Ahead of Budget 2019, PM Modi to hold meeting with top economists to discuss roadmap for economic policy

Ahead of the Budget 2019, Prime Minister Narendra Modi will hold a meeting with top economists to review the macroeconomic situation of the country on Saturday, a government official told ANI.

Prime Minister Modi will also discuss the Budget proposals during the meeting, which is scheduled to take place at NITI Aayog, said the official. Economists will also make presentations to the Prime Minister during the meeting that will start at 12 pm on Sunday.

Earlier on Friday, Union Finance Minister Nirmala Sitharaman held a pre-budget meeting with finance ministers of all the states. During the meeting, Nirmala Sitharaman said that the Centre has the responsibility of setting the direction of economic growth.

Furthermore, the Finance Minister, on Wednesday, held the 20th meeting of the Financial Stability and Development Council (FSDC) to review the current global and domestic economic situation and financial stability issues including, inter-alia, those concerning Banking and NBFCs.

READ: Finance minister Nirmala Sitharaman holds pre-Budget meetings with stakeholders

The Minister on June 11 held a pre-budget consultation with economists, representatives of infrastructure, agriculture, rural development, social, financial sectors and capital markets. During the meeting, she focused on possible measures to boost the economic and social infrastructure of the rural sector and ways to eradicate unemployment and poverty through the development of agriculture and allied sectors as well as non-farm sector, read a statement from the ministry.

India has emerged as the fastest growing major economy in the world. India’s GDP is estimated to have increased 7.2 per cent in 2017-18 and 7 per cent in 2018-19. India has retained its position as the third largest startup base in the world with over 4,750 technology start-ups. The interim Union Budget for 2019-20 was announced by Mr Piyush Goyal, Union Minister for Finance, Corporate Affairs, Railways and Coal, Government of India, in Parliament on February 01, 2019. It focuses on supporting the needy farmers, economically less privileged, workers in the unorganized sector and salaried employees, while continuing the Government of India’s push towards better physical and social infrastructure.

Total expenditure for 2019-20 is budgeted at Rs 2,784,200 crore (US$ 391.53 billion), an increase of 13.30 per cent from 2018-19.

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(With ANI Inputs)