PM Modi, Sitharaman meet top economists ahead of Union Budget 2024

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Ziraat Times
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New Delhi, July 11: Ahead of the full Budget 2024-25, Prime Minister Narendra Modi, along with senior bureaucrats, met eminent economists on Thursday for deliberations on key matters concerning the Indian economy.

The meeting was chaired by the prime minister, along with finance minister Nirmala Sitharaman, chief economic adviser V Anantha Nageswaran, Cabinet secretary Rajiv Gauba, and top NITI Aayog officials in attendance.

Till the time of going to press, a detailed press statement about the prime minister’s interaction was not released. “Earlier today, interacted with eminent economists and heard their insightful views on issues pertaining to furthering growth,” Modi posted on social media platform X.

Sources said that economists present at the all-important pre-budget meeting with Prime Minister Narendra Modi offered a host of suggestions, including focusing on developing global value chains and increasing the research and development budget for agriculture.

Some of them also suggested rationalising the rising fertiliser subsidies through direct benefit transfer schemes and cash transfers. Some economists said that the non-farm sector needs to grow faster if India’s rural sector has any chance of developing. There were suggestions from some economists to focus on education, controlling the fiscal deficit, and also reforming the tax structure.

Sources said the target should not just be the forthcoming budget but also achieving the Prime Minister’s cherished goal of a ‘Developed India’ by 2047.

The role of states and their aspirations was also highlighted by some economists and participants, with many saying that there should be individual goals for each of them in achieving the ‘Viksit Bharat’ dream by 2047.

Among those who were part of the important deliberations were Ila Patnaik, chief economist at Aditya Birla Group; KV Kamath, chairman, National Bank for Financing Infrastructure and Development; former International Monetary Fund executive director Surjit Bhalla; veteran agricultural economist Ashok Gulati; Shashanka Bhide, member of RBI’s monetary policy committee (MPC); Pranjul Bhandari, chief India economist at HSBC; Jawaharlal Nehru University professor Amita Batra; S Mahendra Dev, former director & vice chancellor at Indira Gandhi Institute of Development Research; and economist Swaminathan Aiyar, among others.

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