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Economic Survey 2020-21 Live Updates: Robust economic recovery of 11% for fiscal 2021-22 projected
The survey, also regarded as the official report card of the union government, gives a roadmap for the country's economy and spells the way forward. The Economic Survey provides a summary of the annual economic development across the country during the financial year.
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New Delhi: Finance Minister Nirmala Sitharaman tabled the Economic Survey 2020-21 in Parliament on Friday, two days before the presentation of Union Budget (on February 1).
Chief Economic Adviser KV Subramanian will address a press conference at 3.30 pm today in New Delhi after the presentation of Economic Survey 2020-21 by the Finance Minister in Parliament.
The Ministry of Finance has tweeted:
Finance Minister will table the #EconomicSurvey 2020-'21 in Parliament today
Following which CEA Dr @SubramanianKri will address a Press Conference tentatively at 3:30 PM in New Delhi
Watch LIVE here
YouTube - https://t.co/UAQqbJL01L@nsitharamanoffc @Anurag_Office — Ministry of Finance (@FinMinIndia) January 29, 2021
Stay tuned for Live Updates on the Economic Survey 2020-21
India has been an outlier in its global innovation performance, India must aspire to increase its Gross Expenditure on R&D from around 1.5% to 3% of GDP, says Economic Survey.
The Sovereign Credit Rating Methodology needs correction, current ratings do not reflect fundamentals, they also affect foreign investment flow in a mechanical manner
- CEA @SubramanianKri #SavingLivesAndLivelihoods pic.twitter.com/rOSYr1rQdR
— PIB India (@PIB_India) January 29, 2021
In advanced economies, there is a conflict between outcomes delivered by inequality and growth
While in India, there is a convergence - both inequality and per capita income have similar impact on socioeconomic indicators
- #EconomicSurvey #SavingLivesAndLivelihoods pic.twitter.com/3Zs8Qa3BuC
— PIB India (@PIB_India) January 29, 2021
India must continue to focus on growth, so that we expand the pie, enabling redistributive policies that lift people out of poverty
- CEA @SubramanianKri
#EconomicSurvey #SavingLivesAndLivelihoodshttps://t.co/StcfttgOe1 pic.twitter.com/JKrZR8lfwh
— PIB India (@PIB_India) January 29, 2021
India's Sovereign Credit Ratings do not reflect its fundamentals - a variety of indicators bear testimony to this, notes CEA.
Fifth largest economy has typically been rated AAA
Exceptions - China (A-) and India (BBB+)
Emerging giants are not getting the credit ratings their economic fundamentals demand, observes #EconomicSurvey #SavingLivesAndLivelihoods pic.twitter.com/u0nJqOwiBL
— PIB India (@PIB_India) January 29, 2021
#EconomicSurvey highlights potential of public investment, especially in a slowdown
Calls for fiscal policy to support growth
Need for rethink in fiscal rules #SavingLivesAndLivelihoods pic.twitter.com/R0vRnpUs4W
— PIB India (@PIB_India) January 29, 2021
India has a track record of having adopted expansionary fiscal policy focussed on infrastructure spending We need to replicate the same, notes Economic Survey
Even if India were to have the real GDP growth rate as low as 3.8% each year from FY 23 to FY 29, the debts will still come down - CEA Subramanian, illustrating that India's debt is sustainable
Economic Survey calls for counter-cyclical fiscal policy to be an important point of emphasis, where the govt. steps in when the private sector does badly and steps back when the private sector does well
If the interest rate is less than growth rate, debt as a percentage of GDP declines
Change in growth rate is key to influencing this, hence growth is instrumental to attaining sustainability of debt, notes CEA @SubramanianKri #SavingLivesAndLivelihoods pic.twitter.com/Zte10hRuhF
— PIB India (@PIB_India) January 29, 2021
Growth leads to debt-sustainability, but not vice versa, observes #EconomicSurvey #SavingLivesAndLivelihoods
Watch CEA's press conference LIVE: https://t.co/eW5vyEV6gT pic.twitter.com/IQkOkia2Aq
— PIB India (@PIB_India) January 29, 2021
Mature and Far-sighted
Focused on #SavingLivesAndLivelihoods
Took short term pain for long term gain
Recognized that GDP growth will recover, lost human lives cannot be brought back
Only country to announce structural reforms
- CEA, on India's #COVID19 Policy Response pic.twitter.com/X6JNATtA8R
— PIB India (@PIB_India) January 29, 2021
India realized very well that pushing down on the accelerator of a car while the brakes are already clamped only wastes fuel Hence, India announced discretionary measures in unlock phase as part of AatmaNirbharBharat Package, says Subramanian.
India's policy response to COVID19 considered nuanced impact of the pandemic on demand PMJDY balances increased at the bottom of the pyramid during lockdown, showing precautionary motive to save Given this uncertainty, India focused on ensuring necessities in 1st phase
Stringency of COVID19 lockdown correlates with negative economic growth in same period but with positive growth in future time period, observes Economic Survey.
Chapter 1 of Economic Survey is about India's policy response to COVID19, SavingLivesAndLivelihoods, amidst a once-in-a-lifetime crisis: CEA
India`s economy is projected to contract 7.7% in the current financial year ending March 31, after economic activity was hit by the pandemic, leading to job losses for millions of workers, particularly employed by small businesses.
India`s government forecast a robust economic recovery of 11% for fiscal 2021-22, on the back of the roll out of a massive vaccination drive.
Lok Sabha adjourned till 11am on Monday, February 1.
Finance Minister Nirmala Sitharaman presented the Economic Survey that details the state of the economy ahead of the government's Budget for fiscal year beginning April 1, 2021.
Rajya Sabha will resume at 3 pm today; Economic Survey 2020-21 to be tabled at the Parliament today.
President Ram Nath Kovind leaves from the Parliament House after his Address at the joint session of the Parliament concludes. Vice President M Venkaiah Naidu and Prime Minister Narendra Modi also with him.
20 jawans made the supreme sacrifice in Galwan valley in June 2020. Every citizen is grateful to these martyrs. My Govt is committed to the protection of the interests of the nation. Extra Forces have been deployed at LAC for protection of India's sovereignty: President Kovind.
Extermism in the northeast is heading towards its end, the incidents of violence are declining. The youth that had gone astray is returning to the mainstream of development and nation-building: President Ram Nath Kovind.
The nation is recovering from the damage that the economy suffered while saving the life of every Indian during the Corona period. Even in this difficult time, India has emerged as an attractive destination for global investors. Besides fulfilling the domestic requirements, India has provided necessary medicines to more than 150 countries. India is also committed to ensuring the availability of vaccines on a global scale, says Prez.
Last govts had made efforts for construction of a new Parliament building. It's a delightful coincidence that the nation started construction while moving towards 75th year of independence. The building will provide more facilities to MPs in carrying out their duties, says President Kovind.
My Govt would like to clarify that the rights and facilities that were available before the formation of the three Farm Laws have not been cut short, in fact with these new agricultural reforms the Govt has provided new facilities and rights to farmers, President Kovind
Water is Wealth. Water being the wealth of the people and its distribution being uncertain, the correct approach is not to complain against nature but to conserve water, says President Kovind.
Small and marginal farmers are also a priority for my Govt. To support such farmers in their small expenses, around Rs 1,13,000 crores have been transferred directly to their accounts, under PM-Kisan Samman Nidh Scheme
President Ram Nath Kovind condemns the Delhi violence on Republic Day by farmers against the central farm laws. He states that tricolor cannot be insulted at any cost. Prez adds, law and order situation must be maintained.
The national flag and a holy day like Republic Day were insulted in the past few days. The Constitution that provides us Freedom of Expression, is the same Constitution that teaches us that law & rules have to be followed seriously, says President Kovind.
President Ram Nath Kovind addresses joint session of Parliament; hails 'historic' Farm Laws
The facilities of Ayushman Bharat Yojana can be availed in any of the 24,000 hospitals across the nation. The poor are getting medicines at very low costs at 7000 centres across the country, under Pradhan Mantri Bhartiya Janaushadhi Pariyojana: President Kovind.
I am satisfied that the timely decision taken by my Government saved the lives of lakhs of citizens. Today the number of new COVID cases is going down rapidly. The number of recoveries is very high.
In this fight against the pandemic, we lost many citizens. Former President Pranab Mukherjee passed away in this Corona period. Six MPs left us untimely due to COVID. I pay my tribute to all of them: President Ram Nath Kovind.
Joint session of Parliament amid Corona pandemic is essential. It's a new yearr ana a new decade. We are re also entering into the 75th year of independence. Today all MPs are present here with message & trust that however tough be the challenge neither we nor India will stop: President Kovind.
President Ram Nath Kovind arrives at the Parliament. Addresses the two Houses as the Budget Session commences today.
This is the Budget Session. For the first time in India's history, in a way, the Finance Minister had to present 4-5 mini budgets in 2020 in the form of different packages. So this Budget will be seen as a part of those 4-5 mini budgets, I believe this: PM Modi at the Parliament
The second part of the session will be held from March 8 to April 8.Rajya Sabha will function from 9 am to 2 pm and Lok Sabha from 4 pm to 9 pm with Zero Hour and Question Hour.Members of Parliament have been requested to undergo an RT-PCR test against COVID-19 before the start of the Budget session.
The Budget Session will begin today with an address by President Ram Nath Kovind to the joint sitting of two houses of Parliament.The first part of the session will continue till February 15.
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Other than government's official channels, you can also catch up on the presentation of the Economic Survey 2021 on Zee Media.
The survey also puts out economic growth forecasts, provides justification and detailed reasons why it believes the economy will expand faster or decelerate. Sometimes, it also argues for some specific reform measures.
The annual survey analyses the trends in infrastructure, agricultural and industrial production, employment, prices, exports, imports, money supply, foreign exchange reserves and other factors having an impact on the Indian economy and the budget.
The Economic survey, also regarded as the official report card of the union government, gives a roadmap for the country's economy and spells the way forward. The Economic Survey provides a summary of the annual economic development across the country during the financial year.
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