The discussions, crucially timed ahead of the Union Budget 2024-25, focused on ramping up efforts to alleviate poverty, controlling inflation, expanding welfare schemes, and fostering employment through robust investments and skill development initiatives, sources who wished to remain anonymous revealed.
Confirming the development through a social media post, Prime Minister Modi stated, “Earlier today, interacted with eminent economists and heard their insightful views on issues pertaining to furthering growth.”
The meeting, hosted at Niti Aayog, assumes significance as it lays the groundwork for the Modi government’s vision for the next five years, to be articulated in the upcoming budget presentation.
Addressing the Rajya Sabha earlier on July 3, Prime Minister Modi underscored the government’s commitment to intensify and broaden the scope of reforms initiated over the past decade, aiming to achieve new milestones in service delivery and economic transformation.
The meeting was attended by Union Finance Minister Nirmala Sitharaman, sectoral experts, economists, and senior officials. Sitharaman is slated to present the budget for the fiscal year 2024-25 in Parliament on July 23.
Key figures present included Niti Aayog Vice Chairman Suman Bery, Planning Minister Rao Inderjit Singh, Chief Economic Advisor V Anantha Nageswaran, renowned economists Ashok Gulati and Surjit Bhalla, and banker KV Kamath.
“This budget will be the first document providing a road map transform India into a $30 trillion developed economy by 2047 for projected 165 billion citizens,” disclosed one of the insiders. “It will provide a template for a future-ready India.” The identified focus areas are rural development, agricultural growth, investments in infrastructure, health, housing, sanitation, education, skilling, security and trade,”
Another source highlighted that PM Modi sought expert inputs to accelerate economic growth and social reforms, with a focus on enhancing quality of life and prosperity for all citizens. “The idea is to make lives of citizens easy and prosperous,” he added. “The suggestions centered around further consolidating the fiscal position, continuing public expenditure to boost growth, giving impetus to ease of living, and focussing on farmers, women, youth, middle-classes, and the vulnerable,” they added.
Measures to counter hunger and poverty with a focus on a sustainable economic plan as part of the session also discussed the government’s intention towards progressive development.
The Economic Survey also acknowledged the prime minister’s speech in the floor of the house on June 17, in which she described the upcoming budget as holistic and One Atmanirbhar Bharat-oriented, moving ahead with vision and planning for historic leap in economic and social sectors.
The session ended with a common understanding that only more active policy to achieve the desired rates of economic growth and the actual socialization of the fruits of this growth, both for the individual subject of the society and the different sections of its members.