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Budget 2020 LIVE Updates: Slowdown in Indian Economy Partly Due to Global Drag, Says CEA; Economic Survey Predicts Recovery in Growth at 6-6.5%

News18.com | January 31, 2020, 15:00 IST
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Budget 2020 LIVE Updates: The Economic Survey today projected India's economic growth at 6 per cent to 6.5 per cent in the next financial year starting April 1, saying growth has bottomed out. The growth in 2020-21 compares to a projected 5 per cent expansion in 2019-20.

Weak global growth impacting India as well as investment slowdown due to financial sector issues had led to growth dropping to a decade low in current fiscal, it said, adding 5 per cent growth projected for 2019-20 is the lowest it could fall for now.
Jan 31, 2020 15:00 (IST)

CEA Speaks on Wilful Defaulters | "If wealth had not been eroded by wilful defaulters, we could have spent almost double the amount on social sectors," Krishnamurthy Subramanian said. "The theme for this year's Economic Survey is Wealth Creation," he said. He said that the pre-budget survey cover is in lavender colour hich reflects the new 100 rupee note. "This Survey is a synthesis of the old and new. "We have a slowdown in the Indian economy, part of it is because of the global economy slowing down in 2019," he said. 

Jan 31, 2020 14:51 (IST)

Finance minister Nirmala Sitharaman is set to present her second Union Budget, which contains the details about the government’s revenue and expenditure for fiscal year 2020-21, on Saturday. However, contrary to the popular belief, Nirmala Sitharaman is not the first Finance Minister of India. It was former Prime Minister Indira Gandhi, who presented the budget in 1970-71. Read full story here.  

Jan 31, 2020 13:53 (IST)

Kovind said the central government is working with full strength and determination to free the country from the scourge of terrorism. "In view of the changing nature of terrorism, alertness on the part of the citizens is extremely helpful. The decrease in terrorist activities in Jammu Kashmir demonstrates that public cooperation can be effective in the fight against terrorism," he said. The President said the security situation in the Northeast has also improved significantly due to the concerted efforts of the government and the geographical spread of Naxalism is also steadily shrinking.

Jan 31, 2020 13:53 (IST)

The Modi government has given the security forces a free hand in taking the strongest action against those indulging in terrorism, President Ram Nath Kovind said. Addressing the joint sitting of both houses of Parliament, Kovind also said there has been decrease in violence perpetrated by the militants in Jammu and Kashmir, the Northeast and the Naxals.  "My government has given the security forces a free hand in taking the strongest measures against those indulging in terrorism," he said during his hour-long speech.

Jan 31, 2020 13:47 (IST)

On Noth East connectivity he said: "More than the physical distance of the North East from Delhi, it was the emotional disconnect that disheartened the people of the region. My Government has transformed this situation by working tirelessly during the last five years. Work is being done at an unprecedented pace in the North East to enhance connectivity, strengthen infrastructure and make people's lives easier."  As a result of the government's efforts, he said by 2022, the capitals of Sikkim, Mizoram, Manipur and Nagaland will be connected with the rail network. "The work on Agartala-Akhaura rail link is also progressing at a fast pace. In the year 2022, the construction of the new airport being built at 'Holongi' in Arunachal Pradesh will also be completed," he added.

Jan 31, 2020 13:46 (IST)

On air connectivity, he said about 35 lakh people have so far travelled by air under the UDAN scheme and last year, 335 new air routes have been approved. Rural roads contributed significantly to the country's infrastructure, he said and added 1.25 lakh kilometers road will be constructed and upgraded under Pradhan Mantri Gramin Sadak Yojna.  Rural roads have now been expanded to every corner of the country through the Pradhan Mantri Gramin Sadak Yojana, he said adding third phase of the programme has been launched to strengthen rural roads and connect them to schools, hospitals and agricultural markets.

Jan 31, 2020 13:44 (IST)

The government has decided to invest more than Rs 100 lakh crore on building modern infrastructure in the country with a special emphasis on connectivity, President Ram Nath Kovind said  in  Parliament. In a bid to improve connectivity, the government will also focus on creation of new highways, waterways, airways and I-ways (IT infrastructure), he said addressing the joint sitting of both houses of Parliament, on the first day of the Budget session here.  "The poor and the middle-class hope and aspire for a modern 21st century infrastructure in the country. To fulfil this aspiration of the people more than Rs 100 lakh crore will be invested in the next five years. With a special emphasis on connectivity, the government is also focusing on creation of new highways, new waterways, new airways, and new I-ways," the President said.

Jan 31, 2020 13:34 (IST)

Are We Expecting Too Much from Nirmala Sitharaman's Budget? | A big problem with policy makers in India is that they often see the economy as a machine whereas in reality it is an organism. And since in an organism, all organs are not just connected to but also impact each other; any improvement has to be overall, not piecemeal. While the Union Budget has an important role to play in the body economic, the Budget itself cannot transform the economy. Therefore, to expect a panacea from Finance Minister Nirmala Sitharaman would be unfair to her. Read full analysis here.  

Jan 31, 2020 13:16 (IST)

To further make it easier to do business, the Survey called for removing the red tape at ports to promote exports as well as measures for easing the start of business, register property, pay taxes and enforcing contracts. It also called for improving governance in public sector banks and the need for more disclosure of information to build trust. It also talks about dwarfism in the banking sector. Economic Survey advocates 10 new ideas that benefit markets as well as the economy.

Jan 31, 2020 13:15 (IST)

The pre-Budget Survey said for wealth to be distributed, it first has to be created and called for looking at wealth creators with respect. The Survey said government interventions seem to be ineffective in stabilising prices of commodities such as onions. For boosting growth, it called for new ideas for manufacturing such as 'assemble in India for the world' which will create jobs.

Jan 31, 2020 13:13 (IST)

Weak global growth impacting India as well as investment slowdown due to financial sector issues had led to growth dropping to a decade low in current fiscal, it said, adding 5 per cent growth projected for 2019-20 is the lowest it could fall for now. Growth slipped to 4.5 per cent in the July-September quarter. The Survey this year has been printed in lavender colour - the same as the colour of the new 100 rupee currency note, the oldest currency note in circulation in the country.

Jan 31, 2020 13:12 (IST)

The Economic Survey on Friday projected India's economic growth at 6 per cent to 6.5 per cent in the next financial year starting April 1, saying growth has bottomed out. The growth in 2020-21 compares to a projected 5 per cent expansion in 2019-20.

Jan 31, 2020 12:52 (IST)

Economic Survey Tabled | Finance Minister Nirmala Sutharaman has tabled the Economic Survey in the Parliament.  nt.  The Economic Survey of India is an annual document presented by the government mainly to review the state of the economy in the previous one year, while throwing light on its short-to-medium term prospects. The Economic Survey document is equally, if not more, important than the main Union Budget as it not only lays the premise for key policy decisions that need to be taken to take the economy forward but also assesses the impact of the previous decisions through detailed statistical data.

Jan 31, 2020 12:23 (IST)

Ahead of finance minister Nirmala Sitharaman’s second budget speech on February 1, here’s a look back at the major announcements she made during her maiden budget speech last year (Union Budget 2019), which created quite a stir in the equity markets later.  No changes were made in the income-tax slabs. However, surcharge was increased for those earning Rs 2-5 crore and above Rs 5 crore per annum. The effective tax rate for these categories was increased by around 3% and 7%, respectively. Read complete report here

Jan 31, 2020 12:15 (IST)

Indian shares rose on Friday, led by gains in banking stocks, a day ahead of the keenly awaited budget announcement which comes during the country's worst economic slowdown in a decade. Global markets have had a turbulent week as investors fretted about the economic impact from the coronavirus outbreak in China, which has so far killed 213, prompting the World Health Organization on Thursday to declare a global health emergency.

Jan 31, 2020 12:09 (IST)

Slowing growth has put pressure on the government to expedite reforms as five rate cuts by Reserve Bank of India have hardly helped. It will also likely push finance minister Nirmala Sitharaman to go for extra fiscal stimulus when she presents the annual budget on Saturday. The government is expected to announce tax concessions for individuals and increase spending on infrastructure after cutting corporate tax rates last year, according to officials.

Jan 31, 2020 12:06 (IST)

The Economic Survey is divided into three parts. The first and the most important part gives an overview and opinion of the CEA on key issues pertaining to the economy, which can give a peak into the government’s stance on the financial state of the country. The second part comprises data and figures on different sectors of the economy provided by their respective departments and ministries. And the third part deals with national income, production, employment, inflation, balance of trade and export-import trade, among other macro statistics covering all aspects of the economy.

Jan 31, 2020 12:05 (IST)

Annual economic growth slowed to 4.5 per cent in the July-September quarter, the weakest pace since 2013, owing to weakening demand and private investment. Earlier this month, the ministry of statistics said in a statement that GDP is estimated to grow 5.0 percent in 2019-20, slower than the 6.8 percent growth of 2018-19.

Jan 31, 2020 12:05 (IST)

What to Expect from Economic Survey | The crushing slowdown may finally release its grip as the Economic Survey, which will be tabled in Parliament shortly, predicts India's growth rate in the range of 6-6.5 percent in Financial Year 2021. For the current year, the survey forecasts India's gross domestic product (GDP) to grow at five percent — the slowest pace in 11 years — against the earlier estimate of 7 percent in July 2019, CNBC-TV18 quoted people familiar with the matter as saying. 

Jan 31, 2020 12:04 (IST)

Economic Survey to be Tabled Shortly | The Economic Survey  will be tabled shortly in the Parliament.  The Economic Survey of India is an annual document presented by the government mainly to review the state of the economy in the previous one year, while throwing light on its short-to-medium term prospects. The Economic Survey document is equally, if not more, important than the main Union Budget as it not only lays the premise for key policy decisions that need to be taken to take the economy forward but also assesses the impact of the previous decisions through detailed statistical data.

Jan 31, 2020 11:53 (IST)

Prez Condemns Atrocities Against Minorities in Pakistan | President Kovind condemns atrocities against minorities  in Pakistan, urges global community to take necessary action.

Jan 31, 2020 11:50 (IST)

"The Citizenship Amendment Act is a historic law. It has fulfilled wishes of our founding fathers including Mahatma Gandhi," he said. "Debate and discussions strengthen democracy but violence during protests weaken democracy," he said withoutdirectly referring to the anti-CAA protests in the country some of which have witnessed violence. In a reference to abrogation of Article 370, Kovind said there is happiness among people of India that people in Jammu and Kashmir and Ladakh have got rights on par with the rest of the country.

Jan 31, 2020 11:35 (IST)

"I am happy that the wish of the Father of the Nation Mahatma Gandhi has been fulfilled through the enactment of the Citizenship Amendment Act by both the Houses of Parliament," Preseident Kovind said, adding that the procedure to grant citizenship to people of all religions remains as it was

Jan 31, 2020 11:27 (IST)

Ruckus in Parliament during President's address as he hailed the Centre over the Citizenship Amendment Act  and said it is the government's responsibility to give equal rights to all. 

Jan 31, 2020 11:25 (IST)

"50 crore people have been given free treatment worth up to Rs. 5 lakh under the Aysuhman scheme and 24 crore people have benefitted from insurance schemes. 2.5 crore people have been given free electricity connections. This work has been done with entire transparency and without any discrimination," President Kovind said. 

Jan 31, 2020 11:22 (IST)

"My government is clearly of the view that mutual discussions and debates further strengthen democracy. At the same time, any kind of violence in the name of protest weakens the society and the country," President Kovind said in the Parliament. 

Jan 31, 2020 11:21 (IST)

"My government built the Kartarpur Sahib Corridor in record time, dedicated it to the nation on the occasion of 550th Prakash Parv of Guru Nanak Dev Ji," the President said during his address ahead of the Budget session in Parliament. 

Jan 31, 2020 11:19 (IST)

"The abrogation of Article 370 and Article 35A of the Constitution through two-thirds majority by both the Houses of Parliament is not only historic but it has also paved the way for equal development of Jammu and Kashmir and Ladakh," President Ramnath Kovind said. 

Jan 31, 2020 11:15 (IST)

No part of India should be left behind, the President said on the abrogation of Article 370. He also said that Block Development Council elections were held peacefully in J&K.  "Vikas of J&K and Ladakh is key for development of the country. 

Jan 31, 2020 11:10 (IST)

Lauding the Parliament for passing key bills in the past seven months, President Kovind said that this decade will fulfill dreams of Mahatma Gandhi and Jawaharlal Nehru. "Parliament has set new records in last session," the President said. He also praised the citizens of the country for welcoming the Supreme COurt's decision on Ram temple issue. 

Budget 2020 LIVE Updates: Slowdown in Indian Economy Partly Due to Global Drag, Says CEA; Economic Survey Predicts Recovery in Growth at 6-6.5%
File photo of CEA Krishnamurthy Subramanian.

Growth slipped to 4.5 per cent in the July-September quarter.

The Survey this year has been printed in lavender colour — the same as the colour of the new Rs 100 currency note, the oldest currency note in circulation in the country.

The pre-Budget Survey said for wealth to be distributed, it first has to be created and called for looking at wealth creators with respect. The survey said government interventions seem to be ineffective in stabilising prices of commodities such as onions.

For boosting growth, it called for new ideas for manufacturing such as 'assemble in India for the world' which will create jobs.

To further make it easier to do business, the Survey called for removing the red tape at ports to promote exports as well as measures for easing the start of business, register property, pay taxes and enforcing contracts.

It also called for improving governance in public sector banks and the need for more disclosure of information to build trust. It also talks about dwarfism in the banking sector.

Economic Survey advocates 10 new ideas that benefit markets as well as the economy.

Earlier, President Ram Nath Kovind’s address to the joint session of Parliament a day before the tabling of the budget witnessed ruckus as the President hailed the citizenship amendment act and sought support for the contentious legislation. Slogans of ‘shame’ were raised by the Opposition when Kovind said CAA was good for persecuted minorities and added: “Support CAA if you believe in the idea of India.”

At 12pm, Finance Minister Nirmala Sitharaman will table the Economic Survey. After the Economic Survey, CEA Dr Krishnamurthy V Subramanian will address a press conference at 1.45pm.

The crushing slowdown may finally release its grip as the Economic Survey, which will be tabled in Parliament on Friday, predicts India's growth rate in the range of 6-6.5 percent in Financial Year 2021.

For the current year, the survey forecasts India's gross domestic product (GDP) to grow at five per cent — the slowest pace in 11 years — against the earlier estimate of 7 per cent in July 2019, CNBC-TV18 quoted people familiar with the matter as saying.

The document, which maps the state of India’s economy and is prepared by a team of economists based in India's finance ministry, believes that the downward slide in the country’s GDP has bottomed out. The overarching theme in this year’s economic survey is "Wealth Creation" and spells out 10 new ideas to achieve this, they said.

Annual economic growth slowed to 4.5 per cent in the July-September quarter, the weakest pace since 2013, owing to weakening demand and private investment. Earlier this month, the ministry of statistics said in a statement that GDP is estimated to grow 5.0 percent in 2019-20, slower than the 6.8 percent growth of 2018-19.

Slowing growth has put pressure on the government to expedite reforms as five rate cuts by Reserve Bank of India have hardly helped. It will also likely push finance minister Nirmala Sitharaman to go for extra fiscal stimulus when she presents the annual budget on Saturday.