PM Modi to set 5-year vision to push growth and investment

Just a few weeks ahead of the Union budget, Prime Minister Narendra Modi will be setting a five-year vision to push growth and investment in various ministries and departments. According to reports, PM Modi has started taking presentations from the sector-specific Committee of Secretaries (CoS) for the same. 

According to reports, the process of the key ministries to apprise PM Modi and the Council of Ministers about their performance will be starting over the next few days. Further, it is reported that since the process will be taking place before the budget, the inputs will be taken for the upcoming budget. 

GDP Growth Rate In Q2

India's second-quarter GDP (July-September) growth rate stood at 4.5% -- the slowest growth in almost seven years, as released by Central Statistics Office on Friday. The previous quarter (April-June) GDP numbers were at 5% and the Q2 (2018-2019) stood at 7%. 

The development came in spite of the government's various economic moves like the merger of nine PSU banks into four, major corporate tax cuts, policy changes in the automobile sector, reduction in tax regulations to boost foreign income, attract investors and increase the consumer demand. 

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The government has lined up several infrastructure projects worth Rs 102 lakh crore across 18 states and Union Territories (UTs) with the bulk of the projects in the sectors of railways, urban development, health, water and education, as a move to push slowing economy of the country. 

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(WITH AGENCY INPUTS)