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Tag: economic survey 2021

  • Budget 2021: Why R&D wants a lot wanted push

    Image Source : PTI Budget 2021: Why R&D wants a lot wanted push
    By L Divya
    With the graduation of the Budget session within the Parliament on January 29, 2021, the Economic survey 2020-21 was tabled by Finance Minister  Nirmala Sitharaman. What caught my eyes was one of many key suggestions within the doc concerning the want for innovation via extra investments within the Research and Development (R&D) sector. Having labored on this sector for a short time frame, I’ve witnessed among the actual challenges this sector notably faces. The non-public sector has at all times been output pushed, which is not any incorrect and the phrase very intently associated to Research and Development is ‘Trial and Error’. So principally, one has to repeatedly strive till success is achieved. But the catch is — success is just not at all times assured. So, the sources, time, and cash invested may be all be a waste. To add to the issue there’s additionally an absence of a conducive surroundings which is requisite for some actual R&D to bear fruits. Owing to the dearth of field- coaching and sensible data imparted to the scholars.
    The suggestions made by Chief Economic Advisor to the Government of India Krishnamurthy Subramanian within the Economic Survey 2020-21 is about the necessity to ‘significantly Increase’ the funding in R&D by the enterprise sector. Economic Survey of India is an annual doc by the Finance Ministry, it presents the view on the state of the financial system of the nation. The suggestions within the survey will not be binding on the federal government, but are very important. 

    The burgeoning demand for testing kits after which SARS-CoV-2 Vaccine has given Indian companies a possibility to faucet into their potential in R&D in numerous domains like Biotechnology, Pharmaceuticals, and even engineering. R&D results in innovation and India has a protracted technique to go in terms of bettering its efficiency in numerous indicators of innovation. According to the survey, the federal government contributes 56% of gross expenditure on R&D, which is thrice the common contribution by governments of the highest 10 economies. Whereas, the contribution from the enterprise sector is way much less in the direction of gross expenditure on R&D (about 37%) in comparison with the companies in every of the highest 10 economies (68% on common). As the federal government sector is the key contributor to R&D, (which isn’t very encouraging) there’s loads of room for personal traders to pitch on this space. Interestingly, ‘tax incentives’ for R&D are extra liberal in India in comparison with the highest 10 economies.
    The backside line is that the federal government has its coronary heart in the best place. It is for the ‘private players’ to listen to the ringing bells. Investment in R&D is the necessity of the hour and it may be achieved solely when enterprise sector shed their reluctance to make extra funding in R&D because the time is correct.
    (Disclaimer: The opinions expressed on this article are these of the writer. They don’t mirror the views of India TV )
    ALSO READ | Govt might announce new scheme for revival of discoms to attain 24X7 energy for all
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  • New farm legal guidelines herald new period of market freedom: Economic Survey

    Image Source : ANI New farm legal guidelines herald new period of market freedom: Economic Survey
    Amid raging protests over new farm legal guidelines, the federal government’s pre-Budget state of financial system doc on Friday went the additional mile to record advantages of the three contentious legal guidelines, saying that moreover giving market freedom, they are going to assist increase incomes of small and marginal farmers. The Economic Survey 2020-21, tabled in Parliament by Finance Minister Nirmala Sitharaman, had in two sections talked about concerning the three payments, detailing their salient options in addition to the advantages that they are going to carry.
    Defending the three new farm legal guidelines strongly, the Survey mentioned they herald a brand new period of market freedom which might go a good distance in bettering lives of small and marginal farmers in India.
    These legislations have been designed “primarily” for the advantage of “small and marginal farmers”, which represent round 85 per cent of the entire variety of farmers and are the most important sufferer of the “regressive” APMC-regulated market regime, it added.
    Thousands of farmers, primarily from Punjab, Haryana and Western Uttar Pradesh, are protesting at numerous borders of the nationwide capital in search of repeal of those legislations. They have expressed considerations that the legal guidelines are pro-corporate and will weaken government-regulated mandis, additionally known as Agriculture Produce Marketing Committees (APMCs).
    Eleven rounds of talks between the federal government and round 40 unions have failed to interrupt the impasse.
    “The reforms in the agricultural sector were more overdue than even the labour reforms as the existing laws kept the Indian farmer enslaved to the local mandi and their rent-seeking intermediaries. While every other category of producer in India had the freedom to decide where to sell his/ her produce, the Indian farmer did not,” the doc noticed.
    The native monopolists created by this authorized infrastructure enabled the intermediaries to prosper at the price of the farmer, particularly the poor ones.
    The survey highlighted that “agricultural reforms enable the farmer to sell where he gets the best deal and thereby enable competition that is sine qua non to create welfare for the small farmer”.
    Listing the advantages, the doc mentioned that reforms in agriculture markets will allow creation of ‘One India one market’ for agri-products, create innumerable alternatives for farmers to maneuver up the worth chain in meals processing — from farm to fork, create jobs and improve incomes.
    Several Economic Surveys have expressed concern on the functioning of the APMCs and the truth that they sponsor monopolies. Specifically, Economic
    Surveys for the years 2011-12, 2012-13, 2013-14, 2014-15, 2016-17, 2019-20 centered on the reforms required on this context.
    Many committees have really useful agri-market reforms since 2001, together with by the National Commission on Farmers chaired by M S Swaminathan and Taskforce on Employment Opportunities headed by Montek Singh Ahluwalia, as per the survey.
    In September 2020, Parliament handed three farm legal guidelines — The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020 and The Essential Commodities(Amendment) Act, 2020.
    “The newly introduced farm laws herald a new era of market freedom which can go a long way in the improvement of farmer welfare in India,” the survey mentioned.      
    According to the survey, the Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Act, 2020 will empower farmers of their engagement with processors, wholesalers, aggregators, massive retailers, exporters and can present a degree enjoying discipline.

    It will switch the danger of market unpredictability from the farmer to the sponsor and in addition allow the farmer to entry fashionable know-how and higher inputs. Farmers have been offered satisfactory safety as sale, lease or mortgage of farmers’ land is completely prohibited and farmers’ land can be protected in opposition to any restoration.
    The farmers can have full energy within the contract to repair a sale value of their alternative for the produce. They will obtain cost inside a most of three days.
    As a part of this legislation, 10,000 Farmer Producer Organizations are being fashioned all through the nation. These FPOs will carry collectively small farmers and work to make sure remunerative pricing for farm produce.
    After signing the contract, farmers won’t have to hunt out merchants because the buying client might want to take the produce immediately from the farm.
    The Essential Commodities (Amendment) Act 2020 removes commodities like cereals, pulses, oilseeds, edible oils, onion and potatoes from the record of important commodities. This goals to take away fears in personal traders from extreme regulatory interference of their enterprise operations.
    The freedom to provide, maintain, transfer, distribute and provide will result in harnessing of economies of scale and can entice personal sector/ overseas direct funding into the agriculture sector. The laws will assist drive up funding in chilly storages and modernisation of the meals provide chain, the survey mentioned.
    Pointing out farmers’ plight, the report mentioned that farmers have suffered from numerous restrictions in advertising and marketing their produce.
    They weren’t allowed to promote outdoors the notified APMC market yards. The farmers have been restricted to promote their produce solely to registered licensees of the state governments.
    Further, limitations existed in free movement of agriculture produce between numerous states owing to the prevalence of assorted APMC legislations enacted by the state governments.
    The APMC rules have certainly resulted in quite a few “inefficiencies and consequent loss to the farmers”.
    “The presence of multiple intermediaries between the farmers and the final consumers has led to low realisation by farmers. Further, a large range of taxes and cesses levied by APMCs cuts into farmers’ price realisation while only a small proportion is ploughed back into the development of mandi infrastructure. Poor infrastructure at the mandis compounds the problem of price realisation for the farmers,” it mentioned.
    Long queues of farmers ready, most frequently, within the sizzling solar to promote their produce with restricted capacity to take their produce elsewhere even when the worth is larger in one other mandi is a attribute function of APMC mandis, the survey mentioned.
    The delays lead to massive post-harvest losses to the tune of 4-6 per cent in cereals and pulses, 7-12 per cent in greens and 6-18 per cent in fruits.
    Total post-harvest losses have been estimated at Rs 44,000 crore at 2009 wholesale costs.
    “Recognising the above limitations of existing market regulations, various committees had recommended several reforms in the marketing of agricultural commodities,” the survey mentioned. 
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  • India emerges as main nation for flexi-staffing, platform staff: Economic Survey

    Image Source : INDIA TV India emerges as main nation for flexi-staffing, platform staff: Economic Survey
    India has emerged as one of many largest nations for flexi-staffing or gig and platform staff, as e-commerce platforms created huge alternatives amid the pandemic, in response to the Economic Survey 2020-21. “The lockdown period also saw the growth of the gig economy and increasing work from home in the organised sector,” the survey tabled in Parliament stated on Friday.
    According to the coverage doc, the character of labor has been altering with the change in know-how, the evolution of recent financial actions, innovation in organisation constructions and evolving enterprise fashions.
    Digital platforms have emerged as enablers for employment creation with the ability to simply uncover job seekers and job suppliers within the absence of middlemen, the survey stated.
    Apart from conventional forces, these new platforms have created huge alternatives for the buyer and repair supplier to work together by way of modern methods.
    Digital know-how allows two-sided markets, which noticed the emergence of e-commerce and on-line retailing platforms like Amazon, Flipkart, Ola, Uber,
    Urban Clap, Zomato, Swiggy and so on.
    The survey stated India has emerged as one of many largest nations for flexi-staffing on this planet.
    During the COVID-19-induced lockdown, the growing position of the gig economic system was evident with vital development of the net retail enterprise, it noticed.
    The lockdown interval additionally noticed employers preferring ‘make money working from home’ for his or her workers, chopping down on workers power and fascinating freelancers or outsourcing duties to cut back overhead prices in addition to to rent expert providers, as per the survey.
    Increasing demand in industries to rent project-specific consultants, emblem/content material designers, net designers and so on. for the white-collar staff, the supply boys and taxi drivers engaged in platforms like Uber/Ola, Swiggy, Big Basket, Pizza Hut and so on is now displaying potential as nicely, the survey noticed.

    As a outcome, the gig economic system has been widespread among the many staff in India, it identified.
    The advantage of the gig economic system is that it permits flexibility in employer-employee relationship to each service seeker and repair supplier.
    The nature of job contract for a gig employee is totally different from the contract between an employer and worker/employee. Their labour contract is normally shorter and extra particular to the duty or job assigned.
    Their employment sort is likely to be both non permanent or contractual and positively not common. The nature of fee towards the work is extra of piece fee, negotiable, possibly as wage or partly as revenue/reward than a hard and fast wage.
    The management over their work by employer varies in diploma however in any case, shouldn’t be full. The staff more often than not are versatile to determine on when to work, the place to work and so on.
    Till not too long ago, gig or platform staff had been devoid of their primary rights and social safety safety primarily as a result of they had been neither thought of as employee nor worker beneath the definition of worker within the labour legal guidelines of the nation and weren’t entitled to authorized safety beneath labour legal guidelines.
    For the primary time, these class of staff have been introduced beneath the ambit of the newly launched Code on Social Security 2020 by defining them solely within the class of unorganised employee for offering social safety advantages, the survey stated.
    About the affect of the pandemic on employment, it stated the COVID-19 has uncovered the vulnerability of city informal staff, who account for 11.2 per cent of the city workforce (All-India) as per PLFS (periodic labour drive survey), January-March, 2020, a big proportion of them are alleged to be migrants who had been impacted by the lockdown.
    About 63.19 lakh migrant staff travelled by way of Shramik Special trains from May-August 2020.
    It stated that with restricted information accessible on inter-state migration and employment in casual sectors, it’s tough to determine the numbers of migrants who misplaced jobs and lodging throughout the pandemic and returned house.
    2019 and 2020 are landmark years within the historical past of labour reforms, when the nation noticed the almost 29 Central Labour legal guidelines being amalgamated, rationalized and simplified into 4 labour codes, thereby bringing these legal guidelines in tune with the altering labour market traits and on the similar time accommodating the minimal wage requirement and welfare wants of the unorganised sector staff, together with the self-employed and migrant staff, throughout the framework of laws, it added. 
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  • Economic Survey reaffirms worst behind us however steady govt assist wanted: Industry

    Image Source : INDIA TV Economic Survey reaffirms worst behind us however steady govt assist wanted: Industry
    The Economic Survey reaffirms that the worst is behind us and the financial system would bounce again with a V-shaped restoration after being hit arduous by the COVID-19 pandemic, India Inc stated on Friday. Sharing their views on the Survey 2020-21 tabled in Parliament, the trade additionally made a case for continuation of assist from the federal government this yr for a broad base restoration and revitalise the ameliorating financial development.
    CII Director General Chandrajit Banerjee stated the survey makes a candid and convincing evaluation of the Indian financial system primarily based on goal evaluation, enriching content material and credible coverage course to take the financial system ahead.
    “While striking an optimistic note, the Survey reaffirms that the worst is behind us and the economy would bounce back, to experience a resilient V shaped recovery after being hard hit by the COVID-19 pandemic. The availability of the vaccine and robust service sector recovery would further buttress the growth momentum,” Banerjee stated.
    ALSO READ | Onion costs skyrocket in Aug-Nov yearly; govt should evaluate buffer inventory coverage: Economic Survey
    Ficci President Uday Shankar stated a number of key factors made within the survey are in tune with the present necessities of the financial system and it hopes to see a mirrored image of those within the upcoming Union Budget.
    “To bring the improving growth trajectory on a firm footing and extend it to many more sectors, continuous support from the government is needed through the year 2021,” Shankar stated, and emphasised that this isn’t the time to be hemmed in by potential influence of an expansionary fiscal coverage on sovereign scores however stroll the additional mile to fulfill the nationwide necessities.
    Assocham Secretary General Deepak Sood stated the survey has hit the nail proper on its head by stating that the Indian financial system’s “homecoming” to normalcy is resulting in hopes of a strong restoration in providers and consumption, emphasizing forcefully that the reforms should proceed to grasp the complete development potential.
    ALSO READ | Economic Survey pegs India’s FY22 financial development at 11%
    ”The Survey, authored by Dr Krishnamurthy Subramanian, presents an optimistic outlook for the following monetary yr projecting 11 per cent actual GDP development. That sounds slightly conservative and if we proceed to do effectively on containing and eventually eliminating the COVID-19 virus, the expansion for 2021-22 may even shock for higher,” Sood stated.

    PHD Chamber of Commerce and Industry President Sanjay Aggarwal stated: “The Survey indicates that India’s mature policy response to this once-in-a-century crisis provides important lessons for democracies to avoid myopic policy-making and demonstrates the significant benefits of focusing on long-term gains”.
    Experts too shared their views on numerous features of the Economic Survey.
    Arun M Kumar, Chairman and CEO, KPMG in India stated the Survey goals to chart a manner out of the pandemic disaster, in the direction of a future of sturdy development, as additionally recommended by the IMF’s World Economic Outlook of January 2021.
    Rumki Majumdar, Economist, Deloitte India famous that the emphasis of the Survey has rightly been on healthcare and one which they too have repeatedly highlighted.
    Ashwin Sapra, Partner, Cyril Amarchand Mangaldas stated, “COVID-19 has exposed the fault lines in our healthcare system. The Economic Survey sheds light on this glaring issue. Steps need to be taken to bridge the gaps so that we are not caught off guard ever again.”
    India’s financial system is more likely to rebound with a 11 per cent development within the subsequent monetary yr because it makes a ‘V-shaped’ restoration after witnessing a pandemic-led carnage, the pre-Budget Economic Survey stated on Friday.
    The Gross Domestic Product (GDP) is projected to contract by a document 7.7 per cent within the present fiscal ending March 31, 2021. India witnessed its final annual contraction of 5.2 per cent in fiscal yr 1979-80.
    The Economic Survey 2020-21 stated the agriculture sector is the one silver lining whereas providers, manufacturing and building have been most hit by the lockdown that was imposed to curb the outbreak of the COVID-19 pandemic. 
    ALSO READ | India’s FY21 GDP to contract 7.7%, says Economic Survey
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  • Onion costs skyrocket in Aug-Nov yearly; govt should assessment buffer inventory coverage: Economic Survey

    Image Source : PTI Onion costs skyrocket in Aug-Nov yearly; govt should assessment buffer inventory coverage: Economic Survey
    Expressing concern over a pointy rise in onion costs throughout August-November yearly, the Economic Survey really helpful assessment of the federal government’s buffer inventory coverage, including that the important thing kitchen merchandise ought to be saved in trendy chilly storage services and distributed well timed to scale back wastage of big portions.
    The pre-Budget Survey additionally mentioned the federal government ought to promote the usage of dehydrated onions which have longer shelf life for buffer inventory goal, whereas the hydrated selection ought to be offered early.
    Onion costs had skyrocketed to as excessive as Rs 100 per kg within the retail markets few months again, forcing the federal government to ban exports, permit imports and impose inventory limits. The exports curbs have been lifted now with softening of costs.
    While analysing onion value seasonality and efficient coverage measures in nice element within the report, the Survey rued that the costs skyrocket regardless of the federal government’s efforts to create a buffer inventory for promoting onions in case of rise in retail costs.
    This exposes “the absence of a suitable policy to ensure price stability of India’s staple vegetable”.
    “Review of onion buffer stock policy is essential. System needs to be developed to reduce wastages, efficient management and ensure timely release,” the report mentioned, whereas suggesting measures to maintain costs beneath test by way of the 12 months.
    The report identified that co-operative Nafed, which procures onions on behalf of the federal government, created buffer inventory in 2019 of about 58,288 tonnes, of which round 18,808 tonnes had been broken. About 25,000 tonnes are more likely to be broken in 2020.
    “Rabi (winter-sown) harvesting takes place between March and May in most states and the crop is sold during June-July period, kharif (summer-sown) harvesting takes place between October and November and the crop is available in the market till rabi harvest. The period between the two that is August to November is when we observe the prices of onion rise sharply,” the doc reasoned.
    Stating that the federal government has taken numerous proactive measures to curtail onion value rise, the Survey highlighted that inventory restrict was imposed on November 23 final 12 months beneath the Essential Commodities (Amendment) Act 2020 (25 tonnes for wholesalers and a couple of tonnes for retailers) until December 31.
    The Centre banned onion exports on September 14, 2020, offloaded buffer shares, and directed MMTC to import.
    On the effectiveness of presidency measures, the Survey identified that in 2019, Nafed created buffer inventory of about 58,288 tonnes, out of which round 18,808 tonnes of onions had been broken, 33,313 tonnes had been distributed within the native markets resulting from being of sub-standard high quality and solely 6,167 tonnes might be distributed to states.

    This time, Nafed has created round 99,000 tonnes buffer inventory, out of which 25,000 tonnes are more likely to be broken. Stocks truly distributed to states are nonetheless low at 11,653 tonnes (until November 2020).
    “NAFED stores its buffer stock of onion using traditional methods, as opposed to cold storage, leading to the wastage,” it mentioned.
    As per the information, yearly virtually 100 per cent of the inventory procured is saved in conventional and conventionally designed storage services. In 2020, roughly 15 per cent of the shares are saved in trendy and outfitted storage services as popularised by the National Horticultural Research and Development Foundation (NHRDF).
    The wastages are additional aggravated resulting from hostile climate circumstances like premature rainfall and extra moisture.
    Moreover, Nafed procures and shops onion principally in three states — Maharashtra, Madhya Pradesh and Gujarat. This focus of inventory storage in simply three states makes it extra vulnerable to hostile climate shocks.
    “Moreover, this doesn’t allow for immediate action when needed, in fact delays it. A decentralised system of procurement and storage with proper tracking can make the system more robust,” it added.
    Listing out ideas to take care of this example, the Survey mentioned the Nafed ought to undertake clear course of in looking for requirement from states in order that onions will be distributed on time and costs stay beneath management.
    “There should be a transparent online platform where all information relating to requirement details by states, procurement undertaken state wise and month wise, amount disbursed state wise, agency wise, month wise should be made available for better planning and decision making,” the doc mentioned.
    In Maharashtra, Gujarat, Haryana, Madhya Pradesh and western Uttar Pradesh, large-scale storage of onions is finished in conventionally-designed constructions. In different states, the storage is finished solely on a small scale however is now exhibiting an rising development after post-harvest know-how and improved storage constructions have been popularized by NHRDF.
    “Traditional storage practices result in substantial losses in stored onions, hence use of improved storage structures as well as use of good storer varieties, judicious use of fertilisers, timely irrigation and post-harvest technology are essential to reduce the losses in stored onions (Operation Greens portal),” it mentioned.
    The survey additionally recommended creating an eVIN (digital vaccine intelligence community) like monitoring system.
    “For onion supply we do not need such a complicated system but a simple tracking system based on the principles of eVIN might be adequate. This can help provide real-time information on onion stocks, track storage temperature and moisture level and alert the authorities whenever any parameter is breached,” it mentioned.
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  • Economic Survey 2021 Highlights: Govt pegs FY22 GDP progress at 11%, FY21 GDP to contract 7.7%

    Economic Survey 2021 Highlights: The Budget Session of the Parliament started right this moment and Finance Minister Nirmala Sitharaman tabled the Economic Survey 2020-21 within the Lok Sabha. The annual doc by the Ministry of Finance beneath the steerage of Chief Economic Advisor KV Subramanian offers a abstract of annual financial improvement throughout the nation through the monetary 12 months 2020-21.
    According to the doc, the federal government sees the Indian economic system rising at 11 per cent within the monetary 12 months 2021-22 (FY22). However, the GDP progress fee is estimated at minus 7.7 per cent for the continued fiscal.
    “The estimated real GDP growth for FY 2022 at 11 per cent is the highest since independence,” the Economic Survey mentioned.

    Here are the highlights of Economic Survey 2020-21:
    – “Real growth rate for FY21 is taken as -7.7 per cent (MoSPI) and the real growth rate for FY22 is assumed as 11.5 per cent based on IMF estimates,” Economic Survey 2020-21 doc mentioned.
    – The survey projected a V-shaped restoration: While the lockdown resulted in a 23.9 per cent contraction in GDP in Q1, the restoration has been a V-shaped one as seen within the 7.5 per cent decline in Q2 and the restoration throughout all key financial indicators.
    – Despite the hardhitting financial shock created by the worldwide pandemic, India is witnessing a V-shaped restoration with a secure macroeconomic scenario aided by a secure forex, comfy present account, burgeoning foreign exchange reserves, and inspiring indicators within the manufacturing sector output.
    – Together, prospects for strong progress in consumption and funding have been rekindled with the estimated actual GDP progress for FY 2021-22 at 11 per cent.
    – India’s mature coverage response to this “once-in-a-century” disaster thus offers essential classes for democracies to keep away from myopic policymaking and demonstrates the numerous advantages of specializing in long-term good points.
    – India’s actual GDP is projected to document a progress of 11.0 per cent in 2021-22 and nominal GDP by 15.4 per cent.
    – Based on tendencies obtainable for April to November 2020, there’s prone to be fiscal slippage through the 12 months
    – India anticipated to witness present account surplus through the present monetary 12 months after a niche of 17 years
    – India’s sovereign credit score rankings don’t replicate its fundamentals, the Survey says
    – An Asset Quality Review train should be performed instantly after the forbearance is withdrawn.
    – Economic progress has a far higher impression on poverty alleviation than inequality. Therefore, given India’s stage of improvement, India should proceed to give attention to financial progress to raise the poor out of poverty by increasing the general pie, the doc mentioned.
    – Reforms in tax administration have set in movement a strategy of transparency, accountability and extra importantly, enhancing the expertise of a tax-payer with the tax authority, thereby incentivising tax compliance.
    – “This Economic Survey is dedicated to all COVID warriors who upheld India. It also captures the resilience of the Indian economy. Keeping with the times, this year’s Survey is being delivered in e-book format, with an official app for it. Chapter 1 is about India’s policy response to COVID-19 and Saving Lives And Livelihoods amidst a once-in-a-lifetime crisis,” CEA Subramanian mentioned.
    – India’s coverage response to COVID-19 was guided by the belief that GDP progress will come again, however not misplaced human lives. Early intense lockdown saved lives, helped sooner restoration. Both on COVID-19 instances & deaths, India has executed very well, the CEA mentioned.
    – CEA Subramanian introduced an evaluation of efficiency of states in averting COVID instances & deaths: Maharashtra -> beneath performer on each counts. UP, Gujarat, Bihar -> over performers in instances. Kerala, Telangana, AP -> over performers in deaths.

    CEA @SubramanianKri presents an evaluation of efficiency of states in averting #COVID instances & deaths#Maharashtra ➡️ beneath performer on each counts
    UP, Gujarat, Bihar ➡️over performers in instances
    Kerala, Telangana, AP ➡️over performers in deaths#SavingLivesAndLivelihoods pic.twitter.com/znJJMuhLeT
    — PIB in Maharashtra 🇮🇳 (@PIBMumbai) January 29, 2021
     
    – The CEA defined the sturdy correlation of lockdown with the decline in instances & deaths discovered throughout states. “Even without lockdown, COVID-19 would have created a significant economic impact. But lockdown ensured a coordinated response, enabling saving lives and livelihoods,” he mentioned.
    – KV Subramanian mentioned that India was the one nation to announce structural reforms. “India focused on saving lives and livelihoods; took short term pain for long term gain. Recognized that GDP growth will recover, lost human lives cannot be brought back,”

    India – the one nation to announce structural reforms
    India targeted on #SavingLivesAndLivelihoods; took brief time period ache for long run achieve
    Recognized that GDP progress will get well, misplaced human lives can’t be introduced again
    – CEA, on India’s #COVID19 Policy Response pic.twitter.com/4Btl6ANpTB
    — PIB in Maharashtra 🇮🇳 (@PIBMumbai) January 29, 2021
     
    – He mentioned that Economic Survey requires counter-cyclical fiscal coverage to be an essential level of emphasis, the place the federal government steps in when the non-public sector does badly and steps again when the non-public sector does nicely.
    – Is India’s debt sustainable? Subramanian mentioned “Even if India were to have the real GDP growth rate as low as 3.8 per cent from FY23 to FY29, debts will still come down. Economic Survey highlights potential of public investment, especially in a slowdown; calls for fiscal policy to support growth.”

  • Parliament Budget Session 2021 Live Updates: President handle to each Houses right now

    Gandhi statue at Parliament (Express Photo/File)
    Opposition events boycott President handle to Parliament
    17 Opposition events mentioned Thursday they might boycott President Ram Nath Kovind’s customary handle to the joint sitting of Lok Sabha and Rajya Sabha Friday. They mentioned this is able to be an expression of solidarity with farmer unions who’ve been protesting at Delhi’s borders for over two months, demanding the repeal of recent agriculture legal guidelines.
    Responding to the announcement, Minister of Parliamentary Affairs Pralhad Joshi mentioned: “I appeal to leaders of all parties not to boycott the President’s address. The government is ready to discuss all issues threadbare, and as much time as is required will be set aside when the Business Advisory Committees of both Houses meet.”
    In a joint assertion, the Opposition leaders mentioned: “Lakhs of farmers have been agitating at the gates of the national capital of Delhi, braving biting cold and heavy rain for the last 64 days for their rights and justice. Over 155 farmers have lost their lives. The Government remains unmoved and has responded with water cannons, tear gas and lathi charges. Every effort has been made to discredit a legitimate mass movement through a government-sponsored disinformation campaign.”
    “Unfortunately, there were few acts of violence on January 26 in the national capital of Delhi which was condemned universally and unequivocally. We also express our sadness over the injuries sustained by Delhi Police personnel while handling the difficult situation. But we believe that an impartial investigation will reveal the Central Government’s nefarious role in orchestrating those events,” the leaders mentioned.
    The signatories to the joint assertion are Leader of Opposition in Rajya Sabha Ghulam Nabi Azad, Congress chief in Lok Sabha Adhir Ranjan Chowdhury, Congress deputy chief in Rajya Sabha Anand Sharma, NCP’s Sharad Pawar and Supriya Sule, National Conference’s Farooq Abdullah, DMK’s T R Baalu and Tiruchi Siva, Trinamool Congress’s Derek O Brien and Sudip Bandyopadhyay, Shiv Sena’s Sanjay Raut, SP’s Ram Gopal Yadav, RJD’s Manoj Jha, CPM’s Elamaram Kareem, CPI’s Binoy Viswam, RSP’s N K Premachandran, PDP’s Nazir Ahmad Laway, MDMK’s Vaiko, IUML’s P K Kunhalikutty, AIUDF’s Badruddin Ajmal and Kerala Congress (M)’s Thomas Chazhikadan.
    Economic Survey 2021 by Finance Minister Nirmala Sitharaman right now
    The Economic Survey 2020-21 shall be tabled within the Parliament on Friday, January 29, 2021, by Finance Minister Nirmala Sitharaman, two days earlier than the Union Budget will get offered. Generally, the Economic Survey is offered on the opening day of the Budget Session and gives a abstract of annual financial growth throughout the nation in the course of the monetary 12 months.
    It analyses the tendencies in cash provide, infrastructure, agricultural and industrial manufacturing, employment, costs, exports, imports, overseas alternate reserves in addition to different related elements that have an effect on the financial system and the finances. This 12 months, the main target goes to be on the losses suffered by the Indian financial system as a result of coronavirus (COVID-19).
    The Economic Survey is likely one of the most vital annual doc of the Finance Ministry because it gives the useful resource allocations talked about within the Budget. This doc is ready beneath the steering of the Chief Economic Advisor (CEA) to the central authorities.

  • Finance Minister Nirmala Sitharaman to desk Economic Survey 2020-21 in the present day

    Image Source : INDIA TV Finance Minister Nirmala Sitharaman to desk Economic Survey 2020-21 in the present day
    Union Finance Minister Nirmala Sitharaman will desk the Economic Survey 2020-21 in Parliament in the present day, two days earlier than the Union Budget is introduced throughout the funds session of Parliament. The Budget Session will start in the present day with an handle by President Ram Nath Kovind to the joint sitting of two homes of Parliament.

    The Union Budget 2021 will probably be telecast dwell on Lok Sabha TV. Chief Economic Adviser KV Subramanian will handle a press convention at 2.30 pm in the present day in New Delhi after the presentation of Economic Survey 2020-21 by the Finance Minister in Parliament.

    The Economic Survey, which is introduced on the opening day of the funds session, gives a abstract of the annual financial improvement throughout the nation throughout the monetary 12 months.

    The annual survey analyses the tendencies in infrastructure, agricultural and industrial manufacturing, employment, costs, exports, imports, cash provide, international alternate reserves and different elements having an influence on the Indian financial system and the funds.

    The survey additionally places out financial development forecasts, gives justification and detailed the explanation why it believes the financial system will broaden sooner or decelerate. Sometimes, it additionally argues for some particular reform measures.

    The first a part of the session will proceed until February 15. The second a part of the session will probably be held from March 8 to April 8. Rajya Sabha will operate from 9 am to 2 pm and Lok Sabha from 4 pm to 9 pm with Zero Hour and Question Hour.

    Members of Parliament have been requested to bear an RT-PCR take a look at towards COVID-19 earlier than the beginning of the Budget session.

    (With ANI inputs)

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  • Economic Survey 2020-21: When and the place to look at LIVE telecast

    Image Source : PTI Economic Survey to be offered on the primary day of Budget Session.
    Finance Minister Nirmala Sitharaman will current Union Budget 2021-2022 on February 1. It would be the first funds by the Centre that will probably be tabled amid the pandemic. The authorities can even desk Economic Survey 2020-2021 on the primary day of graduation of the Budget session of the Parliament on January 29.

    When and the place to look at Budget 2021, Economic Survey 2021 LIVE

    The financial survey and Budget will probably be offered within the Parliament on January 29 and February 1. For the financial survey, folks can tune into Lok Sabha TV. It can even be LIVE on Lok Sabha TV Youtube and Twitter deal with.
    For the Budget presentation, India TV will telecast it LIVE. People may also tune into India TV Youtube LIVE channel, Twitter and Facebook deal with.
    ALSO READ | When is Budget 2021-2022? Where to look at funds telecast LIVE?

     

    The Budget session of Parliament starting Friday is poised to be stormy with the Opposition set to assault the federal government over the three new farm legislations, amid an ongoing agitation by farmers. The session will start with the handle of the President to the joint sitting of the 2 Houses on Friday morning adopted by the presentation of the Union Budget on February 1.

    A complete of 16 Opposition events have introduced a boycott of the President’s handle in solidarity with the farmers protesting the brand new farm legal guidelines, senior Congress chief Ghulam Nabi Azad stated on Thursday. The 16 Opposition events have additionally demanded a probe into the violence on Republic Day in Delhi.

    Opposition events embody the Congress, the NCP, Shiv Sena, DMK, Trinamool Congress, CPI, CPI-M and RJD.

    With a view to have a paperless Budget, all of the paperwork and the Economic Survey could be made obtainable on-line quickly after the authenticated copies are laid on the Table of the House, the Lok Sabha Secretariat has stated.

    Like the final time, on this session too COVID-19 protocols will probably be in place and Rajya Sabha and Lok Sabha will meet in shifts of 5 hours every — with the higher home assembly within the morning and the decrease home within the night.

    (With inputs from PTI)
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  • When is Budget 2021-2022? Where to look at price range telecast LIVE?

    Image Source : PTI/INDIA TV Finance Minister Nirmala Sitharaman will current the Union Budget 2021-2022.
    The Union Budget 2021-22 shall be introduced by Finance Minister Nirmala Sitharaman on February 1 (Monday). It would be the first price range presentation amid the pandemic. The price range session of the Parliament will nonetheless start on January 29, when the financial survey 2020-2021 can even be tabled.

    When and the place to look at Budget 2021-2022 LIVE

    People can watch Budget 2021-2022 LIVE on India TV. The price range presentation can even be streamed LIVE on India TV YoutTube channel, Twitter and Facebook deal with.

    ALSO READ | Economic Survey 2020-21: When and the place to look at LIVE telecast

     

    The forthcoming Union Budget ought to focus extra on placing the financial system again on observe and never an excessive amount of on arresting fiscal deficit, which is seen at 6.


    2 per cent in 2021-22, down from 7 per cent this yr, in keeping with a report.

    The Union Budget 2020-21 had estimated fiscal deficit at Rs 7.96 lakh crore or 3.5 per cent of GDP however India Ratings sees it printing in at Rs 13.44 lakh crore or 7 per cent if the federal government cleared its payables and roll over some portion of expenditure to 2021-22.

    However, the 2021-22 price range is more likely to venture a fiscal deficit of 6.2 per cent however that shall be achievable if nominal progress is available in round 14 per cent and actual progress prints in at 9.5-10 per cent, India Ratings Chief Economist Devendra Pant stated within the report.

    The report pegged progress at 9.6 per cent for 2021-22 and (-)7.8 per cent for the present monetary yr 2020-21.

    The authorities adopted a lose fiscal coverage as a result of coronavirus pandemic and introduced a variety of coverage measures below Atmanirbhar Bharat packages to help the financial system.

    (With inputs from PTI)
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