Budget Session 2018 updates: Economic Survey sets agriculture, stronger GST, recapitalisation of banks as agenda for 2018-19

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Budget Session 2018 updates: Economic Survey sets agriculture, stronger GST, recapitalisation of banks as agenda for 2018-19
  • 13:51 (IST)

    WATCH: Chief Economic Advisor Arvind Subramanian discuss the Economic Survey in detail

  • 14:15 (IST)

    GST reforms increased tax collection: Arvind Subramanian

  • 14:14 (IST)

    Policy should focus on agriculture, stabalising GST, privatisation of Air-India: Arvind Subramanian | ANI

  • 14:11 (IST)

    AAP MPs boycott President's speech in Parliament | IANS

    AAP MPs on Monday boycotted President Ram Nath Kovind's address to a joint sitting of the Parliament on the first day of the Budget Session, as a protest against the disqualification of 20 party MLAs, IANS reported.

    According to the news agency, Aam Aadmi Party Lok Sabha members Sadhu Singh, Bhagwant Mann and Rajya Sabha members Sanjay Singh, Sushil Gupta and N.D. Gupta raised slogans near a Gandhi statue in the Parliament premises, holding placards.

    They were protesting against a sealing drive in Delhi, the Central government's decision of allowing FDI in single-brand retail and the Election Commission's decision to disqualify 20 Delhi AAP MLAs, it added.

  • 14:05 (IST)

    Govt need not take any radical steps, just finish what started, says Arvind Subramanian

  • 14:04 (IST)

    Important steps have been taken to remove hurdles: Arvind Subramanian

  • 14:00 (IST)

    Rise in oil prices affected held back real economic activity: Arvind Subramanian

  • 13:54 (IST)

    Top 1% of Indian exporters account for 38 percent of exports: Arvind Subramanian

  • 13:49 (IST)

    Sensex up 320 pts on Economic Survey growth projections | PTI

    According to PTI, the benchmark Sensex maintained its early upward trend and was trading over 320 points higher after the Economic Survey said India is likely to clock 7-7.5 percent growth in 2018-19, up from 6.75 percent in the current fiscal.

    The 30-share barometer, after scaling a new peak of 36,410.60 points in late morning trade on optimistic buying, succumbed to profit-booking at record levels and gave up a part of the gains.

    It was trading at 36,370.92 at 1300 hours, up 320.48 points, or 0.89 percent, after the Economic Survey was tabled in Parliament, the news agency said.

  • 13:46 (IST)

    Indian parents continue to have children until they have a son, reveals Economic Survey

    Here is a list of ten key facts revealed in the Economic Survey:

  • 13:16 (IST)

    Services growth for FY18 likely to be 8.3%: Economic Survey | CNN-News18

  • 13:11 (IST)

    'Extreme weather adversely impacts agriculture yields'

  • 13:09 (IST)

    Inflation remained moderate during 2017-18

  • 13:08 (IST)

    Maharashtra, UP, Tamil Nadu and Gujarat see maximum GST registrants: Economic Survey 2017-18 | ANI

  • 13:07 (IST)

    Preliminary analysis of the GST data reveals a 50% increase in no of indirect taxpayers: Economic Survey 2017-18

  • 13:05 (IST)

    Rajya Sabha adjourned till 1 February | ANI

  • 13:04 (IST)

    Supporting agriculture; stabilising GST, and recapitalisation should be focus of economic policy

  • 13:01 (IST)

    Economic Survey predicts rise in export, private investment

  • 12:55 (IST)

    India added 1.8 million new Individual Income tax filers post GST, demonetisation: Arvind Subramanian

  • 12:53 (IST)

    GST revenues are doing well, witness 12% growth: Arvind Subramanian

  • 12:50 (IST)

    Robust and broad-based signs of revival visible in economic activity, says Arvind Subramanian

  • 12:47 (IST)

    Growth reviving after temporary decoupling: Arvind Subramanian

  • 12:44 (IST)

    GST one of the major achievements of 2017, says Arvind Subramanian

  • 12:36 (IST)

    Arun Jaitley tables Economic survey, says GDP expected to grow at 7.0 to 7.5% in 2018-19 | ANI

  • 12:32 (IST)

    FM Arun Jaitley tables Economic Survey 2017-18; Lok Sabha adjourned till 1 Feb

  • 12:31 (IST)

    Economic Survey is a round-up of the year’s activity: Madan Sabnavis

    The Economic Survey is nothing but a roundup of everything that has happened in the economy, says Madan Sabnavis, Chief Economist, CARE Ratings. However, the report is gathered at high frequency when it comes out on a quarterly basis. The Economic Survey is a comprehensive document that gives you economic data up to date but this is already known to the public.

    The second part of the Survey is the ideology of the Chief Economic Advisor, Arvind Subramanian.  He will give his own view on how he looks at the economy and what should be done. It is prescriptive in nature and may not be followed by government at all. Subramanian may say fiscal prudence should be 3 percent. However, the Finance Minister Arun Jaitley may not take that into account while announcing the Budget. What Subramanian is saying is a theoretical point of view that is provided. 

    I don’t expect anything from the Economic Survey. We get all the information from government and other sources. The Economic Survey is keeping it all together The Central Statistics Office (CSO) had said GDP of 6.5 percent is expected for the current year. The Survey will maintain that figure and not make any changes to it. We won’t know anything about the future of the economy from the Survey.

  • 12:29 (IST)

    Finance Minister Arun Jaitley to present Economic Survey soon

  • 12:10 (IST)

    Finance Minister Arun Jaitley to present Economic Survey soon

  • 11:52 (IST)

    BJP Parliamentary Party Executive meeting at 2.30 pm today; NDA allies to meet at 3.30 pm

    In the meanwhile, the BJP Parliamentary Party Executive meeting will take place today at 2.30 pm and another meeting of NDA allies at 3.30 pm, ANI reported

  • 11:51 (IST)

    Vice-president M Venkaiah Naidu addresses joint sitting of Lok Sabha and Rajya Sabha

    In his short address to a joint sititng of Lok Sabha and Rajya Sabha, Vice-president M Venkaiah Naidu said that the dream of India doesn't belong to one particular party or organisation, and that all parties must work together.

  • 11:47 (IST)

    Kovind ends address, says parties must work together to bring simultaneious elections

    President Kovind ended his joint address highlighting the importance of all parties to work together and the govt's fight against corruption. 

    Kovind said, "A sustained debate is required on the subject of simultaneous elections and all political parties need to arrive at a consensus on this issue."

  • 11:46 (IST)

    Under Udaan, 56 airports and 31 helipads are being connected to commercial flights: Kovind

  • 11:44 (IST)

    Being part of Australia Group, Wassenar Arrangement a major accomplishment: Kovind

    "Last year, India joined Missile Technology Control Regime, and this year we are part of the Wassenar Arrangement. We are also part of Australia Group. This success has come after a lot of effort, and is one of the main accomplishments of my government," says Kovind

  • 11:40 (IST)

    Transport is a key focus of this government: Kovind

  • 11:40 (IST)

    India has always remained the First Responder in times of crises: Kovind

  • 11:39 (IST)

    Power generation has exceeded target: Kovind

  • 11:34 (IST)

    Aadhaar has helped eliminate the middlemen, secure the rights of the poor: Kovind

  • 11:33 (IST)

    Govt increased minimum wage of labourers by more than 40 percent: Kovind

  • 11:31 (IST)

    Kumbh Mela was included in ‘Intangible Cultural Heritage of Humanity' by UNESCO: Kovind

  • 11:30 (IST)

    Govt started Start Up India, Stand Up India and Skill India to help the youth: Kovind

  • 11:28 (IST)

    Government committed to strengthen, modernise school and higher education system: Kovind

  • 11:25 (IST)

    'I hope the Triple Talaq Bill will be passed soon': Kovind | ANI

  • 11:24 (IST)

    Work under Pradhanmantri Gram Sadak Yojana accelerated to bring everyone closer to development: Kovind

  • 11:19 (IST)

    2.70 Lakh Common Service Centers have been set up across the nation: Kovind

  • 11:17 (IST)

    Govt committed to double income of farmers by 2022: Ram Nath Kovind

    Addressing a joint sitting of both Houses of the Parliament, President Ram Nath Kovind said that the govt is committed to double the farmers' income by 2022.

    During his joint address to both Lok Sabha and Rajya Sabha, Kovind highlighted the achievements of the NDA government. He said that the govt approved a bill granting working woman paid maternity leave of 26 weeks.

    He also said that India should pay tribute to Mahatma Gandhi on his 150th birth anniversary by making India completely clean.

  • 11:07 (IST)

    President Ram Nath Kovind addresses joint sitting of Lok Sabha and Rajya Sabha

  • 11:01 (IST)

    President Ram Nath Kovind arrives at Parliament | ANI

  • 10:55 (IST)

    Budget 2018 explained: What is Economic Survey of India?

    The Economic Survey is an annual publication of the Finance Ministry which reviews the nation’s growth over the last 12 months. It  is presented to both houses of Parliament during the Budget Session and serves as a preview of the policy recommendations that could find a place in the Union Budget that follows it. The survey reviews all the government schemes, plans and measures undertaken by various departments of the governments, goals achieved, not achieved, as well what should be expected in the upcoming fiscal year.

  • 10:51 (IST)

    President Ram Nath Kovind leaves for Parliament, will address joint sitting of Lok Sabha and Rajya Sabha

  • 10:50 (IST)

    Modi asks parties to make full use of parliamentary committees and discuss budget | ANI

India is expected to regain the world's fastest-growing major economy tag as it is likely to clock 7-7.5 percent growth rate in 2018-19, up from 6.75 percent in the current fiscal, the Economic Survey said on Monday. The economy, said the survey for 2017-18, will grow on the back of major reforms which would be strengthened further in the next financial year. The survey was tabled in Parliament by Finance Minister Arun Jaitley.

File photo of Union Finance Minister Arun Jaitley.

File photo of Union Finance Minister Arun Jaitley.

"A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and will rise to 7 to 7.5 percent in 2018-19, thereby re-instating India as the world's fastest-growing major economy," it said.

 The reform measures undertaken in 2017-18 can be strengthened further in 2018-19, it said. The survey points out that India can be rated as among the best performing economies in the world as the average growth during last three years is around 4 percentage points higher than global growth and nearly 3 percentage points higher than that of emerging market and developing economies.

It said that the GDP growth has averaged 7.3 per cent from 2014-15 to 2017-18, which is the highest among the major economies of the world. "That this growth has been achieved in a milieu of lower inflation, improved current account balance and notable reduction in the fiscal deficit to GDP ratio makes it all the more creditable," it said.

The Economic Survey is an annual publication of the Finance Ministry which reviews the nation’s growth over the last 12 months. It is presented to both houses of the Parliament during the Budget Session and serves as a preview of the policy recommendations that could find a place in the Union Budget that follows it.

The survey reviews all the government schemes, plans, and measures undertaken during the financial year (which is about to end) by various departments of the government, goals achieved, not achieved, as well what should be expected and focussed at in the next financial year.

Kovind highlights achievements of govt in joint address to both Houses of Parliament

President Ram Nath Kovind kicked off the Budget Session of the Parliament on Monday, while addressing both Houses of the Parliament in a joint sitting, highlighted several accomplishments of the government while also championing its welfare schemes and fight against corruption. Kovind also said that he was hopeful that the Triple Talaq Bill would be passed in the Budget Session of Parliament.

"My government has brought the Triple Talaq Bill to safeguard the rights of the Muslim women. And I am hopeful that Parliament will pass the Bill," Kovind said in his address to the joint sitting of the both Houses.

He also said that the government has extended its 'Beti Bachao, Beti Padhao' scheme from 161 districts to 640 districts in the country.

"The government has now amended the Maternity Bill by which the women can get 'paid leave' of up to 26 weeks instead of 12 weeks. Now the women can spend more time with their newborn babies," he added.

Kovind also referred to contributions of Babasaheb Bhimrao Ambedkar and said: "Babasaheb Ambedkar used to say that without economic and social democracy, political democracy is unstable."

Click here for full coverage of Union Budget 2018


Updated Date: Jan 29, 2018 15:11 PM

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