Budget Session LIVE: GDP Expected to Grow at 7-7.5% in 2019; 50% Increase in Indirect Taxpayers After GST

The Economic Survey 2018 tabled by Finance Minister Arun Jaitley in Parliament expects India’s GDP growth in 2019 to be between 7 and 7.5%, against 6.5% in the current fiscal. It points to a 50% increase in the number of indirect taxpayers after the implementation of Goods and Services Tax (GST). The survey says that agriculture, education and employment are likely to be the focus areas in the medium term. The Economic Survey, however, voices concern over the rising oil prices. Soon after it was introduced, the Sensex jumped 315 points. The survey has been tabled three days before the Narendra Modi government presents its last full-fledged budget ahead of Lok Sabha elections next year. The Budget Session officially after President Ram Nath Kovind’s address to the joint sitting of Parliament, in which he pitched for smooth passage of triple talaq bill. A similar appeal was made by PM Narendra Modi earlier.

Jan 29, 2018
1:05 pm (IST)
Both the Houses of Parliament adjourned for the day. The Houses will reconvene on February 1.

Jan 29, 2018
1:01 pm (IST)
The Economic 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 4 percentage points higher than global growth and nearly 3 percentage points higher than that of emerging market and developing economies. It said that the GDP growth has averaged 7.3 percent from 2014-15 to 2017-18, which is the highest among the major economies of the world.

Jan 29, 2018
12:58 pm (IST)
Economic Survey calls for "policy vigilance" in coming year if high oil prices persist or stock prices correct sharply

Jan 29, 2018
12:55 pm (IST)
Textile package boosted exports of key man-made ready-made garments by 16 percent, says Economic Survey tabled in Parliament
   
Jan 29, 2018
12:55 pm (IST)
Direct tax collections expected to meet targets this fiscal year; Likely listing of Saudi Aramco to push oil prices further, says Economic Survey tabled in Parliament

Jan 29, 2018
12:48 pm (IST)
There is a need to address pendency, delays, and backlogs in the appellate and judicial arenas, says Economic Survey tabled in Parliament
   
Jan 29, 2018
12:47 pm (IST)
Preliminary analysis of the Goods and Services Tax data reveals 50% increase in the number of indirect taxpayers. 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 , says Economic Survey tabled in Parliament
   
Jan 29, 2018
12:46 pm (IST)
Services growth for FY18 likely to be at 8.3%; Country's economy should witness improvement in next fiscal year, says Economic Survey tabled in Parliament

Jan 29, 2018
12:44 pm (IST)
Gross Value Added (GVA) expected to grow by 6.1 percent in 2017-18 as compared to 6.6 percent in 2016-17, says Economic Survey tabled in Parliament
   
Jan 29, 2018
12:43 pm (IST)
Economy accelerated in second half of current fiscal due to GST, bank recapitalisation, liberalisation of FDI and higher exports, says Economic Survey tabled in Parliament

Jan 29, 2018
12:42 pm (IST)
The export sector to be the biggest source of upside potential and pause in government fiscal consolidation can't be ruled out this Financil Year, says Economic Survey tabled in Parliament
   
Jan 29, 2018
12:41 pm (IST)
Economic Survey pegs 2018-19 GDP growth at 7-7.5 pc; says current high oil prices a major concern.

   
Jan 29, 2018
12:39 pm (IST)
Service growth for FY18 likely to be 8.3%. Employment, education and agriculture to be the focus area for medium term, says Economic Survey tabled in Parliament

   
Jan 29, 2018
12:38 pm (IST)
GDP to expand by 6.75% in 2017-18, re-instating India as world's fastest growing major economy, says Economic Survey tabled in Parliament

   
Jan 29, 2018
12:37 pm (IST)
The real GDP growth to clock 6.75 percent, this Fiscal Economic Survey predicts 7-7.5 percent growth in 2018-19 employment, education & agruiculture to be the focus areas in medium term, says Economic survey

   
Jan 29, 2018
12:36 pm (IST)
Economic Survey says the agriculture growth in FY18 is likely to be at 2.1 percent and industry growth for FY18 is likely to be 4.4%

   
Jan 29, 2018
12:31 pm (IST)
Economic Survey says private investment is poised for a rebound and consumption demand to be helped by low real estate.

   
Jan 29, 2018
12:27 pm (IST)
Economic Survey is likely to estimate FY18 growth at 6.7 percent. Economic Survey is likely to estimate FY19 growth at 7-7.5 percent. Expect FY19 GDP growth at 7-7.5% Vs 6.5% in FY18. Economic Survey is likely expects FY19 Growth to be led by Industrial Revival. Economic Survey likely to expect FY18 manufacturing growth at 8%

   
Jan 29, 2018
12:24 pm (IST)
Arun Jaitley tables the Economic Survey in Parliament. The Economic survey reviews the developments in the Indian economy in the last one year post the last Budget, summarises the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy. The Economic Survey, prepared by the chief economic advisor, is presented to both Houses of Parliament during the Budget Session. Arvind Subramanian is the chief economic adviser now.

Jan 29, 2018
12:04 pm (IST)
The Economic Survey will be tabled by at 1 pm in both the Houses of Parliament.

   
Jan 29, 2018
11:52 am (IST)
Vice President Venkaiah Naidu addressed the joint sitting of the Lok Sabha and Rajya Sabha in Parliament.

   
Jan 29, 2018
11:50 am (IST)
To provide air connectivity to smaller cities and to enable the lower middle class, middle class, and young people to fly, “Ude Desh ka Aam Nagrik” or ‘UDAN’ scheme has been launched.  While only 76 airports of the country were connected with commercial flights since Independence, under ‘UDAN’, work has been initiated to connect 56 airports and 31 helipads in a short span of 15 months. So far, flights have commenced from 16 such airports. Let us all work together to achieve the ideals of the Samata and bandhuta of our Constitution, move in one direction, go with one's integrity, and proceed with the whole energy to build a grand India.   Jai Hind!, with this  President Ram Nath Kovind concludes his speech at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.

   
Jan 29, 2018
11:49 am (IST)
Guided by the fundamental spirit of the Constitution and committed to the welfare of weaker sections, my Government is working towards strengthening social justice and economic democracy and to usher ease of living for the common man, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.

   
Jan 29, 2018
11:49 am (IST)
The dream of new India is not restricted to one political party or organisation. It amplifies the aspirations of 130 million people living in our country. To fulfill this dream, we have to work together. Govt has approved an ambitious programme ‘Bharatmala’ for development of highways. A provision of Rs 535,000 crore has been made for this. In order to enhance National Corridor Efficiency, about 53,000 km of National Highways have been identified, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.

   
Jan 29, 2018
11:47 am (IST)
To bring transparency in government procurement and to provide an opportunity to maximum number of entrepreneurs, a new system - Government E-market place has been created by the name of GeM. With the help of  GeM portal, even the smallest of entrepreneurs are now capable of selling their products to Government. Investment in Railways for capacity development and modernization is being enhanced continuously. My Government is committed to the construction of world class Railways. Work on Mumbai-Ahmedabad High speed bullet train has commenced. My Government has formulated a new Metro Rail Policy which lays emphasis on ‘last mile connectivity’. Presently, Metro work is in progress in 11 cities of the country, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.

   
Jan 29, 2018
11:46 am (IST)
In last three years, thanks to the effort of my Government, India now ranks 100(earlier its was 142) on World Bank's Ease of Doing business ranking. This has enhanced the credibility of the country in the global market, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.

   
Jan 29, 2018
11:44 am (IST)
After joining the Missile Princeton Control Regime last year, India has been incorporated as a member of Wassenar arrangement and Australia's Group this year. This is an important achievement of my Government, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.

   
Jan 29, 2018
11:42 am (IST)
Service to humanity is an integral part of India’s cultural heritage. Because of these values, India has always remained the First Responder in times of crises, such as the earthquake in Nepal, flood calamity in Sri Lanka and drinking water crisis in the Maldives, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.

   
Jan 29, 2018
11:38 am (IST)
The 10 ASEAN leaders as guests on our Republic Day reflects India's philosophy of 'vasudhaiva kutumbakam, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.

Jan 29, 2018
11:36 am (IST)
To make bank credit accessible to the poor and middle class and to encourage self-employment, my Government has facilitated provision of credit without insisting on bank guarantee, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.

   
Jan 29, 2018
11:35 am (IST)
The architect of our Constitution, Dr. Ambedkar used to say that political democracy cannot survive without social and economic democracy, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.

   
Jan 29, 2018
11:35 am (IST)
Guided by this fundamental spirit of the Constitution and committed to the welfare of weaker sections, my Government is working towards strengthening social justice and economic democracy and to usher ease of living for the common man, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.


Jan 29, 2018
11:35 am (IST)
As a result of Government’s policies and the hardwork of farmers, a record production of more than 275 million tonnes of food grain and about 300 million tonnes of horticultural produce has been achieved in the country. The highest priority of my Government is to remove various difficulties faced by farmers and to raise their standard of living. The schemes of my Government are not only removing their hardships but also reducing the expenditure incurred by them on farming, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.

Jan 29, 2018
11:31 am (IST)
‘Aadhaar’ has helped in securing the rights of the poor by eliminating middlemen. At present, Digital Payments are being carried out in more than 400 schemes of the Government, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.


Jan 29, 2018
11:30 am (IST)
?BHIM App’ is playing a major role in promoting digital transactions. The recently launched ‘Umang App’ has made more than 100 public services available on mobile phones, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament. "Under ‘Bharat Net Project’, the Government is providing broadband connectivity to 2 lakh 50 thousand Gram Panchayats. In the first phase, more than one lakh Panchayats have already been connected. To illuminate the lives of the poor and to enable them to move forward on the path to development, my Government is providing electricity connections to 4 crore poor people under the “Saubhagya” Yojana"


Jan 29, 2018
11:29 am (IST)
Under ‘Pradhan Mantri Fasal Bima Yojana’, farmers are being provided affordable and simple crop insurance services.  During 2017, under Rabi & Kharif crops, 5 crore 71 lakh farmers were provided protective coverage under this scheme: says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.


Jan 29, 2018
11:28 am (IST)
Kumbh Mela was included in the list of ‘Intangible Cultural Heritage of Humanity’. Last year, UNESCO accorded Ahmedabad the status of India’s first ‘Heritage City’. Chennai, on account of its glorious tradition of music, has been included in the list of Creative Cities by UNESCO. India’s ambitious space programme is accomplishing new heights in promoting national development and in furthering regional and international cooperation. For the first time in the world, 104 Satellites were launched successfully at one go by ISRO, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.


Jan 29, 2018
11:28 am (IST)
My Government has increased the minimum wage of workers by more than 40 per cent. The number of registers for compliance of Labour laws has also been reduced from 56 to 5. All returns are now filed online on the Shram Suvidha Portal, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.


Jan 29, 2018
11:27 am (IST)
My Government has approved over 2400 ‘Atal Tinkering Labs’ under ‘Atal Innovation Mission’, in order to inculcate a spirit of entrepreneurship and creativity in children at an early age, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.


Jan 29, 2018
11:26 am (IST)
Education provides the foundation for building the future of the Nation. My Government is committed to strengthening and modernising School and Higher Education system in the country, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha in Parliament.


Jan 29, 2018
11:25 am (IST)
Under the ‘Deendayal Amrut Yojana’, over 5200 lifesaving branded medicines and surgical implants are being provided through 111 outlets at discounts ranging from 60% to 90%, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha ahead of the Budget Session.


Jan 29, 2018
11:24 am (IST)
To ensure that benefits of development reach all sections of society, my Government is actively pursuing the work of connecting all villages under the ‘Pradhan Mantri Gram Sadak Yojana’, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha ahead of the Budget Session.


Jan 29, 2018
11:24 am (IST)
As compared to 2014 when only 56 per cent of the villages had road connectivity, now more than 82 per cent villages mostly in far-flung and inaccessible areas have been connected by roads. Our target is to provide road connectivity to every village by 2019, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha.


Jan 29, 2018
11:22 am (IST)
Lives of lakhs of people in tribal areas especially in the North East region are dependent on bamboo industry. Inclusion of bamboo in the category of tree had adversely affected livelihoods associated with it. Keeping in mind these difficulties, my Government has excluded bamboo from the category of tree. This has now provided freedom to cut, transport and use bamboo, says President Ram Nath Kovind at a joint sitting of the Lok Sabha and Rajya Sabha ahead of the Budget Session.

Jan 29, 2018
8:54 am (IST)
The first leg of the Budget session will be from January 29 to 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 for the second leg of the Budget session which will be from March 5 to April 6.


Jan 29, 2018
8:52 am (IST)
Lok Sabha Speaker Sumitra Mahajan on Sunday sought the cooperation of various parties for the smooth functioning of the budget session of Parliament. Mahajan made the appeal to leaders of various parties at a dinner hosted by her, a day before the start of the budget session. Prime Minister Narendra Modi and leaders of various parties attended the dinner at Parliament House Library. "We hope that the budget session of Parliament will function smoothly. Leaders of various parties have assured of their cooperation and smooth functioning of the House," she told reporters after the dinner meeting. She said the House would have eight sittings in the first part of the budget session starting tomorrow, during which 19 out of a total of 36 hours would be devoted on the discussion on the vote of thanks to the President's address and the Union Budget for 2018-19.


Jan 29, 2018
8:45 am (IST)
Senior Congress leader Shashi Tharoor said the BJP government would try to send out a political message by giving tax rebates or investment initiatives in the upcoming Union Budget as it will be their last one. He was speaking on the sidelines of the Jaipur Literature Festival. "This is anyway their last budget, and they will try to send out a political message. If you look at our economy which is in a bad condition, they would want to give some incentives for investments, maybe there will be some tax rebates, they will have to do something for farmers as stagnant agriculture sector has put farmers in a very bad state," he said. The Union minister said if they wanted people to vote for them, they would do something about employment opportunities for the youth as well.


Jan 29, 2018
8:19 am (IST)
RJD leader Jaiprakash Narain Yadav also said the opposition would want the government to speak in Parliament on issues of public importance including communal violence and atrocities on women.


Jan 29, 2018
8:17 am (IST)
The opposition, however, said it planned to counter the government on issues such as incidents of rape and other atrocities on women, alleged attacks on the Constitution and constitutional institutions and the plight of traders, besides the recent incident of communal violence in Uttar Pradesh. The opposition has also asked the government to allow a discussion on these issues during the Budget session. Leaders of the opposition parties are likely to meet today to push for unity and to discuss ways to together corner the government. "We want to raise these issues as they are important. The government should adopt a cooperative attitude and allow the opposition to raise these issues," Congress leader Pramod Tiwari said.


Jan 29, 2018
8:15 am (IST)
The Government on Sunday said it would "leave no stone unturned" to ensure that the triple talaq bill was passed in Parliament's Budget session which starts today, and said it would talk to various parties for a consensus on the issue. The government met leaders of political parties at a meeting in Parliament House on Sunday and sought their cooperation to ensure the success of the crucial session where the Union Budget will be presented. The all-party meeting was attended by Prime Minister Narendra Modi, Union ministers Rajnath Singh, Arun Jaitley and Ananth Kumar, as well as leaders of opposition and other parties.


Jan 29, 2018
8:10 am (IST)
Parliament’s Budget Session begins today with all eyes on the all-important Economic Survey to be presented by Finance Minister Arun Jaitley, followed by the Budget on February 1. This would be the Narendra Modi government’s last full-fledged Budget before the 2019 Lok Sabha election — next year the government will present a Vote on Account. Apart from the Budget, several other crucial bills are on the agenda for this session, including the contentious triple talaq bill, which criminalises the practice instant divorce among Muslims.

Jan 29, 2018
8:54 am (IST)
The first leg of the Budget session will be from January 29 to 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 for the second leg of the Budget session which will be from March 5 to April 6.


Jan 29, 2018
8:52 am (IST)
Lok Sabha Speaker Sumitra Mahajan on Sunday sought the cooperation of various parties for the smooth functioning of the budget session of Parliament. Mahajan made the appeal to leaders of various parties at a dinner hosted by her, a day before the start of the budget session. Prime Minister Narendra Modi and leaders of various parties attended the dinner at Parliament House Library. "We hope that the budget session of Parliament will function smoothly. Leaders of various parties have assured of their cooperation and smooth functioning of the House," she told reporters after the dinner meeting. She said the House would have eight sittings in the first part of the budget session starting tomorrow, during which 19 out of a total of 36 hours would be devoted on the discussion on the vote of thanks to the President's address and the Union Budget for 2018-19.


Jan 29, 2018
8:45 am (IST)
Senior Congress leader Shashi Tharoor said the BJP government would try to send out a political message by giving tax rebates or investment initiatives in the upcoming Union Budget as it will be their last one. He was speaking on the sidelines of the Jaipur Literature Festival. "This is anyway their last budget, and they will try to send out a political message. If you look at our economy which is in a bad condition, they would want to give some incentives for investments, maybe there will be some tax rebates, they will have to do something for farmers as stagnant agriculture sector has put farmers in a very bad state," he said. The Union minister said if they wanted people to vote for them, they would do something about employment opportunities for the youth as well.


Jan 29, 2018
8:19 am (IST)
RJD leader Jaiprakash Narain Yadav also said the opposition would want the government to speak in Parliament on issues of public importance including communal violence and atrocities on women.


Jan 29, 2018
8:17 am (IST)
The opposition, however, said it planned to counter the government on issues such as incidents of rape and other atrocities on women, alleged attacks on the Constitution and constitutional institutions and the plight of traders, besides the recent incident of communal violence in Uttar Pradesh. The opposition has also asked the government to allow a discussion on these issues during the Budget session. Leaders of the opposition parties are likely to meet today to push for unity and to discuss ways to together corner the government. "We want to raise these issues as they are important. The government should adopt a cooperative attitude and allow the opposition to raise these issues," Congress leader Pramod Tiwari said.


Jan 29, 2018
8:15 am (IST)
The Government on Sunday said it would "leave no stone unturned" to ensure that the triple talaq bill was passed in Parliament's Budget session which starts today, and said it would talk to various parties for a consensus on the issue. The government met leaders of political parties at a meeting in Parliament House on Sunday and sought their cooperation to ensure the success of the crucial session where the Union Budget will be presented. The all-party meeting was attended by Prime Minister Narendra Modi, Union ministers Rajnath Singh, Arun Jaitley and Ananth Kumar, as well as leaders of opposition and other parties.


Jan 29, 2018
8:10 am (IST)
Parliament’s Budget Session begins today with all eyes on the all-important Economic Survey to be presented by Finance Minister Arun Jaitley, followed by the Budget on February 1. This would be the Narendra Modi government’s last full-fledged Budget before the 2019 Lok Sabha election — next year the government will present a Vote on Account. Apart from the Budget, several other crucial bills are on the agenda for this session, including the contentious triple talaq bill, which criminalises the practice instant divorce among Muslims.