FM Nirmala Sitharaman tables Economic Survey 2023-24 in Parliament, a day ahead of the Union Budget

3 months ago

In a recent Economic Survey 2023-24 presented by Finance Minister Nirmala Sitharaman, the Indian economy is reported to be on a strong footing, showcasing remarkable resilience in the face of geopolitical challenges. This 476-page document highlights the consolidation of post-Covid recovery and the stability maintained by fiscal and monetary policies. Despite global volatility, India's economic growth continues to expand. Watch the full analysis and key insights from the Economic Survey 2023-24.

#IndianEconomy #EconomicSurvey #FinanceMinister #NirmalaSitharaman #EconomicGrowth #GlobalChallenges #EconomicStability #PostCovidRecovery #India2024
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Transcript

00:00What is the difference between a written answer and an oral answer?

00:07What is the difference between a written answer and an oral answer?

00:14What is the difference between a written answer and an oral answer?

00:21Come up with answers. He's given a comprehensive written answer.

00:25Maybe he'll take a while to be able to articulate it orally.

00:29But I just want to add some things which are very important

00:32from the point of view of the First Lady member who's asked this question

00:36and also Sri Jagadambika Parth.

00:39Sir, Ministry of Corporate Affairs has taken a lot of steps towards reducing pending cases

00:47and as was mentioned earlier, there was a Special Drive Phase 1 and a Special Drive Phase 2.

00:55Special Drive Phase 1 was in 2017, Special Drive Phase 2 has been implemented in 2023.

01:03Till July of 2024, that is this month, 15th, 6,294 applications for withdrawal

01:12have been filed before the various courts.

01:15Now specifically on ease of doing business, a lot of steps have been taken,

01:20nearly 11 steps which have been given in the written reply.

01:26Nearly 11 steps have been taken which were mentioned worthy,

01:31which are being specifically said in the reply.

01:36But most importantly, decriminalization of 63 major offenses.

01:42Just a minute, just a minute.

01:44It is not allowed to sit down and ask questions.

01:49It is not allowed to comment.

01:51Minister.

01:53So 63 offenses have been decriminalized and as a result of which

02:02companies today are able to carry on their functions without the worry of compliance.

02:09There was a central processing center which has been set up

02:12so that specified non-STPE reforms can also be,

02:16e-forms related questions can also be taken up.

02:19So the most important part of this is zero fee for incorporation has been brought in

02:25for companies with authorized capital of up to 15 lakhs,

02:30meaning small companies which have small capitals with which they start their business,

02:35there is no fee charged.

02:37These are as a matter of ease of doing business other than simultaneously acting on

02:43reducing the pendency in the courts.

02:47Therefore, this question which relates to ease of doing business

02:51and also reduction of pendency has both sides on which the minister is trying to answer.

02:57Sir, the most important question which was,

03:00the most important question which Jagadambika Pal raised about the SEBI, sir,

03:06I want to underline the fact that the reforms which have been brought by the SEBI,

03:13particularly in timelines which have been given for settlement of claims,

03:18is a remarkable step taken forward and our markets have also been

03:23and companies have also benefited from it.

03:25In fact, we are far ahead of the very many other countries

03:30where similar companies law operate.

03:33They are still not able to settle claims within even T plus 6, T plus 5 or T plus 4.

03:42We have even come to T plus 1 which is effectively being run today.

03:46So SEBI related reforms also are coming up with ease of doing business

03:53and treating all stakeholders with great comfort.

03:58So this question pertains to a large area of reforms in companies matters

04:05both related to pendency reduction and ease of doing business.

04:10So the question that was getting answered by our new MOS

04:14was actually a larger context on which the written answer is far more comprehensive

04:22than what the minister has tried to start answering with

04:26but new ministers will take a bit of while but for us to listen to them,

04:31I would request all of us to kindly accommodate their attempt to answer.

04:40Thank you very much Mr. Speaker.

04:41The honourable minister has given off a kind of laundry list of initiatives

04:44but he has overlooked a very crucial issue sir

04:47which is that 67% of the pending litigation cases relating to insolvency

04:53have exceeded the 270 day time frame

04:56precisely because there has been no attention paid to the staffing levels of the NCLAT sir.

05:02For example all the southern states, all five southern states and two UTs

05:06we have one NCLAT in Chennai and there sir according to media report

05:11the bench has one stenographer who doubles up as PA to the technical member

05:15and the registrar sits in Delhi.

05:17So this is a preposterous situation.

05:19What I would like to ask the honourable minister is

05:21what is she doing, what is her ministry doing about giving some attention

05:26to the staffing crisis facing the NCLATs

05:29and in particular for the southern states

05:31would she be willing to consider a separate NCLAT for a state like Kerala

05:36where our cases are pending for so long sir.

05:38Thank you Mr. Speaker.

05:43Sounds very interesting to say I have given a laundry list

05:46but we have done so many reforms

05:49so we need to list it all

05:51and I appeal to the honourable member to read it

05:54so that he can differentiate between a typical laundry list

05:58and a list of actions taken for reforming the process.

06:02Honourable member Sashi Tharoor should actually differentiate

06:05between a laundry list and a list of reforms undertaken by us.

06:09So with that said sir

06:11and with that said I quite agree with the honourable member

06:15staffing and filling up the vacancies of NCLT and NCLAT

06:21is a challenge which we are trying to meet.

06:25We are certainly conducting periodically

06:29interviews and also advertising for positions

06:33and working with the Supreme Court

06:35so that we get the right members

06:37to appoint them in the various company law tribunals.

06:44Yes it is true that there is only one NCLAT

06:49and that is located in Tamil Nadu.

06:51I am sure for now at least

06:54for now at least

06:56the southern states would find that it is not located in the north

06:59and it is in Chennai

07:01and therefore for now at least

07:03NCLAT in Chennai would serve the purpose.

07:06However I do appreciate

07:08that we need to have a greater number of appellate tribunals

07:12but this is not something which

07:14this is not something which I can just do.

07:17Oh sir my mic is off

07:19so it is not only the opposition members

07:21or mics which are getting off even mine is off

07:24if that satisfies you.

07:26Sir but my answer is not complete.

07:29NCLT

07:31both NCLT and NCLAT

07:34appointments are being taken up seriously by all of us.

07:38We are trying to fill it speedily.

07:40I assure the member that

07:42filling up these positions are happening

07:44with greater sense of urgency.

07:46Question number 5

07:48Srimati Aparajita Sarangi

07:52Question number 5 sir

07:54Honorable Minister

08:00Speaker sir

08:02Promoting libraries is crucial

08:04for fostering a culture of lifelong learning.

08:08National mission on libraries

08:10was formulated by the central government

08:13in 2014

08:15and the main intention of this particular scheme

08:18was to enhance

08:20the accessibility to knowledge and resources

08:23across India.

08:25Since 2014

08:27the year in which this scheme was grounded

08:30till today

08:32we would like to know as to what kind of initiatives

08:35have been taken by the Government of India

08:37the Ministry of Culture

08:39to raise awareness among the people

08:41regarding the benefits of the scheme

08:43and

08:45what is the nature of the community engagement

08:48and the community outreach

08:50I would request Honorable Minister Culture

08:53to enlighten us.

08:57Mr. Speaker

08:59the question asked by the member

09:04is very important

09:06and is related to social life

09:08and

09:10is related to the life of a person

09:13and is a very important topic

09:15which is highlighted.

09:20But we all know that

09:22library as per 7th schedule of the constitution

09:25is a subject of the state

09:28and as a subject of the state

09:30the primary responsibility

09:32is to connect people to this

09:35to connect people to the library

09:38to increase their ability to study

09:41this responsibility

09:43to raise awareness among the people

09:45is the responsibility of the state governments.

09:47The Government of India

09:49through the National Mission of Library

09:51to supplement the efforts of the states

09:55provides money and resources.

09:58Mr. Speaker

10:00through you

10:02I would like to tell the members

10:04to increase the physical infrastructure of the libraries

10:07along with

10:09Raja Ram Mohan Rai

10:11through the library foundation

10:13to grant libraries in the states

10:15to grant libraries in the states

10:17to grant libraries in the states

10:19to enhance the library experience

10:21to enhance the library experience

10:23to increase the reading material

10:25to increase the reading material

10:27and along with this

10:29by setting up a national virtual library

10:31and by setting up a national virtual library

10:33we have made available thousands of books

10:35we have made available thousands of books

10:37so that people can take the most advantage

10:39so that people can take the most advantage

10:41in this technology era

10:43I would like to insist

10:45all the members present here

10:47in their respective districts

10:49in their respective districts

10:51and in some places

10:53and in some places

10:55for its rich cultural heritage with diverse traditional systems of knowledge.

11:20I would request Honorable Minister Kulcha to tell us as to how is the national mission

11:25on libraries helping the preservation and dissemination of traditional systems of knowledge

11:30and knowledge.

11:31Thank you.

11:32Thank you.

11:33Dr. Rajiv Bhardwaj.

11:34Dr. Rajiv Bhardwaj.

12:04I would like to ask Honorable Minister Kulcha to tell us as to how is the national mission

12:11on libraries helping the preservation and dissemination of traditional systems of knowledge

12:15and knowledge.

12:16Thank you.

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FM Nirmala Sitharaman tables Economic Survey 2023-24 in Parliament, a day ahead of the Union Budget

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