of budget cycle and merger of general budget with rail budget for the first time: President Mukherjee

10:55 am: President Mukherjee has arrived at the Central Hall in Parliament for his address to both Houses.

10: 48 am:

10:45 am: Today a new tradition will begin; Budget will be presented earlier and will incorporate Rail Budget: PM Modi

10:40 am: Mujhe umeed hai sabhi rajneetik dal iss baar sadan ko uttam charcha ke saath aage badhane ka kaam karenge (I am hopeful that every political party will be helpful in taking forward the debate in Parliament): PM Modi ahead of budget session

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10: 35 am: I hope all political parties understand the importance of #BudgetSession & participate in meaningful & constructive manner: Venkaiah Naidu

10: 33 am:

10:32 am: MoS Mukhtar Abbas Naqvi says the government is ready to discuss any issue the opposition wants.