The Economic Survey of India is being tabled in the Lok Sabha in Lok Sabha by FM Jaitley as the budget session has commenced.
Here are all the LIVE UPDATES
Economic Survey 2017-18: Maharashtra, UP, Tamil Nadu and Gujarat are the states with the greatest number of GST registrants. UP and West Bengal have been large increases in the number of tax registrants compared to the old tax regime.
Economic Survey 2017-18: First time in India’s history that 5 states, Maharashtra, Gujarat,Karnataka,Tamil Nadu & Telangana account for 70% of India’s exports. India’s internal trade in goods & services (excludes non-GST goods&services) is actually even higher and is about 60% of GDP.
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 data reveals 50% increase in the number of indirect taxpayers, says Economic Survey.
Economic Survey says there is need to address pendency, delays and backlogs in the appellate and judicial arenas.
Textile package boosted exports of key man-made ready-made garments by 16 percent.
Policy Agenda for coming year: support agriculture; stabilize GST, finish resolution and recapitalization; privatize Air-India and head off macro-economic pressures says CEA Arvind Subramanian.
CEA Arvind Subramanian tweets, “GST revenues doing well: 12 percent growth, better buoyancy than previous taxes.”
New facts on the Indian Economy: To re-ignite growth, raising investment is more important than raising saving, Direct tax collection by Indian states & local govts are significantly lower than those of their counterparts in other federal countries.
Economic Survey predicts India’s GDP growth to be between 7-7.5% in 2018-19.
President Kovind departs for Rashtrapati Bhawan after delivering his maiden speech to the joint house of the Parliament.
With that address by the President of India, the budget session is officially open.
President Kovind concludes his speech. Vice President Venkaiah Naidu reads excerpts of the speech in English.
Our fight against corruption is continuing. In the past one year, registration of about 350,000 suspicious companies have been cancelled, says President Ram Nath Kovind.
President Kovind appreciate’s the soldiers and offer condolences to those who lost their lives in action. J&K Police, defence and paramilitary forces are working together to fight terrorism in Jammu and Kashmir.
President Kovind says that the government is prioritising education, health services and water supply for the development of north eastern states of India.
More than 28 crore of LED bulbs have been distributed to reduce electricity bills by more than Rs 40,000 crore under Ujala scheme.
President Ram Nath Kovind also mentioned about the UNESCO recognising Kumbh Mela as ‘Intangible Cultural Heritage of Humanity’. And also he further added that UNESCO also designated Ahmedabad as ‘Heritage City’. Chennai was included in the list of Creative Cities by UNESCO.
Aadhaar has helped in securing rights of poor by eliminating middlemen, says President Kovind
While addressing both Houses of Parliament President Kovind said, our nation is the youngest nation. My government started Start Up India, Stand Up India, Skill India and Pradhanmantri Mudra Yojana to help the youth of the country to realise their dreams & make them self employed.
The government has made a new national health policy ton provide easy and affordable healthcare to all, says President Kovind.
President Kovind says, Education gives the foundation for building the future of a nation and my govt is committed to strengthen and modernise school and higher education system.
President Kovind also mentions that the government is also working to bring everyone closer to development, work under ‘Pradhanmantri Gram Sadak Yojana’ is being done speedily. In 2014 only 56% villages were connected to roads, today more than 82% villages have road connectivity with the majority being in remote areas.
The President mentioned the government approval for the woman above 45 year5s of age to go on haj with being accompanied by a male.
President Ram Nath Kovind says, 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.
Work has started to connect villages with Broadband connectivity. 2.5 lakh Panchayats have already been connected so far, says President Ram Nath Kovind.
President Kovind says, to provide food supplies to everyone, the government under National Food Security Act is providing food sup0plies at minimal rates to the poor.
President Kovind says his government is working for the upliftment of poor and four crore electricity connections have been given under Saubhagya scheme.
The government is committed to double the income of farmers by the year 2022, says President Ram Nath Kovind.
I hope the Triple Talaq bill will be passed soon so that Muslim women can live a life of dignity and without fear, says President 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, says President Ram Nath Kovind while addressing both the Houses of the Parliament.
President Ram Nath Kovind addresses both the Houses of the Parliament at the commencement of Budget Session.
The Economic Survey is the ministry’s view on the annual economic development of the country. 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 Budget session of the Parliament will be conducted from January 29 to April 6, with the first phase to be held from January 29 to February 9 and the second phase from March 5 to April 6.
The Finance Minister will present the Union Budget 2018 for the fiscal year 2018-19 on February 1. This will be the first Budget in the post- GST (Goods and Services Tax) era and the last full budget from Jaitley before the general election in 2019.