Ahead Of Budget 2020, PM Modi To Discuss Macro Blueprint With Top Economists On Thursday

Amid the ongoing economic slowdown on the back of dip in consumption and manufacturing, PM Modi today sought to engage with the people directly on their demands, aspirations and wishes from the Union Budget in reaching towards developmental growth.

PM Modi had interacted with top business tycoons to discuss issues facing the economy. (File Photo/ Getty)

New Delhi: With days left for the Bharatiya Janata Party (BJP)-led NDA government to presented its first Union Budget of second term, Prime Minister Narendra Modi is scheduled to meet some of the leading economists of country at Niti Aayog on January 9 and is likely to discuss the state of economy. According to reports, the meeting will be attended by Niti Aayog CEO Amitabh Kant, Vice Chairman Rajiv Kumar and other senior officials of the think tank. "The prime minister will come to Niti Aayog on Thursday," a senior government official told PTI adding that the meeting assumes importance as the government is in the process of formulating Budget proposals for 2020-21. Amid the ongoing economic slowdown on the back of dip in consumption and manufacturing, Finance Minister Nirmala Sitharaman is likely to present her second Union Budget for 2020-21 fiscal on February 1 with an eye to revive the growth. On Tuesday, government of India released its first advance estimates of the gross domestic product (GDP) numbers for 2019-2020 fiscal. According to the data released by the Central Statistical Office (CSO), the GDP is pegged to grow at 5 per cent in Financial Year (FY) - 2020, compared to the growth rate of 6.8 per cent in the same fiscal, last year. Soon after the government estimates, PM Modi today sought to engage with the people directly on their demands, aspirations and wishes from the Union Budget in reaching towards developmental growth. "The Union Budget represents the aspirations of 130 crore Indians and lays out the path towards India's development. I invite you all to share your ideas and suggestions for this year's Budget on MyGov", Modi tweeted. He also tagged the Finance Ministry -"FinMinIndia looks forward to your suggestions for the #UnionBudget2020 which will be presented in the Parliament in the upcoming session," he said.

The Union Budget represents the aspirations of 130 crore Indians and lays out the path towards India’s development.

I invite you all to share your ideas and suggestions for this year’s Budget on MyGov. https://t.co/zVCL06TdLn — Narendra Modi (@narendramodi) January 8, 2020

Finance Minister Nirmala Sitharaman had already asked for public views on the budget earlier. Earlier this week, PM Modi interacted with top business tycoons to discuss issues facing the economy and measures needed to boost growth and create jobs. The latest GDP data for the July-September quarter showed a significant further moderation in the pace of economic growth to 4.5 per cent -- the weakest in six years, with a key contributory factor being a slump in manufacturing output. The Modi government has undertaken a number of measures to arrest the growth slowdown. In September 2019, it announced a cut in the corporate tax rate to 22 per cent from 30 per cent.  Experts, however, say that none of these measures directly address the widespread weakness in consumption demand, which has been the chief driver of the economy. The Monday's meeting with industrialists is in the series of discussions that PM Modi has had during the last couple of weeks to seek suggestions to revive growth. He has so far met over 60 entrepreneurs and businessmen from sectors such as FMCG, finance, renewable energy, diamond, retail, textiles, MSMEs and startups and technology. (With inputs from PTI)