PM Modi meets economists ahead of upcoming budget

On July 11, Prime Minister Narendra Modi interacted with top economists to take inputs and ideas for the upcoming Budget for 2024-25.

This meeting called for crystallising the financial blueprint of the Modi 3.0 government, was also attended by Union Finance Minister Nirmala Sitharaman, who would present the Budget in the Lok Sabha on July 23.

It saw the participation of lead attendees: Niti Aayog Vice Chairman Suman Bery, Union Minister for Finance Sitharaman, Minister for Planning Rao Inderjit Singh, Chief Economic Advisor V. Anantha Nageswaran, noted economists Surjit Bhalla and Ashok Gulati, and veteran banker K.V. Kamath.

The budget is expected to hurry out a roadmap of how India should progress and become a developed nation by 2047, as President Droupadi Murmu told Parliament in her recent address.

She has said that the government will bring substantial reforms to hasten the pace of development.

FM Sitharaman has been aggressive in her preparation and has met a host of stakeholders, including economists and industry leaders, to get views that could make this Budget comprehensive.

What has come as a consistent suggestion is that the government needs to give tax relief so that there can be more consumer spending, external pressure on inflation, and economic growth.

The economy of India has registered a wonderful growth of 8.2 per cent for FY 2023-24. This would be an ensuing budget after the interim one presented by Ms Sitharaman in February, specially made with elections to Lok Sabha in view.

All told the forthcoming Budget must reflect new thinking, not mere tinkering; the comprehensive policies of the government shall set the foundation for India's future economic path.