Economic Survey Highlights: A day before the Union Budget, Union Finance Minister Nirmala Sitharaman tabled the Economic Survey in both Houses of Parliament Thursday. The Survey projected the GDP growth for 2019-20 at 7 per cent, up from 6.8 per cent in the previous fiscal. The fiscal deficit estimate for 2018-19 has been retained at 3.4 per cent of the GDP, same as projected in the interim Budget. Prepared by Chief Economic Advisor Krishnamurthy Subramanian, the Survey highlights the challenges in the country and point to possible solutions.
Explained | Why the Economic Survey matters
The annual report of the Indian economy for the year 2018-19 also comes at a time when some critics say the Modi government in its first term delivered a job less growth and it needed to re-invent to propel the economy and create jobs.
The Economic Survey was tabled in Parliament today, a day before Finance Minister Nirmala Sitharaman presents her maiden Union Budget for the year 2019-20. Track here for Highlights | Read in Tamil
Lok Sabha passes the Aaadhaar (Amendment) Bill, 2019
After passing the Aadhar & Other Laws (Amendment) Bill, 2019, the Lok Sabha has been adjourned for the day until tomorrow morning 11 am.
"Don't turn this House into Court, we also have power to overturn judgment"
Law Minister Ravi Shankar Prasad responding to Opposition's claim that 'Aadhaar is the brainchild of the UPA government', said, "Adhir Ranjan Chowdhury, it would've been great if Congress would've brought legislation on Aadhaar. We've been trying to bring it since Atal ji's time."
He also slammed MPs for referring to the Supreme Court judgment to oppose the Aadhaar Amendment Bill and said, "Don't turn this House into a court. We are here to make laws and we also have the power to undo judgment. Please, I would urge don't minimise your power. The people of the country have given you power to frame laws."
Nirmala Sitharaman with her team ahead of Union Budget being presented tomorrow
"India's data sovereignty needs to be protected fully and categorically, and Aadhaar is clear on that"
Union Law Minister Ravi Shankar Prasad retaliating to privacy concerns and data theft through the Aadhaar. said, "Aadhaar is voluntary. There is a clear injunction that data or biometrics cannot be stored. Benefits of the scheme will not be denied to someone who does not have an Aadhaar. If Privacy is the question being raised, I want to ask if people of the country are happy, why are some members of the the House unhappy? We have ensured safeguards for the prohibition of data theft, then why is there a protest over the Aadhaar?"
Parliament has been given power to frame laws, and we are not violating Supreme Court judgment: Ravi Shankar Prasad on Aadhaar
Union Law Minister Ravi Shankar Prasad on Aadhaar Amendment Bill 2019: "Narendra Modi government will work on honesty and that is the issue that some people are having right now. An Aadhar card has my name and some important details, but not my race, religion, caste. My biometric details which are in the system cannot be accessed under any provision, and it has been written under the law. People have given us the majority to frame laws, does not mean we are violating the Supreme Court's judgment."
"Economic Survey has given strategies to fuel economic growth and channelizing savings into investment"
Chief Statistician of India&Secy, MoSPI: Economic Survey'19, a direction for India towards $5 trillion economy. It has given strategies on boosting investment to fuel virtuous cycle of economic growth,improved productivity,boosting consumption&channelizing savings into investment— ANI (@ANI) July 4, 2019
Offline verification reason for creation of fake Aadhaar cards; bill a clear violation of SC order: Asaduddin Owaisi on Aadhaar Amendment Bill
AIMIM Chief and Lok Sabha MP Asaduddin Owaisi opposing the Aadhaar Amendment Bill, 2019, said, "This government does not believe in Jio aur Jeene Do, it only believes in Jio Jio Jio. The Government has so much love for private entitities. Why does the government in Delhi succumb to one man who is sitting in a building in Mumbai? UIDAI can appoint someone who has a conflict of interest. Online-Offline verification is the reason for the creation of fake Aadhaar cards being used as identity proof like in Pathankot attacks. The Bill is unconstitutional and a violation of the Supreme Court's order."
Economic Survey: Boosting investment key to making India $5 trillion economy by 2025
The latest annual Economic Survey, the first one to be presented by the Chief Economic Adviser Krishnamurthy V Subramanian, is dedicated to achieving the goal of making India a $5 trillion economy by 2025. For this purpose, the whole document geared towards providing the “strategic blueprint for fructifying this vision”. Read the Explained story here
Aadhaar does not provide for cancellation, only for deactivation: Manish Tewari on Aadhaar Amendment Act
Congress leader and MP, Manish Tewari on Aadhaar Amednment Act Bill, 2019: "Aadhaar was a document to replace multiple identity documents and instead produce one. If a child has the right to cancel his Aadhaar, then why is it not available to an adult? There is a difference between deactivation and cancellation, right now the Aadhaar Act allows only for deactivation if one does not use their Aadhaar number for three years but there is no provision for voluntarily cancelling their Aadhaar."
There are no growth projections sector wise in the Economic Survey: P Chidambaram
Former Finance Minister P Chidambaram commenting on the Economic Survey 2019 which was tabled in the Parliament today, said, "The Economic Survey 2018-19 is the first of the new government and the first under the new Finance Minister, Ms Nirmala Sitharaman. The first sentence of Volume-1, Chapter 01 is self-congratulatory (“During the last five years, India’s economy has performed well.”). It appears to me that the government, speaking through the Economic Survey, is pessimistic about the economy. There are no growth projections sector wise. "
Coordinated efforts, higher budgetary allocation for infra required to promote tourism
Regarding the growing Tourism sector of the country, the Economic Survey 2018-19 has called for coordinated efforts by government and various stakeholders to promote tourism which has witnessed a slowdown in 2018-19. "The co-ordination mechanism of various like-minded ministries and stakeholders to resolve issues for promotion of tourism in the country needs to be strengthened," the survey said.
Suggestions of high level group on exports needs to be implemented: Economic Survey
The Economic Survey 2018-19 called for implementation of recommendations made by a high level advisory group on boosting the country's exports. The high level panel group, chaired by Surjit Bhalla, has recommended a host of measures and a road map for doubling India's exports of goods and services to over USD 1,000 billion by 2025. The key suggestions include lowering effective corporate tax rate, bringing down cost of capital and simplifying regulatory and tax framework for foreign investment funds. (PTI)
Agriculture, Industry and Services need to step up for India to reach $5 Trillion economy: Suresh Prabhu on Economic Survey
Former Union Minister Suresh Prabhu asserting confidence in PM Modi's goal of making India a $5Trillion economy soon, said it would be possible if people work in unison.
India certainly reach #$5Trillion economy soon,making it 3 rd largest.Agri,Industry& Services each of this needs step up,to double per capita incomes,#EaseOfLiving Its possible with #TeamIndia working in unison #leadership @PMOIndia @narendramodi devlopmnt level #EconomicSurvey https://t.co/vsBtu0VYfx— Suresh Prabhu (@sureshpprabhu) July 4, 2019
Economic Survey calls for redesigning the Minimum Wage System, suggests policy recommendations
Meanwhile, the Economic Survey has called for redesigning a Minimum Wage System in India for inclusive growth and has suggested policy recommendations for the same. The Survey also stresses on the use of technology for Welfare schemes. Meanwhile, India's Foreign exchange reserves are continue to be comfortable with external debtedness on a declining path.
There is no standard of privacy and security today, no Data Protection Act: Mahua Moitra in LS on Aadhaar Amendment Act
Mahua Moitra, Trinamool Congress leader in Lok Sabha today spoke on Aadhaar and Other Laws (Amendment) Bill, 2019. Questioning the data protection laws of the country, she said, "I'm giving up my bio-metric data, my most personal data to a pvt agency. If Aadhar ecosystem fails you're saying that there are viable means to recourse but I don't know what they are. They haven't been specified. There is no standard of privacy and security today. There is no Data Protection Act. In the absence of a data protection how can you ask me to give up my information to a private agency? This is integral to the Bill, you can't have cart before the horse."
EAC-PM Bibek Debroy welcomed the Economic Survey's emphasis on fiscal discipline as growth driver
The Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), Bibek Debroy, welcomed the Economic Survey’s emphasis on fiscal consolidation and fiscal discipline and investments, especially private investments, as the growth driver. (File pic) pic.twitter.com/H6NT1oHgFv— ANI (@ANI) July 4, 2019
PM Modi on Economic Survey: Vision to achieve $5 trillion economy
Welcoming the Economic Survey 2019, Prime Minister Narendra Modi said it outlines a vision to achieve a $5 Trillion economy. "It also depicts the gains from advancement in the social sector, adoption of technology and energy security."
The #EconomicSurvey2019 outlines a vision to achieve a $5 Trillion economy.— Narendra Modi (@narendramodi) July 4, 2019
It also depicts the gains from advancement in the social sector, adoption of technology and energy security.
CEA KV Subramanian on themes underlying Economic Survey 2019
Chief Economic Advisor KV Subramanian on Economic Survey 2018-19: Theme that underlies this economic survey is, the sky blue colour, the colour used for the survey, captures unfettered blue sky thinking which is what we've indulged in trying to come with the idea for this survey
Chief Economic Advisor KV Subramanian on #EconomicSurvey 2018-19: Theme that underlies this economic survey is, the sky blue colour, the colour used for the survey, captures unfettered blue sky thinking which is what we've indulged in trying to come with the idea for this survey pic.twitter.com/kTN6AyKwp5— ANI (@ANI) July 4, 2019
Vision of a $5 trillion economy by 2024-25: CEA KV Subramanian
Addressing the press after the release of his maiden Economic Survey, CEA KV Subramanian said: "In an uncertain world in which we all work, there are 3 key elements critical for ensuring that policies really help in reaching common people. 1st, a vision that has already been provided by the PM, of a 5 trillion dollar economy by 2024-25."
(Express Photo by Tashi Tobgiyal)
"To achieve that vision, a strategic blueprint is necessary. This year Economic Survey makes a concerted effort to try and provide that blueprint for achieving vision laid down by the PM. 3rd key elements are tactical tools necessary to calibrate into this blueprint," he said.
Watch LIVE: CEA Krishnamurthy Subramanian addresses press on Economic Survey
Union Budget tomorrow: Fillip to Real estate sector key expectation
Ahead of the Union Budget Friday, reactions from industrialists and corporates are coming in. Parag Kulkarni, Managing Director of A O Smith said the focus should be on the real estate secto.
"Growth is an area, which we are sure is top on this governments priority and this budget should address that. One key sector which we believe needs addressal is the residential real estate sector and the expectation is that this budget would provide a much needed fillip to the sector. It generates large scale employment as well as helps multiple industries , who are invested in India," he said.
Adopt resolution to remove Kiran Bedi as Puducherry LG, Congress demands in Lok Sabha
Adhir Ranjan Chaudhary, Leader of Congress in Lok Sabha: Puducherry Lt Governor Kiran Bedi in a tweet has humiliated the people of Tamil Nadu and Puducherry in such an outrageous manner that the House should adopt a resolution to remove her from the post.This is our demand.
Kiran Bedi ridiculed Tamil Nadu on 'water crisis', DMK MP says in Lok Sabha; MHA took notice, she apologised, replies Rajnath
DMK MP TR Baalu raised the issue of Puducherry LG Kiran Bedi's statement on Tamil Nadu water crisis, saying she has ridiculed the people and entire society of the state. " If the Government endorses her view then it means it supports her, I request Deputy leader of the house to respond," he said.
Defence Minister Rajnath Singh responded to the MP, saying the MHA took notice of Bedi's remark and that she expressed her regret. "Lt Governor Kiran Bedi has expressed deep regret. She said 'what was written was in my personal capacity, however I admit it was avoidable. I have highest regards for people of Tamil Nadu," Singh said.
In her tweets and messages on social media on Sunday, Bedi had blamed people of Tamil Nadu and politicians for the ongoing water crisis in Chennai.
Economic Survey 2019 cover is blue; CEA says reflect economic model for country
The Economic Survey 2019 has a blue sky cover in line with the appropriate economic model for India, CEA Krishnamurathy Subramanian said. "The theme of Economic Survey 2019 is to enable Shifting Gears to accelerate and sustain a real GDP growth rate of 8% and thereby achieve the vision of Economy 5 trillion," he tweeted.
"The cover design of Economic Survey2019 of “inter-linked gears” captures the idea of investment, savings, exports, growth and jobs being complementary and therefore forming components of a “Virtuous Cycle” with investment as the key driver," Subramanian further said.
Economic Survey: Proposal to increase retirement age
The Economic Survey 2019 has a proposal to increase the retirement age from 60. "This will be key to the viability of pension systems and would also help increase female labour force participation in the older age-groups," the Survey said.
Economic Survey 2019 pegs GDP growth at 7%
Sensex trades 100 points higher after Economic Survey
Sensex trades over 100 points in the green at 39,938.10, while Nifty is up 37 points at 11,950.20 after the Economic Survey 2019 was tabled in Parliament. The Survey projects the GDP growth for 2019-20 at 7 per cent, up from 6.8 per cent in the previous fiscal and pegs fiscal deficit for 2018-19 at 5.8 per cent, up from revised budget estimate of 3.4 per cent.
Economic Survey: Who is CEA Krishnamurthy Subramanian
Krishnamurthy Subramanian, who took over as Chief Economic Advisor (CEA) in December last year, tabled the Economic Survey of India before Parliament today. Subramanian is a prominent name in the Indian banking sector. He has served on the expert committee on governance of banks for The Reserve Bank of India. He has previously served as a member of the Board of Directors at Bandhan Bank and the National Institute of Bank Management. Read More Here
India needs 8% GDP growth to become $5 trillion economy by 2025: Economic Survey
Economic Survey projects GDP growth at 7%
The Economic Survey 2019 has projected the GDP growth for 2019-20 at 7 per cent, and fiscal deficit at 3.4%. Oil prices are expected to decline FY19.
#EconomicSurvey: FY19 fiscal deficit at 5.8 %— Doordarshan News (@DDNewsLive) July 4, 2019
Oil prices expected to decline in 2019-20
GDP growth for 2019-20 to be projected at 7%
Economic Survey tabled in Rajya Sabha
Union Finance Minister Nirmala Sitharaman tabled the Economic Survey in Rajya Sabha
Finance Minister Nirmala Sitharaman arrives at Parliament
Union Finance Minister Nirmala Sitharaman arrived at Parliament. The Economic Survey prepared by CEA Krishnamurthy Subramanian will be tabled today, a day ahead of the Union Budget.
Union Finance Minister Nirmala Sitaraman arrives at Parliament. Click here for LIVE updates on Lok Sabha, Rajya Sabha proceedings- https://t.co/LJLjwiIQEX— The Indian Express (@IndianExpress) July 4, 2019
Express photo by @purirenuka pic.twitter.com/xQxj4fUAvD
Trinamool MP gives zero-hour notice in Rajya Sabha over 'Bangla' name
Trinamool MP Manish Gupta has given Zero Hour Notice in Rajya Sabha over "delay by Centre to rename West Bengal as Bangla, after State assembly has passed the same “
Hope results are good: CEA on maiden Economic Survey
Krishnamurthy Subramanian, Chief Economic Adviser (CEA) on Economic Survey: Our team has put in a lot of effort with a lot of dedication, I hope results are good and we are able to contribute to the ideas for the economy. I hope the almighty blesses us.
#WATCH Krishnamurthy Subramanian, Chief Economic Adviser (CEA) on Economic Survey: Our team has put in a lot of effort with a lot of dedication, I hope results are good and we are able to contribute to the ideas for the economy. I hope the almighty blesses us. pic.twitter.com/On3HsEf0o2— ANI (@ANI) July 4, 2019