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Budget Session LIVE: Govt intervention required when there is market failure, says CEA Subramanian
Budget session of Parliament began on January 31, 2020, and its first segment will continue till February 11, 2020. The Economic Survey 2019-20 will be presented in Parliament by Finance Minister Nirmala Sitharaman after President Ram Nath Kovind's address. She will also present Budget 2020-21 in the Lok Sabha on February 1 at 11 am.
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ANI Photo Budget session of Parliament began on January 31, 2020, and its first segment will continue till February 11, 2020. The Economic Survey 2019-20 will be presented in Parliament by Finance Minister Nirmala Sitharaman after President Ram Nath Kovind's address. She will also present Budget 2020-21 in the Lok Sabha on February 1 at 11 am.
President Kovind started his speech in the Central Hall of Parliament at 11 am. Vice President Venkaiah Naidu will also chair a meeting of floor leaders of Rajya Sabha at his residence today. The first phase of the session will conclude on February 11, while the second part of the session will begin from March 2 and end on April 3.
Analysis of wealth creators by entrepreneurs shows that wealth creation benefits everyone: CEA Krishnamurthy Subramanian
Economic slowdown since 2017 due to the lagged effect of reduced investment from 2013 which occurred due to credit boom-bust: CEA Krishnamurthy Subramanian
Firms that borrowed a lot during 2008-12 invested less during 2013-17: CEA Krishnamurthy Subramanian
We have a slowdown in the Indian economy, part of it is because of the global economy slowing down in 2019: CEA Krishnamurthy Subramanian
India striving to combine sustainability and economic development through well-designed initiatives for inclusive development: Economic Survey 2019-20
The Survey sees strong rebound in growth in FY21 on a low base, noting that the government cut in Capex may “adversely hurt growth”.
According to the survey, low tax to GDP ratio has constrained the government’s infrastructure spending.
The Economic Survey sees FY20 tax collections to be lower than estimates, adding that high non-tax revenue growth would not be sustainable year-on-year, emphasising that GST buoyancy would be “key to Centre, state revenue position”.
The Survey suggests government may need to relax fiscal gap target for FY20 to revive growth, adding need for counter-cyclical fiscal steps to boost demand.
The current account deficit (CAD) remained within manageable levels and foreign exchange reserves rose to all-time highs.
Economic Survey puts current fiscal growth at 5%, stating that fiscal deficit target for current fiscal may need to be relaxed to revive growth.
Vice-President Venkaiah Naidu also addresses the joint session of Parliament and congratulates the members on the New Year and 71st Republic Day.
Our government is committed to the middle class living in small towns. Free tax slab up to Rs 5 lakh help this category a lot: President Kovind
The Govt is also development waterways of India. For the first time in India's history, in December 2019, a cargo reached Assam's Pandu through waterways via the National Waterway-II: President
Despite the challenges coming from all over the world, the foundation of India's economy is strong. Our forex reserve are above historic level of 450 billion dollar: President
So far, metro services have been started in 18 cities of the country. So far 670 km metro lines have been commissioned and work is going on 930 km metro lines: President
President lists initiatives of the ruling government:
Today more than 121 crore people in the country have an Aadhaar card and about 60 crore people have Rupay cards.
A record 2 lakh crore rupees have been transacted through UPI in December 2019.
Recently, the government has also released a new version of BHIM app.
Through DBT, over 9 lakh crore rupees were directly transferred to the bank accounts of the beneficiaries in the last 5 years.
More than one lakh 70 thousand crores rupees have been saved by the government due to leakage stops: President
So far, over 1.25 lakh gram panchayats have been connected with high speed broadband connectivity under Bharatnet scheme.
Till 2014, there were 60,000 common service centers in rural areas of the country. Today, their number has increased to more than 3 lakh 65 thousand.
The third edition of the Khelo India School Games was recently conducted successfully. It saw 80 new national records being made, with 56 coming from girls, a commendable job: President Kovind
To fasten justice in these cases, 1,000 fast-track special courts will be opened up in India: President Kovind
Working towards the security of women in India, over 600 One-Stop Centres have been opened in India. A national database has also been created to identify the people that crime against women: President
To make women equal to men, admission of the girl child has been approved in Sainik Schools as well. Women are being hired in the military as well: President Kovind
To empower women, the govt started the self-help groups. Over 6.60 crore women have joined these groups so far. These women have been provided with loans at very low-interest rates: President Kovind
Ayushman Bharat has had a telling effect on the health sector. About 75 lakh poor people have availed to its benefits so far. More than 27,000 Health and Wellness Centres have also been built: President Kovind
The Govt is working swiftly for both preventive and curative healthcare. Swachh Bharat Abhiyan, Jal Jeevan Mission, Poshan Abhiyan, Ayushman Bharat, and Fit India Movement are having positive effects on the health of Indians: President Kovind
A person of any creed can complete the procedures and become a citizen of India. The government has made several provisions for granting citizenship to refugees in any region and especially in the northeast: President
While condemning the atrocities on minorities in Pakistan, I also urge the world community to take cognizance of this and take necessary steps in this direction.
My government makes it clear again that the procedures, which were there earlier for people of all religions of the world, who believe in India and are keen to take citizenship of India, remain same today: President
All of us have been witness that the persecution of minorities in Pakistan has increased over time. We all saw what happened in Nankana Sahib recently: President Kovind
The Govt is working swiftly for both preventive and curative healthcare. Swachh Bharat Abhiyan, Jal Jeevan Mission, Poshan Abhiyan, Ayushman Bharat, and Fit India Movement are having positive effects on the health of Indians: President Kovind
1.65 crore farmers and 1.25 lakh traders have already signed up and are trading. Trade worth Rs 90,000 crore has already taken place on this platform: President Kovind
Under the PM Fasal Bima Yojana, farmers all over the country are getting their crops insured at very basic rates. Under this, farmers have been paid Rs 57,000 crore as claims. e-NAM is also showing its effects: President
The Govt is working dedicatedly to give farmers at least 1.5 times the cost of production to the farmers of India. The constant hike in MSP of Rabi and Kharif crops is a step taken in this direction: President Kovind
The Govt had started the special initiative - Indian Sign Language Dictionary. A special dictionary containing 6000 words has been designed under the initiative: President Kovind
My Govt also stands in solidarity with specially-abled persons. It has made 1000 Bhawan and over 700 railways stations accessible to these people. In the last 5 years, equipments worth Rs 9000 crore have been provided to them across India in thousands of camps: President
The government's initiatives ensured 2 lakh people did their Haj, a record number. India is the first country in which the entire Haj process has been digitalized and is done online: President Kovind
Similarly, the Bru-Reang agreement not only solved a long-standing problem but will also help the concerned people and will help in their settlement: President Kovind
The Govt recently signed the Bodo Agreement, ending the crisis that saw 4,000 people lose their lives. The Govt will also spend Rs 1,500 crore to develop the areas in the Bodo regions: President Kovind
A lot of work was done and a lot of districts have now reached the average level, at par with the other districts in their respective states: Kovind
112 districts in the country that lack development have been given priority and special care is being taken to ensure the people in these regions avail to all benefits: Kovind
To ensure clean water reaches every Indian, the Govt has started the Jal Jeevan Mission. The Central Govt, the State Govt, local bodies and NGOs are turning this into a movement together: Kovind
There are about 15 crore houses in rural India that lack water supply from pipes. It makes the life of our women really difficult. Polluted water has an ill-effect on the health of the family: Kovind
The work and initiatives taken by the Govt have increased the aspirations of the people as well as the responsibilities of the Govt. The people had longed to visit the Kartarpur for a long time. My Govt developed it in record time to open it up for the pilgrims: Kovind
50 crore people have been given free treatment worth up to Rs. 5 lakh under Ayushman NHA, 24 crore people have been benefitted from insurance schemes, 2.5 crore people have been given free electricity connections: President
8 crore people were given free gas connections, 2 crore people were given houses, 38 crore people have been helped with bank accounts: President
On the Tourism Index, India has risen from 52nd to the 34th rank. This rise is also an announcement to the entire world how India has changed its foundation in the last few years and shows the enthusiasm in the people for the development of New India: Kovind
On the World Bank's Ease of Doing Business ranking, India has jumped 79 ranks to stand at 63rd. On the index of resolving insolvency, India has jumped from 108th to 52nd: President Kovind
Work done by this Govt on the ground level in the last 5 years has helped India's ranking on several International ranking indexes: President Kovind
Due to the efforts of the government, the capitals of Sikkim, Mizoram, Manipur and Nagaland will be connected to the rail network by the year 2022: President Kovind
By giving Aspirational District status to 112 districts of the country, the government is paying special attention to each scheme related to the development of the poor: President Kovind
Even today there are about 15 crore houses in rural areas of the country, where there is no supply of water from pipes. In the villages of the country, sufficient drinking water reaches every household, for this my government has started the Water Life Mission: President Kovind
My Govt believes that transparent debate and exchange of views strengthen democracy further. Violence and other such acts in the name of protests weaken the country. The people of India have given my Govt this mandate for the formation of New India: President Kovind
I am happy that in the last 7 months, Parliament has set new records of working. In the first session of the Lok Sabha, the performance of the House set a new record in the last seven decades: President
In Jammu and Kashmir and Ladakh, the work of establishing connectivity, irrigation, hospitals, tourism related schemes and institutions of higher education like IIT, IIM, AIIMS is also going speedily: President Kovind
Under the Pradhan Mantri Awas Yojana, around 3,500 houses were built in Jammu and Kashmir as of March 2018, more than 24,000 houses have been completed in less than two years: President Kovind
The removal of Article 370 and Article 35A of the Constitution by two-thirds majority by both the Houses of Parliament is not only historical but it has also paved the way for similar development of Jammu and Kashmir and Ladakh: President Kovind
Our constitution also expects from this Parliament and every member present in this House to fulfill the hopes and aspirations of the countrymen and make necessary laws for them, keeping the national interest paramount: President Kovind
The Constitution of India is our guide in fulfilling all our dreams. Just a few days ago on November 26th, 70 years of the Constitution was completed. On that day, 12 crore citizens of the country publicly read the Preamble and pledged their commitment to the Constitution: President
I congratulate every MP of this House for delivering on the Constitutional demand: President Kovind
The work delivered in the previous session of the Lok Sabha is a record in seven decades. The Triple Talaq Law provided empowerment to Muslim Women, the Chit Fund Amendment Law and more other such laws were passed in this session: President Kovind
President lauds Narendra Modi government's achivements, says 'govt has done a lot for women, poor. Many schemes for backward, rural workers have been launched.'
Our constitution expects from this Parliament and every member present in this House to fulfill the hopes and aspirations of the countrymen and make necessary laws for them, keeping national interest paramount: President Kovind
This decade is very important for everyone. We must fasten the development of New India. A strong foundation has already been laid to make this decade India's. India's Constitution shows us the way to fulfill these aspirations: President Kovind
Watch LIVE as President Kovind addresses the Joint Sitting of both Houses of Parliament
President Ram Nath Kovind arrives at Parliament ahead of first Parliament session of 2020. He is received by PM Modi, Vice-President Vankaiah Naidu and Speaker Om Birla.
Video: Oppn protesting outside Parliament.
#WATCH Delhi: Opposition leaders including Congress Interim President Sonia Gandhi protest in front of Gandhi statue in Parliament premises, against #CAA_NRC_NPR #BudgetSession pic.twitter.com/wolQCzvz0Q
— ANI (@ANI) January 31, 2020
Opposition leaders including Congress Interim President Sonia Gandhi protest in front of Gandhi statue in Parliament premises, against CAA, NRC, NPR.
Speaking to reporters outside Parliament, Prime Minister Narendra Modi said that he expects a productive Budget session of Parliament. "We need to discuss how we can strengthen economic activity by taking advantage of the global situation," he said.
Chief Economic Advisor Dr KV Subramanian will address a Press Conference on Economic Survey 2019-20 at 1:45 pm today at National Media Centre.
Economic Survey 2020 will be presented after President Ram Nath Kovind's speech and Finance Commission Report.
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