In order to make India a $5 trillion economy, expert panel for macroeconomics and employment suggested ways to achieve the target during an interaction with Prime Minister Narendra Modi.
The Session is organized by The National Institution for Transforming India (NITI) Aayog, think tank of the government of India on ‘Economic Policy – The Road Ahead’ which saw participants of over 40 economists and sectoral experts.Key points:
- The group stressed the Government on improving the functioning of the public sector banks and accelerating the pace of exports and employment generation.
- The group gave their views on the opening of doors for foreign direct investment (FDI) in the bank and insurance sector, accelerating the disinvestment process and better management of water resources.
- Before the first full Budget of the Modi 2.0 government, all the participants and economists participating in this meeting gave their suggestions to achieve growth.
- Finance Minister Nirmala Sitharaman will present the first full budget of the new government on July 5, 2019, in the Lok Sabha.
- N Chandrasekaran (Chairman, Tata Sons), T V Narendran (Global CEO and MD, Tata Steel), Anil Agarwal (Chairman, Vedanta Resources), Sanjiv Puri (Chairman and MD, ITC), and Vijay Shekhar Sharma (CEO, Paytm) are present along with other industrialists.
- Bimal Jalan (former RBI Governor), Shankar Acharya (former Chief Economic Adviser), Surjit Bhalla (former PMEAC member), Vikram Limay (CEO, NSE), Sonal Varma (Chief Economist, Nomura), Shekhar Shah (DG, NCAER), and Bibek Debroy (Chairman, EAC-PM) were also present in the meeting.
About NITI Aayog:
♦ Headquarters: New Delhi
♦ Formation: January 1, 2015
♦ Vice-Chairman: Rajiv Kumar