How India Plans to Chalk Out Its Economic Policy

Vice Chairman, NITI Aayog, Dr. Arvind Panagariya
Vice Chairman, NITI Aayog, Dr. Arvind Panagariya

The Prime Minister of India, Narendra Modi, today attended an interactive session with economists and other experts. It was organized by a government-controlled outfit NITI Aayog. The theme was “Economic Policy – The Road Ahead.”

During the session, participants shared their views on various economic themes such as agriculture, skill development and job creation, taxation and tariff related matters, education, digital technology, housing, tourism, banking, governance reform, data-driven policy, and future steps for growth.

In his intervention, Modi thanked participants for their suggestions and observations. In particular, he called for innovative approaches in areas such as skill development and tourism.

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Speaking about the budget cycle, he said this has an effect on the real economy. He said that in our existing budget calendar, the authorization of expenditure comes with the onset of the monsoon.

This, he said, results in government programmes being relatively inactive in the productive pre-monsoon months. He said that keeping this in view, the date of budget presentation is being advanced, so that expenditure is authorized by the time the new financial year begins.

The meeting was also attended by the Finance Minister Arun Jaitley and the Vice Chairman NITI Aayog Arvind Panagariya, among others.

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Rakesh Raman