Niti Aayog: Economists to hold virtual meet with PM Modi, FM Sitharaman and MoS Finance Anurag Thakur tomorrow
Finance minister Nirmala Sitharaman, minister of state for finance Anurag Thakur, vice chairman of NITI Aayog Rajiv Kumar besides members and CEO of the Aayog will be other key government officials who will be present at the meeting.
Top economists and experts who will brainstorm with the government will include Arvind Panagariya, the first vice chairman of NITI Aayog and KV Kamath who is chairing a government set up committee on loans reatructuring.
Besides, former deputy RBI governor Rakesh Mohan, Shankar Acharya of Icrier, Shekhar Shah of Ncaer, former chief economic advisor of India Arvind Virmani and Ashok Lahiri, member of the fifteenth finance commission will also be present at the meeting.
The meeting, which comes ahead of the Union Budget on February 1, is critical as government chalks out strategy to give a boost to the economy.
The Modi government has taken a series of measures to arrest the slowdown in economic growth. Apart from reduction in corporate tax, the government is all set to implement labour reforms. Besides, a massive effort has been made to boost manufacturing by introducing production linked incentive scheme for 10 sectors.
Since the outbreak of the Covid-19 pandemic, the government has rolled out relief measures thoughh three rounds of stimulus packages, amounting to over Rs 20 lakh crore to revive demand and boost consumptions.
Though industrial activity across sectors have picked up since June, the challenge before the government is not only to sustain economic growth but push it further.
The government, on Thursday, projected India’s economy to contract 7.7% in the current fiscal compared to an 11-year low growth of 4.2% in 2019-20. Contraction is likely in almost all sectors with the exception of agriculture which is projected to grow at 3.4% in FY21. Manufacturing, however, is expected to shrink by 9.4%.