Economists Urge PM Modi to Accelerate Growth Before Budget 2024-25

Ahead of the upcoming budget, prominent economists met with Prime Minister Narendra Modi on Thursday to discuss measures for boosting economic growth and enhancing infrastructure, according to sources. The NITI Aayog organised this meeting to gather insights and suggestions from economists for the first budget of the Modi 3.0 government.

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Union Finance Minister Nirmala Sitharaman is set to present the Budget for 2024-25 in the Lok Sabha on July 23. Besides economists and sectoral experts, NITI Aayog Vice Chairman Suman Bery and other members were also present at the meeting. Finance Minister Sitharaman, Planning Minister Rao Inderjit Singh, Chief Economic Advisor V Anantha Nageswaran, economists Surjit Bhalla and Ashok Gulati, and veteran banker K V Kamath were among those who attended.

Focus on Economic Growth

Several experts have urged the government to provide tax relief to boost consumption and take steps to control inflation while accelerating economic growth. The economy recorded a growth rate of 8.2 per cent in 2023-24. Earlier in February, Sitharaman presented an interim budget for 2024-25 due to the Lok Sabha elections.

Prime Minister Modi shared on X that he interacted with eminent economists and listened to their insightful views on furthering growth. Discussions also covered the Viksit Bharat @2047 document being prepared by the NITI Aayog, which aims to make India a developed nation by 2047.

Infrastructure and Agriculture

Suggestions were made to improve agriculture productivity alongside accelerating economic growth. President Droupadi Murmu, in her address to Parliament last month, indicated that historic steps would be taken to speed up reforms. She mentioned that the Budget would reflect the government's far-reaching policies and futuristic vision.

Sitharaman has already held discussions with various stakeholders, including economists and industry leaders, regarding the forthcoming Budget. These consultations aim to ensure that diverse perspectives are considered in shaping economic policies.

Upcoming Budget Presentation

The Budget for 2024-25 will be a significant economic document for the Modi 3.0 government. It is expected to outline a roadmap for India's development by 2047. The meeting organised by NITI Aayog was part of this preparatory process, gathering valuable input from leading economists.

In conclusion, as India prepares for its next budget, the government is actively engaging with experts to craft policies that will drive growth and development. The upcoming Budget presentation will be closely watched for its potential impact on various sectors of the economy.