New Delhi: In the backdrop of global challenges, geopolitical tensions, the need to return to 7-8 per cent growth and ensure that the country remains on track to achieve developed country status by 2047, A meeting of economists was held with Prime Minister Modi on Tuesday. .
In the pre-Budget consultation under the theme – ‘Sustaining India’s Growth Momentum at a Time of Global Uncertainty’ – the PM emphasized that the 2047 target can be achieved with a change in mindset.
The Prime Minister’s comments came in the context of plans to tap into the opportunities that may open up for the country in the wake of a potential tariff war between the US and China and how India can leverage and gain global value. May become part of China.
Economists stressed the need to accelerate growth and made suggestions on a number of issues, including Creating employmentSkill development, increase agricultural productivity, attract investment and boost exports.
Growth fell to a seven-quarter low of 5.4 percent in the July-September quarter of the current fiscal year, raising alarm bells among policymakers and fueling calls for a rate cut. is
Experts emphasize that development needs to be accelerated.
A sharp slowdown in growth in the second quarter has also prompted several agencies, including the RBI, to revise growth downwards. A key part of the meeting saw experts stressing the need to accelerate growth and deepen reforms in all sectors, from the farm sector to taxation reforms on both indirect and direct taxes, sources said. Economists suggested several reforms for the farm sector such as a stronger value chain for vegetables including TOP (Tomato, Onion and Potato). Suggestions were also made on strategies to deal with climate change and energy transition.
Issues related to trade and exports were discussed prominently, with experts suggesting a number of measures including the rapid termination of free trade agreements, strategies on tariffs and internationalization of the rupee. Suggestions were made to create employment opportunities, deepen vocational training and promote dignity of labour.
An official statement was issued after the meeting, coordinated by a government think tank. Niti AayogHe said the participants expressed their views on several important issues, including navigating the challenges posed by global economic uncertainty and geopolitical tensions, strategies to increase employment, especially among the youth, and employment in the sectors. Strategies to align education and training programs with emerging needs, creating sustainable opportunities for Increase the labor market, increase agricultural productivity and create sustainable rural employment opportunities, attract private investment and promote public funding for infrastructure projects. Economic developmentCreating jobs and promoting financial inclusion, increasing exports and attracting foreign investment.
FM Nirmala Sitharaman, NITI Aayog Vice Chairman Sumanberry, CEO BVR Subrahmanyam and senior officials of PMO and Finance Ministry attended the meeting. Experts who participated included Surjeet S. Bhalla, Ashok Gulati, Sudiptu Mandalay, Dharmakriti Joshi, Janmijia Sinha, Madan Sabnavis, Amita Batra, Ridham Desai, Chetanghat, Bharat Ramaswamy, Soumya Kanti Ghosh, Siddharth Sanyal, Lavish Bhandari, Raja Sinha. Rajdhani Sinha was included. , Pritam Banerjee, Rahul Bajoria, Nikhil Gupta and Shashut Alok.