Budget 2020 LIVE Updates: Ruckus in Parliament After President Kovind Says CAA Good for Persecuted Minorities; Economic Survey at Noon
Budget 2020 LIVE Updates: Ruckus in Parliament After President Kovind Says CAA Good for Persecuted Minorities; Economic Survey at Noon
Budget 2020 LIVE Updates: President Ram Nath Kovind’s address to the joint session of Parliament a day before the tabling of the budget witnessed ruckus as the President hailed the citizenship amendment act and sought support for the contentious legislation. Slogans of ‘shame’ were raised by the Opposition when Kovind said CAA was good for persecuted minorities and added: “Support CAA if you believe in the idea of India.”
The crushing slowdown may finally release its grip as the Economic Survey, which will be tabled in Parliament on Friday, predicts India's growth rate in the range of 6-6.5 percent in Financial Year 2021.
11:35 (IST)
"I am happy that the wish of the Father of the Nation Mahatma Gandhi has been fulfilled through the enactment of the Citizenship Amendment Act by both the Houses of Parliament," Preseident Kovind said.
11:27 (IST)
Ruckus in Parliament during President's address as he hailed the Centre over the Citizenship Amendment Act and said it is the government's responsibility to give equal rights to all.
11:25 (IST)
"50 crore people have been given free treatment worth up to Rs. 5 lakh under the Aysuhman scheme and 24 crore people have benefitted from insurance schemes. 2.5 crore people have been given free electricity connections. This work has been done with entire transparency and without any discrimination," President Kovind said.
11:22 (IST)
"My government is clearly of the view that mutual discussions and debates further strengthen democracy. At the same time, any kind of violence in the name of protest weakens the society and the country," President Kovind said in the Parliament.
11:21 (IST)
"My government built the Kartarpur Sahib Corridor in record time, dedicated it to the nation on the occasion of 550th Prakash Parv of Guru Nanak Dev Ji," the President said during his address ahead of the Budget session in Parliament.
11:19 (IST)
"The abrogation of Article 370 and Article 35A of the Constitution through two-thirds majority by both the Houses of Parliament is not only historic but it has also paved the way for equal development of Jammu and Kashmir and Ladakh," President Ramnath Kovind said.
11:15 (IST)
No part of India should be left behind, the President said on the abrogation of Article 370. He also said that Block Development Council elections were held peacefully in J&K. "Vikas of J&K and Ladakh is key for development of the country.
11:10 (IST)
Lauding the Parliament for passing key bills in the past seven months, President Kovind said that this decade will fulfill dreams of Mahatma Gandhi and Jawaharlal Nehru. "Parliament has set new records in last session," the President said. He also praised the citizens of the country for welcoming the Supreme COurt's decision on Ram temple issue.
10:45 (IST)
President Ramnath Kovind has left for the joint address ahead of Budget session in the Parliament.
10:32 (IST)
Prime Minister Narendra Modi has arrived outside the Parliament for ahead of Budget session. "This is the first bidget session of the decade and it should be fruitful. This session will focus on economic issues," he said in his address outside the Parliament, adding that the government will work for "women, Dalits and downtrodden sections of the society."
10:28 (IST)
Key Recommendations of Economic Survey | Among other policy recommendations, the survey is understood to have recommended "Assemble In India For The Globe" strategy for the manufacturing sector. Moreover, Economic Survey 2020 also calls for super specialisation of India Inc in labour-intensive manufacturing sectors. Chapters in the document analyse the reason for the slowdown in the economy, the effectiveness of price control measures, and the need for more Ease of Doing Business measures. The Economic Survey calls for strong reforms in Public Sector Banks and suggests the use of Artificial Intelligence to better utilise the wealth of data created by the government-owned banks.
10:27 (IST)
Slowing growth has put pressure on the government to expedite reforms as five rate cuts by Reserve Bank of India have hardly helped. It will also likely push finance minister Nirmala Sitharaman to go for extra fiscal stimulus when she presents the annual budget on Saturday. The government is expected to announce tax concessions for individuals and increase spending on infrastructure after cutting corporate tax rates last year, according to officials.
10:26 (IST)
Slowing Economy | Annual economic growth slowed to 4.5 per cent in the July-September quarter, the weakest pace since 2013, owing to weakening demand and private investment. Earlier this month, the ministry of statistics said in a statement that GDP is estimated to grow 5.0 percent in 2019-20, slower than the 6.8 percent growth of 2018-19.
10:25 (IST)
The Economic Survey, which maps the state of India’s economy and is prepared by a team of economists based in India's finance ministry, believes that the downward slide in the country’s GDP has bottomed out. The overarching theme in this year’s economic survey is "Wealth Creation" and spells out 10 new ideas to achieve this, they said.
10:17 (IST)
Economic Survey to be Tabled in Parliament | The Economic Survey will be tabled in Parliament on today and it presents a glimmer of hope as the crushing slowdown may finally release its grip. The survey predicts India's growth rate in the range of 6-6.5 percent in Financial Year 2021. For the current year, the survey forecasts India's gross domestic product (GDP) to grow at five percent — the slowest pace in 11 years — against the earlier estimate of 7 percent in July 2019.
At 12pm, Finance Minister Nirmala Sitharaman will table the Economic Survey. After the Economic Survey, CEA Dr Krishnamurthy V Subramanian will address a press conference at 1.45pm.
For the current year, the survey forecasts India's gross domestic product (GDP) to grow at five per cent — the slowest pace in 11 years — against the earlier estimate of 7 per cent in July 2019, CNBC-TV18 quoted people familiar with the matter as saying.
The document, which maps the state of India’s economy and is prepared by a team of economists based in India's finance ministry, believes that the downward slide in the country’s GDP has bottomed out. The overarching theme in this year’s economic survey is "Wealth Creation" and spells out 10 new ideas to achieve this, they said.
Annual economic growth slowed to 4.5 per cent in the July-September quarter, the weakest pace since 2013, owing to weakening demand and private investment. Earlier this month, the ministry of statistics said in a statement that GDP is estimated to grow 5.0 percent in 2019-20, slower than the 6.8 percent growth of 2018-19.
Slowing growth has put pressure on the government to expedite reforms as five rate cuts by Reserve Bank of India have hardly helped. It will also likely push finance minister Nirmala Sitharaman to go for extra fiscal stimulus when she presents the annual budget on Saturday.
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