India’s economy is likely to rebound with a 11 per cent growth in the next financial year as it makes a ‘V-shaped’ recovery after witnessing a pandemic-led carnage, the Pre-Budget Economic Survey said on Friday. The survey was tabled by Union Finance Minister Nirmala Sitharaman in Parliament.
Chief Economic Adviser K V Subramanian, the architect of the document, also addressed a press conference on the state of the economy. “India’s pandemic response, focused on saving lives and livelihoods, restricted the Covid-19 spread by 37 lakh cases and saved more than 1 lakh lives,” he said.
This morning, while addressing members of both Houses of Parliament, President Ram Nath Kovind highlighted how the country had come together over the last year to overcome several adversities, including the Covid-19 pandemic, floods, earthquakes, major cyclones, locust attacks and bird flu.
Speaking about the violence on Republic Day, President Kovind called it “very unfortunate” and said, “The Constitution that gives us the right to freedom of expression, is the same Constitution that teaches us that law and rule should be followed equally seriously.”
President Kovind’s customary address ahead of the Budget Session was boycotted by Opposition leaders of 18 parties, who skipped the event in solidarity with farmers protesting at Delhi’s borders against the three farm laws.
Meanwhile, Prime Minister Narendra Modi, in a statement to the media ahead of the Budget session, called for debate and discussion in Parliament. “The coming decade is vital for India’s progress. We have to remember the vision and dreams of the greats who fought for our nation’s freedom. Let there be detailed debate and discussions on the floor of Parliament,” he said.
The Budget session will be held in two parts, from January 29 to February 15 and from March 8 to April 8. There will be a total of 33 sittings. The Opposition is likely to target the government over a number of issues in Parliament including the pandemic economy, stand off with China at the Line of Actual Control and the purported WhatsApp chats between Republic TV Editor-in-Chief Arnab Goswami and former CEO of BARC Partho Dasgupta.