With less than 10 days to go for the first full budget of the Modi 3.0 government, Prime Minister Narendra Modi on Thursday discussed key focus areas and strategies for the important policy document with leading economists, sector experts and NITI Aayog officials. -Churned.
The discussion is aimed at accelerating India’s transformation into a $5 trillion economy and establishing it as the world’s third largest economy in the coming years.
“Earlier today, interacted with eminent economists and heard their insightful views on issues related to driving growth,” Modi said in a post on the platform ‘X’ (formerly Twitter).
Apart from Finance and Corporate Affairs Minister Nirmala Sitharaman and Planning Minister Rao Inderjit Singh, NITI Aayog Vice Chairman Suman Berry and other members of the NITI think tank also attended the meeting organized under the aegis of NITI Aayog.
The Prime Minister is understood to have sought information from economists Surjit Bhalla and Ashok Gulati and veteran banker KV Kamath, among others present at the meeting. These inputs may form the basis of some last-minute changes to the policy document, which is in the final stages of preparation. Sitharaman will present her seventh consecutive Union Budget on July 23.
vision document
Already NITI Aayog has been tasked with preparing a vision document to make India a $30 trillion economy by 2047.
Economists at today’s meeting are understood to have suggested the need for a careful balance between pursuing fiscal consolidation and promoting economic growth.
With the economy set to see a strong growth of 7.2 per cent this fiscal year (as per RBI estimates) and tax collections remaining strong, there is widespread expectation that the Budget will look to increase welfare spending without upsetting the fiscal arithmetic . The Reserve Bank of India’s âı2.1 lakh crore dividend has also boosted the government’s finances and set the stage for a boost to growth in the coming years.
While the middle class is hopeful that the government will give them relief on the income tax front with the change in tax slabs, there is also curiosity about what the government will do to boost job creation in the country and boost investment in the economy. Has the intention. There has been some good news on the job creation front, with reports from RBI and SBI Research showing that the country has added a large number of jobs to the economy in the last 10 years.
