Highlights | Govt tables Economic Survey in Parliament as Budget session begins

Before the session commenced, Modi said he expected all parties will engage in a proper debate and ensure smooth conduct of the House, even as the Opposition plans to corner his government on a host of issues, including the note ban and the early presentation of the Union budget.

Later in the day, the government tabled the Economic Survey 2016-17 in Parliament. It said India’s economy could expand by between 6.75% and 7.5% in 2017-18, signalling that growth could recover sooner than expected after a shock culling of high-value banknotes.

The first part of the session, with just eight working days, will end on February 9. Parliament will again meet on March 9, just a day after voting for the assembly elections is complete, to end on April 12.

Highlights:

2:38 PM: India cannot afford a UBI that’s an add-on to a programme; UBI should gradually replace existing programmes, says CEA Arvind Subramanian.

2:34 PM: There is a job challenge that we need to address, says CEA Arvind Subramanian.

2:32 PM: There should experiments with universal basic income in states with pilot projects, says CEA Arvind Subramanian.

2:26 PM: We need more activism in fiscal policy, says CEA Arvind Subramanian.

2:25 PM: Balance sheet of banks and pvt sector still challenged; much of debt is in large companies, says CEA Arvind Subramanian.

2:20 PM: We are the economy more open to trade than China, we are open to capital, says CEA Arvind Subramanian.

2:15 PM: Universal Basic Income a radical new idea; an idea whose time is right for deliberation, not necessarily for immediate implementation, says CEA Arvind Subramanian.

2:12 PM: Universal Basic Income is based on universality, unconditionality, says CEA Arvind Subramanian.

2:10 PM: Create a goverment agency to evaluate & reduce Non Performing Assets, says CEA Arvind Subramanian.

2:07 PM: Anxiety about the festering twin-balance sheet problem. NPAs is high and rising especially in public sector banks, says CEA Arvind Subramanian.

2:05 PM: At every stage we have to balance the costs and benefits of cash and digitisation, says CEA Arvind Subramanian.

2:03 PM: There should be fast remonetisation, ATM & banks limits should be withdrawn, says CEA Arvind Subramanian.

2:02 PM: Not appropriate to do a before-after analysis of GDP growth, with respect to demonetisation, says CEA Arvind Subramanian.

2:01 PM: Bank credit affected by demonetisation, seems like it has come down. Overall picture is mixed, says CEA Arvind Subramanian.

2:00 PM: Aim of demonetisation is to bring down real estate prices, says CEA Arvind Subramanian.

1:58 PM: India will be completely remonetised within the next 1 month, says CEA Arvind Subramanian.

1:55 PM: Demonetisation simultaneously reduced supply of cash, and increased supply of deposits: CEA

1:51 PM: Currency squeeze was less severe than percieved, says chief economic advisor Arvind Subramanian.

1:50 PM: Demonetisation has potential long term benefits, depends on follow up actions, says chief economic advisor Arvind Subramanian.

1:45 PM: Our intent to provide an honest picture. Despite growth there has been a sense of anxiety among people. Some of this has been due to demonetisation, says chief economic advisor Arvind Subramanian.

1:40 PM: Chief economic adviser Arvind Subramanian criticizes rating agencies says they are inconsistent while rating India and China.

1:36 PM: The past year has had robust macroeconomic stability, says chief economic advisor Arvind Subramanian.

1:35 PM: The document aims to provide objective analysis, says chief economic advisor Arvind Subramanian on economic survey.

1:30 PM: Chief economic adviser Arvind Subramanian is addressing a press conference on the Economic Survey.

1:20 PM: India’s trade-GDP ratio is now greater than China’s.

1:17 PM: FDI reform measures were implemented, allowing India to become one of the world’s largest recipients of FDI: Economic Survey.

1:15 PM:

1:10 PM:

1:07 PM: The current account deficit (CAD) narrowed in the first half (H1) of 2016-17 to 0.3 % of GDP: Economic Survey.

1:06 PM: Economic Survey advocates reforms to unleash economic dynamism and social justice.

1:05 PM: The economic survey recommends a Universal Basic Income (UBI) Scheme as an alternative to plethora of state subsidies for poverty alleviation.

1:04 PM: Fiscal activism embraced by advanced economies not relevant for India: Economic Survey

1:03 PM: Labour migration in India increasing at an accelerating rate, reveals new study: Economic Survey

1:02 PM: Service sector estimated to grow at 8.9% in 2016-17: Economic Survey

1:01 PM: Growth rate of the industrial sector estimated to moderate to 5.2% in 2016-17 from 7.4% in 2015-16.

1:00 PM: Agriculture sector to grow at 4.1% in the current year up from 1.2% in 2015-16, says the economic survey.

12:55 PM: Economic survey predicts growth of 6.75% to 7.5% for fiscal year 2017-18.

12:50 PM: Government tables Economic Survey 2016-17 in the Parliament.

12:40 PM: “President has outlined and highlighted Govt’s commitment to working for welfare of the poor, farmers,” says Power Minister Piyush Goyal.

12:35 PM:

12:25 PM: “Biggest problem with the govt is that they are doing nothing for job creation,” Congress vice-president Rahul Gandhi tells media outside Parliament house. “Government is complete failure on job creation, this is my main point.” he adds.

12:10 PM: Member of Parliament E Ahamed taken to hospital after he got severely ill reports ANI.

12:05 PM: President Pranab Mukherjee’s address to the Parliament ends.

12:03 PM: My government reiterates committment to fulfil aspirations of its people, says President Pranab Mukherjee.

12:02 PM: India ratified Paris agreement on October 2, 2016, sending a strong message of our commitment to combating climate change, says President Pranab Mukherjee.

12:00 PM: Jammu and Kashmir affected by terrorism sponsored and supported from across the border, says President Pranab Mukherjee.

11:58 AM: My government is committed to combat terrorism, and ensure that perpetrators of these acts are brought to justice, says President Pranab Mukherjee.

11:55 AM: My government is thankful to the GST council for working to resolve the outstanding issues, says President Pranab Mukherjee.

11:53 AM: “My government welcomes constructive debate on simultaneous conduct of elections to Lok Sabha and state legislative assemblies,” says President Pranab Mukherjee.

11:50 AM: Shram-eva jayate is one of the foremost guiding principles of my government. Several measures have been taken for the welfare of the shramik (labourer), says President Pranab Mukherjee.

11:45 AM: On 29th September 2016, our defence forces conduct surgical strikes to prevent incursion of terrorists. We are proud of the valour of our military personel, says President Pranab Mukherjee.

11:42 AM: My government’s very first cabinet decision was to set up an SIT on black money, says President Pranab Mukherjee.

11:41 AM: To combat black money, corruption, counterfeit currency and terror financing, Govt took decision on 8th November 2016 for demonetisation, says President Pranab Mukherjee.

11: 40 AM: Metro rail projects have been approved for four cites.

11:36 AM: Creation of next generation infrastructure has recieved priority from my government, says President Mukherjee.

11:35 AM: The northeast is the gateway to southeast Asia, says President Mukherjee.

11:30 AM: My government is focussing on reducing the isolation of the eastern and northeastern part of the country through roads, says President Mukherjee.

11:26 AM: 65% of our population is under the age of 35. Our youth is our greatest strength, their energies must be channelised, says President Mukherjee.

11:25 AM: Pradhan Mantri YUVA Yojana launched for promoting entrepreneurship education and training amongst 7 lakh students, says President Mukherjee.

11:24 AM: National Apprenticeship Promotion Scheme has been launched with a budget outlay of Rs. 10 thousand crore, says President Mukherjee.

11:23 AM: With motto of “Har Haath ko Hunar”, my govt has taken several steps for skilling youth & improving their employability, says President Mukherjee.

11:20 AM: My government has taken several steps for skilling the youth and improving their employability, says President Mukherjee.

11:15 AM: My government is making ‘naari shakti’ (women empowerment) an integral part of our development journey, they deserve equal opportunities, says President Pranab Mukherjee. “Olympic medallists, PV Sindhu, Sakshi Malik, Deepa illustrate strength of our women.” he adds.

11:10 AM: In farmer’s welfare lies the prosperity of the nation, says President Pranab Mukherjee. “My Goverment has taken various steps to transform the lives of our farmers,” he says.

11:08 AM: Over Rs 2 Lakh Crore has been provided through 5.6 crore loans sanctioned under Pradhan Mantri Mudra Yojana, says President Pranab Mukherjee.

11:07 AM: Under Swacchh Bharat mission more than 3 crore toilets have been construction.

11:07 AM: My govt has taken many initiatives to improve the quality of life of poor through assured housing, affordable healthcare, sanitation, says President Mukhejee.

11:06 AM: Financial inclusion is key to poverty allevation. Close to 13 crore poor have been covered under various social schemes, says President Pranab Mukherjee.

11:05 AM: At the core of all my Govt policies, is the welfare of ‘gareeb’, ‘peedit’, ‘Dalit’, ‘vanchhit’, says President Pranab Mukherjee.

11:03 AM: Resilience demonstrated by our countrymen particularly the poor, in the fight against black money and corruption, is remarkable, says President Pranab Mukherjee.

11:00am: This is a historic session heralding advancement of budget cycle and merger of general budget with rail budget with the first time, says President Mukherjee

10:55am: Budget session of Parliament begins with President Pranab Mukherjee’s address to members of both the houses.

10:40 AM: President Pranab Mukherjee will address both Houses of Parliament at 11 am in the Central Hall of Parliament House.

10:35 AM: Prime Minister addresses media ahead of Budget session says he hopes all political parties engage in proper debate and ensure smooth conduct of the Parliament. “A new tradition is beginning today...the budget is being presented a month earlier and the railway budget is being clubbed with it” he adds.

10:30 AM: “I hope all political parties understand the importance of Budget Session and participate in meaningful and constructive manner,” says Union minister Venkaiah Naidu. “Government ready to discuss every issue. We have nothing to hide, worry about or fear.”