Prime Minister Narendra Modi held a significant meeting with leading economists at the NITI Aayog headquarters in New Delhi on Saturday, setting the stage for a focused push on structural reforms. The high-level consultation, which lasted for over two hours, centered on identifying and implementing critical measures to sustain India's long-term economic growth trajectory.
Focus on Strategic, Mission-Mode Reforms
During the interactive session, Prime Minister Modi emphasized the need for a concerted, mission-mode approach to economic reforms. He stressed that such reforms are essential not just for maintaining the current growth momentum but for ensuring durable and inclusive progress for all sections of society. The Prime Minister listened intently to the presentations and suggestions put forth by the diverse group of economists, engaging in a detailed discussion on the roadmap ahead.
The meeting took place on Saturday, April 6, 2024, at the NITI Aayog premises. This pre-budget consultation is a crucial part of the government's strategy to gather expert inputs before finalizing policy directions. The economists presented a wide array of views, covering both macro-economic challenges and sector-specific opportunities.
Key Economic Sectors Under Discussion
The dialogue covered several pivotal areas of the economy. A major focus was on the agriculture and dairy sectors, with discussions on enhancing productivity, improving market linkages, and increasing farmers' income. The economists highlighted the potential for growth and employment generation in these core areas.
Another critical topic was the Micro, Small, and Medium Enterprises (MSME) sector, widely regarded as the backbone of the Indian economy. The conversation revolved around strategies to boost the competitiveness of MSMEs, facilitate easier access to credit, and integrate them into global supply chains. The Prime Minister underscored the importance of creating a more supportive ecosystem for small businesses to thrive.
The overarching theme of employment generation was interwoven throughout the discussions. Participants explored ways to catalyze job creation across formal and informal sectors, aligning skilling initiatives with emerging industry demands to harness India's demographic dividend effectively.
Building Consensus for the Future
The meeting was characterized by a spirit of collaborative brainstorming. The economists shared their analyses of the global and domestic economic landscape, offering insights into potential headwinds and opportunities. The Prime Minister's call for mission-mode reforms indicates a clear intent to move beyond incremental changes and undertake bold, transformative steps to address structural bottlenecks.
This consultation is expected to provide valuable direction for policy formulation in the coming months. The inputs gathered will likely feed into the government's broader economic planning and could influence priorities in future policy announcements. The emphasis on sustained, long-term growth reflects a strategic vision to position India as a major driver of the global economy in the decades to come.
The conclave saw participation from NITI Aayog Vice Chairman Suman Bery, CEO B.V.R. Subrahmanyam, and other senior members of the policy think tank. The diverse perspectives presented by the economists are set to play a key role in shaping a robust and resilient economic agenda for the nation.
