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  1. Budget 2017: Niti Aayog experts brainstorm on neutralising adverse impact of demonetisation

Budget 2017: Niti Aayog experts brainstorm on neutralising adverse impact of demonetisation

Economists and experts at NITI Aayog on Tuesday discussed steps that could be taken in the upcoming Budget 2017.

By: | Updated: December 27, 2016 4:14 PM
According to sources, 4-5 sectoral groups have been set up to discuss new initiatives and budget proposals. According to sources, 4-5 sectoral groups have been set up to discuss new initiatives and budget proposals.

Economists and experts at NITI Aayog on Tuesday discussed steps that could be taken in the upcoming Budget 2017. They discussed issues like job creation, agriculture and skill development before briefing PM Narendra Modi. They also chalked out the roadmap for economic planning in India, to formulate India’s Vision. According to sources, 4-5 sectoral groups have been set up to discuss new initiatives and budget proposals. The mandate is to come up with concrete suggestions to neutralise the adverse impact of demonetisation, push growth with special focus on employment generation and promote farm productivity.

As chairman of NITI Aayog, Modi has called a meeting of experts to take stock of the economy and get feedback on ways to deal with the problem of cash crunch post demonetisation. The theme is ‘Economic Policy Reform, Road Ahead’, the sources said, adding that there are about 15 invitees for the conference. The meeting assumes significance in view of various multilateral agencies and RBI lowering growth outlook for the current fiscal. RBI has reduced the forecast to 7.1 per cent from 7.6 per cent in its monetary policy review earlier this month.

Multilateral funding body Asian Development Bank (ADB) too slashed growth projection to 7 per cent for the current fiscal, from its earlier 7.4 per cent due to the impact of cash recall on economic activities. Indian economy expanded by 7.1 per cent and 7.3 per cent in first and second quarters of 2016-17, respectively. According to an official, the Prime Minister will also take stock of various initiatives of NITI Aayog to promote digital economy like Lucky Grahak Yojana and Digi Dhan Vyapaar Yojana to incentivise digital payments.

(With inputs from PTI)

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