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Economic Survey Live Updates: India's policy response after Covid-19 was mature, far-sighted, says CEA

Budget Session 2021: Chief Economic Advisor KV Subramanian launches Economic Survey; says India took "short term pain for long term gain" and recognised that GDP growth will recover, lost human lives cannot be brought back, adds the CEA

twitter-logoBusinessToday.In | January 29, 2021 | Updated 16:42 IST
Economic Survey Live Updates: India's policy response after Covid-19 was mature, far-sighted, says CEA
Chief Economic Advisor KV Subramanian

Economic Survey 2020-21: Finance Minister Nirmala Sitharaman will present Union Budget 2021 on February 1 in the aftermath of a chaotic year brought about by the pandemic. Ahead of the budget, the ministry's department of economic affairs has presented the Economic Survey 2020-21, a flagship annual document that reviews the development of the country's economy in the past year and provides an in-depth preview of the budget.

This year, the Economic Survey 2020-21 holds special importance as it will be released in the backdrop of the coronavirus pandemic and an economic slowdown. The survey and the budget will be completely paperless this year for the first time in India's history. The survey is prepared by the country's Chief Economic Advisor and tabled in both houses of Parliament. The Economic Survey is made public after a stamp of approval by the Finance Minister. After presentation of the Survey, CEA Krishnamurthy Subramanian and his team will hold a press conference and discuss the document, as is customary.

Also read: Budget 2021: Date, time, sector-wise expectations; everything you need to know

Check out all the live updates on the Economic Survey 2020-21 on BusinessToday.In live blog

CEA Subramanian's Press Conference begins

4.15 PM: Even if India were to have the real GDP growth rate as low as 3.8% each year from FY 23 to FY 29, the debts will still come down: CEA

4.13 PM: India's credit rating should be highest

Both on India's ability and willingness to pay, India's credit rating should be the highest; Rating methodology needs correction: CEA. "India's sovereign ratings doesn't reflect it's economic fundamentals," says the CEA.

4.09 PM: Strong correlation of lockdown with decline in cases and deaths is found across states, not just within a few states. Hence Economic Survey infers that lockdown had a causal effect on saving lives and livelihoods: CEA

4.04 PM: Subramanian says India took "short term pain for long term gain"; recognised that GDP growth will recover, lost human lives cannot be brought back, adds the CEA.

4.02 PM: Even without lockdown, COVID-19 pandemic would have created a significant economic impact, says the CEA, adding that what the lockdown did ensure is help a coordinated response, enabling 'saving lives and livelihoods'.

4.00 PM: "The policy response which India came up with, was a mature & farsighted one. India undertook short term pain to get long term gain. The 'V-shaped recovery' makes India a sui generis case in mature policy making," says Chief Economic Advisor.

3.45 PM: "The upturn in the economy while avoiding second wave of infections makes India a sui generis case in humane and mature policymaking amidst a once-in-a-century pandemic," says CEA K V Subramanian.

3.40 PM: CEA presents an analysis of performance of states in averting COVID cases and deaths.

3.35 PM: Chief Economic Advisor KV Subramanian launches Economic Survey - Stringency of COVID-19 lockdown correlates with negative economic growth in same period but with positive growth in future time period, observes the Survey.

1.52 PM: Healthcare takes centre stage, and a key role for the government is to actively shape the structure of the healthcare market: Economic Survey 2020-21

1.51 PM: Economic Survey 2020-21 Highlights: A sectoral regulator to undertake regulation and supervision of the healthcare sector must be considered given the market failures stemming from information asymmetry; WHO also highlights the growing importance of the same.

1.35 PM: Finance Minister Nirmala Sitharaman tables pre-Budget Economic Survey 2020-21 in Lok Sabha

1.14 PM: President above political differences, Opposition boycotting his speech unfortunate, says Union minister Ravi Shankar Prasad. "Congress MP raised slogans in Parliament during President's address, it is very painful. Despite many 'scams' in Congress-led UPA govt, BJP never boycotted President's address," he said.

1.08 PM: Today's Budget Session commenced with President's address, but it is really unfortunate that the entire Opposition boycotted it, says Union Minister Ravi Shankar Prasad

11.50 AM: The nation is recovering from the damage that the economy suffered while saving the life of every Indian during the Corona period. Even in this difficult time, India has emerged as an attractive destination for global investors, says President Kovind.

11.45 AM: "For the first time, a production-linked incentive scheme of about Rs 1.5 lakh crore has been implemented in the country for 10 sectors related to manufacturing. Its benefits have started showing in the manufacturing of many other goods including electronics," says President.

11.43 AM: "Digital payments of more than Rs 4 lakh crore have been made from UPI in December last year. Today more than 200 banks of the country are connected with the UPI system," says President.

11.41 AM: Development of modern technology in India and easy access to modern technology of every Indian is an important identity of India becoming self-sufficient, says President

11.28 AM: President on farm protests

The national flag and a holy day like Republic Day were insulted in the past few days. The Constitution that provides us Freedom of Expression, is the same Constitution that teaches us that law & rules have to be followed seriously: President Kovind

11.27 AM: President on Ayushman Bharat

"The facilities of Ayushman Bharat Yojana can be availed in any of the 24,000 hospitals across the nation. The poor are getting medicines at very low costs at 7000 centres across the country, under Pradhan Mantri Bhartiya Janaushadhi Pariyojana," says President.

11.26 AM: "I am satisfied that the timely decision taken by my Government saved the lives of lakhs of citizens. Today the number of new COVID cases is going down rapidly. The number of recoveries is very high," President Ram Nath Kovind, in Parliament.

11.18 AM: The Atmanirbhar Bharat Abhiyan is not only limited to construction in India, but it is also a campaign to raise the standard of living of every citizen and increase the confidence of the country.

11.14 AM: Proud of our vaccination programme: President

"It is a matter of pride for us that today India is running the world's largest vaccination campaign. Both vaccines of this programme are manufactured in India. In this time of crisis, India has provided millions of doses of corona vaccine to many countries while discharging its obligation towards humanity."

11.06 AM: Prime Minister Narendra Modi on Budget Session 2021: "This decade should be fully utilised. Keeping this in mind, there should be discussions in this session focussing on the decade -- this is expected by the nation," says PM Modi.

11.00 AM: You can catch all the updates on Budget Session 2021 here.

10.58 AM: Member of Parliament (MPs) of Left parties hold a protest march to Parliament against farm laws.

10.52 AM: Lok Sabha Speaker Om Birla arrives at the Parliament.

10.51 AM: Today commences the first Session of this decade. This decade is very important for the bright future of India: PM Modi

9.43 AM: You can watch CEA KV Subramanian's press conference on the Economic Survey 2020-21 here:

9.31 AM: Security check being done at the Parliament, ahead of the commencement of the Budget Session today.

9.23 AM: Union Finance Minister Nirmala Sihtaraman will table the Economic Survey 2020-21 in Parliament today, following which Chief Economic Adviser KV Subramanian will address a press conference at 3.30 PM.

9.00 AM: All press releases including summary, highlights and infographics of Economic Survey 2020-21 will be uploaded on Indiabudget.gov.in after the FM tables survey in both Houses.

8.35 AM: Paperless Economic Survey

Every year, the Economic Survey is presented on January 31 but this year it will be on January 29. The Union Budget will be presented by Finance Minister Nirmala Sitharaman on February 1. The Budget session will be held in two parts -- January 29 to February 15 and March 8 to April 8 and will have a total of 33 sittings. With a view to have a paperless Budget, all the documents and the Economic Survey would be made available online soon after the authenticated copies are laid on the table of Lok Sabha.

8.33 AM: The Economic Survey has three parts -- Volume I, Volume II and Statistical Appendix.The Survey has two parts--one, one consists of the economic challenges that the country is facing and the second is the review of the year gone by.

Also read: Budget Session begins in Parliament; Economic Survey 2020-21 to be released today

8.25 AM: The Economic Survey 2020-21 comprises data on the performance of the economy in the past year, future challenges and the way forward. It is like a report card of India that provides detailed statistical data covering both microeconomics and macroeconomics.

8.15 AM: CEA to address a press conference on today at 2:30 PM in New Delhi after the presentation of Economic Survey 2020-21 by Finance Minister in Parliament.

8.00 AM: The Economic Survey focuses on the major developmental schemes presented by the government and their impact. The Economic Survey also discusses significant fiscal developments, inflation, macroeconomic factors and other economic factors in depth. The Survey goes onto provide indicators for economic performance during the fiscal year.

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