PM Modi paid a visit to the US from 21st to 27th September 2019. On the first day of his US visit and getting straight to business, PM had a fruitful interaction with 17 global top energy sector CEOs at a Roundtable meeting in Houston. Companies like BP, Exxon Mobil, Schlumberger, Baker Hughes, Tellurian etc were present. Discussions focussed on working together for energy security and expanding mutual investment opportunities between India & USA. On the sidelines of the Roundtable, Petronet LNG and US liquefied natural gas developer Tellurian Inc signed an initial agreement under which the Indian company and its affiliates will buy up to 5 million tonnes of liquefied natural gas per annum. Petronet will take an equity investment in Tellurian's Driftwood project in Louisiana. The companies said they would try to finalize the deal by March 31, 2020. Petronet would sign a memorandum of understanding with Tellurian to invest US$ 2.5 billion for rights of up to 5 million tonnes a year of LNG over the lifespan of the Driftwood project. Energy is a major new component in the Indo-US trade mix. We import approximately $4 billion worth of oil and gas from the United States. The meeting was essentially not only to show that we are an important market but also to discuss investment and other possible opportunities in the economic area.
Prime Minister addressed the Indian diaspora at a nearly three-hour-long event organised at the NRG Football Stadium in Huston. The event was titled “Howdy, Modi!” with the theme of "Shared Dreams, Bright Futures" which highlighted the contributions of Indian-Americans in enriching the American life for the last seven decades as well as the key role they have played in strengthening relations between the two nations. More than 50,000 people participated at the event. This was the third address to the diaspora PM did in the United States; the first was at Madison Square Garden in New York in 2014, and the second at the SAP Center at San Jose, California in 2015.
In a departure from normal protocol, US President Donald Trump shared the dais with PM Modi and spoke about India’s achievements and contributions made by the Indian-American people in the growth of America. Senior democratic leadership including several elected Congressional representatives from both parties of the United States were also present at the event. Their presence reflected the high standing and influence of the diaspora in the United States and the bipartisan support that Indo-US relation enjoys in the political leadership of the United States. While speaking at the event, President Trump said “We have to secure our borders and free the world of radical Islamic terrorism”
In New York, PM had several multilateral events beginning with the Climate Summit organized by the UN Secretary General and the PM showcased what India has done to address Climate Change issues and also our expectations and aspirations from the international community. (India's important role and contribution to global climate action efforts have been underlined by the fact that PM Modi was the fourth speaker at the Summit, after UN Secretary General Antonio Guterres, New Zealand Prime Minister Jacinda Ardern and President of Marshall Islands Hilda Heine. German Chancellor Angela Merkel spoke after PM Modi). The PM said that “we are going to increase the share of non-fossil fuel, and by 2022 we plan to increase our renewable energy capacity to much beyond 175 GW, and later till 450 GW”. He added that “the time for talking is over; the world needs to act now”. To showcase our commitment to the use of Solar Energy, PM inaugurated the Gandhi Solar Park on the rooftop of the UN Headquarters. The Solar Park is a solar panel from a grant of $1 million by India.
This event was followed by another event also hosted by the UN Secretary General which was on Universal Health Coverage. As is known, India’s program of ‘Ayushman Bharat’ is the world’s largest healthcare initiative and PM focussed on showcasing that at this event. He said that under Ayushman Bharat, “500 million poor are being provided free treatment up to 500 thousand rupees per year. And in the last one year only, 4.5 million people have been benefited from it.” He added that “India's efforts are not confined to the boundaries of India only. We have collaborated and will continue to increase access to affordable healthcare through tele-medicine in many countries, especially to the countries in Africa”.
The third event was ‘Leader’s Dialogue on Strategic Responses to Terrorists and Violent Extremist Narratives’. This was a dialogue jointly hosted by His Majesty, the King of Jordan, the Prime Minister of New Zealand, the President of France and the UN Secretary General and Prime Minister was invited to speak. Other very select speakers there were other Heads of State and Government, including the Presidents of Kenya and Indonesia, the Prime Minister of the United Kingdom, the Chancellor of Germany.
On 25th September, PM made the keynote address at the opening plenary of the Bloomberg Global Business Forum after which PM had a conversation with Mr. Bloomberg, and this was followed by an investment round table at which 40 major companies including JP Morgan, Lockheed Martin, American Tower Corporation, Bank of America, MasterCard, Walmart etc. were present. The objective of this was to get feedback from industry about their business plans in India and to demonstrate government’s business friendly approach in attracting investment into India. Speaking at the event, PM said “Your desires, and our dreams, match. Your technology and our talent can change the world. Your scale and our skill can speed up global economic growth... If there is any gap, I will act as a bridge".
At a ceremony on the sidelines of the UN General Assembly, Microsoft founder Bill Gates presented to PM the ‘Goalkeepers Global Goals’ Award for India's Swachh Bharat programme. The Goalkeepers award seeks to bring together leaders from around the world to accelerate progress for ending poverty and fighting inequality. Speaking at the event, PM said that “Gandhi-ji's dream for swachhata is now becoming true……. the World Health Organisation has reported that three lakh people have been saved from diseases by the campaign....... Such a campaign was never heard of". He added that “when 130 crore people take a pledge, any challenge can be overcome”.
On 27th September, PM addressed the 74th UN General Assembly. In a 17 minute long speech, PM outlined India’s growing influence on the global stage and the steps it has taken to address the issues of development, peace and security. He said that the world's biggest democracy still has the same message of Swami Vivekananada for the world – ‘harmony and peace’. PM said that “our efforts are not just for show, they are people-centric. Our efforts are for the entire world, especially other nations that are trying to achieve a change for the better just like us”. He further said that “India is a nation that has given Buddh and not Yuddh. That is why we have anger and a commitment against terrorism. Terrorism goes against the founding principle of the United Nations, and for the sake of humanity, it is crucial that the world unites against it. A divided world is in nobody's interests”.
Besides these meetings, PM had several bilateral meetings with leaders across all continents. He co-chaired two important pluri-lateral leaders’ meetings. The first was India Pacific Island States Leaders’ Meeting with 12 leaders of the Pacific Island states. Next was the India CARICOM Leaders’ Meeting with 14 members of the Caribbean community. PM also had about 20 other leader level bilateral meetings including the meeting with President Trump (which is a departure from the normal practice of the US President at the time of the UNGA).
Besides the Prime Minister’s meetings, the External Affairs Minister was also in the US and he had a different schedule where he held meetings with several Foreign Ministers. The Minister of State in the Ministry of External Affairs was also in New York for his own meetings as well as to engage groups such as NAM, the Commonwealth, CICA and BRICS. So the purpose was really to ensure that Prime Minister, External Affairs Minister and Minister of State cover as broad a spectrum of the UN membership as possible in New York.
Friends, Terrorism once again raised its poisonous head. In the early hours of September 14, Saudi Arabia suffered the deadliest attack on its oil facilities when a small army of drones attacked two major oil plants, (Abqaiq and Khurais oil facilities) destroying nearly 50 per cent of the country's global supply of crude. The Houthi rebel group based in Yemen claimed responsibility for the attack. While US described the strikes on key Saudi oil installations as an “act of war”, Saudi Arabia said the strike was a "test of global will".
The drone attacks have crippled Saudi Arabia's oil facilities and its immediate fallout was seen in the form of a global surge in crude oil prices by double digit amid ignited fears of energy supply disruption. Saudi Arabia is the world's leading oil exporter. Saudi Arabia's state-run oil company, Saudi Aramco, said the damage caused by the drone attacks will cut the country's oil output by 5.7 million barrels every day. (This is estimated to be more than 5 per cent of the global oil supply). They added that the full country capacity of around 12 million barrels per day will be available by November only. Saudi Arabia's oil minister Prince Abdulaziz bin Salman has assured Shri Dharmendra Pradhan, Minister of Petroleum & Natural Gas of meeting all its committed oil supplies as the Kingdom looks to restoring production. Saudi Arabia is second largest energy supplier of India.
India – Internal
The Finance Minister on 20th Sept announced Rs 1.45 lakh crore fiscal stimulus that includes slashing corporate tax from 30 per centto 22 per cent, cutting down the minimum alternate tax (MAT) and lowering tax to 15 per cent for companies putting fresh capital into manufacturing.The reduced corporate tax rate of 22 per cent would apply on domestic entities that don't avail any exemptions and incentives. Also, these companies will not be required to pay any MAT. Effective tax rate in this case would be 25.17 per cent, including cess and surcharge. Earlier Finance Minister reduced the corporate tax on companies with a turnover of up to Rs 400 crore to 25 per cent in the Budget presented on July 5. This brought down the effective tax rate on over 99 per cent of companies to 27.8 per cent (corpoarte tax inclusive of surcharge and education cess). For the rest, less than 1 per cent, the effective rate remained at 34.94 (on 30 per cent corporate tax rate).
Earnings growth for India Inc, is all set to receive a boost from lower tax outgo. For many manufacturing companies, the savings on this front could give them room to reduce prices or improve other spends, thereby spurring demand. Many companies in sectors such as infrastructure, capital goods and FMCG stand to gain. Some others in the auto, steel, oil and gas, and real-estate segments could also get a leg-up. IT companies may be better off under the current regime though, given the lower tax incidence at present. The share market has reacted very enthusiastically.
Addressing the participants at the 2nd meeting of the Board of Trade, Minister of Commerce & Industry said that the merger of banks will now enable them to disburse enhanced credit, raise their risk appetite and to raise resources from the market. He further added that Rs 70,000 crore will be released to PSBs upfront and additional lending and liquidity to the tune of Rs 5 lakh crore that will benefit corporate, retail borrowers, MSMEs, small traders and exporters. All pending GST refunds due to MSMEs will be paid within 30 days and improved One Time Settlement policy will benefit MSMEs and retail borrowers in settling their overdue, added the Minister.
The Minister said that although total exports of India have crossed half trillion-dollar mark at USD 537 billion in 2018-19, goods exports are at an all-time high of USD 331 billion and services exports stand at a record USD 205 billion but India will have to achieve one trillion USD of exports in the next five years. For this, the Minister said that we need to increase domestic production and improve our competitiveness.
India - Bilateral
Hon’ble Rashtrapati-Ji, accompanied by the First Lady and a high level delegation consisting of Smt. Debasree Chaudhury, Minister of State for Women and Child Development, Dr. Ramapati Ram Tripathi, Member of Parliament, Lok Sabha, Shri Basant Kumar Panda, Member of Parliament, Lok Sabha and a high level business element paid State visits to Iceland, Switzerland and Slovenia from 9 - 17, September 2019.
In Iceland (9 & 10 Sept), Rashtrapati-ji met President of Iceland, His Excellency Mr. Guðni Thorlacius Jóhannesson and Prime Minister Ms. Katrín Jakobsdóttir and held wide ranging discussions on issues of mutual interest. Rashtrapati-ji also delivered a lecture at University of Iceland, Reykjavik on India-Iceland partnership towards making a greener planet'. Iceland is at the moment the Chair of the Arctic Council and is also involved in the Arctic Circle Cooperation. India is an observer in the Arctic Council and is looking to be very active in the work of the council. There is a lot of interest in such areas as geothermal energy, fisheries, tourism, cultural cooperation.
In the second leg of his visits, Rashtrapati-ji visited Switzerland from 11th to 15th Sept. This was actually a return visit of Rashtrapati-ji following the state visit of the then Swiss President H. E. Mr. Doris Leuthard in Aug-Sept, 2017. Rashtrapati-ji had wide ranging discussions with the Swiss President and Members of the Federal Council. The accompanying business delegation engaged with their Swiss counterparts under the aegis of the India-Swiss Business Forum. Rashtrapati-ji also delivered a lecture at the University of Bern on the theme ‘India-Switzerland: New Age Partnership – Connecting Himalayas with Alps’.
In the last leg, Rashtrapati-ji visited Slovenia from 15 to 17 September. This was the first ever presidential visit from India to Slovenia. Here he had high level and wide ranging discussions with Slovenian President, Prime Minister and President of the National Assembly. Again the accompanying business delegation met their counterparts in the India-Slovenia Business Forum. Rashtrapati-ji also met the Indian community.
It is important to keep in mind that in Europe, there are different countries, some are big and some are small and not every country is a member of the EU but within them they have different arrangements. Sometimes in trade context or customs format or another free trade area and sometimes the political dialogue also takes place within the EU. Therefore, it is very important to engage with every country in Europe. It gives an idea of their thinking and more importantly it gives us a chance to present our point of view on global issues.
Prime Minister Shri Narendra Modi visited Vladivostok, Russia from on Sept4-6, 2019. There were two main purposes for this visit. The PM was invited to attend the Eastern Economic Forum by President Putin as one of the Chief Guests; and secondly he participated at the 20th Annual Summit between India and Russia.
External Affairs Minister, Dr. S. Jaishankar visited Indonesia from 04-06 September 2019. This was the first visit of a Union Minister to Indonesia after the new government was sworn in. The visit reflects the high priority India attaches to its bilateral relationship with Indonesia, with which we share a Comprehensive Strategic Partnership and a Shared Vision on Maritime Cooperation in the Indo-Pacific. External Affairs Minister held delegation level talks with his counterpart, H.E. Ms. Retno Marsudi, Minister for Foreign Affairs of Indonesia. The two sides discussed the gamut of bilateral relations and global and regional issues of mutual interest. External Affairs Minister also held bilateral meetings with other senior ministers of Indonesia.
External Affairs Minister thereafter visited Singapore, from 6-10 September 2019. During the visit, the External Affairs Minister Co-chaired the 6th Meeting of Joint Ministerial Committee (JMC) with his counterpart, H.E. Dr. Vivian Balakrishnan, the Foreign Minister of Singapore. The two sides reviewed the whole range of bilateral issues and provided direction for further deepening the strategic partnership between the two countries. He also called on Singapore’s Prime Minister and Deputy Prime Minister and met other senior ministers during the visit. External Affairs Minister also participated in the Business and Innovation event organised by the High Commission of India, Singapore.
External Affairs Minister Dr. S. Jaishankar visited Male on September 3-4, 2019. The visit was the first high-level bilateral visit from India to Maldives following Prime Minister Modi's State Visit on June 8-9, 2019. During the visit, EAM called on Maldivian President Ibrahim Mohamed Solih and Speaker Mohamed Nasheed. He also held bilateral talks with Foreign Minister Abdulla Shahid. EAM and Foreign Minister Shahid reviewed the state of bilateral relations, in particular, the progress on implementation of decisions emanating from state visits from both sides in the last nine months. The Mutual Legal Assistance Treaty on criminal matters was signed between both sides. During the visit, EAM also participated in the Indian Ocean Conference 2019. In his keynote address on "Securing the Indian Ocean Region: Traditional and Non-traditional challenges”, he highlighted India’s articulation of the Indo-Pacific construct. He also called on Prime Minister of Sri Lanka Mr. Ranil Wickremasinghe.
H.E. Mr. Khaltmaagiin Battulga, President of the Republic of Mongolia, paid a State Visit to India from 19-23 September 2019. He was accompanied by Foreign Minister Mr. Damdin Tsogtbaatar, Mr. Byambasuren Enkhamgalan, Minister of Road & Transport Development, other senior officials, as well as a 25-member business delegation. Besides the official engagements in Delhi, President Battulga also travelled to Agra, Bodhgaya, Nalanda and Bengaluru. During the visit, President Battulga held talks with Rashtrapati-ji, Prime Minister and the Vice-President. MoS (EA) also called on President Battulga. It may be recalled that PM Modi visited Mongolia in May 2015. The visit was historic as PM Modi became the first Indian Prime Minister ever to land on Mongolian soil.
Reciprocating India’s gesture of exploring the e-visa scheme for Mongolian short-term travellers, Mongolia announced a visa-on-arrival scheme for short-term travellers from India. On Mongolian request, India announced an additional US$ 236 million Line of Credit (LoC) for the ongoing Petrochemical Refinery Project in Mongolia. India had already announced a US$ 1 billion LoC for the Oil Refinery Project, which will reduce Mongolia’s dependence on its neighbour for oil and gas and contribute to its long-term energy security and economic development. The two sides issued a Joint Statement and signed 4 MoUs.
India – Multilateral
Union Minister of Commerce & Industry and Railways Hon’ble Shri Piyush Goyal participated in 7th RCEP Ministerial Meeting held in Bangkokon 8th September 2019. The meeting was attended by Commerce and Trade Ministers from Australia, Brunei Darussalam, Cambodia, China, Indonesia, Japan, Korea, Lao PDR, Malaysia, Myanmar, New Zealand, Philippines, Singapore, Thailand, Vietnam, and Secretary General ASEAN.
In a Joint Statement issued after the meeting, the Ministers recognized that negotiations have reached a critical milestone as the deadline for the conclusion of negotiations draws near. Notwithstanding the remaining challenges in the negotiations, RPCs are working on addressing outstanding issues that are fundamental to conclude the agreement this year as mandated by the Leaders. Continuing uncertainties in trade and investment environment have dampened growth outlook across the world, with likely impact on businesses and jobs, adding to the urgency and imperative of concluding the RCEP. Ministers agreed that RPCs should not lose the long-term vision to provide the much-needed stability and certainty to the market, which will in turn boost trade and investment in the region.
There is a belief in a section particularly the dairy sector and steel industries in India that the country has lost in most of its trade agreements. As an example, they point out that trade deficits soared with members of the Association of South East Asian Nations after a free-trade agreement was signed. India can only be said to have lost if one ignores the considerable gains to consumers from cheaper imports. Some years ago, Indian households had to worry constantly about high and variable prices of cooking oil. That’s no longer a concern, thanks to imports of palm oil from Indonesia and Malaysia, in spite of the steep duties permitted by the Indo-ASEAN free-trade agreement. And when producers’ lobbies complain about losing market share to Southeast Asia, they perhaps underline the need for Indian industries to become more competitive. We will have to wait to see whether the government choose globalization and export-oriented growth, or will the isolationists prevail and keep India out of a giant Indo-Pacific trading bloc?
The 16th Session of the Joint Economic Commission (JEC) between India and Belgium Luxembourg Economic Union (BLEU) was convened in New Delhi on 17th September, 2019. The session was attended by officials of Department of Commerce and Promotion of Industry & Industrial Trade, Ministry of AYUSH, New & Renewable Energy, External Affairs, Information and Broadcasting and Railways.
Both sides reiterated the importance of the JEC towards the development of bilateral economic and trade relations through facilitating dialogue and enhancing cooperation on a wide range of issues of mutual interest, such as, transportation and logistics, renewable energy, aerospace and satellites, audio and visual industry, agro and food processing industry, life sciences, ICT, traditional medicine, Ayurveda and yoga, and tourism. The delegations resolved that dynamic nature of commercial exchanges seen in the last few years is reflected in the increasing number of companies interested in establishing and gaining access to respective markets, and signing of MoU among the three Countries for cooperation in multiple fields of mutual interest.
Bilateral trade between India-Belgium and India-Luxembourg in year 2018-19 was USD 17.2 billion and USD 161.98 million, respectively, registering growth of 41% and 150%, as compared to 2017-18. Cumulative FDI inflows to India from Belgium and Luxembourg during April, 2000 to June, 2019 were around USD 1.87 billion and USD 2.84 billion, respectively. While economic exchanges between India and BLEU remain satisfactory, they nevertheless still offer ample opportunities for further intensification and diversification in mutually beneficial areas and their complementarities.
Leading exports from Belgium to India are in the sectors of gem and jewellery (rough diamonds) chemical and chemical products and machinery and mechanical products. The major exports from India to Belgium are in the sectors of gem and jewellery (finished products), base metals and articles and chemicals and chemical products. There are around 160 Belgian companies in India. Several Indian companies particularly in the IT and software sectors like TCS, Infosys, Tech Mahindra and HCL have established base in Belgium to cater to the Belgian and European markets.
I visited Belarus and Russian Federation during Sept 2019. During the visit, I took the opportunity to meet a cross section of people from the business, industry and political community. I was able to sign MoUs of cooperation between MIICCIA and the Belarusian Chamber of Commerce & Industry, the Union Chamber of Commerce & Industry of Rostov Region (Russian Federation) and the Saint Petersburg Chamber of Commerce & Industry. As many of you may be aware that Saint Petersburg Chamber of Commerce is a 100 years old Chamber in Russian Federation. All the three Chambers of Commerce were keen on closer co-operations with MIICIIA. We expect to have in future business & industry delegations from Russian Federation and vice versa.
MIICCIA signed a MoU with ANM Exhibitions Pvt Ltd for organizing regular Indian exhibitions, under the banner of MIICCIA, in eastern Europe. As per the terms of the MoU, the former held two exhibitions of Indian goods, one in Baku (Azerbaijan) from 30th Aug to 7th Sept; and second one in Sofia (Bulgaria) from 20th to 29th Sept. 40 companies from India showcased high quality products including rice, tea, spices, gifts and handicrafts, home furnishing, textile & garments, jewellery and cosmetics. In both the places, the exhibitions were inaugurated jointly by the Indian Ambassadors and local dignitaries. There was wide coverage in the local media and television channels. B2C sales at the exhibitions were reportedly overwhelming.
MIICCIA has plans to open a Representative Office somewhere in the eastern Europe, subject to local laws & regulations, in order to encourage local business houses to explore newer economic opportunities available in India.
Friends, may I once again remind you that our Chamber is organizing the Business Meet “India & Africa : Partners in Growth, Prosperity and Shared Destiny”, on Friday 18th October, 2019 at The Royal Plaza Hotel, Venetian & Edward hall, 19, Ashoka Road, New Delhi – 110001. All the 42 African Ambassadors in India have been invited to share new available opportunities and their perspectives at the Event. The Minister of State for External Affairs is expected to be the Chief Guest while Shri P. Harish, Additional Secretary (ED & States) will be the Guest of Honour. Senior government officials from the Ministries of External Affairs and Commerce & Industry are expected to share their views. Representatives of the EXIM Bank, Export Credit Guarantee Corporation (ECGC) have confirmed their participations. The Event will try to identify new areas of cooperation. I urge you all to participate at this Business Meet and benefit from the deliberations and networking opportunities.
I wish all of you success, prosperity and good health. And all the best wishes for a peaceful and happy Dussehra and Deepavali.
I extend my Greetings on the New Year 2019. I wish great success to our Members, the Indian Industry, Business Houses and Investors.
The New Year seems to be an encouraging one for the Indian Industry, Business and Exporting community. Economic indicators are healthy. Growth of GDP for the first half of 2018-19 was 7.6%. Current account deficit as percentage of GDP was 2.7% in the same period. Value of merchandise exports and imports increased by 11.6% and 14.7% respectively in US Dollar terms during April-November 2018.Foreign Exchange Reserves stood at US$ 393.7 billion at end November 2018. CPI inflation declined to 2.3% in November 2018 from 3.4% in the preceding month. WPI inflation was 4.6% in November 2018, as compared to 5.3% in October 2018. The growth of Index of Industrial Production (IIP) during April-October 2018 was 5.6%, as compared to 2.5% recorded during corresponding period a year ago.Though there was a slight negative growth (0.87%) in export of Services, trade balance in Services was US$ 6.57 billion in end November 2018. Therefore, the New Year starts with a positive note.
The Government launched a historic support and outreach programme for the Micro, Small and Medium Enterprises (MSME) sector in November 2018. As part of this programme, the government unveiled 12 key initiatives which would help the growth expansion and facilitation of MSMEs across the country. At the inaugural session of the 15th Global SME Business Summit in New Delhi, Minister of Commerce & Industry and Civil Aviation, Shri Suresh Prabhu, said that the Ministry was examining the proposal to set up trade promotion bodies in 15 countries to promote exports of SMEs from India.
An important development for our export houses is that India is now hopeful that the Chabahar Port in Iran will be fully operational soon. Union Minister Shri Nitin Gadkari and the Iranian Foreign Minister had a fruitful meeting and the leaders agreed to resolve all the pending issues.The Chabahar Port will be a booster for our overseas shipments, particularly to Iran and the Central Asia region.Commerce, Industry and Civil Aviation Minister, Shri Suresh Prabhu said that he would like to make 2019 “A new year for Exports.”
Last year MIICCIA consolidated its position further. It has signed several MoUs for mutual cooperation with other Chambers of Commerce. The most notable amongst those are:
In the context of India’s ‘Act East’ policy and Prime Minister’s thrust for deeper engagement with
ASEAN countries, MIICCIA is organizing a Business Conference “India-ASEAN Connecting for Business” on February 18, 2019 at the Civil Services Officers’ Institute (CSOI), Vinay Marg, Chanakyapuri, New Delhi. The conference will try to identify suitable economic opportunities in ASEAN countries, and create reliable networks for further boost to trade & investment. The Conference will benefit Indian entrepreneurs and business houses with updated information and also provide a platform to interact with Heads of Mission of the ASEAN countries. MIICCIA’s Secretariat would be happy to provide additional information and participation procedure.
We are all waiting for the Interim Budget of the Central Government on 1st Feb. In a bold decision and departure from the past practice, the Government has decided not to present the Economic Survey before the interim budget. They have left the Economic Survey, which outlines the vision and the economic road map for the upcoming year, for presentation by the new government before the full budget.