Economic Survey 2018: India needs $4.5 tn investment in infra by 2040, GDP growth projected between 7-7.5 per cent, fiscal deficit at 3.2 per cent

The budget session of Parliament commenced on Monday with President Ram Nath Kovind's address to a joint sitting of both houses. 

The Economic Survey was tabled by the Finance Minister Arun Jaitley in both houses of the parliament. The economic survey projected the GDP growth between 7 to 7.5 per cent for the FY 2018-19.

The Economic Survey, which has been tabled in the Parliament identifies 10 new facts on the new economy, from the impact of GST to lower tax collections to the general desire for a male child among Indians. 

Chief Economic Adviser Arvind Subramanian while preparing the Economic Survey laid out the policy agenda for the coming year. These are: support agriculture; stabilize GST; finish resolution and recapitalization; privatize Air India; head off macro-economic pressures.

The government would be hoping to pass several key bills in both houses of the parliament. The instant triple talaq bill and giving constitutional status to the Commission on Other Backward Castes would take centre stage on the opening Day of the budget session.

The centre has said it would talk to various parties to bring about consensus on the issue. Around 28 bills will be tabled in the Lok Sabha, while 39 bills are listed for the Rajya Sabha for the upcoming session. 

The session is likely to conclude on April 6, with 31 sittings spread over 68 days. 

Here are the Live Updates from the Parliament session - 

#WATCH Live via ANI FB Chief Economic Adviser Dr Arvind Subramanian briefs the media on Economic Survey 17-18 https://t.co/3mo97GEPcV pic.twitter.com/OgunUmmyVX

— ANI (@ANI) January 29, 2018

#1:15 pm 1.8 mn tax filers added post GST, demonetisation

#1:10 PM India needs $4.5 tn investment in infra by 2040 -  Economic Survey

#1:10 PM Consumer Price Index(CPI) averaged 3.3 per cent during the period which is the lowest in the last six financial years -  Economic Survey

#12:59 PM India jumped 30 places to break into the top 100 for the first time in the World Bank‘s Ease of Doing Business ranking - Economic Survey

#12:59 PM India continues to lag on the indicator on enforcing contracts, marginally improving its position from 172 to 164 in the latest report - Economic Survey

#12:55 PM Inflation during 2017-2018 averaged to lowest in the last 6 years   

#12:55 PM Post-demonetization and GST increase in new tax filers (over and above natural increase) of about 1.8 million, boost to individual income tax collections     

#12:55 PM Growth of exports rebounded into positive one during 2016-17 and expected to grow faster in 2017-18

#12:50 pm - Large increase in registered direct & indirect taxpayers                                                                                                       

 #12:50 pm - Former non-agricultural payroll much greater than believed       

#12:50 pm - States' prosperity is positively correlated with their international & inter-state trade.

#12:49 pm Economic Survey says private investment is poised for a rebound

#12:47 pm Economic Survey says that currently prevalent high oil prices are a matter of concern. 

#12:45 PM Economic Survey predicts gross value added for FY18 at 6.1 percent as against 6.6 percent for the previous financial year.

#12:44 PM: Economic Survey predicts services growth for FY18 at 8.3 percent, industry growth at 4.4 percent, and agri growth of 2.1 percent.

#12:42 PM: Economic Survey says that agriculture, education, and employment will be areas of focus in the medium term.

#12:41 AM Economic Survey 2017-18 predicts India's GDP growth to be between 7-7.5% in 2018-19

 

#12:30 AM FM Jaitley tables Economic Survey 2017-18 in Lok Sabha

#11:32 AM It's a matter of pride for us that UNESCO recognised Kumbh Mela as 'Intangible Cultural Heritage of Humanity'. UNESCO also designated Ahmedabad as 'Heritage City'. Chennai was included in the list of Creative Cities by UNESCO: President Ram Nath Kovind

# 11:30 AM It's a matter of pride for us that UNESCO recognised Kumbh Mela as 'Intangible Cultural Heritage of Humanity'.

# 11:28 AM Our nation is the youngest nation. My govt started Start Up India, Stand Up India, Skill India and Pradhanmantri Mudra Yojana to help the youth of the country to realise their dreams & make them self employed: President Kovind

# 11:25 AM Work has started to connect villages with Broadband connectivity. 2.5 lakh Panchayats have already been connected so far. - Presisent Kovind

# 11:20 AM To bring everyone closer to development, work under 'Pradhanmantri Gram Sadak Yojana' is being done speedily. In 2014 only 56% villages were connected to roads, today more than 82% villages have road connectivity with the majority being in remote areas: Pres Kovind

#11:18 AM Govt has a target to provide housing to everyone by 2022 - President Kovind

#11:15 AM 2.70 Lakh Common Service Centers have been set up across the nation. These Centers provide digital service at low rates for various services even in the far off remote areas: President Ram Nath Kovind

#11:10 AM Govt's target to connect all vilages by road till 2019 - President Kovind

#The Union govt has helped out farmers with crop protection and insurance schemes  - President Kovind

#PM Mudra Yogna scheme has helped waiver off loans for small farmers. 3 crore people from the weaker sections have benifiteed from this scheme - President Kovind

#11:00 AM The govt has helped the economically backward by opening bank accounts under the Jan Dhan Yogna  - President Kovind

#The govt has extended the maternity leave period to 26 weeks which has benifiteed lakhs of working wome - President Kovind

#President Kovind opens the budget session with his joint adress to the parliament

This #BudgetSession is important. The world is optimistic about India. Agencies like World Bank & IMF have been giving an optimistic opinion of the country: PM Modi pic.twitter.com/aah5Xe44vX

— ANI (@ANI) January 29, 2018

#We should make use of our system of parliamentary committees and discuss aspects of the Budget. We should think about the well-being of rural India, farmers, Dalits, tribal communities and labourers - PM Modi

# Modi arrives at Parliament, says Budget 2018 will fulfill everyone's aspirations

# Speaking to the press outside the Parliament, Prime Minister Narendra Modi said that the current budget will fufill everyone's aspirations.