New Delhi, July 12, 2024 — Less than two weeks before the announcement of the Budget, Prime Minister Narendra Modi convened a high-level meeting with senior bureaucrats and leading economists to discuss the Indian economy and outline strategies for future growth. The meeting, chaired by the Prime Minister, included Finance Minister Nirmala Sitharaman, Chief Economic Adviser V Anantha Nageswaran, Cabinet Secretary Rajiv Gauba, and officials from NITI Aayog.
Key Discussions and Insights
While a detailed press statement was not released by the time of going to press, Prime Minister Modi shared insights from the meeting on social media platform X, stating, “Earlier today (Thursday), interacted with eminent economists and heard their insightful views on issues pertaining to furthering growth.”
Focus Areas and Suggestions
Sources revealed that the economists present at the meeting provided various suggestions aimed at enhancing economic growth and achieving the Prime Minister’s vision of a “Developed India” by 2047. Key suggestions included:
- Global Value Chains: Emphasis on developing global value chains to integrate India more effectively into the global economy.
- Agricultural R&D: Increasing the allocation for research and development in the agriculture sector to boost productivity and innovation.
- Fertiliser Subsidies: Rationalising rising fertiliser subsidies through direct benefit transfer and cash transfer mechanisms.
- Non-Farm Sector Growth: Accelerating growth in the non-farm sector to foster rural development.
- Education and Fiscal Policies: Focus on education reforms, controlling the fiscal deficit, and reforming the tax structure.
State-Level Goals
The role of states and their individual aspirations were also highlighted during the discussions. Economists emphasized the importance of setting tailored goals for each state to collectively achieve the “Viksit Bharat” dream by 2047.
Notable Participants
The meeting featured several distinguished economists and experts, including:
- Ila Patnaik, Chief Economist at the Aditya Birla Group
- K V Kamath, Chairman of the National Bank for Financing Infrastructure and Development
- Surjit Bhalla, former Executive Director at the International Monetary Fund
- Ashok Gulati, veteran agricultural economist
- Shashanka Bhide, member of the Reserve Bank of India’s monetary policy committee (MPC)
- Pranjul Bhandari, Chief India Economist at HSBC
- Amita Batra, Professor at Jawaharlal Nehru University
- S Mahendra Dev, former Director and Vice-Chancellor at the Indira Gandhi Institute of Development
Future Outlook
The suggestions and insights gathered from this high-level consultation are expected to shape the forthcoming Budget and contribute to long-term economic strategies. The government’s commitment to achieving significant milestones by 2047 remains a central focus, with collaborative efforts between the central government, states, and economic experts playing a pivotal role.
Stay updated with Sarhind Times for comprehensive coverage and analysis of economic developments and the forthcoming Budget.
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