Parliament Budget Session: Economic Survey calls for close monitoring of Current Account Deficit | Highlights

India's coal sector is likely to grow at 6-7 per cent per year to reach production level of 1. 5 billion tonne by 2030 and this rise in output is expected to replace imports and increase exports, the Economic Survey said on Tuesday.

There has also been constant efforts to improve system capacity utilisation from about 80 per cent to above 90 per cent. Various measures have been initiated towards achieving self-reliance in coal production. These include FDI under the automatic route, auctioning of coal blocks for commercial production, expansion of existing mines and opening of new mines, greater use of mass production technology in mining, mechanisation of loading and development of evacuation infrastructure, among others, the survey said.

Speaking on the Economic Survey, Chief Economic Advisor Dr V Anantha Nageswaran said that India does not need to speak of pandemic recovery anymore, as the recovery of the economy is complete. "Recovery of the economy is complete; non-banking and corporate sectors now have healthy balance sheets, hence, we don't have to speak of pandemic recovery anymore, we have to look ahead to the next phase," he added. 

Speaking outside the Parliament, Congress leader Adhir Ranjan Chowdhury said there was nothing on unemployment in President's Address. "There are a lot of issues against the Govt. We'll raise these issues in Parliament one after another. We and the citizens can see only the failures of the Govt. They only speak but don't do. President's Address reiterates what govt wants & does. Naturally, President presents Govt's statement. Still, we respect the President's Address. When discussion on the Address will be done in the House, we'll present our views," he added. 

The Economic Survey 2022-23 underlined the need for close monitoring of the current account deficit which may continue to widen because of elevated global commodity prices. The country's current account deficit widened to 4.4 per cent of the GDP in the quarter ending September, from 2.2 per cent of the GDP during the April-June period due to a higher trade gap, according to the latest Reserve Bank data.

Finance Minister Nirmala Sitharaman tabled the Economic Survey in Parliament. 

Vice President and Rajya Sabha Chairman Jagdeep Dhankhar addressed the Parliament following President Murmu's speech. During his address, Dhankhar said India's global relations with other countries are at their best now

President Murmu also said that India is in a better position as compared to other countries due to decisions by the PM Modi-led government. "Wherever there is political instability anywhere in the world, those countries are surrounded by a massive crisis. But due to the decisions my govt took in the national interest, India is in a better position as compared to other countries," she added. 

In her maiden address to the joint sitting of Lok Sabha and Rajya Sabha in the central hall of Parliament President Murmu said, "India has entered Amrit Kaal completing its 75 years of Independence. Amrit Kaal is a period of 100 years of Independence and making of a developed India. These 25 years is a period for all citizens to focus on duty." She also hailed the government for continuously laying "unprecedented emphasis on innovation and entrepreneurship". "Today our youth are showing the power of their innovation to the world," she added. 

Applauding the central government's initiatives, President Murmu said that more than 11 crore people across the country have access to water now due to the 'Jal Jeevan Mission.'  "About 11 crore families have been connected with piped water supply in three years under the Jal Jeevan Mission. Poor families are getting the maximum benefit from this," she added. 

President Murmu emphasised that India's self-confidence is at its highest and the country is providing solutions to the world. She also envisaged for a poverty-free India, whose middle class would also lead a prosperous life. "There should be an India that will not have poverty, whose middle class will also be prosperous, an India whose youth and women will stand at the front to show a path to society & the country, an India whose youth stays two steps ahead of time," she added. 

During her address, President Murmu stressed on making India 'Aatmanirbhar' and capable of fulfilling its humanitarian duties. "By 2047, we have to build a nation that will be connected to the pride of the past and which will have all the golden chapters of modernity. We have to build an India that will be 'aatmanirbhar' and capable to fulfill its humanitarian duties," she added. 

President Droupadi Murmu is addressing the joint sitting of both Houses. Following this, the Budget Session will start. 

The Business Advisory Council meeting of the Rajya Sabha will be held today at 2:30 PM. 

President Droupadi Murmu departed from the Rashtrapati Bhavan to the Parliament House to address the joint session of both Houses. 

Interacting with the media PM Modi said that India's budget will attempt to meet the hopes and aspirations of the common citizens amid the unstable global economic situation. 
"The ray of hope being seen by the world glows brighter-for this, I firmly believe that Nirmala Sitharaman will make all efforts to meet those aspirations," he added. 

World's eyes on India's budget amid global uncertainty, says PM ahead of parliament's Budget session

Budget Session begins today & at the beginning itself, credible voices from the world of economy, have brought in a positive message, a ray of hope & a beginning of enthusiasm. Today is important, President will address the joint session of the Parliament for the first time: PM

Leader of Opposition in the Rajya Sabha Mallikarjun Kharge and several other Congress MPs will be unable to attend the President's address at 11 am today. Congress MP Jairam Ramesh said that a few of the party's leaders, who were part of the Bharat Jodo Yatra, have not yet returned from Srinagar due to delayed flights on account of inclement weather conditions 

According to sources, Aam Aadmi Party (AAP) has decided to boycott the President's address ahead of the Budget today. The party's MPs are likely to stay out of the Parliament House at the time of the address.

Prime Minister Narendra Modi will interact with the media today before the start of the Budget Session. He is expected to speak to the media at 10:30 am. 

The Congress party has sought a discussion on the China issue in the Budget session of Parliament. The party has taken serious note of a research paper presented at the DGP-IGP annual conference, alleging that it has exposed the government's "weak-kneed approach" towards China. Congress spokesperson Pawan Khera has alleged that a detailed security research paper submitted for discussion has revealed shocking facts about the rank apathy by the Modi government to China’s illegal occupation of India’s territory in the region.

The Economic Survey is released a day before the presentation of the Budget. It provides a summary of the country's annual economic growth and outlines the economy's medium- and short-term prospects. The finance ministry's chief economic adviser is in charge of preparing this document. It also plays a significant role in analyzing various trends in various economic sectors, including export, import infrastructure, industrial production, agriculture, and others. The first economic survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the Budget documents and presented day prior to the Union Budget.

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With the government promoting the use of millets, Lok Sabha Speaker Om Birla has made arrangements for serving dishes made primarily with ragi, jowar, bajra, rajgira and kangni to MPs, staff and visitors. From jowar vegetable upma to ragi dosa, bajre ki tikki to bajra khichdi -- these food items made of millets will now be part of the menu of Parliament House canteens.

Finance Minister Nirmala Sitharaman will present the last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections. She will also present the Economic Survey in Parliament today.