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Budget Session 2018 | Economic Survey predicts India's GDP growth to be between 7-7.5 per cent in 2018-19

The Economic Survey of India was tabled in the Lok Sabha today by Finance minister Arun Jaitley with the start of the Budget Session of the parliament.

Published: 29th January 2018 11:03 AM  |   Last Updated: 29th January 2018 03:45 PM   |  A+A-

Indian Parliament (File photo | EPS)

By Online Desk

The Economic Survey of India was tabled in the Lok Sabha today by Finance minister Arun Jaitley with the start of the Budget Session of the parliament.

READ REPORT | Growth likely to improve to 7-7.5 per cent in FY19: Economic Survey of India

Earlier, President Ram Nath Kovind addressed the joint sitting of the Lok Sabha and Rajya Sabha, marking the beginning of the Budget Session 2018.

The Muslim Women's (Protection of Rights on Marriage) Bill, 2017 related to triple talaq, the Codes of Wages Bill, 2017, Rights of Children to Free and Compulsory Education, 2017 are among the important bills that will be tabled for discussion and passage.

As many as 28 bills will be tabled in the Lok Sabha, while 39 bills are listed for the Rajya Sabha for the upcoming session.

Here are all the updates as it happened:

  • Lok Sabha has been adjourned for the day after the Economic Survey of India was tabled in the House.

  • Consumer Price Index (CPI) based headline inflation averaged 3.3 per cent during the period 2017-18, which is the lowest in the last six financial years.

  • Inflation in the country continued to moderate during 2017-18.

  • A preliminary analysis of the GST data revealed that there has been a 50 per cent increase in the number of indirect taxpayers, besides a large increase in voluntary registrations, especially by small enterprises.

  • India’s internal trade in goods and services (excluding non-GST goods and services) has shown an increase and constitutes about 60 per cent of GDP.

  • First time in history that five states, Maharashtra, Gujarat, Karnataka, Tamil Nadu and Telangana account for 70 per cent of India’s exports.

  • There is substantial avoidable litigation in the tax arena which government action could reduce.

  • Clothing incentive package has boosted exports of readymade garments.

  • States' prosperity is positively correlated with their international and inter-state trade.

  • A large increase reported in registered direct and indirect taxpayers while former non-agricultural payroll is much greater than believed.

  • A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and it will rise to 7 to 7.5 percent in 2018-19, according to the Economic Survey.

  • Economic Survey of India 2017-18 tabled in the Lok Sabha by Finance Minister Arun Jaitley. 

  • "Our fight against corruption is continuing. In the past one year, registrations of about 350,000 suspicious companies have been cancelled," says President Kovind.

  • The President adds that digital transactions are being done for over 400 policies of the present government, which has saved over Rs 57,000 Crore from going into wrong hands.

  • "With help of Aadhaar, facilities are reaching poor beneficiaries directly without involvement of middlemen.," says President Kovind.

  • The President also adds that UNESCO designated Ahmedabad as 'Heritage City' and Chennai was included in the list of Creative Cities.

  • "It's a matter of pride for us that the United Nations Educational, Scientific and Cultural Organization (UNESCO) recognised Kumbh Mela as 'Intangible Cultural Heritage of Humanity'," says President Ram Nath Kovind.

  • The President reiterates that the government increased the minimum wage of labourers by more than 40 per cent.

  • President Kovind says that to bring everyone closer to development, work under 'Pradhanmantri Gram Sadak Yojana' is being done faster. He explained that in 2014, only 56 per cent of villages were connected to roads, but today more than 82 per cent villages have road connectivity with the majority being those in remote areas.

  • I hope the Triple Talaq Bill will be passed soon so that the Muslim women can live a life of dignity without fear: President Kovind

  • "Work has been started to connect villages with Broadband connectivity. 2.5 lakh Panchayats have already been connected so far," says President Ram Nath Kovind

  • President Kovind assures that the government is committed to double the income of farmers by the year 2022.

  • The parliament approved a bill granting working woman paid maternity leave of 26 weeks: President Ram Nath Kovind

  • Baba Saheb Ambedkar used to say that without economic and social democracy, political democracy is unstable: President Kovind

  • President Kovind is addressing the joint sitting of both the Houses of the Parliament.

"This Budget Session is important. The world is optimistic about India. Agencies like World Bank and International Monetary Fund have been giving an optimistic opinion of the country," said PM Modi. (Express Photo Service | Shekhar Yadav)
  • "We should make use of our system of parliamentary committees and discuss aspects of the Budget. We should think about the well-being of rural India, farmers, Dalits, tribal communities and labourers," says PM Modi ahead of the start of the Budget Session.

  • President Ram Nath Kovind, Vice President M Venkaiah Naidu, PM Narendra Modi, Lok Sabha Speaker Sumitra Mahajan arrive at the Parliament.


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