WATCH: Chief Economic Advisor Arvind Subramanian discuss the Economic Survey in detail
Budget Session 2018 updates: Economic Survey sets agriculture, stronger GST, recapitalisation of banks as agenda for 2018-19
Lok Sabha Speaker Sumitra Mahajan on Sunday sought the cooperation of various parties for the smooth functioning of the budget session of Parliament.

Highlights
LIVE NEWS and UPDATES
GST reforms increased tax collection: Arvind Subramanian
GST brings out new findings on the Indian economy that says reforms has increased tax rolls, formal sector is much bigger than believed, firm structure of exports highly diversified and states are big traders: Chief Economic Adviser Arvind Subramanian pic.twitter.com/IsFKLkaAYu
— ANI (@ANI) January 29, 2018
Policy should focus on agriculture, stabalising GST, privatisation of Air-India: Arvind Subramanian | ANI
Policy agenda for the year ahead-support agriculture, stabalise GST, complete TBS actions with reforms, privatise Air-India and head-off macro economic pressures and possibility of a 'sudden stall' from rising oil prices and sharp correction in stock prices:Chief Economic Adviser pic.twitter.com/xYjSl1msUV
— ANI (@ANI) January 29, 2018
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.
AAP MPs including @BhagwantMann Sadhu Singh @SanjayAzadSln @AAPNDGupta @DrSushilGuptaMP protesting against Sealing, FDI in Retail & Disqualification of 20 Delhi MLAs inside the Parliament Campus.#AAPMarch4Traders pic.twitter.com/eHSSTz8BZ8
— AAP (@AamAadmiParty) January 29, 2018
Govt need not take any radical steps, just finish what started, says Arvind Subramanian
Government does not have to do anything radical; just finishing what it has started already would be a very ambitious and fantastic agenda to complete: Arvind Subramanian, Chief Economic Adviser #EconomicSurvey2018 pic.twitter.com/3R14t1CZL6
— ANI (@ANI) January 29, 2018
Important steps have been taken to remove hurdles: Arvind Subramanian
From the very 1st survey onwards we've spoken about the twin balance sheet challenges, under capitalised banks which held back growth for a very long time. This year a series of very important steps are being taken: Arvind Subramanian, Chief Economic Adviser #EconomicSurvey2018 pic.twitter.com/fBnzrB6D2G
— ANI (@ANI) January 29, 2018
Rise in oil prices affected held back real economic activity: Arvind Subramanian
This year oil prices went up that affected consumption and govt finances and also held back real economic activity: Chief Economic Adviser Dr Arvind Subramanian pic.twitter.com/Nc71QBdeUa
— ANI (@ANI) January 29, 2018
Top 1% of Indian exporters account for 38 percent of exports: Arvind Subramanian
Indian exports are much less concentrated by firms: Top 1% of Indian exporters account for 38 percent of exports. Share much greater in other countries: 72, 68, 67, and 55 % in Brazil, Germany, Mexico, & USA, respectively #economicsurvey18 https://t.co/5qf2Hu6Lfx pic.twitter.com/8L2QWv0EGX
— arvind subramanian (@arvindsubraman) January 29, 2018
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.
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.
"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.
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."
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