Union Budget of 2024:
The government will probably present the Modi government’s five-year plan in the budget, making the meeting at Niti Aayog significant.
According to three people aware of the development, Prime Minister Narendra Modi met with economists on Thursday to discuss policy measures needed to support inclusive growth and a medium-term roadmap to make India the world’s third-largest economy by 2024. This will pave the way for realizing the goal of Viksit Bharat, or developed India, by then.
The discussion, which took place ahead of the Union Budget 2024–25, focused mostly on stepping up efforts to quickly reduce poverty through controlling inflation, expanding and deepening welfare programs, and generating job opportunities through investments and skill development, according to the people who asked not to be identified.
The Prime Minister acknowledged the development in a social media post on X. “I spoke with distinguished economists earlier today and heard their perceptive opinions on matters related to promoting growth,” he stated.
The Niti Aayog conference is important because the government will probably propose the budget with the Modi government’s five-year plan.
Modi, during his July 3 speech in the Rajya Sabha, emphasized that the administration will expand and quicken the pace of reforms implemented over the previous ten years, and that these efforts will reach new heights and levels of saturation in the provision of essential services.
Minister of Union Finance Nirmala Sitharaman was joined at the meeting on Thursday by senior officials, economists, and experts from distinct sectors. It is planned that on July 23, Sitharaman will deliver the FY25 budget to the Parliament.
Union Budget of 2024:
Banker KV Kamath, top economic advisor V Anantha Nageswaran, economists Ashok Gulati and Surjit Bhalla, planning minister Rao Inderjit Singh, and vice chairman of Niti Aayog Suman Bery were among those present.
“This budget will be the first document offering a roadmap to turn India into a $30 trillion developed economy by 2047 for an estimated 165 billion people,” stated one of the individuals with access to the information. It will give India a model for a country prepared for the future. The growth of agriculture, rural development, infrastructure investments, health, housing, sanitation, education, skill development, security, and trade are the designated focus areas, he continued.
PM Modi and FM Sitharaman before to the Union Budget of 2024.
A second source stated that in order to expedite social reforms and economic growth, the PM will consider the opinions of specialists and economists. “The goal is to make citizens’ lives simple and prosperous,” he continued. He said the recommendations focused on farmers, women, youth, middle-class people, and the vulnerable. They also called for greater consolidation of the budgetary position and continued public expenditure to spur growth.
A third person stated that the meeting also considered the idea of using economic development to combat hunger and end poverty.
“The next five years will be decisive years for the fight against poverty… and this country will be victorious in this fight against poverty,” Modi declared in the Rajya Sabha on July 3. Drawing from my ten years of expertise, I can declare with certainty.
In a speech prepared by the administration, President Droupadi Murmu addressed a joint session of Parliament on June 27. He declared, “This budget will be an effective document of the government’s far-reaching policies and futuristic vision.” This budget will bring about several historic firsts in addition to significant economic and social considerations.
Developing global value chains and allocating more funds for agricultural research and development were among the recommendations cited by sources about the recommendations made by economists.
Using cash transfers and direct benefit transfers, some proposed rationalizing the increasing fertiliser subsidies. For India’s rural economy to have any hope of expanding, several analysts claimed, the non-farm sector needed to grow faster.
Recommendations were made to change the tax code, concentrate on education, and manage the budget deficit.
The target, according to sources, should be not only the upcoming budget but also realizing the prime minister’s objective of having a “Developed India” by 2047.
Several economists and attendees emphasized the role and aspirations of the states, with several suggesting that each state should have specific objectives in order to realize the “Viksit Bharat” dream by 2047.