The Prime Minister seems to have taken charge of the efforts to revive the economy.
Over the past few days, the Prime Minister has held as many as 12 brainstorming meetings with different stakeholders over various issues affecting the economy and to thrash out appropriate policy interventions in the upcoming Budget.
Prime Minister Narendra Modi interacted with economists and entrepreneurs from different fields on the broad theme of economic growth at NITI Aayog in New Delhi.
The Modi Govt has been using a consultative approach to deal with issues facing the economy.
On the 6th of January the Prime Minister had interacted with top business leaders, and had addressed the centenary celebrations of Kirloskar brothers.
At all these meetings the PM expressed his confidence about the Indian economy and the opportunities for investment.
At his interaction in NITI Aayog with 38 participants representing Private Equity/Venture Capitalists, Business Leaders from Manufacturing, Travel & Tourism, Apparel & FMCG, Analytics, subject experts in the fields of Agriculture, Science & Technology and Finance, The Prime Minister called for Towards a 5 trillion dollar economy
– Focussed effort from all stakeholders to achieve 5 Trillion Dollar Economy
– The two hour open discussion brought to forefront experience of people on the ground
– PM said it would enhance synergy between policy makers and various stakeholders
– Prime Minister said idea of 5 Trillion Dollar Economy is not a sudden development
– It is based on a deep understanding of the country’s strengths
– The meeting was part of the pre-budget exercise
Prime Minister said that the sectors like Tourism, Urban Development, Infrastructure and Agri based Industry have a great potential for employment generation.
Among sectors that drew the PM’s attention were travel and tourism and agriculture… The Prime Minister was keen that India’s brand value could be built by destination development
One of the key concerns raised by the industrialists was slowing demand. FMCG companies are hoping that the effective demand will get a boost in the upcoming budget.
Economists like Shankar Acharya, R Nagaraj, Farzana Afridi, Venture Capitalist Pradip Shah, Industrialists Apparao Mallavarapu, Deep Kalra, Patanjali GovindKeswani, Deepak Seth, SrikumarMisra, Subject Experts like Ashish Dhawan and Shiv Sarin were among the delegates who participated in the discussions.
The Govt was represented by Union Ministers Amit Shah, Nitin Gadkari, NarendraTomar and PiyushGoyal.
NITI Aayog Vice chairman Rajiv Kumar and members VK Saraswat, Ramesh Chand, VK Paul and CEO Amitabh Kant, Prime Minister economic advisory council chairman BibekDebroy, cabinet secretary and secretaries of the Ministry of Finance were also present on the occasion.
In his concluding remarks the Prime Minister said that India is a land of huge opportunities, and the fastest growing major economy of the world.
He highlighted the strength of the economy to absorb shocks and rebound with high growth. He thanked the business leaders for their ideas and suggestions and frank discussion from which solutions to problems will emerge. The brain storming session brought to the fore ideas of a young, vibrant and New India.