Take steps to accelerate growth: Eminent economists tell PM ahead of Budget

Ahead of the upcoming budget, eminent economists during a meeting with Prime Minister Narendra Modi on Thursday urged the government to take steps to accelerate economic growth and improve infrastructure, sources said.

The meeting was organised by the NITI Aayog on Thursday to elicit views and suggestions of economists for the first budget of the Modi 3.0 government.

"Earlier today, interacted with eminent economists and heard their insightful views on issues pertaining to furthering growth," Modi said in a post on X.

Union Finance Minister Nirmala Sitharaman is scheduled 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 also attended the meeting.

Finance Minister Sitharaman, Planning Minister Rao Inderjit Singh, Chief Economic Advisor V Anantha Nageswaran and economists Surjit Bhalla and Ashok Gulati and veteran banker K V Kamath, among others, were present in the meeting.

The Budget for 2024-25 will be the first major economic document of the Modi 3.0 government, which, among other things, is expected to lay the road map for making India a developed nation by 2047.

Suggestions were also made to accelerate economic growth and improve agriculture productivity, sources added. According to sources, the discussions were also held on the Viksit Bharat @2047 document being prepared by the NITI Aayog.

President Droupadi Murmu, in her address to the joint sitting of Parliament last month, had indicated that the government would come out with historic steps to accelerate the pace of reforms.

She also said the Budget will be an effective document of the government's far-reaching policies and futuristic vision.

Sitharaman has already held discussions with various stakeholders, including economists and captains of Indian industry, on the forthcoming Budget.

Several experts have urged the government to provide tax relief to the common man to boost consumption and take steps to check inflation and accelerate economic growth.

The economy has recorded a growth rate of 8.2 per cent in 2023-24.

Earlier in February, Sitharaman presented an interim budget for 2024-25 in view of the Lok Sabha elections.