Union Budget 2017 (Live): India's trade-GDP ratio greater than China's
New Delhi, Jan 31: The Budget Session of the Parliament began on Tuesday with President Pranab Mukherjee's address. Finance Minister Arun Jaitley will present the Economic Survey in the Parliament.
Here are all the live updates of the session:
2.26 pm: Universal Basic Income a radical new idea; an idea whose time is right for deliberation, not necessarily for immediate implementation: Subramanian.
2.23 pm: External challenges include rise in oil prices and protectionism: Arvind Subramanian.
2.13 pm: Full remonetisation expected in a month or two: Subramanian.
2.09 pm: The balance sheets of banks and corporates are still challenged: Subramanian.
2.04 pm: Not appropriate to do a before-after analysis of GDP growth, with respect to demonetisation: Chief Economic Advisor Arvind Subramanian.
2.02 pm: Bank credit has been affected by demonetisation, the most affected have been 2-wheelers. Aim of demonetisation is to bring down real estate prices: Arvind Subramanian.
1.53 pm: Demonetisation a very analytically unique and unusual experiment. Demonetisation simultaneously reduced supply of cash, and increased supply of deposits: Arvind Subramanian.
What demonetisation has done is both simultaneously reduced supply of cash, but by the same token it has increased supply of deposits: CEA pic.twitter.com/WNHDZ1NvuH— ANI (@ANI_news) January 31, 2017
1.45 pm: FDI inflows are at a record high on the second half last year: Subramanian
1.43 pm: There's been robust macro economic stability in the past one year: Arvind Subramanian.
1.35 pm: Chief Economic Adviser Arvind Subramanian says:"This document is just the first installment, it's going to be as big sometime in summer."
1.31 pm: Capital inflows into India are no lower than in the average emerging market: Economic Survey.
1.27 pm: India's trade-GDP ratio is now greater than China's : Economic Survey.
1.23 pm: FDI reform measures were implemented, allowing India to become one of the world's largest recipients of FDI: Economic Survey.
1.21 pm: Demonetisation has had short-term costs but holds the potential for long-term benefits: Economic Survey.
1.20 pm: GST will create a common Indian market, improve tax compliance and governance, and boost investment and growth: Economic Survey.
1.18 pm: India's GDP growth pegged at 6.75-7.5% for FY 18.
1.10 pm: Universal Basic Income (UBI) Scheme an alternative to plethora of State subsidies for poverty.
1.09 pm: The current account deficit (CAD) narrowed in the first half (H1) of 2016-17 to 0.3 % of GDP: Economic Survey.
1.08 pm: Economic Survey advocates reforms to unleash economic dynamism and social justice. Real per capita GSDP between 1983 and 2014, shows across-the-board improvement.
1.07 pm: GDP growth rate at constant market prices for the current year i.e. 2016-17 is placed at 7.1 per cent.
1.05 pm: Economic Survey recommends reforms in labour and tax policies to make the Apparel and Leather sector globally competitive.
12.55 pm: Government tables Economic Survey 2017 before the Parliament.
12.10 pm: My government reiterates committment to fulfil aspirations of its people: President Pranab Mukherjee.
12.05 pm: India ratified Paris agreement on 2nd Oct 2016, thereby sending a strong message of our commitment to combating climate change: President Mukherjee.
12.00 pm: India has been facing grave challenge of terrorism, threat to global community. J&K affected by terrorism sponsored and supported from across the border. My government is committed to combat terrorism, and ensure that perpetrators of these acts are brought to justice: President Pranab Mukherjee.
11.58 am: Launch of BHIM App is a tribute to Babasaheb Ambedkar who stood for the economic empowerment of the poor: Pranab Mukherjee.
11.54 am: My government welcomes a constructive debate on simultaneous elections for Lok Sabha and state assemblies: President Mukherjee.
11.50 am: Our defence forces successfully conducted surgical strike to prevent infiltration by terrorists. We are proud of the forces, and the exemplary courage and valour displayed by them: President Mukherjee.
11.47 am: To combat black money, corruption, counterfeit currency and terror financing, the government took decision on Nov 8, 2016 of demonetisation. My government's very first cabinet decision was to set up an SIT on black money: Pranab Mukherjee.
11.38 am: My govt is focussing on reducing the isolation of the eastern and northeastern part of the country through roads. The northeast is the gateway to southeast Asia. My govt is focussing on reducing the isolation of the eastern and northeastern part of the country through roads: President Mukherjee.
11.36 am: All the policies of my govt converge for the benefit and welfare of the poor, deprived: President Mukherjee.
11.34 am: For the first time speech and learning disability has been included with Special Disabilities Act: President Mukherjee.
11.30 am: Pradhan Mantri Fasal Bima Yojana expanded ambit of risk-coverage, doubled sum insured and facilitated lowest-ever premium:Mukherjee.
11.29 am: The Beti Bachao Beti Padhao scheme is yielding encouraging results. Pradhan Mantri Surakshit Matritva Abhiyan will provide comprehensive ante-natal care to all pregnant women. The revision of Maternity Benefit Act will support pregnant women at the workplace: Pranab Mukherjee.
11.27 am: 11,000 of 18,000 villages which were in darkness since independence have been electrified in record time, says President Pranab Mukherjee.
11.25 am: My govt has taken several steps for skilling the youth and improving their employability: Pranab Mukherjee.
11.22 am: My government is making 'naari shakti' an integral part of our development journey. They deserve equal opportunities. PV Sindhu, Sakshi Malik, Deepa illustrate strength of our women: President.
11.20 am: Mission Indradhanush commits to vaccinate every child everywhere against preventable diseases: Pranab Mukherjee.
11.18 am: The Pradhan Mantri Ujjwala Yojana will make clean energy accessible to the poor: Pranab Mukherjee.
11.16 am: My government is committed to provide shelter to every houseless poor household through the Pradhan Mantri Aawas Yojana. Mission Indradhanush commits to vaccinate every child everywhere against preventable diseases.
37 percent of the Ujjwala beneficiaries belong to the Scheduled Castes and Scheduled Tribes: Pranab Mukherjee.
11.12 am: To take the banking system to the doorstep of the poor and the unbanked, the Indian Postal Payment Bank has been started. Over Rs 2 lakh crore has been provided through 5.6 crore loans sanctioned under Pradhan Mantri Mudra Yojana: Pranab Mukherjee.
11.09 am: Close to 13 crore poor have been covered under various social security schemes. An unprecedented 26 crore plus Jan Dhan accounts have been opened for the unbanked.
At the core of all my government's policies is the welfare of the garib, dalit, peedit, shoshit, vanchit, kisan, shramik and yuva: Pranab Mukherjee.
11.08 am: Janashakti has transformed Swachh Bharat Mission into a jan-andolan: Pranab Mukherjee.
Budget session of Parliament begins with President Pranab Mukherjee's address to members of both the houses. pic.twitter.com/glkplFHeEb— ANI (@ANI_news) January 31, 2017
11.05 am: This is a historic session heralding advancement of budget cycle and merger of general budget with rail budget with the first time: Pranab Mukherjee.
11.02 am: President Pranab Mukherjee address joint sessions of both Houses.
10.52 am: President Pranab Mukherjee en route to Parliament.
Delhi: President Pranab Mukherjee en route to Parliament pic.twitter.com/9izbaZ9jPl— ANI (@ANI_news) January 31, 2017
10.50 am: Parliament must keep people's interest in mind. Hope this session is fruitful: Narendra Modi ahead of Budget session.
10.45 am: Government ready to discuss every issue. We have nothing to hide, worry about or fear: Venkaiah Naidu ahead of Parliament Session on Budget.
10.30 am: Copies of Economic Survey 2017 brought to the Parliament.