Budget Session Highlights: No legislative business to be conducted in first half of session tomorrow, says VP Naidu

India's total exports during FY22 are expected to grow by 16.5 per cent, thereby surpassing the pre-pandemic levels, the Economic Survey tabled in the Parliament on Monday said.

. Rajya Sabha Chairman M Venkaiah Naidu held an all-party meeting, via video conference wherein it was decided that there will be no legislative business in the first half of the Budget session. The motion of thanks and general budget will be on the agenda. (ANI)

. The Provisional Actual figures released by the Controller General of Accounts for 2020-21 show that the gross tax revenue grew by 0.7 per cent (YoY) during 2020-21. The muted tax collections were driven by 11.7 per cent (YoY) decline in direct taxes, which was offset by 12.6 per cent (YoY) growth in indirect taxes.

. The initiatives under the Centre's flagship Atmanirbhar Bharat programme were designed to attract investments in sectors of "core competency", the Economic Survey tabled in the Parliament said on Monday.

Besides, structural and procedural reforms, record vaccinations, various PLI schemes were some other ways and means to attract investments in such sectors and in cutting edge technology.

The Centre had announced several production-linked incentives for over 10 key sectors.

Introduction of the PLI schemes was intended to encourage the scaling up of industries that are strategic in nature or are technology intensive. The objective behind is to create the capacity to integrate with the global value chains.

. Air India sale will give a boost to India's privatisation drive, the Economic Survey said on Monday, as it suggested redefining the public sector role in business enterprises to encourage private participation in all sectors.

The government earlier this month handed over ownership rights in national carrier Air India to Tata Group for Rs 18,000 crore. The amount includes the takeover of the debt burden of Rs 15,300 crore and another Rs 2,700 crore in cash.

"This progress on privatisation of Air India is particularly important, not only in terms of garnering disinvestment proceeds but also for boosting the privatisation drive," the Survey said.

This is the first privatisation in 20 years and will pave the way for the sale of more CPSEs, which are lined up for sale -- BPCL, Shipping Corporation, Pawan Hans, IDBI Bank, Concor, BEM and RINL.

. Agriculture and the allied sector proved to be the most resilient to the Covid-19 shock as it registered a growth of 3.6 per cent in 2020-21 and improved to 3.9 per cent in 2021-22, driving the overall Indian economy's real GDP expansion of 9.2 per cent in 2021-22, according to the Economic Survey 2021-22.

It also said that the growth in the allied sector is in line with the recommendations of the Committee on Doubling Farmers' Income.

Stating that the agriculture sector has experienced buoyant growth in the past two years, the Economic Survey noted that the agriculture and allied sector is the largest employer of workforce as it accounted for a sizeable 18.8 per cent (2021-22) in Gross Value Added (GVA) of the country.

. The Economic Survey mentioned that Startups in India had grown remarkably over the last six years, most of which belonged to Services Sector. More than 61,400 startups have been recognized in India as of January 10, 2022. Further, the survey stated that India had a record 44 startupsreaching unicorn status in 2021.

The Economic Survey also mentioned that intellectual property, specifically patents were key to a knowledge-based economy. “The number of patents filed in India has gone up to 58,502 in 2020-21 from 39,400 in 2010-11 and the patents granted in India has gone up to 28,391 from 7,509 during the same period”, noted the Survey.

. The Economic Survey highlighted that India had a dominant presence in global services exports. It remained among the top ten services exporter countries in 2020, with its share in world commercial services exports increasing to 4.1 per centin 2020 from 3.4 per centin 2019.

“The impact of Covid-19 induced global lockdown on India’s services exports was less severe as compared to merchandise exports”, stated the Economic Survey. The Survey added despite the Covid-19 impact on transport exports, double-digit growth in gross exports of services, aided by exports of software, business and transportation services, resulted in an increase of 22.8 per centin net exports of services in H1 2021-22.

. The Economic Survey noted that the Services sector was the largest recipient of FDI inflows in India. During H1 2021-22, the sector received $16.73 billion in FDI equity inflows. “Financial, Business, Outsourcing, R&D, Courier, Tech testing andAnalysis along with Education sub-sector witnessed strong FDI inflows”, mentioned the survey.

. Rajya Sabha adjourned till Febuary 1, 2022

"The sitting of the Rajya Sabha will commence after one hour of the conclusion of the presentation of the Union Budget in Lok Sabha on Feb 1," Rajya Sabha Chairman M Venkaiah Naidu said.

. Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-22 in the Rajya Sabha.

. Proceedings begin in Rajya Sabha

. India's banking system is well capitalised and the overhang of NPAs seems to have structurally declined: Economic Survey 2022

. With the revival of the economy, the Goods and Services Tax (GST) has emerged as a buoyant source of revenue for both the Centre and the States: Economic Survey 2022

. Investment, as measured by Gross Fixed Capital Formation (GFCF), is expected to see strong growth of 15 per centin 2021-22 and achieve full recovery of pre-pandemic level: Economic Survey 2022

. A strong rebound in govt revenues in 2021-22 has meant that the government will comfortably ramp up capital expenditure: EconomicSurvey 2022

. India forecast economic growth of 8 per centto 8.5 per centfor the coming fiscal year, down from estimated 9.2 per centgrowth in the current fiscal year, Economic Survey showed on Monday.

All macro indicators indicated the economy was well placed to face challenges, helped by pick ups in farm and industrial output growth, said the report, which was tabled by FM Nirmala Sitharaman in parliament ahead of the annual budget on Tuesday.

. Lok Sabha has been adjourned till 11 am on February 1. Rajya Sabha will convene at 2.30 pm.

. The Covid-19 pandemic affected the whole world. During this difficult time, state and central goverments worked hard with citizens and health care and frontline workers to showcase the strength of our country: VP Venkaiah Naidu

. Vice President Venkaiah Naidu is addressing the Parliament

. We saw the capability of India's youth powerin Tokyo Olympics. Giving its best-ever performance, India won 7 medals. In Tokyo Paralympics too, India won 19 medals andset a record: President Kovind

. Local languages are being promoted as part of National Education Policy. An emphasis is being laid on conducting important entrance examinations in Indian languages: President Ram Nath Kovind

. Rs 3 lakh crore collateral-free loans have been provided for MSMEs: President Kovind

. GST collections in the past few months have continued to be above Rs 1 lakh crore. Foreign investment worth over $48 bn in India show the investors' belief in the country: President Kovind

. Women empowerment has been the top priority of my government. We freed the society from the evil of Triple Talaq: President Kovind

. My government has given more than Rs 1 lakh crore as compensation to farmers in distress. 1900 kisan trains carried 6 lakh tonnes of food grains: PresidentKovind

. My government facilitated pukka homes for over 2 crore poor families, drinking water connections in remote villages for 6 crore households and ensured that no poor goes hungry: Prez Kovind

. My government believes in the ideals of B R Ambedkar which is reflected in its sensitive policies for the poor and the marginalised: President Kovind

. I congratulate every healthcare worker and frontline worker for their fight against Covid-19. We are now among nations with most number of vaccine doses administered with over 75 per cent eligible citizens fully vaccinated. All states and the Centre have worked tirelessly to defeat the pandemic: President Kovind kicks off the Budget session

. My government believes that remembering the past and learning from it is important for the country's future: President Kovind

. This is the third year of the Covid-19 pandemic. We have seen India grow stronger in dealing with the coronavirus. I congratulate every Indian for 75 years of independence. I pay my tribute to all the freedom fighters who helped India attain her rights and freedom: President Kovind ahead of Budget session

. Leader of Opposition in Rajya Sabha Mallikarjun Kharge and senior Congress MP K C Venugopal submittedprivilege notices against IT Minister Ashwani Vaishnaw charging him of misleading Parliament on Pegasus.

. CPI floor leader Binoy Viswam has also submitted aprivilege notice against IT Minister Ashwini Vaishnaw.

. I hope that all political parties will discuss and debate in Parliament with an open mind and help take the nation forward. The sessions are often impacted by ongoing elections but in the Parliament House, let us all move together. I hope that all parties will discuss criticalissues: PM Modi

. JUST IN | Trinamool Congress' Sougata Roy has submitted aprivilege notice against IT Minister Ashwani Vaishnaw following the NYT report claiming India bought Pegasus.

. We hadbeen saying from beginning that theMonsoon Session was affected due to this (Pegasus issue). The ruling party had said that the Opposition is not allowing Parliament to function but the truth has come out. We'll raise this issue, Opposition has to agree on how to take it forward:Congress leader Mallikarjun Kharge

. The Rail Budget this year will focus on making long-distance travel comfortable, densening the railway network in the poll-bound states and enhancing the connectivity in metro cities as well as the Northeast region.

Union Finance Minister Nirmala Sitharaman will present her fourth Budget on Tuesday (February 1).

This will be the sixth joint Budget after the merger of the Rail Budget with the Union Budget in 2017. As per information, it is expected that the Centre will increase the Rail budget by 15 to 20 per cent this year.

. The new revelations on Pegasus will be one of the main weapons the Opposition will use along with price rise, India-China border tension, Covid-19 third wave, farmers distress, Chinese border issues, relief package for Covid victims and sale of Air India.

While in 2012, the UPA government had deferred the presentation of the Budget to March 16 owing to Assembly elections but in 2017 and this time, the Modi government decided to present the Budget during the election season.

Both the Houses are likely to see most of the MPs from poll-bound states remaining absent in the first leg of the Budget Session.

. The government has called an all-party meeting on Budget Session at 3 pmtoday. Rajya Sabha Chairman M Venkaiah Naidu has calleda meeting of floor leaders in the Upper House at 5 pm.

. Optimism of recovery after the impact of the pandemic is likely to be prominentin the current year’s Economic Survey. On the second day of the Budget session, Sitharaman will present the Union Budget for the financial year 2022-23. This will be her fourth Budget speech.

There will be 29 sittings in the Budget session: 10 in the first part and 19 in the second part.

There will be no Zero Hour and Question Hour in both Houses of Parliament during the first two days of the Budget Session.

Due to Covid-19, the Lok Sabha will sit from 4 pm to 9 pm from February 2 to February 11. The Rajya Sabha will meet from 10 am to 3 pm.

. Tablingthe Economic Survey in the Lok Sabha ahead of the Union Budget 2021, FM Nirmala Sitharaman pegged the country's fiscal deficit at 3.5 per cent of GDP in the financial year ending in March in the survey.

. The Budget Session will commence on January 31, and is scheduled to conclude on April 8. Its first part will extend up to February 11 and there will be a break till March 12, during which the Standing Committees will examine Demands for Grants of Ministries/Departments and prepare Reports. In all, there will be 29 sittings - 10 in the First Part and 19 in the Second Part.

The President will address both members of both houses at 11 a.m. on Monday and half and hour afterwards, the Lok Sabha will sit and the 'Economic Survey 2021-22' will be laid by the Finance Minister on the table of the house.

The Budget will be presented by the Finance Minister on February 1.

. This is Budget Explained from DH Radio. Answering your frequently asked questions on Union Budget 2022. The Economic Survey of India is the flagship document prepared by advisors to the finance minister which comprises the current trend and a comprehensive report card of the economy in that fiscal year.

. The pre-budget Economic Survey, which is tabled in Parliament ahead of the Union Budget to present the state of the economy and suggest policy prescriptions, quite often misses on the GDP forecast, sometimes by a significant margin.

. The Economic Survey to be presented in Parliament on Monday may ask the government to significantly increase capital expenditure from the last year's budgeted nearly 5.6 lakh crore to help generate demand, employment and, attract more private investment for sustained growth in the economy bruised by three waves of Covid-19 pandemic.

Budget Session Highlights: No legislative business to be conducted in first half of session tomorrow, says VP Naidu

India's total exports likely to surpass pre-Covid levels in FY22: Economic Survey

To achieve $5 tn GDP by FY25, India needs to spend about $1.4 tn on infrastructure in this period: Economic Survey

Another taper tantrum? India ready for global financial shocks this time, Economic Survey shows

VP Naidu says no legislative business in first half of Budget session

CPI inflation at 5.6%, WPI inflation in double digits

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