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Budget Session 2021: Early Lockdown Saved Lives, Helped Faster Recovery of Economy, Says CEA

Budget 2021 Date: The Economic Survey, presented a day before the Union Budget is a document on the outlook of developments in the economy

Updated: January 29, 2021 4:32 PM IST

By Business Desk | Edited by Surabhi Shaurya

Budget Session 2021: Early Lockdown Saved Lives, Helped Faster Recovery of Economy, Says CEA

Budget 2021 Date: Budget Session of the Parliament commenced on Friday with the President Ram Nath Kovind’s address. While addressing the joint session of the House, Kovind defended the three contentious agri laws that have sparked intense protests from a section of farmers, and slammed as “‘very unfortunate” the violence during the farmers’ tractor parade on Republic Day. He also noted that the new agri laws have immediately benefited 10 crore small farmers.

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Later in the day, Finance Minister Nirmala Sitharaman will present the Economic Survey 2020-21. The Economic Survey, presented a couple of days before the Union Budget is a document on the outlook of developments in the economy. It will be prepared by Chief Economic Adviser KV Subramanian.  Soon after the presentation of the Economic Survey CEA Subramanian speak to reporters to give further details.

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15: 57 PM: Subramanian launches Economic Survey – Stringency of COVID-19 lockdown correlates with negative economic growth in same period but with positive growth in future time period, observes the Survey.

15: 55 PM: Strong correlation of lockdown with decline in cases and deaths is found across states, not just within a few states. Hence Economic Survey infers that lockdown had a causal effect on saving lives and livelihoods, Chief Economic Advisor KV Subramanian said during the press conference,

15: 52 PM: Economic Survey 2021 team has done an analysis of what could have been vs. what happened. Both on COVID-19 cases and deaths, India has done really well, Subramanian added.

15:45 PM: Chapter 1 of the Economic Survey is about India’s policy response to COVID-19, Saving Lives And Livelihoods, amidst a once-in-a-lifetime crisis, Chief Economic Advisor KV Subramanian said.

15:40 PM: During high uncertainty, policy should minimize large losses. India’s policy response to COVID-19 was guided by the realization that GDP growth will come back, but not lost human lives. Early intense lockdown saved lives, helped faster recovery, CEA said.

15:30 PM: Finance Minister Nirmala Sitharaman tables a copy of Economic Survey 2020-21 in Rajya Sabha.

15:27 PM: The Rajya Sabha proceedings have started. Chairman M Venkaiah Naidu is reading out obituary references to members of the House of Elders who passed away while the house was not in session and also prominent leaders.

14:00 PM: Union Finance Minister Nirmala Sitharaman tabled Economic Survey 2020-21 in Lok Sabha; Real growth rate for FY21 is taken as -7.7% (MoSPI) and real growth rate for FY22 is assumed as 11.5 % based on IMF estimates.

13:16 PM: TMC leader Derek O’Brien was among the Opposition leaders who boycotted President Kovind’s address in Parliament today.

13:12 PM: Today’s Budget Session commenced with President’s address, but it is really unfortunate that the entire Opposition boycotted it, said Union Minister Ravi Shankar Prasad.

12:06 PM: Besides fulfilling the domestic requirements, India has provided necessary medicines to more than 150 countries. India is also committed to ensuring the availability of vaccines on a global scale, said President Ram Nath Kovind.

12:00 PM: 20 jawans made the supreme sacrifice in Galwan valley in June 2020. Every citizen is grateful to these martyrs. My Govt is committed to the protection of the interests of the nation. Extra Forces have been deployed at LAC for protection of India’s sovereignty, said President Kovind.

11:58 AM: The rehabilitation of Bru refugees is being carried out peacefully. The historic Bodo peace agreement was also signed and successfully implemented. Bodoland Territorial Council election took place successfully after the agreement, President Ram Nath Kovind said,

11:57 AM: Extermism in the northeast is heading towards its end, the incidents of violence are declining. The youth that had gone astray is returning to the mainstream of development and nation-building, said Kovind.

11:51 AM: The nation is recovering from the damage that the economy suffered while saving the life of every Indian during the Corona period. Even in this difficult time, India has emerged as an attractive destination for global investors, said President.

11:40 AM: Last governments had made efforts for construction of a new Parliament building. It’s a delightful coincidence that the nation started construction while moving towards the 75th year of independence. The building will provide more facilities to MPs in carrying out their duties, said Kovind.

11: 32 AM: My Govt would like to clarify that the rights and facilities that were available before the formation of the three Farm Laws have not been cut short, in fact with these new agricultural reforms the Govt has provided new facilities & rights to farmers, Kovind stated.

11:31 AM: Small and marginal farmers are also a priority for my Govt. To support such farmers in their small expenses, around Rs 1,13,000 crores have been transferred directly to their accounts, under PM-Kisan Samman Nidhi, Kovind stated.

11:25 AM: The national flag and a holy day like Republic Day were insulted in the past few days. The Constitution that provides us Freedom of Expression, is the same Constitution that teaches us that law & rules have to be followed seriously, said Kovind.

11:21 AM: Violence on Republic Day ‘unfortunate’, said Kovind.

11:20 AM: Farm laws were long pending demand, said President, adding attempts are being made to spread rumors.

11:20 AM: The facilities of Ayushman Bharat Yojana can be availed in any of the 24,000 hospitals across the nation. The poor are getting medicines at very low costs at 7000 centres across the country, under Pradhan Mantri Bhartiya Janaushadhi Pariyojana, said Kovind.

11:14 AM: It is a matter of pride that India is running the biggest vaccination program in the world. Both vaccines of this program are made in India. In this crisis India shouldered its responsibility towards mankind & provided lakhs of doses of vaccines to several nations, Kovind addressed a joint session of Parliament.

11:11 AM: 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, said Kovind.

11:09 AM: In this fight against the pandemic, we lost many citizens. Former President Pranab Mukherjee passed away in this Corona period. Six MPs left us untimely due to COVID. I pay my tribute to all of them,  said President.

11:06 AM: Joint session of Parliament amid Corona pandemic is essential. It’s a new year and a new decade abd we’re also entering into the 75th year of independence. Today all MPs are present here with message & trust that however tough be the challenge neither we nor India will stop, said President Kovind.

11:00 AM: President Kovind addressing joint session of Parliament.

10:46 AM: This is the Budget Session. For the first time in India’s history, in a way, the Finance Minister had to present 4-5 mini budgets in 2020 in the form of different packages. So this Budget will be seen as a part of those 4-5 mini budgets, I believe this, said PM Modi at the Parliament.

10:45 AM: This decade should be fully utilised. Keeping this in mind, there should be discussions in this session focussing on the decade – this is expected by the nation. I believe that we will not lag behind in making our contribution for the fulfilment of people’s aspiration, said PM Modi.

10:43 AM: Today commences the first Session of this decade. This decade is very important for the bright future of India. A golden opportunity has come before the nation to fulfil the dreams seen by the freedom fighters, said Prime Minister Narendra Modi at the Parliament

10:42 AM: This decade is important for India’s future, says PM Modi.

10: 38 AM: PM Modi reaches parliament

10:33 AM: Technology sector expects the government to announce promising policies. “Technology sector expects operative and promising policies that not only support innovation and business continuity but create a robust digital ecosystem”, Sumit Sood, Senior Vice President & Head of APAC at GlobalLogic told Express.

10:31 AM: President Ram Nath Kovind to address press conference at 11 AM.

10:24 AM: “We expect the government to take further steps to strengthen the logistics sector with reforms related to GST, and most importantly accelerate the implementation of initiatives under the Sagarmala and Bharatmala projects”, Narasimhan Raghavan, Director at Raag Technologies and Services told The Indian Express.

10:22 AM: Union Home Minister Amit Shah arrives at the Parliament.

10:20 AM: They are shredding the dignity of democracy. In the Parliamentary system, President has his own dignity and boycotting his address is insulting him, said Union Minister and BJP MP Giriraj Singh, on Opposition parties announcing their boycott of the President’s address at Parliament.

10:19 AM: The Congress party has demanded that the government initiate cash transfers and reduce taxes in the Budget 2021. Addressing a joint press conference, Congress leaders P. Chidambaram, Jairam Ramesh and Mallikarjun Kharge had said, “As regards the economy, what needs to be done to stem the decline and accelerate the recovery have been identified by a number of economists, including those who have supported the Modi government in the past.”

10:17 AM: The Shopping Centres Association of India (SCAI) has sought financial waivers, a loan moratorium for the sector along with easing of income tax norms in the upcoming Union Budget. In its budget recommendations, the industry body has also sought restructuring of GST norms to strengthen the retail and shopping centre industry.

10:15 AM: This is the second time in a row when the opposition is staying away from the Presidential address. Last year, the opposition parties, barring the Bahujan Samaj Party, had staged their own programme in front of the Ambedkar statue, reading from the constitution and preamble in support of those opposing the citizenship law.

10: 13 AM: CEA KV Subramanian will address a press conference at 2:30 PM.

09:10 AM: Delhi: Security check being done at the Parliament, ahead of the commencement of the Budget Session today.

07: 32 AM: The Budget Session will be held as per COVID-19 protocols, with Rajya Sabha and Lok Sabha meeting in shifts of five hours each — with the upper house meeting from 9 AM to 2 PM and the lower house in the evening from 3 PM to 8 PM.

07:31 AM: With a view to having a paperless Budget, all the documents and the Economic Survey would be made available online soon after the authenticated copies are laid on the Table of the House.

07:30 AM: With the session starting barely days after the national capital witnessed unprecedented violence on Republic Day during the farmers’ tractor parade, the issue is expected to echo in Parliament.

07:23 AM: Last year in December, the Narendra Modi-led Centre had cancelled the Winter session of Parliament in view of COVID-19. Besides, the Monsoon session of the Parliament was also curtailed in September after several Lok Sabha and Rajya Sabha members tested positive for the coronavirus.

07:09 AM: The Budget session of Parliament is set for a stormy start as 18 opposition parties have announced that they will boycott the President’s address, in solidarity with the farmers agitating against the three contentious farm laws.

The budget 2021 will be presented by Finance Minister Nirmala Sitharaman on February 1.

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Published Date: January 29, 2021 7:05 AM IST

Updated Date: January 29, 2021 4:32 PM IST