Budget session begins today, eyes on Economic survey & top 10 developments
Budget session begins today, eyes on Economic survey & top 10 developments on Business Standard. Budget 2018 is crucial because there are eight state elections in 2018 and the General Election in 2019
Budget 2018 The Budget session of the Parliament begins today. As many as 28 bills will be tabled in the Lok Sabha, while 39 bills are listed for the Rajya Sabha for the upcoming session. On February 1, Finance Minister Arun Jaitley will present the last full Budget of the present government. This session is extremely crucial for the rulling government, which is set to face eight state elections in 2018 and the General Election in 2019. As much as it crucial because there are eight state elections in 2018 and the General Election in 2019, it is also the first post-GST Budget — with its own increased challenges and decreased kick of "what got cheaper; what got dearer". Top 10 developments 1. Budget session schedule The Budget Session 2018 has been scheduled to be held from Monday (January 29) may conclude on April 6 due to exigencies of government business. During this period, both Houses of Parliament will be adjourned for recess on February 9 to reassemble on March 5, so to enable the Standing Committees to examine the demands of grants of various Ministries/ Departments and make their reports thereon. Union Minister of Parliamentary Affairs, Ananth Kumar
said, "The Session will provide a total of 31 sittings (8 sittings in First part and 23 sittings in the Second part) spread over a period of 68 days". ALSO READ: Budget 2018: Govt may not be able to meet its gross revenue target in FY18 2. Economic Survey of India to be presented today The Economic Survey of India will be presented to Parliament on Monday, January 29. Ahead of the Union Budget, the finance ministry every year presents the economic survey, which reviews the overall state of the economy in the last 12 months. In August last year however, the government for the first time presented a mid-term economic survey. Chief Economic Adviser Arvind Subramanian has announced a survey-dedicated webpage — #economicsurvey18. 3. Indian Economy on the recovery path As far as the next financial year is concerned, analysts and rating agencies have signalled a recovery in the economy. Various sources have predicted the growth rate in a range of 7 per cent to 7.5 per cent. In November the factory output grew at 17-month high pace of 8.4 per cent, indicating green shoots. The government and analysts alike have
opined that the roll out of GST has more or less overcome the teething troubles and will start bearing fruits.
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