<p>The demonetisation of high-value currency notes in November 2016 resulted in a widening of taxpayers&#39; base and rise in household savings, said the Economic Survey 2017-18 tabled in Parliament today.</p>

<p>The pre-budget survey further said policy priorities over the short term focused on reviving investments by mobilising savings and encouraging the conversion of gold into financial savings.</p>

<p>&quot;The share of financial saving is already rising in aggregate household saving - with a clear shift visible towards market instruments&nbsp;a phenomenon that has been helped by demonetisation,&quot; said the document authored by a team led by Chief Economic Advisor Arvind Subramanian.</p>

<p>Taking into account the pre-existing trend growth in new tax filers through regression analysis, the survey carried out a rigorous assessment of the impact of demonetisation.</p>

<p>&quot;Taking seasonality into account it is found that there is a 0.8 per cent monthly trend increase in new tax filers (annual growth of nearly 10 per cent). The level of tax filers by November 2017 was 31 per cent greater than what this trend would suggest, a statistically significant difference,&quot; said the Economic Survey 2017-18 released by the government today.</p>

<p>&quot;This translates roughly into about 18 lakh (1.8 million) additional taxpayers due to demonetisation-cum-GST, representing 3 per cent of existing taxpayers,&quot; it said.</p>

<p>Prime Minister Narendra Modi through a television address to the nation on November 8, 2016 had announced scrapping of the high value Rs 500 and Rs 1,000 banknotes to counter the menace of black money and terror funding.</p>

<p>As per the Economic Survey analysis, new filers reported an average income, in many cases, close to the income tax threshold of Rs 2.5 lakh, limiting the early revenue impact.</p>

<p>&quot;As income growth over time pushes many of the new tax filers over the threshold, the revenue dividends should increase robustly,&quot; it added.</p>

<p>Besides, the survey said one of the main aims of demonetisation and the Goods and Services Tax (GST) was to increase the formalisation of the economy and bring more Indians into the income tax net, which includes only about 5.93 crore individual taxpayers (filers and those whose tax is deducted at source in 2015-16).</p>

<p>It is equivalent to 24.7 per cent of the estimated non- agricultural workforce who pays tax.</p>

<p>After November 2016, 1.01 crore (10.1 million) filers were added compared to an average of 62 lakh (6.2 million) in the preceding six years.</p>

<p>After demonetisation, the Reserve Bank had scaled up its liquidity absorption operations using a mix of both conventional and unconventional instruments.</p>


The pre-budget survey further said policy priorities over the short term focused on reviving investments by mobilising savings and encouraging the conversion of gold into financial savings

The demonetisation of high-value currency notes in November 2016 resulted in a widening of taxpayers' base and rise in household savings, said the Economic Survey 2017-18 tabled in Parliament today. The pre-budget survey further said policy priorities over the short term focused on reviving investments by mobilising savings and encouraging the conversion of gold into financial savings. "The share of financial saving is already rising in aggregate household saving - with a clear shift visible towards market instruments a phenomenon that has been helped by demonetisation," said the document authored by a team led by Chief Economic Advisor Arvind Subramanian. Taking into account the pre-existing trend growth in new tax filers through regression analysis, the survey carried out a rigorous assessment of the impact of demonetisation. "Taking seasonality into account it is found that there is a 0.8 per cent monthly trend increase in new tax filers (annual growth of nearly 10 per cent). The level of tax filers by November 2017 was 31 per cent greater than what this trend would suggest, a statistically significant difference," said the Economic Survey 2017-18 released by the government today. "This translates roughly into about 18 lakh (1.8 million) additional taxpayers due to demonetisation-cum-GST, representing 3 per cent of existing taxpayers," it said. Prime Minister Narendra Modi through a television address to the nation on November 8, 2016 had announced scrapping of the high value Rs 500 and Rs 1,000 banknotes to counter the menace of black money and terror funding. As per the Economic Survey analysis, new filers reported an average income, in many cases, close to the income tax threshold of Rs 2.5 lakh, limiting the early revenue impact. "As income growth over time pushes many of the new tax filers over the threshold, the revenue dividends should increase robustly," it added. Besides, the survey said one of the main aims of demonetisation and the Goods and Services Tax (GST) was to increase the formalisation of the economy and bring more Indians into the income tax net, which includes only about 5.93 crore individual taxpayers (filers and those whose tax is deducted at source in 2015-16). It is equivalent to 24.7 per cent of the estimated non- agricultural workforce who pays tax. After November 2016, 1.01 crore (10.1 million) filers were added compared to an average of 62 lakh (6.2 million) in the preceding six years. After demonetisation, the Reserve Bank had scaled up its liquidity absorption operations using a mix of both conventional and unconventional instruments.

'Note ban led to wider taxpayers' base,more household savings'

<p>The pink coloured Economic Survey document tabled by Finance Minister Arun Jaitley in Parliament today recommended that India must confront the societal metapreference for a son, observing that the adverse sex ratio of females to males has led to 63 million &quot;missing&quot; women.</p>

<p>The colour of this year&#39;s survey cover was chosen as a symbol of support for the growing movement to end violence against women, which spans continents.</p>

<p>Laying special emphasis on gender development, the Survey cautioned that on several indicators, notably employment, use of reversible contraception, and son preference, India has some distance to traverse despite the country&#39;s economic progress.</p>

<p>The Survey states that just as India has committed to moving up the ranks in Ease of Doing Business indicators, a similar commitment should be endeavoured on the gender front.</p>

<p>The percentage of working women has declined over time from 36 per cent being employed in 2005-06 to 24 per cent of women employed in 2015-16, pointed out the Survey.</p>

<p>It acknowledges that Government&#39;s &#39;Beti Bachao, Beti Padhao&#39; and &#39;Sukanya Samridhi Yojana&#39; schemes, and mandatory maternity leave rules are all steps in the right direction, pointing out that measures such as increasing maternity leave will offer support to women in the workforce.</p>

<p>Given these observations, the states and all stakeholders have an important role to play in increasing opportunities available for women in education and employment, it said.</p>

<p>As per the Survey, nearly 47 per cent of women do not use any contraception, and of those who do, less than a third use female-controlled reversible contraception.</p>

<p>The Survey highlighted another phenomenon of son metapreference which involves parents adopting fertility &quot;stopping rules&quot; &nbsp;having children until the desired number of sons are born.</p>

<p>&quot;This metapreference leads naturally to the notional category of &#39;unwanted&#39; girls which is estimated at over 21 million,&quot; says the Survey.</p>

<p>Consigning these odious categories to history soon should be society&#39;s objective, opines the Survey. It also provides an assessment of India&#39;s performance on gender outcomes relative to other economies.</p>

<p>However, the Survey noted an improvement in average levels of 12 out of 17 variables in India over time. While 62.3 per cent of women in India were involved in decisions about their own health in 2005-06, the number increased to 74.5 per cent in 2015-16.</p>

<p>The percentage of women who did not experience physical or emotional violence also increased from 63 per cent to 71 per cent, whereas the median age at first childbirth also increased by 1.3 years over ten years.</p>

<p>The Survey noted that the North-Eastern states have been consistently outperforming others on the development parameters related to women, while hinterland states are lagging behind.</p>

<p>However, surprisingly, some southern states such as Andhra Pradesh and Tamil Nadu fare worse than expected given their level of development, it said.</p>


The colour of this year's survey cover was chosen as a symbol of support for the growing movement to end violence against women, which spans continents

The pink coloured Economic Survey document tabled by Finance Minister Arun Jaitley in Parliament today recommended that India must confront the societal metapreference for a son, observing that the adverse sex ratio of females to males has led to 63 million "missing" women. The colour of this year's survey cover was chosen as a symbol of support for the growing movement to end violence against women, which spans continents. Laying special emphasis on gender development, the Survey cautioned that on several indicators, notably employment, use of reversible contraception, and son preference, India has some distance to traverse despite the country's economic progress. The Survey states that just as India has committed to moving up the ranks in Ease of Doing Business indicators, a similar commitment should be endeavoured on the gender front. The percentage of working women has declined over time from 36 per cent being employed in 2005-06 to 24 per cent of women employed in 2015-16, pointed out the Survey. It acknowledges that Government's 'Beti Bachao, Beti Padhao' and 'Sukanya Samridhi Yojana' schemes, and mandatory maternity leave rules are all steps in the right direction, pointing out that measures such as increasing maternity leave will offer support to women in the workforce. Given these observations, the states and all stakeholders have an important role to play in increasing opportunities available for women in education and employment, it said. As per the Survey, nearly 47 per cent of women do not use any contraception, and of those who do, less than a third use female-controlled reversible contraception. The Survey highlighted another phenomenon of son metapreference which involves parents adopting fertility "stopping rules" having children until the desired number of sons are born. "This metapreference leads naturally to the notional category of 'unwanted' girls which is estimated at over 21 million," says the Survey. Consigning these odious categories to history soon should be society's objective, opines the Survey. It also provides an assessment of India's performance on gender outcomes relative to other economies. However, the Survey noted an improvement in average levels of 12 out of 17 variables in India over time. While 62.3 per cent of women in India were involved in decisions about their own health in 2005-06, the number increased to 74.5 per cent in 2015-16. The percentage of women who did not experience physical or emotional violence also increased from 63 per cent to 71 per cent, whereas the median age at first childbirth also increased by 1.3 years over ten years. The Survey noted that the North-Eastern states have been consistently outperforming others on the development parameters related to women, while hinterland states are lagging behind. However, surprisingly, some southern states such as Andhra Pradesh and Tamil Nadu fare worse than expected given their level of development, it said.

Economic survey turns pink; asks Indians to confront son preference

<p>Shortly after Union Finance Minister <a href="http://www.wionews.com/india-news/economic-survey-sees-accelerating-gdp-growth-upswing-in-real-estate-sector-31065">Arun Jaitley tabled the Economy Survey</a> in the Parliament today, Chief Financial Adviser Arvind Subramanian took to Twitter sharing key points of the survey.</p>

<p>This year&#39;s survey was expected to analyze the GST implementation and the demonetisation move in detail.&nbsp;</p>

<p>&quot;GST shows cooperative federalism; &#39;technology&#39;&nbsp;is powerful, must be used for other reforms involving states: agriculture, power, DBT. India went from &#39;crony socialism to stigmatised capitalism&#39;&nbsp;hence recent actions on twin balance sheet noteworthy,&quot; tweeted Subramanian.&nbsp;</p>

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<p dir="ltr" lang="en">Broader Lessons<br />
GST shows coopertve federalsm &ldquo;technology&rdquo; is powerful, mst be used fr othr refrms invlvng states: agri, power, DBT<br />
India went frm &ldquo;crony socialsm to stigmatizd capitalsm&rdquo; hence recnt actns on twin balance sheet noteworthy <a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> <a href="https://t.co/VAfz77JvGp">https://t.co/VAfz77JvGp</a></p>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957875615046164480?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
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<p>Subramanian noted capital raising (public and private) to have &quot;increased substantially&quot;.</p>

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<p dir="ltr" lang="en">GST revenues doing well: 12 percent growth, better buoyancy than previous taxes (Box 7, Ch. 1., Vol. 1) <a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> <a href="https://t.co/VAfz77JvGp">https://t.co/VAfz77JvGp</a> <a href="https://t.co/wgROVrWmab">pic.twitter.com/wgROVrWmab</a></p>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957873578476683264?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
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<p>According to Subramanian, some of the key areas and policy agenda for the upcoming fiscal year would include supporting agriculture, GST stabilisation, recapitalisation, privatisation of Air-India and combatting macroeconomic pressures.&nbsp;</p>

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<p dir="ltr" lang="en">Outlook<br />
2017-18: Real GDP growth of 6.75%, nominal growth of 10.5%<br />
2018-19: Real growth of 7%-7.5% <a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> <a href="https://t.co/VAfz77JvGp">https://t.co/VAfz77JvGp</a> <a href="https://t.co/wDBgVfFqds">pic.twitter.com/wDBgVfFqds</a></p>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957873340512837632?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
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<p>&quot;GST revenues are doing well: 12 per cent growth, better buoyancy than previous taxes,&quot; noted Subramanian.&nbsp;</p>

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<p dir="ltr" lang="en">Major achvmnts of past year 1) Implmntng GST, respnding quickly to transitional challnges 2) Tacklng longfestering Twin Balance Sheet challnge by sendng stressd debtors to IBC &amp; bank recap<br />
Validation: first sovereign upgrade in 14 years<a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> <a href="https://t.co/VAfz77JvGp">https://t.co/VAfz77JvGp</a></p>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957872560250564608?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
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<p>&nbsp;</p>

<p>Subramanian also highlighted some of the major achievements of the past year; implementing GST, responding quickly to transitional challenges, tackling long-festering twin balance sheet challenge featured on top of the list.&nbsp;</p>

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<p dir="ltr" lang="en">I will be presenting highlights of the <a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> at a press conference at the National Media Center at 130 pm today. <a href="https://t.co/lvVcCTQdLi">https://t.co/lvVcCTQdLi</a></p>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957805989897560065?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
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<p>Arvind Subramanian held a press conference a short while ago to share more details about the Economic Survey.&nbsp;</p>


This year's survey was expected to analyse the GST implementation and the demonetisation move in detail.

Shortly after Union Finance Minister Arun Jaitley tabled the Economy Survey in the Parliament today, Chief Financial Adviser Arvind Subramanian took to Twitter sharing key points of the survey. This year's survey was expected to analyze the GST implementation and the demonetisation move in detail. "GST shows cooperative federalism; 'technology' is powerful, must be used for other reforms involving states: agriculture, power, DBT. India went from 'crony socialism to stigmatised capitalism' hence recent actions on twin balance sheet noteworthy," tweeted Subramanian. Broader Lessons GST shows coopertve federalsm “technology” is powerful, mst be used fr othr refrms invlvng states: agri, power, DBT India went frm “crony socialsm to stigmatizd capitalsm” hence recnt actns on twin balance sheet noteworthy #economicsurvey18 https://t.co/VAfz77JvGp — arvind subramanian (@arvindsubraman) January 29, 2018 × Subramanian noted capital raising (public and private) to have "increased substantially". GST revenues doing well: 12 percent growth, better buoyancy than previous taxes (Box 7, Ch. 1., Vol. 1) #economicsurvey18 https://t.co/VAfz77JvGp pic.twitter.com/wgROVrWmab — arvind subramanian (@arvindsubraman) January 29, 2018 × According to Subramanian, some of the key areas and policy agenda for the upcoming fiscal year would include supporting agriculture, GST stabilisation, recapitalisation, privatisation of Air-India and combatting macroeconomic pressures. Outlook 2017-18: Real GDP growth of 6.75%, nominal growth of 10.5% 2018-19: Real growth of 7%-7.5% #economicsurvey18 https://t.co/VAfz77JvGp pic.twitter.com/wDBgVfFqds — arvind subramanian (@arvindsubraman) January 29, 2018 × "GST revenues are doing well: 12 per cent growth, better buoyancy than previous taxes," noted Subramanian. Major achvmnts of past year 1) Implmntng GST, respnding quickly to transitional challnges 2) Tacklng longfestering Twin Balance Sheet challnge by sendng stressd debtors to IBC & bank recap Validation: first sovereign upgrade in 14 years#economicsurvey18 https://t.co/VAfz77JvGp — arvind subramanian (@arvindsubraman) January 29, 2018 × Subramanian also highlighted some of the major achievements of the past year; implementing GST, responding quickly to transitional challenges, tackling long-festering twin balance sheet challenge featured on top of the list. I will be presenting highlights of the #economicsurvey18 at a press conference at the National Media Center at 130 pm today. https://t.co/lvVcCTQdLi — arvind subramanian (@arvindsubraman) January 29, 2018 × Arvind Subramanian held a press conference a short while ago to share more details about the Economic Survey.

Economic Survey 2018: 'GST revenues doing well with 12 per cent growth,' tweets Chief Finance Adviser

<p>Finance Minister Arun Jaitley tables the Economic Survey of 2018 in Parliament estimating the real GDP growth to clock 6.75 percent this fiscal year.</p>

<p>The&nbsp;economic survey predicts 7-7.5 percent growth in 2018-19. Employment, education &amp; agriculture will be the focus areas this term, noted Jaitley.&nbsp;</p>

<p>The survey was expected to take a close look at demonetization and the implementation of GST. The online report of the survey shared by Chief Economic Adviser, Arvind Subramanian, notes the following:&nbsp;</p>

<p>&quot;One of the aims of demonetization and the Goods and Services Tax (GST) was to increase the formalization of the economy and bring more Indians into the income tax net, which includes only about 59.3 million individual taxpayers...&nbsp;Has this happened and to what extent? At first blush, there does seem to have been a substantial increase in the number of new taxpayers.&nbsp;As income growth over time pushes many of the new tax filers over the<br />
threshold, the revenue dividends should increase robustly.&quot;</p>

<p>The online copy of the complete survey has dedicated sections on &#39;State of Indian Economy&#39;, &#39;View of the Indian Economy Through GST&#39;, &#39;Climate, Climate Change and Agriculture&#39;, among others.&nbsp;</p>

<p>The event precedes the presentation of this year&#39;s Budget on February 1 and marks the commencement of the first phase of the budget session.&nbsp;</p>

<p>The Economic Survey is the Finance Ministry&#39;s yearly document that reviews the economic development of the country in the past year.</p>

<p>Chief Economic Adviser Arvind Subramanian shared details about the survey in an official web blog yesterday.&nbsp;</p>

<p>The highlights of the survey will be shared by Mr Subramanian at a press conference at 1:30 pm today.</p>

<p>Prime Minister Narendra Modi recently hinted at the possibility of this year&#39;s to be non-populist in nature.&nbsp;</p>

<p>The phase 1 of the session will wrap up on February 9. The second phase will take place from March 5 to April 6.</p>

<p>&nbsp;</p>


The Economic Survey will also review the pros and cons of the Modi government's demonetization move carried out in November 2016

Finance Minister Arun Jaitley tables the Economic Survey of 2018 in Parliament estimating the real GDP growth to clock 6.75 percent this fiscal year. The economic survey predicts 7-7.5 percent growth in 2018-19. Employment, education & agriculture will be the focus areas this term, noted Jaitley. The survey was expected to take a close look at demonetization and the implementation of GST. The online report of the survey shared by Chief Economic Adviser, Arvind Subramanian, notes the following: "One of the aims of demonetization and the Goods and Services Tax (GST) was to increase the formalization of the economy and bring more Indians into the income tax net, which includes only about 59.3 million individual taxpayers... Has this happened and to what extent? At first blush, there does seem to have been a substantial increase in the number of new taxpayers. As income growth over time pushes many of the new tax filers over the threshold, the revenue dividends should increase robustly." The online copy of the complete survey has dedicated sections on 'State of Indian Economy', 'View of the Indian Economy Through GST', 'Climate, Climate Change and Agriculture', among others. The event precedes the presentation of this year's Budget on February 1 and marks the commencement of the first phase of the budget session. The Economic Survey is the Finance Ministry's yearly document that reviews the economic development of the country in the past year. Chief Economic Adviser Arvind Subramanian shared details about the survey in an official web blog yesterday. The highlights of the survey will be shared by Mr Subramanian at a press conference at 1:30 pm today. Prime Minister Narendra Modi recently hinted at the possibility of this year's to be non-populist in nature. The phase 1 of the session will wrap up on February 9. The second phase will take place from March 5 to April 6.

Budget 2018: Arun Jaitley tables Economic Survey in Parliament, predicts 7-7.5% growth in 2018-19

<p>President Ram Nath Kovind on Monday said that a sustained debate is required on the subject of simultaneous elections in his inaugural speech at the Budget Session of Parliament which began today.</p>

<p>&quot;A sustained debate is required on the subject of simultaneous elections and all political parties need to arrive at a consensus on this issue,&quot; President Kovind said in his opening address to the joint session of Parliament on Monday.</p>

<p>Earlier this month, in an interview to WION, Prime Minister Narendra Modi had said that Vidhan Sabha and Lok Sabha elections should be held together and that he has discussed this idea with various policymakers. &quot;If the elections happen together, then the country can save a lot,&quot; <a href="http://www.wionews.com/india-news/upa-government-was-unable-to-solve-gst-issues-pm-modi-to-wion-30214" target="_blank">PM Modi had said in the interview</a>.</p>

<p>Today, while addressing the joint session of Parliament, President Kovind reiterated his government&#39;s commitment in passing the triple talaq bill.</p>

<p>&quot;My government has presented a bill to end the practice of triple talaq. I hope the Triple Talaq Bill will be passed soon so that Muslim women can live a life of dignity and without fear,&quot; President Kovind said.</p>

<p>Committed to &#39;empowerment and not appeasement&#39;, my government is making intensive efforts for the economic, social and educational empowerment of the minorities, <a href="http://www.wionews.com/india-news/budget-session-live-31051" target="_blank">President Kovind said in his maiden address to Parliament</a>.&nbsp;</p>

<p>While the Muslim Women (Protection of Rights on Marriage) Bill, 2017, sailed through the Lok Sabha, the Triple Talaq Bill is pending in the Rajya Sabha as several opposition parties demanded that it be referred to a select committee.</p>

<p>Highlighting the achievements of Modi government, President Kovind said, &quot;My government has introduced insurance schemes for poor at a premium of Rs 1 per month and 90 paise per day. Over 18 crore poor have been covered under the &#39;PM Suraksha Bima Yojana&#39; and &#39;PM Jeevan Jyoti Bima Yojana&#39; and about Rs 2 thousand crore has been paid out as claims.&quot;</p>

<p>The government is committed to double the income of farmers by the year 2022, he said.</p>

<p>Prime Minister Narendra Modi also spoke before the commencement of Parliament&rsquo;s Budget Session, where he appealed to the opposition to pass the Triple Talaq Bill,&nbsp; saying it would be a <a href="http://www.wionews.com/india-news/budget-session-2018-we-have-to-pass-triple-talaq-bill-and-protet-muslim-women-says-pm-modi-31049" target="_blank">New Year gift for Muslim women</a>.</p>

<p>Speaking to reporters outside Parliament House, Modi said despite his government&#39;s efforts and people&#39;s expectations the triple talaq bill could not be passed in the last session.</p>

<p>The Budget Session of Parliament began on Monday. The first leg of the session will be between January 29 and February 9 during which the government will present the economic survey on January 29, followed by the Union Budget on February 1.</p>

<p>Following a recess after February 9, Parliament will meet again from March 5 to April 6.</p>


PM Modi had first mooted the idea of simultaneous elections to the states and Parliament. He has repeatedly asked all parties to rise above politics and consider it

President Ram Nath Kovind on Monday said that a sustained debate is required on the subject of simultaneous elections in his inaugural speech at the Budget Session of Parliament which began today. "A sustained debate is required on the subject of simultaneous elections and all political parties need to arrive at a consensus on this issue," President Kovind said in his opening address to the joint session of Parliament on Monday. Earlier this month, in an interview to WION, Prime Minister Narendra Modi had said that Vidhan Sabha and Lok Sabha elections should be held together and that he has discussed this idea with various policymakers. "If the elections happen together, then the country can save a lot," PM Modi had said in the interview. Today, while addressing the joint session of Parliament, President Kovind reiterated his government's commitment in passing the triple talaq bill. "My government has presented a bill to end the practice of triple talaq. I hope the Triple Talaq Bill will be passed soon so that Muslim women can live a life of dignity and without fear," President Kovind said. Committed to 'empowerment and not appeasement', my government is making intensive efforts for the economic, social and educational empowerment of the minorities, President Kovind said in his maiden address to Parliament. While the Muslim Women (Protection of Rights on Marriage) Bill, 2017, sailed through the Lok Sabha, the Triple Talaq Bill is pending in the Rajya Sabha as several opposition parties demanded that it be referred to a select committee. Highlighting the achievements of Modi government, President Kovind said, "My government has introduced insurance schemes for poor at a premium of Rs 1 per month and 90 paise per day. Over 18 crore poor have been covered under the 'PM Suraksha Bima Yojana' and 'PM Jeevan Jyoti Bima Yojana' and about Rs 2 thousand crore has been paid out as claims." The government is committed to double the income of farmers by the year 2022, he said. Prime Minister Narendra Modi also spoke before the commencement of Parliament’s Budget Session, where he appealed to the opposition to pass the Triple Talaq Bill, saying it would be a New Year gift for Muslim women. Speaking to reporters outside Parliament House, Modi said despite his government's efforts and people's expectations the triple talaq bill could not be passed in the last session. The Budget Session of Parliament began on Monday. The first leg of the session will be between January 29 and February 9 during which the government will present the economic survey on January 29, followed by the Union Budget on February 1. Following a recess after February 9, Parliament will meet again from March 5 to April 6.

Budget session 2018: President Ram Nath Kovind pushes for discussion on simultaneous polls

<p>The Budget session of Parliament begins on Monday as the National Democratic Alliance (NDA) readies to present its last full budget on 1 February before its five-year term ends.</p>

<p>President Ram Nath Kovind&#39;s address to a joint sitting of the Lok Sabha and Rajya Sabha&nbsp;marked the beginning of the Budget Session 2018. The Economic Survey of India will be tabled later in the day.</p>

<p>The upcoming budget is significant because the ruling NDA will go into the poll mode in 14 months as general elections are scheduled for early next year.&nbsp;</p>

<p>Also, the parliamentary party executive of Bharatiya Janata Party (BJP) will hold a meeting on Monday, followed by another meeting of NDA allies to discuss the strategy for the session.</p>

<p><strong>Here are the highlights President Kovind&#39;s speech:</strong></p>

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<h5>A sustained debate is required on the subject of simultaneous elections and all political parties need to arrive at a consensus on this issue: President Kovind</h5>
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<h5>It&rsquo;s a matter of pride for us that Unesco recognised Kumbh Mela as intangible cultural heritage of humanity: President Kovind</h5>
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<p dir="ltr" lang="en">The government is committed to double the income of farmers by the year 2022: President Ram Nath Kovind <a href="https://twitter.com/hashtag/BudgetSession?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetSession</a> <a href="https://t.co/1Ydo4cw5Ph">pic.twitter.com/1Ydo4cw5Ph</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/957851770612457472?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
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<h5>Work has started to increase broadband connectivity in villages. 2.5 lakh Panchayats have already been connected: President Kovind</h5>
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<h5>President Kovind says that to provide food to everyone, the government under National Food Security Act is providing supplies at minimal rates to the poor.</h5>
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<h5>2.70 Lakh Common Service Centers have been set up across the nation. These Centers provide digital service at low rates for various services even in the far off remote areas: President Ram Nath Kovind</h5>
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<h5>The highest priority of my Govt is to remove various difficulties faced by farmers &amp; to raise their standard of living. The schemes of my Govt are not only removing their hardships but also reducing the expenditure incurred by them on farming, says the President.</h5>
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<h5>Parliament approved a bill granting working woman paid maternity leave of 26 weeks.The government is committed to double the income of farmers by the year 2022: President Ram Nath Kovind</h5>
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<h5>We will realise the dream of &#39;New India&#39; in 2018, says the President during his address in the Parliament.</h5>
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<h5>My government has presented a bill in relation to Triple Talaq. I hope Parliament will soon make it legal, so that Muslim sisters and daughters will be able to live a fearless life with self respect: President Ram Nath Kovind</h5>
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<h5>It is our duty that when we celebrate Mahatma Gandhi&#39;s 150th birth anniversary in 2019 we pay tribute to him by making our country completely clean: President Ram Nath Kovind</h5>
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<h5>Baba Saheb Ambedkar used to say that without economic and social democracy, political democracy is unstable: President Kovind</h5>
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<p><a href="http://www.wionews.com/india-news/budget-session-2018-we-have-to-pass-triple-talaq-bill-and-protet-muslim-women-says-pm-modi-31049" target="_blank">READ:&nbsp;We have to pass Triple Talaq bill and protect Muslim women, says PM Modi</a><br />
&nbsp;</p>


The upcoming budget is significant because the ruling NDA will go into poll mode in 14 months as general elections are scheduled for early next year.

The Budget session of Parliament begins on Monday as the National Democratic Alliance (NDA) readies to present its last full budget on 1 February before its five-year term ends. President Ram Nath Kovind's address to a joint sitting of the Lok Sabha and Rajya Sabha marked the beginning of the Budget Session 2018. The Economic Survey of India will be tabled later in the day. The upcoming budget is significant because the ruling NDA will go into the poll mode in 14 months as general elections are scheduled for early next year. Also, the parliamentary party executive of Bharatiya Janata Party (BJP) will hold a meeting on Monday, followed by another meeting of NDA allies to discuss the strategy for the session. Here are the highlights President Kovind's speech: A sustained debate is required on the subject of simultaneous elections and all political parties need to arrive at a consensus on this issue: President Kovind × It’s a matter of pride for us that Unesco recognised Kumbh Mela as intangible cultural heritage of humanity: President Kovind × The government is committed to double the income of farmers by the year 2022: President Ram Nath Kovind #BudgetSession pic.twitter.com/1Ydo4cw5Ph — ANI (@ANI) January 29, 2018 × Work has started to increase broadband connectivity in villages. 2.5 lakh Panchayats have already been connected: President Kovind × President Kovind says that to provide food to everyone, the government under National Food Security Act is providing supplies at minimal rates to the poor. × 2.70 Lakh Common Service Centers have been set up across the nation. These Centers provide digital service at low rates for various services even in the far off remote areas: President Ram Nath Kovind × The highest priority of my Govt is to remove various difficulties faced by farmers & to raise their standard of living. The schemes of my Govt are not only removing their hardships but also reducing the expenditure incurred by them on farming, says the President. × Parliament approved a bill granting working woman paid maternity leave of 26 weeks.The government is committed to double the income of farmers by the year 2022: President Ram Nath Kovind × We will realise the dream of 'New India' in 2018, says the President during his address in the Parliament. × My government has presented a bill in relation to Triple Talaq. I hope Parliament will soon make it legal, so that Muslim sisters and daughters will be able to live a fearless life with self respect: President Ram Nath Kovind × It is our duty that when we celebrate Mahatma Gandhi's 150th birth anniversary in 2019 we pay tribute to him by making our country completely clean: President Ram Nath Kovind × Baba Saheb Ambedkar used to say that without economic and social democracy, political democracy is unstable: President Kovind × READ: We have to pass Triple Talaq bill and protect Muslim women, says PM Modi

Budget Session: Govt working towards strengthening social justice, economic democracy says President

<p>The Economic Survey of 2018 will be released by Union Finance Minister Arun Jaitley today.</p>

<p>The event will precede the presentation of this year&#39;s Budget on February 1.&nbsp;</p>

<p>Finance Ministry&#39;s Chief Economic Adviser, Arvind Subramanian, shared details about the survey in an official web blog yesterday.&nbsp;</p>

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<p dir="ltr" lang="en">The dedicated web page for <a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> is: <a href="https://t.co/NPqJ4cfR3Y">https://t.co/NPqJ4cfR3Y</a>. Contents and other details will be uploaded after Survey is tabled tomorrow in parliament <a href="https://t.co/MN4YsUg8oK">https://t.co/MN4YsUg8oK</a></p>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957610385204396032?ref_src=twsrc%5Etfw">January 28, 2018</a></blockquote>
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<p>The Economic Survey is the Finance Ministry&#39;s yearly document that reviews the economic development of the country in the past year.&nbsp;</p>

<p>Subramanian noted that India is likely to grow at 6.5 per cent in 2017-18, slower than the previous year&#39;s 7.1 per cent expansion according to the official estimates released by the Central Statistics Office&#39;s (CSO&#39;s) earlier this month.&nbsp;</p>

<p>A rebound in household spending and corporate investments is also expected.&nbsp;</p>

<p>The Economic Survey will also review the pros and cons of the Modi government&#39;s demonetization move carried out in November 2016.</p>

<p>GST implementation will also be closely looked at.</p>

<p>The survey will also provide statistics on areas like economic growth, employment rate, among others.</p>

<p>The highlights of the survey will be shared by Mr Subramanian at a press conference at 1:30 pm today.</p>

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<p dir="ltr" lang="en">I will be presenting highlights of the <a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> at a press conference at the National Media Center at 130 pm today. <a href="https://t.co/lvVcCTQdLi">https://t.co/lvVcCTQdLi</a></p>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957805989897560065?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
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<p><a href="http://www.wionews.com/india-news/union-budget-2018-its-their-last-budget-naturally-they-would-leave-political-message-says-tharoor-31016">Congress MP Shashi Tharoor</a> recently shared his views on this year&#39;s budget presentation and called it the BJP&#39;s last.&nbsp;</p>

<p>&quot;It&#39;s their last budget, naturally they would leave a political message. Our economy isn&#39;t in good shape. They&#39;ll have to do something for farmers, there&#39;s agricultural stagnation. If they want votes, they&#39;ll have to do something about jobs they promised 4 years ago,&quot; he told media at an event.&nbsp;</p>

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<p dir="ltr" lang="en">It&#39;s their last budget, naturally they would leave a political message. Our economy isn&#39;t in good shape. They&#39;ll have to do something for farmers, there&#39;s agricultural stagnation. If they want votes, they&#39;ll have to do something about jobs they promised 4 yrs ago: Shashi Tharoor <a href="https://t.co/n2AZbCzDy4">pic.twitter.com/n2AZbCzDy4</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/957673713138245632?ref_src=twsrc%5Etfw">January 28, 2018</a></blockquote>
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Finance Ministry's Chief Economic Adviser shared details about the survey in an official web blog

The Economic Survey of 2018 will be released by Union Finance Minister Arun Jaitley today. The event will precede the presentation of this year's Budget on February 1. Finance Ministry's Chief Economic Adviser, Arvind Subramanian, shared details about the survey in an official web blog yesterday. The dedicated web page for #economicsurvey18 is: https://t.co/NPqJ4cfR3Y. Contents and other details will be uploaded after Survey is tabled tomorrow in parliament https://t.co/MN4YsUg8oK — arvind subramanian (@arvindsubraman) January 28, 2018 × The Economic Survey is the Finance Ministry's yearly document that reviews the economic development of the country in the past year. Subramanian noted that India is likely to grow at 6.5 per cent in 2017-18, slower than the previous year's 7.1 per cent expansion according to the official estimates released by the Central Statistics Office's (CSO's) earlier this month. A rebound in household spending and corporate investments is also expected. The Economic Survey will also review the pros and cons of the Modi government's demonetization move carried out in November 2016. GST implementation will also be closely looked at. The survey will also provide statistics on areas like economic growth, employment rate, among others. The highlights of the survey will be shared by Mr Subramanian at a press conference at 1:30 pm today. I will be presenting highlights of the #economicsurvey18 at a press conference at the National Media Center at 130 pm today. https://t.co/lvVcCTQdLi — arvind subramanian (@arvindsubraman) January 29, 2018 × Congress MP Shashi Tharoor recently shared his views on this year's budget presentation and called it the BJP's last. "It's their last budget, naturally they would leave a political message. Our economy isn't in good shape. They'll have to do something for farmers, there's agricultural stagnation. If they want votes, they'll have to do something about jobs they promised 4 years ago," he told media at an event. It's their last budget, naturally they would leave a political message. Our economy isn't in good shape. They'll have to do something for farmers, there's agricultural stagnation. If they want votes, they'll have to do something about jobs they promised 4 yrs ago: Shashi Tharoor pic.twitter.com/n2AZbCzDy4 — ANI (@ANI) January 28, 2018 ×

Budget Session 2018: Arun Jaitley to present Economic Survey in Parliament today

<p>The Modi government will be trying to woo back rural voters and small businesses when it announces the 2018/19 budget on Thursday and pick up economic momentum as it heads into a season of elections, officials said.</p>

<p>Prime Minister Narendra Modi, extolling India as a model of economic growth and political openness, told the World Economic Forum in Davos last week the country would be a $5 trillion economy by 2025, more than double its current size.</p>

<p>But at home, PM Modi is facing voter discontent over falling farm incomes and the lack of jobs for hundreds of thousands of youth entering the labour force each month.&nbsp;</p>

<p>This month, the government lowered its gross domestic growth forecast for the year ending March, 2018 to 6.5 percent, the weakest pace in four years. Growth slowed down because of a chaotic rollout of a nationwide goods and service tax (GST) last year and a shock move to ban high-value currency notes in late 2016.</p>

<p>PM Modi&#39;s ruling alliance barely scraped through an election in his home state of Gujarat last month and is now faced with elections in eight states spread over 2018 and a general election that must be held by May next year.</p>

<p>Also read:&nbsp;<a href="http://www.wionews.com/india-news/opinion-few-jobs-rural-hardship-weak-investment-weak-spots-of-union-budget-31048">Few jobs, rural hardship, weak investment weak spots of Union Budget</a></p>

<p>Finance Minister Arun Jaitley will likely step up funding of existing rural programmes such as a jobs guarantee scheme, rural housing and a crop insurance plan in what will be his final full year budget before the general election.</p>

<p>Budget proposals are a closely guarded secret, but a finance ministry official with direct knowledge of the discussions said: &quot;The government&#39;s top priority is to create jobs and boost growth.&quot;</p>

<p>The official added: &quot;The budget is likely to offer incentives to the farm sector and small businesses.&quot;</p>

<p>Small businesses form the core support base of PM Modi&#39;s Bharatiya Janata Party and they are hurting over the implementation of the GST, with its cumbersome compliance procedures, and the demonetization policy that sucked cash out of the system.&nbsp;</p>

<p>Jaitley is also expected to stay the course on a massive plan to build highways, modernize the railways and end infrastructure bottlenecks that have long hobbled Asia&#39;s third-largest economy.</p>

<p>As early as November, as he began laying out his priorities, Jaitley said at a conference of government and industry leaders that &quot;two areas to concentrate on in the upcoming budget are rural India and development of infrastructure.&quot;</p>

<p>India&#39;s growth should pick up to 7.4 percent in 2018 as against China&#39;s 6.6 percent, the IMF said this month, as the twin effects from the tax reform and demonetization wear off.&nbsp;</p>

<p><strong>Fiscal </strong><strong>pressures</strong><strong>&nbsp;</strong></p>

<p>But the space for fiscal expansion remains limited at a time when the budget deficit is expected to breach the target of 3.2 percent of GDP in the current fiscal year for the first time in five years.&nbsp;</p>

<p>&quot;Within the context of weak economic growth, we believe Jaitley faces a difficult balance in supporting growth without compromising significantly fiscal prudence (which could feed into higher inflation and potentially higher interest rates),&quot; Goldman Sachs said in a pre-budget note.&nbsp;</p>

<p>Already, rising inflation, tightening cash conditions, and worries about a less fiscally prudent government have sparked a sharp sell-off in India&#39;s bond markets.&nbsp;</p>

<p>A budget that significantly expands the deficit in the next fiscal year could spark a further sell-off, leading to a continued rise in bond yields that could raise borrowing costs at a time when the government is seeking to stimulate growth.</p>

<p>The government&#39;s scope to increase revenues is limited because the power to levy indirect taxes, which make up about half of total tax collections, has been transferred to the Goods and Services Tax Council that is administering India&#39;s biggest tax reform in 70 years.</p>

<p>Jaitley retains control over direct taxes that cover personal and corporate taxes, and in both there could be slight concessions for smaller businesses and the smaller taxpayers, a second finance ministry official said.&nbsp;</p>

<p>Firms with an annual turnover of 500 million rupees ($7.87 million) or less are charged 25 percent corporate tax instead of the standard 30 percent but there is a proposal to move businesses with greater turnover into the lower tax band, the official said.</p>

<p>Jaitley had promised in 2015 to lower corporate taxes in four years to bring them more in line with Asia&#39;s average corporate tax of 21.91 percent at the time. But there is little expectation of a sharp move in that direction, economists said.&nbsp;</p>

<p>The government is likely to look for additional revenues from stake sales and could set a 2018/19 target of 1 trillion rupees, according to a banker involved in the asset divestment programme.&nbsp;</p>

<p>New Delhi looks set to bring asset sales of about 925 billion rupees in this financial year, well above the 725 billion rupee target, officials said.&nbsp;<br />
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National flag carrier Air India is expected to be sold in the first half of 2018, spurred by a government decision to allow foreign airlines to take a 49 percent share. Foreign players could earlier invest in India&#39;s private airlines, but not the state airline.</p>

<p>Former Reserve Bank of India Governor Raghuram Rajan said that at this stage, India would grow faster if the government were to execute the programmes it has committed itself to, rather than opt for a large dose of fiscal expansion.</p>

<p>&quot;We have to focus, if you want enhanced growth, not in terms of fiscal stimulus, but in terms of implementation of all the projects that have been announced, the schemes that have been announced,&quot; he told an Indian television channel on the margins of the Davos conference.&nbsp;</p>

<p>&quot;We need to take a look at all that stuff and make sure it`s working. I would like to see a budget focused more on implementation.&quot;</p>


The budget is likely to offer incentives to the farm sector and small businesses

The Modi government will be trying to woo back rural voters and small businesses when it announces the 2018/19 budget on Thursday and pick up economic momentum as it heads into a season of elections, officials said. Prime Minister Narendra Modi, extolling India as a model of economic growth and political openness, told the World Economic Forum in Davos last week the country would be a $5 trillion economy by 2025, more than double its current size. But at home, PM Modi is facing voter discontent over falling farm incomes and the lack of jobs for hundreds of thousands of youth entering the labour force each month. This month, the government lowered its gross domestic growth forecast for the year ending March, 2018 to 6.5 percent, the weakest pace in four years. Growth slowed down because of a chaotic rollout of a nationwide goods and service tax (GST) last year and a shock move to ban high-value currency notes in late 2016. PM Modi's ruling alliance barely scraped through an election in his home state of Gujarat last month and is now faced with elections in eight states spread over 2018 and a general election that must be held by May next year. Also read: Few jobs, rural hardship, weak investment weak spots of Union Budget Finance Minister Arun Jaitley will likely step up funding of existing rural programmes such as a jobs guarantee scheme, rural housing and a crop insurance plan in what will be his final full year budget before the general election. Budget proposals are a closely guarded secret, but a finance ministry official with direct knowledge of the discussions said: "The government's top priority is to create jobs and boost growth." The official added: "The budget is likely to offer incentives to the farm sector and small businesses." Small businesses form the core support base of PM Modi's Bharatiya Janata Party and they are hurting over the implementation of the GST, with its cumbersome compliance procedures, and the demonetization policy that sucked cash out of the system. Jaitley is also expected to stay the course on a massive plan to build highways, modernize the railways and end infrastructure bottlenecks that have long hobbled Asia's third-largest economy. As early as November, as he began laying out his priorities, Jaitley said at a conference of government and industry leaders that "two areas to concentrate on in the upcoming budget are rural India and development of infrastructure." India's growth should pick up to 7.4 percent in 2018 as against China's 6.6 percent, the IMF said this month, as the twin effects from the tax reform and demonetization wear off. Fiscal pressures But the space for fiscal expansion remains limited at a time when the budget deficit is expected to breach the target of 3.2 percent of GDP in the current fiscal year for the first time in five years. "Within the context of weak economic growth, we believe Jaitley faces a difficult balance in supporting growth without compromising significantly fiscal prudence (which could feed into higher inflation and potentially higher interest rates)," Goldman Sachs said in a pre-budget note. Already, rising inflation, tightening cash conditions, and worries about a less fiscally prudent government have sparked a sharp sell-off in India's bond markets. A budget that significantly expands the deficit in the next fiscal year could spark a further sell-off, leading to a continued rise in bond yields that could raise borrowing costs at a time when the government is seeking to stimulate growth. The government's scope to increase revenues is limited because the power to levy indirect taxes, which make up about half of total tax collections, has been transferred to the Goods and Services Tax Council that is administering India's biggest tax reform in 70 years. Jaitley retains control over direct taxes that cover personal and corporate taxes, and in both there could be slight concessions for smaller businesses and the smaller taxpayers, a second finance ministry official said. Firms with an annual turnover of 500 million rupees ($7.87 million) or less are charged 25 percent corporate tax instead of the standard 30 percent but there is a proposal to move businesses with greater turnover into the lower tax band, the official said. Jaitley had promised in 2015 to lower corporate taxes in four years to bring them more in line with Asia's average corporate tax of 21.91 percent at the time. But there is little expectation of a sharp move in that direction, economists said. The government is likely to look for additional revenues from stake sales and could set a 2018/19 target of 1 trillion rupees, according to a banker involved in the asset divestment programme. New Delhi looks set to bring asset sales of about 925 billion rupees in this financial year, well above the 725 billion rupee target, officials said. National flag carrier Air India is expected to be sold in the first half of 2018, spurred by a government decision to allow foreign airlines to take a 49 percent share. Foreign players could earlier invest in India's private airlines, but not the state airline. Former Reserve Bank of India Governor Raghuram Rajan said that at this stage, India would grow faster if the government were to execute the programmes it has committed itself to, rather than opt for a large dose of fiscal expansion. "We have to focus, if you want enhanced growth, not in terms of fiscal stimulus, but in terms of implementation of all the projects that have been announced, the schemes that have been announced," he told an Indian television channel on the margins of the Davos conference. "We need to take a look at all that stuff and make sure it`s working. I would like to see a budget focused more on implementation."

Budget 2018: With assembly elections lined up, government to woo rural voters

<p>The upcoming Union Budget is the last full budget of the present government before the 2019 general election. As expected the question doing rounds is, will the finance minister present a &ldquo;populist&rdquo; budget with a view to the elections or &ldquo;stay the course&rdquo; of fiscal consolidation and related reforms.&nbsp;</p>

<p>&nbsp;</p>

<p>The question is made sharper by the likelihood of the central government exceeding its expenditure target for 2017-2018. The prime minister&rsquo;s recent comments that he does not believe the &ldquo;common man&rdquo; wants &ldquo;freebies and sops&rdquo; have been interpreted as indicating a non-populist budget.</p>

<p>&nbsp;</p>

<p>It is very unfortunate that the &ldquo;populist&rdquo; versus &ldquo;reform&rdquo; frame continues to dominate discussions on the budget. Such a framing is useless for any real analysis because both the magnitude and the direction of government spending are equally crucial as are the magnitude and sources of government revenue. There may be good and bad reasons for exceeding the expenditure targets for the year, as well as good and bad reasons for falling short of revenue targets. Hence, creating more fiscal room in the budget by revising the deficit target upwards is not in and of itself either good or bad. If it is done with a clear path to raising future incomes for the vast majority, it is very welcome and will pay for itself in the future.&nbsp;</p>

<p>&nbsp;</p>

<p>Let me illustrate by taking the three main issues that are of widespread concern leading into the budget: rural distress, lack of jobs, and weak private investment.</p>

<p>&nbsp;</p>

<p>First, consider rural distress, an issue that is, sadly, on the agenda nearly every year. The recent Gujarat elections have given a much needed political boost to the issue since it is cited as one of the reasons behind the BJP&rsquo;s reduced majority. The rural sector &ldquo;wish-list&rdquo;, at a minimum would include,</p>

<p>&nbsp;</p>

<p>* Implementation of the Swaminathan Commission recommendation of minimum support prices equal to 50% in excess of the costs of cultivation.</p>

<p>&nbsp;</p>

<p>* Complete rural electrification in substantive terms. That is, not the token delivery of power, but adequate and timely power supply on par with that available in urban areas.</p>

<p>&nbsp;</p>

<p>* Increased overall public investment in agriculture, particularly in irrigation, sustainable practices, and so on. It is noteworthy that investment in agriculture which was around 3.8 percent of GDP in the early 1990s has steadily fallen since then.</p>

<p>&nbsp;</p>

<p>* Strong push for the non-farm sector, which is obviously the future of sustainable employment in the rural economy. This is also where the rural distress issue meets the jobs crisis squarely.</p>

<p>&nbsp;</p>

<p>Second, take the jobs crisis. In his recent interview, the prime minister has, unfortunately, chosen to trivialise the issue by equating low-paying informal livelihoods, such as selling tea and pakoras with secure, well-paying employment. The demand is for the latter, the former already exist in great numbers. He has rightly been criticised for this.</p>

<p>&nbsp;</p>

<p>The prime minister also claimed a large increase in formal employment based on a recent study of data from the Employee Provident Fund Organisation and other similar institutions (such as ESIC and NPF). The study is a novel attempt to use administrative payroll data from such agencies to estimate employment. Its main conclusion is that an estimated 7 million new accounts were added into the system in FY 2017-2018. This is welcome news.&nbsp;</p>

<p>&nbsp;</p>

<p>But it cannot be used straightforwardly to draw conclusions about job creation for two reasons. First, the approach measures new PF, insurance, and pension accounts. Not new jobs. As Jairam Ramesh has pointed out, some of the new accounts may be existing jobs without benefits being converted into jobs with benefits. A welcome development, but not to be confused with an increase in employment. The authors partly correct this problem by excluding those accounts that were created during the PF amnesty period. But this does not address all the problems arising out of demonetisation and GST implementation raised by Ramesh.</p>

<p>&nbsp;</p>

<p>Second, even assuming that new accounts mean new jobs, to say something about the employment situation we need to know how many jobs were lost during the same period. The study does not address this. If recent work based on Labour Bureau annual household surveys is to be believed, the Indian economy has been losing jobs on a net basis. Even if payroll data adds another dimension to our knowledge on employment, taking both this factors into account, the net new jobs created may be far less than 7 million. Using this data uncritically to support job creation claims is jumping the gun.&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>On a more optimistic note, a National Employment Policy has been widely reported to be on the cards for this year&rsquo;s budget. But there are no details on what such a policy would entail. One hopes to see more direct job creation say via public investment in services. There is likely to be some focus on public investments in infrastructure for job creation. But a broader approach to public job creation would be welcome in the policy. Particularly creating jobs to improve the quality and delivery of services the government is already committed to providing, such as health, education, housing, and transport.&nbsp;</p>

<p>&nbsp;</p>

<p>I have also chosen these as examples deliberately because data show that these are the largest part of the household budget (except food). Indeed, there is evidence that poor households are cutting back on food consumption to pay for health, education, housing, and commuting expenses. Recently, NITI Aayog VC Rajiv Kumar has also observed that low-cost or free provisioning of such services would go a long way in raising real incomes.&nbsp;</p>

<p>&nbsp;</p>

<p>There are legitimate concerns here, of course, to do with the quality of public service provisioning. Do we really want the government spending more money on schools and hospitals when the quality is so bad that anyone with sufficient resources chooses to exit the system? In fact, as I mention above, exiting the public system and &ldquo;going private&rdquo; has its costs. The obvious solution is to repair the system, not abandon it.</p>

<p>&nbsp;</p>

<p>Third, take the weak private investment climate. This is not a long-run structural issue like rural distress or the jobs crisis. But nevertheless, it is important in the short-run. Here too the fiscal implications are straightforward. An increase in public investment will most likely &ldquo;crowd-in&rdquo; private investment. That is, when the government spends in such a way that incomes rise, this creates demand that will bring forth private investment. In the face of lack of demand, as is the case right now, no amount of tax or other incentives really work to stimulate investment.</p>

<p>&nbsp;</p>

<p>Obviously making a serious dent in any of these problems requires fiscal resources, both in the sense of increased spending and possibly foregone tax revenue. But if all the above make additional demands on the fiscal, all also have the potential to pay back many times over with increased incomes and increased demand. This brings me to my original point about the nature of government spending and revenue generation.&nbsp;</p>

<p>&nbsp;</p>

<p>Failing to meet the fiscal deficit target due to increased public investment in agriculture or healthcare is not the same as failing to meet it due to foregone tax revenues on highly profitable large corporations or high net-worth individuals, both of which are increasing rapidly in India. Conversely, insisting on meeting the target at the cost of raising incomes and demand is not sound economic policy.</p>

<p>&nbsp;</p>

<p><em>(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)</em>&nbsp;&nbsp;</p>


Rural distress, lack of jobs, and weak private investment are the three issues requiring immediate fiscal attention from the government.

The upcoming Union Budget is the last full budget of the present government before the 2019 general election. As expected the question doing rounds is, will the finance minister present a “populist” budget with a view to the elections or “stay the course” of fiscal consolidation and related reforms. The question is made sharper by the likelihood of the central government exceeding its expenditure target for 2017-2018. The prime minister’s recent comments that he does not believe the “common man” wants “freebies and sops” have been interpreted as indicating a non-populist budget. It is very unfortunate that the “populist” versus “reform” frame continues to dominate discussions on the budget. Such a framing is useless for any real analysis because both the magnitude and the direction of government spending are equally crucial as are the magnitude and sources of government revenue. There may be good and bad reasons for exceeding the expenditure targets for the year, as well as good and bad reasons for falling short of revenue targets. Hence, creating more fiscal room in the budget by revising the deficit target upwards is not in and of itself either good or bad. If it is done with a clear path to raising future incomes for the vast majority, it is very welcome and will pay for itself in the future. Let me illustrate by taking the three main issues that are of widespread concern leading into the budget: rural distress, lack of jobs, and weak private investment. First, consider rural distress, an issue that is, sadly, on the agenda nearly every year. The recent Gujarat elections have given a much needed political boost to the issue since it is cited as one of the reasons behind the BJP’s reduced majority. The rural sector “wish-list”, at a minimum would include, * Implementation of the Swaminathan Commission recommendation of minimum support prices equal to 50% in excess of the costs of cultivation. * Complete rural electrification in substantive terms. That is, not the token delivery of power, but adequate and timely power supply on par with that available in urban areas. * Increased overall public investment in agriculture, particularly in irrigation, sustainable practices, and so on. It is noteworthy that investment in agriculture which was around 3.8 percent of GDP in the early 1990s has steadily fallen since then. * Strong push for the non-farm sector, which is obviously the future of sustainable employment in the rural economy. This is also where the rural distress issue meets the jobs crisis squarely. Second, take the jobs crisis. In his recent interview, the prime minister has, unfortunately, chosen to trivialise the issue by equating low-paying informal livelihoods, such as selling tea and pakoras with secure, well-paying employment. The demand is for the latter, the former already exist in great numbers. He has rightly been criticised for this. The prime minister also claimed a large increase in formal employment based on a recent study of data from the Employee Provident Fund Organisation and other similar institutions (such as ESIC and NPF). The study is a novel attempt to use administrative payroll data from such agencies to estimate employment. Its main conclusion is that an estimated 7 million new accounts were added into the system in FY 2017-2018. This is welcome news. But it cannot be used straightforwardly to draw conclusions about job creation for two reasons. First, the approach measures new PF, insurance, and pension accounts. Not new jobs. As Jairam Ramesh has pointed out, some of the new accounts may be existing jobs without benefits being converted into jobs with benefits. A welcome development, but not to be confused with an increase in employment. The authors partly correct this problem by excluding those accounts that were created during the PF amnesty period. But this does not address all the problems arising out of demonetisation and GST implementation raised by Ramesh. Second, even assuming that new accounts mean new jobs, to say something about the employment situation we need to know how many jobs were lost during the same period. The study does not address this. If recent work based on Labour Bureau annual household surveys is to be believed, the Indian economy has been losing jobs on a net basis. Even if payroll data adds another dimension to our knowledge on employment, taking both this factors into account, the net new jobs created may be far less than 7 million. Using this data uncritically to support job creation claims is jumping the gun. On a more optimistic note, a National Employment Policy has been widely reported to be on the cards for this year’s budget. But there are no details on what such a policy would entail. One hopes to see more direct job creation say via public investment in services. There is likely to be some focus on public investments in infrastructure for job creation. But a broader approach to public job creation would be welcome in the policy. Particularly creating jobs to improve the quality and delivery of services the government is already committed to providing, such as health, education, housing, and transport. I have also chosen these as examples deliberately because data show that these are the largest part of the household budget (except food). Indeed, there is evidence that poor households are cutting back on food consumption to pay for health, education, housing, and commuting expenses. Recently, NITI Aayog VC Rajiv Kumar has also observed that low-cost or free provisioning of such services would go a long way in raising real incomes. There are legitimate concerns here, of course, to do with the quality of public service provisioning. Do we really want the government spending more money on schools and hospitals when the quality is so bad that anyone with sufficient resources chooses to exit the system? In fact, as I mention above, exiting the public system and “going private” has its costs. The obvious solution is to repair the system, not abandon it. Third, take the weak private investment climate. This is not a long-run structural issue like rural distress or the jobs crisis. But nevertheless, it is important in the short-run. Here too the fiscal implications are straightforward. An increase in public investment will most likely “crowd-in” private investment. That is, when the government spends in such a way that incomes rise, this creates demand that will bring forth private investment. In the face of lack of demand, as is the case right now, no amount of tax or other incentives really work to stimulate investment. Obviously making a serious dent in any of these problems requires fiscal resources, both in the sense of increased spending and possibly foregone tax revenue. But if all the above make additional demands on the fiscal, all also have the potential to pay back many times over with increased incomes and increased demand. This brings me to my original point about the nature of government spending and revenue generation. Failing to meet the fiscal deficit target due to increased public investment in agriculture or healthcare is not the same as failing to meet it due to foregone tax revenues on highly profitable large corporations or high net-worth individuals, both of which are increasing rapidly in India. Conversely, insisting on meeting the target at the cost of raising incomes and demand is not sound economic policy. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Few jobs, rural hardship, weak investment weak spots of Union Budget

<p><a href="http://www.wionews.com/south-asia/gunfire-and-explosions-at-marshal-fahim-military-university-in-kabul-31031" target="_blank">Military university in Kabul rocked by explosions and heavy gunfire: Reports</a></p>

<p>The Marshal Fahim Military University in the Afghan capital of Kabul has come under attack on Monday morning with a series of explosions and heavy gunfire heard at the compound, according to local media.</p>

<p><a href="http://www.wionews.com/world/grammys-2018-live-ed-sheeran-wins-best-solo-performance-for-shape-of-you-31014" target="_blank">Grammys 2018, Live: Bruno Mars wins Song of The Year for &#39;That&#39;s What I Like&#39;</a></p>

<p>Bruno Mars receives the Grammy for the Best Song of the year during the 60th Annual Grammy Awards show on January 28, 2018, in New York.&nbsp;</p>

<p><a href="http://www.wionews.com/india-news/budget-2018-with-assembly-elections-lined-up-government-to-woo-rural-voters-in-budget-31027" target="_blank">Budget 2018: With assembly elections lined up, government to woo rural voters in budget</a></p>

<p>The Modi government will be trying to woo back rural voters and small businesses when it announces the 2018/19 budget on Thursday and pick up economic momentum as it heads into a season of elections, officials said.</p>

<p><a href="http://www.wionews.com/india-news/aap-leaders-to-march-to-parliament-today-urging-government-to-end-sealing-drive-in-delhi-31032" target="_blank">AAP leaders to march to Parliament today urging government to end sealing drive in Delhi&nbsp;</a></p>

<p>AAP leaders will march to the Parliament today urging the Modi government to end sealing of markets in the national capital.</p>

<p><a href="http://www.wionews.com/world/trump-blasts-eu-trade-policy-with-us-as-very-unfair-31020" target="_blank">Trump blasts EU trade policy with </a><a href="http://www.wionews.com/world/trump-blasts-eu-trade-policy-with-us-as-very-unfair-31020" target="_blank">US</a><a href="http://www.wionews.com/world/trump-blasts-eu-trade-policy-with-us-as-very-unfair-31020" target="_blank"> as &#39;very unfair&#39;</a></p>

<p>The European Union`s trade policy with America is &quot;very unfair&quot;, President Donald Trump said in an interview to be aired Sunday, warning that his many problems with Brussels &quot;may morph into something very big&quot;.</p>


Military university in Kabul rocked by explosions and heavy gunfire: Reports The Marshal Fahim Military University in the Afghan capital of Kabul has come under attack on Monday morning with a series of explosions and heavy gunfire heard at the compound, according to local media. Grammys 2018, Live: Bruno Mars wins Song of The Year for 'That's What I Like' Bruno Mars receives the Grammy for the Best Song of the year during the 60th Annual Grammy Awards show on January 28, 2018, in New York. Budget 2018: With assembly elections lined up, government to woo rural voters in budget The Modi government will be trying to woo back rural voters and small businesses when it announces the 2018/19 budget on Thursday and pick up economic momentum as it heads into a season of elections, officials said. AAP leaders to march to Parliament today urging government to end sealing drive in Delhi AAP leaders will march to the Parliament today urging the Modi government to end sealing of markets in the national capital. Trump blasts EU trade policy with US as 'very unfair' The European Union`s trade policy with America is "very unfair", President Donald Trump said in an interview to be aired Sunday, warning that his many problems with Brussels "may morph into something very big".

WION Morning News Brief, January 29, 2018

<p><a href="http://www.wionews.com/india-news/china-pakistan-economic-corridor-cant-be-pushed-under-the-carpet-says-indian-ambassor-to-china-31102">Ready to work with India on China-Pakistan Economic Corridor, says China</a></p>

<p>In an interview with China&#39;s state-run daily Global Times, India&#39;s newly-appointed ambassador to China Gautam Bambawale said people in India do not have an anti-China mentality while asserting that the China-Pakistan Economic Corridor(CPEC) &quot;violates&quot; India&#39;s territorial integrity.</p>

<p><a href="http://www.wionews.com/india-news/fire-at-srinagar-airport-air-traffic-suspended-briefly-31107">Fire at Srinagar airport, air traffic suspended briefly</a></p>

<p>A fire broke out at the Srinagar International Airport today in the area under the control of the Indian Air Force, disrupting the air traffic for some time, officials said.</p>

<p><a href="http://www.wionews.com/india-news/jk-police-files-chargesheet-against-let-8-accused-in-amarnath-bus-attack-31094">J&amp;K police files charge sheet against LeT &amp; 8 accused in Amarnath bus attack</a></p>

<p>The Jammu and Kashmir police have filed a 1500 page charge sheet against Lashkar-e-Taiba and eight accused in Amarnath Yatra bus attack that took place in July 2017.</p>

<p><a href="http://www.wionews.com/business-economy/10-big-takeaways-from-economic-survey-31068">Big takeaways from economic survey</a></p>

<p>Finance Minister Arun Jaitley on Monday tabled the economic survey in Parliament which noted that the reform measures undertaken in 2017-18 can be strengthened further in 2018-19. 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 four percentage points higher than global growth and nearly three percentage points higher than that of emerging market and developing economies.</p>

<p><a href="http://www.wionews.com/business-economy/sensex-closes-at-new-high-over-economic-survey-31105">Sensex closes at new high over Economic Survey</a></p>

<p>Benchmark Sensex zoomed 233 points to end at yet another record high today after the Economic Survey said India will re-establish itself as the world&#39;s fastest-growing major economy with GDP expanding by 7-7.5 per cent in 2018-19.</p>


Ready to work with India on China-Pakistan Economic Corridor, says China In an interview with China's state-run daily Global Times, India's newly-appointed ambassador to China Gautam Bambawale said people in India do not have an anti-China mentality while asserting that the China-Pakistan Economic Corridor(CPEC) "violates" India's territorial integrity. Fire at Srinagar airport, air traffic suspended briefly A fire broke out at the Srinagar International Airport today in the area under the control of the Indian Air Force, disrupting the air traffic for some time, officials said. J&K police files charge sheet against LeT & 8 accused in Amarnath bus attack The Jammu and Kashmir police have filed a 1500 page charge sheet against Lashkar-e-Taiba and eight accused in Amarnath Yatra bus attack that took place in July 2017. Big takeaways from economic survey Finance Minister Arun Jaitley on Monday tabled the economic survey in Parliament which noted that the reform measures undertaken in 2017-18 can be strengthened further in 2018-19. 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 four percentage points higher than global growth and nearly three percentage points higher than that of emerging market and developing economies. Sensex closes at new high over Economic Survey Benchmark Sensex zoomed 233 points to end at yet another record high today after the Economic Survey said India will re-establish itself as the world's fastest-growing major economy with GDP expanding by 7-7.5 per cent in 2018-19.

WION Evening News Brief, January 29, 2018

<p>The middle class can hope for a big relief in 2018-19 Budget, which will also be the last regular Budget of the NDA government, as the finance ministry is contemplating to hike personal tax exemption limit and tweak the tax slabs, according to sources.</p>

<p>The proposals before the ministry are to hike the tax exemption limit from the existing Rs 2.5 lakh per annum to at least Rs 3 lakh if not 5 lakh, they said.</p>

<p>Besides, the tinkering of tax slab is also being actively considered by the ministry to give substantial relief to middle-income group, especially the salaried class, to help them tide over the impact of retail inflation, which has started inching up.</p>

<p>In the last Budget, Finance Minister Arun Jaitley left the slabs unchanged but gave marginal relief to the small taxpayer by reducing the rate from 10 per cent to 5 per cent for individuals having an annual income between Rs 2.5-5 lakh.</p>

<p>In the next Budget to be unveiled on February 1, the government could lower tax rate by 10 per cent on income between 5-10 lakh, levy 20 per cent rate for income between Rs 10-20 lakh and 30 per cent for income beyond Rs 20 lakh.</p>

<p>At present, there is no tax slab for income between 10-20 lakh.</p>

<p>&quot;Considering the steep rise in the cost of living due to inflation, it is suggested that basic limit for exemption and other income slabs should be enhanced to give benefit to low-income group. The income trigger for peak rate in other countries is significantly higher,&quot; industry chamber CII said in its pre-Budget memorandum to the finance ministry.</p>

<p>Although the industry chambers want the government to reduce peak tax slab to 25 per cent, it is unlikely that the ministry will agree to that due to pressure on fiscal deficit.</p>

<p>The subdued indirect tax collection the following rollout of Goods and Services Tax from July 1 last year has put pressure on the fiscal deficit, which has been pegged at 3.2 per cent of the GDP for 2017-18.</p>

<p>The government recently raised borrowing target by additional Rs 50,000 crore for the current fiscal to meet the shortfall.</p>

<p>According to industry body FICCI, there is a likelihood that demonetisation effects may linger on for some more months and hence there is a need to further boost demand and therefore, the government should consider revision of income tax slabs, by raising the income level on which peak tax rate would trigger.</p>

<p>&quot;This would improve purchasing power and create additional demand. For individual taxpayers, 30 per cent tax rate should be applied only if the income is above Rs 20 lakh. Additionally, interest rates should be lowered to enable affordable finance for conducting business operation and expansion,&quot; it said.</p>

<p>Among other things, chambers have suggested reintroduction of the standard deduction for salaried employees to at least Rs 1 lakh to ease the tax burden of them and keeping in mind the rate of inflation and purchasing power of the salaried individual, which is dependent on salary available for disbursement.</p>

<p>Standard deduction, which was available to the salaried individuals on their taxable income, was abolished with effect from the assessment year 2006-07.</p>


The finance ministry is contemplating to hike personal tax exemption limit and tweak the tax slabs

The middle class can hope for a big relief in 2018-19 Budget, which will also be the last regular Budget of the NDA government, as the finance ministry is contemplating to hike personal tax exemption limit and tweak the tax slabs, according to sources. The proposals before the ministry are to hike the tax exemption limit from the existing Rs 2.5 lakh per annum to at least Rs 3 lakh if not 5 lakh, they said. Besides, the tinkering of tax slab is also being actively considered by the ministry to give substantial relief to middle-income group, especially the salaried class, to help them tide over the impact of retail inflation, which has started inching up. In the last Budget, Finance Minister Arun Jaitley left the slabs unchanged but gave marginal relief to the small taxpayer by reducing the rate from 10 per cent to 5 per cent for individuals having an annual income between Rs 2.5-5 lakh. In the next Budget to be unveiled on February 1, the government could lower tax rate by 10 per cent on income between 5-10 lakh, levy 20 per cent rate for income between Rs 10-20 lakh and 30 per cent for income beyond Rs 20 lakh. At present, there is no tax slab for income between 10-20 lakh. "Considering the steep rise in the cost of living due to inflation, it is suggested that basic limit for exemption and other income slabs should be enhanced to give benefit to low-income group. The income trigger for peak rate in other countries is significantly higher," industry chamber CII said in its pre-Budget memorandum to the finance ministry. Although the industry chambers want the government to reduce peak tax slab to 25 per cent, it is unlikely that the ministry will agree to that due to pressure on fiscal deficit. The subdued indirect tax collection the following rollout of Goods and Services Tax from July 1 last year has put pressure on the fiscal deficit, which has been pegged at 3.2 per cent of the GDP for 2017-18. The government recently raised borrowing target by additional Rs 50,000 crore for the current fiscal to meet the shortfall. According to industry body FICCI, there is a likelihood that demonetisation effects may linger on for some more months and hence there is a need to further boost demand and therefore, the government should consider revision of income tax slabs, by raising the income level on which peak tax rate would trigger. "This would improve purchasing power and create additional demand. For individual taxpayers, 30 per cent tax rate should be applied only if the income is above Rs 20 lakh. Additionally, interest rates should be lowered to enable affordable finance for conducting business operation and expansion," it said. Among other things, chambers have suggested reintroduction of the standard deduction for salaried employees to at least Rs 1 lakh to ease the tax burden of them and keeping in mind the rate of inflation and purchasing power of the salaried individual, which is dependent on salary available for disbursement. Standard deduction, which was available to the salaried individuals on their taxable income, was abolished with effect from the assessment year 2006-07.

Middle class 'can hope for tax relief' in upcoming Budget

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