Budget 2020: PM Modi meets economists, seeks growth suggestions; what he said on $5 trillion economy

By: |
Published: January 9, 2020 9:50:23 PM

Budget 2020-21: Amid the ongoing slowdown, Prime Minister Narendra Modi on Thursday met economists and experts to seek suggestions for reviving growth.

Budget 2020, Union Budget 2020 India, Budget 2020 India, Budget 2020-21Union Budget 2020 India: Sectors such as tourism and urban development hold the adequate potential to take the economy forward and generate jobs, Modi said.

Budget 2020-21: Amid the ongoing slowdown, Prime Minister Narendra Modi on Thursday met economists and experts to seek suggestions on reviving growth. The discussion also focussed on efforts to make India a $5 trillion economy. At an event held at NITI AAYOG as part of the pre-budget exercise, Modi said that the idea of a $5 trillion economy is not a sudden development and based on a deep understanding of the strengths of the country. It comes after the CSO’s first advance estimate showed that the economy would grow at 5 per cent in FY20. He also said that the strong absorbent capacity of the Indian economy shows the strength of basic fundamentals of the country’s economy and its capacity to bounce back.

Sectors such as tourism and urban development hold the adequate potential to take the economy forward and generate jobs, Modi also said. India is a land with unlimited possibilities, he said and stressed that all stakeholders do their bit to bridge the gap between reality and perception. “We must all work together and start to think like a nation,” the Prime Minister said. The meeting was also attended by Home Minister Amit Shah, Road Transport and Highways Minister Nitin Gadkari, Commerce and Industry Minister Piyush Goyal besides Niti Aayog Vice Chairman Rajiv Kumar, CEO Amitabh Kant and other senior officials of NITI AAYOG.

Watch Video: What is Union Budget of India?

The economists who attended the meeting included Shankar Acharya, R Nagaraj, Farzana Afridi, Venture Capitalist Shri Pradip Shah, Industrialists Shri Apparao Mallavarapu, Shri Deep Kalra, Patanjali Govind Keswani, Deepak Seth, Srikumar Misra. The subject experts Ashish Dhawan and Shiv Sarin were among the 38 delegates who participated in the discussion. Modi on Monday met many business honchos to discuss issues that are hurting the economy. He also discussed measures needed to boost the creation of jobs. Finance Minister Nirmala Sitharaman is expected to present the budget on February 1, 2019.

Do you know What is Finance Bill, Short Term Capital Gains Tax, Fiscal Policy in India, Section 80C of Income Tax Act 1961, Expenditure Budget? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1Budget 2020: How govt measures to deepen financial inclusion can boost stock markets
2Budget 2020: Give us cheap land to set up industries, MSMEs tell Nirmala Sitharaman
3Budget 2020: Make insurance GST exempt, increase income tax benefits on health insurance