Ahead of the commencement of Budget Session 2018, Prime Minister Narendra Modi today said that this year's budget would fulfil the expectations of common people. He said that the Budget 2018 would take the India's growth story forward. Finance Minister Arun Jaitley will present the Budget 2018 on February 1. Budget Session began with President Ramnath Kovind's inaugural address to the joint session of parliamentarians.
After President's address, the Finance Minister will table the Economic Survey in parliament. Economic Survey of India is an annual document of the Ministry of Finance. It reviews the developments in the economy over the previous financial year, summarizes 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. Economic Survey is presented to both houses of Parliament during the Budget Session.
Later in the afternoon, Chief Economic Advisor Arvind Subramanian will present the highlights of the survey. In a tweet, the CEA said: "I will be presenting highlights of the #economicsurvey18 at a press conference at the National Media Center at 1:30 pm today."
ARVIND SUBRAMANIAN ON ECONOMIC SURVEY 2018Every $10 increase in oil prices brings down the GDP growth by 0.2 per cent: CEA Arvind Subramanian
The government does not have to do anything radical; just finishing what it has started already would be a very ambitious and fantastic agenda to complete: CEA Arvind Subramanian
Our understanding of the new economy is going to be increased by an order of magnitude, thanks to GST: CEA Arvind Subramanian
Tax rolls, formal sector much bigger than believed and more: CEA Arvind Subramanian
GST revenue has grown at about 12 per cent; for a transformative change like GST, it is providing important promising evidence: CEA Arvind Subramanian
Much more important to reignite investment than it is to raise savings: CEA Arvind Subramanian on their relative impact on growth.
ECONOMIC SURVEY 2018
Persistently high oil prices (at current levels) remain a key risk. They would affect inflation, the current account, the fiscal position and growth, and force macroeconomic policies to be tighter than otherwise.
PRESIDENT RAMNATH KOVIND
- 'Aadhar' 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: President Kovind
- The 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: President Kovind
- The 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: President Kovind
- 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%: President Kovind
- Through the 'Pradhan Mantri Jan Aushadhi' Kendras, 800 different medicines are being made available to the poor people at affordable rates. More than 3 thousand such kendras have been established in the country.: President Kovind
- New 'National Health Policy' has been formulated by my Government for providing better & affordable healthcare facilities to the poor & middle class. In addition, under the 'National AYUSH Mission', traditional methods of treatment, such as, Yoga and Ayurveda are being promoted.
- With the help of GeM portal, even the smallest of entrepreneurs are now capable of selling their products to Government: President Kovind
- To bring transparency in government procurement and to provide opportunity to maximum number of entrepreneurs, a new system - Government E-market place has been created by the name of GeM: President Kovind
- We have implemented One Rank One Pension and till now over 20 lakh ex-servicemen have got their due: President Ramnath Kovind
- After independence, only 76 airports were connected to commercial flights. However, under Udan Yojna, 56 airports and 31 helipads have been added: President Ramnath Kovind
- 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: President Ramnath Kovind
- One crore people have been digitalised in India. Aadhaar card has enabled needy people to avail services without involving any middleman: President Ramnath Kovind
- For the first time, India has become the net electricity exporter. Electrification of 18000 villages is almost complete: President Ramnath Kovind
- To bring everyone closer to development, work under 'Pradhanmantri Gram Sadak Yojana' is being done speedily. In 2014, only 56 per cent
villages were connected to roads, today more than 82 per cent villages have road connectivity with the majority being in remote areas: President Ramnath Kovind
- The government is committed to double farmers' income by 2022. To ensure that farmers get reasonable price for their production, the government connected Krishi Mandis to online Mandis thorugh eNAM: President Ramnath Kovind
- The government has so far opened over 31 crore accounts under Jan Dhan Account scheme. Before this, only 28 per cent women had saving accounts, now over 40 per cent women hold bank accounts: President Ramnath Kovind
- Under Prime Minister Mudra Yojna, over 10 crore loan applications have been accepted. The government has disbursed loan of over 4 Lakh crore to support entrepreneurship: President Ramnath Kovind
- Pradhan Mantri Ujjwala Yojana Scheme helped women in rural areas a big way: President Ramnath Kovind
- I hope the Triple Talaq Bill will be passed soon so that Muslim women can live a life of dignity and without fear: President Ramnath Kovind