PM Modi’s pre-budget agenda : Driving 7-8% growth to realize ‘Viksit Bharat’ vision by 2047
NEW DELHI : Restoring 7-8% economic growth amid global challenges and geopolitical tensions was a central focus during Prime Minister Shri Narendra Modi’s meeting with economists on Tuesday. The discussions aimed to ensure India remains on course to achieve developed nation status by 2047.
Held under the theme “Maintaining India’s Growth Momentum Amid Global Uncertainty,” the pre-Budget consultations saw the Prime Minister highlight the importance of a mindset shift to realize the 2047 vision.
Trade and export-related issues took center stage during the meeting, with experts recommending several measures such as expediting free trade agreements, developing a cohesive tariff strategy, and promoting the internationalisation of the rupee. For job creation, participants highlighted the need to strengthen vocational training and foster a culture that values the dignity of labor.
An official statement, released following the meeting organized by government think tank NITI Aayog, outlined key topics discussed. These included strategies to navigate global economic uncertainties and geopolitical tensions, enhancing youth employment and creating sustainable job opportunities, aligning education and training with evolving market demands, boosting agricultural productivity, generating rural employment, attracting private investment, and mobilizing public funds for infrastructure to drive growth, jobs, and financial inclusion.
PM Modi emphasized the need for strategic planning to seize opportunities that could arise from a potential tariff war between the US and China. He underscored India’s potential to integrate further into the global value chain and leverage these shifts for economic growth.
Economists stressed the urgency of accelerating growth during their meeting with Prime Minister Modi, offering recommendations on key areas such as job creation, skill development, enhancing agricultural productivity, attracting investments, and boosting exports.
India’s growth rate fell to a seven-quarter low of 5.4% in the July-September quarter of the current financial year, sparking concern among policymakers and prompting calls for a reduction in interest rates to revive economic momentum.
Experts stress need to step up growth
The sharp slowdown in growth in the second quarter has also prompted several agencies, including RBI, to revise growth downwards. Sources said a significant part of the meeting saw experts reinforcing the need to step up growth and deepen reforms across sectors, from the farm sector to taxation reforms both on indirect and direct taxes. Economists suggested a range of reforms for the farm sector such as a robust value chain for vegetables including TOP (tomato, onion and potato). Suggestions were also made on strategies to deal with climate change and energy transition.
The meeting, chaired by PM Modi, saw the participation of Finance Minister Smt. Nirmala Sitharaman, NITI Aayog Vice Chairman Suman Bery, CEO BVR Subrahmanyam, and senior officials from the PMO and finance ministry. Notable economists and experts in attendance included Surjit S. Bhalla, Ashok Gulati, Sudipto Mundle, Dharmakirti Joshi, Janmejaya Sinha, Madan Sabnavis, Amita Batra, Ridham Desai, Chetan Ghate, Bharat Ramaswami, Soumya Kanti Ghosh, Siddhartha Sanyal, Laveesh Bhandari, Rajani Sinha, Keshab Das, Pritam Banerjee, Rahul Bajoria, Nikhil Gupta, and Shashwat Alok.