Prime Minister Modi Consults Economists Ahead of Union Budget

Current Affairs National

Posted by pallavi on 2024-07-12 05:10:37 |

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Key Discussion Points and Suggestions

Prime Minister Narendra Modi, alongside senior bureaucrats, convened a meeting with prominent economists on Thursday to deliberate on the Indian economy. This meeting, held at NITI Aayog, comes just weeks before the Union Budget 2024-25 presentation. Attendees included Finance Minister Nirmala Sitharaman, Chief Economic Adviser V Anantha Nageswaran, and several eminent economists and sectoral experts.

Focus on Growth and Development

Economists presented various recommendations, such as enhancing global value chains, increasing research and development in agriculture, and rationalizing fertiliser subsidies through direct benefit and cash transfers. They emphasized the need for the non-farm sector to accelerate growth for rural development and suggested reforms in education, tax structures, and controlling the fiscal deficit.

Vision for a Developed India by 2047

The discussions underscored the importance of not just targeting the upcoming Budget but also aligning with Prime Minister Modi's vision of a "Developed India" by 2047. Economists highlighted the necessity for state-specific goals to achieve the "Viksit Bharat" dream. Key participants included Ila Patnaik, K V Kamath, Surjit Bhalla, Ashok Gulati, and several other notable economists.

Strategic Areas and Future Roadmap

The meeting is crucial as it is expected to shape the Modi government’s vision for the next five years. Prime Minister Modi reiterated the government's commitment to accelerating and expanding reforms to alleviate poverty, control inflation, and create employment through investments and skilling. The Budget aims to transform India into a $30 trillion economy by 2047, focusing on rural development, agricultural growth, infrastructure investment, health, housing, sanitation, education, skilling, security, and trade.

Finance Minister Nirmala Sitharaman will present the budget on July 23, setting the stage for India's economic trajectory towards achieving a developed nation status by 2047.

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