Prime Minister Narendra Modi on Monday met chief executives of key companies cutting across sectors — including banking, infrastructure, automobiles, telecom, consumer goods, steel, textile, renewables, technology, electronics and health care— to seek their inputs for stimulating growth ahead of the Budget for 2022-23.
The meeting was attended by commerce and industry minister Piyush Goyal. Other participants included Rajesh Gopinathan (TCS), Kenichi Ayukawa (Maruti Suzuki), TV Narendran (Tata Steel), Uday Kotak (Kotak Mahindra Bank), Dinesh Khara (SBI), Sanjiv Puri (ITC), Sumant Sinha (ReNew Power), Vineet Mittal (Avaada Group), Manu Kapoor (Samsung), Mallika Srinivasan (Tractor and Farm Equipment) and Pawan Goenka (formerly with M&M).
It was part of a series of meetings being chaired by the Prime Minister for gathering suggestions, especially from the private sector, to “further the reform process” and catapult the Covid-ravaged economy on to the high-growth trajectory.
On Friday, Modi huddled with private equity players and venture capitalists to draw their inputs on wooing more capital. The Budget for FY23 will be presented on February 1, in the backdrop of a nascent recovery of the economy, robustness in tax receipts and the continuing need for government spending to bolster the revival process.
The Budget is expected to address critical issues of demand generation, job creation and putting the economy on a sustained path of 8%-plus growth. While private consumption has stayed subdued in the wake of Covid-induced income losses, private investments are yet to turn the corner, as investors remain wary of pandemic-related uncertainties. Separately, finance minister Nirmala Sitharaman has been holding the customary pre-Budget consultations with various stakeholder groups, which started on December 15.