In Budget 2019, One woman in every SHG to be eligible for loan upto 1 lakh under Mudra scheme.

Budget 2019: One woman in every SHG to be eligible for loan upto 1 lakh under Mudra scheme

In Budget 2019, Govt will bring New Education Policy at par with international level, says Sitharaman

Budget 2019: Govt will bring New Education Policy at par with international level, says Sitharaman

Budget 2019: 'Time to increase minimum public shareholding in listed companies to 35%'.

Budget 2019: 'Time to increase minimum public shareholding in listed companies to 35%'

Budget 2019: India will become a $3-billion economy this year, says Nirmala Sitharaman.

Budget 2019: India will become a $3-billion economy this year, says Nirmala Sitharaman

Nirmala Sitharaman focuses on 'Gaon, Gareeb aur Kisan' in her first Budget in Union Budget 2019-20.

Budget 2019: Nirmala Sitharaman focuses on 'Gaon, Gareeb aur Kisan' in her first Budget

Budget 2019: Finance Minister Nirmala Sitharaman sets the 'ball rolling for New India'.

Budget 2019: Finance Minister Nirmala Sitharaman sets the 'ball rolling for New India'

Finance Minister Nirmala Sitharaman presents Union Budget 2019-20 in Lok Sabha. Watch this video for more in details. #Budget2019 #UnionBudget2019 #IndiaBudget2019 #Budget

Finance Minister Nirmala Sitharaman presents Union Budget 2019-20 in Lok Sabha

<p>Finance minister&nbsp;Nirmala Sitharaman tabled the <a href="https://www.wionews.com/business-economy/finance-minister-nirmala-sitharaman-tables-economic-survey-in-parliament-232941">Economic Survey in Rajya Sabha</a> today which said&nbsp;India needed to sustain a GDP growth rate of 8 per cent in order to become a $5 trillion economy by 2025.</p>

<p>The economic survey has predicted seven&nbsp;per cent Gross Domestic Product (GDP) growth in FY20 on stable macro-economic conditions.</p>

<p>The survey said oil prices were expected to decline in 2019-20.</p>

<p>According to the survey, the general fiscal deficit is seen at 5.8 per cent in FY19 against 6.4 per cent in FY18.&nbsp;"The government stood by the fiscal consolidation path," the report said.</p>

<p>In February, while presenting the annual budget for 2019-20, the government had revised upward its fiscal deficit target to 3.4 per cent of gross domestic product (GDP) for 208-19 from the previously estimated 3.3 per cent budgeted target.</p>

<p>"The growth in the economy is expected to pick in 2019/20 as macroeconomic conditions continue to be stable," the finance ministry's chief economic adviser Krishnamurthy Subramanian, the report's main author, said.</p>

<p>The survey is an outlook of developments in the economy that is presented a day before the Union Budget.</p>

<p>The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy.</p>

<p>The Modi government will present its first full-fledged Budget on Friday which will be tabled by&nbsp;finance minister Nirmala Sitharaman.</p>


Finance minister Nirmala Sitharaman tabled the Economic Survey in Rajya Sabha today which said India needed to sustain a GDP growth rate of 8 per cent in order to become a $5 trillion economy by 2025.

Finance minister Nirmala Sitharaman tabled the Economic Survey in Rajya Sabha today which said India needed to sustain a GDP growth rate of 8 per cent in order to become a $5 trillion economy by 2025. The economic survey has predicted seven per cent Gross Domestic Product (GDP) growth in FY20 on stable macro-economic conditions. The survey said oil prices were expected to decline in 2019-20. According to the survey, the general fiscal deficit is seen at 5.8 per cent in FY19 against 6.4 per cent in FY18. "The government stood by the fiscal consolidation path," the report said. In February, while presenting the annual budget for 2019-20, the government had revised upward its fiscal deficit target to 3.4 per cent of gross domestic product (GDP) for 208-19 from the previously estimated 3.3 per cent budgeted target. "The growth in the economy is expected to pick in 2019/20 as macroeconomic conditions continue to be stable," the finance ministry's chief economic adviser Krishnamurthy Subramanian, the report's main author, said. The survey is an outlook of developments in the economy that is presented a day before the Union Budget. The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy. The Modi government will present its first full-fledged Budget on Friday which will be tabled by finance minister Nirmala Sitharaman.

India needs to sustain 8% GDP growth to become $5 trillion economy by 2025: Economic Survey

<p>The Economic Survey was tabled in Rajya Sabha today with the Union Budget to be presented in Parliament on Friday.</p>

<p>The survey is an outlook of developments in the economy that is presented a day before the Union Budget.</p>

<p>Reuters sources say the survey predicts 2019-20 GDP growth seen picking up on higher private investment and robust consumption.</p>

<p>According to Reuters sources, slow growth, GST, farm schemes will pose challenges on the fiscal front.</p>

<p>Economic Survey says rural wage growth that had bottomed out, started to rise since mid-2018, sources say.</p>

<p>Reuters sources added that Economic Survey says government policies expected to further lift restrictions on FDI inflows.</p>

<p>The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy.</p>

<p>The Modi government will present its first full-fledged Budget on Friday which will be tabled by&nbsp;finance minister Nirmala Sitharaman.<br />
&nbsp;</p>


The Economic Survey was tabled in Rajya Sabha today with the Union Budget to be presented in Parliament on Friday. The survey is an outlook of developments in the economy that is presented a day before the Union Budget.

The Economic Survey was tabled in Rajya Sabha today with the Union Budget to be presented in Parliament on Friday. The survey is an outlook of developments in the economy that is presented a day before the Union Budget. Reuters sources say the survey predicts 2019-20 GDP growth seen picking up on higher private investment and robust consumption. According to Reuters sources, slow growth, GST, farm schemes will pose challenges on the fiscal front. Economic Survey says rural wage growth that had bottomed out, started to rise since mid-2018, sources say. Reuters sources added that Economic Survey says government policies expected to further lift restrictions on FDI inflows. The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy. The Modi government will present its first full-fledged Budget on Friday which will be tabled by finance minister Nirmala Sitharaman.

Finance minister Nirmala Sitharaman tables Economic Survey in Parliament

Mr Chetty's first words at the Budget presentation were, "I rise to present the first Budget of a free and independent India. This occasion may well be considered an historic one and I count it a rare privilege that it has fallen to me to be the Finance Minister to present this Budget."

India Watch: History Of Budget In India

Fancy riding a virtuous self-sustaining growth cycle under a clear blue sky with no worry in the world? That’s the rough imagery the Economic Survey wants to paint and the chief economic advisor (CEA) even tweeted about adopting so-called blue sky thinking to take India towards the goal of being a $5 trillion economy.

India Watch: What is blue sky thinking?

That’s the rough imagery the Economic Survey wants to paint and the chief economic advisor (CEA) even tweeted about adopting so-called blue sky thinking to take India towards the goal of being a $5 trillion economy.

India Watch: Big Ideas In The Economic Survey

<p>Union Finance Minister Nirmala Sitharaman on Friday held a pre-budget meeting with finance ministers of all the states. She is scheduled to present the budget for 2019-20 on July 5. The Economic Survey for the current financial year will be tabled on July 4.</p>

<p>On Wednesday, the Finance Minister held the 20th meeting of the Financial Stability and Development Council (FSDC) to review the current global and domestic economic situation and financial stability issues including, inter-alia, those concerning Banking and NBFCs.</p>

<p>The Council was also apprised of the progress made towards setting-up of the Financial Data Management Centre (FDMC) to facilitate integrated data aggregation and analysis as also a Computer Emergency Response Team (CERT-Fin) towards strengthening the cybersecurity framework for the financial sector.</p>

<p>The Council also held consultations to obtain inputs/ suggestions of the financial sector regulators for the Budget. All the regulators presented their proposals for the Union Budget 2019-20. It als0 took note of the activities undertaken by the FSDC Sub-Committee Chaired by Governor, RBI and the action taken by Members on the decisions taken in earlier Meetings of the Council.</p>

<p>Nirmala Sitharaman had earlier reviewed the state of the economy and discussed various budget-related suggestions and proposals at a meeting with financial sector regulators here on Wednesday.</p>

<p>The FSDC Meeting was also attended by Anurag Thakur, MoS (Finance &amp;Corporate Affairs), Shaktikanta Das, Governor, Reserve Bank of India (RBI); Subhash Chandra Garg, Finance Secretary and Secretary, Department of Economic Affairs; Rajiv Kumar, Secretary, Department of Financial Services; Injeti Srinivas, Secretary, Ministry of Corporate Affairs; Ajay Bhushan Pandey, Revenue Secretary; Dr&nbsp;Krishnamurthy V&nbsp;Subramanian, Chief Economic Adviser, Ministry of Finance; Ajay Tyagi, Chairman, Securities and Exchange Board of India; Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India(IRDAI); Dr&nbsp;MS&nbsp;Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI); Ravi Mital, Additional Secretary, Department of Financial Services and in charge, Chairperson, Pension Fund Regulatory and Development Authority(PFRDA); and other senior officers of the Government of India and the Financial Sector Regulators.</p>


Union Finance Minister Nirmala Sitharaman on Friday held a pre-budget meeting with finance ministers of all the states. She is scheduled to present the budget for 2019-20 on July 5.

Union Finance Minister Nirmala Sitharaman on Friday held a pre-budget meeting with finance ministers of all the states. She is scheduled to present the budget for 2019-20 on July 5. The Economic Survey for the current financial year will be tabled on July 4. On Wednesday, the Finance Minister held the 20th meeting of the Financial Stability and Development Council (FSDC) to review the current global and domestic economic situation and financial stability issues including, inter-alia, those concerning Banking and NBFCs. The Council was also apprised of the progress made towards setting-up of the Financial Data Management Centre (FDMC) to facilitate integrated data aggregation and analysis as also a Computer Emergency Response Team (CERT-Fin) towards strengthening the cybersecurity framework for the financial sector. The Council also held consultations to obtain inputs/ suggestions of the financial sector regulators for the Budget. All the regulators presented their proposals for the Union Budget 2019-20. It als0 took note of the activities undertaken by the FSDC Sub-Committee Chaired by Governor, RBI and the action taken by Members on the decisions taken in earlier Meetings of the Council. Nirmala Sitharaman had earlier reviewed the state of the economy and discussed various budget-related suggestions and proposals at a meeting with financial sector regulators here on Wednesday. The FSDC Meeting was also attended by Anurag Thakur, MoS (Finance &Corporate Affairs), Shaktikanta Das, Governor, Reserve Bank of India (RBI); Subhash Chandra Garg, Finance Secretary and Secretary, Department of Economic Affairs; Rajiv Kumar, Secretary, Department of Financial Services; Injeti Srinivas, Secretary, Ministry of Corporate Affairs; Ajay Bhushan Pandey, Revenue Secretary; Dr Krishnamurthy V Subramanian, Chief Economic Adviser, Ministry of Finance; Ajay Tyagi, Chairman, Securities and Exchange Board of India; Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India(IRDAI); Dr MS Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI); Ravi Mital, Additional Secretary, Department of Financial Services and in charge, Chairperson, Pension Fund Regulatory and Development Authority(PFRDA); and other senior officers of the Government of India and the Financial Sector Regulators.

Finance Minister Nirmala Sitharaman holds pre-budget meeting with finance ministers of all states

<p>Prime Minister Narendra Modi-led Union Cabinet is set to undertake the exercise of conducting a massive Economic Survey which, for the first time, will include hawkers, vendors, peddlers and small stall holders. &nbsp;</p>

<p>According to reports, the survey will be conducted similar to the population survey and will aim to gauge the contemporary economic and unemployment situation in the country.&nbsp;</p>

<p>It is being reported that over 25 crore households and 7 crore establishments will fall into the purview of the survey.&nbsp;</p>

<p>The process related to the conduct of the survey is likely to begin by the end of this month and the reports are expected to be out in 6 months.</p>

<p>The Economic Survey helps the government analyse and review the developments in the economy as well as assess the performance of various programmes, schemes and policy initiatives. It is presented to both the houses of the Parliament during the Budget Session.</p>

<p>Meanwhile, PM Modi on Wednesday <a href="https://www.wionews.com/india-news/two-new-cabinet-committees-formed-to-spur-growth-employment-224568">constituted two new Cabinet committees</a> under his chairmanship to spur economic growth, investment and employment.</p>

<p>The five-member Cabinet Committee on Investment and Growth includes Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Road Transport and Highways and of MSME Minister Nitin Gadkari and Railway Minister Piyush Goyal, news agency ANI reported.&nbsp;</p>

<p>Another 10-member Cabinet Committee on Employment and Skill Development has been formed which includes Shah, Sitharaman, Goyal, Minister of Agriculture and Farmers Welfare, Rural Development and Panchayat Raj Narendra Singh Tomar, Human Resource Development Minister Ramesh Pokhriyal 'Nishank', Petroleum and Natural Gas Minister Dharmendra Pradhan, Minister Skill and Entrepreneurship Mahendra Nath Pandey and Ministers of State Santosh Kumar Gangwar (Labour) and Hardeep Singh Puri (Housing and Urban Affairs).</p>


Prime Minister Narendra Modi-led Union Cabinet is set to undertake the exercise of conducting a massive Economic Survey which, for the first time, will include hawkers, vendors, peddlers and small stall holders.

Prime Minister Narendra Modi-led Union Cabinet is set to undertake the exercise of conducting a massive Economic Survey which, for the first time, will include hawkers, vendors, peddlers and small stall holders. According to reports, the survey will be conducted similar to the population survey and will aim to gauge the contemporary economic and unemployment situation in the country. It is being reported that over 25 crore households and 7 crore establishments will fall into the purview of the survey. The process related to the conduct of the survey is likely to begin by the end of this month and the reports are expected to be out in 6 months. The Economic Survey helps the government analyse and review the developments in the economy as well as assess the performance of various programmes, schemes and policy initiatives. It is presented to both the houses of the Parliament during the Budget Session. Meanwhile, PM Modi on Wednesday constituted two new Cabinet committees under his chairmanship to spur economic growth, investment and employment. The five-member Cabinet Committee on Investment and Growth includes Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Road Transport and Highways and of MSME Minister Nitin Gadkari and Railway Minister Piyush Goyal, news agency ANI reported. Another 10-member Cabinet Committee on Employment and Skill Development has been formed which includes Shah, Sitharaman, Goyal, Minister of Agriculture and Farmers Welfare, Rural Development and Panchayat Raj Narendra Singh Tomar, Human Resource Development Minister Ramesh Pokhriyal 'Nishank', Petroleum and Natural Gas Minister Dharmendra Pradhan, Minister Skill and Entrepreneurship Mahendra Nath Pandey and Ministers of State Santosh Kumar Gangwar (Labour) and Hardeep Singh Puri (Housing and Urban Affairs).

In a first, Centre's mega Economic Survey to cover street vendors, hawkers

<p>An economic survey document is the last place one would expect a film star to feature in. But Chapter 9 in Volume One of the Economic Survey of India (ESI 2018), which was tabled in the Parliament on Monday, introduces the reader to popular actor Sunny Deol and his enduring outburst in one of the films: &ldquo;Tarikh par tarikh, tarikh par tarikh&hellip;&rdquo;. The ESI called those lines an &ldquo;iconic scream&rdquo; and added that Sunny Deol was &ldquo;Bollywood&rsquo;s counterpart to Shakespeare&rdquo;&mdash; the bard had expressed a similar sentiment in a less dramatic fashion in Hamlet. Needless to say, the actor would be as amazed by this analogy as by having found mention in the survey paper.&nbsp;</p>

<p>But Chapter 9 is no treatise on cinema or literature. Lest people get the wrong ideas, it is titled, &ldquo;Ease of Doing Business&rsquo; Next Frontier: Timely Justice&rdquo;. The novelty of ESI 2018 lies, therefore, not just in the evocation of Sunny Deol but also in the inclusion of a section on the role of the judiciary in contributing to a conducive business environment in the country.&nbsp;</p>

<p>The survey strongly maintains that the &ldquo;next frontier on the ease of doing business is addressing pendency, delays and backlogs in the appellate and judicial arenas&rdquo;. The reference is to the various cases that have piled up in courts across the country which have to do with economic development in the direct sense.</p>

<p>The ESI 2018 has flagged an important concern. While the issue has often been a subject of discussion, perhaps not enough attention has been paid to the contribution that timely judicial rulings can make to securing a robust business environment and enhancing economic growth. The matter has gained some traction with the latest World Bank ranking on Doing Business, where India jumped 30 places to enter the top 100 club. This is no doubt a big achievement, but there&rsquo;s still a long road ahead.&nbsp;</p>

<p>It&rsquo;s not surprising that the parameters where the country still lags behind are largely those where litigations are the most common and timely resolutions have been equally most uncommon. These include contract enforcement cases in particular.&nbsp;</p>

<p>The jump in the World Bank ranking has been due to many decisions the Government has taken over the last about four years. India has leaped 53 places in the taxation index and 33 spots in the insolvency parameter. The passage of the Insolvency and Bankruptcy Code has contributed to the achievement, just as more transparent tax laws and their easier implementation have. Similarly, the country scored high on protecting the interests of minority investors.&nbsp;</p>

<p>But a globalised business environment demands more, and the biggest factor that drives progress in such an environment is the sanctity of contracts. In itself, with deals being increasingly struck between Indian and foreign entities and between various Indian agencies and the Government, the area of contract enforcement has become more complicated than ever. The need to thus protect the contract system has also got more challenging. When a contract runs into trouble &mdash; and worse, litigation &mdash; every economic activity connected with it comes to a halt. We see this unwelcome phenomenon especially in the infrastructure sector.&nbsp;</p>

<p>And so, the ESI 2018 quotes a study to highlight that &ldquo;a clear and certain legislative and executive regime backed by an efficient judiciary that fairly and punctually protects property rights, preserves sanctity of contracts, and enforces the rights and liabilities of parties in a prerequisite for business and commerce&rdquo;.&nbsp; &ldquo;Punctually&rdquo; is the key word here.</p>

<p>ESI 2018 acknowledges steps the Government has taken to address some of the concerns, such as scrapping over 1,000 laws, rationalising tribunals that hear economic cases, amending The Arbitration and Conciliation Act of 2015 and reducing intra-governmental litigation. Yet, these have not been sufficient. Cases continue to mount in the Supreme Court, the High Courts, Economic tribunals and the tax departments. The survey&rsquo;s analysis on the basis of available data presents disturbing facts.&nbsp;</p>

<p>The pendency of cases at the six most prominent appellate economic tribunals is at about 1.8 lakh. Worse, the unsolved cases have risen over time. Compared to 2012, there has been a 25 per cent increase in the number of unresolved cases. The average age of pendency at these six tribunals is 3.8 years. The survey observes, &ldquo;It is noteworthy that in two cases &mdash; telecommunications and electricity &mdash; the explosion in pendency resulted from interventions by the Supreme Court.&rdquo;</p>

<p>The economic survey points out that the establishment of tribunals did not significantly reduce the pendency of cases at High Courts. Indeed, those continued to increase. According to the National Judicial Data Grid, the total backlog in High Courts in 2017 was close to 3.5 million cases. The average pendency of economic-related cases was nearly 4.3 years for the five major High Courts. The average pendency of tax cases is even more: Nearly six years.&nbsp;</p>

<p>The survey adds that the reduction in pendency, if any in some places, was more due to &ldquo;changes in the counting methodology of pending cases, or due to changes in pecuniary jurisdictions that led to a mass transfer of cases from the original side of the High Courts to District Courts&rdquo;.&nbsp;</p>

<p>The hike in the number of pending cases that are economic in nature is also seen in the Supreme Court. ESI 2018 observes that one of the main reasons has been the liberal use of the Special Leave Petition mechanism. &ldquo;Initially, invoked only in &lsquo;exceptional circumstances&rsquo;, SLPs are now an overwhelming feature of practice at the Supreme Court.&rdquo; The survey has this to say on the issue: &ldquo;The rate at which the Supreme Court admits special Leave Petitions under Article 136 of the Constitution increased from around 25 per cent in 2008 to nearly 40 per cent in 2016.&rdquo; Of the total pendency before the apex court, nearly 85 per cent have to do with SLPs.</p>

<p>So, what happens when economic cases remain unresolved in courts for years together, though with some interim relief coming every now and then?&nbsp;</p>

<p>They create an environment of distrust, they delay projects, and they contribute to whopping increases in project costs. The sum total is negative for the business environment. ESI 2018 deals with the issue in some detail. In a study of six infrastructure ministry projects that have been currently stalled by the courts, it was discovered that the project costs of the stayed projects amounted to close to Rs 52,000 crore. &ldquo;The Ministries of Power, Roads and Railways have been the hardest hit. Since project costs were predominantly debt-financed, it is likely that project costs have increased by close to 60 per cent given the average duration of stay.&rdquo; and these are figures from only a few delayed projects.</p>

<p>A similarly dismal situation prevails in the direct tax litigations. What makes the situation almost ridiculous is that 68 per cent of pending cases before various courts and appellate tribunals are a claim amount of less than Rs 10 lakh. The indirect tax situation is not rosy either. Is it any wonder that the country&rsquo;s Income Tax Department is the largest litigant! The department&rsquo;s appeals, according to the survey, constitute about 85 per cent of the total number of appeals filed in the case of direct taxes.&nbsp;</p>

<p>A few things are, therefore, clear. The first is that the courts must devise methods which do not encourage needless litigation. The second is that the courts and the appellate tribunals must find ways to offer timely verdicts. The third is that the legal system must filter out obvious tactics of delays through adjournments by interested parties. The fourth is various arms of the Government must stop litigating at the drop of a hat. And the fifth is that the Centre must continue to identify and strike down archaic legislations that have hampered economic activity over the decades.&nbsp;</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>


India's Income Tax Department is the largest litigant. The department’s appeals, according to the survey, constitute about 85 per cent of the total number of appeals filed in the case of direct taxes.

An economic survey document is the last place one would expect a film star to feature in. But Chapter 9 in Volume One of the Economic Survey of India (ESI 2018), which was tabled in the Parliament on Monday, introduces the reader to popular actor Sunny Deol and his enduring outburst in one of the films: “Tarikh par tarikh, tarikh par tarikh…”. The ESI called those lines an “iconic scream” and added that Sunny Deol was “Bollywood’s counterpart to Shakespeare”— the bard had expressed a similar sentiment in a less dramatic fashion in Hamlet. Needless to say, the actor would be as amazed by this analogy as by having found mention in the survey paper. But Chapter 9 is no treatise on cinema or literature. Lest people get the wrong ideas, it is titled, “Ease of Doing Business’ Next Frontier: Timely Justice”. The novelty of ESI 2018 lies, therefore, not just in the evocation of Sunny Deol but also in the inclusion of a section on the role of the judiciary in contributing to a conducive business environment in the country. The survey strongly maintains that the “next frontier on the ease of doing business is addressing pendency, delays and backlogs in the appellate and judicial arenas”. The reference is to the various cases that have piled up in courts across the country which have to do with economic development in the direct sense. The ESI 2018 has flagged an important concern. While the issue has often been a subject of discussion, perhaps not enough attention has been paid to the contribution that timely judicial rulings can make to securing a robust business environment and enhancing economic growth. The matter has gained some traction with the latest World Bank ranking on Doing Business, where India jumped 30 places to enter the top 100 club. This is no doubt a big achievement, but there’s still a long road ahead. It’s not surprising that the parameters where the country still lags behind are largely those where litigations are the most common and timely resolutions have been equally most uncommon. These include contract enforcement cases in particular. The jump in the World Bank ranking has been due to many decisions the Government has taken over the last about four years. India has leaped 53 places in the taxation index and 33 spots in the insolvency parameter. The passage of the Insolvency and Bankruptcy Code has contributed to the achievement, just as more transparent tax laws and their easier implementation have. Similarly, the country scored high on protecting the interests of minority investors. But a globalised business environment demands more, and the biggest factor that drives progress in such an environment is the sanctity of contracts. In itself, with deals being increasingly struck between Indian and foreign entities and between various Indian agencies and the Government, the area of contract enforcement has become more complicated than ever. The need to thus protect the contract system has also got more challenging. When a contract runs into trouble — and worse, litigation — every economic activity connected with it comes to a halt. We see this unwelcome phenomenon especially in the infrastructure sector. And so, the ESI 2018 quotes a study to highlight that “a clear and certain legislative and executive regime backed by an efficient judiciary that fairly and punctually protects property rights, preserves sanctity of contracts, and enforces the rights and liabilities of parties in a prerequisite for business and commerce”. “Punctually” is the key word here. ESI 2018 acknowledges steps the Government has taken to address some of the concerns, such as scrapping over 1,000 laws, rationalising tribunals that hear economic cases, amending The Arbitration and Conciliation Act of 2015 and reducing intra-governmental litigation. Yet, these have not been sufficient. Cases continue to mount in the Supreme Court, the High Courts, Economic tribunals and the tax departments. The survey’s analysis on the basis of available data presents disturbing facts. The pendency of cases at the six most prominent appellate economic tribunals is at about 1.8 lakh. Worse, the unsolved cases have risen over time. Compared to 2012, there has been a 25 per cent increase in the number of unresolved cases. The average age of pendency at these six tribunals is 3.8 years. The survey observes, “It is noteworthy that in two cases — telecommunications and electricity — the explosion in pendency resulted from interventions by the Supreme Court.” The economic survey points out that the establishment of tribunals did not significantly reduce the pendency of cases at High Courts. Indeed, those continued to increase. According to the National Judicial Data Grid, the total backlog in High Courts in 2017 was close to 3.5 million cases. The average pendency of economic-related cases was nearly 4.3 years for the five major High Courts. The average pendency of tax cases is even more: Nearly six years. The survey adds that the reduction in pendency, if any in some places, was more due to “changes in the counting methodology of pending cases, or due to changes in pecuniary jurisdictions that led to a mass transfer of cases from the original side of the High Courts to District Courts”. The hike in the number of pending cases that are economic in nature is also seen in the Supreme Court. ESI 2018 observes that one of the main reasons has been the liberal use of the Special Leave Petition mechanism. “Initially, invoked only in ‘exceptional circumstances’, SLPs are now an overwhelming feature of practice at the Supreme Court.” The survey has this to say on the issue: “The rate at which the Supreme Court admits special Leave Petitions under Article 136 of the Constitution increased from around 25 per cent in 2008 to nearly 40 per cent in 2016.” Of the total pendency before the apex court, nearly 85 per cent have to do with SLPs. So, what happens when economic cases remain unresolved in courts for years together, though with some interim relief coming every now and then? They create an environment of distrust, they delay projects, and they contribute to whopping increases in project costs. The sum total is negative for the business environment. ESI 2018 deals with the issue in some detail. In a study of six infrastructure ministry projects that have been currently stalled by the courts, it was discovered that the project costs of the stayed projects amounted to close to Rs 52,000 crore. “The Ministries of Power, Roads and Railways have been the hardest hit. Since project costs were predominantly debt-financed, it is likely that project costs have increased by close to 60 per cent given the average duration of stay.” and these are figures from only a few delayed projects. A similarly dismal situation prevails in the direct tax litigations. What makes the situation almost ridiculous is that 68 per cent of pending cases before various courts and appellate tribunals are a claim amount of less than Rs 10 lakh. The indirect tax situation is not rosy either. Is it any wonder that the country’s Income Tax Department is the largest litigant! The department’s appeals, according to the survey, constitute about 85 per cent of the total number of appeals filed in the case of direct taxes. A few things are, therefore, clear. The first is that the courts must devise methods which do not encourage needless litigation. The second is that the courts and the appellate tribunals must find ways to offer timely verdicts. The third is that the legal system must filter out obvious tactics of delays through adjournments by interested parties. The fourth is various arms of the Government must stop litigating at the drop of a hat. And the fifth is that the Centre must continue to identify and strike down archaic legislations that have hampered economic activity over the decades. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Economic Survey, Sunny Deol and Tax litigation in India

<p>After the release of the <a href="http://www.wionews.com/india-news/budget-2018-finance-minister-arun-jaitley-tables-economic-survey-in-parliament-31058" target="_blank">Economic Survey by the government of India</a>, Congress President Rahul Gandhi took a dig at the Modi government.</p>

<p>He tweeted &quot; Acche Din are here except for minor hiccups-&nbsp;decrease in industrial growth, agriculture growth, GDP growth and Job growth&quot;</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<p dir="ltr" lang="en">The <a href="https://twitter.com/hashtag/EconomicSurvey2018?src=hash&amp;ref_src=twsrc%5Etfw">#EconomicSurvey2018</a> says, <a href="https://twitter.com/hashtag/AccheDin?src=hash&amp;ref_src=twsrc%5Etfw">#AccheDin</a> are here, except for these minor hiccups:<br />
<br />
Industrial Growth is ⬇<br />
Agricultural Growth is ⬇<br />
GDP Growth is ⬇<br />
JOB Growth is ⬇<br />
<br />
&quot;Don&#39;t worry Be Happy!&quot;<a href="https://t.co/nXsHWvGuo3">https://t.co/nXsHWvGuo3</a></p>
&mdash; Office of RG (@OfficeOfRG) <a href="https://twitter.com/OfficeOfRG/status/957990666541215744?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<p>The tweet also shared a video &quot;Don&#39;t worry be happy&quot;.&nbsp;</p>

<p>The Economic Survey was tabled by Finance Minister Arun Jaitley on Monday during the first day of the Budget session 2019.&nbsp;</p>

<p>The budget estimated 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.&nbsp;</p>

<p>During the session, Jaitley also noted Employment, education &amp; agriculture to be the focus areas of this term.</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>


He tweeted 'Acche Din are here except for minor hiccups- decrease in industrial growth, agriculture growth, GDP growth and Job growth'

After the release of the Economic Survey by the government of India, Congress President Rahul Gandhi took a dig at the Modi government. He tweeted " Acche Din are here except for minor hiccups- decrease in industrial growth, agriculture growth, GDP growth and Job growth" The #EconomicSurvey2018 says, #AccheDin are here, except for these minor hiccups: Industrial Growth is ⬇ Agricultural Growth is ⬇ GDP Growth is ⬇ JOB Growth is ⬇ "Don't worry Be Happy!"https://t.co/nXsHWvGuo3 — Office of RG (@OfficeOfRG) January 29, 2018 × The tweet also shared a video "Don't worry be happy". The Economic Survey was tabled by Finance Minister Arun Jaitley on Monday during the first day of the Budget session 2019. The budget estimated the real GDP growth to clock 6.75 percent this fiscal year. The economic survey predicts 7-7.5 percent growth in 2018-19. During the session, Jaitley also noted Employment, education & agriculture to be the focus areas of this term. The Economic Survey is the Finance Ministry's yearly document that reviews the economic development of the country in the past year.

Acche din are here except for minor hiccups: Rahul Gandhi's jibe on Economic Survey

<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>

<p>The beginning of February derivatives contracts and unabated foreign fund inflows amid a higher opening of European markets added to the optimism, brokers said.</p>

<p>The 30-share barometer, after opening on a strong footing on optimistic buying by participants, gathered momentum to touch an all-time high of 36,443.98.</p>

<p>However, it shed some ground on profit-booking, before finally finishing at 36,283.25, up by 232.81 points, or 0.65 per cent -- surpassing its previous record closing of 36,161.64 hit on January 24.</p>

<p>The 50-share NSE Nifty too closed at a fresh life high of 11,130.40 points, up 60.75 points, or 0.55 per cent.<br />
It broke its previous closing record of 11,086 reached on January 24.</p>

<p>The Economic Survey for 2017-18 said the GDP will grow on the back of major reforms which would be strengthened further in the next financial year.</p>

<p>The pre-budget survey pointed 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 4 percentage points higher than global growth and nearly 3 percentage points higher than that of emerging markets and developing economies.</p>


Benchmark Sensex zoomed 233 points on Monday

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. The beginning of February derivatives contracts and unabated foreign fund inflows amid a higher opening of European markets added to the optimism, brokers said. The 30-share barometer, after opening on a strong footing on optimistic buying by participants, gathered momentum to touch an all-time high of 36,443.98. However, it shed some ground on profit-booking, before finally finishing at 36,283.25, up by 232.81 points, or 0.65 per cent -- surpassing its previous record closing of 36,161.64 hit on January 24. The 50-share NSE Nifty too closed at a fresh life high of 11,130.40 points, up 60.75 points, or 0.55 per cent. It broke its previous closing record of 11,086 reached on January 24. The Economic Survey for 2017-18 said the GDP will grow on the back of major reforms which would be strengthened further in the next financial year. The pre-budget survey pointed 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 4 percentage points higher than global growth and nearly 3 percentage points higher than that of emerging markets and developing economies.

Sensex closes at new high over Economic Survey

<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>Private investment seems poised to rebound with efforts being made for expeditious resolution of bad loans and adequate recapitalisation of public sector banks (PSBs), the Economic Survey said.</p>

<p>The government announced a large recapitalisation package of about 1.2 per cent of GDP to strengthen the balance sheets of the PSBs, the Economic Survey 2017-18 tabled in Parliament said today.</p>

<p>Last week, the government announced a slew of reforms for the banking sector and said it will infuse an unprecedented Rs 88,139 crore capital in 20 PSBs before March 31 to boost lending and revive growth.</p>

<p>&quot;As these twin reforms take hold, firms should finally be able to resume spending and banks to lend especially to the critical, but currently-stressed sectors of infrastructure and manufacturing,&quot; the pre-Budget survey said.</p>

<p>It noted that the private investment seems poised to rebound, as many of the factors exerting a drag on growth over the past year finally ease off.</p>

<p>&quot;Translating this potential into an actual investment rebound will depend on the resolution and recapitalisation process. If this process moves ahead expeditiously, stressed firms will be put in the hands of stronger ownership, allowing them to resume spending.</p>

<p>&quot;But if resolution is delayed, so too will the return of the private capex cycle. And if this occurs, public investment will not be able to step into the breach, since it will be constrained by the need to maintain a modicum of fiscal consolidation to head off market anxieties,&quot; it said.</p>

<p>Observing that another key determinant of growth will be the implementation of the Insolvency and Bankruptcy Code (IBC) process, it said timeliness in resolution and acceptance of the IBC solutions must be a priority to kick-start private investment.</p>

<p>The greater the delays in the early cases, the greater the risk that uncertainty will soon shroud the entire IBC process, it said.</p>

<p>&quot;It is also possible that expeditious resolution may require the government to provide more resources to PSBs, especially if the haircuts required are greater than previously expected, the ongoing process of asset quality recognition uncovers more stressed assets, and if new accounting standards are implemented,&quot; it said.</p>


The government announced a large recapitalisation package of about 1.2 per cent of GDP to strengthen the balance sheets of the PSBs, the Economic Survey 2017-18 tabled in Parliament said today

Private investment seems poised to rebound with efforts being made for expeditious resolution of bad loans and adequate recapitalisation of public sector banks (PSBs), the Economic Survey said. The government announced a large recapitalisation package of about 1.2 per cent of GDP to strengthen the balance sheets of the PSBs, the Economic Survey 2017-18 tabled in Parliament said today. Last week, the government announced a slew of reforms for the banking sector and said it will infuse an unprecedented Rs 88,139 crore capital in 20 PSBs before March 31 to boost lending and revive growth. "As these twin reforms take hold, firms should finally be able to resume spending and banks to lend especially to the critical, but currently-stressed sectors of infrastructure and manufacturing," the pre-Budget survey said. It noted that the private investment seems poised to rebound, as many of the factors exerting a drag on growth over the past year finally ease off. "Translating this potential into an actual investment rebound will depend on the resolution and recapitalisation process. If this process moves ahead expeditiously, stressed firms will be put in the hands of stronger ownership, allowing them to resume spending. "But if resolution is delayed, so too will the return of the private capex cycle. And if this occurs, public investment will not be able to step into the breach, since it will be constrained by the need to maintain a modicum of fiscal consolidation to head off market anxieties," it said. Observing that another key determinant of growth will be the implementation of the Insolvency and Bankruptcy Code (IBC) process, it said timeliness in resolution and acceptance of the IBC solutions must be a priority to kick-start private investment. The greater the delays in the early cases, the greater the risk that uncertainty will soon shroud the entire IBC process, it said. "It is also possible that expeditious resolution may require the government to provide more resources to PSBs, especially if the haircuts required are greater than previously expected, the ongoing process of asset quality recognition uncovers more stressed assets, and if new accounting standards are implemented," it said.

Private investment to rise with NPA resolution, PSBs recap

<p>Climate change could adversely affect farmers income by up to 20-25 per cent in the medium term, the Economic Survey warned and suggested the need for &quot;dramatic&quot; improvement in irrigation, use of new technologies and better targeting of power and fertiliser subsidies.</p>

<p>The government has also been recommended to take &quot;radical follow-up action&quot; to achieve its objective of addressing agricultural stress and doubling farmers&nbsp;income.</p>

<p>Since agriculture is a state subject and an open political economy question, the Survey strongly advocated a mechanism similar to the GST Council to bring more reforms in the agriculture sector and boost farmers income.</p>

<p>&quot;Climate change&nbsp;whose imprint on Indian agriculture is already visible&nbsp;might reduce farm incomes by up to 20-25 per cent in the medium term,&quot; the Survey for 2017-18 said.</p>

<p>Climate change could reduce annual farm incomes in the range of 15-18 per cent on average, and up to 20-25 per cent for unirrigated areas, it said.</p>

<p>At current levels of farm income, that translates into more than Rs 3,600 per year for the median farm household, the survey estimated.</p>

<p>&quot;Minimising susceptibility to climate change requires drastically extending irrigation via efficient drip and sprinkler technologies, and replacing untargeted subsidies in power and fertiliser by direct income support,&quot; the Survey said, while calling for review of cereal-centric farm policy.</p>

<p>India needs to spread irrigation and do so against a backdrop of rising water scarcity and depleting groundwater resources, it said.</p>

<p>At present, about 45 per cent of farm land is under irrigation. The Indo-Gangetic plain, and parts of Gujarat and Madhya Pradesh are well irrigated.</p>

<p>But parts of Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Chattisgarh and Jharkhand are still extremely vulnerable to climate change on account of not being well irrigated.</p>

<p>The Survey further said that fully irrigating Indian agriculture, that too against the backdrop of water scarcity and limited efficiency in existing irrigation schemes, will be a defining challenge for the future.</p>

<p>Technologies of drip irrigation, sprinklers, and water management captured in the more crop for every drop campaign?may well hold the key to future Indian agriculture and hence should be accorded greater priority in resource allocation, it said.</p>

<p>And, of course, the power subsidy needs to be replaced by direct benefit transfers so that power use can be fully cost and water conservation furthered, it added.</p>

<p>Stating that the climate change will increase farmer uncertainty, the Survey called for an effective crop insurance and embrace farm science and technology with renewed ardour.</p>

<p>&quot;Building on the current crop insurance program Pradhan Mantri Fasal Bima Yojana, weather-based models and technologies like drones need to be used to determine losses and compensate farmers within weeks,&quot; it said.</p>

<p>Stating that the agri-sector is experiencing structural changes leading to new challenges and opportunities, the Survey said that the farm sector will remain an engine of broad based growth even as its share in gross value addition (GVA) is on the decline.</p>

<p>The central priority of the government will be to provide opportunities for farmers to diversify their income generating opportunities to reduce the various risks by facilitating the development of agriculture sub-sectors like livestock and fisheries, it observed.</p>


The government has also been recommended to take 'radical follow-up action' to achieve its objective of addressing agricultural stress and doubling farmers income

Climate change could adversely affect farmers income by up to 20-25 per cent in the medium term, the Economic Survey warned and suggested the need for "dramatic" improvement in irrigation, use of new technologies and better targeting of power and fertiliser subsidies. The government has also been recommended to take "radical follow-up action" to achieve its objective of addressing agricultural stress and doubling farmers income. Since agriculture is a state subject and an open political economy question, the Survey strongly advocated a mechanism similar to the GST Council to bring more reforms in the agriculture sector and boost farmers income. "Climate change whose imprint on Indian agriculture is already visible might reduce farm incomes by up to 20-25 per cent in the medium term," the Survey for 2017-18 said. Climate change could reduce annual farm incomes in the range of 15-18 per cent on average, and up to 20-25 per cent for unirrigated areas, it said. At current levels of farm income, that translates into more than Rs 3,600 per year for the median farm household, the survey estimated. "Minimising susceptibility to climate change requires drastically extending irrigation via efficient drip and sprinkler technologies, and replacing untargeted subsidies in power and fertiliser by direct income support," the Survey said, while calling for review of cereal-centric farm policy. India needs to spread irrigation and do so against a backdrop of rising water scarcity and depleting groundwater resources, it said. At present, about 45 per cent of farm land is under irrigation. The Indo-Gangetic plain, and parts of Gujarat and Madhya Pradesh are well irrigated. But parts of Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Chattisgarh and Jharkhand are still extremely vulnerable to climate change on account of not being well irrigated. The Survey further said that fully irrigating Indian agriculture, that too against the backdrop of water scarcity and limited efficiency in existing irrigation schemes, will be a defining challenge for the future. Technologies of drip irrigation, sprinklers, and water management captured in the more crop for every drop campaign?may well hold the key to future Indian agriculture and hence should be accorded greater priority in resource allocation, it said. And, of course, the power subsidy needs to be replaced by direct benefit transfers so that power use can be fully cost and water conservation furthered, it added. Stating that the climate change will increase farmer uncertainty, the Survey called for an effective crop insurance and embrace farm science and technology with renewed ardour. "Building on the current crop insurance program Pradhan Mantri Fasal Bima Yojana, weather-based models and technologies like drones need to be used to determine losses and compensate farmers within weeks," it said. Stating that the agri-sector is experiencing structural changes leading to new challenges and opportunities, the Survey said that the farm sector will remain an engine of broad based growth even as its share in gross value addition (GVA) is on the decline. The central priority of the government will be to provide opportunities for farmers to diversify their income generating opportunities to reduce the various risks by facilitating the development of agriculture sub-sectors like livestock and fisheries, it observed.

Climate change may cut farm income by 20-25%: Survey

<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>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<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>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<p>Subramanian noted capital raising (public and private) to have &quot;increased substantially&quot;.</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<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>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<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>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<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>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<p>&quot;GST revenues are doing well: 12 per cent growth, better buoyancy than previous taxes,&quot; noted Subramanian.&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<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>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<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>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<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>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<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 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>It said that the GDP growth has averaged 7.3 per cent from 2014-15 to 2017-18, which is the highest among the major economies of the world.</p>

<p>Here are the key takeaways from economic survey 2017-18:</p>

<p><strong>GROWTH</strong></p>

<ul>
	<li>India&#39;s gross domestic product (GDP) growth for 2018-19 pegged at 7-7.5 per cent, current high oil prices a major concern.</li>
	<li>GDP to expand by 6.75% in 2017-18, re-instating India as world&#39;s fastest growing major economy.</li>
	<li>Economic management will be challenging in the coming year.</li>
	<li>Biggest source of upside to growth to be from exports.</li>
	<li>Cyclical conditions may lead to lower tax and non-tax revenues in 2017-18.</li>
	<li>Private investment poised for rebound.</li>
	<li>2017-18 farm sector growth seen at 2.1 per cent.</li>
</ul>

<p><strong>FISCAL DEFICIT</strong></p>

<ul>
	<li>Target for fiscal consolidation specially in a pre-election year can carry a high risk of credibility</li>
	<li>Current account deficit for 2017/18 expected to average 1.5-2 per cent of GDP</li>
	<li>Pause in general govt fiscal consolidation cannot be ruled out in 2017-18</li>
	<li>Suggests modest (fiscal) consolidation that signals a return to the path of gradual but steady deficit reductions</li>
</ul>

<p><strong>INFLATION, POLICY RATES</strong></p>

<ul>
	<li>Persistently high oil prices remain a key risk, to affect inflation</li>
	<li>If inflation doesn`t deviate from current levels policy rates can be expected to remain stable</li>
	<li>Average CPI inflation seen at 3.7 per cent in 2017-18</li>
</ul>

<p><strong>OTHER HIGHLIGHTS</strong></p>

<ul>
	<li>Economy accelerated in second half of current fiscal due to GST, bank recapitalisation, liberalisation of FDI and higher exports.</li>
	<li>Gross Value Added (GVA) expected to grow by 6.1 per cent in 2017-18 as compared to 6.6 per cent in 2016-17.</li>
	<li>Preliminary analysis of the Goods and Services Tax (GST) data reveals 50% increase in the number of indirect taxpayers.</li>
	<li>There is need to address pendency, delays and backlogs in the appellate and judicial arenas.</li>
	<li>&quot;Policy vigilance&quot; in coming year if high oil prices persist or stock prices correct sharply.</li>
	<li>India has performed better on 14 out of 17 key indicators.</li>
</ul>


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.

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. It said that the GDP growth has averaged 7.3 per cent from 2014-15 to 2017-18, which is the highest among the major economies of the world. Here are the key takeaways from economic survey 2017-18: GROWTH India's gross domestic product (GDP) growth for 2018-19 pegged at 7-7.5 per cent, current high oil prices a major concern. GDP to expand by 6.75% in 2017-18, re-instating India as world's fastest growing major economy. Economic management will be challenging in the coming year. Biggest source of upside to growth to be from exports. Cyclical conditions may lead to lower tax and non-tax revenues in 2017-18. Private investment poised for rebound. 2017-18 farm sector growth seen at 2.1 per cent. FISCAL DEFICIT Target for fiscal consolidation specially in a pre-election year can carry a high risk of credibility Current account deficit for 2017/18 expected to average 1.5-2 per cent of GDP Pause in general govt fiscal consolidation cannot be ruled out in 2017-18 Suggests modest (fiscal) consolidation that signals a return to the path of gradual but steady deficit reductions INFLATION, POLICY RATES Persistently high oil prices remain a key risk, to affect inflation If inflation doesn`t deviate from current levels policy rates can be expected to remain stable Average CPI inflation seen at 3.7 per cent in 2017-18 OTHER HIGHLIGHTS Economy accelerated in second half of current fiscal due to GST, bank recapitalisation, liberalisation of FDI and higher exports. Gross Value Added (GVA) expected to grow by 6.1 per cent in 2017-18 as compared to 6.6 per cent in 2016-17. Preliminary analysis of the Goods and Services Tax (GST) data reveals 50% increase in the number of indirect taxpayers. There is need to address pendency, delays and backlogs in the appellate and judicial arenas. "Policy vigilance" in coming year if high oil prices persist or stock prices correct sharply. India has performed better on 14 out of 17 key indicators.

Big takeaways from economic survey

<p>India&#39;s Gross Domestic Product (GDP) growth for 2018-19 has been projected at 7 to 7.5 per cent as per the Economic Survey 2017-18.</p>

<p><strong>Also read: <a href="http://www.wionews.com/business-economy/10-big-takeaways-from-economic-survey-31068" target="_blank">10 big takeaways from economic survey</a></strong></p>

<p>The document, which was tabled in Lok Sabha on Monday, noted that a series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7.0 to 7.5 per cent in 2018-19.</p>

<p>&quot;A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7 to 7.5 per cent in 2018-19, thereby re-instating India as the world&#39;s fastest growing major economy,&quot; it said.</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<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>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<p>The reform measures undertaken in 2017-18 can be strengthened further in 2018-19, it said.</p>

<p>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>It said that the GDP growth has averaged 7.3 per cent from 2014-15 to 2017-18, which is the highest among the major economies of the world.</p>

<p>&quot;That this growth has been achieved in a milieu of lower inflation, improved current account balance and notable reduction in the fiscal deficit to GDP ratio makes it all the more creditable,&quot; it said.</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<p dir="ltr" lang="en">Post-demonetization and GST increase in new tax filers (over and above natural increase) of about 1.8 million and some boost to individual income tax collections (Ch 1, Box 2) <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/kMCeRt886y">pic.twitter.com/kMCeRt886y</a></p>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957874070665572352?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<p>The survey also said that the real estate sector has begun to show signs of improvement with the total FDI of US $257 million in first half of 2017, which is more than double the total FDI in 2016 full year.</p>

<p>&quot;With the enactment of Real Estate (Regulation &amp; Development) Act, 2016, it is anticipated that accountability would lead to higher growth across the real estate value chain, while compulsory disclosures and registrations would ensure transparency,&quot; it said.</p>

<p>The economic survey is an annual document of the Ministry of Finance, Government of India, and reviews the developments in the Indian economy over the previous 12 months, summarises the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.</p>

<p>This document is presented to both Houses of Parliament during the Budget Session.</p>

<p>The annual survey was released ahead of the government&#39;s annual budget statement, due to be presented by Finance Minister Arun Jaitley on Thursday.</p>

<p>The survey warned that the coming year could be challenging, and cautioned that persistently high oil prices remain a key risk for a country that relies on imports for much of its fuel needs.</p>


This year's survey points out that India can be rated as among the best performing economies as the average growth during last three years is around 4 percentage points higher than global growth

India's Gross Domestic Product (GDP) growth for 2018-19 has been projected at 7 to 7.5 per cent as per the Economic Survey 2017-18. Also read: 10 big takeaways from economic survey The document, which was tabled in Lok Sabha on Monday, noted that a series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7.0 to 7.5 per cent in 2018-19. "A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7 to 7.5 per cent in 2018-19, thereby re-instating India as the world's fastest growing major economy," it said. 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 × The reform measures undertaken in 2017-18 can be strengthened further in 2018-19, it said. 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. It said that the GDP growth has averaged 7.3 per cent from 2014-15 to 2017-18, which is the highest among the major economies of the world. "That this growth has been achieved in a milieu of lower inflation, improved current account balance and notable reduction in the fiscal deficit to GDP ratio makes it all the more creditable," it said. Post-demonetization and GST increase in new tax filers (over and above natural increase) of about 1.8 million and some boost to individual income tax collections (Ch 1, Box 2) #economicsurvey18 https://t.co/VAfz77JvGp pic.twitter.com/kMCeRt886y — arvind subramanian (@arvindsubraman) January 29, 2018 × The survey also said that the real estate sector has begun to show signs of improvement with the total FDI of US $257 million in first half of 2017, which is more than double the total FDI in 2016 full year. "With the enactment of Real Estate (Regulation & Development) Act, 2016, it is anticipated that accountability would lead to higher growth across the real estate value chain, while compulsory disclosures and registrations would ensure transparency," it said. The economic survey is an annual document of the Ministry of Finance, Government of India, and reviews the developments in the Indian economy over the previous 12 months, summarises the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term. This document is presented to both Houses of Parliament during the Budget Session. The annual survey was released ahead of the government's annual budget statement, due to be presented by Finance Minister Arun Jaitley on Thursday. The survey warned that the coming year could be challenging, and cautioned that persistently high oil prices remain a key risk for a country that relies on imports for much of its fuel needs.

Economic Survey sees accelerating GDP growth, upswing in real estate sector

<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>

<p>&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<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>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=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" target="_blank"><i class="fa fa-share">&nbsp;</i></a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">&times;</a></div>
</div>
</div>

<p>&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>It&rsquo;s a matter of pride for us that Unesco recognised Kumbh Mela as intangible cultural heritage of humanity: President Kovind</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=It’s a matter of pride for us that Unesco recognised Kumbh Mela as intangible cultural heritage of humanity: President Kovind" target="_blank"><i class="fa fa-share">&nbsp;</i></a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">&times;</a></div>
</div>
</div>

<p>&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<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>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<p>&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>Work has started to increase broadband connectivity in villages. 2.5 lakh Panchayats have already been connected: President Kovind</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=Work has started to increase broadband connectivity in villages. 2.5 lakh Panchayats have already been connected: President Kovind" target="_blank"><i class="fa fa-share">&nbsp;</i></a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">&times;</a></div>
</div>
</div>

<p>&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<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>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=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." target="_blank"><i class="fa fa-share">&nbsp;</i></a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">&times;</a></div>
</div>
</div>

<p>&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<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>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=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" target="_blank"><i class="fa fa-share">&nbsp;</i></a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">&times;</a></div>
</div>
</div>

<p>&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<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>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=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. 


" target="_blank"><i class="fa fa-share">&nbsp;</i></a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">&times;</a></div>
</div>
</div>

<p>&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<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>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=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 " target="_blank"><i class="fa fa-share">&nbsp;</i></a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">&times;</a></div>
</div>
</div>

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>We will realise the dream of &#39;New India&#39; in 2018, says the President during his address in the Parliament.</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=We will realise the dream of 'New India' in 2018, says the President during his address in the Parliament." target="_blank"><i class="fa fa-share">&nbsp;</i></a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">&times;</a></div>
</div>
</div>

<p>&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<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>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=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" target="_blank"><i class="fa fa-share">&nbsp;</i></a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">&times;</a></div>
</div>
</div>

<p>&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<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>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=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" target="_blank"><i class="fa fa-share">&nbsp;</i></a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">&times;</a></div>
</div>
</div>

<p>&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>Baba Saheb Ambedkar used to say that without economic and social democracy, political democracy is unstable: President Kovind</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=Baba Saheb Ambedkar used to say that without economic and social democracy, political democracy is unstable: President Kovind " target="_blank"><i class="fa fa-share">&nbsp;</i></a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">&times;</a></div>
</div>
</div>

<p>&nbsp;</p>

<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>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<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>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<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>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<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>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<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>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<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>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<p>&nbsp;</p>


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>India Inc today pitched for focus on rapidly improving human capital and agricultural productivity to sustain the economic growth trajectory, while cheering the GDP growth projection of 7-7.5 per cent in 2018-19 laid out by the Economic Survey.</p>

<p>&quot;The Survey provides new ideas for building a positive momentum for growth in the coming year and for faster growth thereafter. It delineates a long-term vision for powering the emergence of a New India which is both transformative and socially inclusive,&quot; CII Director General Chandrajit Banerjee said.</p>

<p>The Survey has rightly alluded that the chief areas of policy focus in the medium term are employment, especially for women; educated and healthy labour force; and raising farm productivity, he added.<br />
&quot;We expect that the Budget will address some of these issues,&quot; he said.</p>

<p>Industry body Assocham said while the Insolvency resolution mechanism has begun in the right earnest, a big vigil needs to be kept and the banks must be given additional capital at the earliest, observing that &quot;until the issue of NPA (non performing assets) is fixed, growth may elude us&quot;.</p>

<p>&quot;Economic Survey for 2017-18 has brought out areas of concern such as rising non-performing assets of the public sector banks and has underlined the need, rightly so, for putting maximum emphasis on creating new jobs, agriculture and education,&quot; Assocham President Sandeep Jajodia said.</p>

<p>He said there is a need to keep a vigil on inflation, particularly in the wake of rising fuel prices and the government must remain steadfast on the path of reforms.</p>

<p>PHD Chamber of Commerce President Anil Khaitan said the focus of the government in the medium term on employment, education and agriculture is encouraging and would foster a sustainable economic environment, going forward.</p>

<p>The Survey tabled in Parliament by Finance Minister Arun Jaitley pegs India to regain fastest growing major economy tag, with the country&#39;s GDP estimated to grow between 7-7.5 per cent in 2018-19. It also estimates the GDP to grow 6.75 per cent in the current fiscal.</p>

<p>Experts and economists too shared their opinion on the Survey.</p>

<p>&quot;Although an uptick in 2018-19 growth has not been ruled out, it is more likely towards the lower end of the range. Evolving domestic and global conditions can swing growth in any direction,&quot; said Devendra Kumar Pant, Chief Economist at India Ratings &amp; Research.</p>

<p>According to Anis Chakravarty, Chief Economist, Deloitte India, with rapidly changing demography and incoming automation, manual jobs may become redundant, and this creates a need to generate opportunities in services domain.</p>

<p>Especially important will be an increased private sector participation as bulk is carried on via government agencies, he said.</p>

<p>Manish Agarwal, Leader?Infrastructure at PwC India said: &quot;The growth in manufacturing is a big positive. Credit offtake, growth in cement, steel etc point to pick-up in capacity creation also. As the pace picks up, the industrial corridors could see faster development.&quot;</p>


India Inc today pitched for focus on rapidly improving human capital and agricultural productivity to sustain the economic growth trajectory, while cheering the GDP growth projection of 7-7.5 per cent in 2018-19 laid out by the Economic Survey

India Inc today pitched for focus on rapidly improving human capital and agricultural productivity to sustain the economic growth trajectory, while cheering the GDP growth projection of 7-7.5 per cent in 2018-19 laid out by the Economic Survey. "The Survey provides new ideas for building a positive momentum for growth in the coming year and for faster growth thereafter. It delineates a long-term vision for powering the emergence of a New India which is both transformative and socially inclusive," CII Director General Chandrajit Banerjee said. The Survey has rightly alluded that the chief areas of policy focus in the medium term are employment, especially for women; educated and healthy labour force; and raising farm productivity, he added. "We expect that the Budget will address some of these issues," he said. Industry body Assocham said while the Insolvency resolution mechanism has begun in the right earnest, a big vigil needs to be kept and the banks must be given additional capital at the earliest, observing that "until the issue of NPA (non performing assets) is fixed, growth may elude us". "Economic Survey for 2017-18 has brought out areas of concern such as rising non-performing assets of the public sector banks and has underlined the need, rightly so, for putting maximum emphasis on creating new jobs, agriculture and education," Assocham President Sandeep Jajodia said. He said there is a need to keep a vigil on inflation, particularly in the wake of rising fuel prices and the government must remain steadfast on the path of reforms. PHD Chamber of Commerce President Anil Khaitan said the focus of the government in the medium term on employment, education and agriculture is encouraging and would foster a sustainable economic environment, going forward. The Survey tabled in Parliament by Finance Minister Arun Jaitley pegs India to regain fastest growing major economy tag, with the country's GDP estimated to grow between 7-7.5 per cent in 2018-19. It also estimates the GDP to grow 6.75 per cent in the current fiscal. Experts and economists too shared their opinion on the Survey. "Although an uptick in 2018-19 growth has not been ruled out, it is more likely towards the lower end of the range. Evolving domestic and global conditions can swing growth in any direction," said Devendra Kumar Pant, Chief Economist at India Ratings & Research. According to Anis Chakravarty, Chief Economist, Deloitte India, with rapidly changing demography and incoming automation, manual jobs may become redundant, and this creates a need to generate opportunities in services domain. Especially important will be an increased private sector participation as bulk is carried on via government agencies, he said. Manish Agarwal, Leader?Infrastructure at PwC India said: "The growth in manufacturing is a big positive. Credit offtake, growth in cement, steel etc point to pick-up in capacity creation also. As the pace picks up, the industrial corridors could see faster development."

India Inc cheers Economic Survey

<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 Budget Session of Parliament will commence from January 29 and the Union Budget will be presented on February one, the Cabinet Committee on Parliamentary Affairs recommended on Friday.</p>

<p>President Ramnath Kovind will address the joint sitting of the two Houses on January 29 and the Economic Survey will be tabled on the same day, Parliamentary Affairs minister Ananth Kumar said.</p>

<p>The first phase of the session will be from January 29 to February 9. After a recess, Parliament will meet again from March 5 to April 6, Kumar said.</p>

<p>The recommendation of the session dates were made by the CCPA which met in New Delhi.</p>

<p>The <a href="http://www.wionews.com/india-news/lok-sabha-adjourned-sine-die-12-bills-passed-in-winter-session-28617">Winter Session of Parliament</a> ended today.</p>


President Ramnath Kovind will address the joint sitting of the two Houses on January 29 and the Economic Survey will be tabled on the same day, Parliamentary Affairs minister Ananth Kumar said.

The Budget Session of Parliament will commence from January 29 and the Union Budget will be presented on February one, the Cabinet Committee on Parliamentary Affairs recommended on Friday. President Ramnath Kovind will address the joint sitting of the two Houses on January 29 and the Economic Survey will be tabled on the same day, Parliamentary Affairs minister Ananth Kumar said. The first phase of the session will be from January 29 to February 9. After a recess, Parliament will meet again from March 5 to April 6, Kumar said. The recommendation of the session dates were made by the CCPA which met in New Delhi. The Winter Session of Parliament ended today.

Union Budget to be presented on February 1

<p>Handing&nbsp;cash&nbsp;to Indians rather than providing the poor with cheap food or guaranteed jobs would nearly eradicate poverty but at a cost of 4 to 5 per cent of gross domestic product, a government report said on Tuesday.</p>

<p>Universal basic income (UBI), a radical idea that is gaining attention in countries such as Finland and France, proposes giving every citizen an income to cover their basic needs.</p>

<p>Several economists advocate&nbsp;cash&nbsp;transfers in Asia&#39;s third-largest economy, where despite rapid economic growth one in three of the world&#39;s extreme poor reside. An emergency medical payment or bad harvest risks a return to poverty for millions more.</p>

<p>The annual Economic Survey, which forms the basis of the annual Indian budget Finance Minister Arun Jaitley will present on Wednesday, said UBI was a persuasive alternative for replacing existing welfare programmes. Yet it warned about implementation risks and the potential cost to government.</p>

<p>&quot;The key merit of it is that it has the potential to improve the weak targeting of current schemes,&quot; Arvind Subramanian, the ministry&#39;s chief economic adviser, told a news briefing.</p>

<p>Under the survey&#39;s calculation, a UBI that cuts the poverty rate to 0.5 per cent of the population would cost 4 to 5 per cent of GDP. The calculation presumes that the richest quarter of Indians do not get the income, because it says any programme cannot in practive strive for strict universality.</p>

<p>&nbsp;At 2011/12 prices, the basic income would amount to 5,400 rupees ($79.59) per person per year. Some economists have questioned whether payments of that size could eliminate poverty.&nbsp;</p>

<p>Tackling entrenched poverty has preoccupied policymakers since India ended colonial rule in 1947, and in the survey Subramanian said he drew on the wisdom of independence hero Mahatma Gandhi in weighing the social justice of a basic income.</p>

<p>&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="videos-block">
<div class="embed-responsive embed-responsive-16by9"><iframe class="embed-responsive-item" src="https://www.youtube.com/embed/gf_p9Zw0YBM"></iframe></div>
</div>

<div class="media-description">
<p>The economic survey tabled in parliament by Finance Minister Arun Jaitley has advocated reforms to unleash economic dynamism and social justice. Here&#39;s more to this story. (WION)</p>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

<p><strong>Heavy subsidies</strong></p>

<p>India currently spends 3 per cent of GDP on subsidies, much of them for the middle class. It pays billions of dollars for some of the world&#39;s largest welfare schemes, including cheap food for more than 800 million people and jobs for 50 million households.</p>

<p>&quot;Our main fear is that Universal Basic Income is just being used to replace existing social schemes,&quot; said Reetika Khera, an economist at the Indian Institute of Technology in Delhi. &quot;This is a system that is tried and tested and showing signs of improvement.&quot;</p>

<p>The survey cautioned that it was not yet advocating introduction of UBI.</p>

<p>A basic income risked becoming too costly, and India would need to improve identification schemes to ensure transfers reached beneficiaries, it said.</p>

<p>Critics of India&#39;s existing programmes say they are undermined by corruption and leakages.</p>

<p>Subramanian cited research showing schemes reached more people in the areas where they were least needed, because of the weak capacity of the state in less developed ones.</p>

<p>&quot;The advantage of UBI is that we can get around this,&quot; he said.</p>

<p>Many economists expect Prime Minister Narendra Modi and his Bharatiya Janata Party to cut back on populist welfare schemes expanded under his predecessor. So far he has shown little willingness to embrace bolder structural reforms.</p>

<p>(Reuters)</p>


The Indian government would have to spend 4 to 5% of its GDP to diminish poverty levels in the country, the annual report said

Handing cash to Indians rather than providing the poor with cheap food or guaranteed jobs would nearly eradicate poverty but at a cost of 4 to 5 per cent of gross domestic product, a government report said on Tuesday. Universal basic income (UBI), a radical idea that is gaining attention in countries such as Finland and France, proposes giving every citizen an income to cover their basic needs. Several economists advocate cash transfers in Asia's third-largest economy, where despite rapid economic growth one in three of the world's extreme poor reside. An emergency medical payment or bad harvest risks a return to poverty for millions more. The annual Economic Survey, which forms the basis of the annual Indian budget Finance Minister Arun Jaitley will present on Wednesday, said UBI was a persuasive alternative for replacing existing welfare programmes. Yet it warned about implementation risks and the potential cost to government. "The key merit of it is that it has the potential to improve the weak targeting of current schemes," Arvind Subramanian, the ministry's chief economic adviser, told a news briefing. Under the survey's calculation, a UBI that cuts the poverty rate to 0.5 per cent of the population would cost 4 to 5 per cent of GDP. The calculation presumes that the richest quarter of Indians do not get the income, because it says any programme cannot in practive strive for strict universality. At 2011/12 prices, the basic income would amount to 5,400 rupees ($79.59) per person per year. Some economists have questioned whether payments of that size could eliminate poverty. Tackling entrenched poverty has preoccupied policymakers since India ended colonial rule in 1947, and in the survey Subramanian said he drew on the wisdom of independence hero Mahatma Gandhi in weighing the social justice of a basic income. The economic survey tabled in parliament by Finance Minister Arun Jaitley has advocated reforms to unleash economic dynamism and social justice. Here's more to this story. (WION) × Heavy subsidies India currently spends 3 per cent of GDP on subsidies, much of them for the middle class. It pays billions of dollars for some of the world's largest welfare schemes, including cheap food for more than 800 million people and jobs for 50 million households. "Our main fear is that Universal Basic Income is just being used to replace existing social schemes," said Reetika Khera, an economist at the Indian Institute of Technology in Delhi. "This is a system that is tried and tested and showing signs of improvement." The survey cautioned that it was not yet advocating introduction of UBI. A basic income risked becoming too costly, and India would need to improve identification schemes to ensure transfers reached beneficiaries, it said. Critics of India's existing programmes say they are undermined by corruption and leakages. Subramanian cited research showing schemes reached more people in the areas where they were least needed, because of the weak capacity of the state in less developed ones. "The advantage of UBI is that we can get around this," he said. Many economists expect Prime Minister Narendra Modi and his Bharatiya Janata Party to cut back on populist welfare schemes expanded under his predecessor. So far he has shown little willingness to embrace bolder structural reforms. (Reuters)

Cash handouts, not food or jobs, panacea for poverty: Economic Survey

economic-survey

Economic Survey, News on Economic Survey, stories on Economic Survey, articles on Economic Survey, Economic Survey stories at Wion, Economic Survey news, Economic Survey latest news