Union Budget 2017: Full remonetisation expected in a month or two, says CEA Subramanian

The budget will be presented on the second day -- February 1. This is for the first time in the history , the Union Budget will be presented on this day following the merger with the Railway Budget.

By: News Desk |
January 31, 2017 3:08 pm

Tags: Union Budget,

The Budget Session of the Parliament is all set to begin at 11 am today. The session’s first day – January 31 will see President Pranab Mukherjee address a joint sitting of both houses. During the first day of the session, the Economic Survey will also be presented.

The budget will be presented on the second day — February 1. This is for the first time in the history, the Union Budget will be presented on this day following the merger with the Railway Budget.

Last month the cabinet had decided to merge the Railway Budget with the Union Budget and agreed in principle to advance the presentation of the Union Budget.

Earlier on Monday, Prime Minister Narendra Modi sought the opposition’s support for the smooth functioning of the Budget Session of Parliament in an all-party meet, but opposition members made a vocal protest against the budget presentation on February 1, around a month earlier than usual.

Opposition members also said they will raise the issue of demonetisation, ceasefire violations and internal security in the brief session – ten days in total and eight working days.

Trinamool Congress had announced it will not attend the all-party meeting, and the first two days of the Parliament session protesting demonetisation. Ruling National Democratic Alliance member Shiv Sena was also missing from the meeting.

The session will have a break from February 9, be reconvened on March 9 and end on April 12.

Here are the live updates:

Chief Economic Advisor Arvind Subramanian explains Economic Survey 2016-17 in a press conference:

Full remonetisation expected in a month or two
Universal Basic Income a radical new idea; an idea whose time is right for deliberation, not necessarily for immediate implementation
External challenges include rise in oil prices and protectionism
The Economic Survey suggests setting up of a centralized Public Sector Asset Rehabilition Agency
CEA exhorts the media to refrain from “misinterpreting and mischievously interpreting” GDP projections
On the other hand, Correct – to analyze impact in current year – with and without demonetisation
NOT appropriate to do a before-after analysis of GDP growth, with respect to demonetisation
India’s unique demographic dividend 1: peak work-age pop to plateau soon, at lower level, but last longer due to slow TFR drop

(Pic: PIB twitter)

Demonetisation not appropriate to do a before-after analysis of GDP growth, with respect to
Demonetisation Cash Impact: Currency squeeze was less severe than perceived
Demonetisation simultaneously reduced supply of cash and increased supply of deposits thereby increasing price of cash, and reducing price of deposits
Demonetisation has affected different forms of money very differently
Service sector estimated to grow at 8.8% in 2016-17

Service sector estimated to grow at 8.8% in 2016-17: #EconomicSurvey
*Source: CSO pic.twitter.com/TTSJLCSaLF

— PIB India (@PIB_India) January 31, 2017

Demonetisation is a very analytically unique and unusual experiment
The past year has had robust macroeconomic stability
Fiscal gain from GST will take time
Nominal GDP growth has declined
Macroeconomic stability absolutely fundamental to anything the Government wants to do
The document aims to provide objective analysis

LIVE: CEA @arvindsubraman recalls the major achievements in the past year https://t.co/3JdiSSnPuo #EconomicSurvey pic.twitter.com/MrFRtleVKF

— PIB India (@PIB_India) January 31, 2017

Size of Indian public sector both in micro-efficiency terms and in a macro-fiscal sense is not large

Size of Indian public sector both in micro-efficiency terms and in a macro-fiscal sense is not large: #EconomicSurvey pic.twitter.com/JdH6d7qvCO

— PIB India (@PIB_India) January 31, 2017

India’s trade-GDP ratio is now greater than China’s

India’s trade-GDP ratio is now greater than China’s: #EconomicSurvey pic.twitter.com/MzT2zrtV7y

— PIB India (@PIB_India) January 31, 2017

GDP growth in 2017-18 is projected at 6 ¾ to 7 ½ percent Post-demonetisation

GDP growth in 2017-18 is projected at 6 ¾ to 7 ½ percent Post-demonetisation: #EconomicSurvey; Press Releases at https://t.co/27ruDsQFCM pic.twitter.com/09JOZ13NgR

— PIB India (@PIB_India) January 31, 2017

FDI reform measures were implemented, allowing India to become one of the world’s largest recipients of FDI
Societal shifts at the level of ideas and narratives needed to overcome long-standing meta-challenges
UPI can unleash the power of mobile phones in achieving digitalization of payments & financial inclusion
Demonetisation has had short-term costs but holds the potential for long-term benefits
Headline inflation as measured by Consumer Price Index (CPI) remained under control for the third successive financial year

Headline inflation as measured by Consumer Price Index (CPI) remained under control for the third successive financial year: #EconomicSurvey

— ANI (@ANI_news) January 31, 2017

Real per capita GSDP between 1983 and 2014, shows across-the-board improvement
The Government has tabled the Economic Survey 2017 before the Parliament. GDP growth rate at constant market prices for the current year i.e.2016-17 is placed at 7.1 per cent.

Economic Survey recommends reforms in labour and tax policies to make the Apparel and Leather sector globally competitive

— ANI (@ANI_news) January 31, 2017

Growth rate of the industrial sector estimated to moderate to 5.2% in 2016-17 from 7.4% in 2015-16. Agriculture sector to grow at 4.1 per cent in the current year up from 1.2 per cent in 2015-16

President has outlined and highlighted Govt’s commitment to working for welfare of the poor, farmers: Piyush Goyal,Power Min #BudgetSession pic.twitter.com/4HUqpuXgJW

— ANI (@ANI_news) January 31, 2017

Government is a complete failure in job creation, this is my main point: Rahul Gandhi pic.twitter.com/VQ3nBzNnm9

— ANI (@ANI_news) January 31, 2017

MP E. Ahamed (IUML) fell severly ill and was taken to hospital from Parliament during President’s address.
My Govt reiterates committment to fulfil aspirations of its people

India ratified Paris agreement on 2nd Oct 2016, thereby sending a strong message of our commitment to combating climate change: President pic.twitter.com/0v6u5PUD8l

— ANI (@ANI_news) January 31, 2017

J&K affected by terrorism sponsored and supported from across the border

My Govt is committed to combating terrorism, and ensure that perpetrators of these acts are brought to justice
India has been facing grave challenge of terrorism, threat to global community

We are proud of the forces, and the exemplary courage and valour displayed by them: President Pranab Mukherjee #BudgetSession pic.twitter.com/Mi6nv16jXp

— ANI (@ANI_news) January 31, 2017

Our defence forces successfully conducted surgical strike to prevent infiltration by terrorists
Four decade old demand of #OROP has been fulfilled
My Govt is thankful to the GST council for working to resolve the outstanding issues

India launched 8 operational missions covering meteorological, navigation, earth observation & communication satellites #PresidentMukherjee

— President of India (@RashtrapatiBhvn) January 31, 2017

The National Civil Aviation Policy, will give a major boost to air connectivity in the smaller cities and towns #PresidentMukherjee

— President of India (@RashtrapatiBhvn) January 31, 2017

To combat black money, corruption, counterfeit currency and terror financing, Govt took decision on 8th Nov 2016 of demonetisation
My Govt has taken bold decisions in the interests for the poor
The Ministry of Tourism has identified a thematic circuit for the North East region
My Government is committed to providing the Divyang jan equal opportunities for development
Through Stand-up India initiative, my govt. plans to empower over two and a half lakh SC, ST & women entrepreneurs
Implementation of the 7th Pay Commission has benefited 50 lakh employees and 35 lakh pensioners
Universal Account Number has ensured portability of EPF accounts and has safeguarded the interest of crores of workers
First-time, the Railway budget has been merged with the General budget

Social and economic equality for deprived sections is the first promise of our constitution, our Govt is committed to fulfil it: President pic.twitter.com/lquYkIjAfZ

— ANI (@ANI_news) January 31, 2017

Pradhan Mantri YUVA Yojana launched for promoting entrepreneurship education and training amongst 7 lakh students
The revision of Maternity Benefit Act will support pregnant women at the workplace

The Beti Bachao Beti Padhao scheme is yielding encouraging results #PresidentMukherjee

— President of India (@RashtrapatiBhvn) January 31, 2017

Pradhan Mantri Fasal Bima Yojana expanded ambit of risk coverage, doubled sum insured & facilitated lowest-ever premium
People helped in fight against black money
My Government has taken various steps to transform the lives of our farmers
A favourable monsoon supplemented by farmer-oriented schemes has increased the acreage and yield of most Kharif crops
My Govt is making ‘naari shakti’ an integral part of our development journey, they deserve equal opportunities
Mission Indradhanush commits to vaccinate “every child everywhere” against preventable diseases

Under Deen Dayal Upadhayay Gram Jyoti Yojana over 11,000 villages have been electrified in a record time #PresidentMukherjee

— President of India (@RashtrapatiBhvn) January 31, 2017

Swachh Bharat Abhiyan aims to ensure health and sanitation, particularly for the poor #PresidentMukherjee

— President of India (@RashtrapatiBhvn) January 31, 2017

An unprecedented 26 crore plus Jan Dhan accounts have been opened for the unbanked #PresidentMukherjee

— President of India (@RashtrapatiBhvn) January 31, 2017

Financial inclusion is key to poverty alleviation
My government is guided by the Antyodaya philosophy of Pandit Deendayal Upadhyaya
At the core of all my Govt’s policies is the welfare of the garib, dalit, peedit, shoshit, vanchit, kisan, shramik &yuva

My government salutes the strength of janashakti and pledges to constructively utilise it in Rashtra Nirman #PresidentMukherjee

— President of India (@RashtrapatiBhvn) January 31, 2017

Janashakti has transformed Swachh Bharat Mission into a jan-andolan

Resilience & forbearance demonstrated by countrymen recently in fight against black money & corruption is remarkable #PresidentMukherjee

— President of India (@RashtrapatiBhvn) January 31, 2017

This is a historic session heralding advancement of budget cycle and merger of general budget with rail budget for the first time

Budget session of Parliament begins with President Pranab Mukherjee’s address to members of both the houses. pic.twitter.com/glkplFHeEb

— ANI (@ANI_news) January 31, 2017

Delhi: President Pranab Mukherjee en route to Parliament pic.twitter.com/9izbaZ9jPl

— ANI (@ANI_news) January 31, 2017

Pehli baar budget 1st Feb ko ho raha hai, aap sabko yaad hoga humare desh mein pehle budget shaam ko 5 baje hota tha: PM Modi pic.twitter.com/aL0adKaaPo

— ANI (@ANI_news) January 31, 2017

Had discussions with parties individually & collectively. Productive & detailed discussion of budget should be done: PM Modi

Mujhe umeed hai sabhi rajneetik dal iss baar sadan ko uttam charcha ke saath aage badhane ka kaam karenge: PM Modi ahead of budget session

Government ready to discuss every issue. We have nothing to hide, worry about or fear: Venkaiah Naidu

I hope all political parties understand the importance of #BudgetSession & participate in meaningful & constructive manner: Venkaiah Naidu pic.twitter.com/dn6yfU15IZ

— ANI (@ANI_news) January 31, 2017

Ready to discuss any issue opposition want to discuss, will answer every question raised: MA Naqvi,MoS Parliamentary Affairs #BudgetSession pic.twitter.com/C0FFxjTAu9

— ANI (@ANI_news) January 31, 2017

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