2020 Economic Survey Live Updates | CEA Krishnamurthy Subramanian | Nirmala Sitharaman

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Author :SIFY
Last Updated: Fri, Jan 31st, 2020, 19:23:21hrs
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2020 Economic Survey Live Updates | CEA Krishnamurthy Subramanian | Nirmala Sitharaman

LIVE UPDATES, THALINOMICS, & ANNOUNCEMENTS FROM ECONOMIC SURVEY:

5:40 PM: Recommended Stories to Read:

Excessive govt intervention stifles economic freedom: Survey



 

 

 

5:25 PM: Recommended Stories to Read:

Economic Survey points out high drop-out rates in schools



 

 

 

5:00 PM: Recommended Stories to Read:

Focus on export boosting services to mitigate trade deficit: Economic Survey



 

 

4:45 PM: Recommended Stories to Read:

Survey says crony capitalism destroyed value in economy



 

 

4:25 PM: Recommended Stories to Read:

Blanket debt waivers disrupt credit culture: Economic Survey



 

 

4:15 PM: Recommended Stories to Read:

Getting eatery permit needs more papers than buying a gun



 

 

3:45 PM: Recommended Stories to Read:

Survey estimates $ 1.4 trillion infra investment needed for $ 5 trillion economy target



 

2:30 PM:Cheer-Up! Veg Thalis are now cheaper!

 


Krishnamurthy Subramanian probably kept the best for the last. Says that there is no better way on talking about food than relating to a common plate of food. He adds that the statistic looks at data across 26 states, the amount of cereals, pulses, vegetables, and "even the garnishing such as garlic, turmeric and others that goes into making a plate of Thali."

 

Accordingly, this statistic shows that affordability of Thalis vis-à-vis a day's-pay of a worker has improved over time, "indicating improved welfare of the common person."

 

According to PIB India, "The Economic Survey 2019-20 presented in Parliament today by the Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman states that affordability of vegetarian Thalis improved 29 per cent from 2006-07 to 2019-20 while that for non-vegetarian Thalis by 18 per cent.

 



2:25 PM: Make Smartphones to create 4 crore jobs:

"Exports can play a critical role. Subramanian shows data that suggests India's export competitiveness with China. "China has specialized in labour intensive sectors and hence created jobs. India's diversification in product categories is similar to china. However, the lead difference is from specialization. We should focus on specialization and focus on labour intensive sectors. The 5th chapter makes a clear case for focusing on labour intensive sectors. Take the iPhone, assembled in China, for example. The value on every iPhone is just $8.5 but the important impact is the effect of scale. Take the average value on every iPhone assembled in China and multiply it with a large scale, you get exports that are huge and on a significant scale. The export of network products is expected to be 7 trillion products by 2025. These network  products are are phones, other network products and services. India can generate a quarter of the value generated of 7 trillion dollars and 4 crore well-paid jobs by 2025 and 8 crore jobs by 2030. This is basically enabling manufacturing of components and just focusing on export of jobs."



2:20 PM: Subramanian's Band Baaja Baaraat Moment:

Anouskha Sharma and the makers of the popular movie Band, Baaja Baarat have a proud mooment. The CEA has quoted them and the movie Aha Kalyanaam, to relate to examples on entrpreneurship. He said Shruti, the lead in both the movies were entprepreneurial in nature. Krishnamurthy Subramanian says that wealth creation by such entrepreneurs helps in creation of wealth for India. Cites from a similar World Bank data on growth in entrepreneurs to suggest evidence on his theory.



2:09 PM: Subramanian quips from Arthashastra and Thirukural:

We have emphasized on wealth. Quotes from literature such as Arthashastra and Thirukural's chapter 26 to advocate wealth and wealth creation as a noble pursuit. Wealth creation benefits all. Subramanian quotes contemporary evidence saying, "We looked at the top 100 entrepreneurs according to Forbes. Looked at their wealth in last 10 years and correleated it with various other aspects. An increase in wealth creation by entrepreneurs, the employees benefit from salaries and jobs. The firms that supply to these entrepreneurs benefits suppliers as well. A third way is looking at foreign revenue."



 

2:11 PM: Subramanian explains The Invisible Hand:


CEA Subramanian says that enabling the "Invisible Hand of the Market" and openness enables not only growth at aggregate level but also at sectoral level.  

 


Speaks of wealth creation from stock markets saying every milestone that the Sensex achieved has accelerated growth in the economy. "It took 170 months to reach milestone of 5000, subsequent milestones were reached much much faster. It is the increase in growth rates that accounts for the acceleration."  

 


Offers other examples for the Invisible hand of the market, saying, the Banking sector, improvement in freight traffic, and breaking up of UTI to allow mutual funds are examples of subsequent growth.  



2:11 PM: Top 10 Main Themes from Subramanian's Lavender colored book:


Wealth creation enables all


Markets enable wealth creation


Trust a public that increases with use


Grass root entrepreneurs create wleath


pro-business policies give equal opportunity are important for wealth creation


Remove anacrhonistic government interventions that have subsisted


Job creation by Assemble in India for the wolrd


Changes to EODB for India to rank in Top 50


Banking sector sub0scale compared to economy


Thalinomics:  



2:10 PM: FOCUS ON WEALTH CREATION:

We have emphasized on wealth. Quotes from literature such as Arthashastra and Thirukural's chapter 26 to advocate wealth and wealth creation as a noble pursuit. Wealth creation benefits all. Subramanian quotes contemporary evidence saying, "We looked at the top 100 entrepreneurs according to Forbes. Looked at their wealth in last 10 years and correleated it with various other aspects. An increase in wealth creation by entrepreneurs, the employees benefit from salaries and jobs. The firms that supply to these entrepreneurs benefits suppliers as well. A third way is looking at foreign revenue."



 

2:00 PM: Lavender Colored Economic Survey

Theme is wealth creation. The Lavender color background, Krishnamurthy Subramanian the CEA says, captures the essence of the Rs 100 rupee note and the captures the new with the old.  


Watch the Live video here:




1:20 PM: Economic Survey has been tabled:

The two volumes huge India Economic Survey for the year 2020 has been tabled and is available for download here.



 

12:50 PM: Budget Session Commences:

Nirmala Sitharaman rises to comment on the business for the day - tabling of Economic Survey. The Finance Minister says that the document will have two volumes and a statement of immediate legislations.



 

12:45 PM: Budget Session Commences:

President Ram Nath Kovind and Vice-President Venkaiah Naidu have addressed the Parliament, the budget session has officially commenced. The President's address to be tabled soon and the Economic Survey is likely to be tabled in a few minutes.



 

12:02 PM: Vice President's Address:

Vice-President Venkaiah Naidu says, "This decade is extremely important for India. We will complete 75 years of independence. Will make this decade as India Decade and century as the India Century." He also adds that his Government is going to spend Rs 25 lakh crores in the coming few years in rural India and in doubling of farmers income.



 

 

12:01 PM: Watch President Ram Nath Kovind


President Ram Nath Kovind

#BudgetSession 2020 https://t.co/fx30SwSJzk

— PIB India (@PIB_India) January 31, 2020



 

11:45 AM: The $5 trillion dream:

"Meri Sarkaar Bharat ki Artha Vyavastha ko 5 trillion dollar tak le jaane ke liye Pratibaddha hai."



 

 

11:42 AM: Historic Abrogation of Article 370:

On Abrogation of Article 370 and Article 35A of Constitution through 2/3 majority by both Houses of Parliament, the President says, "is not only historic but has paved way for equal development of Jammu & Kashmir and Ladakh".



 

 

11:35 AM: Prez on EODB Rankings:

President Kovind says: "India has made significant improvement in World Bank’s Ease of Doing Business ranking. The government runs on "Sabka Saath, Sabka Vikas, Sabka Vishwas" and policies have been implemented without any religious bias..



 

 

11:39 AM: Strengthening Democracy



 

"My govt taking strong steps for making this decade as India's decade," says Kovind. He added that the government is clearly of the view that mutual discussions and debates further strengthen democracy. "At the same time, any kind of violence in the name of protest weakens the society and the country," he stated.

 

11:32 AM: Fulfilment of dreams of Nehru and Gandhi:



 

This decade is key to India's growth. It will fulfill the dreams of Gandhi and Nehru. We are committed to working in accordance with the Constitution." 

11:00 AM: President Ram Nath Kovind's Address:

President Ram Nath Kovind addresses the Parliament ahead of the Union Budget and tabling of the Economic Survey. President elaborates on the developments of the government. Here are some of them:


Landmark laws were passed in 2019.


Violence, other such acts in the name of protests weaken the country, says Prez


On the Tourism Index, India has risen from 52nd to the 34th rank: President


On the index of resolving insolvency, India jumped from 108th to 52nd: Prez


By 2022, capitals of Sikkim, Mizoram, Manipur & Nagaland will be connected by rail


Even today there are about 15 cr houses in rural areas, where there is no supply of pipeline water


CAA has fulfilled Gandhi's dream

 



 

10:10 AM: President Ram Nath Kovind and PM Modi in Parliament


PM Narendra Modi

Ahead of the beginning of the budget session of Parliament on Friday, Prime Minister Narendra Modi said that both the Houses should concentrate on debating over economic issues and empowerment of people.He was addressing the media after arriving at the Parliament complex here."Both the Houses of Parliament should concentrate on discussing economic subjects, and the empowerment of people. I want a good debate, a healthy debate," said Modi."We all should make sure that in this session, we lay a strong foundation for this decade. This session will be focussed mainly on economic issues," he said."Our government has emphasized the empowerment of Dalits, marginalised, oppressed, women, etc. We will continue to work for them in this decade also," he said

 



 

9:45 AM: Budget papers reach Parliament

Ahead of the commencement of the Budget Session, copies of Economic Survey 2019-20 reached the Parliament complex on Friday morning. Union Finance Minister Nirmala Sitharaman will present it later today. Sitharaman will present her second Union Budget on Saturday.The Budget Session will commence with an address by President Ram Nath Kovind to a joint sitting of the two Houses of Parliament.President Kovind will deliver a speech in the Central Hall of Parliament at 11 am. Vice President Venkaiah Naidu will also chair a meeting of floor leaders of Rajya Sabha at his residence today.The first phase of the session will conclude on February 11, while the second part of the session will begin from March 2 and will end on April 3.



 

9:47 AM: Big Day for Team Sitharaman:

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