Chief Economic Advisor KV Subramanian began his press conference on the Economic Survey 2020-2021, saying that India’s COVID policy was formulated with the principle that “GDP growth will return, but not human lives.” Like we recognised in the policy, growth has returned, said the CEA on Friday, 29 January.
Finance Minister Nirmala Sitharaman tabled the pre-Budget Economic Survey for 2020-21 in the Lok Sabha, as the Budget Session of the Parliament kicked off on Friday, 29 January. A GDP growth of 11 percent has been projected for the financial year 2021-22 by the survey. In this financial year, the GDP will contract 7.7 percent.
Earlier, addressing the joint session of Parliament, President Ram Nath Kovind said that the “national flag was insulted” on Republic Day, adding that the rules of the land must be “respected.”
The Budget session of Parliament began on Friday in the shadow of the coronavirus pandemic and amid massive protests against the three contentious farm laws.
- Almost 16 parties boycotted the President’s address
- The LS and RS has been adjourned till 11 am on Monday, 1 February
- In view of the COVID-19 pandemic, the Parliament will sit in two shifts. The morning session will be dedicated to Rajya Sabha, while the Lok Sabha session will be held in the evening
- The last session of the Parliament was the Monsoon Session, which is when the three farm laws were passed under controversial circumstances
India to Gain More From Investment In Innovation: CEA
“India stands to gain more from its investments into innovation than many other countries,” said CEA KV Subramanian, presenting the Economic Survey.
Re-admission Rates More In Pvt Hospital: CEA Subramanian
Stressing on the importance of public vs private healthcare infrastructure quality, CEA Subramanian said PM-JAY data shows that in case of private hospitals, patients' re-admission rates are much higher than the former.
“No evidence to show that quality of healthcare services in private hospitals is significantly better than in public ones.”CEA Subramanian
CEA on India's Sovereign Credit Ratings
India’s sovereign credit ratings do not reflect its fundamentals, CEA KV Subramanian said, presenting the Economic Survey.
Exports are expected to decline by 5.8% and imports by 11.3% in the latter half of 2021, CEA added.
India's COVID Policy Mature, Farsighted: CEA Subramanian
“The policy response which India came up with, was a mature, farsighted one. India undertook short term pain to get long term gain. The ‘V-shaped recovery’ makes India a sui generis case in mature policy making.”KV Subramanian