New Delhi: Pre-Budget Meeting Focuses on Economic Growth

The urgency to return to a 7-8% growth rate, considering global challenges and geopolitical tensions, was the central theme at a meeting of economists with Prime Minister Modi on Tuesday. The meeting, held under the theme 'Maintaining India's growth momentum at a time of global uncertainty', emphasized the need for mindset changes to achieve the 2047 goal of becoming a developed nation.

Economists highlighted the necessity to boost growth and provided suggestions on various issues, including employment generation, skill development, raising farm productivity, attracting investment, and boosting exports. The sharp slowdown in growth, to 5.4% in the July-September quarter, has alarmed policymakers and prompted calls for interest rate cuts.

Experts reinforced the need to step up growth and deepen reforms across sectors, from agriculture to taxation. Suggestions for the farm sector included a robust value chain for vegetables, while strategies to deal with climate change and energy transition were also discussed. Issues related to trade and exports were prominently discussed, with measures such as faster conclusion of free trade agreements and internationalization of the rupee proposed.

The meeting, coordinated by government think tank Niti Aayog, also addressed strategies to enhance employment, particularly among youth, and create sustainable job opportunities across sectors. FM Nirmala Sitharaman and senior officials of the PMO and finance ministry attended the meeting, along with several renowned economists.