PM, economists take stock of economy

Mr Kumar however opines that the Budget will mainly focus on improving the welfare of common man

Mr Kumar however opines that the Budget will mainly focus on improving the welfare of common man

Briefing reporters about the meeting, Niti Aayog Vice- Chairman Rajiv Kumar said over 40 economists and experts shared insightful views on various aspects relating to the economy and policy-making.

Job creation, doubling farmers' income, boosting manufacturing and promoting exports were the key themes that came up for discussion during an interactive session between Prime Minister Narendra Modi and economists.

"Economic Policy - The Road Ahead" was the theme of the event. Labour reforms were also taken up and various suggestions have been made. Last week, the government had informed Parliament of its decision to issue Rs80,000 crore worth of recapitalization bonds to raise resources for the capital infusion plan.

"Prime Minister Narendra Modi will interact with leading economists and the experts across sectors from all over the country at NITI Aayog tomorrow", an official statement said on Tuesday.

"NITI Aayog had set up a task force to examine what we call high frequency employment data".

Kumar added that NITI Aayog will soon come out with a new way of monitoring employment, based on various high-frequency data.

The meeting is significant as it comes ahead of the Union Budget amid concerns that unemployment among educated people in the country might be as high as 20 per cent, and could decide the government's priorities in the Budget. There were also suggestions that India should adopt a stronger export strategy.

Finance Minister Arun Jaitley; CEO, NITI Aayog, Amitabh Kant; Vice Chairman, NITI Aayog, Rajiv Kumar; chairman, Economic Advisory Council to the Prime Minister, Bibek Debroy, and other members of the Economic Advisory Council will also be present.

The Central Statistics Office (CSO) has projected India's growth to slow to 4-year low of 6.5 percent in the current fiscal in the backdrop of introduction of Goods and Services Tax (GST) regime. "And we need better government capability to target the sectors which are needed to expand exports", he said.

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