PM Modi & His Budget Team Hold Pre-Budget Consultation With Economists

New Delhi, Jul 12 (KNN) In a significant pre-budget meeting, Prime Minister Narendra Modi convened with prominent economists and senior government officials on Thursday to discuss matters pertaining to the Indian economy.

The consultation, held less than two weeks before the presentation of the Union Budget, was attended by key figures including Finance Minister Nirmala Sitharaman, Chief Economic Adviser V Anantha Nageswaran, and representatives from NITI Aayog.

While an official press statement detailing the interaction was not immediately available, the Prime Minister acknowledged the meeting on social media platform X, stating he had ‘interacted with eminent economists and heard their insightful views on issues pertaining to furthering growth.’

Sources familiar with the proceedings reported that the economists presented a range of suggestions.

These included proposals to develop global value chains, increase allocation for agricultural research and development, and rationalise fertiliser subsidies through direct benefit transfers.

Some participants emphasised the need for accelerated growth in the non-farm sector to boost rural development.

Additional recommendations encompassed focusing on education, controlling the fiscal deficit, and reforming the tax structure.

The discussions reportedly extended beyond immediate budgetary concerns to address long-term economic goals, particularly the Prime Minister's vision of a ‘Developed India’ by 2047.

The role of individual states in achieving national economic objectives was also highlighted, with suggestions for state-specific targets to realise the ‘Viksit Bharat’ (Developed India) aspiration.

Notable attendees included Ila Patnaik, Chief Economist, Aditya Birla group; K V Kamath, Chairman, National Bank for Financing Infrastructure and Development; and Surjit Bhalla, Former Executive Director, International Monetary Fund, among other distinguished economists and policy experts.

This high-level economic consultation underscores the government's focus on gathering diverse expert opinions as it prepares to formulate economic policies for the coming fiscal year and beyond.

(KNN Bureau)