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Govt Tables Economic Survey in Parliament, Projects GDP at 7%

The Lok Sabha will have 30 sittings and the Rajya Sabha 27 sittings between 17 June to 26 July  

The Quint
Politics
Updated:
Finance Minister Nirmala Sitharaman and CEA Krishnamurthy Subramanian.
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Finance Minister Nirmala Sitharaman and CEA Krishnamurthy Subramanian.
(Photo: The Quint)

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Finance Minister Nirmala Sitharaman on Thursday, 4 July, tabled the Economic Survey for FY 2020 in the Rajya Sabha, projecting a growth rate of 7 percent.

The Economic Survey is the annual report of the Indian economy for the year gone by (2018-19).

Fiscal deficit of Central Government declined from 3.5 percent of GDP in 2017-18 to 3.4 percent in 2018-19.

Prepared by Chief Economic Adviser Krishnamurthy Subramanian, the Economic Survey comes amid Prime Minister Modi's recently announced goal of more than doubling the size of the economy to USD 5 trillion by 2024.

  • It comes at a time when some critics said the Modi government in its first term delivered a jobless growth and needs reinventing to propel the economy and create jobs
  • The Budget will be presented on 5 July by Finance Minister Nirmala Sitharaman
  • The Lok Sabha will have 30 sittings and the Rajya Sabha 27 sittings between 17 June to 26 July

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Homeopathy Central Council (Amendment) Bill to Be Tabled in RS

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Amit Shah Moves Jammu and Kashmir Reservation (Amendment) Bill, 2019

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Shah also moved a resolution to extend Presidential rule in Jammu and Kashmir.

Shat to Address RS on J&K Reservation (Amendment) Bill

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Opposition Supports Bill to Extend President's Rule in J&K

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Congress Extends Support to Jammu and Kashmir Reservation (Amendment) Bill, 2019

Congress on Tuesday extended support to the Jammu and Kashmir Reservation (Amendment) Bill, 2019 in Rajya Sabha.

Senior Congress Leader and Leader of the Opposition Ghulam Nabi Azad addressed the Parliament on the bills related to J&K tabled by Home Minister Amit Shah.

Lok Sabha Passes Central Educational Institutions Bill

Lok Sabha passes the Central Educational Institutions (Reservation in Teachers' Cadre) Bill, 2019.

Home Minister Amit Shah Speaks at Rajya Sabha

Home Minister Amit Shah is addressing the Rajya Sabha in his reply to the discussion held over bills introduced by him in the morning.

Modi Govt Will Follow Vajpayee's Motto on Kashmir

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Will Revive Kashmir's Culture: Amit Shah

Home Minister Amit Shah said in Rajya Sabha on Tuesday that the current government will work towards reviving the culture of Kashmir, which has been destroyed due to tensions and violence.

Those Who Want to Divide India, Will Be Given Befitting Reply: Shah

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Do Not Want to Misguide Country on Nehru: Shah

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Modi Govt Has Attacked the Roots of Terrorism: Shah

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Rajya Sabha Approves Extension of President's Rule in J&K

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J&K Reservation (Amendment) Bill, 2019 has also been passed.

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Gujarat Congress to Issue Whip, Asks MLAs to be Present for RS Bypolls, Vote for Party Candidates

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State Congress spokesperson Manish Doshi said the whip will be issued in the days to come and communicated to each of the 71 party MLAs through emails and also registered posts.

The bypolls in Gujarat will be held for the two vacant Rajya Sabha seats where the main Opposition party is pitted against the ruling BJP in a straight fight.

Though the the party is at loggerheads with its disgruntled MLA Alpesh Thakor and has even knocked the doors of the Gujarat High Court for his disqualification, he, too, will be issued the whip, Doshi said.

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Raising the issue through a Zero Hour mention, party leader Satish Chandra Misra said under Article 341 sub clause (2) of the Constitution, the power to make changes in the SC list lies only with Parliament.

"This is an unconstitutional order and a fraud with these castes," he said, adding these castes will now not get any benefit of OBC as they have been removed from that list and not get the SC benefit as well because amendments to the SC list are not done in the prescribed procedure under Article 342(2).

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Raising the issue during zero hour in the Lok Sabha, Sonia Gandhi said that privatisation leads to thousands of people getting unemployed and is against the objectives for which the plant had been set up.

"The real concern is that they have chosen Modern Coach Factory for the experiment," the Raebareli lawmaker said.

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Sumalatha Ambareesh, Member of Parliament

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She said economic growth is high on the agenda of the Government and various reforms are being undertaken in many spheres to improve GDP growth.

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“Mumbai rains have been in the news since Sunday, we can see walls collapsing, streets filled with water, people are dying, transport is halted – this is the story every year,” Memon said.

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Majeed Memon, NCP MP

“If the whole country talks about the Mumbai rains, then we should find solutions,” he said. He said that the BMC is not short of money to be able to build a better drainage system or put in place a better management system. Instead it's corruption, mismanagement of resources, and sheer negligence that is the reason, he said.

“Who is responsible for the deaths of the innocent Mumbai working man? I request more attention to be given to the problems in Mumbai.”

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What Is the Significance of Economic Survey?

The Economic Survey is the annual report of the Indian economy for last fiscal year (2018-19).

It serves as a useful policy document since it also contains policy ideas, key statistics on economic parameters and in-depth research on macro and sectoral trends.

Often, the survey serves as a policy guideline for the Union Budget. However, its recommendations are not binding on the government.

Since 2015, the survey document comes in two parts. One part consists of commentary on the state of the economy, which is released before the Union Budget. The other part carries key economic statistics and data, which is tabled in July or August.

This split in the presentation took effect after the Union Budget was moved from the last working day of February to the first day of the month in 2017.

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The Economic Survey, the annual report of the Indian economy for the year gone by (2018-19), also comes at a time when some critics said that the Modi government in its first term delivered a jobless growth and needs re-inventing to propel the economy and create jobs.

There are also concerns that the government might this year again slip on the fiscal deficit front given sluggish GST collections and lower-than-expected growth in direct taxes.

There are also concerns with regard to lower than expected direct tax collection due to a slowdown in the economy.

The survey comes weeks after Subramanian's predecessor Arvind Subramanian in a research paper claimed India was overestimating its economic growth rate by up to 2.5 percentage points.

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Chief Economic Adviser Krishnamurthy Subramanian, who prepared the survey, tweeted that he was “looking forward with excitement” to present it.

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GDP growth at 7 percent expected on stable macroeconomic condition for 2019-2020, says Economic Survey tabled in the Parliament.

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Fiscal deficit of Central Government declined from 3.5 percent of GDP in 2017-18 to 3.4 percent in 2018-19.

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'5 Trillion Economy' Theme of Economic Survey 2019

PM Modi on Economic Survey 2019

Chidambaram Criticises Economic Survey

(Photo: Twitter)

Former Finance Minister P Chidambaram has criticised the Economic Survey, pointing out that it does not contain any detailed outlook on growth projection.

Survey Blueprint for Jobs and Growth Over Next 5 Years: Bibek Debroy

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Debroy further said the EAC-PM welcomes the emphasis of the Survey on fiscal consolidation, fiscal discipline and investments.

Lok Sabha Passes Aadhar & Other Laws (Amendment) Bill, 2019

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Published: 01 Jul 2019,11:27 AM IST

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