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Prime Minister Narendra Modi is interacting with leading economists and sectoral experts on Wednesday to deliberate on an economic policy roadmap for promoting growth and employment. The meeting, being organised by government think tank NITI Aayog, is being attended by a host of ministers including Finance Minister Arun Jaitley, NITI Aayog functionaries and leading economists.
Chief Economic Adviser Arvind Subramanian is currently discussing economic challenges and development goals for the road ahead.
File image of Prime Minister Narendra Modi. AP
"Prime Minister Narendra Modi will interact with leading economists and the experts across sectors from all over the country at NITI Aayog tomorrow," an official statement released on Tuesday said.
The select group of economists and various sector experts have been invited by NITI Aayog for the deliberations with the prime minister on 'Economic Policy: The Road Ahead'.
According to the statement, the discussion will focus on six broad themes: Macroeconomic Balances, Agriculture and Rural Development, Urban Development, Infrastructure and Connectivity, Employment, Manufacturing and Exports and Health and Education.
It further said that the emphasis is on sharing the views of the experts from all over the country on the road ahead for the economic policy to steer the nation towards a New India envisioned by the prime minister.
The meeting comes in the backdrop of latest estimates of national income by Central Statistics Office (CSO) which showed that India's growth is expected to slow down to four-year low of 6.5 percent this fiscal, the lowest under the Modi-led government.
The Gross Domestic Product (GDP) was 7.1 percent in 2016-17 and 8 percent in the preceding year. It was 7.5 percent in 2014-15.
Published Date: Jan 10, 2018 11:43 AM | Updated Date: Jan 10, 2018 14:48 PM
Highlights
Experts hail Narendra Modi's model of 'aspirational districts'
Experts discuss twin balance sheets, recapitalisation of banks, power discom reforms, bond markets, human capital investments and strategic disinvestments
Chief Economic Adviser Arvind Subramanian discusses economic challenges and development goals at the meeting
Day-long discussions with government secretaries and top economists begins
World Bank saw benefits down the road from GST
The World Bank report dropped the growth estimate for 2017-18 by 0.1 per cent from its projection June 2017, because of the disruptions to the economy from the Goods and Services Tax (GST). But it raised the growth forecast for 2018-19 by 0.1 percent from the June figure.
The Bank forecast GDP growth of 7.5 percent in 2019-20 and 2020-21. The World Bank saw benefits down the road from GST.
World Bank estimates Indian economy will grow by 6.7 percent
Meanwhile, the World Bank has estimated India's economy to grow by 6.7 percent during the current fiscal year, higher than the 6.5 percent estimate by the Indian government.
The GDP growth is expected to rise to 7.3 percent in 2018-19, making India again the world's fastest growing economy, according to the World Bank's Global Economic Prospects report released on Tuesday.
Arun Jaitley, Nitin Gadkari among others who will be present at the meeting
Finance Minister Arun Jaitley, Road Transport, Highways, Shipping and Ganga Water Rejuvenation Minister Nitin Gadkari, Agriculture Minister Radha Mohan Singh, Minister of State- Planning Rao Inderjit Singh along with the Vice Chairman of NITI Aayog, members and CEO NITI Aayog, along with senior officials from the government will attend the meeting.
Meeting to emphasise on road ahead for economic policy
Reports said that the emphasis of the meeting will likely be on sharing the views of the experts from all over the country on the road ahead for the economic policy to steer the nation towards a New India envisioned by Narendra Modi.
Modi to chair crucial meet today
An official statement released by the government on Tuesday said, Prime Minister Narendra Modi will interact with leading economists and the experts across sectors from all over the country at NITI Aayog on Wednesday.
13:56 (IST)
Working together for transforming the aspirational districts
13:54 (IST)
Experts hail Narendra Modi's model of 'aspirational districts'
12:40 (IST)
India's start-up movement among issues being discussed on Wednesday
12:39 (IST)
Visuals of the ongoing meeting
12:38 (IST)
Experts discuss twin balance sheets, recapitalisation of banks, power discom reforms, bond markets, human capital investments and strategic disinvestments
12:10 (IST)
Private investment is expected to revive in India: World Bank
The World Bank report said that private investment is expected to revive in India "as the corporate sector adjusts to the GST; infrastructure spending increases, partly to improve public services and Internet connectivity; and private sector balance sheet weaknesses are mitigated with the help of the efforts of the government and the Reserve Bank of India."
The government's recent recapitalisation package for public sector banks could "resolve banking sector balance sheets, support credit to the private sector, and lift investment," the report added.
11:57 (IST)
Meeting to focus on six broad issues
Wednesday's discussion will focus on six broad themes of macro-economic balances, agriculture and rural development, urban development, infrastructure and connectivity, employment, manufacturing and exports and health and education
11:55 (IST)
IMF forecasts growth estimate of 7.4 percent for 2018
The World Bank estimate is in line with the International Monetary Fund's (IMF) projection of 6.7 percent for 2017. The IMF, however, forecast a slightly higher growth estimate of 7.4 percent for 2018.
11:52 (IST)
India projects GDP growth of 6.5 percent
India's Ministry of Statistics and Programme Implementation reported last week that it estimated the GDP to grow by only 6.5 percent in 2017-18 compared to 7.1 percent in 2016-17
11:45 (IST)
Meeting underway
11:37 (IST)
Chief Economic Adviser Arvind Subramanian discusses economic challenges and development goals at the meeting
11:35 (IST)
Government must try its best to stick to the 3.2 percent fiscal deficit target: Arvind Panagariya
11:30 (IST)
2018 will be a strong year for global economy: World Bank
A World Bank report said, "2018 is on track to be the first year since the financial crisis that the global economy will be operating at or near full capacity."
The report forecast the global growth rate to edge up to 3.1 percent in 2018 after "a much stronger-than-expected" 2017 growth of three percent in 2017.
"The broad-based recovery in global growth is encouraging, but this is no time for complacency," World Bank Group President Jim Yong Kim said in a statement.
"This is a great opportunity to invest in human and physical capital."
11:25 (IST)
Day-long discussions with government secretaries and top economists begins
11:20 (IST)
NITI Aayog to lead task force studying feasibility of producing methanol from coal
On Monday, the government has constituted a task force to study the feasibility of producing methanol from coal, and using coal gas as a replacement of natural gas in steel production.
The development assumes significance as the country is aiming to achieve crude steel capacity of 300 million tonnes (MT), which will require extensive mobilisation of natural resources, among others.
The 15-member task force under the chairmanship of Niti Aayog member V K Saraswat has secretaries of coal and steel ministries.
Inputs from PTI
11:10 (IST)
GST will help fiscal sustainability: World Bank
"Over the medium term, the GST is expected to benefit economic activity and fiscal sustainability by reducing the cost of complying with multiple state tax systems, drawing informal activity into the formal sector, and expanding the tax base," a World Bank report said.
11:00 (IST)
World Bank saw benefits down the road from GST
The World Bank report dropped the growth estimate for 2017-18 by 0.1 per cent from its projection June 2017, because of the disruptions to the economy from the Goods and Services Tax (GST). But it raised the growth forecast for 2018-19 by 0.1 percent from the June figure.
The Bank forecast GDP growth of 7.5 percent in 2019-20 and 2020-21. The World Bank saw benefits down the road from GST.
10:59 (IST)
World Bank estimates Indian economy will grow by 6.7 percent
Meanwhile, the World Bank has estimated India's economy to grow by 6.7 percent during the current fiscal year, higher than the 6.5 percent estimate by the Indian government.
The GDP growth is expected to rise to 7.3 percent in 2018-19, making India again the world's fastest growing economy, according to the World Bank's Global Economic Prospects report released on Tuesday.
10:55 (IST)
10:55 (IST)
Arun Jaitley, Nitin Gadkari among others who will be present at the meeting
Finance Minister Arun Jaitley, Road Transport, Highways, Shipping and Ganga Water Rejuvenation Minister Nitin Gadkari, Agriculture Minister Radha Mohan Singh, Minister of State- Planning Rao Inderjit Singh along with the Vice Chairman of NITI Aayog, members and CEO NITI Aayog, along with senior officials from the government will attend the meeting.
10:54 (IST)
Meeting to emphasise on road ahead for economic policy
Reports said that the emphasis of the meeting will likely be on sharing the views of the experts from all over the country on the road ahead for the economic policy to steer the nation towards a New India envisioned by Narendra Modi.
10:53 (IST)
Modi to chair crucial meet today
An official statement released by the government on Tuesday said, Prime Minister Narendra Modi will interact with leading economists and the experts across sectors from all over the country at NITI Aayog on Wednesday.