Economic Survey 2022 explains why onions and tomatoes go through massive price spikes

The Economic survey 2021-22 was tabled in Parliament on Monday, ahead of the Union Budget to present the state of the economy and suggest policy prescriptions. The policy guide was tabled by Finance Minister Nirmala Sitharaman soon after President Ram Nath Kovind's address to both Houses of Parliament. The Economic Survey 2022 projected the GDP growth at around 8-8.5% for the next fiscal year (FY23). The survey is authored by a team led by Chief Economic Advisor (CEA) Dr V Anantha Nageswaran. This is the second time the Economic survey is being presented in the midst of the COVID-19 pandemic, the earlier one being last year.
 

Also Read: Economic Survey 2021-22 on Jan 31: What is it and why is it significant?

 

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4.56 pm: Eco survey explains why onions and  tomatoes go through massive price spikes 

a) Lot of seasonality, in line with harvesting cycle b) Irregular components, contributed by weather shocks Solution: financial instruments and supply chains which can smoothen this out, says EconomicSurvey.

 

4.54 pm: Economic Survey 2022 on the state of the Indian economy

 

• Indian economy estimated to grow by 9.2 per cent in real terms in 2021-22 (as per first advanced estimates) subsequent to a contraction of 7.3 per cent in 2020-21.  
• GDP projected to grow by 8- 8.5 per cent in real terms in 2022-23.  
• The year ahead poised for a pickup in private sector investment with the financial system in good position to provide support for economy's revival.  
• Projection comparable with World Bank and Asian Development Bank's latest forecasts of real GDP growth of 8.7 per cent and 7.5 per cent respectively for 2022-23. 
• As per IMF's latest World Economic Outlook projections, India's real GDP projected to grow at 9 per cent in 2021-22 and 2022-23 and at 7.1 per cent in 2023-2024, which would make India the fastest-growing major economy in the world for all 3years.
• Agriculture and allied sectors expected to grow by 3.9 per cent; industry by 11.8 percent and services sector by 8.2 per cent in 2021-22.
• On demand side, consumption estimated to grow by 7.0 per cent, Gross Fixed Capital Formation (GFCF) by 15 per cent, exports by 16.5 per cent and imports by 29.4 per cent in 2021-22.
• Macroeconomic stability indicators suggest that the Indian Economy is well placed to take on the challenges of 2022-23. 
• Combination of high foreign exchange reserves, sustained foreign direct investment, and rising export earnings will provide adequate buffer against possible global liquidity tapering in 2022-23. 
• Economic impact of "second wave" was much smaller than that during the full lockdown phase in 2020-21, though health impact was more severe.
• Government of India's unique response comprised of safety-nets to cushion the impact on vulnerable sections of society and the business sector, significant increase in capital expenditure to spur growth and supply side reforms for a sustained long-term expansion.
• Government's flexible and multi-layered response is partly based on an "Agile" framework that uses feedback-loops, and the use of eighty high-frequency Indicators (HFIs) in an environment of extreme uncertainty. 

 

4.51 pm: Just tuned in? Here are the key highlights of the economic survey 2021-22

 

• 9.2 percent growth expected in real terms in 2021-22
• GDP projected to grow 8.0-8.5 percent in 2022-23
• Pandemic: government's supply side reforms preparing economy for sustained longterm expansion 
• Capex grows by 13.5 percent (yoy) during april-november, 2021
• Foreign exchange reserves touch  us$ 633.6 billion on 31st december, 2021 
• Macroeconomic stability indicators suggest economy well placed to take on challenges of 2022-23
• Massive growth in revenue receipts
• Social sector: expenditure on social services as proportion of gdp increases to 8.6 percent in 2021-22 (be) as compared to 6.2 percent in 2014-15 
• With revival of economy, employment indicators bounced back to pre-pandemic levels during last quarter of 2020-21
• Merchandise exports and imports rebound strongly and surpass precovid levels 

 

4.47 pm: Expenditure on social services ramped up in recent years, says Sanjeev Sanyal
 

Spending on social services has been significantly ramped up in recent years, in various categories such as Health, Education and others, in line with the government's policy of providing safety nets to vulnerable sections in the wake of the COVID-19 pandemic, says the Principal Economic Advisor.

 

4.44 pm: What has been unique about India's policy strategy? 

Barbell Strategy - combining safety nets for vulnerable sections and iterative updating of strategy based on high-frequency data, leading to agile approach - Principal Economic Advisor explains.

 

4.42 pm: 'Shape of economic recovery is tilted W': Sanjeev Sanyal

 

Principal Economic Advisor Sanjeev Sanyal said that the shape of the economic recovery can be best described as a 'tilted W'. Sanyal said that he, along with the best minds in the country, could best come up with 'tilted W'.

The Indian industry sector saw a graph of downfall, and revival during the pandemic phase. Sectors went through contractions and revivals, he said. "In fact if we go through the quarterly data, (we will see) downturn, sharp downturn, revival, shallow downturn, and flatter, more sustained revival. I scratched my head thinking about what would be a good letter of the alphabet to describe this. After a lot of discussions with the best minds, we thought that the best we could do was a 'tilted W'. I know it is very awkward and didn't bother to use it," he said at the CEA presser, following the release of the Economic Survey 2021-22. 

 

4.37 pm: CPI inflation remains in tolerance band at 5.6% WPI inflation back up in double digit 

CPI inflation remains in tolerance band at 5.6% WPI inflation is back up in double digits (partly due to low base last year) We need to be concerned especially about imported inflation due to energy prices - Principal Economic Advisor.

 

4.34 pm: Compared to 2016-17, startup scenario has remarkably changed, says Principal Economic Advisor 

With startup hubs all across the country This shows a startup culture taking root in the country in a clear manner - Principal Economic Advisor.

 

4.32 pm: Even during difficult times of lockdown, current account moved into surplus in Q1 of 2020-21: Principal Economic Advisor
 

Capital flows have been strong, we have a very healthy balance of payments surplus, resulting in accumulation of foreign exchange reserves of $ 634 Billion - Principal Economic Advisor.

 

4.29 pm: With revival of the economy, employment indicators bounced back to pre-pandemic levels during last quarter of 2020-21.

Demand for MGNREGS work stabilizes after second covid surge but remains higher than pre-pandemic level: Economic  Survey 2022.

 

4.28 pm: Economic cost of second wave of pandemic was much milder in comparison to first wave - Principal Economic Advisor.

 

4.27 pm: Agriculture sector now little short of 8% above pre-pandemic levels - Economic Survey 2022

The agriculture sector is now a little short of 8% above pre-Pandemic levels Industrial sector contracted, revived, now ~4.1% above pre-pandemic level Services sector is yet to reach pre-pandemic level
 

4.24 pm: Central theme of Economic Survey 2021-22 is the "Agile Approach"
 

The central theme of Economic Survey 2021-22 is the "Agile Approach". Another theme highlighted in this Economic Survey relates to the art and science of policy-making under conditions of extreme uncertainty.

 

4.22 pm: Economic Survey on COVID vaccination

Economic Survey highlights the agile and multi-pronged approach adopted by India to combat COVID19 vaccination is not merely a health response but is critical for opening up the economy. It should be treated for now as a macro-economic indicator, the survey said.
 

 

4.21 pm: Government's spending on Social Services increased significantly during the pandemic: Economic Survey 2022
 

Government's spending on Social Services increased significantly during the pandemic states the Economic Survey 2021-22. An increase of 9.8% has been made in the expenditure allocation to the Social Services sector in 2021-22 over 2020-21, according to the survey.
 

4.20 pm: Expenditure on health sector increased from Rs. 2.73 lakh crore in FY20  to Rs. 4.72 lakh crore in FY22

Expenditure on health sector increased from Rs. 2.73 lakh crore in 2019-20 to Rs. 4.72 lakh crore in 2021-22 (BE), an increase of nearly 73%. For the education sector, increase during the same period was 20%, according to Economic Survey 2022.
 

4.17 pm: India's external trade recovers strongly in FY22

India's external trade recovers strongly in 2021-22 India was the fourth-largest forex reserves holder in the world after China, Japan, and Switzerland: Economic Survey 2022.

 

4.16 pm: Economic Survey 2022: Agriculture sector grew 3.9% in FY22, 3.6% in FY21

Agriculture sector which accounts for 18.8% of Gross Value Added of the country in 2021-22 has experienced buoyant growth in the past 2 years. It grew at 3.9% in 2021-22 and 3.6% in 2020-21 showing resilience in the face of COVID19.

 

4.14 pm: Economic Survey 2022 highlights the agile approach adopted by India to combat COVID-19
 

Vaccination is not merely a health response but is critical for opening up the economy. It should be treated for now as a macro-economic indicator, says Sanjeev Sanyal, Principal Economic Advisor.

4.11 pm: Economic Survey 2022 on financial, real and professional services sectors
 

"Industry sector has seen a graph of downfall, and revival during the pandemic phase. Financial, real estate and professional services have gone back to pre-pandemic level. Services sector focusing on tourism, hotels, travel is still impacted," says Sanjeev Sanyal, Principal Economic Advisor.

4.08 pm: Economic Survey 2022

"The two-volume format did allow space for bringing in new ideas and themes but, at almost 900 pages, it was also becoming unwieldy," says Principal Economic Advisor Sanjeev Sanyal.
 

4.02 pm: CEA brief media on Economic Survey 2022, says govt pursued 4-pronged approach to prepare economy for post-pandemic world
 

Chief Economic Advisor V. Anantha Nageswaran said the government has pursued a 4-pronged approach to prepare the economy for post-pandemic world short-term support to economy, especially to vulnerable sections While keeping a firm eye on fiscal stability in medium-term Structural & supply-side reforms Process reforms.
 

3.53 pm: CEA begins presser on Economic Survey 2022.

 

3.47 pm: Key highlights of the economic survey 2021-22

 

• 9.2 percent growth expected in real terms in 2021-22
• GDP projected to grow 8.0-8.5 percent in 2022-23
• Pandemic: government's supply side reforms preparing economy for sustained longterm expansion 
• Capex grows by 13.5 percent (yoy) during april-november, 2021
• Foreign exchange reserves touch  us$ 633.6 billion on 31st december, 2021 
• Macroeconomic stability indicators suggest economy well placed to take on challenges of 2022-23
• Massive growth in revenue receipts
• Social sector: expenditure on social services as proportion of gdp increases to 8.6 percent in 2021-22 (be) as compared to 6.2 percent in 2014-15 
• With revival of economy, employment indicators bounced back to pre-pandemic levels during last quarter of 2020-21
• Merchandise exports and imports rebound strongly and surpass precovid levels 

 

3.35 pm: India needs to be wary of imported inflation, Economic Survey warns

 

There is a threat of imported inflation from the depreciating rupee value against the US dollar and the rising global oil prices that have touched $90 a barrel last week. The Economic Survey states that 'although the high wholesale price index (WPI) inflation is partly due to base effects and will even out, India does need to be wary of imported inflation, especially from elevated global energy prices.'
 

3.25 pm: Economic Survey on risk capital
 

In 2021-22, the risk capital (i.e. money raised from capital markets) has so far been more important than the banks in providing finance to the revival: Economic Survey 2022.
 

3.17 pm: Economic Survey: Railways to emerge as an engine of national growth
 

"As more projects are taken on hand and several sources of capital funding are developed, the capex will increase further in coming years and the railway system will actually emerge as an engine of national growth," the survey says.
 

3.08 pm: India's banks are well-capitalised: Economic Survey 2022

India's banks are well-capitalised and the overhang of Non-Performing Assets seems to have structurally declined even allowing for some lagged impact of the pandemic - Economic Survey 2022.
 

3.03 pm: Economic Survey 2022: Fiscal support, health response caused fiscal deficit and govt debt to rise in 2022-21

 

• The revenue receipts of the central government during April- November 2021 have gone up by 67.2 per cent (YoY), as against an estimated growth of 9.6 per cent in the 2021-22 Budget Estimates. 
• The tax collections have been buoyant for both direct and indirect taxes. 
• The gross monthly GST collections have crossed Rs 1 lakh crore consistently since July 2021.
• The fiscal deficit for April-November 2021 has been contained at 46.2 per cent of Budget Estimates (BE) which is nearly one third of the proportion reached during the same period of the previous two years (135.1% of BE in April-November 2020 and 114.8% of BE in April-November 2019). 
• The primary deficit during the period April to November 2021 turned up at nearly half of the level it had reached during April to November 2019.
• This implies that the Government has the fiscal capacity to maintain the support, and ramp up capital expenditure when required. 
• The strong revival in revenues also provides Government with fiscal space to provide additional support as well, if necessary.

2.59 pm: Economic Survey: Threat of Omicron
 

A new wave in the form of the Omicron variant was sweeping across the world, inflation had jumped up in most countries, and the cycle of liquidity withdrawal was being initiated by major central banks.  This is why it is especially important to look at India's macro-economic stability indicators and their ability to provide a buffer against the above stresses.
 

2.54 pm: India's consumption story intact despite third wave
 

India's consumption story is intact despite the third wave of the COVID-19 pandemic. It has grown 7.0 per cent in 2021-22 with significant kitty coming from government spending, according to the survey.
 

2.47 pm: Indian economy well placed to take the challenges of 2022-23 - Economic Survey
 

The Economic Survey 2022 said the Indian economy is well placed to take on the challenges of 2022-23. The survey further said that one of the reasons the Indian economy is in a good position is its unique response strategy. Main points: -

• Rather than pre-commit to a rigid response, Government of India opted to use safety-nets for vulnerable sections on one hand while responding iteratively based on Bayesian-updating of information. 
• This "barbell strategy" was discussed in last year's Economic Survey. 
•  A key enabler of this flexible, iterative "Agile" approach is the use of eighty High Frequency Indicators (HFIs) in an environment of extreme uncertainty.
   

2.43 pm: Economic Survey on Inflation

Inflation has reappeared as a global issue in both advanced and emerging economies. India does need to be wary of imported inflation, especially from elevated global energy prices. - Economic Survey 2022.
 

2.41 pm: Economic Survey 2022 on Textile industry

The textile industry is the second large employment generator in the country, next only to agriculture. In the last decade, close to Rs. 203,000 crores have been invested in this industry with direct and indirect employment of about 105 million people, a major part of which is women. Despite the industry being deeply affected by the lockdown, it has shown a remarkable recovery with positive contribution to growth, as reflected by IIP, of 3.6 per cent during April- October 2020.
 

2.29 pm: Economic Survey 2022 on Atma Nirbhar Bharat

 

Initiatives under Atma Nirbhar Bharat include the introduction of structural and procedural reforms, record vaccinations, various PLI schemes designed to attract investments in sectors of core competency and cutting edge technology, Make-in-India programme to boost domestic manufacturing capacity, reduction of corporate tax rate, etc and steps to improve operational efficiency have helped the industrial sector to keep up its ante. The sector has started to recover steadily and according to the National Statistical Office, is expected to grow at 11.8 per cent in 2021-22.
 

2.25 pm: Growth in FY23 to be supported by widespread vaccine coverage, says Economic Survey

Growth in FY23 to be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations, says the Economic Survey 2022.
 

2.14 pm: Economic Survey 2022: Total consumption estimated to have grown by 7 per cent in 2021-22
 

• The Economic Survey states that the total consumption is estimated to have grown by 7 per cent in 2021-22 with government consumption remaining the biggest contributor as in the previous year. 
• Government consumption is estimated to grow by a strong 7.6 per cent surpassing pre-pandemic levels. 
• Private consumption is also estimated to have improved significantly to recover 97 per cent of the corresponding pre-pandemic output level. 
•  Indicative of uptick in consumer sentiments is the steep rise in digital transactions, notably in UPI payments owing to the pandemic induced a shift to contactless payments: Economic Survey
   

Economic Survey 2021-22: AI privatization important for garnering disinvestment proceeds
 
The Government of India has hailed the privatisation of Air India as an important milestone in terms of not only generating disinvestment proceeds but also for boosting the Centre's privatisation drive in the Economic Survey for fiscal 2021-22. It further said that The New Public Sector Enterprise Policy and Asset Monetisation Strategy reaffirm the government's commitment towards privatisation and strategic disinvestment of PSEs.

"The New Public Sector Enterprise Policy and Asset Monetisation Strategy introduced by the Government reaffirm its commitment towards privatisation and strategic disinvestment of Public Sector Enterprises. The privatisation of Air India has been particularly important, not only in terms of garnering disinvestment proceeds but also for boosting the privatisation drive," the Economic Survey tabled by Finance Minister Nirmala Sitharaman read.
 

2.06 pm: Economic Survey on TDS and TCS
 

For widening the tax net of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) several new transactions were brought into its ambit. These transactions include huge cash withdrawal, foreign remittance, purchase of luxury car, e-commerce participants, sale of goods, acquisition of immovable property, etc: Economic Survey 2022.
 

1.58 pm: India has 3rd largest startup ecosystem after US and China: Economic Survey

According to the survey, 14,000 new startups were added in 2021-22 from 733 in 2016-17. A record 44 Indian startups bagged unicorn status in 2021 taking the total count of unicorns in the country to 83, most of these are in the services sector.

 

1.48 pm: Delhi replaces Bengaluru as the startup capital of India, Economic Survey
 

Over the recent years, Delhi has replaced Bangalore as the startup capital of India. Over 5,000 recognised startups were added in Delhi while 4,514 startups were added in Bangalore between April 2019 to December 2021. With a total of 11,308 startups, Maharashtra has the highest number of recognised startups. India had a record number of start-ups (44) reach unicorn status in 2021. It overtook the UK to emerge as the third highest country in the number of unicorns after the US and China which added 487 and 301 unicorns respectively in 2021. As of January 14, 2022, India has 83 unicorns with a total valuation of US$ 277.77 billion.

 

1.40 pm: Economic Survey 2022: Total consumption is estimated to have grown by 7.0 per cent in 2021-22 
 

Total consumption is estimated to have grown by 7.0 per cent in 2021-22 with significant contributions from government spending.
 

1.34 pm: Economic Survey 2022: Highlights

• India sees 8-8.5% GDP growth in FY23
• Projects 2021-22 real GDP growth at 9.2%
• Agriculture sector to grow 3.9% in 2021-22
• Industrial sector to grow 11.8% in 2021-22
• Services sector to grow 8.2% in 2021-22
• Macro economic indicators suggest India well placed to face challenges in 2022-23
   

1.26 pm: Services sector to grow 8.2% in 2021-22: Economic Survey 2022

 

The Services sector has been the hardest hit by the COVID-19 pandemic, especially segments that involve human contact. The sector is projected to grow by 8.2 per cent in FY22 following last fiscal year’s 8.4 per cent contraction.

 

1.25 pm: Industrial sector to grow 11.8% in 2021-22: Economic Survey 2022.

 

1.23 pm: Agriculture least hit by COVID, to grow by 3.9% in FY22: Economic Survey 2022
 

According to the survey, agriculture was least hit by the COVID-19 pandemic. The sector will grow by 3.9 per cent in 2021-22 after growing 3.6 per cent in the previous year.
 

1.04 pm: FM Sitharaman tables Economic Survey - FY22 GDP growth at 9.2%, FY23 GDP growth between 8-8.5%
 

The Economic Survey has projected 8 to 8.5 per cent Gross Domestic Product (GDP) growth in FY23. For FY22, GDP growth has been pegged at 9.2 per cent.
 

1.00 pm: Economic Survey to be made public after it is introduced before Rajya Sabha at 3.30 pm

Finance Minister Nirmala Sitharaman tabled the Economic Survey 2022 in Parliament. The document will be made public after it is introduced before Rajya Sabha at 3.30 on Tuesday, January 31, 2022.

 

12.54 pm: Economic Survey GDP projection

 

Govt forecasts 8 -8.5% real GDP growth in FY23.

 

12.51 pm: FM Sitharaman tables Economic Survey in Parliament. 

 

12.39 pm: When is Economic Survey released?
 

The Economic Survey is released a day before the Union Budget is presented in Parliament. This year, Finance Minister Nirmala Sitharaman will present the Budget 2022 in Parliament on February 1. 
However, this year the Economic Survey is being prepared by the Principal Economic Advisor and other officials in absence of the Chief Economic Advisor (CEA). The previous CEA KV Subramanian had completed his three-year term as CEA on December 6 last year. The Survey is prepared by the Economics Division of the Department of Economic Affairs of the Finance Ministry under the overall guidance of the Chief Economic Adviser (CEA). It is only released after it is approved by the FM.
 

12.35 pm: What is the Economic Survey? 
 

The Economic Survey is an annual financial document that reviews the economic development in India over the past financial year by analysing and providing detailed statistical data of all the sectors-industrial, agricultural, industrial production, employment, prices, exports, among others. It also analyses trends in other factors that have an impact on the Indian economy such as money supply and foreign exchange reserves. 
 

12.28 pm: Economic Survey 2022: What to expect?
 

GDP FORECAST
 

This year's Economic Survey will likely project a growth rate of around 9 per cent for the next financial year i.e. FY22-23. Besides GDP projection, the survey will also expected to provide details about key indicators such as GST collections and estimates of corporate profitability.

 

CHALLENGES BEFORE INDIAN ECONOMY
 

The Economic Survey had two volumes in the last few years - the first volume primarily outlines the challenges that India's economy faces and the second volume gives a broad-based review of the financial year.

 

MAJOR SCHEMES, KEY POLICIES
 

The Economic Survey also outlines the key schemes run by the government. It also provides details about the outcomes of major policies.

 

COVID-19 IMPACT ON ECONOMY
 

The Economic Survey is expected to give an estimate of the impact of the COVID pandemic on the country's economy. The survey is also likely to provide outline plans for the recovery of the economy.

 

12.18 pm: Economic survey to tabled soon, what to expect?

The Economic Survey will likely project a growth rate of around 9 per cent for the next financial year. Last year, Economic Survey for 2020-21 had projected a GDP growth of 11 per cent during the current fiscal year which is coming to an end on March 31, 2022. 
 

12.10 pm: Govt focused on Make-In-India defence projects, says President Kovind

The president said the government has given priority to Make in India in defence contracts. He added that 209 items used by armed forces will not be imported.
 

12.08 pm: Prez Kovind praises MPs for working amid COVID pandemic
 

Lauding the work of MPs during the pandemic, President Kovind said, "I laud your efforts and thank you for working even amid a raging Covid-19 pandemic."

12.06 pm: President on Climate change

India has set the target of net-zero emissions by 2070 under its commitment to tackle climate change: President Kovind.
 

12.03 pm: India received $48 bn in FDI in first seven months of FY22, says President Kovind.

President Ram Nath Kovind said that India received $48 billion in Foreign Direct Investment (FDI) in first seven months of this fiscal year (FY22), which is a proof of investor confidence in the country.
 

11.59 am: Govt committed to North-East India's development, says Prez Kovind
 

"Government is committed to NE India's development. Rail and air connectivity have improved in north-east India. Arunachal's Itanagar has got a new state-of-the-art airport," President Kovind said adding that the government has started a new era of peace in Naxal areas.
 

11.56 am: Prez Kovind recalls India's performance in Tokyo Olympics
 

Addressing both houses of the Parliament, President Kovind said, "We saw the capability of India's youth power, in Tokyo Olympics. Giving its best-ever performance, India won seven medals. In Tokyo Paralympics too, India won 19 medals and set a record."

 

11.54 am: Govt helped minorities in Afghanistan: President Kovind.

 

11.53 am: Govt focused on preserving historical monuments, artefacts: President Kovind
 

"Ancient artefacts are being brought back to India. We are bettering the infrastructure of historical monuments," Said President Kovind.
 

11.49 am: Govt focused on Make in India projects for defence sector, says President Kovind
 

President Ram Nath Kovind said the country is focused on self-reliance in defence and the government has approved many Make in India projects in this regard. He added that the soldiers will now get 'Made-in-India' weapons. Indigenous Tejas fighters have also been approved, President Kovind stated.
 

11.47 am: Govt has simplified norms to help drone companies, says Prez Kovind.

 

11.46 am: Govt unveiled new labour, banking reforms, says President Kovind.

 

11.43 am: Massive spurt in highway construction across India, says prez Kovind
 

"India has heralded a new age in the transport sector. A huge spurt has been seen in highway construction across India. Work on Delhi-Mumbai Expressway is also underway. India is working towards an integrated transport scenario. In 2014, highway length amounted to 90,000 km. Today, it is 1,40,000 km," said President Kovind.

 

11.41 am: India has once again become one of the fastest-growing economies of the world: President Kovind.
 

11.38 am: Govt is ensuring sufficient funding to MSMEs: President Kovind
 

President Kovind said that more than 13 lakh MSME companies have benefitted from the government schemes and that the MSME sector has been India's backbone.
 

11.35 am: Govt is setting mega textile manufacturing parks to create more jobs, says President Kovind.

 

11.33 am: Govt has eased patent rules for startups, says President Kovind
 

President Ram Nath Kovind said that since 2016, 60,000 new startup firms across 56 sectors gave jobs to 6 lakh people. He added that in 2021, 40 unicorns worth over Rs 7,400 crore came up.
 

11.27 am: NEP has changed the face of education in India, says President Kovind

The president said 4.5 crore students have been granted scholarships last year, adding that women are getting entry into the National Defence Academy (NDA). National Education Policy (NEP) has changed the face of education in India, he said. President Kovind further stated that 10 Engineering colleges are ensuring education in regional languages now.
 

11.23 am: Prez highlights women-focused schemes of govt
 

The government has trained many self-help groups to make them independent, President Kovind said, adding that Beti Bachao, Beti Padhao has helped many girls in the country. The president further stated that the government has also focused on raising the marriageable age for women. He said the government also stopped Triple Talaq.
 

11.20 am: India's agri exports increased by Rs 3 lakh crore in last year: Prez Kovind
 

President Ram Nath Kovind added that the government ensure more avenues for farmers to sell their produce. "The government ensured more avenues for farmers to sell produce. We have set up storage facilities to help farmers. The government has always focused on small farmers. Government has disbursed funds to 1,80,000 farmer families. We have also ensured infrastructure near farm areas," he noted.

 

11.19 am: Govt ensured housing rights for poor, says President Kovind.

 

11.15 am: President on government schemes.
 

Under the Pradhan Mantri Garib Kalyan Anna Yojana, the government is giving free ration every month to all the poor, says the president.
 

11.13 am: UPI transactions have greatly helped the citizens, says Prez Kovind.

 

11.10 am: Govt fully supporting pharma sector: Prez Kovind

Govt has brought PLI schemes for pharma sector. Ayurved and indigenous treatments are also benefiting from government schemes, President Kovind said.

 

11.07 am: More than 90% senior citizens have been administered at least one dose of COVID vaccine: Prez Kovind
 

"India worked as a team during Covid. India's vaccination programme has created world records. Over 90% senior citizens have received at least one dose of vaccine," President Ram Nath Kovind said.
 

11.04 am: President Kovind pays tribute to freedom fighters in Parliament.