NEW DELHI: Preparations for the country’s budget to be presented in February have intensified. Prime Minister Narendra Modi held a pre-budget meeting with economists last week. In this meeting, special attention was given to achieving the goals of making India a developed nation by 2047.
Prime Minister Modi said in the meeting that despite global uncertainty, the country can achieve a growth rate of 7-8% again.
The Prime Minister said that the target of 2047 can be achieved by changing the mindset. Prime Minister Modi’s remarks are in the context of the plans needed to take advantage of the opportunities available to India due to the possible tariff war between the US and China. PM Modi also emphasized on how India can take advantage and become a part of the global value chain. Union Finance Minister Nirmala Sitharaman will present the budget in the Lok Sabha on February 1. In this meeting, special attention was paid to achieving the goals of making India a developed country by the year 2047. Emphasis on developed India In the pre-budget meeting, the Prime Minister said that the target of 2047 can be achieved by changing the mindset. This comment of the Prime Minister is in the context of the plans needed to take advantage of the opportunities available to India due to the possible tariff war between the US and China. Modi held a meeting with economists and took suggestions from them on various issues.
Discussion on increasing economy growth
In the meeting, the team of economists and experts gave their suggestions to the PM on many important topics. These included how to deal with economic challenges at the global level, how to solve the challenges arising from geopolitical tensions, how to increase employment among the youth. Many other discussions were also held, including strategies to increase economy growth in all sectors.
PM also took the opinion of experts on these topics
In the meeting, there was also a discussion on designing the education pattern and skill development program in such a way that the emerging needs of the job market can be met. Apart from this, increasing agricultural productivity, creating permanent employment opportunities in rural areas, promoting private investment were also issues of debate. Experts also gave their suggestions on increasing exports and attracting foreign investors to invest in the country so that maximum number of people can get employment along with economic development.
These people were present in the meeting.
Economists and analysts who attended the meeting included Finance Minister Nirmala Sitharaman, NITI Aayog Vice Chairman Suman Beri, CEO BVR Subramaniam and senior officials of PMO and Finance Ministry were also present. Experts who were part of the meeting were Dr. Surjit S Bhalla, Dr. Ashok Gulati, Dr. Sudipto Mundle, Shri Dharmakirti Joshi, Janmejaya Sinha, Madan Sabnavis, Prof. Amita Batra, Ridham Desai, Prof. Chetan Ghate, Prof. Bharat Ramaswamy, Dr. Soumya Kanti Ghosh, Siddharth Sanyal, Dr. Lavish Bhandari, Rajni Sinha, Prof. Keshav Das, Dr. Pritam Banerjee, Rahul Bajoria, Nikhil Gupta and Prof. Shashwat Alok.
Emphasis on developed India
In the meeting, economists stressed the need to increase growth and gave suggestions on many issues including job creation, skill development, increasing agricultural productivity, attracting private investment and promoting exports. Let us tell you that in the July-September quarter of the current financial year, the growth rate has come down to a seven-quarter low of 5.4%, which has increased the concern among the policymakers and the demand for reduction in interest rates has started rising.
Emphasis on tax reform
Issues like creating permanent employment opportunities in rural areas, promoting private investment were also discussed. Economists also laid special emphasis on direct and indirect tax reform. Along with this, they suggested many reforms for the agricultural sector such as a strong value chain for vegetables including TOP (tomato, onion and potato). Topics like trade and export were also discussed in this meeting.

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