Following the Covid breakout and lockdown last year, the GDP had contracted by a record 23.9 per cent in the April-June quarter and further by 7.5 per cent in the second quarter. However, a V-shaped recovery is expected in the next fiscal year, according to the Economic Survey 2020-21.
‘Probably for the first time in India’s history, the finance minister had to give four-five mini budgets in 2020 in the form of different packages. Therefore, I am confident that this budget will also be seen as part of the series of the four-five mini budgets,’ PM Modi said.
“To help small and marginal farmers, the government has transferred about Rs 1.13 lakh crore directly to their accounts. Apart from that, farmers have also greatly benefited from the Fasal Bima Yojna,” says President Kovind.
“My government decided to accept the recommendations of the Swaminathan Commission and give an MSP of 1.5 times the cost. The government is purchasing products on MSP in record amounts, and increasing the number of purchase centres,” says President Ram Nath Kovind.
“I am satisfied that the timely decision taken by my Government saved the lives of lakhs of citizens. Today the number of new COVID cases is going down rapidly. The number of recoveries is very high,” President Ram Nath Kovind said during the joint sitting of Parliament.
The first session of this decade commences today. This decade is very important for the bright future of India. Keeping in mind this decade, there should be discussions, presentations of different views in this session, said Prime Minister Narendra Modi ahead of the Budget 2021 session.
The Budget session is all set to begin today in the Parliament and President Ram Nath Kovind will address a joint sitting of both Houses, where The Economic Survey 2021 will be tabled by Finance Minister Nirmala SItharaman today.
The Economic Survey of India is usually presented a day ahead of the Union Budget but this time it has been preponed to January 29th. The Chief Economic Advisor (CEA) Krishnamurthy Subramanian will be sharing the document with the houses after it has been tabled, and is the main mastermind who reviews the elements of the Indian economy over the financial year.
As per the Cabinet Committee on Parliamentary Affairs (CCPA) recommendation, the Budget Session be held from January 29 to February 15. The Budget itself will be presented on February 1. The second part of the budget session will be held from March 8 to April 8. As per reports, The CEA Krishnamurthy Subramanian has scheduled to hold a press conference at 2:30 pm on January 29.
The Economic Survey is a tradition that was first presented in 1950-51, over the last few years, the pattern has changed but the crux hasn’t- it’s presented in two volumes – Volume I, Volume II and the statistical appendix.
The first volume outlines the challenges in the Indian economy, whereas the second volume is a general broad-based review of the year passed by, it also includes details like major schemes run by the government as well as key policies and their outcomes.
As explained above economic survey deals with the challenges faced by the economy and how to get the economy on track so this year we can expect the Economic survey to include details and outcomes of government policies and schemes during the previous 12-month period.
The talks for Budget 2021 and the economic survey will start in a few hours, so till then, stay tuned for more updates on the economic survey and Budget 2021.