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LIVE: India took 'short-term pain' for long-term economic gain, says CEA

BUDGET SESSION 2021 LIVE UPDATES: Finance Minister Nirmala Sitharaman tabled Economic Survey today. Stay tuned for LIVE updates on Budget session of the Parliament

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Budget 2021 | Nirmala Sitharaman | Economic Survey

BS Web Team  | New Delhi 

EVENT HIGHLIGHTS

CEA Krishnamurthy Subramanian
CEA Krishnamurthy Subramanian
BUDGET SESSION 2021 LIVE UPDATES: Union Finance Minister tabled the 2020-21 in the Parliament, which provides a summary of the annual economic development across the country during the financial year.

India’s economy could contract 7.7 per cent in the financial year that ends on March 31, pulled down mainly by the coronavirus pandemic and the weeks-long nationwide lockdown to contain the disease. Real GDP growth could be 11 per cent in the next financial year, the survey said.

But the government predicts the rollout of vaccines against Covid-19 will re-energise Asia's third-largest economy with 11 per cent growth next year, putting it on track to post the strongest growth since India liberalised its economy in 1991.

Earlier, President Ram Nath Kovind strongly defended the three contentious agri laws that have sparked intense protests from a section of farmers, and slammed as "'very unfortunate" the violence during the farmers' tractor parade on Republic Day.

He also noted that the new agri laws have immediately benefited 10 crore small farmers.

In his customary address to the joining sitting of Parliament on the first day of the Budget session, Kovind said the "insult" to the tricolour and Republic Day during the January 26 protests was "very unfortunate".

The most important items on the agenda in the session are the passage of the Budget and related documents — the for 2021-22 on Friday, The Union Budget on Monday, and the report of the Finance Commission.



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