The Budget Session of the Parliament will begin today at 11 am with President Ram Nath Kovind’s speech. His speech to both the houses of Parliament will mark the beginning of the Budget Session 2018. As many as 28 bills will be tabled in the Lok Sabha, while 39 bills are listed for the Rajya Sabha. During the session, the Economic Survey will also be tabled after President’s address. The Budget, to be the last for the BJP in view of the general elections due in the first half of 2019, usually has two main components — the first dealing with new schemes and outlays for various existing schemes and the second containing announcements on direct and indirect taxes.
As the Budget Session commences, we bring you some important details about this year’s Economic Survey.
Economic Survey of India is an annual publication prepared by the Finance Ministry in which the developments related the country’s economy are reviewed. The survey is presented in both Lok Sabha and the Rajya Sabha during the Budget Session. The Economic Survey compares the progress of the various developmental projects over the previous ones. The survey also highlights a summary of the performance of the government’s major programmes undertaken during that period. It also explains the details of the policy initiatives taken by the government to improve the economy of the country.
This year’s Economic Survey will be released around 15 months after the demonetisation decision by Prime Minister Narendra Modi-led NDA government in the year 2016. The survey, that has been drafted by government’s Chief Economic Adviser Arvind Subramanian, will assess nation’s growth over the last 12 months and will suggest policies to be adjusted in Finance Minister Arun Jaitley’s Union Budget that is to be presented on February 1. This will be the first budget post-GST budget. The session that will begin from today (January 29) will commence on February 9.
Here is the press conference by Chief Economic Advisor Arvind Subramanian on Economic Survey 2017-18