Prime Minister Narendra Modi on Thursday held discussions with economists, private equity and venture capitalists, businessmen and agriculture experts to improve the economy.
Amidst the projections of the economic growth rate reaching the lowest level in the last 11 years during the current financial year, Prime Minister Narendra Modi said on Thursday that the foundation of the Indian economy is strong and it will return to the path of rapid growth. Full capacity. The government seems to have become quite active after the continuously declining economic growth during the last two quarters and that is why the Prime Minister has held 12 meetings with different parties in the last few days on various issues affecting the economy. It seems that the Prime Minister has taken up the task of bringing the economy back on track and is ready to make proper policy intervention in the upcoming budget.
The Prime Minister held discussions with economists, private equity and venture capitalists, businessmen and agriculture experts at NITI Aayog here on Thursday and asked everyone to work together towards making India a $ 5,000 billion economy. The high-level meeting was attended by Home Minister Amit Shah, Road Transport and Highways Minister Nitin Gadkari, Commerce and Industry Minister Piyush Goyal and Agriculture Minister Narendra Singh Tomar besides NITI Aayog Vice-Chairman Rajiv Kumar, Chief Executive Officer Amitabh Kant and other senior officials. .
Finance Minister Nirmala Sitharaman remained absent
Finance Minister Nirmala Sitharaman was not present in this meeting. She was having pre-budget meetings with party workers at the BJP headquarters. Explain that the Finance Minister will present the general budget on February 1. According to an official statement, Modi said in the meeting, “We have to work together and start thinking like a nation.” But looking at it and spending a lot of time on it. The economic growth rate in the first quarter of the current financial year was five percent, which came down to 4.5 percent in the second quarter.
According to the advance estimate of the government, the economy is expected to achieve growth at the rate of five percent in 2019-20. This is much lower than the growth rate of 6.8 percent in the last financial year. This will be the slowest growth rate since 2008-09 at the time of the global economic crisis. In the pre-budget meeting held in NITI Aayog, Modi asked all the concerned parties to work together towards making the country an economy of five thousand billion dollars.
Appreciating the suggestions of experts, the Prime Minister said that he will try to increase coordination between policy makers and various stakeholders. This meeting lasted for two and a half hours. During this meeting held before the general budget of the financial year 2020-21, experts made several suggestions to speed up economic growth. In the current financial year, the economic growth rate is expected to fall to a low of five percent in the last 11 years.
Economy will move faster
“The Prime Minister said that the idea of making the country a $ 5,000 billion economy has not come up all of a sudden,” an official statement said. It is based on a deep understanding of the strength of the country. ”He said that the strength of the Indian economy to withstand fluctuations shows the strength of the basic factors of the economy and its ability to return to track. According to the statement, Modi said that sectors like tourism, urban development, infrastructure, and agro-based industries have great potential to take the economy forward and generate employment.
The Prime Minister said that India is a land of unlimited possibilities. He emphasized that all stakeholders have to work to bridge the gap between reality and thought. He said, “We all should work together and start thinking like a nation.” According to sources, the experts involved in the meeting asked the government to increase debt, export growth, operations of public sector banks, consumption and Urged to focus on increasing employment. About 40 experts and economists participated in the meeting.
Trusted to work on suggestions
The Prime Minister assured him that he would work on those suggestions, which needed to be implemented soon. Also, suggestions to be implemented in the long term will also be considered as it is necessary for basic reforms. NITI Aayog Vice-Chairman Rajiv Kumar said in his tweet, “Prime Minister Narendra Modi discussed with economists and industry experts today in NITI Aayog. In this, many issues related to economic growth, startup, and innovation were discussed.
Vivek Devroy, chairman of the Prime Minister’s Economic Advisory Council, was also present in the meeting. The government is busy preparing the budget proposal for 2020-21. In this situation, this meeting is important. The government’s focus is on speeding up economic growth again. It is estimated that the GDP growth rate in the current financial year may remain at an 11-year low of five percent. Earlier, Prime Minister Narendra Modi on Monday discussed the state of the economy with the country’s top industrialists. It is believed that the meeting discussed ways to boost the economy and increase employment generation.